Analysis of the Reasons for Lakala's (300773) Strong Performance and Its Sustainability

This analysis is based on post-market data as of December 29, 2025 [0] and relevant policy and market information. Lakala (300773) entered the strong stock pool on that day with a significant increase.

Lakala’s strong performance is driven by two core factors:

1. Policy Benefits: Cross-border Payment and Digital Yuan New Regulations
   
   On December 26, 2025, the People’s Bank of China (PBOC) revised the “Rules for RMB Cross-border Payment System (CIPS) Business”, simplifying participation conditions for foreign institutions and incorporating the Digital Currency Research Institute [1][2], providing clear support for cross-border applications of digital yuan. As a leading domestic third-party payment institution, Lakala has laid out cross-border payment and digital yuan businesses and is a direct beneficiary of policy dividends [4].

2. Fundamental Improvement: Business Growth and Model Transformation
   
   In the first three quarters of 2025, Lakala’s revenue growth rate was higher than the industry average, benefiting from the recovery of offline acquiring business and rapid growth of SaaS value-added services; its cash flow position was sound, cost control was effective, R&D investment continued to increase, and risk resistance capacity was enhanced [4].

• Price Performance
  : 1-day increase of 12.57%, 5-day increase of 19.77%, 1-month increase of 20.05%, and the stock price broke through the 20-day moving average (22.32 yuan) [0], showing a strong upward trend technically.
• Volume Characteristics
  : The daily trading volume was 127.31 million shares, approximately 5 times the 30-day average volume (25.68 million shares) [0]. High volume reflects a significant increase in market attention and buying interest.

Lakala’s rise is closely related to the activity of the cross-border payment and digital yuan sectors; peers such as Sifang Jingchuang and Cuiwei Shares also performed strongly during the same period [5]. A high turnover rate of 17.11% also reflects enthusiastic market sentiment [6].

1. Direct Beneficiary of Policy Dividends
   : The PBOC’s revision of CIPS rules opens up space for cross-border applications of digital yuan, and Lakala’s existing layout in related businesses will directly promote business expansion.
2. Resonance Between Fundamentals and Market Sentiment
   : Fundamental supports such as revenue growth and cash flow improvement resonate with sector heat, amplifying the magnitude of stock price gains.
3. Signal Significance of Volume
   : Volume 5 times the average level indicates extremely high capital attention, providing momentum for short-term upward movement.

• Overvaluation Risk
  : The current P/E ratio is 116.36x, far higher than the industry average, with potential for a valuation bubble [0].
• Intensified Industry Competition
  : Concentration in the payment industry is increasing, and competition with leading institutions and internet giants may squeeze market share and profitability [4].
• Regulatory Policy Risk
  : Supervision of the third-party payment industry continues to tighten; if compliance requirements further increase, it will add compliance costs [4].

During the policy dividend period, the expansion of cross-border digital yuan applications provides new business growth points for Lakala; the sustained growth of offline acquiring and SaaS services is expected to support long-term fundamentals.

• Lakala’s strong performance is dual-driven by policy benefits and fundamental improvement.
• Technical breakthrough of the 20-day moving average, with high volume strengthening the upward trend.
• Need to be vigilant against overvaluation, industry competition, and regulatory policy risks.
• Support level: 22.32 yuan (20-day moving average); Resistance level: 35.97 yuan (52-week high) [0].