OSL Group Conference Call Summary Company Overview - OSL Group has acquired Banzaa, obtaining licenses in 36 states in the US and the UK, as well as the European MiCA license, laying the foundation for global business expansion [2][4] - Banzaa focuses on enterprise client payment infrastructure and compliance systems, providing fiat and cryptocurrency conversion services, which synergizes with OSL's compliance and global expansion efforts [2][6] Key Financial Insights - Banzaa is expected to significantly contribute to OSL's overall revenue, with Banzaa's revenue projected at approximately HKD 54 million for the first half of 2025, compared to OSL's revenue of HKD 195 million during the same period [7] - OSL's payment-related revenue is expected to increase from nearly 30% in the first half of 2025 to over 40%-50% by 2026, reducing reliance on cryptocurrency price fluctuations [2][9] Product Developments - OSL launched the USD Go stablecoin, compliant with the US Genius Act, aimed at simplifying customer choices and providing value-added services for cross-border payments [2][10] - The initial deployment of USD Go is on the Solana blockchain, with high market demand noted, although details on issuance and redemption fees are still unclear [10][11] Strategic Focus Areas - In 2025, OSL's main revenue sources are expected to be from Hong Kong OTC business and European inflow/outflow operations [12] - For 2026, OSL plans to expand its BizPay payment service provider network, enhance its exchange business in Europe, and focus on the Indonesian market, aiming for a 50% growth in existing business lines and double-digit growth from new ventures [12] Competitive Landscape - The recent listing of Hashkey is seen as a positive signal for the industry, with a focus on revenue scale rather than trading volume. Hashkey's projected total revenue for 2024 is approximately HKD 540 million, compared to OSL's HKD 375 million [5][14] - OSL is expected to meet the entry standards for the Hong Kong market, with announcements anticipated on February 20, 2026, and effective from March 9, 2026 [17] Regulatory Environment - The issuance of stablecoin licenses in Hong Kong may favor banks, but if used outside the system, OSL may seek partnership opportunities. Clarified policies are expected to enhance cross-border payment penetration [18] - Current regulations are strict for retail investors but less so for professional investors and institutions, indicating a potential shift in the regulatory landscape that needs ongoing monitoring [19][20] Conclusion - The acquisition of Banzaa and the launch of USD Go are pivotal for OSL's growth strategy, with a strong focus on compliance and expanding its service offerings in the payment sector. The company is well-positioned to leverage its new licenses and partnerships to enhance its market presence and financial performance in the coming years [2][4][12]

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]