Core Viewpoint - Hong Kong Technology Exploration (01137.HK) reported its annual performance for 2025, indicating a stable performance in its electronic commerce business despite a slight decline in overall order transaction value and a net loss for the year [1][2] Financial Performance - The total gross merchandise transaction value for the group decreased slightly by 1.9% to HKD 8.426 billion in 2025 [1][2] - Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was HKD 60.4 million, down from HKD 121 million in 2024 [1][2] - The adjusted free cash flow for 2025 was HKD 43.6 million, compared to a cash outflow of HKD 33.4 million in 2024 [1][2] - The net loss for the year was HKD 150 million, an increase from a net loss of HKD 66.7 million in 2024, attributed to losses from new exploration and technology businesses, as well as an increase in certain non-cash and non-recurring items [1][2] Business Segments - The electronic commerce business in Hong Kong generated an adjusted EBITDA of HKD 309 million, partially offset by an adjusted EBITDA of HKD 222 million from new exploration and technology businesses [1][2] Balance Sheet - The balance sheet remains robust, with net cash and liquid assets amounting to HKD 488 million, down from HKD 713 million as of December 31, 2024, primarily due to a special dividend payout of HKD 299.6 million in June 2025 [1][2]

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]

Core 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]

Core Viewpoint - Hong Kong Technology Exploration (01137) reported a slowdown in its electronic commerce business performance for February 2026, indicating a decline in key metrics compared to the previous month [1] Group 1: Business Performance - The average daily order total merchandise transaction value decreased by 8.0% month-on-month to HKD 21.9 million in February 2026, down from HKD 23.8 million in January 2026 [1] - The total merchandise transaction value for monthly orders fell by 16.9% month-on-month to HKD 614 million in February 2026, compared to HKD 739 million in January 2026 [1] Group 2: Customer Metrics - The number of independent customers declined to 589,000 in February 2026, down from 640,000 in January 2026; however, this figure remains higher than the 562,000 independent customers in February 2025, indicating a stable customer base [1]

智通财经APP讯，香港科技探索(01137)发布公告，香港电子商贸业务于2026年2月的表现有所放缓：平 均每日订单总商品交易额按月下降8.0%至2190万港元(2026年1月：2380万港元)，令每月订单总商品交 易额按月下降16.9%至6.14亿港元(2026年1月：7.39亿港元);独立客户数目下降至58.9万名(2026年1月： 64万名)，惟仍高于2025年同月的56.2万名独立客户，反映本集团拥有稳固的客户基础。 ...

Group 1 - The core viewpoint of the article indicates that Hong Kong Technology Exploration (01137.HK) has experienced a slowdown in its electronic commerce business performance as of February 2026 [1] Group 2 - The average daily order total merchandise transaction value decreased by 8.0% month-on-month to HKD 21.9 million (January 2026: HKD 23.8 million), leading to a monthly total merchandise transaction value decline of 16.9% to HKD 614 million (January 2026: HKD 739 million) [1] - The number of independent customers decreased to 589,000 (January 2026: 640,000), although it remains higher than the 562,000 independent customers in the same month of 2025, reflecting a solid customer base with increased activity [1]

Core Viewpoint - Hong Kong Technology Exploration (01137) reported a significant rebound in its e-commerce business performance for January 2026, following the typical seasonal slowdown in December 2025 [4]. Group 1: Business Performance - The average daily gross merchandise value (GMV) increased by 13.9% month-on-month to HKD 23.8 million in January 2026, compared to HKD 20.9 million in December 2025 [4]. - The total monthly GMV reached HKD 739 million in January 2026, up from HKD 649 million in December 2025 [4]. - The number of independent customers rose by 6.1% to 640,000 in January 2026, compared to 603,000 in December 2025 [4]. - The number of active independent devices remained stable at 1.563 million in January 2026, compared to 1.572 million in December 2025 [4]. Group 2: Factors Influencing Performance - The rebound in performance was primarily driven by post-holiday consumer demand, which was supported by a month-on-month decline of approximately 9.6% in local residents traveling abroad [4]. - The early consumption ahead of the Lunar New Year also contributed to the increase in order volume and customer activity [4]. Group 3: Order Metrics - The average daily order quantity for January 2026 was 50,900, reflecting an 11.4% month-on-month increase and a 13.9% year-on-year increase [4]. - The average order value was HKD 468, showing a 2.2% month-on-month increase but a 9.5% year-on-year decrease [4]. - The average daily GMV for January 2026 was HKD 23.8 million, representing a 13.9% month-on-month increase and a 3.0% year-on-year increase [4]. - The total monthly GMV for January 2026 was HKD 739 million, with a month-on-month increase of 13.9% and a year-on-year increase of 3.1% [4].

Core Viewpoint - Hong Kong Technology Exploration (01137) reported a significant rebound in its electronic commerce business in Hong Kong for January 2026, following a seasonal slowdown in December 2025, driven by post-holiday consumer demand and pre-Lunar New Year spending [1] Group 1: Business Performance - Average daily order gross merchandise value (GMV) increased by 13.9% month-on-month to HKD 23.8 million (December 2025: HKD 20.9 million) [1] - Total monthly order GMV reached HKD 739 million (December 2025: HKD 649 million), reflecting a month-on-month increase of 13.9% [1] - The number of independent customers rose by 6.1% to 640,000 (December 2025: 603,000), while the number of monthly active independent devices remained stable at 1.563 million (December 2025: 1.572 million) [1] Group 2: Order Metrics - The average daily order quantity for January 2026 was 50,900, representing a month-on-month growth of 11.4% and a year-on-year growth of 13.9% [1] - The average order value was HKD 468, showing a month-on-month increase of 2.2% but a year-on-year decrease of 9.5% [1] - The average daily order GMV for January 2026 was HKD 23.8 million, with a month-on-month increase of 13.9% and a year-on-year increase of 3.0% [1] - Total monthly order GMV for January 2026 was HKD 739 million, reflecting a month-on-month increase of 13.9% and a year-on-year increase of 3.1% [1]

Core Viewpoint - Hong Kong Technology Exploration (01137.HK) reported a significant rebound in its electronic commerce business performance in January 2026, following a seasonal slowdown in December 2025. Group 1: Performance Metrics - The average daily order total gross merchandise value increased by 13.9% month-on-month to HKD 23.8 million (December 2025: HKD 20.9 million) [1] - The total monthly gross merchandise value reached HKD 739 million (December 2025: HKD 649 million) [1] Group 2: Customer Engagement - The number of independent customers rose by 6.1% to 640,000 (December 2025: 603,000) [1] - The number of monthly active independent devices remained stable at 1.563 million (December 2025: 1.572 million) [1] Group 3: Contributing Factors - The rebound in performance was primarily driven by post-holiday consumer demand, supported by a month-on-month decline of approximately 9.6% in local residents' outbound travel [1] - Anticipatory consumption ahead of the Lunar New Year also contributed to the increase in order volume and customer activity [1]

Core Perspective - Shenzhen Huaqiangbei has been recognized as one of the "Top Ten Demonstration Cases of Bay Area Integration" in the 2025 Southern Metropolis Street Reputation List, showcasing its innovative practices in six key areas: innovation, commerce, language, finance, life, and transportation [1][13]. Innovation - Huaqiangbei promotes a vibrant innovation ecosystem where creators from around the world can easily integrate and collaborate, supported by policies and resources such as the "Huaqiangbei Maker 11 Articles" [2][4]. - The area has established a mentor team of over 100 industry experts and entrepreneurs, and has successfully incubated over 2,000 cross-border entrepreneurial projects [4]. Commerce - Huaqiangbei extends its "boundaryless commerce" approach beyond product transactions to include rules and services, offering one-stop services like contract review and compliance consulting [7]. - The logistics network consists of over 210 logistics stations, with annual shipments exceeding 1 billion items and a trade value surpassing 100 billion yuan, facilitating trade with 183 countries and regions [7]. Language - Multilingual communication is emphasized in Huaqiangbei, with bilingual maps and translation services available to support 138 languages, enhancing the experience for international visitors [8]. - A volunteer team assists in bridging communication gaps between foreign buyers and local merchants, contributing to a welcoming environment [8]. Finance - Huaqiangbei has developed a comprehensive cross-border payment system that supports major international credit cards, with a 95% acceptance rate for foreign card POS machines [9][10]. - The area also offers efficient cross-border tax refund services, enhancing the shopping experience for international customers [10]. Life - The district provides a one-stop international service system, including over 80 international dining brands and more than 50 international hotels, catering to the needs of global visitors [11]. - Cultural activities and diverse culinary options foster cross-cultural exchanges, with over 100 events held annually attracting more than 10,000 participants [11]. Transportation - Huaqiangbei is enhancing its transportation infrastructure with AI navigation and logistics systems, aiming for efficient connections to global transport networks [12]. - The area boasts a transportation network that allows for quick access to Shenzhen Airport and seamless connections to Hong Kong, positioning it as a key node for regional and global integration [12][13].