Guosen Securities: First issued a "buy" rating on LianLian Payment, with a notable increase in total payment volume in the first half of the year.

Guotai Junan Securities published a research report, covering Liandong Digital for the first time and giving it a "buy" rating. The report pointed out that Liandong Digital is a leading provider of digital payment solutions in China. The company's main business is cross-border payment services, serving Chinese cross-border merchants and enterprises, overseas merchants and enterprises, domestic enterprises, etc. As of June 30, 2025, the company has accumulated services for 7.9 million customers. The company has obtained 65 licenses to ensure compliance in the global payment market. Liandong Digital's 2025H1 financial report, previously released, shows rapid growth in total payment amount and a return to profit. As of June 30, 2025, the company's TPV reached 2.1 trillion yuan, a year-on-year increase of 32.0%. Total revenue for 2025H1 reached 783 million yuan, a year-on-year increase of 26.8%. Gross profit reached 406 million yuan, a year-on-year increase of 25.0%, with a gross profit margin of 51.9%, relatively stable. Adjusted profit reached 1.656 billion yuan, achieving a profit turnaround. In terms of business segments, 1) Global payment business: the company completed the reconstruction of payment infrastructure and actively expanded in the Southeast Asia, Middle East, and Latin America markets, with a global payment TPV of 198.5 billion yuan, a year-on-year increase of 94.0%; revenue of 473 million yuan, a year-on-year increase of 27.0%. 2) Domestic payment business: the company deepened SaaS collaboration, strengthened the system service capabilities for private domain e-commerce customers, with domestic payment TPV reaching 1.9 trillion yuan, a year-on-year increase of 27.6%; revenue of 211 million yuan, a year-on-year increase of 24.6%. 3) Value-added services: the company expanded its ecosystem around flow services, cross-border communication, etc., with value-added service revenue for 2025H1 growing by 34.2% year-on-year.