Investment Rating - The report initiates coverage with an "Outperform" rating for the company [4][16]. Core Insights - The company is a pioneer in the cross-border payment industry in China, benefiting from the expansion of cross-border e-commerce [4][18]. - The company has obtained 65 global payment licenses, enabling it to provide a wide range of digital payment services [4][18]. - The projected revenue growth for the company is robust, with expected revenues of RMB 1,315 million in 2024, increasing to RMB 2,577 million by 2027, reflecting a compound annual growth rate (CAGR) of 22% [3][44]. - The company is expected to experience significant fluctuations in profits due to a one-time large investment gain in 2025, with net profits projected to be RMB 1,485 million in 2025, followed by losses in 2026 and a small profit in 2027 [3][10]. Financial Summary - Revenue projections for the company are as follows: RMB 1,315 million in 2024, RMB 1,652 million in 2025, RMB 2,089 million in 2026, and RMB 2,577 million in 2027, with growth rates of 28%, 26%, 26%, and 23% respectively [3][9]. - The net profit is expected to be negative RMB 168 million in 2024, positive RMB 1,485 million in 2025, negative RMB 73 million in 2026, and positive RMB 27 million in 2027 [3][10]. - The earnings per share (EPS) are projected to be -0.16 in 2024, 1.38 in 2025, -0.07 in 2026, and 0.03 in 2027 [3][10]. Business Overview - The company has established a global payment network, serving over 590,000 clients with a total transaction payment volume (TPV) of RMB 3.3 trillion in 2024 [4][25]. - The company’s digital payment services include both global and domestic payment solutions, with global payments accounting for approximately 60% of total revenue [25][30]. - The company is expanding its value-added services, which are expected to grow significantly, with revenue growth rates projected at 50%, 35%, and 30% for 2025, 2026, and 2027 respectively [8][9]. Market Potential - The cross-border e-commerce and export trade markets in China are expected to continue expanding, with the total export value projected to reach nearly RMB 47 trillion by 2027 [46]. - The demand for cross-border payment solutions is increasing as traditional foreign trade embraces digitalization and online operations [46][52]. - The cross-border payment service market in China is projected to grow from RMB 4.6 trillion in 2022 to RMB 14.1 trillion by 2027, with a CAGR of 25.2% [52][56].

Core Insights - The financial technology (FinTech) industry is experiencing significant growth, driven by technological innovation and policy support, with an expected compound annual growth rate (CAGR) of approximately 13.3%, reaching over 650 billion yuan by 2028 [1] Group 1: Industry Overview - The report emphasizes the construction of a technology-driven financial value enhancement system, focusing on a "technology-industry-finance" cycle [1] - The domestic FinTech market is thriving due to the rapid development of the technology sector and the flourishing financial market [1] Group 2: Evaluation Metrics - The evaluation model for FinTech service providers includes four core dimensions: industry depth, product and technology capability, service capability, and ecosystem capability [2] Group 3: Top Service Providers - The "iResearch - Excellence" list for 2025 includes the top 50 FinTech service providers, categorized into four types: comprehensive technology service providers, FinTech IT service providers, core technology application service providers, and digital innovation service providers [5] Group 4: Case Studies - Softstone Technology is leveraging GenAI to drive innovation in financial applications, focusing on AI-driven transformations in various financial processes [11] - Chexiao Technology specializes in credit risk control, providing a comprehensive suite of platforms for automotive finance and risk management [15][16] - China Mobile Financial Technology is developing a full-scenario enterprise consumption management platform, addressing corporate spending needs [22] Group 5: Trends and Future Directions - The integration of cloud-native and AI-native technologies is becoming mainstream in the financial sector, with a focus on enhancing business value and compliance [34][41] - The industry is moving towards a dual development phase of technology deepening and value release, emphasizing the importance of customized and scenario-based solutions [41]

连连数字展台 张云山 摄 浙江公司连连数字近两天经历了过山车般的行情——先是6月2日大涨64.27%，股价高达16.46港元/股；6月3日大跌39.25%，股价回落至10港元/股。众安在 线、OSL集团也经历了类似的波动。 大涨大跌的背后，跟一则消息有关。中国香港特别行政区政府于5月30日发布《稳定币条例》，这意味着《稳定币条例》正式成为法例。 6月3日，A股稳定币概念股开盘大涨，御银股份、恒宝股份、翠微股份涨停，海联金汇、雄帝科技、四方精创、中科金财、天阳科技、拉卡拉等个股大 涨。 潮新闻客户端 记者 张云山 甘居鹏 市场对连连数字的强烈追捧，源于其已在香港虚拟资产生态中占据先发优势，连连数字全资子公司DFX Labs Company Limited手握香港证监会颁发的虚拟 资产交易平台（VATP）牌照，并推出企业钱包等产品。 另外，公司100%持有的连连国际，早在2023年即与香港金管局首批稳定币沙盒企业——圆币创新科技达成合作，共同推进"易信连"企业认证与"圆币钱 包"支付服务。 连连数字今3月公布的2024全年业绩显示，公司数字支付业务总支付额达3.30万亿元人民币，同比飙升64.7%；总收入13.1 ...

潮新闻客户端 记者 张云山 甘居鹏 6月2日，港股市场迎来一场金融科技股的狂欢。浙江企业连连数字开盘后一小时内股价急速拉升，涨幅一度逼近惊人的80%，截至北京时间15:20，股价17 港元，涨69.66%。 连连数字价格暴涨 更令人瞩目的是，短短三个交易日内，连连数字从7.29港元涨到最高18港元，最大涨幅147%，成为近期港股市场最耀眼的明星之一。本轮暴涨的直接催化 剂是香港虚拟资产监管框架的重大突破。 6月2日，香港特区政府正式在宪报刊登《稳定币条例》，标志着该条例完成立法程序。此前，立法会已于5月21日三读通过这项关键草案。新规的核心在于 设立"法币稳定币"发行人的发牌制度，为挂钩法定货币的稳定币构筑坚实的监管框架。 据了解，稳定币是一种与法定货币、黄金等稳定资产挂钩的加密货币，其核心价值在于通过抵押机制或算法调节维持价格稳定，同时保留加密货币的全球可 访问性、快速交易和可编程性。 连连数字展台（张云山/摄） 市场对连连数字的强烈追捧，源于其已在香港虚拟资产生态中占据先发优势，连连数字全资子公司DFX Labs Company Limited手握香港证监会颁发的虚拟资 产交易平台（VATP）牌照，并推出 ...

金融科技（FinTech）行业 | 洞察报告 核心摘要： 在信创建设稳步推进的背景下，建设以技术迭代与创新化应用为核心驱动的金融业务价值提升体系 ， 政策 聚焦 "科技-产业-金融"为主体的科技金融循环体系建设，强调数据要素在金融业务场景的多元化、依法合 规应用 。 金融市场的繁荣与科技行业的飞速发展共同推动国内金融科技市场规模持续走高，预计将以约 13.3%的复合增长率于2028年突破6500亿元 。本篇报告将结合业内专家观点与典型案例展示，分析在 《金融科技发展规划（ 2022-2025）》收官之年，国内金融机构数智化转型进程与金融科技行业的发展现 状。 iResearch-卓越者 评估指标介绍 评测说明：评测模型主要包括服务厂商的行业深耕程度、产品与技术能力、服务能力及生态能 力四个核心维度，最终评测结果的产出来自于对以上四个核心维度的综合考量，为了更全面的 量化各服务厂商在核心维度下的具体表现，将核心维度进一步拆分至二级、三级评价指标，并 给予其不同的评测重要程度等级，具体指标如下图所示： iResearch- 卓越者 入围厂商（1/3） 中国金融科技行业卓越服务厂商TOP50榜单 iResearch ...

金融科技（FinTech）行业 | 洞察报告 核心摘要： 在信创建设稳步推进的背景下，建设以技术迭代与创新化应用为核心驱动的金融业务价值提升体系 ， 政策 聚焦 "科技-产业-金融"为主体的科技金融循环体系建设，强调数据要素在金融业务场景的多元化、依法合 规应用 。 金融市场的繁荣与科技行业的飞速发展共同推动国内金融科技市场规模持续走高，预计将以约 13.3%的复合增长率于2028年突破6500亿元 。本篇报告将结合业内专家观点与典型案例展示，分析在 《金融科技发展规划（ 2022-2025）》收官之年，国内金融机构数智化转型进程与金融科技行业的发展现 状。 iResearch-卓越者 评估指标介绍 评测说明：评测模型主要包括服务厂商的行业深耕程度、产品与技术能力、服务能力及生态能 力四个核心维度，最终评测结果的产出来自于对以上四个核心维度的综合考量，为了更全面的 量化各服务厂商在核心维度下的具体表现，将核心维度进一步拆分至二级、三级评价指标，并 给予其不同的评测重要程度等级，具体指标如下图所示： iResearch- 卓越者 入围厂商（1/3） 中国金融科技行业卓越服务厂商TOP50榜单 iResearch ...