Lianlian DigiTech Surpasses 3.3 Trillion RMB in Payment Volume for 2024
Lianlian DigiTech Co., Ltd. (HKEX: 2598) has unveiled its impressive financial results for the year 2024, showcasing the company's robust growth in the digital payments arena. Achieving a total payment volume (TPV) of 3.3 trillion RMB, Lianlian experienced a staggering increase of 64.7% compared to the previous year, highlighting its significant presence in the Chinese market for digital payment solutions.
In addition to the TPV growth, Lianlian's total revenues rose by 27.9% to reach 1.32 billion RMB, with revenues from digital payments alone hitting 1.15 billion RMB, which corresponds to a growth rate of 31.6%. This growth trajectory is complemented by a gross profit of 683 million RMB, representing a strong margin of 51.9%. Notably, the company also reported a significant turnaround from a loss in 2023, achieving a normalized profit of 78.7 million RMB, showcasing its financial resilience and effective strategy.
Xin Jie, the CEO of Lianlian DigiTech, commented on this extraordinary performance, emphasizing that 2024 marked the company’s first year being publicly listed on the Hong Kong Stock Exchange (HKEX). During the year, Lianlian secured a license for an electronic money institution (EMI) in Luxembourg and obtained a virtual assets trading platform license (VATP) in Hong Kong through its subsidiary, DFX Labs Company Limited. The company aims to leverage its robust licensing portfolio to utilize cutting-edge technologies such as AI and blockchain, further enhancing its service experience for customers and delivering better returns for shareholders.
During the reporting period, Lianlian's global payments business also saw notable advancements, with a TPV reaching 281.5 billion RMB—a growth of 63.1% year-over-year. The total revenue generated from the global payment segment increased to 808 million RMB, reflecting a year-on-year growth rate of 23.1%. By the end of 2024, Lianlian DigiTech had served over 5.9 million clients, underscoring its extensive reach and impactful services in digital payment solutions.
Lianlian DigiTech employs a connected domestic and international business model, contributing to the efficient growth of its domestic payment services. The company achieved an impressive TPV of 3.0 trillion RMB within China, marking an increase of 64.9% compared to the previous year, and generated revenue of 343 million RMB, up 57.1% from the previous year. Additionally, value-added services revenue amounted to 146 million RMB, representing a growth of 9.5% from the prior year.
The firm actively supports the digital transformation and globalization initiatives of businesses through strategic innovations and new product offerings, including digital marketing services and corporate wallets. Furthermore, Lianlian DigiTech is integrating advanced AI technologies and consistently evolving its product line to enhance usability and operational efficiency through intelligent solutions.
Wei Ping, the CFO of Lianlian DigiTech, remarked that the company's growth reflects a well-balanced strategy, focusing on investments in new business sectors, technologies, and licenses, while maintaining financial discipline and careful expenditure management. Looking ahead, Lianlian plans to further solidify its global licensing portfolio, strengthen partnerships along its value chain, and continuously increase investments in technological innovation and differentiated products.
In summary, Lianlian DigiTech's impressive growth numbers for 2024 signify not only its strong market position in digital payments but also its commitment to supporting global commerce through innovative financial solutions. The company looks forward to continuing this momentum into the upcoming years, aiming to achieve greater milestones and deliver exceptional value to its customers and stakeholders.
In addition to the TPV growth, Lianlian's total revenues rose by 27.9% to reach 1.32 billion RMB, with revenues from digital payments alone hitting 1.15 billion RMB, which corresponds to a growth rate of 31.6%. This growth trajectory is complemented by a gross profit of 683 million RMB, representing a strong margin of 51.9%. Notably, the company also reported a significant turnaround from a loss in 2023, achieving a normalized profit of 78.7 million RMB, showcasing its financial resilience and effective strategy.
Xin Jie, the CEO of Lianlian DigiTech, commented on this extraordinary performance, emphasizing that 2024 marked the company’s first year being publicly listed on the Hong Kong Stock Exchange (HKEX). During the year, Lianlian secured a license for an electronic money institution (EMI) in Luxembourg and obtained a virtual assets trading platform license (VATP) in Hong Kong through its subsidiary, DFX Labs Company Limited. The company aims to leverage its robust licensing portfolio to utilize cutting-edge technologies such as AI and blockchain, further enhancing its service experience for customers and delivering better returns for shareholders.
During the reporting period, Lianlian's global payments business also saw notable advancements, with a TPV reaching 281.5 billion RMB—a growth of 63.1% year-over-year. The total revenue generated from the global payment segment increased to 808 million RMB, reflecting a year-on-year growth rate of 23.1%. By the end of 2024, Lianlian DigiTech had served over 5.9 million clients, underscoring its extensive reach and impactful services in digital payment solutions.
Lianlian DigiTech employs a connected domestic and international business model, contributing to the efficient growth of its domestic payment services. The company achieved an impressive TPV of 3.0 trillion RMB within China, marking an increase of 64.9% compared to the previous year, and generated revenue of 343 million RMB, up 57.1% from the previous year. Additionally, value-added services revenue amounted to 146 million RMB, representing a growth of 9.5% from the prior year.
The firm actively supports the digital transformation and globalization initiatives of businesses through strategic innovations and new product offerings, including digital marketing services and corporate wallets. Furthermore, Lianlian DigiTech is integrating advanced AI technologies and consistently evolving its product line to enhance usability and operational efficiency through intelligent solutions.
Wei Ping, the CFO of Lianlian DigiTech, remarked that the company's growth reflects a well-balanced strategy, focusing on investments in new business sectors, technologies, and licenses, while maintaining financial discipline and careful expenditure management. Looking ahead, Lianlian plans to further solidify its global licensing portfolio, strengthen partnerships along its value chain, and continuously increase investments in technological innovation and differentiated products.
In summary, Lianlian DigiTech's impressive growth numbers for 2024 signify not only its strong market position in digital payments but also its commitment to supporting global commerce through innovative financial solutions. The company looks forward to continuing this momentum into the upcoming years, aiming to achieve greater milestones and deliver exceptional value to its customers and stakeholders.
Topics Financial Services & Investing）
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