机构：国泰海通证券 研究员：刘欣琦/孙坤 本报告导读： 投资要点： 维持公司"增持"评级，调整目标价为13.04 港元，对应2025 年50xP/E。公司2025 年上半年营收16.42 亿 元人民币(单位下同），同比+4%，净利润为0.41 亿元，同比+27%，符合预期。考虑到消费偏弱下支付 交易量下滑，调整2025-2027 年公司营收为34.2/36.3/38.5亿元（调前2025/2026 年收入为43.2/47.4 亿 元），净利润为1.10/1.73/2.11 亿元（调前2025/2026 年利润为3.03/4.56 亿元），维持"增持"评级，考虑 海外收单业务有望高增，给予2025 年50xP/E，调整目标价为13.04 港元（1 港元兑0.92 人民币）。 业绩增长来自支付业务费率提升。公司2025H1 营收16.42 亿元，同比增长4%，其中支付业务收入14.29 亿，同比增长6%，是营收增加主因，支付业务GPV 小幅下滑1.9%至1.14 万亿元，宏观经济波动是GPV 下滑的主因；支付费率同、环比均有提升，2025H1 费率至0.125%（2024H1 费率0.115%）。商户解决 方案业 ...

支付之家网从财报发现，移卡公司今年上半年相较于去年同期，支付费率提升1.0个基点，使得收入上 升4.0%。 来源：支付之家网 支付之家网获悉，持牌支付机构乐刷母公司移卡于2025年8月21日发布了中期业绩报告。这份报告不仅 详细展示了移卡在报告期内的财务状况，更透露出其在业务拓展、技术创新以及全球布局等方面的诸多 亮点，为投资者和行业观察者提供了一个深入了解该公司发展态势的窗口。 从财务数据来看，移卡在2025年上半年交出了一份还算不错的成绩单。报告期内，公司总收入达到 16.41526亿元人民币，相较于2024年同期的15.77719亿元，实现了4.0%的稳步增长。这一增长态势在当 前宏观经济环境面临诸多不确定性的背景下，显得尤为不易，充分体现了移卡在业务运营上的稳健性和 抗风险能力。 移卡在财报中表示，凭借我们作为中国领先支付科技品牌的定价能力，费率由截至2024年6月30日止六 个月的11.5个基点提升至2025年同期的12.5个基点，使得收入从截至2024年6月30日止六个月的人民币 15.777亿元，上升4.0%至2025年同期的人民币16.415亿元。 交易量方面，截至2025年6月30日止六个月 ...

值得一提，公司的海外业务实现了稳健的高速增长，2025年上半年的海外GPV交易额突破人民币15亿 元，已超越去年全年约11亿元的总交易额，进一步巩固了公司全球化战略的落地成果。截至2025年6月 30日止6个月，海外支付费率为67.0个基点，毛利率超50%，海外商户单户季度交易量远高于国内水 平。海外业务的高质量持续发展将为公司释放深远的盈利空间。 移卡(09923)发布截至2025年6月30日止6个月中期业绩，该公司取得收入人民币16.41亿元(单位下同)， 同比增加4.04%;公司权益持有人应占利润4307.5万元，同比增加36.19%;每股基本盈利0.11元。 公告称，2025年上半年，公司的海外业务保持强劲的增长势头，进一步多元化业务组合及为国际品牌客 户提供一站式支付及多元增值服务，彰显公司商业模式于全球的高度可拓展性。同期，国内支付业务费 率与盈利能力逐步回升，合作伙伴关系与数字生态系统更趋稳固，为稳健增长提供雄厚支持。随着商业 模式战略升级，增值服务实现持续而高质量的增长，其中精准营销业务于第二季度创下交易量新高，到 店电商业务则连续月度盈利，进一步提升公司整体盈利的可持续性。各业务线在运营效率 ...

Group 1: Macro Insights - The report identifies resilient export products under tariff impacts, highlighting that products with technical barriers and differentiation show stronger pricing power in the long term, leading to a virtuous cycle of "volume and price increase + increased dependency" [2] - In the short term, a general decline in exports is observed, with more resilience reflected through re-export trade, and high-dependency products showing weak overseas substitution effects [2] Group 2: Market Performance - The A-share and Hong Kong stock markets are expected to be minimally affected by the recent Middle East tensions, as historical data shows limited impact during such events [3] - The report notes that the share of the Middle East in China's import and export trade is low, indicating a weak direct impact on the domestic economy [3] Group 3: Financial Sector Analysis - The report discusses the weak demand affecting credit expansion, with May's financial data showing a year-on-year decrease in credit growth, although government bond issuance supports social financing growth at a stable rate of 8.7% [8] - M1 growth rebounded due to a low base, while M2 growth remains stable [8] Group 4: Semiconductor Industry - Strong AI demand and rising storage prices are expected to boost the semiconductor sector, particularly benefiting companies like SMIC and Hua Hong Semiconductor due to domestic substitution trends [9] - The report recommends focusing on companies with robust performance in non-volatile storage and FPGA sectors [9] Group 5: Real Estate Market - The report indicates that the transaction area of new homes in 30 core cities remained stable year-on-year, with average prices increasing by 5.6% [10] - Key cities like Beijing and Shanghai show significant price increases, suggesting a stabilization in high-tier cities [10] Group 6: Agricultural Sector - The report highlights a potential recovery in pig prices as inventory levels decrease, with policies driving the industry towards destocking [12] - Long-term profitability is anticipated post-destocking, with recommendations for companies like Muyuan Foods and Zhengbang Technology [12] Group 7: Energy Sector - The report notes that seasonal demand for electricity is expected to support stable coal prices, with recommendations for companies with high long-term contracts like China Shenhua [13] - Geopolitical risks in the Middle East are also discussed, with rising oil prices observed [14] Group 8: Non-Banking Financial Services - The report emphasizes the growth potential of Yika, a leading commercial empowerment technology platform, predicting net profits of 101 million, 112 million, and 123 million yuan for 2025-2027 [15] - The company is expected to benefit from a competitive landscape in the payment sector [15] Group 9: Telecommunications Sector - The report projects significant growth for Shengyi Technology, driven by AI-related demand, with net profit forecasts of 2.628 billion and 3.280 billion yuan for 2025-2026 [16] - The long-term growth potential of the company is highlighted [16] Group 10: Retail Sector - The report indicates a significant improvement in operating profit margins for Chow Tai Fook, with a forecasted recovery in net profit for FY2026 and FY2027 [17] - The company's transformation strategy is showing positive results, with expectations of increased consumer demand for gold jewelry [17]