Core Viewpoint - New Guodu plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange, marking its entry into the "A+H" dual capital market amid increasing competition and shrinking profit margins in the payment industry [1] Company Overview - New Guodu, established in 2001 and listed on A-shares in 2010, is a global payment technology service provider based in Shenzhen, China, with a comprehensive business scope including payment services, digital service scenarios, electronic payment devices, and auditing services [2] Financial Performance - As of August 29, 2025, New Guodu's stock price was 32.07 CNY per share, with a total market capitalization of approximately 18.1 billion CNY [3] - In the first half of 2025, the company reported revenue of 1.527 billion CNY, a year-on-year decrease of 3.17%, and a net profit of 275 million CNY, down 38.61% [3] - The operating cash flow was 138 million CNY, a decline of 46.46%, and basic earnings per share were 0.49 CNY, down 39.51% [3] - The subsidiary, Jialian Payment, reported revenue of 949 million CNY and a net profit of 88.5 million CNY, both showing a year-on-year decline [3] Market Challenges - The decline in profits is attributed to reduced income and gross margins from acquiring and value-added services, alongside increased investments in cross-border payments and AI, which pressure short-term profitability [3] - The payment industry faces challenges due to market saturation, intense competition, and regulatory scrutiny, leading to a general decline in performance among acquiring institutions [3][4] Growth Opportunities - New Guodu aims to find a "second growth curve" in overseas markets as domestic growth slows [4] - The electronic payment device segment generated revenue of 544 million CNY in the first half of 2025, with overseas sales reaching 533 million CNY, a year-on-year increase of 22.02% [4] - The company has obtained various licenses for cross-border payments, enabling it to offer services in multiple sectors across the EU [4] Internationalization Challenges - The complexity of overseas regulatory environments poses challenges for New Guodu, requiring significant investment in compliance and local operations [5] - The increasing competition from non-licensed companies in the cross-border payment space adds to the challenges faced by traditional payment firms [5]

Core Viewpoint - New Guodu plans to issue H-shares for listing on the Hong Kong Stock Exchange to deepen its global strategy, despite having sufficient cash reserves and facing declining profits and significant layoffs [1][2][3]. Financial Performance - New Guodu's revenue and net profit have been declining, with 2024 revenue at 3.148 billion yuan, down 17.2% year-on-year, and net profit at 234 million yuan, down 68.98% year-on-year [2][3]. - For the first half of 2025, revenue was 1.527 billion yuan, a decrease of 3.17%, and net profit was 275 million yuan, down 38.61% year-on-year [2][3]. Cash Position - As of mid-2025, New Guodu had over 4.3 billion yuan in cash and cash equivalents, accounting for over 70% of total assets, with interest-bearing debt at only 218 million yuan [4][5][6]. - The net cash position exceeds 4.1 billion yuan, indicating the company is not in a cash-strapped situation [6]. Layoffs and Cost-Cutting - The company has been reducing its workforce significantly, with a 36.4% reduction in employees from 2023 to 2024, totaling a decrease of 900 employees [3]. - The continuous layoffs suggest a strategy to cut costs in response to declining revenues and profits [3]. M&A Activities and Risks - New Guodu has a history of high-premium acquisitions, with notable failures leading to significant profit volatility [2][10]. - The acquisition of Jia Lian Payment has negatively impacted net profit by approximately 325 million yuan due to tax adjustments and goodwill impairment [2][6]. - The company has sold stakes in previously acquired companies at significant losses, raising concerns about potential harm to shareholder interests [10][12].

Group 1 - The company, New Guodu (SZ300130), announced plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its global strategy and expand overseas business [3] - The company aims to strengthen its international capital operation platform and diversify financing channels to improve global resource allocation and competitiveness in the digital payment ecosystem [3] - In the first half of 2025, New Guodu reported revenue of 1.527 billion yuan, a year-on-year decrease of 3.17%, and a net profit attributable to shareholders of 275 million yuan, down 38.61%, primarily due to declines in income and gross margin from acquiring and value-added services [3] Group 2 - The actual controller of New Guodu is Liu Xiang, who holds a 24.32% stake in the company, while Jiang Han and Liu Ya hold 6.43% and 2.90% respectively [4] - Liu Xiang serves as the chairman and general manager of New Guodu, while Jiang Han is the vice chairman [6]

Group 1 - The company achieved a revenue of 30.9 billion yuan in 2024, a year-on-year decrease of 21.9%, but net profit increased by 622% to 0.7 billion yuan, driven by revenue structure optimization and cost reductions from AI-enabled efficiency improvements [4][5] - The payment business showed marginal improvement with a revenue decline of 22.9% to 26.9 billion yuan, attributed to a 19% drop in total GPV and a slight decrease in payment rates [5][6] - The company’s overseas payment business expanded significantly, with transaction volume exceeding 1.1 billion yuan, a nearly fivefold increase year-on-year [5] Group 2 - The company reported a revenue of 31.48 billion yuan in 2024, a decrease of 17.2%, with a net profit of 2.34 billion yuan, down 68.98% [11][12] - The domestic acquiring business processed a total of 1.47 trillion yuan, maintaining stable monthly transaction volumes, while overseas market revenue reached 9.01 billion yuan, with a 63.61% increase in high-end market revenue [13][14] - The company’s AI digital employee product has been commercialized, with applications in digital marketing and e-commerce [15] Group 3 - China Aluminum reported a revenue of 237.07 billion yuan in 2024, an increase of 5.2%, and a net profit of 12.4 billion yuan, up 85.4% [16][17] - The increase in profits was primarily due to rising aluminum and alumina prices, with alumina revenue reaching 74 billion yuan, a 38.3% increase [18] - The company plans to distribute a cash dividend of 0.135 yuan per share, with a total dividend amount of 3.72 billion yuan, reflecting a payout ratio of 30.2% [20] Group 4 - Three Squirrels reported a revenue of 10.622 billion yuan in 2024, a year-on-year increase of 49.3%, with a net profit of 408 million yuan, up 85.51% [22][23] - The company’s online revenue reached 7.407 billion yuan, with significant growth in various channels, particularly Douyin [23][24] - The company is planning to issue H shares to enhance its brand and global supply chain capabilities [25][26] Group 5 - Kailai Ying reported total revenue of 5.805 billion yuan in 2024, a decrease of 25.82%, with a net profit of 949 million yuan, down 58.17% [27][28] - The small molecule business showed stable growth, with revenue of 4.571 billion yuan, reflecting an 8.85% increase when excluding large orders [28][29] - The emerging business segment achieved revenue of 1.226 billion yuan, a growth of 2.25% [29] Group 6 - Zhejiang Shuju reported a revenue of 3.097 billion yuan in 2024, a slight increase of 0.61%, with a net profit of 512 million yuan, down 22.84% [30][31] - The online gaming business generated 1.34 billion yuan in revenue, with a gross margin of 91.04% [33] - The company plans to distribute a cash dividend of 1.60 yuan per 10 shares, totaling 203 million yuan [32] Group 7 - Zhongke Xingtou focuses on the space-earth big data industry, with a projected revenue of 40.78 billion yuan in 2025, increasing to 63.98 billion yuan by 2027 [38][41] - The company has established a comprehensive digital earth solution, integrating data collection, processing, and application [39][40] - The company aims to expand its business into low-altitude economy and commercial aerospace sectors [40] Group 8 - Yinghe Technology reported a revenue of 8.524 billion yuan in 2024, a decrease of 12.58%, with a net profit of 503 million yuan, down 9.14% [43][44] - The lithium battery equipment segment faced challenges, while the electronic cigarette segment showed strong performance with a revenue of 3.191 billion yuan [44][45] - The company expects growth in the lithium battery equipment market due to domestic production recovery and expansion into overseas markets [45][46] Group 9 - Meiya Optoelectronics achieved a revenue of 2.311 billion yuan in 2024, a decrease of 4.7%, with a net profit of 649 million yuan, down 12.8% [48] - The color sorting machine business grew by 9.9%, while the medical equipment segment faced a decline of 33.4% [49] - The company anticipates a recovery in the medical equipment sector due to ongoing economic development and demographic trends [49]