10月22日，拉卡拉（300773）支付股份有限公司(300773.SZ，下称"拉卡拉")披露2025年第三季度业绩报 告，第三季度实现营收14.17亿元，单季同比增长0.72%，实现归母净利润1.10亿元，单季同比增长 17.46%。 数据显示，拉卡拉跨境业务增速强劲。今年以来，拉卡拉充分把握中国企业"走出去"和人民币国际化的 趋势，加快全球化布局，新增巴西、墨西哥等美洲国家的本地收款能力。前三季度，拉卡拉跨境支付商 户规模和交易金额同比分别增长了71.91%和77.56%，在数字支付业务板块表现抢眼。 随着人民币国际化叠加入境消费回暖，境内外卡受理成支付机构竞争力重要体现。拉卡拉是境内唯一拥 有全品牌外卡收单业务资质的独立第三方支付机构，其上半年外卡交易覆盖城市数量同比增长近20%， 外卡受理活跃商户较去年同期增长72%，外卡交易金额较去年同期增长2.1倍。 数据还显示，拉卡拉零售SaaS产品同样保持稳健增长，上半年服务超10万家商户，优质客户数量大幅增 长，通过为商户提供高效收银、库存管理及供应链协同等综合服务，进一步优化收入结构，强化科技属 性。同时，公司全面推进AI技术在支付与SaaS体系中的融合应 ...

请务必阅读报告末页的重要声明 glzqdatemark1 拉卡拉 2025 年三季报点评：天财商龙 并表推动科技业务增长，跨境业务延续 高增 证券研究报告 金融公司|公司点评|拉卡拉（300773） 2025年10月23日 证券研究报告 |报告要点 拉卡拉发布 2025 年三季报，9M2025 公司实现营业收入 40.68 亿元，同比-7.32%；归母净利润 3.39 亿元，同比-33.90%；扣非归母净利润 2.41 亿元，同比-53.32%。从单季度表现来看， 2025Q3 单季公司实现营业收入 14.18 亿元，同比+0.72%；归母净利润 1.10 亿元，同比+17.46%； 扣非归母净利润 0.95 亿元，同比-8.36% |分析师及联系人 请务必阅读报告末页的重要声明 1 / 5 刘雨辰 朱丽芳 SAC：S0590522100001 SAC：S0590524080001 金融公司|公司点评 glzqdatemark2 2025年10月23日 拉卡拉(300773) 拉卡拉 2025 年三季报点评：天财商龙并表推 动科技业务增长，跨境业务延续高增 | 行 业： | 非银金融/多元金融 | | | - ...

Core Insights - Lakala achieved a revenue of 2.65 billion yuan and a net profit of 230 million yuan in the first half of 2025, maintaining a leading position in domestic card acquiring and barcode payment transaction volumes [1] - The company reported significant growth in cross-border and foreign card businesses, with cross-border payment transaction amounts and customer numbers increasing by 73.5% and 70.4% year-on-year, respectively, while foreign card payment transaction amounts and customer numbers surged by 210% and 72% [1][2] Group 1: Financial Performance - In the first half of 2025, Lakala's digital payment business generated 2.36 billion yuan in revenue, with total payment transaction amounts reaching 19.6 trillion yuan, including 13 trillion yuan from card transactions and 6.6 trillion yuan from QR code transactions [2] - The company served over 160,000 customers in its cross-border payment business, marking a 70.4% year-on-year increase, with cross-border payment transaction amounts reaching 37.1 billion yuan, up 73.5% [2][3] Group 2: Strategic Initiatives - Lakala is focusing on digital transformation, particularly through its "Payment + SaaS" strategy, which has made substantial progress in the restaurant and retail sectors, serving over 180,000 quality store clients [1][4] - The company has established partnerships with 356 SaaS platforms, providing 359 SaaS products across 38 industries, including retail, dining, and entertainment [5] Group 3: AI Integration - Lakala launched an AI wallet that redefines merchant service models, offering nearly 100 business functions and attracting close to 8 million registered users, with 1.5 million monthly active users [5] - The integration of AI into payment services is transforming them from mere tools into comprehensive business partners, enhancing customer engagement and service delivery [5]

Core Insights - Lakala achieved a revenue of 2.65 billion yuan and a net profit of 230 million yuan in the first half of 2025, maintaining a leading position in domestic card acquiring and barcode payment transaction volumes [1] - The company reported significant growth in cross-border and foreign card businesses, with cross-border payment transaction amounts and customer numbers increasing by 73.5% and 70.4% year-on-year, respectively, while foreign card payment transaction amounts and customer numbers surged by 210% and 72% [1][2] Group 1: Financial Performance - In the first half of 2025, Lakala's digital payment business generated 2.36 billion yuan in revenue, with a total payment transaction amount of 19.6 trillion yuan, including 13 trillion yuan from card transactions and 6.6 trillion yuan from QR code transactions [2] - The cross-border payment business served over 160,000 clients, marking a 70.4% year-on-year increase, with transaction amounts reaching 37.1 billion yuan, up 73.5% [2][3] Group 2: Business Strategy and Growth - Lakala is focusing on a "Payment + SaaS" transformation, achieving substantial progress particularly in the restaurant and retail sectors, serving over 180,000 high-quality store clients [1][4] - The company has established partnerships with 356 SaaS platforms, providing 359 SaaS products across various industries, including retail, dining, and entertainment [4][5] Group 3: AI Integration and Service Enhancement - Lakala launched an AI wallet that redefines merchant service models, offering nearly 100 business functions and attracting close to 8 million registered users, with 1.5 million monthly active users [5] - The integration of AI into payment services is transforming them from mere tools into comprehensive business partners, enhancing customer engagement and service delivery [5]