Investment Rating - The report maintains a "Recommendation" rating for the industry, expecting the industry index to rise more than 5% over the next 3-6 months compared to the benchmark index [24]. Core Insights - Victory Securities reported a significant turnaround in its financial performance, achieving a net profit of 41.25 million HKD in H1 2025, compared to a loss of 5.76 million HKD in the same period last year, driven by a recovery in the Hong Kong stock market and strong growth in virtual asset business [3][4]. - The company's revenue reached 123.72 million HKD in H1 2025, marking a year-on-year increase of 318.5%, with traditional brokerage services recovering and virtual asset services becoming the largest revenue source, contributing 52% to total revenue [4][10]. - A strategic partnership was established between Victory Securities and Cao Cao Travel, focusing on the application of Real World Assets (RWA) in the transportation sector, which includes tokenizing physical assets and optimizing payment experiences using stablecoins [11][12]. Summary by Sections Financial Performance - In H1 2025, Victory Securities achieved a net profit of 41.25 million HKD, a significant recovery from a loss of 5.76 million HKD in H1 2024 [4][6]. - The company's revenue for H1 2025 was 123.72 million HKD, reflecting a year-on-year growth of 318.5% [8]. Business Segments - Traditional brokerage services accounted for 46% of total revenue in H1 2025, while virtual asset services contributed 52%, indicating a shift in revenue sources [12]. - The brokerage business saw a revenue increase of 205% year-on-year, while virtual asset services experienced a staggering growth of 1989% [4]. Strategic Developments - The partnership with Cao Cao Travel aims to explore innovative applications of RWA, including tokenization of physical assets and enhancing payment solutions for international users [11][12]. - This collaboration positions Victory Securities as a leader in the RWA sector in Hong Kong, expanding its Web3.0 investment banking capabilities [12].

Group 1 - The core viewpoint of the article is that Victory Securities reported significant financial growth for the six months ending June 30, 2025, with a notable increase in revenue and profit compared to the previous year [2] - The company's revenue reached HKD 124 million, representing a growth of 318.5% year-on-year [2] - The profit attributable to the company's owners was HKD 41.2464 million, a turnaround from a loss of HKD 5.7557 million in the same period last year [2] - Basic earnings per share were HKD 0.2127, and the company plans to distribute an interim dividend of HKD 0.015 [2] Group 2 - The revenue growth was primarily driven by increases in income from securities and futures brokerage services, virtual asset services, financing services, commission services, asset management services, and financial advisory services [2]

Core Viewpoint - Victory Securities (08540) reported a significant increase in revenue and profit for the six months ending June 30, 2025, indicating strong performance across various service segments [1] Financial Performance - The company achieved a revenue of HKD 124 million, representing a year-on-year growth of 318.5% [1] - The attributable profit reached HKD 41.2464 million, a turnaround from a loss of HKD 5.7557 million in the same period last year [1] - Basic earnings per share were HKD 0.2127, with a proposed interim dividend of HKD 0.015 [1] Revenue Sources - The increase in revenue was driven by growth in securities and futures brokerage services, virtual asset services, financing services, commission services, asset management services, and financial consulting services [1] - This growth offset a decline in revenue from placement and underwriting services and insurance consulting services compared to 2024 [1]