Recently, as the conflict in the Middle East continues, cross-border payments are expected to usher in new development opportunities, and the sector has been active.
Today, we will take a look at four representative companies with their own unique advantages in the cross-border payment sector on the current market, their advantages and highlights, and who has greater development potential.
The first is CNPC Capital, which is a company under PetroChina. It mainly relies on the upstream and downstream industrial chains of petroleum and chemicals to carry out all-round comprehensive financial services, and has a relatively complete set of financial licenses.
The highlight is that its subsidiary Kunlun Bank has provided various financial services including international settlement, foreign exchange transactions, cross-border guarantees and cross-border financing to enterprises in China and Iran, becoming the financial window and main channel for bilateral economic and trade exchanges between China and Iran.
Cuiwei Co., Ltd. is a leading commercial enterprise under the Beijing Haidian State-owned Assets Supervision and Administration Commission. It has the dual main businesses of “commerce + third-party payment” and has supported digital RMB payment and collection.
Its holding subsidiary Haike Rongtong has completed system docking with the operating bank designated by the Central Bank’s Digital Currency Research Institute, supports digital renminbi acquiring in multiple scenarios, and docked with WeChat Pay’s “Cross-border QR Code Unified Gateway”, becoming one of the first institutions in the industry.
Eternal Asia is the first A-share listed supply chain company under the Shenzhen State-owned Assets Supervision and Administration Commission, and its AI computing power supply chain business has formed a global layout.
The company’s cross-border supply chain digital platform has been deployed in advance and supports a variety of cross-border online payment methods to meet the various settlement and payment needs of large B-sides and small B-sides in the cross-border trade industry.
Lakala is a well-known third-party payment company in China. It has the cross-border foreign exchange payment registration qualification approved by the State Administration of Foreign Exchange and the cross-border RMB business registration qualification approved by the People’s Bank of China. The company’s cross-border payment network covers more than 100 countries and regions around the world.
Next, we use the classic DuPont analysis method to dismantle the company’s latest three quarterly financial core data return on net assets to see the actual financial content of the four cross-border payment-related companies.
Since only Cuiwei Co., Ltd. publishes its annual report, the third quarter financial report data is still used for comparison.
Let’s look at the net sales profit margin first. Since CNPC Capital has holding companies such as banks, the company’s non-revenue income such as interest accounts for a relatively high proportion, causing the net sales profit margin to significantly exceed 100%.
The net profit margins of all four companies have declined over the past five years.
The latest third quarter profitability performance is: CNPC Capital > Lakala > Eternal Asia > Cuiwei Shares.
Dismantling the key financial data of the total asset turnover rate, that is, the company’s asset turnover rate, the turnover rates of CNPC Capital and Lakala have increased in the past five years.
The latest operating capacity in the third quarter is: Eternal Asia > Lakala > Cuiwei Shares > CNPC Capital.
Finally, we break down the key financial data equity multiplier, which is the company’s financial leverage multiple. The financial leverage of the four companies has increased in the past five years, and their capital has been expanding.
The latest financial leverage situation in the third quarter is: CNPC Capital > Eternal Asia > Cuiwei Shares > Lakala.
According to the formula of return on equity = net sales interest rate * total asset turnover rate * financial leverage, Lakala has the highest return on equity, reaching 9.44%, second in profit, second in turnover, and fourth in financial leverage.
It has the lowest debt ratio, high profits and turnover. The company is in the leading position in third-party payment and has the experience advantage of the private economy. In recent years, it has vigorously developed cross-border payments. In the first three quarters of 2025, the size of cross-border payment accounts and transaction amounts increased by more than 70% year-on-year.
CNPC Capital’s return on net assets is 3.81%, ranking first in profitability, fourth in turnover, and first in financial leverage.
Characterized by high profits and low turnover, as the official representative of energy finance and cross-border payments, its subsidiary Kunlun Bank has become the financial window and main channel for bilateral economic and trade exchanges between China and Iran, directly benefiting from it.
Eternal Asia’s return on net assets is 0.38%, ranking third in profitability, first in turnover, and second in financial leverage.
As a supply chain enterprise, small profits but quick turnover, owned by the Shenzhen State-owned Assets Supervision and Administration Commission, have industry resource advantages and have already laid out cross-border payments in advance.
The return on net assets of Cuiwei Shares is -17.02%, ranking fourth in profitability, third in turnover, and third in financial leverage.
Haike Rongtong, a subsidiary of the State-owned Assets Supervision and Administration Commission of Beijing Haidian District, has become the first “cross-border QR code unified gateway” institution in the industry to support WeChat payment, and has digital financial technology advantages.
Which company is more optimistic about the development potential of cross-border payment? Please leave a message below to discuss!
