股票研究 /[Table_Date] 2026.02.06 合规为先机构为核：香港数字资产领先者 HASHKEY HLDGS(3887) HashKey（03887.HK）首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘欣琦(分析师) | 021-38676647 | liuxinqi@gtht.com | S0880515050001 | | 孙坤(分析师) | 021-38038260 | sunkun@gtht.com | S0880523030001 | 本报告导读： 在数字资产加速发展背景下，合规要求日趋严格，机构参与活跃度增强，HashKey 凭借其牌照齐全度和数字资产生态闭环，将成为数字资产市场的重要参与方。 投资要点： | 财务摘要(百万港元) | 2024A | 2025E | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 721 | 782 | 1211 | 2338 | 3415 | | ( ...

Investment Rating - The report assigns an "Accumulate" rating to HashKey Holdings with a target price of HKD 10.14, corresponding to a valuation of HKD 28.1 billion [4][8]. Core Insights - HashKey is positioned as a leading player in the digital asset market in Hong Kong, benefiting from comprehensive licensing and a closed-loop digital asset ecosystem. The company is expected to see significant revenue growth from 2025 to 2027, with projected revenues of HKD 7.82 billion, HKD 12.11 billion, and HKD 23.38 billion, representing year-on-year growth rates of 11%, 55%, and 90% respectively [2][8]. - The company has established a strong focus on institutional trading, with institutional revenue accounting for 85.52% of total income as of the first half of 2025, reflecting a strategic shift towards institutional clients [30][37]. - HashKey's business model is built around three main segments: trading facilitation, on-chain services, and asset management, which together create a comprehensive digital asset ecosystem [24][29]. Financial Summary - Total revenue is projected to grow from HKD 721 million in 2024 to HKD 3.415 billion by 2028, with a gross profit forecasted to increase from HKD 533 million to HKD 2.615 billion over the same period [4][9]. - The net profit is expected to improve significantly, moving from a loss of HKD 1.189 billion in 2024 to a profit of HKD 594 million by 2028, indicating a turnaround in profitability [4][9]. - The company’s financial ratios, including PE and PB, reflect a transition from negative values to positive as profitability improves, with a PE ratio projected to reach 34.76 by 2028 [4][10]. Business Model and Operations - HashKey operates as a centralized exchange, focusing on digital asset trading, on-chain services, and asset management, with a market share exceeding 75% in Hong Kong [24][27]. - The trading facilitation segment is the primary revenue source, supported by on-chain services and asset management, which together enhance the overall ecosystem [29][30]. - The company has made significant investments in compliance and technology to meet regulatory requirements across multiple jurisdictions, which is expected to enhance customer retention and operational efficiency [41][43].

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 | | | 致：香港交易及結算所有限公司 公司名稱: HashKey Holdings Limited 呈交日期: 2026年2月5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) | 03887 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | 本月底法定/註冊股本總額： U ...

| 代码 | 名称 | | 涨跌幅 ^ | 最新价 | 总市值 | 年初至今涨跌 | | --- | --- | --- | --- | --- | --- | --- | | 00399 | 星太链集团 | (0) | -23.53% | 0.065 | 1.39亿 | -23.53% | | 00863 | OSL集团 | | -10.44% | 15.010 | 119.27 亿 | -11.71% | | 01499 | 欧科云链 | | -7.61% | 0.170 | 9.13亿 | -5.56% | | 00434 | 博雅互动 | | -6.97% | 3.070 | 23.57 乙 | -10.23% | | 01611 | 新火科技控股 | | -6.30% | 2.380 | 17.9亿 | -5.93% | | 01788 | 国泰君安国际 | | -5.24% | 2.530 | 241.11亿 | -0.78% | | 03887 | HASHKEY HLDGS | | -4.82% | 6.720 | 185.88 Z | 0.60% | | 00376 | 云锋金融 | | - ...

HASHKEY HLDGS(03887)涨超4%，截至发稿，涨3.92%，报7.69港元，成交额1667.99万港元。 该行续指，作为香港持牌虚拟资产交易平台，HashKey2024年在本地的市场份额高达75%，在品牌信 誉、合规能力及产品覆盖方面具备显著的先发优势。随着香港数字资产服务范围的进一步扩展，包括更 多加密资产上线、潜在的加密衍生品以及稳定币相关服务的推进，行业将迎来新的发展阶段。作为合规 运营的一站式数字资产平台，HashKey具备率先把握相关机遇的能力，获得高于本地可比公司的估值溢 价。 小摩发布研报称，从行业增长势能来看，预计2024至2027年，香港机构资金流入数字资产的规模将以约 85%的年复合增长率高速增长。在此背景下，HashKey有望在未来数年实现持续高增长，机构业务将成 为HashKey未来增长的最关键驱动力。该行预计公司2026年收入增速将达到约80%。此外，综合行业环 境及公司定位，预计HashKey未来几年有望实现高于行业平均水平的增长。 ...

该行续指，作为香港持牌虚拟资产交易平台，HashKey2024年在本地的市场份额高达75%，在品牌信 誉、合规能力及产品覆盖方面具备显著的先发优势。随着香港数字资产服务范围的进一步扩展，包括更 多加密资产上线、潜在的加密衍生品以及稳定币相关服务的推进，行业将迎来新的发展阶段。作为合规 运营的一站式数字资产平台，HashKey具备率先把握相关机遇的能力，获得高于本地可比公司的估值溢 价。 小摩发布研报称，从行业增长势能来看，预计2024至2027年，香港机构资金流入数字资产的规模将以约 85%的年复合增长率高速增长。在此背景下，HashKey有望在未来数年实现持续高增长，机构业务将成 为HashKey未来增长的最关键驱动力。该行预计公司2026年收入增速将达到约80%。此外，综合行业环 境及公司定位，预计HashKey未来几年有望实现高于行业平均水平的增长。 智通财经APP获悉，HASHKEY HLDGS(03887)涨超4%，截至发稿，涨3.92%，报7.69港元，成交额 1667.99万港元。 ...

Group 1 - The company HASHKEY HLDGS (03887) announced the issuance and allotment of 892,400 shares due to the partial exercise of the over-allotment option on January 16, 2026 [1]

Core Viewpoint - HASHKEY HLDGS (03887) announced the issuance and allocation of 892,400 shares due to partial exercise of the over-allotment option on January 16, 2026 [1] Group 1 - The company is engaging in a share issuance as part of its capital management strategy [1] - The specific number of shares being issued is 892,400 [1] - The issuance is a result of the partial exercise of the over-allotment option [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： HashKey Holdings Limited 呈交日期： 2026年1月16日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 03887 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | 事件 | | 已發行股份 ...

Core Viewpoint - HASHKEY HLDGS (03887) announced the partial exercise of the over-allotment option at a price of HKD 6.68 per share, which represents approximately 0.37% of the total shares available for subscription under the global offering before any exercise of the over-allotment option [1] Group 1 - The over-allotment option was exercised for a total of 892,400 shares [1] - The exercise price excludes a 1.0% brokerage commission, a 0.0027% SFC transaction levy, a 0.00015% FSTB transaction levy, and a 0.00565% HKEX transaction fee [1] - The stabilization period for the global offering will end on January 11, 2026, which is the 30th day after the close of the Hong Kong public offering application [1]