（原标题：上市支付机构半年考：逾半营收下滑，境内承压出海寻"新蓝海"） 【文/羽扇观金工作室】 2025年上半年，中国上市系支付机构迎来业绩大考，整体表现呈现显著分化。据不完全统计，拉卡拉、 移卡、连连数字等8家主要机构上半年合计营收逾90亿元，其中，3家实现营收、净利润双增，而过半机 构营收则出现不同程度下滑。 业内人士指出，国内市场"内卷"加剧、交易规模增长面临瓶颈、利润空间持续承压，正倒逼机构深挖垂 直场景、探索"支付+科技"转型，并积极寻求海外市场突破。然而，出海赛道虽被视为"新蓝海"，其拥 挤度与复杂性也日益凸显，挑战并存。 与境内支付业务的参差不齐形成对比，多数支付机构的跨境业务呈现较好的发展趋势，成为上半年业绩 的一大亮点。拉卡拉上半年共服务客户超16万家，同比增长70.4%，跨境支付交易金额371亿元，同比 增长73.5%。新国都跨境支付业务商户数量和交易金额快速增长，其中二季度环比一季度分别增长169% 和272%。合利宝跨境支付业务交易量约825亿元，同比增长约159%。作为以跨境支付为主业的上市公 司，连连数字全球支付业务支付交易总额达1985亿元，同比增长94%。 收单规模整体缩水，更 ...

Core Viewpoint - The performance of listed payment institutions in the first half of 2025 shows significant divergence, with some companies experiencing revenue and profit growth while others face declines, reflecting the intense competition and evolving market dynamics in the domestic payment industry [1][4][5]. Group 1: Performance Overview - Eight payment institutions reported a cumulative revenue of approximately 9.268 billion yuan in the first half of 2025, with three companies achieving both revenue and net profit growth, while five companies experienced varying degrees of revenue decline [1][3]. - Among the companies, Yika achieved a revenue of 1.642 billion yuan, a year-on-year increase of 4%, and a net profit of 41.37 million yuan, up 27% [3]. - Lakala, despite maintaining its leading position, reported a revenue of 2.65 billion yuan and a net profit of 230 million yuan, representing declines of 11.1% and 45.3% respectively [3][4]. Group 2: Market Dynamics - The payment industry is facing saturation in the domestic market, leading to intensified competition and price wars, which have compressed profit margins for many institutions [5][6]. - The overall decline in transaction volumes has been a significant factor affecting revenue performance, with Lakala's payment transaction amount decreasing by 9.2% to 19.6 trillion yuan [6]. - Companies are increasingly focusing on technology investments and innovative solutions to enhance competitiveness, with many exploring "payment + SaaS" and "payment + AI" strategies [7][8]. Group 3: Cross-Border Business Growth - In contrast to the domestic market, cross-border payment businesses are experiencing robust growth, with Lakala serving over 160,000 clients and achieving a transaction amount of 37.1 billion yuan, a year-on-year increase of 73.5% [9][10]. - Companies like Lianlian Digital reported a total payment transaction volume of 198.5 billion yuan in global payments, reflecting a 94% year-on-year growth [10]. - The potential for profitability in cross-border payments is significantly higher than in domestic transactions, driven by increasing digital payment demands in emerging markets [10][11].

Core Insights - The third-party payment industry in China is facing intense competition, leading to a stagnation in transaction growth and a compression of profit margins for many companies [1][5] - Among the eight listed payment institutions, total revenue for the first half of 2025 reached approximately 9.268 billion yuan, with three companies reporting both revenue and net profit growth, while five experienced revenue declines [1][3] Revenue and Profit Performance - Lakala reported revenue of 2.65 billion yuan, down 11.1% year-on-year, with net profit of 230 million yuan, down 45.3% [2][3] - Yika achieved revenue of 1.642 billion yuan, up 4.0%, and net profit of 41 million yuan, up 27.0% [2][3] - Lianlian Digital saw significant growth, with revenue of 783 million yuan, up 26.8%, and net profit of 1.511 billion yuan, a 531.9% increase [2][3] - Guotong Xingyu reported revenue of 1.412 billion yuan, up 9.1%, and net profit of 318 million yuan, up 21.4% [2][3] - Other companies like Jialian Payment and Suixing Pay experienced revenue declines of 12.4% and 10.0%, respectively, with significant drops in net profit [2][3][4] Market Dynamics and Challenges - The payment industry is experiencing a saturation in the domestic market, leading to increased price competition and reduced profit margins [5][6] - The overall decline in transaction volumes is a key factor affecting revenue performance, with Lakala's transaction amount dropping by 9.2% year-on-year [6] - Companies are increasingly investing in technology and innovation to enhance competitiveness, despite short-term profit pressures [5][8] Cross-Border Business Growth - Cross-border payment services are showing robust growth, with Lakala serving over 160,000 clients, a 70.4% increase, and cross-border transaction amounts reaching 37.1 billion yuan, up 73.5% [9][10] - Lianlian Digital's global payment transaction volume reached 198.5 billion yuan, a 94% increase, indicating a strong expansion in cross-border services [10][11] - The potential for higher profit margins in cross-border payments is attracting companies to explore international markets, despite challenges such as regulatory differences and local operational difficulties [11][12]

Core Viewpoint - The performance of listed payment institutions in the first half of 2025 shows a mixed picture, with some companies experiencing revenue and profit growth while others face declines due to intense competition and market saturation in the domestic payment sector [1][5]. Group 1: Financial Performance - Eight payment institutions reported a cumulative revenue of approximately 9.268 billion yuan in the first half of 2025, with three companies achieving both revenue and net profit growth, while five experienced varying degrees of revenue decline [1][3]. - Lakala, despite maintaining its leading position, reported a revenue of 2.65 billion yuan, down 11.1% year-on-year, and a net profit of 230 million yuan, down 45.3% [2][3]. - Lianlian Digital saw significant growth, with revenue of 783 million yuan, up 26.8%, and a net profit of 1.511 billion yuan, a remarkable increase of 531.9% [2][3]. Group 2: Market Dynamics - The payment industry is facing a "involution" phenomenon, characterized by fierce competition and a saturated domestic market, leading to reduced profit margins for many institutions [1][5]. - The overall decline in transaction volumes is a key factor affecting revenue performance, with Lakala's payment transaction amount decreasing by 9.2% to 19.6 trillion yuan [6][12]. - Companies are increasingly focusing on cross-border payment services, which are showing robust growth, with Lakala's cross-border payment transaction amount reaching 37.1 billion yuan, up 73.5% [9][10]. Group 3: Strategic Shifts - Payment institutions are exploring new growth avenues through technology integration, such as AI and SaaS solutions, to enhance service quality and operational efficiency [7][8]. - The trend of "payment + technology" is becoming prominent, with companies aiming to transform into comprehensive service providers by leveraging blockchain and AI technologies [8][11]. - Cross-border payment services are seen as a new growth path, driven by higher fee rates compared to domestic services and the rising demand for digital payments in emerging markets [11][12].