美国乔治亚州亚特兰大2025年10月3日-- 全球领先的数字支付服务商 今日宣布，乔治亚州银行业金融监 管局已正式受理其商户收单有限目的银行（简称MALPB）牌照申请，这一举措彰显了 Checkout.com 致 力于为企业级商户进军美国市场打造强大支付平台的坚定承诺。 这一里程碑是公司基于对美国支付市场深刻理解而进行不懈投资的成果。公司的投资重点始终聚焦于优 化商户的全球支付绩效，而乔治亚州 MALPB 牌照申请受理将赋能 Checkout.com 提供真正以美国市场 为中心的支付体验，造福商户并加速增长。 美国乔治亚州银行业金融监管局正式受理 Checkout.com 在乔治亚州的商户收单有限目的银行 （ Merchant Acquirer Limited Purpose Bank ，简称 MALPB ）牌照申请 该银行牌照将增强公司运营管理权，为企业级商户提供更卓越的数字支付表现，并进一步加大 Checkout.com 在美国市场的业务拓展计划 Jordan Reynolds 被任命为美国亚特兰大新办公室的 MALPB 首席执行官兼北美银行业务负责人 " 乔治亚州 MALPB 牌照是我们业务发展的关键一 ...

Core Insights - The third Guangdong-Hong Kong-Macao Greater Bay Area Development Business Conference opened in Guangzhou on September 15, marking the first time the event has been held in Guangdong, with over 1,200 representatives from 30 countries and regions attending, making it the largest conference to date [1][3] Economic Development - The Greater Bay Area's economic output is projected to exceed $2 trillion by 2024, contributing to 1/9 of China's total economic output while occupying less than 0.6% of the country's land area and 6% of its population [4] - Guangdong continues to attract significant foreign investment in sectors such as electronic information, green petrochemicals, and specialized equipment, maintaining its status as a "safe harbor" for foreign capital [4] - The province's total import and export volume is expected to surpass 9 trillion yuan in 2024, marking 39 consecutive years at the forefront of China's trade [4] Business Opportunities - The conference theme "Empowering the Greater Bay Area, Exploring New Opportunities Together" aligns with the current developmental needs of the region [4] - The Greater Bay Area is seen as a competitive advantage for foreign investment due to its resilience, stability, and agility in operations, as highlighted by the U.S.-China Business Council [6] Collaboration and Innovation - The Greater Bay Area can leverage the advanced rules and standards of Hong Kong and Macau to create a larger market by breaking down internal barriers [5] - The region's strong foundational research and application technology capabilities, particularly in cities like Guangzhou, Shenzhen, and Dongguan, position it well for industrial and supply chain development [5] Support for SMEs - The vibrant small and micro-enterprise sector is crucial for economic growth, with digital payment solutions playing a significant role in their development [8] - Visa's initiatives in Guangdong have trained nearly 30,000 small and micro-enterprises to enhance their financial capabilities and facilitate their international expansion [8] Supply Chain Development - The conference unveiled the "Guangdong-Hong Kong-Macao Greater Bay Area Supply Chain Promotion Report," which outlines the opportunities presented by the supply chain promotion system [9][10] - The report emphasizes the need for enhanced collaboration among industries and suggests four key recommendations, including accelerating smart infrastructure development and creating a more vibrant innovation environment [10] Legal Framework - The "Temporary Arbitration Guidelines for the China (Guangdong) Pilot Free Trade Zone" were also released, providing legal frameworks for resolving disputes through temporary arbitration [10]

Investment Rating - The report maintains a "Buy" rating for the company with a revised SOTP target price of HKD 17.7, up from HKD 17.3 [1][4][14] Core Insights - The company reported a 27% year-on-year revenue growth in the first half of 2025, driven by a 94% increase in global payment TPV and a 28% increase in domestic payment TPV [1][2][3] - The digital payment business shows a stable growth trend, with significant improvements in profitability, particularly in global payments [3][4] - The company has obtained a license for leveraged foreign exchange trading, which is expected to enhance user engagement and business barriers [3] Financial Performance - Total revenue for 1H25 was RMB 780 million, slightly above expectations, with global and domestic payment revenues contributing 65% and 24% respectively [2][4] - Gross profit reached RMB 410 million, with a gross margin of 52%, indicating stable profitability in digital payments [2][4] - The adjusted EBITDA profit forecast for the year has been increased by 2% due to the strong performance in the first half [4][5] Business Segments - Global payment TPV increased by 94% to RMB 198.5 billion, with a stable gross margin of 73% [3][12] - Domestic payment TPV grew by 28% to RMB 18.7 trillion, maintaining a stable fee rate [3][12] - The company’s digital payment services continue to dominate revenue, accounting for 87% of total income [12][13] Financial Projections - The company expects total revenue to reach RMB 1.672 billion in 2025, with a year-on-year growth of 27% [5][13] - The adjusted net profit is projected to be RMB 1.346 billion in 2025, reflecting a significant turnaround from previous losses [5][13] - The overall TPV is expected to grow by 28% year-on-year, with global payment TPV projected to reach RMB 442 billion [4][13] Valuation - The SOTP valuation indicates a target price of HKD 17.7, suggesting a potential upside of 54% from the current share price of HKD 11.48 [4][14] - The valuation is based on a revenue multiple of 10.0 for the core business and includes the valuation of the company’s stake in a subsidiary [14]

Core Viewpoint - Lianlian Digital reported strong financial performance for the first half of 2025, with significant growth in total revenue and operating profit, driven by both global and domestic payment services [1][2]. Financial Performance - Total revenue for the first half of 2025 reached 783 million yuan, with a gross profit of 410 million yuan, representing year-on-year growth of 26.8% and 25% respectively [1]. - Operating profit increased by 85% to 63 million yuan, maintaining a gross margin of 51.9% compared to the same period last year [1]. Payment Volume and Business Segments - Total Payment Volume (TPV) for Lianlian Digital was 2.1 trillion yuan, reflecting a year-on-year increase of 32% [1]. - Global payment TPV amounted to 198.5 billion yuan, with a remarkable growth of 94%, while total revenue from global payment services was 470 million yuan, up 27% [1]. - Domestic payment TPV reached 1.87 trillion yuan, growing by 27.6%, with total revenue from domestic payment services at 210 million yuan, an increase of 24.6% [1]. - Value-added services generated total revenue of 89.59 million yuan, marking a year-on-year growth of 34.2% [1]. Market Expansion and Strategy - The company is focusing on expanding its presence in emerging markets while maintaining stability in traditional markets like Europe and the U.S. [2]. - Lianlian Digital is enhancing its B2B and service trade sectors, and is actively exploring new markets in Southeast Asia, the Middle East, and Latin America [2]. Research and Development Investment - R&D expenses for the first half of 2025 totaled 190 million yuan, with adjusted R&D expenses (excluding share-based compensation) at 160 million yuan, a 29.5% increase year-on-year [3]. - The company is investing in innovative technologies, particularly in blockchain and artificial intelligence, with a focus on Web 3 applications [3]. - Proceeds from a recent share placement will allocate 50% towards innovation and application of blockchain technologies in global payment services [3].

Core Insights - Lianlian Digital reported a total revenue of 783 million yuan for the first half of the year, representing a year-on-year growth of 26.8% [1] - The company's net profit surged to 1.511 billion yuan, primarily due to significant gains from the disposal and dilution of its stake in LianTong (Hangzhou) Technology Service Co., Ltd. [3] - The company has established a global payment license layout consisting of 65 licenses and related qualifications, covering over 100 countries and regions [8] Financial Performance - Gross profit for the first half reached 410 million yuan, an increase of 25% compared to the same period last year [1] - Operating profit rose dramatically by 85% to 63 million yuan [1] - Total revenue from digital payment services amounted to 684 million yuan, with a year-on-year growth of 26.2% [7] Stake Disposal and Strategic Moves - The disposal of LianTong's equity generated a profit of 1.601 billion yuan, while the dilution profit amounted to 452 million yuan [3] - The company plans to optimize resource allocation through the adjustment of its stake in LianTong, ensuring sufficient funding for its main business development [5] - By December 2024, Lianlian Digital will have its stake in LianTong adjusted to 17.63% after the completion of share purchases by American Express subsidiaries [4][5] Business Segments - Revenue from value-added services reached 90 million yuan, reflecting a year-on-year increase of 34.2% [7] - Total payment volume (TPV) for global payment services reached 198.5 billion yuan, with a year-on-year growth of 94% [7] - Domestic payment services recorded a TPV of 19 trillion yuan, growing by 27.6% [7] Market Expansion - The company is actively expanding into Southeast Asia, the Middle East, and Latin America, leveraging local payment licenses and establishing overseas offices [8] - Lianlian Digital is the only digital payment solution provider in China holding money transfer licenses in all U.S. states [8]

Core Insights - Lianlian Digital reported a total payment volume (TPV) of 2.1 trillion yuan in its digital payment business for the first half of 2025, marking a year-on-year growth of 32.0% [1][2] - The company's total revenue reached 783 million yuan, an increase of 26.8% year-on-year, while net profit surged to 1.51 billion yuan, with operating profit rising 85% to 63 million yuan [1][2] Digital Payment Services - In the global payment sector, Lianlian Digital achieved a TPV of 198.5 billion yuan, reflecting a significant year-on-year growth of 94.0%, with total revenue from global payment services at 473 million yuan, up 27.0% [1][2] - The domestic payment business recorded a TPV of 1.9 trillion yuan, a year-on-year increase of 27.6%, with total revenue of 211 million yuan, growing by 24.6% [2] Value-Added Services - The company generated 89.6 million yuan in revenue from value-added services, representing a year-on-year growth of 34.2%, primarily driven by the strong performance of its virtual card business [2] Strategic Focus and Innovation - Lianlian Digital aims to build a more efficient cross-border fund flow system and enhance its digital infrastructure, integrating AI and exploring blockchain technology for cross-border payments [1][3] - The company is expanding its B2B and service trade business, leveraging its advantages over traditional cross-border payment methods to provide more personalized and cost-effective services [2][3] Research and Development Investment - In the first half of 2025, Lianlian Digital's R&D expenses amounted to 187 million yuan, a year-on-year increase of 26.8%, with adjusted R&D expenses growing by 29.5% [3] - The increase in R&D spending is attributed to ongoing investments in technology innovation, particularly in blockchain and AI applications [3] Fundraising and Future Plans - In July 2025, Lianlian Digital completed a round of H-share placement, issuing 38.4 million new shares and raising 394 million HKD, with 50% of the funds allocated to blockchain technology innovation [4] - The company emphasizes that its investments in the Web3 domain align with its long-term strategic direction, focusing on systematic development in this area [5]

Core Insights - The core viewpoint of the articles highlights the significant growth and strategic direction of Lianlian Digital, particularly in its digital payment services and the integration of innovative technologies like AI and blockchain [2][3][4]. Financial Performance - As of June 30, 2025, Lianlian Digital's total payment volume (TPV) reached 2.1 trillion yuan, a year-on-year increase of 32.0%, with total revenue of 783 million yuan, up 26.8%, and net profit of 1.51 billion yuan, with operating profit increasing by 85% to 63 million yuan [2][4]. - The global payment business TPV reached 198.5 billion yuan, a remarkable growth of 94.0%, with total revenue of 473 million yuan, up 27.0% [3]. - Domestic payment TPV was 1.9 trillion yuan, growing by 27.6%, with revenue of 211 million yuan, an increase of 24.6% [3]. Business Segments - Lianlian Digital's business is divided into two main segments: digital payment services and value-added services. The digital payment services include global and domestic payment solutions, while value-added services encompass digital marketing, operational support, and software development [3]. - The revenue from value-added services reached 89.6 million yuan, reflecting a growth of 34.2%, primarily driven by the strong performance of virtual card services [3]. Strategic Initiatives - The company is focusing on building a more efficient cross-border fund flow system and enhancing its digital infrastructure, while also exploring the application of AI and blockchain technologies in cross-border payments [2][4]. - Lianlian Digital has increased its R&D investment in Web3 technologies, with R&D expenses amounting to 187 million yuan, a year-on-year increase of 26.8% [6]. Funding and Future Plans - In July 2023, Lianlian Digital conducted a placement of 38.4 million H-shares, raising 394 million HKD, with 50% of the funds allocated to blockchain technology innovation, 30% for global business expansion, and 20% for general corporate purposes [6]. - The company emphasizes that its investments in Web3 align with its long-term strategic direction, indicating a commitment to systematic development in this area [6].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a significant improvement in net profit, achieving a total revenue of 783 million yuan, a year-on-year increase of 26.8%, and a net profit attributable to shareholders of 1.511 billion yuan, with net assets increasing by 112.6% to 2.611 billion yuan [1] Revenue and Profit Forecast - The company is expected to see total revenue growth from 1.705 billion yuan in 2025 to 2.624 billion yuan in 2027, with year-on-year growth rates of 30%, 26%, and 22% respectively [7] - The net profit attributable to shareholders is projected to rise dramatically to 1.399 billion yuan in 2025, with a staggering year-on-year growth of 931.8% [7] Business Performance - The digital payment service revenue increased by 26.2% to 684 million yuan, with global payment revenue growing by 27.0% to 473 million yuan, reflecting a robust performance in the cross-border e-commerce export market [7] - The company has obtained 65 global payment licenses, enhancing its compliance barriers and local service capabilities [7] Cost and Expense Management - Sales expenses rose by 18.3% to 129 million yuan, primarily due to increased promotional activities for customer acquisition [7] - Management expenses increased by 3.3% to 300 million yuan, reflecting strategic investments in blockchain technology [7] Strategic Initiatives - The company is actively expanding into the Web3.0 space and enhancing its digital financial infrastructure, including the launch of virtual bank cards and partnerships to explore stablecoin applications in cross-border payments [7]

Group 1 - The company reported a total revenue of RMB 783 million for the first half of 2025, representing a year-on-year growth of 26.8% [1] - The digital payment business generated a revenue of RMB 680 million, with a year-on-year increase of 26.2% [1] - The company achieved a profit of RMB 1.51 billion, marking a turnaround from a loss in the previous year, with basic earnings per share of RMB 1.42 [1] Group 2 - The total payment volume (TPV) for the digital payment business reached RMB 2.1 trillion, reflecting a year-on-year growth of 32.0% [1] - The company has established a comprehensive global licensing framework with 65 payment licenses and related qualifications, being the only provider with money transfer licenses in all U.S. states [1] - The company serves over 7.9 million clients and operates in more than 100 countries, supporting transactions in over 130 currencies [1][2] Group 3 - The company's robust global licensing and regulatory compliance framework has built trust with regulators, clients, and partners, enabling clients to succeed in the digital transformation of global trade [2] - The company has developed deep insights into clients, markets, and industry trends through years of focus on small and micro enterprises and trade clients [2] - The combination of advanced technology platforms and innovative product solutions has created a unique and hard-to-replicate competitive advantage for the company [2]

Core Viewpoint - Klarna, a Swedish digital payment platform, is considering restarting its IPO plans in New York as early as September, benefiting from the recent rebound in fintech stock prices and strong performance in the U.S. IPO market [1] Group 1: IPO Plans - Klarna has begun preparations for its IPO, although specific details and timing are still under discussion [1] - The company previously submitted its IPO application to the U.S. Securities and Exchange Commission in March, aiming to raise at least $1 billion with a valuation exceeding $15 billion [1] - The IPO plans were initially put on hold due to market turbulence caused by U.S. President Trump's announcement of tariffs in April [1]