连连数字2025 年报

2025年度報告 2478102533666891139145146148149150 Chun Chang 202632620263262025728 2025728 Chun Chang 20253182025728 2026126 2025318 2025728 Chun Chang 2025728 2025728 20253182025728 Chun Chang 2025318 H 22 183171712-1716 2920 391 183401 300 10906 1212-14 480 79112B3 www.lianlian.com 79112B3 2598 2024328 18346 (1)EBITDA(i)(ii)(iii) (2)EBITDA(i)(ii)EBITDA (3)(i)(ii) 20251231 2025(AI) 20252025109111820258662025Visa12VictoryVeemPAYSOWaffo 2 0 2 5A IDeepSeekAIAI 2026AI 2026AIAIAIAIAI 2026326 AI AI 202512316610013020258(VATP) AI2025AI 202512311,733.831.9%10.41,662.1 AI202511202512314,52460.7%1,044.629.3%+ 2025VATP AIAI AIAI 202512311,733.831.9%(i)299.4(ii)118.7(iii)0.8 (i)(ii)(iii) 202512311,450.0299.426.0%(i)236.829.3%TPV(ii)62.618.3% 20251231264.981.2% 20251231 2 0 2 51 23 18 6 0 . 42 2 7 . 936.0%(i)99.919.9%(ii)127.6107.9% 20251231873.528.0%50.4%1.5(i)755.1173.729.9%72.3%0.3(ii)93.425.838.2%23.0%3.3(iii)19.17.2%11.9% 20251231269.921.68.7%257.023.310.0% 20251231654.193.216.6%502.6121.731.9% 2 0 2 51 23 13 6 0 . 64 1 . 513.0%317.347.417.6%AI 2 0 2 51 23 13 0 2 . 59 0 . 142.4%TPV 202512312,320.928.3(i)2024121,601.517.63%452.2(ii)DFX202512348.0 202512312.14.2 2025123111.323.0 20251231139.3153.252.4%45.20%17.63% 20251231420.0400.4 EBITDA(i)(ii)(iii)EBITDA(i)(ii)EBITDA(i)(ii) (i)EBITDA(i)(ii)(iii)(ii)(iii)EBITDA(i)(ii)EBITDA(iv)(i)(ii) 1,662.11,828.7(i)209.01,871.2 112.42,082.1(i)2,263.2(ii)209.042.639.9(iii)13.3 1,401.91,601.5114.7DFX68.418.11.6 394.6370.2342.9274.5109.921.416.1 20251231148.0 20251231125.83.0%202412314.0%203792022.22.35%2.40%202412313.15%4.05% 202512311,407.0 HH 18.1 (i)(ii)(iii)2025123119,483.8202412316,876.9TPV6,867.9 2025123119,562.9202412316,871.398.4% 20251231113.62024123138.9 20251231(i)157.0(ii)95.3(iii)2.7137.0 20251231 H13.21 2025123120,200,5601.80%72,115,9956.43%20254102025520 20263373,715,9956.56%18,600,5601.65%202633 202512314.8% 2025217.63% 20241225American Express Travel Related Services CompanyAmex TRSAmericanExpress Marketing & Development Corp.AEMDAmex TRS (i)Amex TRS1,154,618,10014.27%1,569,430,688(ii)AEMD23,563,7190.29%32,029,312 2 , 3 3 0 , 1 8 1 , 8 1 88 , 0 9 0 , 1 8 1 , 8 1 8A m e x T R SA E M D3 , 1 0 3 , 9 8 5 , 1 3 96 3 , 3 4 6 , 8 6 12 , 2 8 3 , 5 7 8 , 0 1 946,603,799 Amex TRSAEMD80.72%17.63%1.65% 14.075%25%20241225202513 20251231 20251231202512315% 2025123199891.68%8.32% 20251231 20251231 921.72024816.3 6020092200922023320263201812018120236 2004201252018120119201812003920047 1989720028 5120214202332026320236 2007720211601995390820193202112017220193201412015420172200772011102005320076Standard Chartered Private Equity2003520052Veolia Water Group North China2000720034Good InvestmentCo.Ltd.20127202222012720141201612202012688166 1996620056 5420236 2022820236(TarenaHong Kong Limited.)(TCTM Kids IT Education Inc.)TEDU2019520227(Shihui Inc.)2017520195(Gravitas Education Holdings, Inc.)GEHI2016720175Lazada Plc 1993719997 5420181202362018120236 201572021120082201122012112013520041200712 1996720016 ChunChang692021420236Chang Chang35Chang2010520102021Chang201532020720222Chang2014220205Chang Chang198211983619876 5220236 25I N GBank201611131420121120204048420234164320173202361993202111202221116201872019706926.01A20191220238202612358 2025110265202372025102014102018086620114201410 200122005219961220013200111201012 5620237 19961200712006120111220161219987200512199811998619961199712 19907199632005520183 2026126202618 53202012 2004520196201411202071999319998 1994720046 5120201220092 19931200710 20081 3020201220176 2017620237 4220209202242023220232202532024420253202511 20131202092011122013120101201111 20095(M.I.S) 4820201220244202511202511 20141202012201242014120051120124 199972003720113 4320181120232202532024420253 2006420181009988 2005720226 4120176201762025220253 20087201662016620176 2006620087 402015 201492015920091220144 20096 14 202512313.2915 8.10 13.51(2)(h)(v) 20251231 548.0 20251231294.553.8% H 20257122025721 2025712(6)10.2538,400,000H202566 2025721202572110.2538,400,000H8.40%3.44%38,400,0002025711H11.40 387.25 17589 • • • • • • •TPV 145 7 10%50%(i)(ii) 1314.04(9)5% 202665202662202665202665202661H183171712-1716H79112B3 202512311,121,098,0001,121,098,0001.0460,706,764H15,625,000660,391,236 202572110.2538,400,000202120233,638,000H25 2024 27 20251231 15,625,000H120,377,144.802025123115,625,000H 202467202566 Chun Chang 2025728 2026126 20263262026326 13.51B(1) 3.13 41 202512318.10 8.10 741 13.2013.2113.22 2025712(6)10.2538,400,0002025721 31 20251231 20251231XVXV78352 (1)20251231660,391,236H460,706,764(2)202512311,121,098,000(3)2025123110.47%2025123115.36%2025123125.84%(4)2025123110,000,000H(5)202512313,000,000H(6)202512312,700,000H(7) 20251231XVXV78352 18 20251231XV23336 (1)20251231660,391,236H460,706,764 (2)202512311,121,098,000 (3)20,200,560202832772,115,995202842773,715,99520255202025410 (4)