Lianlian DigiTech Co. Ltd.（02598.HK）2026 Interim Results Presentation
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会议摘要
Lianlian Digital Technology's 2026 interim results showed that the company's total revenue was 0.88 billion yuan, up 11.9 percent from the same period last year, global payment revenue was 0.66 billion yuan, up 27.1 percent from the same period last year, and value-added service revenue was 0.16 billion yuan, up 83.2 percent from the same period last year. The company's gross profit margin was 51.9, and its operating profit exceeded 0.15 billion yuan, up 147.3 year on year. The company added Canadian MSB and Dubai payment licenses and holds 68 payment licenses worldwide. The company announced its AI native and global strategy, establishing a triple growth curve, including solid growth in global payments, AI and blockchain innovation business, and strategic investment and ecological cooperation. The company focuses on global payment and financial technology, through industrial cooperation, strategic investment and mergers and acquisitions, to build mangrove ecology, investment in AI cutting-edge enterprises, accelerate the expansion of AI product scenarios and capacity upgrading. The company emphasizes shareholder returns, repurchasing 40 million shares since the start of the buyback in April 2025, totaling HK $0.25 billion. The company is confident in the trend of globalization and digital trade of Chinese enterprises, focusing on customer expansion, new market landing, deepening ecological cooperation and commercial verification of innovative products.
会议速览
Continuous Digital 2026 Interim Results: Steady Growth and Strategic UpgradeIn the first half of 2026, the company achieved a total revenue of 0.88 billion billion yuan, up 11.9 percent year-on-year, with a significant increase in global payment revenue. The company's gross margin remained healthy, operating profit increased significantly, showing a solid financial performance. The Chairman reviewed the company's strategic upgrade from a cross-border payment expert to a AI native global smart finance new infrastructure, emphasizing the importance of high-quality business development and strategic investment. The CFO will interpret the financial data in detail, and the meeting will then move on to a question and answer session.
Integration of global payment network and AI blockchain technology promotes the global growth of enterprisesOver the past years, the global payment network and AI block chain technology have been deeply integrated, helping Chinese enterprises to globalize, build a global payment network, promote the development of innovative businesses, consolidate the steady growth of global payments, expand innovative businesses driven by AI and block chains, focus on strategic investment and ecological cooperation, cultivate long-term ecology, serve more than 13.3 million customers in total, and hold 68 payment licenses and related qualifications worldwide, the business covers more than 200 countries and regions, supports transactions in more than 140 currencies, and promotes the development of business in a more efficient and sustainable direction.
Connected Payments: Building a AI-driven global smart-body commercial payment infrastructure.Through the AI12 non-concurrent strategy, Lianlian Payments creates a payment base for smart business to solve the payment problems of the smart body era. In the first half of the year, the company completed the leap from concept verification to scenario deployment, released marketing intelligence and intelligent compliance background, and launched the fabric intelligent platform. Collaborate with global payment companies to promote trusted B2B smart body business witness. In the future, Lianlian Payment will deepen ecological cooperation, build an open and safe AI financial industry ecology, and seize the opportunities of global business infrastructure.
Lianlian Digital 2026 First Half Results: Global Payments Grow 27.1 Percent, Operating Profit Grows 147.3 PercentIn the first half of 2026, the company's core business grew steadily, with global payment revenue growing 27.1 percent year-on-year and gross margin remaining at 70.8 percent. Operating efficiency improved, the proportion of adjusted operating expenses decreased, and operating profit increased by 147.3 year-on-year. Revenue structure optimization, global payment and value-added services as the main growth point, domestic payment business adjustment focus on high-quality business.
Operating Efficiency Improvement and Expense Control: Cost Optimization Strategy under Steady Revenue GrowthIn the first half of the year, the company achieved steady growth in revenue and gross profit through resource allocation optimization, AI efficiency improvement and refined management, while effectively controlling the growth of expenses, especially the significant decline in administrative expenses and R & D expenses, reflecting the accelerated release of scale effect and operating leverage. Although net profit declined due to a decrease in one-time income, operating profit increased significantly, indicating an improvement in the quality of the company's operations.
The company's financial soundness in the first half of 2026, high-quality growth in its core business.The company has sufficient cash reserves, positive cash flow from operating activities, and reasonable allocation of investment and financing activities. In the first half of the year, the core business achieved historic year-on-year growth and the balance sheet was healthy, providing the financial foundation for the AI's native and globalization strategy. In the future, we will focus on global payment business, promote AI strategy, optimize resource allocation, improve efficiency, and create value for customers and shareholders.
Operating profit growth and AI strategy upgrade: the company's core business and management efficiency improvement.The dialogue focused on the reasons for the significant increase in the company's operating profit, pointing out that the growth of core business, the improvement of management efficiency and the increase of customer reserve income are the key factors. At the same time, it discusses the specific measures and future goals of the AI's strategic upgrade, and emphasizes that it will increase investment in AI areas to promote the company's sustainable development.
Strategic Measures and Future Goals of Financial Infrastructure Driven by Global Enterprise Transformation AISince the release of AMA9 in April, the company has established the goal of upgrading from cross-border payment experts to AI native global intelligent financial changes, and put forward a triple growth path of consolidating the basic plate, deepening technological upgrading and prudently expanding the ecology around the right time, right place, with right people. three-dimensional analysis. Specific measures include optimizing internal management, launching smart payment bases, building full-link financial infrastructure, and increasing AI product and service upgrades. The future plan will continue to increase investment in AI business, the goal is to become the most trusted value connection infrastructure in the era of AI-driven globalization.
Global Payment Growth Engine and Cost Efficiency AnalysisThis paper discusses the strong growth trend of global payment business and its future planning, emphasizes the expansion strategy of B2C, B2B and service trade, analyzes the reasons for the decline of cost and the possible future growth trend, and highlights the importance of AI to improve efficiency and overseas business investment.
Strategic adjustment and efficiency improvement behind the decline in the company's research and development expenses.The dialogue discussed that the company's research and development expenses in the first half of the year decreased by 23.1 percent year-on-year, but did not reduce technology investment, but by optimizing the business structure and improving operational efficiency, focusing resources on core technologies such as AI, intelligent payment and intelligent wind control. In the future, the company will continue to strengthen investment in key areas to ensure that the growth rate of expenses is lower than the growth rate of revenue, promote the decoupling of growth and expenses, and release the scale effect.
Discussion on the Adjustment of Payment Business and the Development Strategy of GlobalizationThe dialogue focused on the contraction of domestic payment business and the globalization strategy. It pointed out that in order to optimize resource investment and reduce low-value scenarios, the focus should be shifted to serving the global development of Chinese-funded enterprises. Through the establishment of a global digital growth division, domestic and foreign payment coordination should be strengthened, new directions for comprehensive services should be explored, competitive advantages of enterprises should be enhanced, and high-quality growth should be achieved.
Transformation and Upgrading and AI Development: Challenges and Opportunities for Domestic EnterprisesThe industry pains brought about by the transformation and upgrading of the domestic economy were discussed, and the rapid development of AI in various industries and its potential as the second growth curve were emphasized. Despite the uncertainty, domestic enterprises are actively embracing AI and are expected to achieve remarkable results in the future.
B2B Business Planning and Global Anti-volatility Capability Enhancement StrategyThe high growth potential of B2B business and the market competition pattern are discussed, and the role of AI technology in building a full-link financial infrastructure is emphasized. At the same time, it discusses how the company can enhance its business volatility in the global trade friction and exchange rate fluctuations, and mentions the strategic positioning of continuous expenditure products in the computing market and the outlook of AI30 market space.
Globalization Layout and Risk Response: How Fintech Companies Turn Volatility into Business IncrementIn the context of globalization, the company has effectively responded to market fluctuations and turned challenges into business growth drivers by acquiring new payment licenses, deepening local operations, and launching risk management products. The importance of technology accumulation, license layout and globalization response capacity is emphasized, and the company's role as a bridge, connecting different markets, is committed to becoming a global financial technology infrastructure enterprise.
要点回答
Q：What progress has been made in the strategic upgrade of the new global smart finance infrastructure native to AI?
A：In successive years, data is moving from cross-border payment experts to a strategic upgrade of the AI-native global smart finance infrastructure, and new progress has been made in product, technology and ecological cooperation. In the first half of this year, with the complex and changeable global trade environment, the pace of Chinese enterprises going out to sea was firm, the company's strategic investment was promoted in an orderly manner, and the income increased steadily.
Q：In the first half of the year, what was the growth of the company's total revenue and revenue in each major business segment?
A：In the first half of this year, the company's total revenue was 0.88 billion yuan, up 11.9 year on year. Among them, global payment revenue was 0.66 billion yuan, up 27.1 percent year-on-year; value-added service revenue was 0.16 billion yuan, up 83.2 percent year-on-year; and domestic payment revenue was 0.11 billion yuan, down 49.8 percent year-on-year, due to the company's initiative to optimize its business structure and focus on high-quality business development.
Q：How did the company's gross profit and net profit perform in the first half of the year?
A：The company achieved a gross profit of 0.45 billion yuan, and the gross profit margin remained at a healthy level of 50.519. Net profit for the first half of 10.94 million yuan. If we look at the operating profit caliber, which can better reflect the performance of the main business, the operating profit exceeds 0.15 billion yuan, an increase of 147.3 over the same period last year, and the scale effect is further expanded.
Q：What is the company's layout and development in terms of AI and blockchain-driven innovation business?
A：The company has implemented the core strategy of AR extension globalization, built a AI payment base around the entropy of intelligent business, and has initially completed the key leap from concept verification to product landing. The AI product matrix is rapidly enriched, with the release of marketing intelligence, intelligent compliance background, and the launch of the fabric intelligent platform, which extends the service from payment to growth enablement and compliance protection.
Q：How has the year-on-year data achieved steady growth in the global payment business?
A：The global payment business continued to grow steadily in the first half of the year, driven by the continued release of demand for Chinese companies going overseas and world trade. The company has served more than 13.3 million customers, focusing on high-value customer needs, expanding into diversified scenarios such as B2B trade and service trade on the basis of B2C cross-border e-commerce, and driving the growth of global payment business by expanding in depth in multiple scenarios.
Q：How can the company strengthen the competitive advantage of the global payment business through ecological cooperation?
A：The company continues to expand its global compliance network, making breakthroughs in key markets in North America and the Middle East, and obtaining relevant licenses through acquisitions to enable a wider range of business coverage. At the same time, it has reached strategic cooperation with the world's leading digital payment companies to promote breakthroughs in technology and scenarios in the field of smart payment, build an open, secure and universal AI financial industry ecology, and further consolidate its competitive advantage.
Q：How does the company view the digital RMB and its application prospects in the settlement and cross-border payment of Minsheng enterprises?
A：As the first batch of digital RMB acceptance service institutions, the company will continue to explore its application in settlement and cross-border payment of people's livelihood enterprises, and promote the relevant scenarios of multilateral central bank digital currency bridge. Relying on Hong Kong's virtual asset license compliance exhibition industry, the company will build a global full-link financial infrastructure of web2.0 plus web3 for enterprise customers.
Q：In the second half of the year, how will Lianlian Digital grasp the long-term trend of globalization and digital trade, and in what areas will it focus its efforts? Please use four numbers to summarize the operating performance of Lianlian Digital in the first half of 2026?
A：In the second half of the year, despite the fluctuations in the external environment, we are confident in the globalization and digital trade trend of Chinese enterprises. We will focus on customer expansion and new market landing, deepening ecological cooperation and commercial verification of innovative products. At the same time, we are standing at the intersection of major technological changes such as AI and blockchain, and are committed to providing global value linkage services between people and smart bodies, enterprises and smart bodies, and even smart bodies. To this end, we will rely on the global compliance network payment infrastructure, enterprise customer base and AI innovation capabilities, seize the development opportunities of the next generation of global business infrastructure, and create long-term sustainable value for customers and shareholders. The operating performance in the first half of the year can be summarized in four aspects: first, the global payment business revenue increased by 27.1 year-on-year; second, the global payment business gross profit margin remained at a high level of 70.8; third, after excluding the impact of share-based payments, the adjusted operating expenses The proportion of income fell from 60.3 to 51.9, a decrease of 3.4 percentage points; finally, the adjusted operating profit after operating adjustment was 0.156 billion yuan, year-on-year growth of 147.3 percent.
Q：Can you explain in detail the company's revenue and gross profit in the first half of the year?
A：In the first half of the year, the company achieved revenue of 0.876 billion yuan, gross profit of 0.454 billion yuan, year-on-year growth of 11.9, the overall gross profit margin of 51.9, remained stable. Among them, the global payment business is still the core growth engine of the company, with sales reaching 249.9 billion billion yuan, up 25.9 percent year-on-year, and revenue of 0.6 billion billion yuan, up 27.1 percent year-on-year. This growth is due to the expansion of scenarios and customers, as well as the optimization of product structure, especially the rapid growth of core products such as acquiring orders. Domestic payment business revenue declined, while value-added service business revenue increased by 83.2 year-on-year, becoming the fastest growing business segment.
Q：What improvements have the company made in terms of operational efficiency?
A：In the first half of the year, while revenue and gross profit grew steadily, the company effectively controlled the growth of various expenses through resource allocation optimization, AI efficiency improvement and refined management. Sales and marketing expenses increased by 2.4 per cent year-on-year, 10 per cent year-on-year after the impact of basic share-based payments, administrative expenses fell 32.7 per cent year-on-year, and research and development expenses fell 35.5 per cent year-on-year, and 23.1 per cent year-on-year after excluding the impact of share-based payments. These changes reflect the company's continued focus on key industries and business areas, improve the efficiency of the R & D team, while achieving a better balance between cost investment and business growth, the gradual emergence of economies of scale, accelerated release of operating leverage, and improved profitability.
Q：During the reporting period, what product landing results did the company have in terms of AI native strategy?
A：The company has already landed a series of AI products in the AI of the original strategy. Among them, it has built a payment base with "Lianlian One" as the core. As the second main line, it has upgraded the AI product matrix and services, comprehensively upgraded the intelligent service system, and realized breakthrough applications in content creation, multilingual translation, intelligent operation and other scenarios. In the near future, the company will launch a series of branch books, continuous fabric and other benchmark AG platform, the industry data semantics, standardization, so that the AI decision-making process transparent compliance, verifiable, for the financial infrastructure to provide key support. The combination of the three lines has completed landing verification in the fields of customs audit, cross-border payment compliance audit, fund management, intelligent service marketing and so on.
Q：What kind of plan will the future investment scale in AI be?
A：The company will continue to actively expand its AI business, but will appropriately increase the investment of relevant resources in combination with the pace of new product release and commercialization process, so as to accelerate the landing of the AI business unit. The future goal is to become the most trusted value connection infrastructure in the era of AI-driven globalization.
Q：What are the specific reasons for the year-on-year decline in R & D expenses? How should the overall cost and expense trend of the company be viewed in the second half of the year and even in the future? With the AI product investment and overseas business expansion, will the growth trend be restored?
A：The year-on-year decline in research and development costs does not mean that the company has reduced its investment in technology or talent development. In fact, we have strengthened product capacity building to promote core technologies such as AAI efficiency, intelligent payment and intelligent wind control, and have focused more on R & D resource allocation. The intensive release of AI products in the first half of the year reflects the changes in the cost structure. On the one hand, through the optimization of the business structure, the resource input of low contribution business and low efficiency scenarios is reduced, and the resources are transferred to high value business scenarios; on the other hand, through the improvement of operating efficiency, the cost control is realized while maintaining the necessary strategic investment. In the future, we will insist on the necessary inputs to increase the output of individual units of resources, drive the decoupling of revenue growth from cost growth, and further unleash economies of scale. Investment in AI, overseas operations, and localized sales teams will continue to strengthen, but cost growth will be lower than revenue growth.
Q：How will the company adjust its strategy from the second half of 2025 to reduce investment in low-value non-core scenarios and focus on services?
A：We have long been concerned about the existence of low unit human output and very low gross margin in the domestic payment market. Therefore, since the second half of the 25th year, we have reduced the investment in such low-value services, and instead focused our resources on the service areas with high-value output. Especially in the process of responding to the company's comprehensive overseas strategy, we have newly established CDP (Global Digital Growth Division) to meet the local business needs of Chinese enterprises in overseas markets when their production capacity goes overseas, as well as support needs at the domestic end during the incubation and growth stages, including integrated services such as capital repatriation and unified management.
Q：How does the company achieve domestic and foreign linkages and synergies with global payment networks at the payment business level?
A：In the payment business, we are committed to exploring the synergy of domestic and foreign payment capabilities, and provide comprehensive payment support for global enterprises by combining domestic payment capabilities with global payment networks. We plan to start with incubating benchmark products, rely on B2B, B2C and other modes to provide standardized comprehensive service products for small and medium-sized enterprises and waist enterprises, and deepen ecological coordination through innovative business cooperation modes, so as to strengthen the service capability for cross-border e-commerce brand overseas enterprises, and support their digital and AI upgrading through the whole link.
Q：Facing the challenges brought about by the domestic economic situation and the transformation and upgrading of the industry, how can the company cope with and maintain high-quality growth?
A：Facing the pain of transformation and upgrading, the company actively adjusted its strategy, and at the same time seized the opportunity of rapid AI development to promote the application and upgrading of domestic enterprises, especially strategic emerging industries. Despite the uncertainty in the current business environment, we believe that with the promotion of domestic enterprises going overseas and AI applications, next year's B2B business will form a second growth curve, showing more exciting results.
Q：What is the development plan and competitive advantage of B2B business?
A：In the first half of this year, B2B business achieved high double-digit growth. Its layout is mainly based on market competition considerations, because the scale of global cross-border trade is huge, and the demand of B2B market continues to grow with the globalization process of Chinese enterprises. In the current competitive landscape, payment rates and gross margins in the B2B market have remained relatively stable, and industry competition has shifted from a single rate to payment for value-added services and value-added services and the evolution of next-generation infrastructure capabilities. Under the guidance of AI's native globalization strategy, we will AI deeply integrate into products and wind control operations, and have completed the construction of B2B intelligent payment scenarios in Greater China. In the future, we will build AI intelligent web 2.0 and web 3.0 full-link financial infrastructure to provide full-link legal currency and virtual currency dual-track settlement services for B2B customers, which will become our important competitive advantage in B2B payment.
Q：What is the strategic positioning of the company for this product (continuous expenditure)? And what is the prospect for the whole market space of AI30? What is the firmness and course of the company's internationalization strategy?
A：About our new continuous spending product, it is a solution focused on computing power. Regarding the strategic positioning of this product, it is repeatedly regarded as part of the global layout, and is committed to building the ability to respond to market fluctuations as the basis for service. In the AI30 market space, the company continues to expand its global network and apply for and maintain new payment business licenses to ensure stable and compliant services worldwide. Since ten years ago, the internationalization strategy has been determined as the main battlefield, judging that Chinese enterprises going to sea is an important driving force for economic transformation and upgrading. From applying for a license in Singapore to applying for an international headquarters in Hong Kong, to adapting to the global model that may emerge in the future of "one country, two systems", the company's internationalization strategy is unwavering. Despite the challenges of technological development, geopolitics and other factors, the company continues to accumulate technical capabilities, layout licenses, optimize globalization strategies, and always adhere to the role of a bridge company (couple company) to cooperate with companies around the world, rather than simply export control. Looking to the future, we are confident that we will grow into a global financial technology infrastructure company with world genes, relying on the Chinese and Eastern markets.
Q：What new payment licenses has the company recently acquired, and why is it constantly applying for and maintaining new payment licenses around the world?
A：During the reporting period, the Company added two additional significant payment licences, namely the MSC Licence in Canada and the Category 33D Payment Licence in Dubai. The reason for the continuous application and maintenance of new payment business licenses worldwide is that licensed operations are essential to the compliance and risk control of the payment business. Through licensed operations, the company can not only effectively avoid regulatory risks in regions such as the Middle East, but also ensure compliance with local regulatory requirements when entering the digital asset layout.
Q：How does the company respond to global volatility through licensed compliance operations and localization?
A：First, the company ensures that its business coverage around the world meets regulatory requirements by obtaining relevant payment licenses, such as licensing access to digital asset markets in places such as Canada and the Middle East. Secondly, the company has in-depth localized operations, such as setting up an overseas headquarters in Hong Kong, China, and integrating global resources to promote business commercialization and stability. At the same time, the company actively expands the core regional markets in Europe and the United States, and increases the team and resource investment in Southeast Asia, the Middle East, Latin America and other incremental markets to build a multi-level global business layout.
Q：How can companies turn exchange rate fluctuations into drivers of business growth?
A：Faced with the risk of exchange rate fluctuations, the company's wholly-owned subsidiary has obtained the SFC Class III leveraged foreign exchange trading license, and plans to launch a product in the second half of the year to provide systematic risk management and hedging services for global capital fluctuations. This demonstrates the company's ability to see market volatility as a driver of business growth and to productize its risk management capabilities to meet the needs of businesses for cross-border payment and exchange risk.
