拟港股上市，推进国际化战略。公司审议通过了《关于公司发行H 股股票并在香港联合交易所有限公司 主板上市的议案》《关于公司发行H 股股票并在香港联合交易所有限公司主板上市方案的议案》。截至 目前，公司已经取得卢森堡PI 牌照、香港MSO 牌照、美国MSB 牌照，具备了同时开展跨境支付和境外 本地收单业务的牌照条件。同时，公司旗下跨境支付品牌PayKKa 已推出B2B 跨境贸易收款、B2C 跨境 电商收款、独立站全球收单、境外本地收单等一系列支付服务产品。 事件：公司发布2025 年中报，收入15.27 亿元，同比减少3.17%；归母净利润2.75 亿元，同比减少 38.61%；扣非后的净利润2.42 亿元，同比减少38.90%。 同时，拾贰区还积极拓展AI Agent 产品在支付领域的功能应用，推出商户审核AI Agent，大大提升了审 核效率和用户体验。 海外市场表现持续向好。2025 年上半年，嘉联支付累计处理交易流水约7218 亿元，与去年同期相比基 本持平，实现营业收入9.49 亿元。公司电子支付设备业务板块实现营业收入5.44 亿元。其中海外市场实 现销售收入5.33 亿元，同比增长22.02%。欧美 ...

Core Viewpoint - The company's performance in the first half of the year is under short-term pressure due to the impact of domestic acquiring merchant expansion suppressing fee rates, while overseas business is progressing smoothly with accelerated growth in cross-border payment volume and significant revenue growth in high-end overseas markets [1]. Financial Performance - The company maintains a "Buy" rating, adjusting the net profit forecast for 2025-2027 to 589 million, 747 million, and 909 million yuan respectively, with corresponding EPS estimates of 1.04, 1.32, and 1.60 yuan. The target price is raised to 38.40 yuan based on a 37x PE for 2025, considering growth in cross-border payment and overseas equipment business [2]. - In the first half of 2025, the company achieved revenue of 1.527 billion yuan, a year-on-year decrease of 3.17%, and a net profit of 275 million yuan, down 38.61% year-on-year. In Q2 alone, revenue was 826 million yuan, up 3.93% year-on-year, while net profit was 119 million yuan, down 47.77% year-on-year [2]. - The decline in revenue and profit is primarily due to the decrease in income and gross margin from the acquiring business, with revenue from acquiring and value-added services at 945 million yuan, down 12.86% year-on-year, and a gross margin of 27.24%, down 15.14 percentage points year-on-year [2]. Business Segments - The company's acquiring transaction volume in the first half of 2025 was 721.8 billion yuan, remaining stable year-on-year, with a significant decline in the acquiring fee rate to 0.131%, down from 0.150% in the first half of 2024, mainly due to increased efforts in new merchant expansion [3]. - In terms of cross-border payments, the company has successfully integrated with major e-commerce platforms such as Amazon, Etsy, Lazada, Shopee, and TikTok, with rapid growth in the number of cross-border payment merchants and transaction amounts, showing a quarter-on-quarter increase of 169% and 272% respectively in Q2 [3]. - The company has made significant breakthroughs in high-end overseas markets for equipment, with nearly 200 million yuan in revenue from overseas high-end markets, growing over 80% year-on-year. Additionally, the company has successfully launched an AI merchant review agent, enhancing review efficiency and user experience [3].