锋芒 | 新火科技(01611)翁晓奇：从低毛利OTC到数字资产私行级管家，打造加密行业的“亚洲高盛”

Core Insights - The CEO of New Fire Technology, Ong Xiaoqi, emphasizes a strategic shift from a high-volume, low-margin OTC business model to a focus on profitable digital asset private banking services, aiming for sustainable growth and client satisfaction [2][4][5] - The company has seen a significant increase in client interest for its private banking services, with potential clients rising from 130 to over 460 in less than two months, indicating a strong market demand [5][6] - New Fire Technology aims to position itself as a "super connector" between traditional finance and Web3, targeting high-net-worth individuals and institutions rather than competing directly with retail-focused platforms [3][7] Financial Performance - In 2025, New Fire Technology reported a revenue increase of 4.5 times year-on-year, reaching 8.6 billion HKD, although net profit was slightly negative at 9 million HKD due to the low-margin nature of its OTC business [4][5] - The company plans to achieve monthly profitability by the end of 2026 and full profitability by 2027, with a target of exceeding 1,000 clients, contributing over 80% of profits [5][8] Strategic Direction - The company is adopting a "lightweight" operational model, significantly reducing costs by focusing on institutional clients and avoiding the heavy expenses associated with traditional virtual asset trading platforms (VATPs) [6][7] - New Fire Technology is set to expand its private banking services into international markets, including Japan, Dubai, Singapore, and Southeast Asia, leveraging a lightweight licensing strategy [6][7] Market Positioning - The company identifies a gap in the market for institutional services in Hong Kong, contrasting with the U.S. where firms like Coinbase and Galaxy cater to institutional clients [4][5] - By focusing on high-quality clients such as listed companies and family offices, New Fire Technology aims to build a robust client base that is willing to engage in long-term asset allocation [5][8] Organizational Culture - The company promotes a transparent and collaborative organizational culture, emphasizing a flat hierarchy and a focus on talent development rather than hiring high-profile individuals [9][10] - The team structure is designed to maintain efficiency, with a small, agile workforce capable of rapid client growth and service delivery [9][10]