7月31日，瑞和数智对公布上半年正面盈利预告。预告显示，瑞和数智在2025年上半年将录得净利润4300-4400万元。 这一数据扭转了去年同期3604万元的亏损局面。不过，看似瑞和数智经营状况迎来重大转机，但深入探究公司未经审计的财务账面时，却发现事实并非如此 简单。 图源：公司公 从公告中可以看到，瑞和数智盈利的最大功臣是公司持有的1500万股东京中央拍卖（01939.HK）股份带来的公允价值变动收益。以发布公告前一日7.61港元 的收市价计算，这笔投资浮盈约4500万元，几乎等同于公司全部的预告利润。这意味着，若剔除这笔一次性投资收益，瑞和数智的主营业务大概率仍在盈亏 的边缘苦苦徘徊，其经营造血能力并未得到实质性改善。 回顾瑞和数智过往营收情况，2024年全年，瑞和数智收入仅实现微幅增长。尽管瑞和数智反复强调"数据解决方案、软硬件销售及综合服务"等业务保持稳 定，但从财报细节来看，自2024年末起，瑞和数智合同负债已下滑，这一数据直观反映出新增订单不足的问题，稳定更像是发展脚步的"原地踏步"。 | | 截至十二月三十一日止年度 | | | --- | --- | --- | | | 二零二四年 | 二零二 ...

公告称，期内主营业务包括数据解决方案、软硬件销售及综合服务、信息技术维护与支持服务以及商品 贸易业务，均保持稳定运营。期内瑞和数智净利润增长的两大关键因素为，公司持有的1500万股东京中 央拍卖(01939)股份带来的公平值收益；通过优化研发费用、行政开支、融资成本及销售费用等降本措 施，显著提升了盈利能力。 瑞和数智(03680)盈喜后涨超9%，7月16日至今股价接近翻倍。截至发稿，涨8%，报2.16港元，成交额 564.98万港元。 消息面上，瑞和数智发布公告，截至2025年6月30日止六个月，根据对公司未经审计综合管理账目的初 步审阅，预计将从去年同期亏损3604万元扭亏为盈，实现净利润4300万元至4400万元。 ...

消息面上，瑞和数智发布公告，截至2025年6月30日止六个月，根据对公司未经审计综合管理账目的初 步审阅，预计将从去年同期亏损3604万元扭亏为盈，实现净利润4300万元至4400万元。 公告称，期内主营业务包括数据解决方案、软硬件销售及综合服务、信息技术维护与支持服务以及商品 贸易业务，均保持稳定运营。期内瑞和数智净利润增长的两大关键因素为，公司持有的1500万股东京中 央拍卖(01939)股份带来的公平值收益；通过优化研发费用、行政开支、融资成本及销售费用等降本措 施，显著提升了盈利能力。 智通财经APP获悉，瑞和数智(03680)盈喜后涨超9%，7月16日至今股价接近翻倍。截至发稿，涨8%， 报2.16港元，成交额564.98万港元。 ...

于期间内，本公司主营业务包括数据解决方案、销售软硬件及相关综合服务，信息技术维护及支援服 务，以及商品贸易业务均维持稳定。前述期间内本公司拥有人应占溢利增加乃主要有两个原因：第一， 本公司财务投资的公平值收益，尤其是本公司持有1500万股东京中央拍卖控股有限公司(其股份于联交 所上市(01939))的股份。第二，本集团在期间内大力推动降本增效措施，从而令研发费用、行政费用、 融资成本及销售开支等较去年同期有所减少。 瑞和数智(03680)发布公告，预期本集团将由截至2024年6月30日止6个月的本公司拥有人应占亏损约人 民币3604万元扭亏为盈至截至2025年6月30日止6个月内本公司拥有人应占溢利约人民币4300万元至人民 币4400万元。 ...

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was just over $536 million, up 1.4% on a comparable adjusted basis year over year [9][19] - Comparable adjusted EBITDA for the quarter was just over $100 million, increasing nearly 3.5% from 2024 [10][20] - Comparable adjusted EPS finished at $0.75, reflecting just over 4% expansion versus the prior year [10][21] - Net debt levels decreased to $1.46 billion, down approximately $80 million from the previous year [28] Business Line Data and Key Metrics Changes - Payments and Data segments grew by a blended rate just above 8.5%, with Data segment revenue growing 29% year over year [11][24] - Merchant Services revenue grew by 1.3% year over year to $97.8 million, with adjusted EBITDA remaining flat at $21.4 million [21] - B2B segment revenues finished at $70.2 million, increasing 1.2% versus 2024, with adjusted EBITDA dollars remaining flat at $13.3 million [22][23] - Print segment revenue declined 4% year over year, with legacy check revenues declining 1.8% [26] Market Data and Key Metrics Changes - The revenue mix shifted towards payments and data offerings, with the ratio moving from 57:43 to 54:46 in favor of payments and data segments [11] - The Data Solutions segment achieved record levels for the quarter, with revenues of $77.2 million, reflecting a growth of 29.3% [24] Company Strategy and Development Direction - The company is focused on executing its North Star strategy, which emphasizes free cash flow and profit growth [5][14] - The management is maintaining overall guidance ranges for 2025 despite macroeconomic uncertainties [31][32] - The company aims to optimize its balance sheet and reduce net debt levels, with a long-term target of three times leverage or better by the end of 2026 [28][29] Management's Comments on Operating Environment and Future Outlook - Management acknowledged extraordinary volatility and macroeconomic uncertainty but emphasized control over internal execution [5][6] - The company continues to monitor consumer sentiment and discretionary spending for potential impacts on its outlook [6] - Despite anticipated challenges, management remains confident in achieving its 2025 revenue and EBITDA goals [14][31] Other Important Information - The company received an S&P ratings upgrade, improving its rating from B- to single B, with a positive outlook [28] - Free cash flow for the quarter was $24.3 million, improving by $18.1 million from the previous year [29][30] - A regular quarterly dividend of $0.30 per share was approved, payable on June 2, 2025 [30] Q&A Session Summary Question: Can you provide more detail on the merchant business and its performance? - The merchant business continues to perform well across various market conditions, with strong retention and ongoing volume from diversified customer categories [33][34] Question: What strategic changes might occur with the new leadership in the merchant business? - The new leadership aims to improve partnership relationships and expand distribution channels, with recent partnerships indicating a move upmarket [35][36] Question: How should we model the segment performance, especially with potential declines? - The data segment is expected to continue strong growth, while print may see a larger decline due to promotional pressures [40][43] Question: What is the secret to the data segment's recent success? - The data business leverages a large consumer and small business database combined with advanced AI tools to effectively target marketing campaigns [46][48] Question: What is the potential impact of the Trump administration's commentary on physical checks? - The company has no direct exposure to government checks and does not anticipate significant collateral impacts from the announcement [52][55] Question: Have there been signs of spending pull forward due to tariffs? - There was a small amount of pull forward in promotional products, but no significant evidence of stocking in the business [56] Question: What are the potential catalysts for driving additional partnerships? - The company has strong brand recognition and relationships in the banking sector, which positions it well for future partnerships [61][62]