Core Viewpoint - China's economy is entering a new stage of high-quality development, with consumption being the core engine supported by both policy and market forces, leading to a continuous warming of the consumption market and accelerated release of consumption potential [1] Group 1: Payment Technology and Consumer Support - Payment is a critical support for commercial services and a key link in promoting consumption upgrades and industrial development in China [2] - The company, Huilibao, is enhancing payment service accessibility and convenience through innovative payment products, such as smart POS systems and digital cash registers, which integrate various functionalities to meet diverse merchant needs [2] - Huilibao is committed to a strategy of innovation-driven development, focusing on payment technology advancements to ensure stable and smooth payment experiences for customers [2] Group 2: Service Optimization and Market Expansion - Huilibao has upgraded its UnionPay QuickPass interface to enhance payment services for foreign app wallets, aiming to provide comprehensive and convenient payment solutions for foreign visitors in China [3] - The company integrates payment, marketing, accounting, and financial value-added services to support merchants in transitioning from traditional to digital and intelligent business models [4] - Huilibao's product "Xiaoli Zhanggui" offers a digital management system for restaurants, facilitating efficient payment and order processes, thus contributing to the overall activation of economic growth [4] Group 3: Future Directions and Industry Impact - Huilibao aims to continue optimizing payment products and service experiences, providing precise and comprehensive payment + SaaS solutions for various industries, thereby injecting vitality into the domestic consumption market [4]

证券研究报告 公司研究 点评报告 新大陆(000997.SZ) 庞倩倩 计算机行业首席分析师 执业编号：S1500522110006 邮 箱： pangqianqian@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 人民币国际化背景下，打造全球领军的数字商业服务商 2025 年 4 月 30 日 事件：新大陆发布 2024 年年度报告及 2025 年一季报，2025 年公司实现营 业收入 77.45 亿元，同比下降 6.11%；实现归母净利润 10.10 亿元，同比增 长 0.59；实现扣非归母净利润 9.88 亿元，同比下降 8.87%。单四季度实现 收入 21.72 亿元，同比减少 8.21%，实现归母净利润 1.91 亿元，同比增长 2.91%。2025 年一季度，公司实现收入 18.96 亿元，同比增长 8.92%；实现 实现归母净利润 3.11 亿元，同比增加 25.16%。 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 3 一季度多项数据显著向好 ...

庞倩倩 计算机行业首席分析师 执业编号：S1500522110006 邮 箱： pangqianqian@cindasc.com 证券研究报告 公司研究 点评报告 新大陆(000997.SZ) 长不及预期。 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 人民币国际化背景下，打造全球领军的数字商业服务商 | 主要财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 8,250 | 7,745 | 8,500 | 9,415 | 10,431 | | 增长率 YoY % | 11.9% | -6.1% | 9.7% | 10.8% | 10.8% | | 归属母公司净利润(百万元) | 1,004 | 1,010 | 1,227 | 1,444 | 1,671 | | 增长率 YoY% | 362.9% | 0.6% | 21.5% | 17.7% | 15.7% | | 毛 ...