Group 1: Market Overview - The report indicates that the Hong Kong stock market is expected to experience low trading activity ahead of the Christmas holiday, with the Hang Seng Index showing a slight increase of 192 points or 0.75% on the last trading day before the holiday [2][3] - The Hang Seng Index closed at 25,690.53 points, with a weekly decline of 286 points or 1.1% [2][3] - The report notes that the majority of blue-chip stocks saw gains, particularly in the tech sector, with notable increases in Alibaba, Baidu, Tencent, and Meituan [3] Group 2: Economic and Industry Insights - Goldman Sachs predicts that global stock markets will continue to rise next year due to corporate earnings growth and the Federal Reserve's accommodative monetary policy, although returns are expected to be more moderate compared to 2025 [6] - The report highlights that the Chinese economy still faces several bottlenecks in its circulation, with local protectionism and market segmentation hindering the free flow of goods and resources [7][8] - The National Development and Reform Commission emphasizes the need to deepen the construction of a unified national market to address these issues and enhance domestic circulation, especially as external demand weakens [8] Group 3: Company News - HKTVmall's parent company, Hong Kong Technology Exploration, appointed former CEO of Hong Kong Broadband, Yang Zhuoguang, as an independent non-executive director, effective January 1 [10] - Vanke reported that its management shareholding remains unchanged, and the company is actively promoting bulk asset transactions, having completed 19 projects with a total signed amount of 6.86 billion RMB in the first three quarters [11] - Minhua Holdings announced the acquisition of the American furniture manufacturer Gainline Recline for approximately 320 million USD, which is expected to enhance its distribution network and production capabilities in the U.S. [12]

業務更新 及 二零二五年十一月之未經審核營運數據 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分 內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 香港科技探索有限公司（「本公司」，連同其附屬公司統稱為「本集團」）董事會（「董 事會」）欣然宣佈本集團若干業務更新及二零二五年十一月未經審核營運數據。 (1) 業務更新 繼十月感謝祭於月內結束後，香港電子商貿業務於二零二五年十一月之表現放 緩。 平均每日訂單數量按月下降 2.6%至 48,800 張（二零二五年十月：50,100 張）， 及平均訂單值按月下降 2.0%至 434 港元（二零二五年十月：443 港元），促使 二零二五年十一月之平均每日訂單總商品交易額 i 按月下降 4.5%至 21,200,000 港元（二零二五年十月：22,200,000 港元），而二零二五年十一月之每月訂單 總商品交易額則錄得 636,000,000 港元（二零二五年十月：688,000,000）。 1 (2) 本集團二零二五年十一月之香港電子商貿業務 (不包括 HKT ...

Economic Indicators - China's Consumer Price Index (CPI) rose by 0.2% in October, marking a shift from two consecutive months of deflation[2] - The Producer Price Index (PPI) saw a narrowing decline, indicating potential stabilization in manufacturing prices[2] Market Performance - The Hang Seng Index closed at 26,241.83 points, down 0.92% for the day and up 30.82% year-to-date[5] - The Technology Index fell by 1.80%, while the Financial Index decreased by 0.22%[5] Stock Highlights - HKTVmall reported a total merchandise transaction value of HKD 688 million in October, a month-on-month increase of 6.01% but a year-on-year decrease of 4.31%[7] - Major blue-chip stocks showed weakness, with HSBC down 0.6% and Hong Kong Exchanges and Clearing down 1%[7] Investment Recommendations - Tencent Holdings (700.HK) has a target price of HKD 550, with a current price of HKD 554, reflecting a 6.18% increase from the recommendation date[10] - The stock of Minth Group (425.HK) is recommended with a target price of HKD 41, currently priced at HKD 38.14, showing a year-to-date increase of 152.25%[12] Commodity Prices - New York crude oil prices rose by 0.54% to USD 59.75 per barrel, while Brent crude increased by 0.39% to USD 63.63[5] - Gold prices increased by 0.47%, reaching USD 4,009.80 per ounce, with a year-to-date increase of 52.28%[5]

Core Insights - HKTVmall's total merchandise transaction value for October reached HKD 688 million, representing a month-on-month increase of 6.01% but a year-on-year decrease of 4.31% [1] - The average daily transaction value was HKD 22.2 million, showing a month-on-month increase of 2.78% and a year-on-year decline of 4.31% [1] - The number of independent customers reached 620,000, with a month-on-month increase of 1.64% and a year-on-year increase of 2.31% [1] Company Strategy - The company plans to invest HKD 250 million in marketing, promotion, and advertising activities as part of its strategic plan for 2026 [1] - The goal is to have one in three adults in Hong Kong as a user of HKTVmall [1] - The company aims to expand its services to under-served customer segments, including the elderly and younger demographics, as well as tourists and professionals from mainland China [1] - HKTVmall plans to introduce a "3-hour delivery" service covering supermarket, market, and personal care categories, with an expected product range of 80,000 to 100,000 items [1] Industry Context - The retail landscape is being reshaped by changes in consumer behavior, increased outbound tourism, and intensified competition from mainland China and other international e-commerce platforms [1] - The company views these changes as an irreversible trend that will continue to exert pressure on the retail industry [1]

業務更新 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分 內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 及 二零二五年十月之未經審核營運數據 香港科技探索有限公司（「本公司」，連同其附屬公司統稱為「本集團」）董事會（「董 事會」）欣然宣佈本集團若干業務更新及二零二五年十月未經審核營運數據。 (1) 業務更新 香港電子商貿業務於二零二五年十月略有回升，主要由十月感謝祭所帶動。平 均每日訂單總商品交易額 i 增長 2.8%至 22,200,000 港元（二零二五年九月： 21,600,000 港元），令每月訂單總商品交易額達 688,000,000 港元（二零二五年 九月：649,000,000 港元）。 客戶參與度維持強勁： 二零二五年即將結束，香港零售業仍面臨結構性挑戰。過去十個月，消費模式 的轉變、出境旅遊的增加以及來自中國內地及其他國際網購平台日趨激烈的競 爭，重塑了零售業格局，預期這些因素將繼續為行業造成壓力。 1 • 獨立客戶數目增至 620,000 名（二零二五年九月：610,000 ...

Group 1: Market Overview - The Hang Seng Index rose by 168 points, closing at 26,027 points, marking a two-day cumulative increase of 780 points or 3.09% [3][4] - The total market turnover for the day was 26.46 billion HKD, with a net inflow of 1.171 billion HKD from northbound trading [3][4] Group 2: Macro & Industry Dynamics - Hong Kong's Financial Secretary emphasized the commitment to maintaining a free and open trade and investment environment, urging global cooperation to promote sustainable economic growth amid rising unilateralism and tariff challenges [7] - The Hong Kong Financial Development Council launched a global promotional campaign showcasing Hong Kong's unique advantages in capital markets, emphasizing its unmatched capital leadership and vibrant international financial market [8] Group 3: Company News - Little Fish Interactive reported the successful application of AIGC technology in producing five short dramas, significantly reducing production costs and time [12] - HKTVmall's total order value for September was 649 million HKD, reflecting a month-on-month decline of 4.28% and a year-on-year decrease of 2.41% [13] - Luk Fook Holdings announced a 10% increase in same-store sales for the second quarter, with overall retail value and income also showing significant growth [14] - China Telecom reported a 5.03% year-on-year increase in net profit for the first three quarters, with service revenue growing by 0.9% [15]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分 內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 業務更新 及 二零二五年八月之未經審核營運數據 香港科技探索有限公司（「本公司」，連同其附屬公司統稱為「本集團」）董事會（「董 事會」）欣然宣佈本集團若干業務更新及二零二五年八月未經審核營運數據。 (1) 業務更新 儘管本地零售環境持續面臨挑戰，本集團的香港電子商貿業務於二零二五年八 月較二零二五年七月仍錄得穩定表現。 1 1. 儘管香港居民於暑假期間外遊持續上升，仍展現出對我們香港電子商貿平 台穩健的消費需求。二零二五年八月的平均每日訂單總商品交易額 i 微升 0.5%至 21,900,000 港元 (二零二五年七月：21,800,000 港元)。此促成二零二 五年八月之每月訂單總商品交易額達到 678,000,000 港元 (二零二五年七月： 675,000,000 港元)。 2. 然而，鑒於經濟增長疲弱、跨境購物的不可逆趨勢以及消費者頻繁外遊，二 零二五年八月的平均每日訂單總商品交易額及每月訂單總 ...

Core Viewpoint - Hong Kong Technology Exploration (01137) reported a slight decline in revenue but improved net loss, indicating a focus on enhancing customer experience and expanding logistics capabilities [1] Financial Performance - Revenue for the six months ending June 30, 2025, was HKD 1.888 billion, a year-on-year decrease of 0.5% [1] - Net loss narrowed to HKD 23.205 million, a year-on-year improvement of 15.6% [1] - Basic loss per share was HKD 0.03 [1] Business Operations - HKTVmall remains the core business, providing stable income for the group [1] - The company offers an "eight-hour express delivery service," aiming to enhance customer shopping experience [1] - Currently collaborates with over 6,400 merchants and suppliers to provide a wide range of product price options [1] Strategic Initiatives - The company plans to host various workshops to improve digital operations and sales capabilities for retailers [1] - There is an ongoing effort to further shorten delivery times through logistics arrangements [1] - The company is actively developing third-party logistics services and ThePlace independent online store solutions to support e-commerce growth for retailers [1]

Core Viewpoint - Hong Kong Technology Exploration (01137) reported a slight decline in revenue but a reduction in net loss, indicating a focus on improving operational efficiency and customer experience through its core business, HKTVmall [1] Financial Performance - Revenue for the six months ending June 30, 2025, was HKD 1.888 billion, a decrease of 0.5% year-on-year [1] - Net loss narrowed to HKD 23.205 million, representing a 15.6% improvement compared to the previous year [1] - Basic loss per share was HKD 0.03 [1] Business Operations - HKTVmall remains the core business, providing stable revenue for the group [1] - The company is enhancing customer shopping experience through an "eight-hour express delivery service," promising delivery by the same evening for orders placed before 1 PM [1] - Currently collaborating with over 6,400 merchants and suppliers to offer a wide range of product price options [1] Strategic Initiatives - The company aims to align with new retail trends in Hong Kong by hosting various workshops to enhance digital operations and sales capabilities for retailers [1] - Continued development of third-party logistics services and ThePlace independent online store solutions to support retailers in e-commerce growth [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分 內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 業務更新 及 二零二五年七月之未經審核營運數據 香港科技探索有限公司（「本公司」，連同其附屬公司統稱為「本集團」）董事會（「董 事會」）欣然宣佈本集團若干業務更新及二零二五年七月未經審核營運數據。 (1) 業務更新 本集團之香港電子商貿業務於二零二五年七月與二零二五年六月相比，表現維 持穩定。 1 | | 二零二五年七月份內 | 二零二五年六月份內 | 二零二四年七月份內 | | --- | --- | --- | --- | | 獨立客戶數目（調整至最接近的千位數） | 605,000 | 601,000 | 615,000 | | | 二零二五年七月份內 ii | 二零二五年六月份內 | 二零二四年七月份內 | | 每月活躍獨立設備 ii | 1,477,000 | 不適用 | 不適用 | | 每月活躍 HKTVmall 應用程式用戶 iii | 不適用 | 1,591,000 | 1,634,00 ...