OSL 集团 20260108 摘要 OSL 集团通过并购 Banzaa 获得了包括美国和英国在内的 36 个州的牌 照，以及欧洲 MiCA 牌照，为全球业务扩张奠定基础，并预计 Banzaa 的收入将显著贡献于集团整体营收。 Banzaa 专注于企业客户支付基础设施和合规系统，提供法币与加密货 币双向转换服务，与 OSL 在合规、企业客户和全球拓展方面具有协同效 应，并购有助于 OSL 实现资金自由流动的愿景。 OSL 在支付业务上投入较多，2025 年上半年支付相关收入占比近 30%，预计 2026 年将提升至 40%-50%以上，差异化战略有助于降低 对币价波动的依赖，增强收入和业绩的稳定性。 OSL 推出符合美国 Genius 法案要求的合规稳定币 USD Go，旨在简化 客户选择，提供跨境支付等增值服务，初期部署于索拉纳区块链，市场 对其需求较高，但发行费和赎回费细节尚未明确。 2025 年 OSL 集团主要收入来源于香港 OTC 业务及欧洲出入金业务。 2026 年将重点拓展 BizPay 支付服务商网络，扩展欧洲交易所业务，关 注印尼市场，目标是保持原有业务线 50%的增速，并通过新业务实现双 ...

Group 1: Construction Industry Overview - The construction industry is currently under pressure, with revenue and profit expected to improve in the fourth quarter of 2025 due to increased funding and project commencement [2][5] - In the first three quarters of 2025, the construction sector achieved revenue of 5.85 trillion yuan, a year-on-year decline of 5.51%, and a net profit of 123.9 billion yuan, down 10.06% [6][8] - The overall gross margin for the construction sector in 2025 Q1-3 was 9.91%, with a net margin of 2.61%, reflecting a slight decline compared to the previous year [6][7] Group 2: Central Enterprises Performance - Nine major state-owned construction enterprises accounted for 83.45% of the sector's revenue and 83.99% of net profit in the first three quarters of 2025, indicating their dominant role in the industry [8] - Excluding state-owned enterprises, the sector's revenue decline deepened to -12.37%, while the net profit decline narrowed to -5.48%, highlighting the stabilizing effect of state-owned enterprises on revenue [8][9] - The new contracts signed by state-owned enterprises in 2025 Q1-3 totaled approximately 10.5 trillion yuan, a year-on-year increase of about 1.31% [8] Group 3: Investment Recommendations - The report suggests focusing on high-dividend, low-valuation stocks in a context of loose liquidity and low interest rates, recommending companies like Jianghe Group and Sichuan Road & Bridge [9] - It also emphasizes the importance of companies that are clearly transitioning towards new energy, smart manufacturing, and digital construction, indicating a growth potential in these areas [9] Group 4: OSL Group Overview - OSL Group is a licensed digital asset trading and payment platform, recognized as the first major virtual asset trading platform in Hong Kong [12][13] - The company has developed a digital asset ecosystem comprising brokerage, payment, asset management, exchange, and institutional services, with significant revenue contributions from brokerage and payment services [13][14] - OSL is transitioning from a single trading platform to a comprehensive digital asset financial infrastructure provider, with advantages in payment services and a robust global compliance network [14][15] Group 5: Market Opportunities for OSL - The digital asset industry is expected to benefit from a shift in monetary policy, clearer global regulatory frameworks, and the entry of institutional funds, presenting growth opportunities for OSL [13][14] - The company anticipates significant revenue growth, with projected non-IFRS revenues of 467 million, 764 million, and 1.22 billion HKD for 2025-2027, reflecting a compound annual growth rate of 89% [15]