连连数字 20260226 香港稳定币监管与牌照发放、内地针对虚拟资产及 RWA 代币化的监管文件， 近期有哪些关键更新，整体监管取向如何？ 香港首批稳定币牌照预计在 2026 年 3 月发出，该牌照源自 2025 年 8 月稳定 币条例，属于面向稳定币发行方的合规牌照；牌照酝酿半年多，时间节点由香 港金融管理局总裁在 2 月初提出，香港行政长官在 2 月中旬再次提及，落地时 间已较为临近。内地方面，2 月 6 日晚央行联合 8 个部门发布《关于进一步防 范和处置虚拟货币等相关风险的通知》，延续对包括稳定币在内的虚拟货币严 厉监管与严管态度，同时对 RWA 代币化的监管原则作出定调：境内严禁，境 内主体不得在境内开展相关发行与交易；境外在严格监管条件下可开展，境内 连连数字营收保持增长，但利润端受联通公司前期投入影响出现亏损， 该亏损处于收窄状态，预计未来两三年联通公司可实现盈利。若仅看主 业经营，公司在 2022 年、2023 年左右已实现盈亏平衡，并预期未来 2 —3 年出现利润拐点。 预计 2025 年连连数字将确认联通公司部分股权转让带来的约 15 亿投 资收益，但不具备持续性。剔除该收益，2025 ...

Summary of the Conference Call for Lianlian Digital Company Overview - Lianlian Digital is a leading independent digital payment solution provider in China, holding a market share of 9.1% [2][3] - The company’s main business segments include global payments (60% of revenue), domestic payments (25%), and value-added services (10%) [2][4] Core Business Insights - **Global Payments**: This is the primary revenue source, with a projected transaction volume of 0.28 trillion RMB in 2024 and a fee rate of approximately 0.3% [2][6] - **Domestic Payments**: Targeting B2B clients, the domestic payment transaction volume is expected to reach 3 trillion RMB in 2024, with a low fee rate of about 0.01% [2][8] - **Value-Added Services**: Revenue from value-added services is projected to be 1.5 billion RMB in 2024, accounting for 11% of total revenue [9] Financial Performance - In 2024, Lianlian Digital expects total revenue of 1.3 billion RMB, a 28% year-on-year increase, but will incur a loss of approximately 170 million RMB due to listing expenses and losses from a joint venture with American Express [3][20] - Revenue growth is anticipated to be between 25% and 30% in 2025, reaching 2.6 to 2.7 billion RMB, with a profit forecast of around 1.5 billion RMB due to equity transfer gains [20][23] Market Dynamics - The cross-border payment market is benefiting from global trade growth, increased demand for Chinese exports, and the expansion of e-commerce platforms [3][12] - Small and medium-sized foreign trade enterprises prefer third-party payment solutions like Lianlian Digital due to the high costs and regulatory burdens associated with traditional banks [13][14] Strategic Initiatives - Lianlian Digital is actively exploring the application of stablecoins in cross-border payments, leveraging policy support and its licensing advantages [2][5] - The company holds 65 global payment licenses, enhancing its operational capabilities across key markets including mainland China, Hong Kong, Southeast Asia, the US, and the EU [15][17] Future Opportunities - The stablecoin market presents significant opportunities for Lianlian Digital, with potential benefits from issuing its own stablecoin and collaborating with existing ecosystems [18][21] - The company aims to integrate its virtual asset trading platform with payment services to enhance customer stickiness and competitiveness [21][22] Conclusion - Lianlian Digital is positioned for robust growth in the digital payment sector, with a strong focus on cross-border payments and innovative financial solutions. The company is expected to achieve profitability by 2026-2027 as it continues to expand its market presence and optimize its business model [20][22][23]