GOHIGH(SZ:000851)2022-12-08 05:32Group 1: Business Overview - The main partners for the recharge business are Alipay, Tencent, JD.com, 360, and Xiaomi, with a recharge volume exceeding 150 billion CNY in the first half of the year, increasing from 40% to over 60% of the revenue from small commodity transaction services [2] - Card exchange business is a major source of profit, with efforts to increase market share through partnerships with mobile game manufacturers and payment platforms [2] - The comprehensive card exchange business includes services between the three major telecom operators, game recharges, e-commerce prepaid card exchanges, and future support for various loyalty and service cards [2] Group 2: Market Trends and Growth Potential - There is significant growth potential in online recharge business, with current online business accounting for 30% of the total, expected to rise to over 50% in the future [3] - The industry may experience concentration trends due to high initial investment requirements and low marginal costs, making it difficult for smaller companies to enter the market [3] Group 3: Competitive Advantages - The company’s "moat" is established through complex transaction logic and high concurrency processing capabilities, which are barriers to entry for competitors [3] - The monthly transaction volume needs to reach around 300 million CNY to break even, highlighting the necessity of large transaction volumes for profitability [3] Group 4: Future Directions - The company’s subsidiary, Gao Yang Jie Xun, holds a third-party payment license and will provide various payment solutions based on PC and mobile internet applications [3] - The company is focused on mixed-ownership reform, exploring market-based recruitment, assessment, and equity incentives to enhance management and operational efficiency [4]