Group 1 - Cryptocurrency concept stocks have shown strong performance, with notable increases in share prices: Boyaa Interactive (00434) up 10.81% to 4.1 HKD, BlueFocus Interactive (08267) up 10% to 0.44 HKD, New Huo Technology Holdings (01611) up 7.09% to 3.17 HKD, and OK Blockchain (01499) up 6.9% to 0.217 HKD [1] - The cryptocurrency market has experienced a significant surge, with Bitcoin rising nearly 5% to surpass 95,000 USD, marking a new high for the year, while Ethereum has increased by over 7% [1] - Recent U.S. economic data shows that the December CPI met expectations, with core CPI year-on-year growth at 2.6%, below the expected 2.7%, and month-on-month growth at 0.2%, below the expected 0.3%, indicating a slowdown in core inflation and bolstering expectations for a potential interest rate cut by the Federal Reserve in April [1] Group 2 - Reports suggest that Wall Street star fund manager Cathie Wood predicts that Donald Trump may begin purchasing Bitcoin as a strategic reserve before the 2026 midterm elections to maintain political momentum and support from cryptocurrency voters [1]

Group 1 - Cryptocurrency concept stocks showed strong performance in the morning session, with notable increases in share prices [1][2] - Blue Ocean Interactive (08267) rose by 18.97%, trading at HKD 0.345 [1][2] - OK Blockchain Chain (01499) increased by 19.13%, trading at HKD 0.218 [1][2] - New Fire Technology Holdings (01611) saw a rise of 9.59%, trading at HKD 2.97 [1][2] - Boya Interactive (00434) experienced a gain of 7.26%, trading at HKD 3.84 [1][2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 新火科技控股有限公司 呈交日期: 2026年1月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01611 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 900,000,000 | HKD | | 0.001 | HKD | | 900,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 900,000,000 | HKD | | 0.001 | HKD | | 900,000 | 本月底法定/註冊股本總額： HKD ...

Core Viewpoint - New Fire Technology Holdings (01611.HK) reported significant revenue growth for the fiscal year ending September 30, 2025, but also recorded a loss due to various non-operational factors [1][2]. Revenue Performance - The company achieved total revenue of HKD 8.661 billion, representing a year-on-year increase of 451.8% [1]. - Revenue from cryptocurrency OTC trading business was approximately HKD 8.612 billion, up 466.5% year-on-year [1]. Loss Analysis - The company reported a pre-tax loss of approximately HKD 9.637 million, with a loss attributable to shareholders of about HKD 9.212 million [1]. - The loss was primarily driven by three non-operational factors: 1. A non-cash fair value fluctuation resulting in an accounting loss of HKD 36.51 million, which does not involve cash outflow [2]. 2. A high base effect from the previous fiscal year, where a significant impairment reversal of HKD 85 million from FTX debt transfer supported profits, leading to a comparative pressure on this year's performance [2]. 3. Strategic capital expenditures amounting to approximately HKD 112 million, mainly for attracting top global financial talent to build a private banking service barrier [2]. Strategic Focus - The company has positioned the current fiscal year as a "strategic investment year," focusing on systematic investments in human resources, compliance, and product systems to build a competitive moat for the transition to a scale validation phase and global expansion in 2026 [2]. - The acquisition of the licensed Japanese exchange BitTrade was completed, contributing revenue of HKD 360 million during the consolidation period, with BitTrade's asset scale reaching approximately JPY 17.6 billion (around USD 117 million), growing 346.64% compared to 2024 [2]. Business Development - The company appointed former HashKey Group COO, Weng Xiaoqi, as the new CEO, initiating a strategic upgrade to develop a comprehensive private banking service system around six key areas [3]. - As of December 30, the company served over 260 clients, primarily consisting of listed companies, executives, family offices, and ultra-high-net-worth individuals, with over 460 new potential clients expressing interest in opening accounts [3]. - Weng Xiaoqi emphasized that the industry logic has shifted from a pure traffic business to a trust-based business led by elite players, indicating a need for a "super connector" between traditional finance and Web3, with the company aiming to become the first compliant "super connector" in Asia with a global perspective [3].

Core Viewpoint - The company reported significant revenue growth driven by its cryptocurrency OTC trading business, despite a small net loss during the strategic transition period [1] Financial Performance - For the fiscal year ending September 30, 2025, the company achieved total revenue of HKD 8.661 billion, representing a year-on-year increase of 451.8% [1] - Revenue from cryptocurrency trading business was approximately HKD 8.612 billion, with a year-on-year growth of 466.5% [1] - The company recorded a gross profit of approximately HKD 47.64 million, reflecting a year-on-year increase of 7.7%, resulting in a gross margin of 0.6% [1] - The pre-tax loss was approximately HKD 9.637 million, with a loss attributable to shareholders of about HKD 9.212 million [1] Business Strategy - The revenue growth is primarily attributed to the significant expansion of the cryptocurrency OTC trading business, which employs a low-margin, volume-driven strategy aimed at rapidly increasing trading scale [1] - The company indicated that the small loss of over HKD 9 million is not purely operational but a normal reflection of its strategic transition period [1] - In August, the company underwent key management changes, with former HashKey executives joining, and clarified its strategic shift from an asset management platform to a private banking-level digital asset custodian [1]

Major Events - Cloudtop New Horizon (01952) has its original product, Nanfukang®, protected by patent ZL200980127272.5 in China, which is currently valid [1] - Linkang Biotechnology Group (00690) has reached a strategic cooperation with Wenzhou Medical University National Engineering Research Center and the People's Government of Ouhai District, Wenzhou [1] - Auhua Pharmaceutical (00013) announced that the new drug application for Savolitinib for treating gastric cancer patients with MET amplification has been accepted and included in priority review in China [1] - Fosun Pharma (02196) has initiated Phase I clinical trials for its integrated diagnosis and treatment nuclear medicine project SRT-007 within China [1] - Postal Savings Bank of China (01658) has received approval from the National Financial Supervision Administration for the absorption and merger with Postal Huai Wanjia Bank [1] - MicroPort Cardiac Devices-B (02160) has officially published the one-year follow-up results of the early feasibility study for AltaValveTM [1] Operating Performance - New Fire Technology Holdings (01611) reported an annual loss attributable to shareholders of HKD 9.212 million, a shift from profit to loss year-on-year [1] - Xingqian Development (00640) reported an annual net profit of approximately HKD 122 million, an increase of 21.7% year-on-year [1] - Zijin Mining Group (02899) expects a net profit attributable to shareholders of approximately RMB 51-52 billion for the fiscal year 2025, representing a year-on-year increase of about 59%-62% [1] - Zijin Gold International (02259) issued a profit warning, expecting a net profit attributable to shareholders of approximately USD 1.5-1.6 billion for 2025, a year-on-year increase of about 212%-233% [1]

Group 1 - The core viewpoint of the article is that New Fire Technology Holdings (01611) reported significant revenue growth but incurred a loss for the fiscal year ending September 30, 2025 [1] - The company's revenue reached approximately HKD 8.661 billion, representing a year-on-year increase of 451.8% [1] - The company reported a loss attributable to owners of HKD 9.212 million, marking a shift from profit to loss compared to the previous year [1] Group 2 - The loss was primarily attributed to the absence of a one-time reversal of impairment provisions for FTX deposits amounting to approximately HKD 85.9 million [1] - The company also recorded a one-time reversal of impairment provisions for other receivables of approximately HKD 10.3 million due to the recovery of funds [1] - Fluctuations in the fair value of cryptocurrency assets led to a decrease in revenue [1]

Group 1 - The core viewpoint of the article is that New Fire Technology Holdings (01611) reported significant revenue growth but also faced a loss for the fiscal year ending September 30, 2025 [1] Group 2 - The company's revenue reached approximately HKD 8.661 billion, representing a year-on-year increase of 451.8% [1] - The company reported a loss attributable to shareholders of HKD 9.212 million, marking a shift from profit to loss compared to the previous year [1] - The loss per share was HKD 0.0172 [1] Group 3 - The transition from profit to loss was primarily due to the absence of a one-time reversal of impairment provisions for FTX deposits amounting to approximately HKD 85.9 million [1] - The company also experienced a one-time reversal of impairment provisions for other receivables amounting to approximately HKD 10.3 million due to the recovery of funds [1] - Fluctuations in the fair value of cryptocurrency assets led to a decrease in revenue [1]

Group 1 - The core viewpoint of the article is that New Fire Technology Holdings (01611.HK) reported significant changes in its financial performance for the fiscal year 2025, with total revenue increasing substantially while net loss was recorded [1] Group 2 - The total revenue for the fiscal year 2025 was approximately HKD 8.66 billion, representing a year-on-year increase of about 451.8% [1] - The company recorded a net loss of approximately HKD 9.7 million in 2025, compared to a net profit of approximately HKD 56.3 million in 2024 [1] - The basic and diluted loss per share for 2025 was HKD 0.0172, while in 2024, the basic and diluted earnings per share were HKD 0.1166 and HKD 0.1163, respectively [1] Group 3 - Revenue generated from asset management services in 2025 was approximately HKD 27.2 million, reflecting a year-on-year increase of 6.3% [1] - The growth in asset management revenue was primarily driven by the rise in virtual asset prices and performance fee income from effective asset management strategies, as well as increased management fee income due to the growth of assets under continuous fund management [1]

Revenue and Profitability - Revenue for the year ended September 30, 2025, reached HKD 8,660,594, a 451.8% increase from HKD 1,569,387 in 2024[2] - The cryptocurrency trading business generated revenue of HKD 8,612,486, up 466.5% from HKD 1,520,345 in the previous year[2] - Gross profit increased to HKD 47,635, representing a 7.7% rise from HKD 44,224 in 2024, although the gross margin decreased to 0.6% from 2.8%[2] - The company reported a loss before tax of HKD 9,637, a decline of 117.1% compared to a profit of HKD 56,379 in 2024[2] - The company reported a total comprehensive income of HKD 10,036 for the year, compared to HKD 55,131 in 2024[6] - The segment performance showed a loss of HKD 37,899 for the year ending September 30, 2025, compared to a profit of HKD 141,728 in the previous year, reflecting a decline in profitability[21][22] - The company reported a loss attributable to owners of HKD 9,212,000 for 2025, a decline from a profit of HKD 54,322,000 in 2024[38] - The basic loss per share for 2025 was calculated based on a weighted average of 536,728,224 shares, compared to 465,960,665 shares in 2024[37] Cash Flow and Financial Position - Net cash decreased by 78.8% to HKD 13,195 from HKD 62,282 in the previous year[2] - The total assets less current liabilities increased to HKD 766,156 from HKD 284,057 in the previous year[7] - The company experienced a significant increase in non-current assets, totaling HKD 70,573, up from HKD 23,156 in 2024[7] - The company reported interest income of HKD 585 for the fiscal year ending September 30, 2025, compared to HKD 37 in the previous year, indicating a notable increase in interest earnings[25] - The net cash inflow from operating activities for the fiscal year 2025 was approximately HKD 16.6 million, a turnaround from a net cash outflow of approximately HKD 10.7 million in 2024[106] - The net cash inflow from investing activities for the fiscal year 2025 was approximately HKD 86.1 million, compared to a net cash outflow of approximately HKD 21.9 million in 2024[107] - The net cash inflow from financing activities for the fiscal year 2025 was approximately HKD 272.5 million, up from a net cash outflow of approximately HKD 223.8 million in 2024, mainly due to net proceeds from share issuance of approximately HKD 275.1 million[108] - The group’s cash and cash equivalents as of September 30, 2025, amounted to approximately HKD 448.6 million, significantly up from HKD 62.3 million as of September 30, 2024[118] Acquisitions and Investments - The company acquired 100% of Sinohope JP Limited and approximately 7.69% of BitTrade Inc., enhancing its position in the virtual asset ecosystem[10] - The company acquired 92.31% of BitTrade's equity, completing the acquisition on April 15, 2025, and BitTrade will become an indirect subsidiary[11] - The acquisition cost included the issuance of 108,992,785 ordinary shares to the seller of the British Virgin Islands company and 9,908,988 ordinary shares to the seller of BitTrade[12] - The acquisition of BitTrade is classified as a business combination under Hong Kong Financial Reporting Standards No. 3 upon gaining control on April 15, 2025[12] - The total consideration for the acquisition of BitTrade's remaining equity increased the ownership from 91.67% to 100% and was settled by issuing 9,908,988 shares valued at HKD 19,785 million[66] - The acquisition of BitTrade resulted in a bargain purchase gain of HKD 60,948 million, primarily due to the fair value change of the consideration paid, as the market price of the company's ordinary shares decreased from HKD 2.18 to HKD 1.49[64] Share Capital and Financing - The company issued 157,000,000 new ordinary shares at a subscription price of HKD 2.08, raising approximately HKD 324,605,000, which has been included in capital reserves[53] - The company completed the issuance of 166,000,000 new ordinary shares at a subscription price of HKD 1.66, with a total premium of approximately HKD 274,906,000 after expenses[55] - The company plans to increase its authorized share capital from 700,000,000 to 900,000,000 ordinary shares[57] - The company’s share premium as of October 1, 2023, was HKD 436,699,000, which increased due to share issuances[58] - The group’s debt-to-equity ratio as of September 30, 2025, was approximately 0.58, with total borrowings of approximately HKD 435.4 million against a net asset value of approximately HKD 757.1 million[112] Operational Performance and Strategy - The company aims to enhance shareholder value through strategic optimization of core businesses to drive revenue and profit growth[127] - The company plans to advance its global brand strategy upgrade with Bitfire Prime as the core entry point for high-net-worth clients[128] - The company will continue to develop a multi-dimensional trading brand structure, including Bitfire Exchanges, Bitfire Prime, and Bitfire Hub[130] - The asset management business will focus on expanding its presence in the Hong Kong market and optimizing the structure of virtual asset fund products[130] - The company is entering a new phase of "AI-driven, multi-strategy collaboration" in its quantitative business, investing in deep learning market prediction models[130] - The company is committed to maintaining a "safe and compliant" operational baseline while creating value for customers[132] - The company will implement strict risk control measures and conduct thorough due diligence on counterparties to ensure compliance with investment policies[126] Legal and Compliance - The company has appointed UK legal advisors to assess the situation regarding a lawsuit, which was deemed to have insufficient evidence against the company, leading to a high chance of successfully overturning the UK order[74] - The company has received a voluntary dismissal notice from the US Bankruptcy Court indicating that all claims related to the lawsuit against Hbit have been withdrawn[76] - The company has adopted the standard code for securities transactions by directors, confirming compliance as of September 30, 2025[137] - The audit committee, comprising Mr. Ye Weiming (Chairman), Mr. Yu Junjie, and Dr. Lin Jiali, reviewed the accounting principles and practices adopted by the group[139] - The auditor, Deloitte Touche Tohmatsu, confirmed that the financial statements for the year ended September 30, 2025, are consistent with the audited consolidated financial statements[140] Employee and Operational Infrastructure - The total employee cost for the fiscal year 2025 was approximately HKD 63.5 million, a decrease from HKD 67.5 million in the fiscal year 2024[133] - As of September 30, 2025, the group had 173 employees, an increase from 86 employees as of September 30, 2024[133] - The group has implemented operational infrastructure to support business growth, including expanding IT infrastructure and hiring personnel with expertise in legal, regulatory, compliance, financial reporting, operations, and technology development[121] Dividends and Contingent Liabilities - The group did not recommend a final dividend for the fiscal year 2025, consistent with the previous year[105] - The group has no significant contingent liabilities as of September 30, 2025, remaining at zero, similar to the previous year[115]