Financial Data and Key Metrics Changes - Total revenue decreased by 21% from RMB3.9 billion in 2023 to RMB3.1 billion in 2024 due to a volatile macroeconomic environment and the phasing out of less profitable projects [26] - Gross profit slightly declined by 1.3% to RMB728 million, but overall gross profit margin increased by 4.7 percentage points from 18.7% in 2023 to 23.6% in 2024 [27] - Adjusted EBITDA exceeded RMB100 million with net profit growing over sixfold year over year to RMB73 million compared to 2023 [29] Business Line Data and Key Metrics Changes - The annual gross margin of One Stop payment increased by 4.5 percentage points from 9.7% in 2023 to 14.2% in 2024, reaching 21.6% in the second half of 2024 [28] - Revenue and profit per merchant served in the in-store e-commerce business doubled year over year in 2024 [21] - The overseas GPV grew five times year over year, with significant expansion in channels and partnerships [12] Market Data and Key Metrics Changes - QR code payments accounted for about 80% of total payment volume, indicating a strong preference for mobile payment methods [35] - The penetration of QR code payments in other Asian markets is still low, providing opportunities for growth [52] Company Strategy and Development Direction - The company aims to strengthen cohesiveness along the value chain and increase commercialization of business segments, focusing on high-quality and profitable customers [6] - AI applications are being leveraged to enhance operational efficiency and product competitiveness, with a focus on customer-facing solutions [40] - The company is expanding its presence in Asia, particularly in Japan, Singapore, and Hong Kong, to capture market opportunities [22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about consumer spending trends and government policies enhancing consumer sentiment [34] - The company is confident in the continued growth of its payment business and the profitability of its AI initiatives [39] - The long-term growth opportunities in overseas markets are viewed as highly attractive, with plans for further expansion [70] Other Important Information - The company reduced its investment in direct sales teams and instead developed distribution channels, leading to improved sales efficiency [20] - AI tools have contributed to a 20% reduction in operating expenses, enhancing overall cost efficiency [24] Q&A Session Summary Question: Can management provide more details about app-based payments and traditional payment volume in 2024? - Management noted that QR code payments still dominate, making up about 80% of payment volume, and expressed optimism about profitability trends [35] Question: Is AI expected to be earnings accretive or dilutive? - Management indicated that AI is viewed as a mid to long-term opportunity, with a focus on monetization and prudent cash flow management [39] Question: What is the company's strategy regarding overseas expansion? - Management highlighted ongoing expansion in Asia, focusing on partnerships and capturing market opportunities, particularly in Japan and Singapore [66] Question: What is the competition landscape for QR code payments in China and Asia? - Management noted increased concentration among top players in China and highlighted growth opportunities in other Asian markets due to lower penetration rates [46][52]