Group 1 - The core viewpoint of the report is that OSL Group (00863) is projected to achieve revenues of HKD 6.7 billion, HKD 11.9 billion, and HKD 18.1 billion for the years 2025, 2026, and 2027 respectively, with a target price set at HKD 21 and an initial "Buy" rating [1] - OSL's revenue composition is primarily driven by digital asset trading income, which accounted for 51% of total revenue in H1 2025, with a trading volume of HKD 68.2 billion, representing a year-on-year increase of 200% [1] - As of the end of H1 2025, OSL's custodial assets reached HKD 5.7 billion, reflecting a year-on-year growth of 50% [1] Group 2 - OSL is recognized as the first compliant digital asset exchange in Hong Kong, having obtained the first digital asset trading platform license issued by the SFC, positioning itself ahead in the compliance process [1] - The company is expected to benefit directly from the ongoing prosperity of the Web 3.0 ecosystem in Hong Kong, being the only platform in the market that offers a full suite of customizable solutions including RFQ and Orderbook [1] - OSL has established deep partnerships with over 50 licensed brokers and banks in Hong Kong, leading in trading volume market share, with its partnered ETFs accounting for approximately 64% of the managed assets in the Hong Kong digital asset spot ETF market as of December 31, 2024 [1] Group 3 - The company's growth is driven by both organic growth and strategic acquisitions, with the new business OSLPay officially launched in April 2025, generating revenue of HKD 55.9 million in H1 2025, which constitutes 29% of total revenue, primarily from Europe [2] - Payment services are expected to become a key focus area for the company, covering deposit and withdrawal channels as well as cross-border payments [2] - OSL has obtained licenses in regions such as Australia, Japan, and Italy, and plans to acquire Banxa in June 2025, which holds over 40 licenses/registrations globally [2]