Lianlian DigiTech Co., Ltd. (HKEX: 2598) (“Lianlian DigiTech” or the “Company”), a leader in China’s digital payment solution market and global commerce digitalization, today announced full-year results for the year ended December 31, 2025.
· Total revenue amounted to RMB 1.734 billion, up 31.9% year-on-year and reached a record high.
· Gross profit amounted to RMB 873.45 million, underpinned by a resilient 50.4% gross profit margin that reflects the Company's solid profitability.
· Net profit reached RMB 1.662 billion. Adjusted operating profit (excluding all non-operating items such as the gain on disposal of LianTong) reached RMB 82.26 million, representing a 105.9% year-on-year increase and demonstrated the Company’s economies of scale and high operating efficiency
Mr. Zhang Zhengyu, Chairman and CEO of Lianlian DigiTech, commented,
“2025 was a pivotal year in advancing Lianlian’s globalization strategy. The Company’s performance reached another record high, and we achieved a qualitative leap in profitability. In November 2025, we officially announced the establishment of our overseas headquarters in Hong Kong, marking a new phase in the execution of our globalization strategy. Our subsidiary, Lianlian StarFX, secured a Type 3 SFC license in Hong Kong, bringing the Company’s global payment licenses and related qualifications to 66 and marking a milestone in our diversified product portfolio. Meanwhile, we completed the private deployment of large AI models, and intelligent tools have been embedded in multiple key scenarios including business and R&D. Looking ahead to 2026, we will continue to consolidate our competitive advantages in cross-border payment and compliant financial services, deepen our technology-led transformation and upgrades, and stimulate business vitality with digital and intelligent innovation.”
Ms. Wei Ping, CFO of Lianlian DigiTech, said,
“2025 marked the second year since Lianlian DigiTech’s listing, and we
delivered the strongest annual results in our history as a public company. On
an IFRS basis, the Company recorded net profit of RMB 1.662 billion, while adjusted
operating profit increased by 105.9% year-on-year. On the expense side, we
continued to improve operating efficiency, and the ratios of our three major
expense categories to revenue declined notably from the previous year. Looking
ahead, we will increasingly consider a balanced growth strategy that combines
organic growth with prudent M&A and strategic investments to further expand
our business footprint, drive sustainable growth, and build a broader Lianlian
ecosystem.”
During the year, Lianlian steadily advanced its globalization strategy and continuously strengthened its operating capabilities. The global payment business maintained strong growth momentum, with total payment volume (“TPV”) reaching RMB452.4 billion in 2025, up 60.7% year-on-year, well above the industry average. Revenue reached RMB1.045 billion, representing a year-on-year increase of 29.3%. Despite the rapid growth in TPV, the increase in related costs was lower than the increase in revenue, fully demonstrating the Company's strong cost control capabilities and economies of scale. As of December 2025, the Company had served a total of 10.4 million customers cumulatively, with the customer mix continuing to optimize.
In the domestic payment sector, the Company actively followed the national regulatory guidance to “return to the essence of payment and strengthen operational compliance”. Meanwhile, the Company continuously strengthened synergies between domestic payment capabilities and the global payment network. During the year, Lianlian proactively reduced resources in non-core domestic payments and concentrated more resources on addressing the high-value opportunities created by the globalization of Chinese enterprises. In 2025, the gross profit margin of the domestic payment business increased to 23.0%, a year-on-year increase of 3.3 percentage points. For value-added services, the virtual card business grew rapidly, while digital marketing and corporate digital wallet solutions continued to evolve, providing Chinese enterprises with comprehensive payment-related solutions for international expansion and operational efficiency improvement.
The Company achieved a gross profit of RMB 873.5 million in 2025, a year-on-year increase of 28.0%, with a gross profit margin of 50.4%. While continuously expanding its business scale, the company maintained strong profitability and robust cost control capabilities. In the long term, with further expansion of its business footprint, continued release of economies of scale, and gradual optimization of its cost structure, the Company's overall profitability will remain stable, laying the foundation for high-quality development and sustainable growth.
In terms of expense management, while continuing to advance business expansion and technology investment, the Company continued to improve operating efficiency and optimize its expense structure.
Selling and marketing expenses were RMB269.9 million, up 8.7% year-on-year, or 10.0% excluding share-based compensation, both well below revenue growth, fully demonstrating the Company’s efficient customer acquisition strategy and the continued release of operating leverage.
General and administrative expenses were RMB654.1 million, up 16.6% year-on-year, or 31.9% excluding share-based compensation expenses, mainly due to the Company’s increased investment in expanding its global business, obtaining overseas licenses, and strengthening localized compliance and operations as part of the Company’s globalization strategy.
Research and development expenses were RMB360.6 million, up 13.0% year over year, or 17.6% excluding share-based compensation expenses, reflecting the Company's continued investment in expanding the application of blockchain, digital assets, and AI in business systems and scenarios under the "technology upgrade" strategy.
Benefiting from an effective balance between refined management and strategic investment, the overall expense-to-revenue ratio decreased by 5.2 percentage points compared to last year.
Lianlian achieved a historic breakthrough in profitability, benefiting from the strong performance of its core business and gains from equity disposal. During the reporting period, the Company strategically disposed of part of its equity interest in LianTong, recognized the related disposal gain, and recorded a net profit of RMB1.662 billion. Excluding all non-operating items such as the gain on the disposal of LianTong, the Company’s adjusted operating profit remained strong at RMB82.26 million, representing a year-on-year increase of 105.9%, more than doubling from the prior year. The steady improvement in the profitability of its core business further validates the resilience and sustainability of the Company's earnings model.
Looking ahead, with an AI-native strategy, Lianlian will further deepen the integration of artificial intelligence with business scenarios. At the same time, the Company will leverage its strengths in cross-border payments and compliant financial services to build an efficient and secure cross-border fund flow system, empower Chinese enterprises to achieve unparalleled resilience on the world stage.
