智通财经网·2026-03-16 12:16Core Viewpoint - Hong Kong Technology Exploration (01137) reported a challenging local retail environment but maintains a solid business foundation, with adjusted EBITDA expectations for its e-commerce business between HKD 305 million and HKD 315 million for the fiscal year ending December 31, 2025 [1] Group 1: Business Performance - The company expects stable monthly active users on HKTVmall at approximately 1.6 million [1] - The independent customer base is projected to reach a record high of 1.539 million by 2025, up from 1.519 million in 2024 [1] Group 2: Financial Outlook - The company anticipates an unaudited loss of between HKD 145 million and HKD 155 million for the fiscal year ending December 31, 2025, compared to a loss of HKD 66.7 million for the fiscal year ending December 31, 2024 [1][2] - Adjusted EBITDA is expected to be between HKD 55 million and HKD 65 million for 2025, down from HKD 121 million in 2024 [1][2] Group 3: Contributing Factors - The increase in losses is attributed to higher adjusted EBITDA losses from new exploration projects, particularly due to ongoing expansion in the street market business before achieving economies of scale [2] - The total gross merchandise value for the Hong Kong e-commerce business declined by 3.5% year-on-year [2] - Non-cash valuation losses were recorded for investment properties, reflecting current market conditions, but these adjustments do not impact the core operations or cash flow of the company [2]