Investment Rating - The report does not explicitly state an investment rating for the company [3]. Core Insights - The report aligns with the views of CITIC Lyon Research, highlighting discussions with Sea Group (冬海集团) during the ASEAN Forum regarding the competitive landscape in Brazil, Shopee's profitability guidance, and growth strategies [3]. - Sea Group is prioritizing investments in its logistics network to support Shopee's growth in Brazil, aiming for a GMV growth rate that exceeds industry levels [3][4]. - The company is focusing on enhancing unit economics in Indonesia, where Shopee's profitability is expected to improve due to scale effects, maintaining a competitive edge over TikTok [5]. - In Taiwan, Sea Group's investments are effectively curbing Coupang's market share growth, with expectations of double-digit GMV growth despite potential short-term pressure on profitability [6]. - The Monee loan portfolio is projected to exceed a $4 billion annual target, although this may lead to a decrease in profit margins due to the expansion of services [7]. Summary by Sections Brazil Fulfillment Center Network - Brazil's e-commerce penetration is exceeding expectations, prompting Sea Group to prioritize expansion strategies to build a competitive moat, including increasing fulfillment center penetration from low single digits to a target of 10% [4]. Indonesia Unit Economics - Shopee Indonesia is expected to see improved profitability by 2025 due to scale effects, with a significant contribution to the group's total GMV [5]. Competition in Taiwan - Sea Group is confident in its ability to limit Coupang's market share in Taiwan through modernization of its smart locker network and attracting diverse sellers [6]. Monee Profitability - The acquisition of a digital banking license in Brazil allows Monee to accept deposits and expand its product range, supporting a loan portfolio growth target of over $4 billion annually [7]. Catalysts - Healthy game development from Garena is expected to be a strong catalyst for valuation re-evaluation, alongside industry consolidation and exits of new entrants benefiting Shopee [9].

Investment Rating - The report maintains a positive outlook on Sea Group, indicating a strong GMV growth forecast of 25% for 2026, despite a lower profit margin guidance of 0.6% [3]. Core Insights - Sea Group's Q4 2025 performance showed mixed results, with Shopee's GMV slightly exceeding expectations at $36.7 billion, but the adjusted EBITDA margin of 0.55% fell short [3]. - The management's guidance for 2026 suggests a focus on growth over profitability, with a projected adjusted EBITDA not lower than 2025 levels [3]. - Garena's performance remained resilient, with a 24% year-on-year increase in bookings, although a 20% quarter-on-quarter decline was noted due to previous promotional activities [3]. Summary by Relevant Sections Financial Performance - Sea Group reported a net profit of $411 million, aligning with expectations, driven by Shopee's GMV growth and Garena's business performance [3]. - Shopee's revenue reached $5 billion, with a slight increase in monetization rate to 13.5%, although the adjusted EBITDA margin weakened to 0.6% [3]. - Monee's loan portfolio expanded significantly to $9.2 billion, with a stable non-performing loan rate of 1.1% [10]. Business Segments - E-commerce accounted for 68.9% of total revenue, while digital entertainment and financial services contributed 16.6% and 13.5%, respectively [7]. - The geographical revenue breakdown shows 81.7% from Asia, 17.5% from the Americas, and minimal contributions from other regions [7]. Market Position and Competitive Landscape - The report highlights that Garena's game development will be a key catalyst for valuation improvement, while market consolidation in e-commerce may benefit Shopee [4]. - The competitive landscape includes threats from new entrants like TikTok in the e-commerce space, and the online gaming sector faces uncertainties due to changing consumer preferences and technological advancements [5].

Financial Data and Key Metrics Changes - Gross service revenues reached PHP 212.2 billion, up 2% or PHP 3.8 billion year-on-year [4] - Net service revenues reached PHP 196.2 billion, marking a record [4] - EBITDA, excluding MRP costs, rose 3% to PHP 111.2 billion, with margins steady at 52% [4] - Telco core income was PHP 33.9 billion, down 3%, mainly due to higher financing costs and depreciation [4][16] - Core income improved to PHP 34.6 billion, up 1%, supported by Maya's swing to profitability [4][16] Business Line Data and Key Metrics Changes - Wireless consumer revenues were PHP 85 billion, steady year-on-year [5] - Fiber revenues grew 6% to PHP 59.4 billion, accounting for 98% of Home revenues [6] - Enterprise revenues grew to a record PHP 48.4 billion, with corporate data and ICT growing 3% to PHP 36.3 billion [6][12] - Fixed wireless revenues were up 22% year-on-year, supported by the shift from 4G to 5G [11] Market Data and Key Metrics Changes - Mobile data traffic grew 7% to 5,900 petabytes in 2025, with active data users reaching 43.2 million [10] - 5G devices were up 35% to 11.2 million, while 5G data traffic rose 88% [10] - Total loans disbursed by Maya reached PHP 256 billion since 2022, with deposit balances at approximately PHP 68 billion, up 72% year-on-year [20] Company Strategy and Development Direction - The company is focusing on maintaining positive free cash flow and reducing CapEx, with guidance for 2026 in the mid PHP 50 billion range [17][19] - Continued investment in digital infrastructure and the development of Maya as a leading digital financing platform [20][23] - The launch of the country's first operational hyperscale facility through VITRO, aimed at supporting enterprise and public sector workloads [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in market position supported by improving operational fundamentals and strategic investments [26] - The Philippine telco industry was described as anemic in 2025, with PLDT's revenues growing by 1% compared to a slight decline for competitors [86] - Management anticipates improvement in the industry in 2026, with hopes for better performance alongside competitors [87] Other Important Information - Total cash OPEX came in at PHP 84.9 billion, down 1% year-on-year, reflecting disciplined spending [15] - PLDT continues to be rated investment grade by S&P and Moody's, with stable outlooks [18] - The company is making notable gains in sustainability, being included in the S&P Global Sustainability Yearbook for the second consecutive year [24] Q&A Session Summary Question: What drove the difference in mobile growth between PLDT and Globe? - The growth for PLDT was driven by hyper-personalization offers that allowed upselling, while Globe saw subscriber growth [28][30] Question: What influenced the flat broadband growth and ARPU softness? - The flat growth was impacted by major calamities that diverted resources to repairs, affecting installation activity [31][32] Question: Update on Konektadong Pinoy and Maya's IPO? - The implementation of the KP Act is ongoing, with eligibility criteria released [37][38] - No comments on Maya's IPO at this time [40] Question: What is the update on the data center stake sale? - A late IPO for the data center is being considered, with an international bank assisting [42] Question: What is driving the increase in interest expense? - The increase is attributed to interest rates, loan balances, and accretion on liabilities [68]

Investment Rating - The report does not explicitly provide an investment rating for the company [5]. Core Insights - The report highlights that Sea Group (冬海集团) has significant growth potential in online penetration in Brazil and Southeast Asia, supported by current market trends [5]. - The company is increasing its investment in AI and prioritizing the growth of Gross Merchandise Volume (GMV) to expand its ecosystem and mitigate threats from competitors like Coupang [5]. - Management believes they can narrow the gap with existing competitors such as MercadoLibre in terms of product offerings [5]. - The gaming segment, Garena, may face short-term pressure on deferred revenue due to a high base effect in 2025, while the financial services segment shows significant growth potential [5][7]. Summary by Sections Growth Opportunities - Online consumption in key markets like Brazil and Southeast Asia has substantial growth potential, with Shopee prioritizing GMV growth and ecosystem expansion [5]. - Shopee plans to enhance average order value in Brazil by introducing high-priced products and establishing a fulfillment network [6]. - Management believes that new competitors like Temu and Shein will face challenges in scaling in the Brazilian market [6]. AI and Logistics Investment - Shopee will accelerate AI investments to improve platform efficiency and optimize logistics infrastructure to attract premium brands [5][6]. Market Dynamics - In Indonesia, e-commerce is evolving, with more brands expected to enter through online channels rather than offline [6]. - Shopee's logistics capabilities provide a competitive edge over TikTok, which relies on third-party logistics [6]. Financial Services - The financial services segment has significant growth potential, with plans to utilize AI for credit risk assessment, fraud detection, and loan approvals [5][6]. Key Catalysts - A clear game development roadmap and healthy operations will be crucial for the growth of the gaming segment, potentially leading to a revaluation of the company's multiples [8]. - Further consolidation in the e-commerce industry and news of new competitors exiting the market could benefit Shopee [8].

Core Viewpoint - The government work report emphasizes the importance of exploring and practicing technology innovation to lead industrial innovation over the next five years, highlighting the significance of digital finance for Hebei's modern industrial system and leapfrog development [1][6]. Group 1: Digital Finance Development - Hebei's digital finance has shown significant progress in recent years, laying a solid foundation for industrial upgrading [3][8]. - The chairman of Yuanda Information Technology Co., Ltd. suggests leveraging government guidance, financial support, and enterprise initiative to promote a collaborative effort in building a new digital finance development pattern characterized by data interconnectivity, product adaptation, and ecological prosperity [3][8]. Group 2: Infrastructure and Policy Recommendations - It is recommended that provincial authorities accelerate the construction of digital finance infrastructure, advance the establishment of government data spaces and general computing power platforms, and improve the data security and sharing system to break down data barriers [3][8]. - The use of platforms like the "Hebei Digital Industry Association" and the Hebei Digital Finance Industrial Park is encouraged to convert data credit into corporate financing capabilities, with financial subsidies and risk compensation for projects that effectively serve the real economy [4][8]. Group 3: Financial Product Innovation - Financial institutions are urged to deepen product innovation to ensure that financing effectively supports the real economy, with banks focusing on creating a multi-dimensional credit evaluation system that quantifies various enterprise data into "digital credit" [4][9]. - Customized financial services should be developed for specific industrial clusters, and inclusive financial support should be increased for new business entities and laborers in emerging industries [4][9]. Group 4: Corporate Engagement and Knowledge Enhancement - Companies are encouraged to actively engage in the digital ecosystem, manage their data responsibly, and utilize digital financial tools to broaden financing channels and enhance supply chain financial systems [4][9]. - There is a call for strengthening digital finance knowledge and improving the ability to use digital methods for production, operation, and risk management, ensuring that corporate development aligns with the digital finance ecosystem [4][9]. Group 5: Future Outlook - Continuous attention to digital finance developments is emphasized, with a commitment to making digital finance a strong engine for high-quality industrial development in Hebei, contributing to the province's economic strength [5][9].

Core Insights - The company, Qianxun Technology (01640), announced the launch of its global digital currency financial service platform, PayKet, on December 19, 2025 [1] - The introduction of PayKet signifies the company's expansion into the digital currency financial services sector, building on its strategy of integrating AI technology, SaaS platforms, and supply chain solutions [1] - The platform aims to create a cross-border trade financial service ecosystem driven by both AI technology and Web3 trading platforms [1]

Group 1 - The core viewpoint of the article is that Qianxun Technology (01640) is launching a global digital currency financial service platform called PayKet on December 19, 2025, which is based on compliant stablecoins [1] - The launch of PayKet signifies the company's further expansion into the digital currency financial services sector, building on its strategy of integrating AI technology, SaaS platforms, and supply chain [1] - The aim of PayKet is to create a cross-border trade financial service ecosystem driven by both AI technology and a Web3 trading platform [1]

Core Viewpoint - Qianxun Technology (01640.HK) is set to launch a global digital currency financial service platform, PayKet, on December 19, 2025, which will leverage compliant stablecoins to enhance cross-border trade financial services [1] Group 1: Key Features and Services - Cross-border trade settlement: PayKet utilizes compliant stablecoins (USDT/USDC) to address issues such as long settlement periods, significant exchange rate risks, and high fees associated with traditional SWIFT systems, enabling instant fund transfers and significantly improving capital turnover efficiency [2] - Supply chain finance and digital currency wealth management: By integrating the company's self-developed IoT smart warehousing technology and AI pricing prediction models, PayKet offers new credit intermediary services, digitizing inventory and utilizing smart contracts to lower financing barriers and costs for enterprises; idle funds can also be managed on the platform through low-risk compliant digital currency wealth management [2] - Enterprise and consumer wallets: The PayKet system includes an enterprise wallet for B-end merchants and a consumer wallet currently under development for C-end users, along with the PayKetU card service, which connects to Visa/Master/UnionPay, facilitating online and offline consumption scenarios [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內 容而引致的任何損失承擔任何責任。 Qian Xun Technology Limited 千循科技有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1640） 自願性公告 業務最新發展 推出全球化數幣金融服務平台－「PayKet」 本公告乃由千循科技有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會（「董事會」）自願作 出，旨在知會其股東和潛在投資者有關本集團的最新發展。 董事會欣然宣佈，本集團於2025年12月19日，正式推出以合規穩定幣為基石的全球化數幣金融服務 平台－PayKet。 PayKet (https://www.payket.com/ ) 的推出標誌著本集團在深化「AI技術+SaaS平台+供應鏈」戰略的基 礎上，進一步拓展至數幣金融服務領域，旨在構建AI技術與Web3交易平台雙輪驅動的跨境貿易金融 服務生態。 1. 核心功能與服務： • 跨境貿易結算：PayKet利用合規穩定幣(USDT/USDC)支付結算 ...

Group 1 - The core viewpoint of the article highlights the financial performance of 尚乘数科 (HKD), noting a significant decrease in revenue but a substantial increase in net profit [1] - As of October 31, 2023, 尚乘数科 reported total revenue of $8.673 million, a year-on-year decrease of 37.69% [1] - The company achieved a net profit attributable to shareholders of $31.94 million, reflecting a year-on-year increase of 188.11% [1] Group 2 - 尚乘数科 was established on September 12, 2019, in the Cayman Islands as an exempted limited liability company [1] - The company primarily engages in providing digital financial services and spider web ecosystem solutions, including insurance brokerage services and digital investment activities [1] - Additionally, the group invests in innovative technology companies [1]