HANGZHOU, China, March 19, 2025 /PRNewswire/ -- Lianlian DigiTech Co., Ltd. (HKEX: 2598), a leader in China's digital payment solution market and global commerce digitalization, announced its 2024 results. The company's digital payment business achieved a total payment volume (TPV) of RMB3.3 trillion, a 64.7% year-on-year increase. Total revenue reached RMB1.32 billion, up 27.9%, with digital payment revenue at RMB1.15 billion (31.6% growth). Gross profit was RMB683 million (51.9% margin), and adjusted profit hit RMB78.7 million, a sharp turnaround from a loss in 2023.
Xin Jie, CEO of Lianlian DigiTech, commented, "2024 marked our first year as a listed company on HKEX. In the year, we successfully obtained a Luxembourg Electronic Money Institution (EMI) License, and our subsidiary, DFX Labs Company Limited, obtained a virtual asset trading platform (VATP) license from the Securities and Futures Commission of Hong Kong. Leveraging our robust licensing portfolio, we are deploying cutting-edge technologies like AI and blockchain. Looking ahead, we are confident in our ability to create a superior service experience for customers, improve efficiency, and generate better investment returns for shareholders."
During the period, the company's global payment business saw significant growth, with TPV reaching RMB 281.5 billion, up 63.1% year-on-year. Total revenue from the global payment business also increased to RMB 808 million, a 23.1% year-on-year increase. By the end of 2024, Lianlian DigiTech has served a cumulative total of over 5.9 million customers.
Lianlian Digitech also has an interconnected domestic and international business model in turn drives the efficient growth of the domestic payment business. During the period, Lianlian DigiTech's domestic payment business achieved a TPV of RMB3.0 trillion, a 64.9% year-on-year increase, and generated RMB343 million in revenue, up 57.1% year-on-year. Value-added services revenue was RMB146 million, a 9.5% year-on-year increase.
The company empowers enterprises' digital transformation and globalization efforts through strategic innovation and new products, including digital marketing and corporate wallets.
Additionally, Lianlian Digitech deeply integrates cutting-edge AI technology, continuously refining its product capabilities to enhance user experience and operational efficiency through intelligent solutions.
Wei Ping, CFO of Lianlian DigiTech, said, "Our growth reflects a balanced strategy, that is, investing in new businesses, technologies and licenses, while maintaining financial discipline and prudently managing expenses. Looking ahead, we will further solidify our global licensing portfolio, strengthen partnerships across our value chain, and steadily increase investment in technological innovation and differentiated products."
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