Lianlian Digital's profit exceeded 1.6 billion last year, and its payment services are accused of providing channels for high-interest loans.

March 26, Lianlian Digital Technology Co., Ltd. (hereinafter “Lianlian Digital”), a Hong Kong-listed company, released its 2025 annual results announcement. Driven by global expansion and the application of AI technology, the Company achieved revenue of 1.73B yuan, up 31.9% year over year; net profit turned from loss to profit at 1.66B yuan, with impressive performance.

However, on the other side of its growth in performance and technological upgrades, compliance disputes surrounding its payments business have also gradually come to light. Multiple consumer complaints point to its assisted-lending business involved in its channel services, alleging issues such as “cutting-head interest (excessive upfront fees)” and questioning whether it has sufficiently fulfilled compliance review obligations in areas such as the onboarding of partner merchants and transaction review. Although Lianlian Digital replied to Nandu · Bay Finance Society that it had terminated its cooperation with the relevant merchants, amid the intertwining of performance and disputes, its risk management capabilities are still being tested.

Betting on AI technology applications, Lianlian Digital’s profit last year was 1.66B yuan

Lianlian Digital’s 2025 performance can be described as impressive. The performance report shows that, as of December 31, 2025, Lianlian Digital’s full-year total revenue reached 1.73B yuan, up 31.9% year over year, setting a record high; gross profit increased 28% year over year to 873 million yuan. Net profit turned from loss to profit, rising from a loss of 167 million yuan in 2024 to a profit of 1.66B yuan in 2025. The Company’s total assets were 22.94B yuan, with cash and cash equivalents of 1.63B yuan.

Image source: Lianlian Payments’ annual results announcement

In 2025, Lianlian Digital established an overseas headquarters in Hong Kong; the number of global payment licenses increased to 66, with services covering more than 100 countries and regions. By the end of 2025, the number of customers cumulatively served by Lianlian Digital reached 10.4 million.

Lianlian Digital’s core business mainly includes digital payment services and value-added services. In 2025, the Company’s revenue primarily came from digital payment services, which contributed revenue of 1.45 billion yuan, up 26% year over year. Among them, its global payments business performed particularly well: total payment volume (TPV) reached 452.4 billion yuan, up 60.7%; revenue was 1.05B yuan, up 29.3%.

In its financial report, the Company emphasized that global expansion and AI technology application are the core of its growth. In 2025, Lianlian Digital launched the comprehensive deployment and application of AI technology across internal management, technology research and development, and business expansion. During the reporting period, Lianlian Digital completed the private deployment of AI large models. Intelligent tools such as LoopAI and LoopChat, developed based on large models, were embedded into key business scenarios including risk control, foreign exchange remittance, and customer service.

Zhang Zhengyu, Chairman and CEO of Lianlian Digital, said in an interview with the media that in 2025, Lianlian Digital elevated “technology upgrade” to a strategic core position. In the future, Lianlian Digital will enter a new stage of financial technology driven by cutting-edge technologies such as artificial intelligence and blockchain.

Under the backdrop of a wave of complaints, Lianlian Payments’ risk control capability faces further tests

In contrast to the impressive financial report, complaints related to Lianlian Payments on the Black Cat Complaints platform have continued to accumulate. Multiple users said that Lianlian Payments provides payment channels for platforms such as “Golden Lychee” and “Golden Mango Mall,” and objectively participates in the relevant funds settlement process. The above platforms are alleged to engage in disguised high-interest lending behaviors using products such as “tourism cards” as the vehicle.

One consumer complaint stated that on November 10, 2025, on the “Golden Lychee” platform, they used their consumption quota to pay 3,358 yuan to purchase what it calls the “tourism order + Alipay红包 project.” However, the amount actually credited was only 2,500 yuan and some红包. The “tourism card vouchers” could not be activated or cashed out. With a 15-day repayment cycle and various fees layered on top, the combined interest rate reached as high as 800%. The funds for this transaction were settled through Lianlian Payments. The consumer questioned that as a licensed payment institution, Lianlian Payments did not fulfill its compliance review obligations for partner merchants.

Black Cat Complaints screenshot

In response, Lianlian Digital told reporters from Nandu · Bay Finance Society that the conduct in question was caused by违规 operations by the partner merchant. During routine inspections, Lianlian Payments identified that the merchant had potential business risks. With a prudent approach and in the spirit of being responsible to consumers, it immediately initiated a risk disposal process. On December 26, 2025, it formally issued a “Termination of Service Letter” to the merchant, and before that it had already comprehensively suspended payment and settlement services; the Company’s cooperation with this merchant has now been terminated.

Lianlian Digital emphasized that as a licensed non-bank payment institution, it has always operated strictly in accordance with national laws and regulations, and it places high importance on protecting consumers’ legitimate rights and interests. In the future, the Company will further strengthen compliance screening and management of partner merchants, improve its ability to identify and prevent risks, and provide consumers with better, higher-quality, and safer payment services using stricter standards.

Nandu · Bay Finance Society noticed that in 2025, Lianlian Digital continued to step up its investment in AI scenario applications. One of its key directions is to strengthen risk control capabilities. During the reporting period, Lianlian Digital completed the private deployment of AI large models. In the risk control domain, the AI intelligent risk control system achieves automatic capture of transaction documents, intelligent determination of compliance-related relationships, and anomaly alerts at the millisecond level, significantly improving risk control efficiency and accuracy, and reinforcing the compliance bottom line.

Written and compiled by: Nandu · Bay Finance Society, Researcher Yuan Zerui