Core Viewpoint - New Guodu, a leading payment service provider in China, has submitted an application for an IPO in Hong Kong to enhance its global strategy and expand overseas operations, aiming to strengthen its international market competitiveness and resource allocation capabilities [1][3]. Financial Performance - The company's revenue for 2022 was RMB 4.31 billion, which decreased to RMB 3.80 billion in 2023, and is projected to decline further to RMB 3.15 billion in 2024 [4]. - The net profit attributable to shareholders dropped significantly by 68.98% in 2024, amounting to RMB 234 million [4][5]. - In the first half of 2025, New Guodu reported a revenue of RMB 1.53 billion, a decrease of 3.17% year-on-year, and a net profit of RMB 275 million, down 38.61% [5]. - The company experienced a slight recovery in the third quarter of 2025, achieving a net profit of RMB 132 million, a substantial increase of 187.18% year-on-year [6]. Business Segments - New Guodu's revenue from its acquiring and value-added services has been declining, accounting for 70.9% in 2022, 68% in 2023, and 67.2% in 2024 of total revenue [6]. - Conversely, revenue from electronic payment products has shown a gradual increase, with figures of RMB 982 million in 2022, RMB 994 million in 2023, and RMB 941 million in 2024 [8]. Global Expansion Strategy - The company is implementing a dual overseas strategy to enhance its international business, establishing a cross-border business group focused on cross-border payments and local acquiring services [11]. - New Guodu has built a marketing service network globally, achieving a leading position in the Indian payment hardware market and expanding into high-value markets in Europe and Japan [11]. - The revenue from electronic payment products outside mainland China has been increasing, with figures of RMB 824.6 million in 2022, RMB 905.9 million in 2023, and RMB 887.5 million in 2024 [11]. Licensing and Product Development - New Guodu has obtained various payment licenses, including those from Luxembourg, Hong Kong, and the United States, enabling it to conduct cross-border payments and local acquiring services [12]. - The company launched its cross-border payment brand, PayKKa, offering a range of payment services, including B2B and B2C solutions [12]. - The revenue from outside mainland China has been increasing, with proportions of 21.1% in 2022, 26.0% in 2023, and 29.0% in 2024 [12].

Core Viewpoint - The company New Guodu (300130) has a subsidiary, Jialian Payment, which operates as a third-party payment institution with a national bank card acquiring business license, providing convenient payment settlement services across various industries in China [1] Group 1: Company Overview - Jialian Payment has established 36 branches nationwide, including one in Hainan, enhancing its ability to serve banking partners, merchants, and consumers with domestic bank card acquiring services [1] - The company has formed a cross-border business group to manage its cross-border payment operations, under the brand PayKKa [1] Group 2: Service Offerings - PayKKa has launched a range of payment service products, including B2B cross-border trade collection, B2C cross-border e-commerce collection, independent site global collection, and local collection services overseas [1]

拿下中国香港支付牌照，境外本地收单有望加速开展。1）跨境支付业务，公司持续完善海外牌照布 局，不断加强跨境支付及境外本地收单业务的产品、团队和渠道建设，成功获得中国香港 MSO 牌照， 全球支付牌照版图进一步完善。 事件：新国都于2025 年3 月27 日晚发布年报，2024 年公司实现营收31.48亿元，同比下滑17.20%；实现 归母净利润2.34 亿元，同比下滑68.98%；实现扣非净利润4.92 亿元，同比下滑29.63%。公司于2025 年4 月23 日晚发布2025 一季报，25Q1 公司实现营收7.01 亿元，同比下滑10.39%；实现归母净利润1.56 亿 元，同比下滑29.15%；实现扣非净利润1.48 亿元，同比下滑29.85%。 毛利率保持提升，持续做好费用控制。2024 年公司整体毛利率达到40.6%，相较于2023 年提升 1.76pct，继续保持良好增长趋势。费用方面，2024 年公司销售、管理、研发费用同比变化分别 为-29%、-5%、基本持平，费用投入方面继续保持良好的控制能力。进一步看2025Q1，公司持续做好 费用控制，25Q1 销售、管理、研发费用同比变动分别为-50%、 ...