Lianlian DigiTech Co., Ltd. reported a sharp turnaround for the year ended 31 December 2025, moving from a RMB166.54 million loss in 2024 to a RMB1.66 billion net profit. The swing was driven chiefly by a RMB1.60 billion gain on the partial disposal of its stake in associate LianTong and a RMB453.16 million dilution gain from LianTong’s subsequent capital increase, supplemented by a RMB347.97 million gain from deconsolidating subsidiary DFX Advance.
Revenue climbed 31.9% year on year to RMB1.73 billion (2024: RMB1.31 billion). Digital payment services remained the core contributor, generating RMB1.45 billion, up 26.0%. Within this segment, global payment revenue increased 29.3% to RMB1.04 billion, while domestic payment rose 18.3% to RMB405.44 million. Value-added services nearly doubled, advancing 81.2% to RMB264.89 million, largely on virtual card growth. Overall gross profit expanded 28.0% to RMB873.45 million, producing a group gross margin of 50.4% (2024: 51.9%). Global payment maintained a robust 72.3% margin; domestic payment improved to 23.0%, whereas value-added services narrowed to 7.2%.
Operating expenses grew as the company accelerated global expansion and technology investment: selling and marketing costs increased 8.7% to RMB269.88 million, general and administrative expenses rose 16.6% to RMB654.12 million, and R&D spending climbed 13.0% to RMB360.59 million. Adjusted EBITDA reached RMB2.32 billion, versus a RMB280.26 million loss in 2024.
Total assets surged to RMB22.94 billion (2024: RMB14.54 billion), while total equity more than doubled to RMB3.07 billion. Cash and cash equivalents stood at RMB1.63 billion, aided by RMB1.40 billion net cash from investing activities, reflecting proceeds from the LianTong transaction. Net cash from operating activities turned positive at RMB112.39 million. Interest-bearing borrowings fell to RMB148.02 million, trimming the gearing ratio to 4.8%.
During the year, the company repurchased 15.63 million H shares for HK$120.38 million, holding them as treasury stock. It also issued 38.40 million new H shares in July 2025, raising net proceeds of approximately HK$387.25 million for technology innovation, international expansion and general corporate purposes. As of year-end, 53.8% of the HK$548.0 million raised in the March 2024 IPO had been deployed, primarily to enhance technological capabilities.
No dividend was declared for 2025. The board has scheduled the annual general meeting for 5 June 2026, with the register of members closed from 2 June to 5 June 2026.