炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 文/瑞财经 程孟瑶 2025年10月，东莞市新国都科技有限公司（简称：新国都科技）耗资2999万元，拍下东莞市滨海湾新区 交椅湾板块华海路西北侧国有建设用地50年使用权，用以建设智能制造与人工智能总部基地。 挂牌文件显示，该项目总投资约6亿元，产业内容为AI+电子支付设备的研发、生产和销售中心，以及 通用智能体（General Purpose AI Agent）及多模态AI技术研发中心，2026年5月8日前开工，建设期约24 个月。 新国都科技的背后是支付技术服务供应商新国都（300130.SZ），近年来，新国都先后获取卢森堡PI牌 照、香港MSO牌照，在海外市场收获颇丰，其来自境外市场收入占比从2021年的15.07%一路攀升至 2025年上半年的35.56%，特别是电子支付设备业务，今年上半年，海外市场销售收入达5.33亿元，同比 增长22.02%。 就在新国都科技成功"圈地"一个月后，新国都出现在港交所，迈出资本全球化的关键一步，财务健康度 和业务转型成效成为市场关注的核心。 三季报显示，今年1-9月，新国都营收23.43亿元，同 ...

Group 1 - The core viewpoint of the news is that Shenzhen Xinguodu Co., Ltd. has officially submitted its prospectus to the Hong Kong Stock Exchange, aiming for a dual listing on both A-share and H-share platforms with CITIC Securities as the sole sponsor [1] Group 2 - Xinguodu is a leading payment technology service provider in China, offering integrated digital payment solutions that include both payment hardware and services, catering to various commercial and cross-border trade scenarios [2] - The company has implemented a dual overseas strategy for payment hardware and services, achieving significant global business expansion with over 50 million electronic payment devices sold and more than 1 million terminals connected to its NEXGOCLOUD platform [2] - Xinguodu has obtained various international licenses, including the Luxembourg PI license, Hong Kong MSO license, and US MSB license, enabling it to support local payment accounts in multiple global markets [2] Group 3 - As the domestic payment market becomes saturated, overseas markets have become a crucial growth driver for the company, with overseas sales revenue for payment devices reaching 533 million yuan, a year-on-year increase of 22.02% [3] - The revenue from high-end overseas markets in Europe, America, and Japan has seen significant growth, with an increase of over 80% in the first half of the year [3] - The proportion of overseas business revenue has risen from 21.1% in 2022 to 35.6% in the first half of 2025, highlighting its importance as a growth engine [3] - The funds raised from the Hong Kong listing will be primarily used for global business expansion and technology research and development, aiming to enhance localized operations and optimize the global service network [3]

Core Viewpoint - Shenzhen Xinguodu Co., Ltd. is accelerating its transformation into a global payment technology service provider, with a key step being its application for a listing on the Hong Kong Stock Exchange [1][9] Group 1: Business Transformation and Strategy - The company is undergoing a strategic restructuring to optimize its business structure and global layout, focusing on providing integrated digital payment technology solutions [2][5] - Xinguodu's core business segments are experiencing a significant shift, with the revenue share of electronic payment devices increasing from 22.8% in 2022 to 35.2% in the first half of 2025, while the share of acquiring and value-added services is decreasing from 70.9% to 61.9% during the same period [5][6] Group 2: Financial Performance - The company's revenue decreased from 43.15 billion RMB in 2022 to 37.99 billion RMB in 2023, with a revenue of 15.27 billion RMB in the first half of 2024, reflecting intensified competition in the domestic payment market [2][4] - Xinguodu's gross profit for 2023 reached 14.37 billion RMB, a significant increase from 10.38 billion RMB in 2022, indicating effective cost control and a shift towards high-value-added businesses [3][4] Group 3: Internationalization Strategy - The internationalization strategy of Xinguodu is characterized by a clear progression, starting with hardware to open market access, followed by replicating the "device + service" model globally [7][8] - The company faces three main challenges in its globalization efforts: localized operations, compliance regulations, and global resource allocation [8][9] - The upcoming listing in Hong Kong is seen as a crucial step in the internationalization strategy, providing brand recognition, funding for technology development, and a platform for attracting global talent [9]

Core Viewpoint - Shenzhen Xinguodu Co., Ltd. is accelerating its transformation into a global payment technology service provider, with a key step being its application for a listing on the Hong Kong Stock Exchange [1][9] Business Strategy and Structure - The company is undergoing a strategic restructuring focused on optimizing its business structure and global layout, providing integrated digital payment technology solutions that combine hardware and services [2][5] - Xinguodu's main business activities include acquiring and providing value-added services, electronic payment products, and other services, with a product matrix that includes smart POS terminals and QR code payment devices [2][5] Financial Performance - The company's revenue has shown a phase of adjustment, decreasing from 43.15 billion RMB in 2022 to 37.99 billion RMB in 2023, with 15.27 billion RMB in the first half of 2024 [2][4] - Despite the revenue decline, the gross profit increased significantly from 10.38 billion RMB in 2022 to 14.37 billion RMB in 2023, indicating effective cost control and a shift towards high-value-added businesses [3][4] Revenue Composition - The revenue composition is shifting, with the share of "acquiring and value-added services" decreasing from 70.9% in 2022 to 61.9% in the first half of 2024, while "electronic payment devices" increased from 22.8% to 35.2% in the same period [5][6] Internationalization Strategy - The company's internationalization strategy is characterized by a clear progression, starting with hardware to open market access, followed by replicating the "hardware + service" model globally [7][8] - Challenges include localization, compliance, and global resource allocation, which the company aims to address through local teams and partnerships [8][9] IPO Significance - The Hong Kong IPO is a crucial step in the company's internationalization strategy, providing global brand recognition, funding for R&D and market expansion, and a platform for attracting top talent [9]

Core Viewpoint - New Guodu (300130.SZ) is planning to list on the Hong Kong Stock Exchange, aiming to raise funds for various strategic initiatives, including enhancing local sales networks and R&D capabilities, as well as establishing a smart headquarters in Dongguan [2][3]. Company Overview - New Guodu, established in 2001 and listed on the ChiNext board in 2010, has a market capitalization exceeding 14.5 billion RMB as of November 27 [3]. - The company specializes in payment technology services, providing integrated digital payment solutions that include both hardware and services [3]. Financial Performance - New Guodu's revenue has been declining, with figures of 4.315 billion RMB in 2022, 3.8 billion RMB in 2023, and 3.146 billion RMB in 2024. Net profits were 45 million RMB, 754 million RMB, and 231 million RMB for the same years, indicating significant fluctuations [6][9]. - The company's revenue from acquiring and value-added services has seen a decline, with a 12.86% drop in the first half of 2025 [8][10]. Market Position and Growth Strategy - New Guodu has developed a comprehensive overseas payment license portfolio and aims to establish global payment operations as a second growth curve [5]. - The company has reported cumulative sales of over 50 million payment hardware devices over the past 15 years, with a total payment volume (TPV) exceeding 1 trillion RMB for six consecutive years from 2019 to 2024 [5]. Challenges and Concerns - The company has faced challenges with goodwill impairment due to acquisitions that did not meet expectations, impacting financial performance [11][12]. - As of mid-2025, New Guodu's goodwill on the balance sheet was 558 million RMB, primarily from the acquisition of JiaLian Payment [11]. Cash Flow and Fundraising Necessity - New Guodu has significant cash reserves, with 2.048 billion RMB in cash and cash equivalents and plans for investment using idle funds [13]. - The necessity for fundraising through the Hong Kong listing has been questioned, given the company's current cash position and dividend payouts [13]. Conclusion - As a long-standing player in the A-share market, New Guodu's recent performance and goodwill issues warrant investor attention, and its ability to attract interest from Hong Kong investors remains to be seen [14].