Core Viewpoint - Shanghai Fuyou Payment Service Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, aiming for a main board listing with the sponsorship of Shenwan Hongyuan and CITIC Securities [1] Group 1: Company Overview - The company is a versatile digital payment technology platform in China, empowering clients of various sizes and industries with multi-channel payment services and management and other value-added services [1] - A significant portion of the company's revenue during the historical performance period came from acquiring services, while its digital business solutions are experiencing rapid growth [1] Group 2: Market Position - According to the projected total payment volume (TPV) for 2024, the company ranks eighth among comprehensive digital payment service providers in China, with a market share of 0.8% [1] - As an independent comprehensive digital payment service provider, the company is projected to rank fourth in China by TPV in 2024, holding a market share of 4.5% [1]

Company Overview - Fuyou Payment is a versatile digital payment technology platform in China, providing multi-channel payment services and management solutions across various business scenarios [2][3] - The company has established a mature digital payment technology platform that enhances the efficiency and security of financial transactions [2] - Fuyou Payment is recognized as a leading provider of multi-channel digital payment and digital business solutions in China, being one of the early companies authorized to conduct cross-border foreign exchange payment services [2][3] Market Position - According to Frost & Sullivan, Fuyou Payment ranks eighth among comprehensive digital payment service providers in China by Total Payment Volume (TPV) in 2024, with a market share of 0.8% [1] - The company ranks first among independent comprehensive digital payment service providers in China by transaction volume processed in 2024 [4] Financial Performance - The company reported revenues of approximately RMB 1.142 billion, RMB 1.505 billion, RMB 1.634 billion, and RMB 1.307 billion for the fiscal years 2022, 2023, 2024, and the ten months ending October 31, 2025, respectively [5] - Gross profit for the same periods was approximately RMB 324.7 million, RMB 380.0 million, RMB 423.5 million, and RMB 351.7 million, with corresponding gross profit margins of 28.4%, 25.2%, 25.9%, and 25.8% [6][9] - The net profit for the fiscal years 2022, 2023, 2024, and the ten months ending October 31, 2025, was RMB 71.2 million, RMB 92.9 million, RMB 84.3 million, and RMB 108.9 million, respectively [8] Industry Overview - The Chinese payment industry has experienced rapid growth driven by economic expansion, with the TPV of the payment market expected to increase from RMB 40.29 trillion in 2019 to RMB 57.75 trillion in 2024, representing a compound annual growth rate (CAGR) of 7.5% [10] - The comprehensive digital payment market in China is projected to grow from RMB 150.1 trillion in 2019 to RMB 268.6 trillion in 2024, with a CAGR of 12.3% [12][14] - The transaction volume in the acquiring market is expected to rise from 387.4 billion transactions in 2019 to 890.9 billion transactions in 2024, with a CAGR of 18.1% [17]

Group 1 - On January 13, Lakala's stock fell by 6.54%, with a trading volume of 2.471 billion yuan [1] - The margin trading data showed that on the same day, Lakala had a financing purchase amount of 322 million yuan and a financing repayment of 364 million yuan, resulting in a net financing outflow of 41.96 million yuan [1] - As of January 13, the total margin trading balance for Lakala was 1.392 billion yuan, with the financing balance of 1.388 billion yuan accounting for 6.69% of the circulating market value, indicating a high level compared to the past year [1] Group 2 - As of September 30, Lakala had 104,400 shareholders, a decrease of 26.11% from the previous period, while the average circulating shares per person increased by 35.37% to 7,038 shares [2] - For the period from January to September 2025, Lakala reported an operating income of 4.068 billion yuan, a year-on-year decrease of 7.32%, and a net profit attributable to shareholders of 339 million yuan, down 33.90% year-on-year [2] - Since its A-share listing, Lakala has distributed a total of 2.615 billion yuan in dividends, with 1.035 billion yuan distributed over the past three years [2]

Core Viewpoint - Lakala's stock price has experienced fluctuations, with a year-to-date increase of 25.32% but a recent decline over various trading periods, indicating potential volatility in the market [1][2]. Company Overview - Lakala Payment Co., Ltd. is based in Haidian District, Beijing, and was established on January 6, 2005, with its IPO on April 25, 2019. The company primarily provides acquiring services for small and micro enterprises and personal payment services, with 100% of its revenue derived from payment services [1]. Financial Performance - For the period from January to September 2025, Lakala reported a revenue of 4.07 billion yuan, a year-on-year decrease of 7.33%, and a net profit attributable to shareholders of 339 million yuan, down 33.90% compared to the previous year [2]. - Since its A-share listing, Lakala has distributed a total of 2.615 billion yuan in dividends, with 1.035 billion yuan paid out in the last three years [3]. Shareholder Information - As of September 30, 2025, Lakala had 104,400 shareholders, a decrease of 26.11% from the previous period, with an average of 7,038 circulating shares per shareholder, an increase of 35.37% [2]. - The top ten circulating shareholders include notable entities such as Huabao Zhongzheng Financial Technology Theme ETF and Hong Kong Central Clearing Limited, with changes in their holdings indicating shifts in institutional interest [3].

Core Viewpoint - Lakala's stock price has shown volatility, with a year-to-date increase of 25.72%, but recent declines of 6.09% over the last five trading days and 10.46% over the last 20 days indicate potential challenges ahead [1][2]. Company Overview - Lakala Payment Co., Ltd. is based in Beijing and was established on January 6, 2005, with its IPO on April 25, 2019. The company primarily provides payment services to small and micro enterprises and personal payment services, with 100% of its revenue derived from payment business [1][2]. Financial Performance - For the period from January to September 2025, Lakala reported a revenue of 4.07 billion yuan, a year-on-year decrease of 7.33%, and a net profit attributable to shareholders of 339 million yuan, down 33.90% year-on-year [2][3]. Shareholder Information - As of September 30, 2025, Lakala had 104,400 shareholders, a decrease of 26.11% from the previous period. The average number of circulating shares per shareholder increased by 35.37% to 7,038 shares [2]. Dividend Distribution - Since its A-share listing, Lakala has distributed a total of 2.615 billion yuan in dividends, with 1.035 billion yuan distributed over the last three years [3]. Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders included notable entities such as Huabao Zhongzheng Financial Technology Theme ETF and Hong Kong Central Clearing Limited, with changes in their holdings indicating shifts in institutional interest [3].

Core Viewpoint - Lakala's stock price has experienced a decline recently, with a year-to-date increase of 34.05% but a drop of 5.92% in the last five trading days [1] Company Overview - Lakala Payment Co., Ltd. is based in Beijing and was established on January 6, 2005, with its IPO on April 25, 2019. The company primarily provides payment services to small and micro enterprises and personal payment services, with 100% of its revenue coming from payment business [1][2] - As of September 30, 2025, Lakala had 104,400 shareholders, a decrease of 26.11% from the previous period, with an average of 7,038 circulating shares per shareholder, an increase of 35.37% [2] Financial Performance - For the period from January to September 2025, Lakala reported operating revenue of 4.07 billion yuan, a year-on-year decrease of 7.33%, and a net profit attributable to shareholders of 339 million yuan, down 33.90% year-on-year [2] - Since its A-share listing, Lakala has distributed a total of 2.615 billion yuan in dividends, with 1.035 billion yuan distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the fourth largest circulating shareholder is Huabao Zhongzheng Financial Technology Theme ETF, holding 9.2318 million shares, an increase of 4.4612 million shares from the previous period. The sixth largest is Hong Kong Central Clearing Limited, holding 7.4764 million shares, an increase of 1.8367 million shares [3]

Core Viewpoint - Lakala's stock price has shown a significant increase of 40.75% year-to-date, with recent trading activity indicating a positive trend in market interest and liquidity [1][2]. Company Overview - Lakala Payment Co., Ltd. is based in Haidian District, Beijing, and was established on January 6, 2005. It was listed on April 25, 2019. The company primarily provides payment services to small and micro enterprises and personal payment services to individual users, with 100% of its revenue derived from payment services [1]. Financial Performance - For the period from January to September 2025, Lakala reported a revenue of 4.07 billion yuan, representing a year-on-year decrease of 7.33%. The net profit attributable to shareholders was 339 million yuan, down 33.90% compared to the previous year [2]. - Since its A-share listing, Lakala has distributed a total of 2.615 billion yuan in dividends, with 1.035 billion yuan distributed over the last three years [3]. Shareholder Information - As of September 30, 2025, Lakala had 104,400 shareholders, a decrease of 26.11% from the previous period. The average number of circulating shares per shareholder increased by 35.37% to 7,038 shares [2]. - The top ten circulating shareholders include notable entities such as Huabao Zhongzheng Financial Technology Theme ETF and Hong Kong Central Clearing Limited, with significant changes in their holdings [3].

Core Viewpoint - Lakala's stock price has shown a significant increase of 42.72% year-to-date, despite a recent decline over the past 60 days, indicating volatility in its market performance [1][2]. Company Overview - Lakala Payment Co., Ltd. was established on January 6, 2005, and went public on April 25, 2019. The company is headquartered in Beijing and primarily provides payment services to small and micro enterprises, as well as personal payment services to individual users [1]. - The company's main business revenue is entirely derived from payment services, accounting for 100% of its income [1]. Financial Performance - For the period from January to September 2025, Lakala reported a revenue of 4.07 billion yuan, representing a year-on-year decrease of 7.33%. The net profit attributable to shareholders was 339 million yuan, down 33.90% compared to the previous year [2]. - Since its A-share listing, Lakala has distributed a total of 2.615 billion yuan in dividends, with 1.035 billion yuan distributed over the last three years [3]. Shareholder Information - As of September 30, 2025, Lakala had 104,400 shareholders, a decrease of 26.11% from the previous period. The average number of circulating shares per shareholder increased by 35.37% to 7,038 shares [2]. - The top ten circulating shareholders include notable entities such as Huabao Zhongzheng Financial Technology Theme ETF and Hong Kong Central Clearing Limited, with significant changes in their holdings [3].

Core Viewpoint - Lakala's stock price has experienced fluctuations, with a year-to-date increase of 33.26%, but recent declines over various trading periods indicate potential volatility in investor sentiment [1][2]. Company Overview - Lakala Payment Co., Ltd. is based in Beijing and was established on January 6, 2005, with its IPO on April 25, 2019. The company primarily provides payment services to small and micro enterprises and personal payment services, with 100% of its revenue derived from payment business [1]. Financial Performance - For the period from January to September 2025, Lakala reported a revenue of 4.07 billion yuan, a year-on-year decrease of 7.33%, and a net profit attributable to shareholders of 339 million yuan, down 33.90% year-on-year [2]. - Since its A-share listing, Lakala has distributed a total of 2.615 billion yuan in dividends, with 1.035 billion yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, Lakala had 104,400 shareholders, a decrease of 26.11% from the previous period, with an average of 7,038 circulating shares per shareholder, an increase of 35.37% [2]. - The top ten circulating shareholders include notable entities such as Huabao Zhongzheng Financial Technology Theme ETF and Hong Kong Central Clearing Limited, with significant changes in their holdings [3].

Group 1 - The core point of the news is that Lakala's stock price has been declining, with a drop of 2.78% on October 17, reaching 23.08 CNY per share, and a total market capitalization of 18.189 billion CNY [1] - Lakala has experienced a cumulative decline of 5.29% over the past three days, indicating a negative trend in its stock performance [1] - The company, established on January 6, 2005, specializes in providing payment services for small and micro enterprises and personal payment services, with its main business revenue entirely derived from payment services [1] Group 2 - According to fund holdings, Guoshou Anbao Fund has a significant position in Lakala, with its Guoshou Anbao Chuang Selected 88 ETF holding 87,200 shares, accounting for 2.25% of the fund's net value, making it the second-largest holding [2] - The fund has incurred a floating loss of approximately 57,600 CNY today and a total floating loss of 112,500 CNY during the three-day decline [2] - The Guoshou Anbao Chuang Selected 88 ETF was established on March 4, 2020, with a current size of 130 million CNY and has achieved a year-to-date return of 22.71% [2] Group 3 - The fund managers of Guoshou Anbao Chuang Selected 88 ETF are Li Kang and Su Tianxing, with Li having a tenure of 10 years and 215 days, managing assets totaling 7.118 billion CNY [3] - Li's best fund return during his tenure is 41.78%, while the worst return is -48.35% [3] - Su has a tenure of 4 years and 232 days, managing assets of 3.303 billion CNY, with a best return of 29.96% and a worst return of -1.08% [3]