首次覆盖: 国内合规加密龙头，全球扩张驱动高增长 OSL 集团(0863) OSL 集团首次覆盖报告 股票研究 /[Table_Date] 2025.10.24 2025-10-24 [Table_Industry] 计算机 本报告导读： 公司是目前亚洲唯一上市的持牌虚拟资产交易所，稀缺牌照壁垒叠加多元化产品扩 展，占据先发优势。随着中国香港政策的逐步催化，未来业绩增速有望超预期。 海 外 公 司 ( 中 国 香 港 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 股 票 研 究 ) 投资要点： | 财务摘要(百万港元) | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入 | 375 | 673 | 1183 | 1780 | | (+/-)% | 79% | 80% | 76% | 50% | | 净利润 | 48 | -66 | -12 | 20 | | (+/-)% | 118% | -239% | 82% | 272% | | EPS | 0.08 | -0.08 | -0.01 | 0.03 | ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 OSL Group Limited OSL集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：863） – 1 – 由 於 贊 成 上 述 1 項 普 通 決 議 案 之 票 數 超 過 50 % ， 故 該 等 決 議 案 已 正 式 通 過 為 本 公 司之普通決議案。 本公司之香港股份過戶登記分處卓佳證券登記有限公司獲委任於股東特別大會擔 任投票表決之監票人。 全 體 董 事（ 包 括 執 行 董 事崔 崧 先 生 、 刁 家 駿 先生 、 徐 康 女 士 及 楊 超 先生 ， 非 執 行 董 事 為 李 金鴻 先 生 ， 而 獨 立 非 執 行董 事 為 周 承 炎 先 生 、楊 桓 先 生 及 郟 航 先 生 ）已 親身或以電子方式出席股東特別大會。 附註： 承董事會命 OSL集團有限公司 執行董事兼行政總裁 崔崧 於二 ...

Core Viewpoint - OSL Group has announced a strategic plan to invest up to $30 million in collaboration with industry partners to accelerate the global development of its PayFi ecosystem, reflecting a strong growth trajectory in the digital asset space [1] Financial Performance - As of the latest report, OSL Group's stock rose by 3.82% to HKD 17.13, with a trading volume of HKD 22.24 million [1] - In the first half of 2025, OSL Pay generated revenue of HKD 55.9 million, accounting for 29% of the group's total revenue, primarily driven by the European market [1] Strategic Developments - OSL launched OSL Pay in April 2025 to optimize fiat and cryptocurrency exchanges, followed by the introduction of OSL Biz Pay for enterprise payment services in July [1] - Citigroup initiated coverage on OSL Group with a "Buy/High Risk" rating and a target price of HKD 21.8, which corresponds to a projected price-to-sales ratio of 22 times for 2025 [1] Market Outlook - Citigroup expressed optimism regarding OSL Group's focus on establishing a compliant digital asset exchange and payment gateway amid increasing regulatory scrutiny, leveraging its first-mover advantage in the Hong Kong cryptocurrency OTC market [1] - The firm anticipates that the growth of the PayFi business and the global expansion of regulated digital asset market operations will drive revenue growth of 80%, 60%, and 36% from 2025 to 2027 [1]

Core Viewpoint - OSL Group (00863.HK) experienced a nearly 4% increase in stock price, reaching 17.13 HKD with a trading volume of 22.24 million HKD [1] Group 1 - The stock price rose by 3.82% as of the time of reporting [1] - The trading volume was reported at 22.24 million HKD [1]

智通财经APP获悉，OSL集团(00863)涨近4%，截至发稿，涨3.82%，报17.13港元，成交额2224.06万港 元。 花旗发布研报称，首予OSL集团"买入/高风险"评级，目标价21.8港元，相当于2025年预测市销率22倍。 花旗指出，看好OSL集团在监管审查加强的情况下专注于建立合规的数码资产交易所和支付网关，公司 在香港加密货币场外交易市场的先发优势，以及捕捉稳定币相关商机的多元化产品组合。该行预计在 PayFi业务增长及监管数码资产市场业务的全球扩张的情况下，将带动公司在2025至2027年期间收入增 长80%、60%及36%。 消息面上，据公开资料显示，OSL集团此前宣布一项战略性计划，将与行业伙伴合作投资最高达3000万 美元，以加速PayFi生态圈在全球的发展。2025年4月，OSL推出OSL Pay，优化了法币与加密货币兑 换；7月，上线企业支付服务OSL Biz Pay。2025年上半年，OSL Pay实现收入5590万港元，占集团总收 入的29%，主要来自欧洲市场，成为公司未来重点发展领域之一。 ...

Market Overview - The Hang Seng Index fell by 1.61%, down 415 points, closing at 25,472 points, while the Hang Seng Tech Index dropped by 2.81%. The early trading volume in the Hong Kong market was HKD 153.2 billion [1] Energy Sector - Gas stocks rose, with Zhongyu Energy (03633) increasing by over 10%. This surge is attributed to the early initiation of winter heating in Gansu and other regions due to continuous temperature drops, leading to increased natural gas demand [1] Biotechnology Sector - Newly listed stock Xuan Zhu Bio-B (02575) surged over 13%, reaching a new high, and is up more than 190% from its IPO price. Yimai Sunshine (02522) rose over 4% following the global launch of its medical imaging model product AIR. The performance of medical stocks varied, with Yaojie Ankang-B (02617.HK) up over 21%, Baize Medical (02609) up over 5%, while Kangfang Biotech (09926) fell by 2%. Kangning Jereh Pharma-B (09966) increased by over 13% after announcing a share buyback plan, with market attention on significant data from the ESMO conference [2] Precious Metals Sector - Laopu Gold (06181) rose over 4%, benefiting from increased channel expansion and upgrades, with institutions indicating that rising gold prices favor its high-end brand positioning [3] Hospitality Sector - Wanda Hotel Development (00169) increased by over 10% after completing a sale and announcing a special dividend of HKD 0.462 per share to be paid next month [4] Digital Assets Sector - Delin Holdings (01709) rose over 3% after entering a strategic cooperation agreement with Antalpha to promote business in the digital asset sector [5] Telecommunications Sector - Changfei Optical Fiber and Cable (06869) fell over 6%, having dropped 40% from its September peak due to declining fiber optic prices and shareholder sell-offs. Cryptocurrency-related stocks collectively declined, with Bitcoin experiencing significant volatility and a recent incident in the US stablecoin market. Mi Strategy (02440) fell by 4.36%, and OSL Group (00863) dropped by 3.99% [6] Semiconductor Sector - Chip stocks continued to decline, with SMIC (00981) down over 5% and Huahong (01347) down over 3%, as US export controls accelerate domestic semiconductor replacements [6]

Group 1 - The core viewpoint is that cryptocurrency-related stocks in Hong Kong experienced a collective decline on October 17, with notable drops in several companies' stock prices [1] Group 2 - Mistrategy (02440.HK) fell by 4.36%, trading at 2.63 HKD [1] - Xun'an Technology (01647.HK) decreased by 4.3%, with a price of 0.089 HKD [1] - OSL Group (00863.HK) saw a decline of 3.99%, priced at 15.66 HKD [1] - Oko Cloud Chain (01499.HK) dropped by 3.51%, trading at 0.275 HKD [1]

Group 1 - Cryptocurrency concept stocks collectively declined, with notable drops including Meituan Strategy down 4.36% to HKD 2.63, Xiong'an Technology down 4.3% to HKD 0.089, OSL Group down 3.99% to HKD 15.66, and OK Blockchain down 3.51% to HKD 0.275 [1] - Bitcoin futures on CME fell by 3.10% nearing USD 108,000, indicating a bearish trend in the market [1] - The Bitcoin market is facing dual pressures, with a surge in demand for put options as traders are willing to pay higher premiums to hedge against downside risks [1] Group 2 - A significant incident occurred in the cryptocurrency market where a stablecoin worth USD 300 trillion was mistakenly created by Paxos on the Ethereum blockchain, which was later corrected to USD 300 million [2] - The transaction records indicate that Paxos followed standard procedures to mint 300 million PYUSD, but an error led to the inflated figure of 300 trillion [2]

Group 1 - Cryptocurrency concept stocks collectively declined, with notable drops including Mistrust (02440) down 4.36% to 2.63 HKD, Xiong'an Technology (01647) down 4.3% to 0.089 HKD, OSL Group (00863) down 3.99% to 15.66 HKD, and OK Blockchain (01499) down 3.51% to 0.275 HKD [1] - As of Thursday's New York close, the CME Bitcoin futures BTC main contract fell 3.10% compared to Wednesday's New York close, nearing 108,000 USD [1] - The Bitcoin market is facing dual pressures, with a surge in demand for put options indicating traders are willing to pay higher premiums to hedge against downside risks [1] Group 2 - Bitcoin miners deposited approximately 51,000 Bitcoins to exchanges in the past week, marking a new high in several months, potentially preparing for sales [1] - A significant incident occurred in the cryptocurrency market where a 300 trillion USD stablecoin appeared and then vanished shortly after, linked to Paxos, a partner of PayPal in the crypto industry [1] - Paxos mistakenly minted 300 trillion PayPal stablecoins (PYUSD) on the Ethereum blockchain, which was later corrected to 300 million PYUSD, indicating a clerical error [1]

Core Viewpoint - OSL Group (00863) announced the issuance of 10,000 shares on October 16, 2025, as part of the stock option plan established in 2021 [1] Summary by Category - **Company Actions** - OSL Group will exercise stock options under the 2021 stock option plan to issue 10,000 shares [1]