Core Insights - The "2025 Inclusion·Bund Conference" held in Shanghai focused on "Reshaping Innovative Growth" and included discussions on global fintech innovation [1] - Liu Dinghua from Airwallex emphasized the importance of strict regulatory frameworks and fair competition in building the European fintech ecosystem [1] - Airwallex is expanding its presence in Europe by opening new offices in Paris and recruiting in London and Amsterdam to strengthen its localized team [1] Company Developments - Airwallex has established 26 offices globally and has over 1,800 local team members, with ongoing expansion efforts [2] - The company recently acquired OpenPay in San Francisco to enhance its billing capabilities, positioning itself against competitors like Stripe Billing [2] - Airwallex has successfully operated a payment institution license in Brazil and is preparing to launch acquiring products in Mexico to expand its footprint in Latin America [2] - The acquisition of CTIN Pay in Vietnam has allowed Airwallex to cover major markets in the Asia-Pacific region, enhancing its local market resources and operational experience [2] Financial Performance - As of mid-2025, Airwallex's annualized transaction volume surpassed $200 billion, representing a 92% increase year-over-year [2] - The company's annualized revenue reached $900 million, reflecting an 89% year-over-year growth [2] Future Strategy - Airwallex plans to continue focusing on fintech as a core support, optimizing cross-border payment products and services while enhancing its global service network [3] - The company aims to provide efficient and convenient cross-border financial solutions to support the innovative development and business expansion of global enterprises [3]

Core Viewpoint - The company, Cuiwei Co., Ltd. (603123), is expected to report a net loss of between 220 million to 190 million yuan for the first half of 2025, primarily due to declining revenues in both its retail and payment service businesses [1][2]. Financial Performance - In 2024, the company's revenue was 2.229 billion yuan, representing a year-on-year decline of 39.11%, with a net loss of 687 million yuan, indicating an expanded loss [1]. - The retail business generated revenue of 837 million yuan, down 22.07% year-on-year, while the third-party payment business saw revenue drop to 1.392 billion yuan, a decline of 46.18% [1]. Business Operations - The company's main operations include commercial retail and third-party payment services, with the latter primarily conducted through its subsidiary, Beijing Haike Rongtong Payment Service Co., Ltd. [1]. - The retail business has been adversely affected by market conditions and store adjustments, leading to a 12.77% year-on-year decrease in gross profit [1]. Cash Flow and Debt Situation - The net cash flow from operating activities has been negative since 2023, worsening to -317 million yuan in 2024, with the first quarter of 2025 showing a negative cash flow of 25.17 million yuan [2]. - As of the first quarter of 2025, the company's total assets were 6.361 billion yuan, while total liabilities reached 4.299 billion yuan, indicating a high debt level that poses challenges for business expansion and operational funding [2]. Market Activity - Despite the financial struggles, the stock price of Cuiwei Co., Ltd. has increased by over 80% since May, reaching 15.57 yuan per share as of July 11 [2].