Core Viewpoint - Hong Kong Technology Exploration (01137) continues to maintain a solid business foundation despite challenges in the local retail environment, including a moderate recovery pace, changes in cross-border consumption patterns, and increased overseas travel by Hong Kong residents [1] Group 1: Business Performance - The adjusted EBITDA for the Hong Kong e-commerce business is expected to be between HKD 305 million and HKD 315 million for the fiscal year 2025, compared to HKD 329 million for 2024 [1] - The monthly active unique devices on HKTVmall remain stable at approximately 1.6 million [1] - The 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, with adjusted EBITDA expected to be between HKD 55 million and HKD 65 million [1][2] - This projected loss and decline in adjusted EBITDA are attributed to increased losses from new exploration projects and a 3.5% year-on-year decrease in total merchandise transaction value for the Hong Kong e-commerce business [2] - Non-cash valuation losses on investment properties, reflecting current market conditions, will not impact the company's core operations or cash flow [2]