签约仪式上，曲俊伟先生首先致辞。他表示，百工集始终致力于在文旅及商业地产领域打造优质数字化 场景，此次与通联支付携手，是基于双方优势互补、合作共赢的重要抉择，期待通过合作实现资源整 合，为用户带来更优质的服务体验。 随后，通联支付山东分公司总经理高辉先生发表致辞，详细介绍了通联支付在支付科技与生态服务领域 的领先实力。他指出，通联支付的支付解决方案与金融科技生态，与百工集的数字化场景布局高度契 合，双方愿景一致，未来合作空间广阔。 在全场嘉宾的见证下，百工集总裁曲俊伟与通联支付山东分公司总经理高辉作为双方签约代表，共同移 步签约台签署战略合作协议。签约过程中，现场主持人提到，此次合作并非简单的协议缔结，而是上海 曼昆恒泽数据科技的文旅、商业地产数字化场景，与通联支付行业领先支付方案及金融科技生态的"珠 联璧合"。双方将以合作为契机，优化支付流程、提升资金效率、升级会员体验，为消费者与商业项目 创造更高价值。 据了解，本次战略合作将充分发挥"1+1>2"的聚合效应，不仅是百工集与通联支付拓展业务版图的重要 里程碑，更是双方推动产业数字化转型、构建价值互联新生态的有力探索。未来，双方将依托各自资源 与技术优势，深 ...

Core Insights - Fiserv, Inc. is currently facing significant challenges, including a substantial drop in stock price and ongoing legal issues [1][6] - A class action lawsuit has been filed against Fiserv, alleging that the company misled investors regarding its 2025 initiatives, which contributed to a 47% decline in share price [3][6] - Despite a 49% decline in stock value and a downgrade to 'Strong Sell', Fiserv continues to be a key player in the financial technology sector [5][6] Financial Performance - Fiserv's stock price has decreased by 49%, attributed to leadership turmoil and weak consumer spending [5] - The current market capitalization of Fiserv is approximately $34.66 billion [2] - The stock was trading at $64.45 with a price target set at $62, indicating a price difference of about -3.80% [2] Legal Issues - The class action lawsuit covers investors who purchased Fiserv securities between July 23, 2025, and October 29, 2025, with a deadline to join the class action set for January 5, 2026 [4] - The lawsuit claims that Fiserv's guidance was based on unrealistic assumptions, misleading investors about its financial performance projections [3][4] Competitive Landscape - Fiserv competes with other financial technology companies such as PayPal and Square, which also offer digital payment solutions [1]

Summary of Edenred's 2025 Capital Markets Day Company Overview - **Company**: Edenred (OTCPK:EDNM.Y) - **Event**: 2025 Capital Markets Day held on November 04, 2025 - **Expected Revenue**: Total revenue projected to reach €3 billion in 2025, which is 2.8 times the revenue in 2015 [3][4] Industry Position - **Market Leadership**: Edenred holds a number one position in over 70% of its operating revenue markets, outperforming market growth by a ratio of 2.5 times [4] - **Global Presence**: Operates in 44 countries across Europe, Latin America, North America, and Asia-Pacific [3] Business Lines - **Business Segments**: - **Benefits and Engagement**: Represents 69% of operating revenue, offering meal vouchers and employee benefits [4] - **Mobility**: Accounts for approximately 25% of operating revenue, providing solutions like energy cards and fleet management [5] - **Payment Solutions**: Comprises 8% of total operating revenue, focusing on new markets [5] Financial Performance - **EBITDA Growth**: Achieved an average 21% EBITDA growth like-for-like over the last three years [8] - **Free Cash Flow**: 73% free cash flow conversion in the last three years [8] - **Investment in Innovation**: Over €500 million invested annually in product improvements, resulting in 30 new user-centric features launched weekly [7] Market Trends and Opportunities - **Future of Work**: Persistent talent shortages create opportunities for employee engagement solutions [9] - **Employee Engagement**: 79% of employees are not engaged at work, and 76% of employers wish to provide more personalized benefits [10] - **Mobility Growth**: Low but steady growth in vehicle circulation at around 2% per year, with increasing EV adoption [11] Regulatory Environment - **Resilience to Regulation**: Improved resilience to regulatory changes, with diversified revenue streams limiting exposure [14][16] - **Regulatory Changes in Key Markets**: - Italy: Expected annual revenue impact of €120 million due to regulatory changes [18] - France: Proposed laws for digitalization not yet voted but current laws remain positive for growth [18] - Brazil: Ongoing discussions with authorities regarding meal and food programs [19] Strategic Plan: Amplify 2025-2028 - **Growth Ambition**: Targeting over €5 billion in total revenue by 2030, with sustainable EBITDA growth of 8%-12% [25] - **Three Pillars of Growth**: - **Attract**: Boost client acquisition through a unique sales and marketing machine [30] - **Enrich**: Increase contract value through cross-selling and upselling [33] - **Activate**: Engage users and merchants to unlock new revenue streams [41] Technology and Innovation - **Paytech**: Unique payment engine that processes over €100 billion in payment volumes annually, providing a competitive edge [6] - **AI Integration**: AI is embedded across products to enhance user experience and operational efficiency [60][62] - **Mobile-First Strategy**: Mobile is the primary interface for users, with over 50% of transactions occurring on mobile in certain markets [46] Conclusion - **Market Position**: Edenred is positioned as a unique integrated global leader with unmatched scale and a diversified portfolio, ready to capture growth opportunities in under-penetrated markets [24][27] - **Future Outlook**: The company is confident in its ability to deliver strong financial performance and growth through its strategic initiatives and market leadership [27][44]

Core Viewpoint - Lakala has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities International as its sole sponsor [1] Group 1: Company Overview - Lakala utilizes technologies such as big data, blockchain, and artificial intelligence to provide a wide range of digital operation services for small and medium-sized merchants and industry clients [1] - The company offers payment solutions that cover online, offline, domestic, and international transactions, and is actively promoting the innovative application of digital currency and the full-chain digital operation for its clients [1] Group 2: Market Position - According to Frost & Sullivan, Lakala holds a market share of 9.4% among independent digital payment service providers in China for the year 2024, ranking first [1] - Lakala is also the leading independent digital payment and end-to-end digital solution provider in Asia, with a market share of 1.1% in 2024 [1]

Summary of Conference Call on Inbound Tourism Prospects and Investment Opportunities Industry Overview - The conference call focused on the inbound tourism industry in China, highlighting its significant recovery and growth potential post-pandemic [1][2][4]. Key Insights and Arguments Inbound Tourism Growth - In the first half of 2025, the growth rate of foreign tourists reached 30%, with tourism service exports increasing by nearly 70% [1][2]. - By June 2025, the dollar value of tourism exports had reached 160% of pre-pandemic levels, with a year-on-year growth rate of nearly 50% [1][2]. - Inbound tourism is expected to contribute significantly to China's GDP, with projections of cumulative inbound tourism revenue reaching $2-4 trillion over the next decade, potentially increasing its GDP contribution from less than 1% to nearly 2% [1][4]. Infrastructure and Technological Improvements - China has enhanced its infrastructure, including transportation and cultural sites, and improved software aspects such as airline connectivity and payment convenience [1][5]. - AI technology is being utilized to reduce language barriers, and the expansion of visa-free entry is expected to further boost inbound tourism [1][5]. Impact on the Aviation Industry - The aviation sector is benefiting from the expansion of international flight capacity and increased revenues, although it faces challenges such as aircraft delivery delays and maintenance capacity issues [1][7]. - Current high capacity utilization rates are leading to a demand structure deterioration, with a recommendation to hold airline stocks until a price inflection point is reached [1][8]. Hotel Industry Opportunities - Inbound tourism is projected to generate approximately $15 billion in revenue for the hotel industry in 2024, increasing to $65 billion by 2034 [2][9]. - High-end hotels are particularly benefiting from foreign tourists, who spend significantly more than domestic travelers [10][11]. - International hotel brands are rapidly expanding in China, with a significant portion of their business focused on high-end offerings [12][13][14]. Retail Sector Benefits - Inbound tourism has a notable positive impact on the retail sector, with Chinese brands gaining prominence and competitive pricing attracting foreign consumers [16]. - The introduction of a "buy and return" policy and the opening of the Hainan Free Trade Port are expected to further stimulate retail growth [16][17]. OTA Platforms and Market Position - Ctrip's inbound tourism business is experiencing triple-digit growth, primarily driven by tourists from the Asia-Pacific region [18][20]. - The company aims to increase its overseas and outbound business to account for half of its revenue in the foreseeable future, indicating significant growth potential [21]. Cathay Pacific's Position - Cathay Pacific is expected to benefit from the growth in inbound tourism, as Hong Kong serves as a major transit hub for international travelers [22][23]. Additional Important Points - The hotel industry's revenue growth is expected to be driven by high-end and ultra-high-end hotels, with a notable resilience in RevPAR compared to budget hotels [10][11]. - The retail sector's growth is supported by favorable policies and the increasing attractiveness of Chinese products to foreign consumers [16][17]. - Ctrip's strategic initiatives, including enhancing its service offerings and marketing efforts, are aimed at improving its profitability and market share in the inbound tourism segment [20][21].

Group 1 - Tianyang Technology (300872) has taken its first step towards internationalization in the Hong Kong market with its product, Magic Number Intelligence [1] - The company plans to collaborate with a financial partner to expand into Southeast Asia and the Middle East markets [1] - Tianyang Technology aims to integrate its modeling capabilities into credit and payment solutions, leveraging its customer resources to provide solutions and services in intelligent risk control and intelligent marketing for clients in the banking and financial sectors [1]

Financial Data and Key Metrics Changes - The adjusted net income increased by 27% year over year, reaching BRL631 million, primarily driven by financial services operations which grew by 21% [14][15] - Adjusted basic EPS rose to BRL2.33 per share, representing a 45% year over year increase, bolstered by share repurchases [15] - ROE for financial services segment reached 30%, while consolidated ROE was 22%, both showing significant year-over-year growth [15][16] - Revenues from continuing operations grew 20% year over year to BRL3.5 billion, driven by repricing initiatives [16] Business Line Data and Key Metrics Changes - Financial services operations were the main contributor to growth, with a 21% increase in revenue [14] - Payments active client base grew 17% year over year to 4.5 million clients, with TPV for MSNBs growing 12% year over year to BRL122 billion [19] - Banking client base increased by 23% year over year, reaching 3.3 million clients, with deposits growing 36% year over year [21] - Credit portfolio grew 25% sequentially to BRL1.8 billion, with working capital disbursements increasing by 41% quarter over quarter [23] Market Data and Key Metrics Changes - The company noted a deceleration in TPV growth due to macroeconomic challenges and a reduction in clients' same-store sales [20] - The anticipated TPV growth for the second half of the year is expected to stabilize at low double digits [20] Company Strategy and Development Direction - The company is focusing on financial services, targeting over 90% of the total addressable market, while software is now viewed as a value-added layer [5][6] - Recent divestitures, including the sale of Lynx and SimpliVet, are aimed at reallocating capital towards higher growth segments [6][7] - The company plans to return excess capital to shareholders if no immediate growth opportunities are identified [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate a challenging macroeconomic environment while maintaining growth [14][25] - The company is monitoring TPV dynamics closely, acknowledging risks to 2027 guidance due to softer overall market growth [36] Other Important Information - The company has shifted its reporting to focus on continuing operations, with discontinued operations presented separately [10][26] - The effective tax rate decreased to 15% from 22.5% year over year, contributing to improved net income performance [29] Q&A Session All Questions and Answers Question: How comfortable is the company with delivering the 2027 guidance given the slower growth environment? - Management acknowledged the softer market growth but emphasized confidence in long-term guidance, stating that TPV growth is one dimension of a broader strategy [36] Question: What is the plan for the capital from the Lynx sale? - The company plans to return capital to shareholders in the absence of new growth opportunities, with specifics to be provided upon closing the transaction [39][40] Question: Is the financial income growth sustainable? - Management indicated that gross profit generation is driven by effective tax rates and operational leverage, suggesting sustainability in financial income growth [70] Question: What is the expected cost of risk moving forward? - The company expects the cost of risk to return to mid-teens levels, closer to 13.5%, after a one-time increase to 20% [81][98] Question: How does the company view the competitive environment and pricing strategy? - Management sees a rational competitive environment and does not expect significant changes in pricing strategy, even with potential interest rate cuts in the future [105][106]

Financial Data and Key Metrics Changes - Revenue for the second quarter was $148 million, an increase of 5.3% year over year, and 7.4% on a pro forma basis, adjusting for the sale of fitness solutions [15][6] - Adjusted EBITDA was $45 million, representing a 30.4% margin, with a year-over-year margin expansion of over 230 basis points [7][16] - Payments revenue, excluding fitness solutions, grew 6.8% year over year, accounting for approximately 21% of overall revenue [12][15] Business Line Data and Key Metrics Changes - EverPro and EverHealth verticals represent 95% of consolidated revenue, with a total of 725,000 customers across all verticals [8][9] - Subscription and transaction revenue grew 8.1% year over year, with adjusted gross profit of $114.6 million and an adjusted gross margin of 77.4% [16][18] - The number of customers enabled for more than one solution grew by 32% year over year, with 261,000 customers enabled [10][11] Market Data and Key Metrics Changes - Annualized total payment volume (TPV) reached approximately $12.9 billion, reflecting nearly 7% year-over-year growth [13][19] - The company reported a net revenue retention (NRR) of 97% over the trailing twelve months [12][10] Company Strategy and Development Direction - The company is focusing on enhancing product capabilities and go-to-market strategies to prioritize payment attachments at the point of initial sale [9][10] - Continued investments in AI functionalities are aimed at improving customer experience and operational efficiency across various product lines [29][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the business despite macroeconomic conditions, maintaining a cautious approach to revenue guidance for the second half of the year [26][38] - The company is optimistic about the ongoing transformation initiatives and the positive results seen in efficiency and sales [23][24] Other Important Information - The company has repriced and extended its credit facility, resulting in approximately $1.3 million in annual interest savings [20][19] - The company repurchased approximately 2 million shares for $20.6 million at an average price of $10.1 per share [20] Q&A Session Summary Question: Update on transformation initiatives - Management highlighted ongoing optimization efforts and positive results in efficiency and sales from the transformation initiatives [23][24] Question: Reason for not raising revenue guidance despite strong performance - Management indicated a prudent approach to revenue guidance, considering potential moderation in the second half of the year [26][38] Question: AI functionalities enhancing customer experience - Management discussed the launch of AI-powered features across product lines, improving customer engagement and operational efficiency [29][30] Question: Tax implications of the One Big Beautiful bill - Management stated it is early for analysis but anticipates some benefits from changes in interest deductibility [33] Question: Visibility into business post-Martech discontinuation - Management noted improved visibility and linearity in operations, focusing efforts on core verticals [62]

Core Viewpoint - Beijing Gao Huitong Commercial Management Co., Ltd., a licensed payment institution under Youzan, has been approved to change its name to Beijing Youzan Payment Co., Ltd. and increase its registered capital to 200 million yuan [1][2]. Group 1: Company Overview - Youzan Payment was established in August 2008 and is headquartered in Beijing, with branches in Shanghai, Hangzhou, Shenzhen, and Guangzhou [1]. - The company primarily provides payment solutions for merchants on the Youzan platform, including online collection, revenue sharing, and fund management [1]. Group 2: Regulatory Changes - The name change and capital increase are in compliance with the new regulations for non-bank payment institutions, which require the term "payment" to be included in the name and set a minimum registered capital of 10 million yuan [2][3]. - The new regulations, known as the "Payment New Regulations," will take effect in July 2024 [2]. Group 3: Business Adjustments - One month prior to the name change approval, Youzan Payment reduced its business types by exiting the II-class stored value account operations while retaining the I-class operations, indicating a strategic shift away from prepaid card-related services [3]. - Despite the business contraction, Youzan Payment opted to increase its capital to enhance its risk resilience [3]. Group 4: Industry Context - In 2024, Youzan Payment faced a significant fine of 27.87 million yuan for various regulatory violations, including issues related to barcode payment operations and account management [3]. - Tencent's payment institution, Tenpay, holds the highest registered capital in the industry at 22.3 billion yuan [3].