行业呈现冰火两重天。 随着《非银行支付机构监督管理条例》（下称《管理条例》）缓冲期正式结束，支付行业"强者愈强、弱者退场"的马 太效应在2025年加速显现。 注册资本门槛提升至1亿元的硬约束下，行业呈现冰火两重天：一边是巨头以百亿规模增资"狂奔"，另一边是尾部机 构批量"退场"，行业格局加速重构。 监管压力迅速转化为市场的增资浪潮。第一财经记者据企业预警通统计，仅2025年已有20余家支付公司获批增资。 | 企业名称 | D 夜更日期 ▼ | 夜更前(万元) | レ 夜更后(万元) | レ | | --- | --- | --- | --- | --- | | 上海环迅支付有限公司 | 2025-12-05 | 10500 | 12500 | | | 陕西煤炭交易中心有限公司 | 2025-12-03 | 100000 | 80000 | | | 浙江唯品会支付服务有限公司 | 2025-11-05 | 10000 | 20000 | | | 东方电子支付有限公司 | 2025-11-03 | 12130 | 20000 | | | 拉卡拉支付股份有限公司 | 2025-10-30 | 78808. 25 | ...

25日早盘，跨境支付、数字人民币等概念股表现活跃，金融科技板块逆市涨近2%。其中，中亦科技盘 中20CM涨停，四方精创涨超10%，拉卡拉、南天信息、恒宝股份、翠微股份等多股跟涨超4%。 热门ETF方面，同类规模最大、流动性最佳的金融科技ETF（159851）场内上涨1.84%，有望冲破横盘 震荡区间，实时成交额超3亿元，环比放量明显。 消息面上，中国人民银行等八部门印发《关于金融支持加快西部陆海新通道建设的意见》。《意见》提 出，探索数字金融国际合作。支持沿线省（区、市）参与多边央行数字货币桥项目，推动与泰国、香 港、阿联酋、沙特阿拉伯等跨境支付使用央行数字货币。支持探索推进内地与新加坡数字人民币跨境支 付试点。 跨境支付按"全球跨境支付规模×人民币份额×数币渗透率"，2030年全球跨境支付290万亿美元，人民币 份额10%-20%、数币渗透率20%-40%，对应40.6-162.4万亿元市场。东北证券数经团队认为，数字人民 币已从支付工具演变为"金融-科技-数据"三位一体的战略载体。发展数字人民币的意义本质是通过区块 链技术将贸易效率转化为战略筹码，其发展节奏将深度绑定国家竞争核心利益。 从估值端看，当前中 ...

Group 1 - China UnionPay held a global partner conference on November 28, where it established cross-border payment cooperation with 11 key institutions, including Bank of China, Hong Leong Bank of Malaysia, OCBC Bank of Singapore, and Banco do Brasil [1] - The chairman of China UnionPay, Dong Junfeng, emphasized that breaking down payment barriers allows millions of small and micro businesses to access significant purchasing power globally through UnionPay's inclusive payment network, thus facilitating cross-border payments and invigorating global economic recovery [1] - China UnionPay aims to collaborate with local institutions to ensure all parties involved in account and acceptance sides can effectively contribute to expanding the cross-border payment market [1] Group 2 - The global economic and trade landscape has entered a new phase, with a consensus on building cross-border payment systems and promoting payment connectivity [2] - China UnionPay has expanded its cross-border payment cooperation from Asia to approximately 50 countries and regions worldwide, including South America and Africa, establishing a world-class payment connectivity network [2] - To adapt to current development trends, China UnionPay proposed a new inclusive and open "four-party model" by integrating wallet institutions, mobile manufacturers, acquiring service providers, and aggregating service providers into the traditional model [2]

Core Viewpoint - China UnionPay is expanding its global cross-border payment network by partnering with 11 key institutions from various countries, indicating a shift towards a more interconnected and collaborative global payment ecosystem [1][2] Group 1: Partnerships and Collaborations - China UnionPay has established cross-border payment collaborations with institutions including Bank of China, PayNet (Malaysia), Uzcard and HUMO (Uzbekistan), IPC (Kyrgyzstan), and others from countries like Brazil, Nepal, and Austria [1] - The partnerships aim to create a new blueprint for a collaborative payment industry under the "new four-party model," which includes various stakeholders such as card organizations, payment networks, commercial banks, and mobile manufacturers [1][2] Group 2: Global Economic Context - The current global economic landscape is evolving, with a consensus on the need for a cross-border payment system and enhanced payment interoperability [1] - China UnionPay is actively working with Asian countries like Thailand, Vietnam, and Indonesia, as well as around 50 countries in Latin America and Africa, to build a world-class payment interconnection network [1] Group 3: Technological Advancements - The chairman of China UnionPay highlighted the role of artificial intelligence in enhancing payment processes, including merchant verification and risk transaction monitoring [2][3] - AI technology has improved the efficiency of handling cross-border fraud transactions, reducing processing time from 2-3 days to approximately 1 day [3] - China UnionPay is focusing on building an AI ecosystem in collaboration with research institutions and industry partners to drive smart and efficient payment solutions [3]

Core Insights - The core argument emphasizes the need for a profound "professionalization" transformation in China's financial industry to achieve high-quality development, as highlighted by the "14th Five-Year Plan" [2][3] Group 1: Professionalization in Financial Institutions - The "14th Five-Year Plan" suggests that financial institutions should focus on their core businesses, improve governance, and pursue differentiated development, marking a shift from a previously diversified growth model to a more specialized approach [3][4] - Financial institutions are encouraged to recognize their resource endowments and comparative advantages, allocating resources to key development areas to enhance efficiency and competitiveness [3][4] Group 2: Mergers and Acquisitions (M&A) as a Growth Strategy - M&A is seen as a crucial method for optimizing resource allocation, particularly in the context of Shenzhen's goal to reach a total market value of 20 trillion yuan by 2027, requiring nearly 8 trillion yuan growth in three years [8][9] - High-quality M&A can reduce transaction costs, enhance market bargaining power, and improve innovation capabilities, thereby driving industry upgrades [9][10] Group 3: Regulatory and Supportive Measures for M&A - The government is urged to create a conducive environment for M&A in strategic emerging industries by relaxing profitability requirements and simplifying approval processes [5][7] - Establishing a robust M&A service ecosystem with top-tier investment banks and professional service providers is essential for facilitating successful transactions [6][7] Group 4: Shenzhen's Financial Development Strategy - Shenzhen aims to leverage its strong manufacturing base and technological advantages to develop an industrial financial center, focusing on supply chain finance and financing leasing [10][11] - The city is positioned as a hub for cross-border financial services, enhancing its role in international trade and investment [10][11]

Core Insights - The "2025 International Fintech Forum" was held in Shanghai, focusing on the theme of "Technology Leading Cross-Border Payments, Wealth Management, and Industrial Upgrading" [1] - The "Global Cross-Border Digital Payment Ecosystem Alliance" was officially established during the forum, attracting significant industry attention [1] Group 1: Forum Highlights - The forum featured in-depth discussions on three main areas: cross-border payments, digital assets, and artificial intelligence [1] - The alliance aims to promote the collaborative development of cross-border payment technologies, application scenarios, and financial infrastructure [1] Group 2: Alliance Objectives - The alliance seeks to enhance the diversity of payment networks and multi-currency options [1] - It will explore compliance and sustainable development in cross-border payments [1] - The alliance aims to build an international communication and cooperation platform to form a global industry ecosystem [1] Group 3: Academic Insights - The phenomenon of "money not reaching its destination" highlights global coordination bottlenecks [2] - The "WealthCare" concept demonstrates the potential of technology in personalized wealth management [2] - The integration of data intelligence, blockchain, and cloud computing is increasingly blurring technological boundaries, leading to deep integration in payment, smart technology, and wealth management sectors [2]

Core Viewpoint - Lakala has completed a stock repurchase and cancellation of 11.4175 million shares, representing 1.45% of its total share capital, as part of its ongoing strategy to enhance shareholder value and signal confidence in its long-term growth prospects [2][3] Summary by Sections Stock Repurchase and Cancellation - The total number of shares repurchased and canceled by Lakala in the past year amounts to 23.355 million shares, which is approximately 2.92% of the total share capital prior to the cancellations, with a total repurchase amount of 658 million yuan [2][3] - This marks the second stock repurchase cancellation by Lakala within a year, indicating a proactive approach to managing its capital structure [2] Financial Performance - In the first three quarters of the year, Lakala achieved a revenue of 4.068 billion yuan and a net profit attributable to shareholders of 339 million yuan, with a total transaction volume of 2.99 trillion yuan in domestic and cross-border payments [5] - The company has shown significant growth in its cross-border payment segment, with a year-on-year increase of 77.56% [5] Dividend Policy - Lakala has consistently paid dividends, with cumulative cash dividends amounting to approximately 2.616 billion yuan since its listing, demonstrating a commitment to returning value to shareholders while also engaging in stock repurchase activities [3] Market Position and Strategy - The company is transitioning towards a "Payment + SaaS" model, with technology service revenue growing by 108.75% year-on-year, reflecting a shift from merely providing payment services to offering comprehensive business solutions [5] - The domestic payment market remains dominated by a dual oligopoly, with smaller institutions focusing on cross-border payments and digitalization as growth avenues [6] Industry Context - The regulatory environment is favorable for the payment industry, with ongoing support from the central bank and other authorities for cross-border financial services, which is expected to bolster industry growth [6] - The integration of digital yuan in cross-border applications is anticipated to influence the competitive landscape, pushing the industry towards high-quality development [4]

Summary of the Conference Call Company Overview - **Company Name**: 新国都 (Newland) - **Industry**: Payment Technology - **Founded**: 2001 - **Public Listing**: 2010 on Shenzhen Stock Exchange's Growth Enterprise Market - **Core Business Areas**: - Card acquiring - Payment hardware - Cross-border payments - Artificial intelligence applications [2][3] Key Financial Highlights - **Q3 2023 Total Revenue**: 2.343 billion RMB, a year-on-year decrease of 4.15% primarily due to a decline in average transaction fees in card acquiring [3] - **Net Profit**: 408 million RMB, a year-on-year increase of 37.1% with a net profit margin of 17.439%, up by 5.2 percentage points [3] - **Transaction Volume in Card Acquiring**: Approximately 1.08 trillion RMB for the first three quarters, stable compared to the previous year [3] - **Revenue from Payment Hardware**: Grew by 11.9% year-on-year, driven by overseas market expansion [4] Business Segment Performance - **Card Acquiring**: - Q3 transaction volume was around 360 billion RMB, a slight year-on-year decline of 2.5% but an increase of 1.6% compared to Q2 [7] - Fee rates have seen a gradual recovery since June 2023 [8][9] - **Cross-Border Payments**: - Significant growth with transaction volumes increasing over 200% quarter-on-quarter [4] - Services include B2C e-commerce collection, B2B foreign trade collection, independent site collection, and local collection in foreign markets [18] - Expected revenue contribution from cross-border payments for 2023 is between 2 to 3 billion RMB [25] Market Trends and Future Outlook - **Market Dynamics**: - The payment industry is experiencing consolidation with fewer licenses available, leading to increased concentration among leading players [13] - Future growth is contingent on macroeconomic improvements and consumer spending recovery [14] - **Cross-Border Payment Strategy**: - The company has obtained licenses in the EU, the US, and Hong Kong, enhancing its ability to serve international clients [21][24] - The total import and export volume in China exceeds 40 trillion RMB, indicating a large market potential for cross-border services [19] AI and Technological Integration - **AI Applications**: - The company has developed AI digital employee products that have been commercialized in various sectors [3] - Revenue from AI-related ventures is expected to grow, with a target of achieving around 10 million RMB in revenue for the year [31] - **Integration with Payment Solutions**: - AI is being utilized for customer service, transaction verification, and marketing tools [40] Strategic Initiatives - **H-Share Listing**: - The company is preparing for an H-share listing to support its international expansion strategy and enhance brand recognition [62][63] - **Focus on Overseas Markets**: - The company is actively expanding its presence in overseas markets, particularly in Europe and Japan, where it has seen significant growth [53][54] Additional Insights - **Stablecoin and Cryptocurrency**: - The company maintains a cautious stance on stablecoins and cryptocurrencies, aligning with regulatory perspectives [15][16] - **Future Revenue Projections**: - The company aims to achieve breakeven in its cross-border payment segment within three years, targeting transaction volumes in the hundreds of billions RMB [27][50] This summary encapsulates the key points discussed during the conference call, highlighting the company's performance, market dynamics, and strategic direction.

Core Insights - The third quarter financial reports reveal a significant divergence among payment institutions, with cross-border payments emerging as a high-growth area amidst slowing growth in traditional sectors [1][2][4] Group 1: Cross-Border Payment Growth - Companies like Lakala, New Guodu, and Newland reported double to triple-digit growth in cross-border transaction volumes, merchant numbers, and overseas revenues [1][2] - Lakala's cross-border payment business saw a 71.91% increase in merchant scale and a 77.56% rise in transaction amounts, reaching 60.2 billion yuan [2] - New Guodu's cross-border brand PayKKa experienced a 169% increase in merchant numbers and a 272% rise in transaction volumes in Q2 2025 [2] Group 2: Foreign Investment and Market Entry - Foreign payment institutions are accelerating their entry into the Chinese market, with companies like Payoneer and SUNRATE acquiring payment licenses through mergers [1][7] - The trend of foreign institutions obtaining licenses is driven by the need for local compliance and cost savings in fund clearing [7] - Airwallex has significantly increased its annual transaction volume to over 200 billion USD after acquiring a local company [7] Group 3: Industry Challenges and Strategic Shifts - The domestic payment market is facing intense competition, leading to reduced profit margins and a shift towards cross-border payments as a survival strategy [4][5] - The total import and export volume in China reached 43 trillion yuan in 2024, with cross-border e-commerce accounting for 2.63 trillion yuan, indicating a growing demand for cross-border payment solutions [4] - Regulatory changes and the push for RMB internationalization are providing a supportive framework for cross-border payment growth [4][5] Group 4: Compliance and Risk Management - Compliance remains a significant challenge in the cross-border payment market, with several institutions facing penalties for inadequate anti-money laundering practices [8] - The macroeconomic environment, including tariff adjustments and geopolitical factors, may impact the growth rate of cross-border internet payment transactions [8] - The development of cross-border payments must balance compliance and risk control with the adoption of new technologies like digital currencies and AI [8]

Core Viewpoint - The company Lakala, once a leader in the digital payment sector, is facing significant challenges as it prepares for its IPO in Hong Kong, with declining revenues, increasing complaints, and compliance issues overshadowing its market position [1][3][25]. Group 1: Company Performance - Lakala claims to be a leading digital payment and business solutions provider in Asia, with a market share of 9.4% in the independent digital payment service sector, amounting to over 4 trillion yuan in total payment volume for 2024 [5][4]. - The company's revenue from 2022 to 2024 shows a decline, with figures of 5.361 billion yuan in 2022, 5.928 billion yuan in 2023, and 5.754 billion yuan in 2024, while profits fluctuated from a loss of 1.438 billion yuan in 2022 to a profit of 457 million yuan in 2023, and a profit of 351 million yuan in 2024 [7][10]. - In the first three quarters of 2025, Lakala reported a revenue of 4.068 billion yuan, a year-on-year decrease of 7.32%, and a net profit of 339 million yuan, down 33.9% year-on-year, attributed to pressures in the bank card payment business [8][11]. Group 2: Business Structure and Challenges - The company’s core digital payment services account for 89% of its revenue, indicating a heavy reliance on a single business line that is facing industry growth bottlenecks [11]. - Lakala's cross-border payment business saw a significant increase of 77.56% year-on-year in the first three quarters of 2025, reaching 60.2 billion yuan, but this still represents less than 2% of the company's total payment volume [11]. - The company has acknowledged potential liquidity risks due to net current liabilities recorded as of December 31, 2022, and June 30, 2025, which may limit operational flexibility [11]. Group 3: Compliance Issues - Lakala is currently facing a compliance crisis, with over 100,000 complaints filed on the Black Cat Complaint platform, highlighting issues such as unauthorized fees and poor service [26][30]. - The company has been penalized multiple times for regulatory violations, including a fine of 2.5 million yuan for various infractions related to transaction management and customer due diligence from 2022 to June 2025 [33][34]. - Recent fines include 250,000 yuan for violations of acquiring business management regulations and 4.06 million yuan for failing to meet customer identification requirements [33][34]. Group 4: Shareholder Actions - The founder's family and early investors are reducing their stakes in Lakala, with significant sell-offs by major shareholders, including a total cash-out of 493 million yuan by the founder's brother [16][19]. - Lenovo Holdings, the largest shareholder, has also been gradually reducing its stake, from 26.54% to 23.54%, raising concerns about the company's attractiveness to investors [19][22].