Core Points - Xinchen Technology Co., Ltd. reported a revenue of 650 million yuan for the first three quarters of 2025, representing a year-on-year decline of 2.92% [1] - The net profit attributable to shareholders of the listed company was a loss of 22.68 million yuan, with the loss amount continuing to expand [1] - In the third quarter, the company's operating income was 193 million yuan, a year-on-year decrease of 23.3% [2] - The net profit attributable to shareholders for the third quarter was a loss of 9.69 million yuan, with the loss amount further increasing [2] Company Overview - Xinchen Technology primarily provides software development, system integration, and professional technical services for industries such as finance [2] - The company has developed various core series products and solutions, including electronic channel and channel integration cloud platforms, trade financing settlement systems, transaction banking systems, collaboration cloud platforms, exchange platforms, blockchain BaaS platforms, and big data platforms [2] - These products and solutions have been widely applied in industries such as finance, military, and public security [2]

Core Viewpoint - The cross-border payment sector has recently experienced a pullback after a significant rise, leading to market speculation about its future strength [3] Company Summaries - Qingdao Kingking's main products include "new material candles and aromatherapy products" and "cosmetics," with 75.45% of its revenue, amounting to 1.353 billion yuan, coming from overseas sales in 2024 [4] - Hai Lian Jin Hui holds various payment licenses, including "cross-border RMB payment" and "Hong Kong money service operator license," providing comprehensive payment services and cross-border settlement [5] - New Morning Technology has developed multiple core products and solutions, including a blockchain BaaS platform, and emphasizes the application of artificial intelligence in enhancing operational efficiency for banks [5] - Lakala offers a comprehensive payment solution for merchants, including cross-border payment services, and has served over 90,000 merchants in its cross-border payment business [6] Industry Insights - Recent government initiatives signal a push for the internationalization of the digital yuan and the enhancement of the cross-border payment system, laying a foundation for its practical application [8] - The global trade landscape is being reshaped by U.S. tariff policies, prompting companies to reconsider their supply chain strategies, which may benefit domestic supply chain enterprises and the cross-border payment sector [8] - Future development paths for global cross-border payment models include creating payment systems based on local currencies, expanding coverage through national payment systems, and leveraging blockchain technology [9]