单季度GPV接近13亿元人民币。 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，移卡有限公司（以下简称"移卡"，9923.HK）于11月24日了发布有关第三季度 业绩的自愿性公告，其中海外业务依旧保持亮眼高速增长：第三季度单季度GPV接近13亿元人民 币，超过2024年全年海外GPV约11亿元人民币，比今年第二季度的8亿元人民币上升约50%。 对此，移卡在公告中表示，一站式支付服务及增值服务产品线继续赋能国际客户，并通过投资企业富 匙科技扩大服务范围，商户行业组合进一步多元化，涵盖教育、服装、美业等服务提供商，新增 Playmade、珍宝（Jumbo）及士林台湾小吃（Shihlin Taiwan Street Snacks）等多个国际知名 品牌。 公开资料显示，移卡于2021年开始探索海外市场，并在随后的时间里先后获得香港MSO、新加坡 MPI、美国MSB、美国MTL等牌照。除了一站式支付服务以外，移卡还同时推动商户解决方案及本 地生活业务出海，并且与海外投资公司形成业务协同，为海外商户提供更广泛的商务赋能解决方案， 逐步构建海外支付业务发展的独 ...

Investment Rating - The report maintains a "Recommended" investment rating for the industry, indicating a positive outlook compared to the broader market [2]. Core Insights - Shopify's Q3 2025 revenue reached $3.43 billion, reflecting a 32% year-over-year growth, with a free cash flow margin of 18% [5][10]. - The company's Gross Merchandise Volume (GMV) also grew by 32% to $92.01 billion, aligning with revenue growth, indicating a solid foundation for future expansion [5][10]. - The dual business model of subscription solutions and merchant solutions is driving revenue growth, with merchant solutions seeing a significant 38% increase [5]. Revenue and Profit Performance - In Q3 2025, Shopify's total revenue was $2.844 billion, up from a 26% growth rate to 32%, with a 31% growth rate after excluding currency effects [5]. - Subscription solutions generated $699 million, a 15% increase, while merchant solutions contributed $2.145 billion, marking a 38% rise [5]. - Gross profit for the quarter was $1.391 billion, a 24% increase year-over-year, with net profit (excluding equity investment impacts) at $367 million, up 6.7% [5]. Customer and Market Expansion - Shopify has developed a comprehensive customer matrix, serving a wide range of businesses from startups to global brands like Estée Lauder and Meta, with sales occurring every 26 seconds [6]. - The company operates in 175 countries, providing services to millions of businesses, with international markets becoming a significant revenue contributor [6]. Product and Service Development - R&D expenses reached $375 million in Q3 2025, a 13% increase, focusing on enhancing platform speed, customization, reliability, and security [8][9]. - The product-service matrix includes subscription and merchant solutions, along with financial services like loans and cash advances, enhancing customer value and retention [8]. Technological Innovation - Shopify continues to invest in technology to optimize platform performance, with Q3 R&D investments at $375 million, emphasizing speed, customization, and security [9]. - These innovations ensure a reliable trading environment for merchants and consumers, maintaining competitiveness in a challenging market [9]. Investment Recommendations - Given the strong revenue and GMV growth, stable free cash flow, and significant cash reserves of $2.414 billion, the outlook for Q4 is positive, especially with the retail season approaching [10]. - The report suggests monitoring Q4 performance guidance, cost management effectiveness, and global merchant ecosystem expansion [10].

Core Viewpoint - The report from CICC indicates a slight upward adjustment in the EBITDA forecast for Yika (09923) for 2025 and maintains the forecast for 2026, driven by a recovery in fee rates and improved profit margins [1] Financial Performance - Yika's total revenue for 1H25 increased by 4% year-on-year to 1.64 billion, with operating profit rising by 3% to 58.8 million, and net profit attributable to shareholders surged by 36% to 43.08 million, aligning with market expectations [2] Transaction Volume and Revenue - The company's gross payment volume (GPV) for 1H25 decreased by 2% year-on-year to 11 trillion, primarily due to macroeconomic fluctuations and a decline in average transaction amounts per customer; however, GPV showed a quarter-on-quarter increase in Q2 25, indicating signs of recovery [3] - The overall fee rate for the acquiring business increased by 1 basis point year-on-year to 12.5 bps, which helped offset the decline in GPV and led to a 6% year-on-year increase in acquiring revenue to 1.4 billion [3] - The gross margin for the acquiring business improved by 6.8 percentage points year-on-year to 13.7%, with overseas business gross margins exceeding 50% [3] Value-Added Services - Revenue from value-added services, including merchant solutions and in-store e-commerce services, declined; specifically, merchant solutions revenue fell by 8% year-on-year to 190 million, while gross margin increased by 0.4 percentage points to 91.3% due to a focus on high-profit customer segments [4] - In-store e-commerce services revenue dropped by 11% year-on-year to 25.68 million, with gross margin decreasing by 14 percentage points to 68% due to higher service demands from large and chain clients; however, this segment achieved breakeven in 1H25 and recorded monthly profitability in Q2 25 [4] Operational Efficiency and Global Expansion - The application of AI across various business lines led to a 19% year-on-year reduction in sales, administrative, and R&D expenses, while operating profit increased by 3% to 58.8 million [5] - The company successfully reduced financing costs by 53% year-on-year, resulting in a 24% year-on-year increase in pre-tax profit to 45.11 million [5] - Yika has obtained federal and state payment licenses in the U.S. and received formal approval in Japan to conduct online and offline payment services, indicating ongoing global expansion efforts [5]

Core Viewpoint - The company's performance in the first half of 2025 is in line with market expectations, showing modest growth in revenue and net profit despite a slight decline in transaction volume [1]. Financial Performance - Total revenue for 1H25 increased by 4% year-on-year to 1.64 billion yuan, while operating profit rose by 3% to 58.8 million yuan, and net profit attributable to shareholders surged by 36% to 43.08 million yuan [1]. - The company's transaction payment volume (GPV) decreased by 2% year-on-year to 1.1 trillion yuan, primarily due to macroeconomic fluctuations and a decline in average transaction amounts per customer [2]. - However, GPV showed a quarter-on-quarter increase in Q2 2025, indicating signs of recovery [2]. Business Segments - The company's overseas business experienced significant growth, achieving GPV exceeding 1.5 billion yuan in 1H25, surpassing the total GPV of approximately 1.1 billion yuan for the entire previous year [2]. - The overall fee rate for the company's acquiring business increased by 1 basis point year-on-year to 12.5 basis points, which helped offset the decline in GPV and led to a 6% increase in acquiring business revenue to 1.4 billion yuan [2]. - The gross margin for the acquiring business improved by 6.8 percentage points year-on-year to 13.7%, with overseas business gross margin exceeding 50% [2]. Value-Added Services - Revenue from value-added services declined, with merchant solutions revenue falling by 8% year-on-year to 190 million yuan, while the gross margin remained high at 91.3% [2]. - Revenue from in-store e-commerce services decreased by 11% year-on-year to 25.68 million yuan, with a gross margin decline of 14 percentage points to 68% due to increased service demands from large and chain clients [2]. Operational Efficiency - The application of AI across various business lines contributed to a 19% year-on-year reduction in sales, administrative, and R&D expenses, while operating profit increased by 3% to 58.8 million yuan [3]. - The company also improved its financial management, reducing financing costs by 53% year-on-year, which boosted pre-tax profit by 24% to 45.11 million yuan [3]. Global Expansion - The company has obtained federal and state-level payment licenses in the U.S. and received formal approval in Japan to conduct online and offline payment services, indicating ongoing global expansion efforts [3]. Earnings Forecast and Valuation - The company slightly raised its adjusted EBITDA forecast for 2025 by 3% to 390 million yuan, while maintaining the 2026 adjusted EBITDA forecast at 440 million yuan [3]. - The target price was increased by 65% to 15.7 HKD, reflecting improved revenue and profit outlook, with a corresponding EV/EBITDA multiple of 17x for 2025 and 13x for 2026, indicating a 20% upside potential [3].

Core Insights - The company, Yika (9923.HK), reported a revenue of 1.642 billion RMB for the first half of 2025, reflecting a year-on-year growth of 4% [1] - The net profit for the same period was 41.37 million RMB, showing a significant increase of 27% compared to the previous year [1] - Gross profit reached 383 million RMB, with a gross profit margin rising from 19.0% to 23.3% [1] Financial Performance - Payment Gross Payment Volume (GPV) for the first half of 2025 was 11.4 trillion RMB, a decrease of 1.9% year-on-year, attributed to macroeconomic fluctuations affecting average transaction amounts [1] - The payment fee rate was 12.5 basis points, an increase of 1.0 basis point from the previous year [1] International Expansion - Yika's overseas transaction volume exceeded 1.5 billion RMB in the first half of 2025, surpassing the total of approximately 1.1 billion RMB for the entire previous year [1] - The overseas payment business fee rate reached 67.0 basis points, with a gross profit margin exceeding 50% [1] - The company has obtained various licenses, including the US MSB and Arizona MTL, and has received approval from Japan's Ministry of Economy, Trade and Industry to conduct online and offline payment services [2] Business Lines and Growth Strategies - Yika operates three main business lines: one-stop payment services, in-store e-commerce services, and merchant solutions [2] - The gross profit margin for one-stop payment services increased significantly to 13.7% in the first half of 2025, up from 6.9% in the same period of 2024, attributed to refined operations and dynamic pricing strategies [2] - Value-added services, including merchant solutions and in-store e-commerce services, maintained a high gross profit margin of 88.5% [2]

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].

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]

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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