Core Viewpoint - AMTD Group's stock price increased by 2.56% to $0.967 per share, with a total market capitalization of $89.74 million as of August 14 [1] Financial Performance - For the fiscal year ending December 31, 2024, AMTD Group reported total revenue of $80.457 million, a year-on-year decrease of 38.54% [1] - The net profit attributable to shareholders was $51.039 million, reflecting a year-on-year decline of 64.31% [1] Company Background - AMTD Group, formerly known as AMTD International Inc., is a leading comprehensive financial institution headquartered in Hong Kong [1] - The company is one of the few financial institutions in the Greater China region with extensive industry knowledge and experience, primarily owned and managed by local Hong Kong entrepreneurs and professionals [1] - This local identity enables AMTD Group to play a significant role in connecting local clients in Hong Kong and China with global capital markets [1] - The company believes it benefits from higher execution efficiency, superior local market and industry knowledge, and unparalleled access to the substantial capital of Asian wealthy families compared to other global and Chinese market participants [1]

Core Viewpoint - AMTD Group Inc. and its subsidiary The Generation Essentials Group have successfully taken legal actions against Luxury Village LLC for intellectual property infringement, reinforcing their commitment to protecting their brands and trademarks [1][5]. Legal Actions and Outcomes - On July 25, 2025, AMTD secured a court order against Luxury Village LLC, mandating the cessation of prohibited operations and the relinquishment of domain names that wrongfully incorporated "lofficiel" [2]. - AMTD successfully transferred the domain names <lofficiel.au> and <lofficielfashionbook.hk> back to itself following legal proceedings [2]. - A significant victory was achieved by blocking Luxury Village LLC's bad faith application for the "L'OFFICIEL FASHION BOOK" trademark in Australia, with the Registrar of Trade Marks ruling against the application [3][4]. Intellectual Property Protection - The legal rulings emphasize AMTD's rights to intellectual property and highlight the bad faith actions of Luxury Village LLC in misleadingly suggesting an affiliation with AMTD [5]. - AMTD has taken down several infringing domain names, including <lofficiel.co>, <lofficiel.co.com>, and others, to protect its international profile and growth [6]. Caution to Partners and Public - The company warns partners and the public to avoid dealings with unauthorized entities that falsely present themselves as part of AMTD's network, such as L'Officiel Austria and others [7]. Company Overview - AMTD Group operates across various sectors, including media and entertainment, education and training, and premium assets and hospitality [8]. - AMTD IDEA Group serves as a diversified institution and digital solutions provider, connecting companies and investors with global markets [9]. - AMTD Digital Inc. offers a comprehensive digital solutions platform, focusing on digital media, content, marketing services, and hospitality [11]. - The Generation Essentials Group focuses on global strategies in multimedia, entertainment, and cultural affairs, comprising a diversified media and entertainment portfolio [12].

Industry Competition and Market Dynamics - The company operates in multiple dynamic and competitive industries, making it challenging to evaluate future prospects and ensure sustainable profit[46]. - The hospitality sector is highly competitive, with the company facing significant competition from established hotel chains and alternative lodging services[49]. - The company faces significant competition in digital advertising from larger platforms with greater audience reach and targeting capabilities, which may affect its ability to attract and retain advertisers[157]. - The company’s hospitality services are sensitive to economic conditions, with fixed costs potentially impacting financial performance during economic downturns[66]. - The hospitality market is highly competitive, with low barriers to entry, which may affect the company's ability to maintain or grow its market share[178]. Financial Risks and Obligations - The company may face risks associated with debt obligations maturing in the near term, impacting its financial position[42]. - The company faces significant risks associated with debt obligations, including HK$396,100,000 and SGD217,000,000 in mortgage loans due within the next 12 months[79]. - The company’s ability to refinance maturing debt will depend on financial condition, cash flow, and prevailing market conditions, with risks of increased financing costs[80]. - The company may require additional capital for operations, with uncertainties surrounding market position and competitiveness affecting capital acquisition[76]. - The company may incur significant costs related to acquiring, renovating, or re-branding hotels in new markets, which could adversely affect financial performance[182]. Regulatory and Compliance Challenges - The company is subject to extensive regulatory requirements, and noncompliance may adversely affect its business operations and financial results[46]. - Compliance with anti-money laundering laws is critical, and failure to detect illegal activities could result in penalties and adversely affect business operations[125]. - The company faces litigation and regulatory risks, which could result in significant costs and reputational harm, especially in the financial services sector[123][124]. - The company is exposed to legal and regulatory liabilities if it fails to protect client data, which could adversely affect business prospects[127]. Brand and Reputation Management - The company must effectively manage its brand reputation, as negative publicity could materially impact its business and results of operations[59]. - The company’s brands and reputation are critical assets, with reputational damage in one business line potentially affecting others[62]. - Negative incidents could lead to lost sales, reduced customers, and adverse government attention, affecting market share and financial condition[63]. - The company may face reputational damage and financial impact if insurer partners fail to fulfill their obligations under insurance policies[147]. Investment and Capital Market Risks - The company’s investment portfolio is concentrated in a limited number of industries and geographic regions, increasing vulnerability to market fluctuations[107]. - The company may face increased competition for private equity investment opportunities, potentially affecting its financial condition[105]. - The company’s investments are subject to liquidity and regulatory risks, particularly in the banking sector in China, which could adversely affect its financial condition[103]. - The company’s financial results may be materially affected by fluctuations in the fair value of its equity investments, which are subject to market volatility[106]. Operational and Technological Challenges - Continuous investment in technology is necessary to support business operations, with potential risks if new technologies do not integrate effectively or fail to meet operational needs[116][119]. - The company relies on third-party service providers for critical operations, and any failures in their systems could impair business performance and reputation[114]. - The company has invested significant resources in building a community around its magazines and diversifying access channels, but there is no assurance of successfully growing its audience base without adversely affecting revenues and margins[151]. - The transition from print to digital media is expected to continue, with potential revenue declines from print publications if not offset by other revenue sources[154]. Shareholder and Corporate Governance Issues - The controlling shareholder owns 34.0% of the company's ordinary shares, representing 46.8% of total voting power, which may influence corporate decisions[190]. - The company may not continue to receive the same level of support from its controlling shareholder, which could adversely affect its operations[188]. - The company has a dual-class share structure, limiting the influence of Class A ordinary shareholders on corporate matters[207]. - The company may face difficulties for shareholders in protecting their interests due to corporate governance practices that differ significantly from those in the U.S. and Singapore[229]. Intellectual Property and Cybersecurity Risks - The company’s ability to protect intellectual property is vital for competitive positioning, with challenges in securing trademark protection across different jurisdictions[84]. - The company faces challenges in protecting its intellectual property rights due to unauthorized copying and dissemination of content, particularly from generative AI technology[87]. - Cybersecurity risks pose a threat to the processing and storage of sensitive client information, with potential breaches leading to financial losses and reputational damage[111][112]. Labor and Operational Costs - The company anticipates continued increases in labor costs, which may adversely affect financial condition and results of operations[134]. - The company may incur significant upfront costs to acquire movie rights, with the risk of not recouping these investments if the films do not perform as expected[169]. - Increased costs for producing motion pictures have been observed, with no assurance that revenue will offset these rising costs, which could impact profitability[175].

Business Expansion and Acquisitions - The company expanded into fashion, arts, and luxury media advertising and marketing services after acquiring L'Officiel and The Art Newspaper in 2022 and 2023, respectively[32]. - The company assumed hotel operations, hospitality, and VIP services following the acquisition of AMTD Assets in 2023[32]. - The company completed acquisitions of AMTD Digital and L'Officiel in 2022, and The Art Newspaper in October 2023, aiming to enhance its business offerings[64][65]. - Acquired 100% equity interest in L'Officiel, a global fashion media holding group, in early 2022[213]. - Established a joint entity, AMTD World Media and Entertainment Group, in November 2023 to focus on global multimedia strategies[218]. - Completed the acquisition of The Art Newspaper in October 2023, enhancing the company's media portfolio[215]. Financial Performance and Volatility - The company’s revenue and profits are highly volatile, which may lead to fluctuations in the price of its American Depositary Shares (ADSs)[27]. - Strategic investments contributed significantly to revenue, with dividends and gains from disposed financial assets accounting for 102.0% of total revenue in 2023[50]. - Net fair value changes on financial assets at fair value through profit or loss accounted for -31.2% of total revenue in 2023, indicating a decline in investment performance[55]. - Revenue and profits are highly volatile, influenced by market conditions and client decisions, leading to potential fluctuations in share prices[88]. Market Competition and Risks - The company faces significant competition in all aspects of its business, particularly in the financial services and media industries[38]. - The advertising and marketing sectors are highly competitive, with significant competition for advertising spending impacting profitability and market share[67][68]. - The film and entertainment industries are highly competitive, with success dependent on securing viable projects and necessary funding[74]. - Increased competition in the hospitality sector could lead to reduced revenue and market share for the company[80]. - The company faces risks related to integrating new businesses and adapting to operational changes, which may adversely affect revenue generation and profitability[66]. Regulatory and Compliance Challenges - The company’s operations depend on its ability to navigate a complex regulatory environment, with non-compliance potentially resulting in penalties[27]. - Regulatory compliance is critical, with potential penalties for non-compliance that could adversely affect business operations[84]. - The company may incur additional costs to comply with regulatory requirements as a stand-alone public company, which could affect financial performance[125]. - The company is subject to various cyber-security risks that could compromise sensitive client information, potentially leading to significant financial losses and reputational damage[104]. Investment and Financial Risks - The company’s capital market solutions business is subject to various risks associated with market sentiment and macroeconomic conditions, affecting income sustainability[26]. - The company’s investments are subject to liquidity, concentration, regulatory, and credit risks, which may materially affect its financial condition[26]. - The strategic investment portfolio is concentrated in a limited number of industries, exposing the company to risks associated with downturns in specific sectors[52][57]. - The company is subject to risks associated with limited control over investee companies, which may affect the fair value of investments and overall financial condition[53]. Shareholder and Governance Issues - The controlling shareholder owns 40.8% of the company's ordinary shares, representing 85.3% of total voting power, which may lead to conflicts of interest[141]. - The company may not continue to receive the same level of support from its controlling shareholder, which could adversely affect its financial condition and operations[137]. - The dual-class share structure allows Class B ordinary shares to have twenty votes per share, while Class A ordinary shares have one vote per share, significantly limiting the influence of Class A shareholders[166]. - The company may face conflicts of interest due to overlapping board members and executives with the Controlling Shareholder, potentially affecting decision-making[144]. Future Outlook and Strategic Plans - The company plans to expand geographically, which may expose it to additional risks and uncertainties[87]. - The company is committed to offering new products and services, which may expose it to new risks and regulatory scrutiny[91]. - The company may require additional funding for growth and development, but there are uncertainties regarding its ability to secure financing on favorable terms[116]. Legal and Liability Concerns - The company is exposed to potential legal and financial liabilities related to its financial advisory and insurance brokerage businesses, which could adversely affect its reputation and financial condition[115]. - The company may be subject to transfer pricing adjustments by tax authorities, which could result in higher tax liabilities and adversely affect its financial results[101]. - There are no current infringement claims against the company, but future claims could result in significant legal costs and operational disruptions[129].

Core Viewpoint - AMTD IDEA Group has authorized a new share repurchase program allowing the company to repurchase up to US$20 million of its shares until the end of the first quarter of 2024 [1] Group 1: Share Repurchase Program - The share repurchase program will be executed in accordance with the Securities Exchange Act of 1934 and the company's insider trading policies [1] - Repurchases may occur in the open market, privately negotiated transactions, block trades, or other legally permissible means, depending on market conditions [2] - The board of directors will periodically review the program and may adjust its terms and size [2] Group 2: Company Overview - AMTD IDEA Group operates as a diversified institution and digital solutions group, connecting companies and investors with global capital markets [3] - The company offers comprehensive business services and digital solutions to meet diverse client needs across various phases of their life cycles [3] - AMTD IDEA Group is positioned as a superconnector between clients, business partners, investee companies, and investors, bridging the East and West [3]

Group 1: Board Appointments - Mr. Jazz Li has been appointed as an independent director of AMTD IDEA and AMTD WME, bringing expertise in the art and entertainment industry to strengthen board diversity [2] - Ms. Joanne Shoveller has been designated as the Co-Chair of the Board of AMTD Digital and the Chair of the Board of AMTD WME, reflecting the company's commitment to women's leadership [3] Group 2: Corporate Governance and Structure - AMTD WME has established an independent Board membership structure, enhancing its corporate governance standards and preparing for its expansion into a new phase of development [4] - The joint venture AMTD WME is now recognized as a standalone business group focused on cultural development and media and entertainment, with a global presence in over 33 countries [4] Group 3: Leadership and Research Contributions - Dr. Timothy Tong, an independent director of AMTD IDEA and Chairman of AMTD Digital, has been appointed as the Chairman of the Research Grants Council by the Hong Kong SAR Government, effective March 1, 2024 [5]

PARIS & NEW YORK & SINGAPORE--(BUSINESS WIRE)--AMTD IDEA Group (“AMTD IDEA” or “Company”, NYSE: AMTD; SGX: HKB) announced today that the Company has successfully completed the repurchase of all of the shares authorised under the US$40 million repurchase program previously announced. Dr. Feridun Hamdullahpur, Chairman of the Company commented, “We are fully confident about the sustainable values of the Company as well as the diversity harvested through the Company’s successful international business devel ...

PARIS & NEW YORK--(BUSINESS WIRE)--AMTD Digital Inc. (NYSE: HKD) (“AMTD Digital” or the “Company”), a comprehensive digital solutions and global hospitality and VIP services platform headquartered in France, today provided further details regarding its profit estimate for the six months ended October 31, 2023 previously announced on January 25, 2024. For the six months ended October 31, 2023, the Company is expecting a contribution of US$16 million from its entertainment and movie businesses. The most rece ...

PARIS & NEW YORK--(BUSINESS WIRE)--AMTD Digital Inc. (NYSE: HKD) (“AMTD Digital” or the “Company”), a comprehensive digital solutions and global hospitality and VIP services platform headquartered in France, today announced a positive profit estimate for the six months ended October 31, 2023. During the six months ended October 31, 2023, despite the global economic slowdown and rising geopolitical uncertainties that led to great volatility in international markets overall, the Company demonstrated strong r ...

Exhibit 99.1 | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------| | | Pages | | REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB ID No. 1104) | F-2 | | CONSOLIDATED FINANCIAL STATEMENTS | | | Consolidated statements of profit or loss and other comprehensive income for the years ended December 31, 2020, 2021 and | | | 2022 | F-3 | | Consolidated statements ...