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].
新火科技控股年报：营收高增长 利润承压