近年来，内容与本地生活服务深度交融，企业的数字化需求日益旺盛。支付机构移卡凭借多元服务体 系，成为驱动商户增长的重要力量。 "我们希望丰富移卡在海外的业务形态，为海外市场的高速增长创造更多可能。"8月24日，移卡集团高 级副总裁朱楚中在接受《华夏时报》记者采访时表示，对移卡而言，支付业务的跨境出海不仅是对新业 务增量的探索，更是集团国际化战略的关键一环。目前，移卡通过与投资的海外公司合作推广数字商户 解决方案，同时推进旗下本地生活业务出海，构建了海外商户从支付到店铺管理、流量运营的服务闭 环。 多元支付成刚需 下午两点，记者来到位于香港的中记小厨，虽已过饭点，店内还是有不少食客。 80后主理人"秋少"子承父业，他的父亲经营这家饭店已有30余年。"我们店被称作湾仔的'平民饭堂'，有 不少世界各地的人来体验香港风味，支付方式也各不相同。"秋少说道，这两年，内地消费者越来越 多，他们大多用支付宝、微信支付，所以收款设备能支持多少种支付方式对我们来说至关重要。 据秋少介绍，餐厅供应早午晚餐、下午茶，遇上用餐高峰期，众多顾客同时买单时，收款是否延迟、顺 畅，直接影响经营效率。 秋少表示，香港门店与移卡YeahPay合作 ...

智通财经APP获悉，中金发布研报称，考虑费率回升及利润率改善，小幅上调移卡(09923)25年调整后 EBITDA 3%至3.9亿元、基本维持26年调整后EBITDA 4.4亿元。公司当前交易于14x/10.5x 25e/26e EV/EBITDA;考虑收入利润改善、市场情绪改善，上调目标价65%至15.7港币，对应17x/13x 25e/26e EV/EBITDA及20%上行空间;维持跑赢行业评级。 业绩基本符合市场预期 移卡1H25总收入同比+4%至16.4亿元;营业利润同比+3%至5,880万元;归母净利润同比+36%至4,308万元; 基本符合市场及该行预期。 收单交易流水微降，整体费率回升、带动收单收入上升，海外表现亮眼 公司1H25交易支付量(GPV)同比-2%至1.1万亿元，主要受到宏观经济波动影响、单客平均交易金额下 降，但2Q25 GPV环比上升、初步显示触底复苏态势;其中1H25海外业务实现高速增长，GPV超15亿元， 已超过去年全年约11亿元GPV。公司收单业务整体费率回升、同比+1bps至12.5bps，抵消GPV下滑影 响，带动收单业务收入同比+6%至14亿元。因国内支付业务不再受非 ...

业绩基本符合市场预期 机构：中金公司 研究员：樊优/姚泽宇 风险 市场竞争加剧，宏观经济不确定性，海外展业不及预期，监管趋严风险。 AI 赋能提升运营效率，有效财务管理改善盈利能力；关注全球布局进展。 得益于AI 在各业务条线的更广泛应用，1H25 销售、行政及研发开支合计同比-19%，营业利润同比+3% 至5,880 万元。此外，公司积极升级股权结构及优化财务成本，1H25 融资成本同比-53%，推动税前利 润同比+24%至4,511 万元。公司在美国取得联邦支付牌照和亚利桑那州州级支付牌照，在日本获得日本 经济产业省的正式批准、授权展开线上线下扫码收单业务，公司预计将持续拓展于全球主要经济体的版 图。 盈利预测与估值 考虑费率回升及利润率改善，小幅上调25 年调整后EBITDA 3%至3.9 亿元、基本维持26 年调整后 EBITDA 4.4 亿元。公司当前交易于14x/10.5x25e/26e EV/EBITDA；考虑收入利润改善、市场情绪改 善，上调目标价65%至15.7 港币，对应17x/13x 25e/26e EV/EBITDA 及20%上行空间；维持跑赢行业评 级。 移卡1H25 总收入同比+4 ...

21世纪经济报道记者 边万莉 近日，移卡（9923.HK）发布2025年中期业绩报告。2025年上半年，公司营收为16.42亿元，同比增长 4%；期内利润为4137万元人民币，同比增长27%。毛利润为人民币3.83亿元，同比上升27.6%；同期毛 利润率由19.0%上升至23.3%。 移卡成立于2011年，是一家基于支付的科技平台。2014年，公司获得央行支付业务许可证，提供全国银 行卡收单及移动电话支付业务。2020年，移卡在港交所主板上市。财报显示，移卡2025年上半年支付 GPV（支付交易总额）为1.14万亿元，较去年同期下降1.9%，主要是受宏观经济波动导致单客平均交易 金额下滑。2025年上半年，移卡支付费率为12.5个基点，较去年同期上升1.0个基点。 另外，移卡还依托中国内地本地生活与到店电商的丰富经验，加快了在日本、新加坡及中国香港、中国 澳门等地的业务拓展步伐。接下来，公司积极布局全球各地所需营业执照与专业人才团队，为更多地区 的商户提供高质量且便捷的一站式商业赋能解决方案。 移卡主要有三条业务线：一站式支付服务、到店电商服务、商户解决方案。2025年上半年，一站式支付 服务毛利润率13.7 ...

Core Viewpoint - The company has demonstrated strong performance in the first half of 2025, showcasing advancements in technology, successful business model transformation, and robust international growth [3]. Business and Financial Summary - The company has successfully obtained the Money Services Business federal payment license in the U.S. and the Money Transmitter License in Arizona, expanding its global footprint [2]. - Approval from Japan's Ministry of Economy, Trade and Industry has been secured to conduct online and offline QR code payment services, enhancing local operations and commercial capabilities [2]. - The company has supported HSBC in enhancing its payment management solutions, adding support for Alipay, Alipay Hong Kong, and WeChat Pay, indicating strong international product penetration [2]. - The subsidiary, focusing on AI-generated content, has seen a monthly transaction volume growth of approximately 40%, with material costs reduced by 80%, and AI-generated content now accounts for 20% of total video production [2]. - The company maintains its leading position in one-stop payment services, with peak daily transaction volumes reaching nearly 60 million [2]. - Total Gross Payment Volume (GPV) for the first half of 2025 was RMB 1,144.4 billion, a decrease of 1.9% year-on-year, while overseas transaction volume exceeded RMB 1.5 billion, surpassing the total for the previous year [2]. - The payment fee rate for the first half of 2025 was 12.5 basis points, an increase of 1.0 basis point year-on-year, reflecting superior commercialization and business expansion capabilities [2]. - Revenue for the first half of 2025 was RMB 1,641.5 million, a year-on-year increase of 4.0% [2]. - Gross profit for the first half of 2025 was RMB 383.0 million, up 27.6% year-on-year, with gross profit margin rising from 19.0% to 23.3% [2]. - The gross profit margin for one-stop payment services increased from 6.9% in the first half of 2024 to 13.7% in the first half of 2025, with overseas gross profit margins exceeding 50% [2]. - The application of AI across various business lines has led to a 19.3% reduction in sales, administrative, and R&D expenses year-on-year [2]. - Financing costs for the first half of 2025 decreased by 52.7% year-on-year due to structural upgrades and financial cost optimization [2]. - Net profit for the first half of 2025 was RMB 41.4 million, a year-on-year increase of 27.0% [2]. Outlook - The company plans to continue its dual strategy of international expansion and product innovation, embracing technological trends such as AI and blockchain to enhance operational efficiency and service intelligence [4].

Core Viewpoint - The company is experiencing a recovery in performance driven by its global expansion strategy and continuous growth in its marketing services customer base [2]. Financial Performance - In 2024, the company achieved total operating revenue of 3.09 billion, a year-on-year decrease of 21.9%, while the net profit attributable to shareholders was 82 million, showing a slight increase [3]. - The company's payment service fee rate for 2024 was 11.9 basis points, consistent with industry trends, indicating stable commercialization capabilities [3]. Payment Business - The revenue from the one-stop payment service in 2024 was 2.69 billion, down 22.9% year-on-year, primarily due to macroeconomic fluctuations affecting average transaction amounts [4]. - The gross margin for the one-stop payment service reached 14.2%, an increase of 4.5 percentage points year-on-year, demonstrating significant profitability resilience [4]. - The company maintains a leading position in the industry, with peak daily transaction counts approaching 60 million and a 32% year-on-year increase in the number of SaaS partners [4]. Merchant Solutions - Revenue from merchant solutions in 2024 was 340 million, a decrease of 6.4% from 360 million in 2023, but the gross margin remained stable at 87.2% [5]. - The company focuses on higher profitability customer segments, maintaining strong product profitability and cost control [5]. E-commerce Services - Revenue from in-store e-commerce services was 60 million in 2024, down 40.4% from 100 million in 2023, although the gross margin improved from 80.3% to 81.3% [7]. - The company optimized its charging model, ensuring that upfront revenue contributed 50% to in-store e-commerce income, which supports the profitability of each service project [7]. International Expansion - The company's overseas GPV transaction volume exceeded 1.1 billion in 2024, a nearly fivefold year-on-year increase, indicating strong market expansion capabilities [8]. - The company deepened its penetration into vertical markets, adding well-known brands such as Clinique, Bose, Leica, and Xiaomi to its client roster, enhancing business resilience [8]. - The company joined major payment networks like Visa, Mastercard, and UnionPay International, and established deep collaborations with banks such as Citibank, HSBC, and Barclays to improve global payment network coverage [8].

Business Overview - The company aims to continuously create value for merchants and consumers by building an independent and scalable commercial digitalized ecosystem[4] - The company focuses on one-stop payment services, merchant solutions, and in-store e-commerce services[12] - The penetration rate of self-operated takeaway mini-programs in 2020 was 0.8%[10] - The 2021 integrated payment penetration rate forecast is 29.6%[10] - The 2025E local lifestyle services online penetration rate is 30.8%[11] Operating Metrics - In-store E-commerce Services GMV in the first half of 2022 was greater than RMB 1,355.2 million, a year-over-year growth of 1,789.7%[16] - The company had 9.7 million paying consumers in the first half of 2022, a year-over-year growth of 578.9%[16] - The total GPV for one-stop payment services in the first half of 2022 was approximately RMB 1.06 trillion, a year-over-year growth of 7.4%[18] - The company had over 7.6 million active payment merchants in the first half of 2022, a year-over-year growth of 24.1%[18] Financial Highlights - The company's revenue for the first half of 2022 was RMB 1,641.8 million, a year-over-year growth of 17.1%[24] - Gross profit for the first half of 2022 was RMB 529.3 million, a year-over-year increase of 52.1%, with a GPM of 32.2%, a year-over-year increase of 7.4 percentage points[25] - Adjusted EBITDA for the first half of 2022 was RMB 69.7 million, a half-on-half growth of 39.7%[25] - In-store e-commerce services revenue was RMB 161.6 million, a year-over-year growth of 259.4%[22]

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Financial Data and Key Metrics Changes - Total revenue decreased by 21% from RMB3.9 billion in 2023 to RMB3.1 billion in 2024 due to a volatile macroeconomic environment and phasing out less profitable projects [27] - Gross profit slightly declined by 1.3% to RMB728 million, but overall gross profit margin increased by 4.7 percentage points from 18.7% in 2023 to 23.6% in 2024 [28] - Adjusted EBITDA exceeded RMB100 million with net profit growing over sixfold year over year to RMB73 million compared to 2023 [30] Business Line Data and Key Metrics Changes - The annual gross margin of One Stop payment increased by 4.5 percentage points from 9.7% in 2023 to 14.2% in 2024, reaching 21.6% in the second half of 2024 [29] - Revenue and profit per merchant served in the in-store e-commerce business doubled year over year in 2024, with upfront fees contributing around 50% of revenue in this segment [21][9] - The position marketing business achieved a record high in business transaction amount in 2024, with marketing transaction volume hitting a record high [8][19] Market Data and Key Metrics Changes - Overseas gross payment volume (GPV) grew five times year over year, with significant expansion in Japan, Singapore, and Hong Kong [11][17] - QR code payments accounted for about 80% of total payment volume, indicating a strong preference for mobile payment methods [36] - The penetration of QR code payments in other Asian markets is still at an early stage, providing opportunities for growth [55] Company Strategy and Development Direction - The company aims to strengthen cohesiveness along the value chain and increase commercialization of business segments, focusing on high-quality and profitable customers [6][10] - Emphasis on leveraging AI to enhance quality, risk management, and operational efficiency, with a commitment to continuous innovation [8][25] - The strategy includes expanding into more regions in Asia and enhancing partnerships with global banks to provide more product offerings [11][18] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about consumer spending trends and government policies enhancing consumer sentiment [35] - The company is focused on maximizing profit delivery to stakeholders rather than just revenue, with a gross profit take rate increasing by over 10% year to date [36] - The long-term growth opportunities in overseas markets and AI products are seen as key drivers for future profitability [72] Other Important Information - The company significantly reduced investment in direct sales teams and instead developed distribution channels, leading to improved sales efficiency [20] - AI applications have contributed to a 20% reduction in operating expenses, enhancing overall cost efficiency [25] - The company has built a customized one-stop solution for cross-selling payments, merchant solutions, and in-store services [6] Q&A Session Summary Question: Can management provide more color about the app-based payments and traditional payment of total payment volume in 2024? - Management noted that QR code payments account for about 80% of total payment volume, with a focus on maximizing gross profit levels rather than just revenue [36] Question: Should we expect AI to be earnings accretive or dilutive? - Management indicated that AI is viewed as a mid to long-term opportunity, with investments being made prudently to ensure profitability is in sight [40] Question: What is the competition landscape for QR code payments in China and the Asian market? - Management highlighted that the QR code payment market is growing and dominated by a few key players, with a focus on service excellence and product customization to maintain market share [49][50]

这笔发行已经成功完成，并且得到了多家国际知名长线基金和多策略基金的参与，认购倍 数超数倍。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，移卡（9923.HK）于1月7日发布公告称，建议发行及配售1915万股股份，以向 外部投资者筹集资金，发展集团的海外及人工智能业务。 据 「IPO早知道」了解 ， 这 笔发行已经成功完成，并且得到了多家国际知名长线基金和多策略基 金的参与，认购倍数超数倍。 根据公告披露，此次认购款项净额约40%用于扩展集团于亚洲各业务分部的海外版图，40%用于投 资研发，包括在专有软件中使用人工智能，以加强集团商业数字化生态系统的竞争力，20%用于营 运资金及一般公司用途。 另外，移卡还通过旗下的富匙科技扩大了服务范围，共同推广数字商户解决方案， 截至目前，客户 包括星巴克、无印良品、必胜客、New Balance及Levi's、KOI、Mr.Coconut等200多个全球和区 域品牌客户，涵盖新加坡、印尼、越南及马来西亚等东南亚地区，门店数量超过20,000家。 值得注意的是，富匙科技透露即将于东南亚地区推出针对餐饮行业的AI ...