Core Insights - The Hong Kong FinTech Week 2025 marks a significant milestone in the evolution of financial technology in Hong Kong, featuring prominent figures such as the Chief Executive of the Hong Kong SAR and Nobel Prize winner Geoffrey Hinton [1] - Du Xiaoman showcased its self-developed "Yuanli AI Platform," which has become a focal point of the event, offering a one-stop application platform for mainstream large models and enabling employees to create intelligent agents without technical backgrounds [1] - The Yuanli AI Platform has led to the generation of over a hundred intelligent agents across various business scenarios, enhancing the integration of AI into business operations [1] Group 1 - The AI VOC (Voice of Customer) intelligent agent efficiently processes customer complaints, transforming nearly 70,000 daily complaint data points into standardized requests and generating analytical reports for product optimization [1] - The AI risk control intelligent agent combines large models with data intelligence to create a more precise and transparent risk control system, achieving three times the risk identification capability of traditional models and reducing risk recovery to 20% of traditional methods [2] - The SMS outreach analysis intelligent agent, built on the Yuanli platform, processes user responses and extracts actionable business insights, handling 12,000 messages in its first week and facilitating credit limit increases for numerous clients [2] Group 2 - The Yuanli AI Platform's success in enabling "everyone can develop intelligent agents" is attributed to its dual-architecture design, featuring ModelBox as an accessible AI capability center and AgentCube as a production-oriented application workshop [3] - ModelBox provides employees with safe and compliant access to mainstream large models, while AgentCube allows for the visual, no-code development of intelligent agents, fostering innovation within the company [3] - The platform's design empowers every employee to contribute to the development of intelligent agents, significantly enhancing the company's innovative potential and making large models beneficial across various sectors [3]

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].