Core Viewpoint - The company reported a decline in net profit and revenue for 2024, but showed a significant recovery in Q1 2025, indicating potential for growth despite challenges in the payment industry [1][2]. Financial Performance - In 2024, the company achieved a net profit of 350 million, down 23.3% year-on-year, and a revenue of 5.76 billion, down 3.0% year-on-year [1]. - For Q1 2025, the company reported a net profit of 100 million, a significant increase of 51.7% year-on-year, with revenue of 1.3 billion, also up 13.0% year-on-year [1]. Business Segments - Payment business revenue for 2024 was 5.17 billion, down 0.3% year-on-year, while technology services and other businesses saw declines of 18.4% and 24.0%, respectively [2]. - The company experienced a net loss of 160 million in Q4 2024, primarily due to losses from the disposal of equity in a financial institution [2]. Market Position and Growth - The company's payment transaction volume reached 4.2 trillion in 2024, a 6.4% increase year-on-year, with a market share in card and QR code transactions continuing to rise [3]. - The gross profit margin for the payment business improved to 27.7%, up 0.92 percentage points year-on-year, with an average net fee rate of 0.122%, an increase of 0.76 basis points [3]. Technology Services - Revenue from technology services was 280 million in 2024, down 18% year-on-year, largely due to a 78% decline in credit card marketing services [4]. - The company made significant progress in its SaaS business, adding 10,000 retail service stores and achieving a 65% increase in transaction volume [4]. Cross-Border Payment - The cross-border payment business grew steadily, with a GPV of 49.2 billion, up 14% year-on-year, and the number of cross-border merchants served increased by 80% [5]. - The company expanded its foreign card acceptance, covering 285 cities and doubling the number of active foreign card merchants [5]. Investment Outlook - The company is projected to achieve net profits of 380 million, 450 million, and 500 million for 2025E-2027E, representing year-on-year growth of 9%, 18%, and 11% respectively [5].