Lianlian DigiTech Co. Ltd.（02598.HK）2025 Annual Results Announcement
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会议摘要
In 2026, Lianlian Digital Technology Co., Ltd. will continue to deepen its globalization strategy, invest more than RMB 0.1 billion for overseas expansion, and use AI technology to enable customer growth. The goal is to strengthen its position as a global payment and related value-added service provider. Gross profit margin is expected to grow steadily, and payment business revenue is expected to grow by more than 20%, especially in the cross-border e-commerce and B2B fields. In 2025, the company achieved total revenue of 1.73 billion billion yuan, up 31.9 percent year-on-year, net profit of 1.66 billion billion yuan, and global payment business TPV increased 60.7 percent year-on-year. In the future, the company will also expand its business footprint through mergers and acquisitions and strategic investments, embrace AI and web3 technologies, and build a leading position in global digital payments.
会议速览
Continuous Digital 2025 Performance Release: Strategic Transformation and AI Era LayoutThe meeting reviewed the 2025 performance, highlighted the upgrade of the payment network to the global trade finance infrastructure, announced the organizational restructuring to adapt to the transformation of the AI and Web3 era, and demonstrated the company's strategic planning and execution determination in the field of financial technology.
Technology Transformation and Global Market Expansion Strategy in 2025In 2025, Lianlian Payment will deepen its globalization strategy, complete the privatization deployment of AI large models, launch intelligent application tools, strengthen compliance and wind control capabilities, obtain 66 global licenses, achieve both business scale and profitability, and is expected to integrate AI and blockchain technology in the future to lead the global digital payment industry.
Lian Payments 2025 Financial Results Report: Strong Growth in Global Payments and Value-Added ServicesIn 2025, against the backdrop of external environmental challenges and increased competition in the industry, Lianlian Payments will achieve strong financial performance growth, significantly increase global payment and value-added services revenue, steadily increase gross margin, optimize its business structure, focus on high-value demand, and demonstrate high-quality growth.
The company's 2025 annual operating efficiency improvement and financial soundness strategy.In 2025, the Company achieved revenue and gross profit growth by optimizing operating efficiency and expense control, while effectively reducing the expense ratio, demonstrating extremely high customer acquisition efficiency and operating leverage efficiency. At the strategic level, the company completed the sale of equity, reducing the pressure on the loss of associates, and expressed confidence in long-term growth through share buybacks. The financial position is solid and cash flow is abundant, laying the foundation for future endogenous growth and strategic investments.
Lianlian Company AI Technology Application and Organization Upgrade to Promote Future DevelopmentThe dialogue focused on the specific progress and future plans of Lianlian's AI technology application, including AI application cases in the fields of infrastructure, product innovation, risk control and customer service. At the same time, the importance of organizational capacity upgrading to promote internationalization and AI strategy, as well as the transformation of the role of capital operation consultant, demonstrated the company's strong commitment to the construction of AI-driven global financial infrastructure.
The strategic synergy between the continuous payment layout Web3 and the global trade and financial infrastructure.Discussed the placement of Lian Payments in the Web3 space, in particular the independent financing and compliance progress of the DFX exchange, and its role as a global trade finance infrastructure. The strategic synergy between DFX and Lianlian Payments is emphasized to enhance the competitiveness of small currency countries and regions, while maintaining independent operations to seek development opportunities in the global trade market.
International Payment Layout and Cost Control Strategy in 2026Discussed the focus area adjustment, business strategy and license application merger and acquisition plan for the international payment business in 2026, as well as quantitative guidelines for operating costs and capital expenditures, including AI investment and employee expenditure adjustments.
Global expansion strategy for 2026: product line expansion and license layoutIn 2026, Lianlian Payment plans to continue to expand its product line in the global payment field, focusing on serving Chinese enterprises to go to sea and global local customers, and steadily promote overseas expansion through phased license layout and compliance capacity building. Despite the complexity of the global trade environment and the disturbance of specific regions, we have repeatedly adhered to the strategy of diversified globalization and planned to maintain overseas investment of more than 0.1 billion RMB, aiming to become an important payment and related value-added service provider for Chinese goods and services going global.
AI and globalization two-wheel drive, optimize cost structure to improve gross margin.The importance of AI empowering customer growth and the role of globalization strategy in optimizing the global management system are discussed. The goal of maintaining a stable cost structure and improving gross margin through AI and global two-wheel drive was emphasized. At the same time, the continued steady progress of the MMA investment strategy was mentioned, with deliverables expected over the next 3-6 months, but with an emphasis on long-term value rather than short-term quantity.
Discussion on the trend of business space and financial gross profit margin of Chinese enterprises going to seaThis paper discusses the development potential of the overseas business of Chinese-funded enterprises, and points out that the overseas market of large-scale Chinese-funded enterprises is vast, especially the internationalization demand of small and medium-sized enterprises in large trading countries such as Zhejiang Province is strong. At the same time, it analyzes the changing trend of financial gross profit margin. It is expected that in the next two to three years, with the transformation of domestic business and the globalization of Chinese-funded enterprises, the gross profit margin will rise steadily, and it is expected to remain above 50% in the long run, or even reach 60%. Steady state level.
Lianlian Payment Business Growth Strategy and Market OutlookThe dialogue focused on the business growth trend of continuous payment in cross-border e-commerce and B2B, emphasizing the competitive strategy of compliance management, AI technology drive and market upgrading. Despite market competition, Lianlian Payment continues to expand overseas markets through product upgrades and service optimization, and is expected to maintain a revenue growth rate of more than 20% by 2026. The market space is vast, especially in the field of cross-border e-commerce, continuous payment and peers have formed a stable market pattern, and the future growth potential is huge.
要点回答
Q：In the performance conference, which members of the leadership team of Lianlian Digital are present? What are the main contents that Mr. Zhang Zheng will share in this performance conference?
A：The continuous digital leadership team attending this performance conference includes founder, chairman and CEO Mr. Zhang Zhenyu, former company consultant Mr. CO Jinjie, CFO Ms. Wei Ting and former CFO Ms. Wen Yingzheng. Mr. Zhang Zheng will share the company's development strategy at the press conference and review the company's performance in 2025.
Q：How will Mr. Zhang Zheng lead the future development of continuous digital?
A：Mr. Zhang Zheng will personally lead Lianlian Digital to a new stage, deeply integrate disruptive technologies such as artificial intelligence and block chain, and build Lianlian into a technology-driven global digital payment leader, opening a new chapter of development with great potential.
Q：What is Mr. Ginger's role and contribution to the company after the listing of Lianlian Digital?
A：With his excellent capital market experience and strategic vision, Mr. Jin Jie successfully led the company to land on the Hong Kong Stock Exchange in 2024, and to build and continuously improve the license layout of the global payment network and next-generation financial infrastructure, laying a solid foundation for the company's strategic technology transformation.
Q：What is the strategic position of Lianlian Digital in the global digital payment field in 2025?
A：Lianlian Digital is committed to evolving from a connector in the Internet era to a hub in the AI and web 3 era, from a payment network to an infrastructure for global trade finance.
Q：What significant progress has been made in 2025 in terms of technology upgrades? What achievements have been made in compliance and product strategy?
A：In 2025, Lianlian Digital will elevate the technology drive to the strategic core position, complete the privatization deployment of the DT curriculum AI model, and launch application tools such as loop AI Lianlian Cross-border Merchant Cash Index, while fully embedding intelligent capabilities into product wind control operations and customer service. In August last year, Lianlian Digital obtained the third type of license issued by the Hong Kong SFC. So far, the company has 66 licenses and related qualifications worldwide. In addition, through the acquisition of e atp virtual asset trading platform license and forward-looking layout of blockchain technology in the digital RMB cross-border payment scenario, the construction of traditional payment and blockchain technology integration of digital financial ecological barriers.
Q：How is the business of the serial numbers in 2025?
A：2025 is a key year for the comprehensive deepening of the continuous digital globalization strategy. The company exceeded various core operating indicators, and its annual revenue reached RMB 1.73 billion billion, a year-on-year increase of 31.9; the annual net profit was RMB 1.66 billion billion, and it achieved three consecutive years Profits and profits have increased substantially.
Q：Looking ahead, how does the company understand the synergy between AI strategy and business and plan its enabling role in the development of each business?
A：The company will take AI strategy as the core driving force to further deepen its synergy with its core business. Through fine management, it is ensured that the proportion of various expenses is effectively controlled while increasing strategic investment. At the same time, the company also emphasized its investment in strategic global layout and blockchain-related innovative technologies and models to support the company's long-term development. With AI applications and strategic upgrades, the company will continue to optimize operational efficiency, enhance business profitability, and achieve continuous growth in core business profitability through refined management.
Q：First of all, what specific progress will the company make in the application of AI technology in 2025?
A：In 2025, the company continued to strengthen the strategic layout of technological upgrading, especially in the field of blockchain and digital assets, as well as AI continuous investment in business systems and scenario application expansion. Despite the decrease in research and development personnel, research and development expenses increased by 13% year-on-year, and after excluding share-based compensation expenses, the increase in research and development expenses reached 17.6 percent, reflecting the improvement in research and development efficiency brought about by AI applications.
Q：What are the company's initiatives for balance sheet and portfolio optimization in 2025?
A：In 2025, the Company successfully sold a portion of its stake in Unicom, reducing its shareholding to 17.63 per cent, significantly reducing the pressure on the Company's consolidated statements from losses in associates. In addition, through the equity financing transaction, the company has received considerable financial support and will focus on the focus of the asset digital asset sector, such as the DFI subsidiary to develop the VATD license business in a relatively independent manner. These initiatives help optimize the company's balance sheet and portfolio at the strategic level and improve overall profitability.
Q：What is the company's cash and cash equivalents? What is the change in cash flow from operating and investing activities?
A：As of December 31, 2025, the Company's cash and cash equivalents were RMB1.63 billion. HK $0.39 billion was raised through the placement of new shares during the year, with sufficient cash reserves. Net cash flow from operating activities increased by 0.11 billion yuan this year, mainly from cash inflow from the sale of part of Unicom's equity. Net cash from investing activities was $1.4 billion, while financing activities involved the issuance of new shares, repayment of loans and injection of trust plans.
Q：What measures has the company taken in terms of shareholder returns and market confidence maintenance?
A：The company attaches great importance to shareholder returns and the maintenance of market confidence. In September 2025, the company announced the H-share repurchase plan, and repurchased a total of 15.625 million H-shares before the end of the year, with a total repurchase amount of RMB 0.11 billion. At the same time, the company's financial position is sound, cash flow is abundant, future development will combine endogenous growth, sound mergers and acquisitions and strategic investment, further expansion of business and growth, while committed to improving organizational capacity to meet the development needs of the AI era.
Q：Can you elaborate on the progress and future plans of DFX?
A：DFBX has completed round A of independent financing and passed the ER face-style review before the Spring Festival. Currently, DFBX has officially expanded its business and become the first enterprise in this batch of applicants to obtain the approval. The mission of DFAX is to build a trade payment and settlement infrastructure based on blockchain technology under the strategic framework of the Group to serve the global trade flow to reduce costs and increase efficiency. At present, the business is progressing well, it will quickly carry out business under the compliance framework, and will form an important strategic synergy with the existing license layout and trade as a whole, so as to enhance the company's competitiveness in small currency countries and regions.
Q：In the field of risk control and customer service, how does the AI-driven intelligent risk management system and intelligent customer service work? And can you tell us about the DFS license and VT license?
A：In the field of risk control, the AI-driven intelligent risk management system effectively improves the efficiency and accuracy of real-time transaction monitoring and risk warning. For example, in KYC products, manual intervention is reduced by nearly half, the audit duration is shortened to the original 1/3, and the overall efficiency is increased by 2 times. In terms of customer service, the cross-border business index was launched every year, combined with intelligent customer service, which significantly improved the service response speed and user experience. In addition, through the AI technology to deal with the mainstream media information structure, the introduction of trademark information flow, driving the industry-related information dissemination volume increased by more than 60% month-on-month.
Q：Can you explain further about the DFX shareholding ratio and the financial perspective?
A：During the DFX financing process, DFX management subscribed for a portion of DFX's equity at the price of Series A investors, making Lianlian the single largest external shareholder of DFX but not controlling. In this way, DFX operates as an independent digital asset exchange, which can not only give full play to its development potential in the field of digital assets, but also seek a broader development space in the context of global trade. At the same time, DFS will continue to cooperate deeply with Lianlian in web 3 settlement to achieve a win-win situation.
Q：What will be the adjustment of overseas key regions and business strategy in 2026 after the outstanding performance of international payment business? In addition, is it planned to continue to apply for some new licenses or carry out mergers and acquisitions in 2026?
A：Due to changes in the external environment, Deutsche Bank will adjust its overseas focus areas and business strategies in 2026. Specifically, we will continue to optimize the layout of international payment business according to the regulatory concepts and dynamic changes in different countries around the world, adapt to different regulatory requirements. At the same time, it will continue to apply for necessary new licenses in appropriate regions and explore merger and acquisition opportunities to enhance its business strength.
Q：What are the company's guidelines on costs and capital expenditures?
A：The company expects the global payment business to achieve faster TPV and revenue growth, and the overall cost structure will change with the growth of revenue and different product lines, but still maintain a relatively stable payment margin. Even though some of the fast-growing businesses may cause a slight pressure on gross profit margins, the company as a whole is expected to maintain a stable gross profit margin or even increase in 2026 due to the increase in gross profit margins brought about by the global transformation of domestic business.
Q：What is the strategic layout and development strategy of the company's international business?
A：The company's key measures this year are to shrink its domestic business and focus on services for offshore companies. Due to the uncertain domestic business prospects, the company will concentrate its resources on large-scale overseas companies, especially those Chinese companies that have overseas needs. In terms of organizational structure, it has been adjusted to GDG (Global Digital Growth Division), with co-president Sun Dali responsible for specific matters.
Q：What is the company's plan for overseas business layout and licensing strategy?
A：The company's focus this year is on the global payment business, setting up a dedicated overseas business unit to expand overseas local merchants and provide professional compliance and technical cross-border e-commerce services. At present, in South America, Southeast Asia and Africa and other developing countries to increase the layout of the license, and plans to strengthen the license strategy through mergers and acquisitions. At the same time, from a financial perspective, it will continue to expand its product line to meet the needs of Chinese companies going overseas, strengthen cooperation with local customers around the world, and maintain the pace of overseas expansion investment, which is expected to remain above RMB 0.1 billion in 2026.
Q：Is there any change in strategy and tactics?
A：Despite the uncertainty of the external environment, the company has made significant progress in non-US regions by adhering to the path of globalization and diversification. The strategy remains unchanged, and even in the face of short-term disturbances, such as the war in Iran, it will not change the firm pace of globalization in the long run. In addition, the strategy has increased the use of AI to empower customers to grow, so that they can achieve better development in the process of globalization.
Q：Regarding MMA, what is the company's current strategic direction and promotion method?
A：We insist on walking on two legs, focusing on organic growth on the one hand and MA growth on the other. The company has a dedicated team that actively looks for opportunities and engages with potential partners. We believe that there will be results in the next 3 to 6 months, but this is a long-term process that emphasizes buying right rather than buying long, so we will advance this strategy steadily and conservatively.
Q：In terms of AI and globalization, how is the company laid out?
A：We take AI as the core science and technology strategy and promote it in parallel with globalization. In this meeting, we strengthened the optimization process, identified the overseas headquarters in Hong Kong as the global co-ordination center, and improved the global operational efficiency and wind control capability by intelligently opening up the collaborative barriers of the regional operation centers of the domestic and foreign teams. The two presidents pledged to work outside the mainland for more than half this year.
Q：What is the growth trend of cross-border e-commerce and B2B business? How does the competitive landscape affect the rate? What are the current competitive strategies to further gain market share?
A：For 2026, we expect the payment business to maintain high growth, with B2B and B2C revenue expected to grow by more than 20%. In terms of rates, it is currently in a stable state, reflected in the rate and gross margin level of total revenue, which is mainly affected by the product structure. In terms of competitive strategy, we insist on compliance first, continue to upgrade AI technology-driven products and services, such as VCC cards, and continue to expand overseas markets. From a market perspective, the competitive landscape has not changed significantly. Last year, we were far ahead of our peers in global growth. We did not need to rely too much on rate competition, but did our own upgrades and improvements. Facing the huge market space, we are confident that we will continue to achieve good growth.
