就是没有发展自己的支付业务[并不简单] 0:00 刘强东：我犯的最大的一个错误， ...

Group 1 - The core point of the article is that Tongcheng Group's subsidiary, Yilong Network, has acquired 100% of Xinxing Payment for approximately 300 million yuan, aiming to enhance its payment capabilities and capitalize on opportunities in the cross-border e-commerce and digital currency sectors [1][2] - Xinxing Payment, originally part of HNA Group, was established in 2008 and has a registered capital of 100 million yuan. It obtained a payment business license from the People's Bank of China in 2011, allowing it to operate internet payment and prepaid card issuance nationwide [1] - After merging with Zhejiang Shengju Payment Technology Co., Xinxing Payment expanded its services to include card acquiring in several provinces, with its license valid until May 2026 [1] Group 2 - Yilong Network stated that the acquisition will enable the company to benefit directly from the development opportunities in Hainan Free Trade Port, leveraging payment services to seize strategic opportunities in cross-border trade and cultural tourism consumption [2] - The company aims to support the digital upgrade of cultural tourism consumption scenarios through this acquisition [2]

Group 1 - The core viewpoint of the article highlights that Lakala (300773) is facing significant challenges as it prepares for its IPO in Hong Kong, with declining performance and shareholder sell-offs casting doubt on its prospects [1][2] - Lakala's revenue for the previous year was 5.759 billion yuan, a year-on-year decline of 2.96%, while net profit dropped by 23.26% to 351 million yuan [1] - In the first half of this year, Lakala's revenue fell to 2.65 billion yuan, a decrease of 11.1%, and net profit plummeted by 45.3% to 230 million yuan, primarily due to a downturn in the bank card acquiring market [1][2] Group 2 - The company's core business, which heavily relies on payment services, is under pressure due to market saturation and increased competition from major players like Alipay and WeChat Pay [2] - The payment business accounted for 89.7% of Lakala's revenue last year, but the growth potential is limited as the offline merchant market has become saturated [2] - Shareholders have been reducing their stakes, with significant sell-offs by key figures, including the founder's brother, who sold shares worth nearly 500 million yuan [3]

中国银联日前发布公告表示，已终止花旗银行（中国）有限公司的成员资格。 《金融时报》记者从知情人士处获悉，这是花旗中国主动向银联申请终止成员资格。在终止这项成员资 格后，花旗中国将不再通过银联网络开展支付业务。据悉，花旗中国主动提出终止中国银联成员资格， 与花旗集团全球业务调整有关。 据悉，截至2024年6月，花旗已完成了在澳大利亚、印度、印度尼西亚、马来西亚等9个市场的个人银行 业务出售，其在韩国、俄罗斯市场的个人业务退出正在进行中。 据知情人士透露，随着花旗中国持续压缩境内个人业务，其零售领域支付业务规模不断萎缩并趋于归 零，或是花旗中国决定终止中国银联成员资格的主要原因。 对此，花旗中国发布声明称："随着我行个人银行业务的关闭，我行不再作为中国银联的成员。我行对 公业务的境内外支付和收款不受任何影响。花旗继续深耕中国市场，为企业和机构客户服务，满足他们 的跨境银行需求。" 尽管花旗中国的中国银联成员资格终止，但记者从业内了解到，随着越来越多外籍人士来华旅游生活工 作，众多海外银行等金融机构希望能尽快成为中国银联成员机构，这有助于海外银行在华拓展支付受理 网络、丰富支付产品服务、提升用户支付便利性与优化客户 ...

Core Viewpoint - The company has experienced a 27% year-on-year profit growth driven by an increase in payment service fees, aligning with expectations. The overseas payment business shows promising growth potential [1][2]. Group 1: Financial Performance - The company reported a revenue of 1.642 billion RMB for the first half of 2025, a 4% increase year-on-year, with net profit reaching 41 million RMB, reflecting a 27% growth [1]. - Payment business revenue was 1.429 billion RMB, up 6% year-on-year, contributing significantly to overall revenue growth, despite a slight decline in GPV by 1.9% to 11.4 trillion RMB due to macroeconomic fluctuations [1]. - The payment service fee rate increased to 0.125% in the first half of 2025 from 0.115% in the same period of 2024 [1]. Group 2: Business Segments - The merchant solutions business saw a revenue decline of 7.8% to 187 million RMB, although the number of active merchants grew by 5.8% [1]. - The gross profit margin for merchant solutions improved from 90.9% in 2024 to 91.3% in 2025 due to a shift towards higher-margin services [1]. - The in-store e-commerce business reported a revenue of 26 million RMB, down 13.5% year-on-year, primarily due to a strategic shift away from less profitable merchants [1]. Group 3: Overseas Payment Business - The overseas payment business has shown rapid growth, with transaction volume reaching 1.5 billion RMB in the first half of 2025, surpassing the total for the entire year of 2024 [2]. - The overseas payment fee rate stands at 0.67%, significantly higher than domestic rates, with a gross profit margin of 50%, well above the overall payment margin of 13.7% [2]. - Continued expansion in overseas payment services is expected to enhance profitability and better serve local merchants and consumers [2].

Core Viewpoint - Lakala is transferring 100% equity of three subsidiaries to optimize its asset structure and focus on core payment business, which is part of its strategic planning [1][4]. Group 1: Transaction Details - Lakala plans to transfer its 100% stake in Guangzhou Lakala Puhui Financing Guarantee Co., Ltd., Guangzhou Runxin Commercial Factoring Co., Ltd., and Tibet Hongcheng Technology Development Co., Ltd. to Guangzhou Zhongying Weirong Intelligent Technology Co., Ltd. and Tibet Kaola Jinke Network Technology Service Co., Ltd. [1] - The total transaction amount is expected to be 351 million yuan, which indicates that Lakala may "recycle" over 300 million yuan in funds [4]. Group 2: Financial Performance of Subsidiaries - As of 2024, the three subsidiaries are in a loss state, with a combined revenue of 71.73 million yuan and a net loss of 59.14 million yuan [4]. - The subsidiaries' total revenue accounts for only 1% of Lakala's total revenue as of May 31, 2025, indicating their limited impact on the overall financials of the parent company [4]. Group 3: Strategic Intentions - The transaction aims to reduce financial risk exposure and concentrate resources on the core payment business [4]. - This move may also be influenced by compliance requirements for Lakala's ongoing IPO process in Hong Kong, as financial guarantee and factoring businesses carry significant compliance risks [5]. Group 4: Industry Context - Other companies in the payment industry, such as UnionPay and Tianyi E-commerce, have also been divesting similar financial licenses to focus on their core operations [6][7]. - The payment industry is facing challenges, with Lakala's revenue declining by 13.01% year-on-year in Q1 2025, and net profit down by 51.71% [7].

Core Viewpoint - Lakala (300773.SZ) plans to divest its 100% equity stakes in Guangzhou Lakala Puhui Financing Guarantee Co., Ltd. and Guangzhou Runxin Commercial Factoring Co., Ltd. to Guangzhou Zhongying Weirong Intelligent Technology Co., Ltd., and its 100% equity stake in Tibet Hongcheng Technology Development Co., Ltd. to Tibet Kaola Jinke Network Technology Service Co., Ltd. The final transaction prices are yet to be determined. This move aims to optimize the company's asset structure, reduce financial risk exposure, and focus on its core payment business [1]. Group 1 - The company intends to divest non-core financial businesses [1] - The divestiture includes 100% stakes in multiple subsidiaries [1] - The transaction is part of a strategy to concentrate resources on core operations [1]

Core Viewpoint - The digital currency industry is experiencing positive developments, benefiting companies like Lakala, which has seen its stock price rise over 100% in the past three months despite poor financial performance [1][3]. Financial Performance - Lakala reported a revenue of 5.762 billion yuan and a net profit of 351.2 million yuan for 2024, with revenue and net profit growth rates of -2.98% and -23.26% respectively, marking the second occurrence of "double decline" in three years [3][8]. - In Q1 of this year, Lakala's revenue was 1.3 billion yuan, with a revenue growth rate of -13.02%, and a net profit of 100.6 million yuan, reflecting a net profit growth rate of -51.17%, indicating the worst performance in Q1 historically [3][8]. Market Dynamics - The stock price surge began in April, driven by policy support, including the Shanghai International Financial Center's plan to enhance cross-border financial services and promote blockchain technology [3][6]. - The Hong Kong government's passage of the Stablecoin Bill has positioned it as a leading financial center for stablecoin regulation, igniting speculation in A-shares and boosting related stocks [3][5]. Business Model and Challenges - Lakala's main business is B-end acquiring, which accounted for 89.7% of its revenue in 2024. However, the company faces challenges in expanding its merchant base and increasing average net settlement rates due to intense market competition [7][8]. - The revenue from Lakala's payment business was 5.165 billion yuan in 2024, showing minimal growth from 5.18 billion yuan in 2023, indicating stagnation in its core operations [8]. New Business Directions - Lakala is focusing on new business opportunities in cross-border payments and stablecoins to overcome traditional business challenges. The company aims to enhance its international competitiveness through its planned Hong Kong listing [9][10]. - The cross-border payment market is substantial, with China's cross-border e-commerce import and export volume reaching 2.63 trillion yuan in 2024, but Lakala's cross-border payment transaction volume was only 49.2 billion yuan, representing a mere 1.16% of its total payment transaction volume [9][10]. Stablecoin Prospects - Currently, Lakala does not have stablecoin-related operations, and while it has hinted at accelerating the application of digital currencies in cross-border scenarios, the challenges of entering the stablecoin market are significant [11]. - The stablecoin sector is still in its early stages, facing regulatory, technical, and market acceptance challenges, making it difficult for Lakala to develop this business effectively [11]. Shareholder Activity - Following the stock price increase, Lakala's shareholders have begun to reduce their holdings, with significant share sales reported, including a planned reduction of up to 19.27 million shares by a major shareholder [11].

Financial Data and Key Metrics Changes - The company reported a significant turnaround from headwinds in 2023 to tailwinds in 2024, highlighted by a recent share buyback announcement [13] - The payment revenue has shown a remarkable growth with a compound annual growth rate (CAGR) of 123% from 2023 to 2024 [15] - The overall deposit base has increased by 31% off balance sheet, indicating a positive trajectory for the company's franchise value [16] Business Line Data and Key Metrics Changes - The fintech banking segment has experienced a gross deposit CAGR of 29% and gross fees CAGR of 86%, despite a slight decline in 2024 due to exiting the digital space [18] - The gaming vertical holds an impressive 84% market share, contributing to the company's growth strategy [14] Market Data and Key Metrics Changes - The company has nearly $500 million in gaming deposits, showcasing its strong position in the gaming market [15] - The overall market for the products and services offered by the company has markedly improved in recent months, creating a favorable environment for growth [21] Company Strategy and Development Direction - The company's strategy focuses on being trusted partners on the financial frontier, emphasizing values such as respect, commitment, and teamwork [14] - The growth vehicles identified include software as a service, banking as a service, and a strong emphasis on payments, which is rapidly growing [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, noting that the climate and market conditions for their products and services have improved significantly [21] - The company aims to maintain strong asset quality and capital ratios, positioning itself for future growth [19] Other Important Information - The company has appointed two new directors to the board, which is expected to enhance its governance and strategic direction [2][8] - The meeting included discussions on executive compensation and the appointment of an independent registered public accounting firm for 2025 [10][11] Q&A Session Summary - No specific questions were recorded during the Q&A session, indicating a smooth approval process for the proposals presented [11]

Financial Data and Key Metrics Changes - The company reported a 19% year-over-year growth in revenues and a 2% quarter-over-quarter increase, despite typical seasonality in Q1 [11] - Adjusted gross profit also grew by 19% year-over-year but decreased by 3% sequentially, primarily due to lower quarter-over-quarter TPV and higher service costs [11] - Adjusted net income increased by 23% year-over-year but decreased by 17% quarter-over-quarter, attributed to lower adjusted gross profit and higher investments in distribution channels [11][12] - Adjusted basic EPS was BRL1.97 per share, reflecting a 36% year-over-year increase but a 13% sequential decrease [12] - The company repurchased BRL843 million worth of shares during the quarter, contributing to a distribution yield of 12% over the past twelve months [8][12] Business Line Data and Key Metrics Changes - The Financial Services segment saw revenues grow by 20% year-over-year, driven by repricing initiatives, while adjusted EBT for this segment grew by 21% [18] - The Software segment's revenues increased by 11% year-over-year, mainly due to higher recurring revenues and an increase in the active client base [19] - The MSNB payments active client base grew by 17% year-over-year, reaching 4.3 million clients, with transaction volumes for MSNB cards growing by 10% and PIX volumes by 95% [12][13] Market Data and Key Metrics Changes - Total client deposits reached BRL8.3 billion, a 30% year-over-year increase but a 5% sequential decrease due to seasonality [14] - The company’s total credit portfolio reached BRL1.4 billion, with a focus on working capital offerings to SMB clients [17] - The coverage ratio for provisions was 256%, indicating a stabilization in risk management practices [17] Company Strategy and Development Direction - The company is focused on profitability and has implemented a disciplined capital allocation strategy, including a new share repurchase program of up to BRL2 billion [9][8] - The strategy includes a shift towards time deposits to optimize funding costs and improve capital structure [15][16] - The company aims to enhance its service offerings and distribution capabilities to maintain competitive advantages in the market [54] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a challenging macroeconomic environment with rising interest rates but expressed confidence in the company's ability to navigate these challenges [10] - The company expects some deceleration in TPV growth due to repricing efforts and macroeconomic conditions, but overall trends align with long-term guidance [32] - Management emphasized the importance of maintaining a rational competitive environment and focusing on client-centric solutions [5][6] Other Important Information - The company has begun migrating retail deposits to time deposits as part of its cash sweep strategy, which is expected to yield benefits in future quarters [91] - The effective tax rate for the quarter was 19.7%, down from 20.6% in the previous year, reflecting improved tax management [24] Q&A Session Summary Question: Outlook for TPV growth - Management indicated that TPV growth is expected to decelerate somewhat due to higher interest rates and repricing efforts, but overall trends remain in line with long-term guidance [32] Question: Negotiations regarding LINX - Management confirmed ongoing negotiations with Totus regarding LINX, but specific details on valuation and timing could not be disclosed [35] Question: Impact of competition from Mercado Pago and Fiserv - Management noted that while competition is monitored closely, they have not seen significant impacts on their core MSMB segment from new entrants [60][66] Question: Pricing strategy in light of changing yield curves - Management stated that they do not plan to adjust pricing policies despite recent changes in the yield curve, as the majority of repricing has already been implemented [46] Question: Cash conversion and net cash position - Management explained that the decline in net cash was due to seasonal effects and one-off expenses, with expectations for improved cash generation in future quarters [78][81]