连连数字（2598.HK）作为中国数字支付解决方案市场的领导者以及全球贸易数字化的赋能者，有望充 分受益于上述政策层面的利好。连连数字一直将数字人民币的流通服务列为公司的重点发展战略，为此 投入专项资源进行深度研究。早在2021年，连连数字旗下连连支付与数研所签订战略合作协议，共同推 动数字人民币在国内支付及跨境支付场景的应用，成功接入数字人民币互联互通平台，并在青岛等试点 地区就交通、零售、公共服务等多个场景展开了试点测试。连连数字此前已与中国银行签署合作协议， 双方将根据自身的业务特点及资源优势，共同探索数字人民币在双方场景生态的应用与创新，积极开展 试点地区以及贸易、服务等相关场景的推广落地。 近日，央行等八部门联合发布《关于金融支持加快西部陆海新通道建设的意见》，提出扩大人民币跨境 使用。加强与东南亚、中亚地区国家的双边货币合作，为人民币跨境使用创造条件。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、沙特等跨 境支付使用央行数字货币。除此之外，央行已出台数字人民币行动方案，新一代数字人民币计量框架、 管理体系、运行机制和生态体系将于2026年1月 ...

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [1] Core Insights - The report focuses on the competitive landscape and case studies of cross-border payment services, highlighting the growth and challenges in the industry [1][3][4] Summary by Sections Understanding Payment and Cross-Border Payment - Payment can be simply understood as the activity of transferring currency, which consists of three stages: transaction, clearing, and settlement [10][11] - Consumers typically only perceive the transaction stage, often referring to it as "payment" [10] Payment Industry from the Perspective of Payment Service Organizations - The payment system comprises payment service organizations, payment systems, payment tools, and payment regulation [19] - In 2024, non-cash payment transactions in China reached 576.3 billion, amounting to 54.43 trillion yuan, with bank cards accounting for 98% of transaction volume [24][25] Cross-Border Payment Case Study: Ant International - Ant International, part of Ant Group, offers a comprehensive cross-border payment service system, including products like Alipay+ and WorldFirst [101][120] - Alipay+ connects acquiring service providers and mobile payment providers, facilitating seamless transactions across various markets [110][111] Cross-Border Payment Case Study: LianLian Digital - LianLian Digital is a leading digital payment solution provider in China, focusing on cross-border payment services and has expanded its global presence [130][131] - In 2024, LianLian Digital achieved a total revenue of 1.315 billion yuan, a year-on-year increase of 27.9% [134]

Summary of the Conference Call Records Company Overview - **Company Name**: Lianlian Digital - **Industry**: Cross-border payment solutions - **Market Position**: Leading independent digital payment solution provider in China with a market share of approximately 10% [6][1] Key Points and Arguments Business Model and Services - Lianlian Digital focuses on providing cross-border payment services and related value-added services to merchants on cross-border e-commerce platforms [2][1] - The company aims to enhance global trade activities by improving the efficiency of capital and information flow [2][1] - It offers a comprehensive suite of services including payment collection, reconciliation, and trade declaration, alongside marketing and logistics support [2][1] Financial Performance - In 2024, the company's total TPV (Total Payment Volume) grew by over 60%, with revenue increasing by 27.9% [3][1] - Digital payment service revenue accounted for 61.4% of total revenue, while value-added services contributed 11.1% [3][1] - Overall gross margin stood at 51.9%, with global payment gross margin exceeding 70% [3][1] Market Dynamics - The growth of cross-border e-commerce is a significant driver for the company, with an expected import and export growth rate of approximately 10.8% in China for 2024 [7][1] - The demand for comprehensive one-stop solutions is increasing as traditional small and micro enterprises seek to digitize their supply chains [7][1] Strategic Initiatives - The company plans to expand its global licensing footprint and activate the use of licenses in various countries [11][1] - Lianlian Digital is exploring the Web3 space and aims to issue a stablecoin to enhance trade settlement efficiency and reduce costs [1][5] Regulatory and Compliance Framework - Lianlian Digital holds 65 global payment licenses and has established a compliance, risk control, and anti-money laundering system [1][2] - The company is actively working to integrate Web3 capabilities into its existing payment systems [5][1] Competitive Landscape - The payment industry is categorized into three main players: card organizations, consumer-focused companies, and merchant-focused companies [6][1] - Lianlian Digital positions itself in the ToB (business-to-business) sector, providing third-party payment solutions [6][1] Future Outlook - The company anticipates that 2025 will be a pivotal year for profitability, with strategic adjustments expected to yield significant returns [15][1][24][1] - The introduction of stablecoin payments is expected to enhance transaction efficiency, particularly for non-mainstream currencies [17][1][26][1] Additional Important Insights - The company has a history of two major business transformations, evolving from mobile top-up services to domestic and then cross-border payment services [4][1] - The partnership with American Express and the sale of shares in a joint venture are part of a strategic realignment to focus on global licensing and Web3 initiatives [15][1][24][1] - The company is not planning to expand into the consumer market (C-end) and will continue to focus on serving merchants and small to medium enterprises [23][1] Conclusion Lianlian Digital is positioned as a key player in the cross-border payment industry, leveraging its extensive licensing, compliance framework, and strategic initiatives to capitalize on the growing demand for digital payment solutions in the e-commerce sector. The company's focus on innovation, particularly in the Web3 space and stablecoin issuance, is expected to drive future growth and profitability.