· 2025 年 6 月 3 日 国都港股操作导航 | 海外市场重要指数 | 收市 | 幅度 | | --- | --- | --- | | 道琼斯工业指数 | 42,305.48 | 0.08% | | 标普 500 指数 | 5,935.94 | 0.41% | | 纳斯达克综合指数 | 19,242.61 | 0.67% | | 英国富时 100 指数 | 8,774.26 | 0.02% | | 德国 DAX 指数 | 23,930.67 | -0.28% | | 日经 225 指数 | 37,637.24 | 0.44% | | 台湾加权指数 | 21,002.71 | -1.61% | | 内地股市 | | | | 上证指数 | 3,347.49 | -0.47% | | 深证成指 | 10,040.63 | -0.85% | | 香港股市 | | | | 恒生指数 | 23,157.97 | -0.57% | | 国企指数 | 8,359.26 | -0.86% | | 红筹指数 | 3,936.85 | -0.93% | | 恒生科技指数 | 5,134.11 | -0.70% | | AH ...

目标公司(即Evergreen Crest Holdings Ltd.)为于2023年11月8日根据英属处女群岛法律注册成立的有限公 司，由卖方及少数股东分别直接拥有90%及10%。目标公司直接持有附属公司1(即PT Langit Indonesia Berjangka)已发行股份的95%及附属公司2(即PT Multikripto Exchange Indonesia)已发行股份的99%。目标 公司正在(透过该等附属公司)建立数字资产交易所的营运。附属公司1持有有关印尼期货经纪商牌照。 附属公司2持有有关印尼加密货币交易商牌照。 格隆汇6月2日丨OSL集团(00863.HK)发布公告，2025年5月30日，买方(OSL Midaspay Limited，为公司 全资附属公司)与卖方(即Lau Shu Ming女士)订立购股协议，据此，卖方有条件同意向买方出售，而买方 有条件同意自卖方购买出售股份(目标公司的4.5万股股份，占目标公司已发行股份总数的90%)，代价合 共为1500万美元(相当于约1.17亿港元)，透过配发并发行代价股份支付。 代价股份约占于本公告日期公司已发行股份总数的1.48%；及经配发及发 ...

OSL集团(00863)发布公告，于2025年5月30日，买方OSL Midaspay Limited(为本公司全资附属公司)与卖 方Lau Shu Ming订立购股协议，卖方有条件同意向买方出售，而买方有条件同意自卖方购买出售股份 (占目标公司Evergreen Crest Holdings Ltd已发行股份总数的90%)，代价合共为1500万美元(相当于约1.17 亿港元)，透过配发并发行代价股份支付。 代价股份约占于本公告日期本公司已发行股份总数的1.48%;及经配发及发行代价股份扩大的本公司已发 行股份总数的1.46%(假设本公司已发行股本并无其他变动)。 目标公司将于完成后成为本公司的间接附属公司。因此，目标集团的财务业绩将综合计入本公司的财务 报表内。 目标公司正在(透过该等附属公司)建立数字资产交易所的营运。附属公司1持有有关印尼期货经纪商牌 照。附属公司2持有有关印尼加密货币交易商牌照。 收购事项预期将为本公司进入印尼数字资产市场提供即时及战略性通道，本公司认为该市场是亚洲最具 潜力的加密货币市场之一。印尼具备推动该行业增长的关键特质，包括庞大年轻人口、稳健经济增长基 础以及快速攀升的加密货币 ...

Group 1 - As of May 30, a total of 69 stocks reached their 52-week highs, with Emperor Watch and Jewellery (00887), Anxian Garden China (00922), and Bestar Holdings (02983) leading the high rate at 16.00%, 14.71%, and 12.20% respectively [1] - The closing prices and highest prices for the top three stocks are as follows: Emperor Watch and Jewellery at 0.460 and 0.580, Anxian Garden China at 0.152 and 0.195, and Bestar Holdings at 5.920 and 6.160 [1] - Other notable stocks that reached their 52-week highs include Jieli Trading (08017) with a high rate of 11.94% and China Rare Earth Holdings (03788) with 11.76% [1] Group 2 - The report also highlights stocks that reached their 52-week lows, with Sound Technology (02495) showing the largest decline at -15.79%, followed by Baide International (02668) at -10.92% [2] - The closing and lowest prices for the stocks that reached their lows include Sound Technology at 113.800 and 101.900, and Baide International at 0.163 and 0.155 [2] - Other stocks that experienced declines include INTL GENIUS (00033) at -5.41% and China Casting Morning 81 (00810) at -4.55% [2]

| 健倍苗苗(02161) | 2.380 | 2.380 | 0.42% | | --- | --- | --- | --- | | 中视金桥(00623) | 2.710 | 2.750 | 0.36% | | 古茗(01364) | 26.600 | 27.550 | 0.36% | | ＴＣＬ电子(01070) | 11.000 | 11.220 | 0.36% | | 建设银行(00939) | 6.970 | 7.000 | 0.29% | | 中国移动(00941) | 88.100 | 88.450 | 0.23% | | ＧＸ日本全球领导 | 70.160 | 70.160 | 0.20% | | (03150) | | | | | ＧＸ０３月债(03440) | 55.360 | 55.360 | 0.18% | | 港灯－ＳＳ(02638) | 5.650 | 5.670 | 0.18% | | 安硕亚洲除日(03010) | 59.880 | 60.100 | 0.17% | | ESR(01821) | 12.840 | 12.840 | 0.16% | | ＧＸＡＩ基础设施 | 5 ...

证券研究报告 | 公司更新 | 多元金融 ——OSL 集团点评报告 投资要点 全新管理团队，带领公司收入端和成本端共同改善，2018 年战略转型以来，首 次实现扭亏为盈。 新任 CEO 崔崧 2024 年 8 月加入公司，曾在 Bybit 于 2021-2023 年期间负责合 约、现货、Web 3 等业务条线。2024 年 11 月，黄冠文先生被任命为 CFO。他于 2024 年 9 月加入 OSL 担任首席投资官，在推动集团的战略性投资和全球拓展战 略方面发挥了关键作用。CEO 崔崧在对外采访提到，新的管理团队，对内部文 化、执行效率、团队风格都带来显著改变。公司大量引入科技领域人才，我们发 现公司在深圳进行研发中心团队搭建，这有利于公司运营效率的提升和成本的改 善。2024 年，公司 IFRS 准则下收入同比增加 78.6%至 3.75 亿港元，持续经营业 务的净利润从去年亏损 2.50 亿港元变为盈利 5480 万港元，为 2018 年战略转型 进入数字资产领域以来首次扭亏为盈。成本管控方面，各项费用总额同比下降 9.1%，其中员工成本为唯一同比增加的费用，但人均成本从上年的 263 万港元 下降到 1 ...

新部门人事方面，OSL宣布任命张竞伟为OSL Pay主管，指其在金融科技领域拥逾20年的经验，曾在数 字转型及为大型银行机构提供顾问服务方面经验丰富，也曾在顶级加密货币交易所担任领导职务，负责 推动全球业务发展和监管策略。该集团又指，其期望张竞伟能在OSL Pay推动创新。 智通财经APP获悉，4月29日，加密资产的上市公司OSL集团(00863)宣布推出全新业务部门OSL Pay， 致力革新跨境法币与加密货币支付基础设施。此次发布标志着OSL Pay全球业务计划的首阶段启动，首 站将凭借意大利现有OAM注册(相当于VASP)，于欧洲建立营运能力，预计将于第二季度正式推出。 张竞伟则指，OSL Pay致力打造新一代支付基础设施，而通过整合OSL集团在数字资产领域的技术优势 与本地市场经验，相信平台将成为连接传统金融与加密经济的重要桥梁。 根据介绍，OSL Pay针对传统金融与数字资产市场间的跨境价值转移需求，提供崭新解决方案。平台采 用统一架构，让金融机构、交易所及企业能够以前所未有的效率进行法币与加密货币转换，同时积极准 备符合欧盟《加密资产市场监管法案》(MiCA)及全球反洗钱标准。 OSL集团执行董事兼 ...

Market Overview - In 2024, the global digital asset market is projected to reach a trading volume of $1,085.71 billion, representing a significant increase of 43% compared to 2023[13]. - Approximately 7% of the global population, or 562 million people, now hold digital assets, marking a substantial growth of 33% year-over-year[13]. - Asia continues to lead in digital asset adoption, with 327 million holders, accounting for 58% of the global total, reflecting a 22% increase from 2023[14]. - The overall market sentiment towards digital assets is positive, with increasing institutional adoption and a clearer regulatory framework[11]. Regulatory Environment - The evolving regulatory environment is providing much-needed clarity for digital assets, with significant developments in the U.S. and the implementation of the MiCA regulation in the EU[13]. - The approval of the first Bitcoin spot ETF by the SEC on January 10, 2024, has driven Bitcoin to a historic high, enhancing trading volume and market capitalization[13]. Company Vision and Strategy - The company's vision emphasizes creating a secure and trustworthy digital asset environment for individuals and businesses, which is more critical than ever[12]. - The mission focuses on integrating digital assets into the financial system to benefit individuals and enterprises, guiding the company's strategy and operations[12]. - The company aims to strengthen its market leadership in Hong Kong while expanding overseas and enhancing its product portfolio to drive sustainable growth[20]. - The company is actively expanding its business footprint beyond Asia, leveraging its strong market positioning[14]. Financial Performance - In 2024, the company achieved a profit of HKD 55 million, a significant turnaround from a loss of HKD 250 million in the previous year, marking its first profitability since the strategic shift to digital assets[17]. - Total revenue for the year reached HKD 375 million, representing a substantial year-on-year growth of 79%, with platform trading volume increasing to HKD 100 billion, up 16% year-on-year[17]. - The company recorded USD 29 billion in inflows into digital asset investment products over 19 weeks since the U.S. presidential election, reaching a total of USD 166 billion by February 14, 2025[16]. - The adjusted non-IFRS revenue for the year was HKD 213.6 million, a 58.3% increase from HKD 134.9 million in the previous fiscal year[31]. Operational Efficiency - The company has successfully adjusted its operations to align with the evolving market environment, establishing itself as a leader in the industry[12]. - The company implemented effective measures to enhance operational efficiency and optimize costs, contributing to improved financial performance[41]. - The company is focused on expanding its digital asset and blockchain platform business, with ongoing investments in technology and employee training to support growth[42]. Expansion and Acquisitions - The company plans to pursue strategic acquisitions globally, particularly in Southeast Asia, Europe, and the Middle East, to enhance its market presence and operational efficiency[21]. - OSL Group expanded its management team in 2024, appointing key industry professionals to drive its strategic initiatives and global expansion[29]. - The group completed the acquisition of 81.38% of the shares in CoinBest Co., Ltd., now renamed OSL Japan, a licensed cryptocurrency trading platform in Japan[59]. Risk Management and Compliance - The group has maintained a prudent financial risk management approach, avoiding high-risk speculative investments or significant hedging instruments[56]. - The group has established anti-money laundering policies and procedures to mitigate risks associated with anonymous digital asset transactions[71]. - The company has implemented strong security measures, including advanced encryption protocols and regular vulnerability assessments, to mitigate data security risks[73]. Corporate Governance - The company has fully complied with the applicable provisions of the Corporate Governance Code for the year 2024, with a focus on maintaining high standards of corporate governance[95]. - The board's main responsibilities include overseeing the company's performance, approving operational plans, and ensuring compliance with financial reporting standards[105]. - The company has adopted a code of conduct for directors regarding securities trading, confirming compliance for the year ending December 31, 2024[99]. Diversity and Inclusion - The company maintains a gender ratio of 25.2% female to 74.8% male in the workplace, including senior management[150]. - The board consists of 1 female director and 7 male directors as of the report date, maintaining the same composition as in 2023[149]. - The company emphasizes the importance of board diversity as a key element in achieving strategic goals and sustainable development[146]. Shareholder Communication - The company emphasizes the importance of transparency and timely disclosure of information to shareholders and investors[159]. - The company has established a shareholder communication policy to ensure timely access to relevant information[161]. - The company encourages shareholders to participate in annual general meetings to express their opinions and exercise voting rights[160].

Financial Performance - The group's revenue reached a historic high of HKD 374.47 million, a significant increase of 78.6% compared to HKD 209.84 million last year[3]. - The operating profit from continuing operations was HKD 54.85 million, a turnaround from a loss of HKD 249.79 million in the previous year, marking the first profit since the strategic shift to digital assets in 2018[4]. - Total comprehensive income amounted to HKD 168 million, compared to a total comprehensive loss of HKD 265.90 million last year, indicating a successful recovery[3]. - The net loss before tax decreased to HKD 7.06 million from HKD 23.70 million, showing a positive trend in financial performance[4]. - The group achieved a gross profit margin of approximately 14.7% in the current fiscal year, compared to a negative margin in the previous year[4]. - The company reported a net income of HKD 54,846,000 for the year ending December 31, 2024, compared to a net loss of HKD 249,789,000 in the previous year, indicating a significant recovery[5]. - The basic earnings per share from continuing operations was HKD 0.09, compared to a loss of HKD 0.58 per share in the previous year, reflecting a positive turnaround in profitability[7]. - The company reported a significant increase in trade payables, which reached HKD 439,929 million, compared to HKD 883,779 million in the previous year[11]. Revenue Sources - Revenue from key customer A in the digital asset and blockchain platform business is projected to be HKD 78,016,000 for 2024, representing a significant contribution to the group's income[32]. - The group reported customer contract revenue of HKD 374,747,000 for 2024, an increase from HKD 209,837,000 in 2023, indicating strong growth in service offerings[33]. - The revenue from SaaS service fees and related income for 2024 is HKD 91,640,000, up from HKD 17,796,000 in 2023, reflecting a substantial increase in demand[33]. - The revenue from digital asset trading business was HKD 161.7 million, up from HKD 72.1 million in the previous fiscal year, reflecting a growth of 124.3%[73]. - Revenue from the digital asset market business rose by 73.3% to HKD 283.1 million, up from HKD 163.4 million in fiscal year 2023[80]. - Revenue from digital asset technology infrastructure services grew by 415.0% to HKD 91.6 million, compared to HKD 17.8 million in fiscal year 2023[81]. Asset and Liability Management - Total assets as of December 31, 2024, amounted to HKD 1,863,737,000, compared to HKD 1,440,786,000 in 2023, representing an increase of approximately 29.4%[9]. - The company reported a total of HKD 655,678,000 in receivables for 2024, compared to HKD 823,700,000 in 2023, showing a decrease of about 20.4%[9]. - The total liabilities for 2024 were not specified, but the significant growth in assets suggests a potential increase in leverage[9]. - Total liabilities amounted to HKD 1,045,696 million, a significant increase from HKD 579,371 million in the previous year[11]. - The company's total equity was HKD 395,090 million, a decrease from HKD 1,284,366 million in the previous year[13]. Strategic Initiatives - The company plans to expand its market presence and invest in new technologies to enhance its service offerings in the digital asset space[4]. - The company aims to leverage its blockchain platform to drive future growth and innovation in the digital asset market[4]. - The company plans to invest up to USD 30 million to promote the development of the PayFi ecosystem, focusing on payment services as a key growth area[63]. - The company is focusing on key markets in Southeast Asia, Europe, and the Middle East for future expansion efforts[64]. - The group is actively seeking global acquisition opportunities to accelerate its overseas expansion plans[111]. Corporate Governance and Compliance - The company has adopted the corporate governance code as per the listing rules, ensuring compliance with all relevant standards[155]. - The audit committee consists of three independent non-executive directors, ensuring proper oversight of financial reporting and internal controls[158]. - The company has confirmed compliance with the standards for securities trading by its directors as of December 31, 2024[154]. - The group continues to comply with strict regulatory requirements in various jurisdictions, including anti-money laundering and capital adequacy regulations[119]. Operational Efficiency - The group has implemented effective measures to enhance and optimize operational efficiency, contributing to the improved financial performance[86]. - The group aims to enhance operational efficiency to improve financial margins, including streamlining workflows and implementing centralized procurement processes[101]. - Employee costs for the year 2024 are projected to be HKD 192,891,000, compared to HKD 179,045,000 in 2023, reflecting an increase of approximately 7.5%[35]. - Other operating expenses for 2024 are estimated at HKD 106,882,000, up from HKD 96,955,000 in 2023, indicating an increase of about 10.5%[36]. Digital Asset Management - The total digital assets held by the group amounted to HKD 839,115,000 as of December 31, 2024, an increase from HKD 822,627,000 in 2023[44]. - The digital assets include proprietary digital assets valued at approximately HKD 590,712,000, an increase from HKD 184,564,000 in 2023[44]. - The fair value of digital assets held by OSL Digital Securities Limited as of December 31, 2024, is approximately HKD 5,004,094,000, a significant increase from HKD 874,731,000 in 2023[46]. - The group holds customer unwithdrawn digital assets primarily in wallet form to facilitate rapid transaction settlements and reduce settlement risks[122]. Acquisitions and Investments - The company acquired 81.38% of OSL Japan Limited for a total consideration of $10,830,000 (approximately HKD 84,472,000) through a share purchase agreement[17]. - The group completed the acquisition of MTrinity UAB and MultiExchange Canada Limited, expanding its European presence[141]. - The group has acquired an 81.38% stake in CoinBest Co., Ltd., a licensed cryptocurrency trading platform in Japan, now renamed OSL Japan[109]. Risk Management - The volatility of digital asset prices may significantly impact the group's performance, and management regularly reviews asset positions based on various factors[121]. - The group has implemented guidelines and risk control procedures to manage digital asset storage, including a dedicated digital asset wallet solution with comprehensive security monitoring and risk control measures[123]. - Business continuity and disaster recovery plans are in place to ensure operational resilience against external and internal threats[131].

Investment Rating - The report gives an "Accumulate" rating for OSL Group, indicating a positive outlook for the company's future performance [5]. Core Views - OSL Group is positioned as a leading digital trading platform in Asia, driven by compliance and poised for a new growth phase. As of May 6, 2024, OSL held a 76% market share in virtual asset custody and trading for the first Bitcoin and Ethereum ETFs launched by Huaxia Fund (Hong Kong) and Harvest Global Investments [5][19]. - The cryptocurrency market is expected to enter an upward cycle due to three main catalysts: the initiation of the U.S. interest rate cut cycle, potential policy changes if Trump is re-elected, and Hong Kong's high cryptocurrency market activity [5][68][71]. - OSL's growth strategy includes solid B2B foundations and aggressive B2C expansion, leveraging its capital, compliance, customer base, and asset management advantages [5]. Summary by Sections Company Overview - OSL Group has transitioned to focus entirely on digital asset services since 2023, following a history of business transformations [14][98]. - The company has established a strong market presence and aims to expand its global strategy in 2024 [14]. Industry Drivers - The cryptocurrency sector is experiencing a resurgence, with significant growth potential driven by regulatory changes and increased adoption rates in Hong Kong [66][79]. - Hong Kong has become the third-largest ETF market globally, with strong demand for cryptocurrency ETFs, further enhancing OSL's market position [83]. Business Service Innovation - OSL has developed a comprehensive suite of services, including brokerage, trading, and custody, supported by advanced technology solutions [50][96]. - The company emphasizes compliance and user education, ensuring a robust onboarding process for new clients [103]. Financial Forecast and Investment Recommendations - Revenue projections for OSL Group are estimated at HKD 256.59 million, HKD 294.07 million, and HKD 307.21 million for 2024, 2025, and 2026, respectively, with a path to profitability expected by 2025 [6][5]. - The report highlights a potential recovery in net profit, with significant growth anticipated in the coming years [62].