Core Viewpoint - The Hong Kong retail sector is showing signs of gradual recovery, with an expected 2.4% growth in total retail sales value in 2025 compared to 2024, although some retail segments still face challenges that may hinder overall market recovery [1] Group 1: Business Performance - The company recorded a total merchandise transaction value of HKD 8.43 billion in 2025, reflecting a slight decline of 1.7% year-on-year [1] - HKTVmall's total merchandise transaction value was HKD 7.98 billion, down 3.5% year-on-year, while the fresh food market segment saw significant growth, achieving a 47.1% increase to HKD 394.4 million in total merchandise transaction value [1] - The number of independent customers for HKTVmall reached a record high of 1,539,000 in 2025, up from 1,519,000 in 2024, indicating a strong customer base despite a challenging retail environment [1] Group 2: Market Trends - There is a notable 12.3% year-on-year growth in outbound tourism for Hong Kong residents in 2025, alongside the ongoing evolution of local residents' cross-border consumption patterns, which are reshaping the overall retail landscape in Hong Kong [1] - The monthly active independent devices for HKTVmall remained stable at approximately 1.6 million in December 2025, showing no significant fluctuations even during peak holiday seasons, providing a solid foundation for the company's core business [2]