|2025年11月25日 星期二| 点评：作为全国网点分布广泛的公司，将保险代理业务纳入其服务范围能够充分利用邮政网点优势，扩 大保险产品的覆盖面。此举不仅增加了邮政的业务多样性，还可能促进整个保险市场的活跃度。 NO.3 太平养老获批增资至33.33亿元，引入比利时富杰保险为新股东 11月24日，国家金融监督管理总局发布《关于太平养老保险股份有限公司增加注册资本和变更股权的批 复》，同意太平养老保险股份有限公司增加注册资本3.33亿元，由30亿元变更为33.33亿元。同时，同意 比利时富杰保险国际股份有限公司认购太平养老保险股份有限公司10%股权。 点评： 通过增资引入像比利时富杰这样的国际战略投资人，不仅能获得资金，更能借鉴其在全球养老 金管理、资产配置和风险管理方面的先进经验，实现战略协同，提升专业化、国际化水平 NO.1 央行11月25日将开展10000亿元MLF操作 11月24日消息，为保持银行体系流动性充裕，中国人民银行将于2025年11月25日以固定数量、利率招 标、多重价位中标方式开展10000亿元MLF操作，期限为1年期。鉴于11月有9000亿元中期借贷便利 （MLF）到期，这也意味着11月 ...

Core Viewpoint - The company has experienced a 27% year-on-year profit growth driven by an increase in payment service fees, aligning with expectations. The overseas payment business shows promising growth potential [1][2]. Group 1: Financial Performance - The company reported a revenue of 1.642 billion RMB for the first half of 2025, a 4% increase year-on-year, with net profit reaching 41 million RMB, reflecting a 27% growth [1]. - Payment business revenue was 1.429 billion RMB, up 6% year-on-year, contributing significantly to overall revenue growth, despite a slight decline in GPV by 1.9% to 11.4 trillion RMB due to macroeconomic fluctuations [1]. - The payment service fee rate increased to 0.125% in the first half of 2025 from 0.115% in the same period of 2024 [1]. Group 2: Business Segments - The merchant solutions business saw a revenue decline of 7.8% to 187 million RMB, although the number of active merchants grew by 5.8% [1]. - The gross profit margin for merchant solutions improved from 90.9% in 2024 to 91.3% in 2025 due to a shift towards higher-margin services [1]. - The in-store e-commerce business reported a revenue of 26 million RMB, down 13.5% year-on-year, primarily due to a strategic shift away from less profitable merchants [1]. Group 3: Overseas Payment Business - The overseas payment business has shown rapid growth, with transaction volume reaching 1.5 billion RMB in the first half of 2025, surpassing the total for the entire year of 2024 [2]. - The overseas payment fee rate stands at 0.67%, significantly higher than domestic rates, with a gross profit margin of 50%, well above the overall payment margin of 13.7% [2]. - Continued expansion in overseas payment services is expected to enhance profitability and better serve local merchants and consumers [2].