Core Viewpoint - Hong Kong Technology Exploration (01137) continues to maintain a solid business foundation despite challenges in the local retail environment, including a moderate recovery pace, changes in cross-border consumption patterns, and increased overseas travel by Hong Kong residents [1] Group 1: Business Performance - The adjusted EBITDA for the Hong Kong e-commerce business is expected to be between HKD 305 million and HKD 315 million for the fiscal year 2025, compared to HKD 329 million for 2024 [1] - The monthly active unique devices on HKTVmall remain stable at approximately 1.6 million [1] - The customer base is projected to reach a record high of 1.539 million by 2025, up from 1.519 million in 2024 [1] Group 2: Financial Outlook - The company anticipates an unaudited loss of between HKD 145 million and HKD 155 million for the fiscal year ending December 31, 2025, with adjusted EBITDA expected to be between HKD 55 million and HKD 65 million [1][2] - This projected loss and decline in adjusted EBITDA are attributed to increased losses from new exploration projects and a 3.5% year-on-year decrease in total merchandise transaction value for the Hong Kong e-commerce business [2] - Non-cash valuation losses on investment properties, reflecting current market conditions, will not impact the company's core operations or cash flow [2]

Core Viewpoint - Hong Kong Technology Exploration (01137) reported a challenging local retail environment but maintains a solid business foundation, with adjusted EBITDA expectations for its e-commerce business between HKD 305 million and HKD 315 million for the fiscal year ending December 31, 2025 [1] Group 1: Business Performance - The company expects stable monthly active users on HKTVmall at approximately 1.6 million [1] - The independent customer base is projected to reach a record high of 1.539 million by 2025, up from 1.519 million in 2024 [1] Group 2: Financial Outlook - The company anticipates an unaudited loss of between HKD 145 million and HKD 155 million for the fiscal year ending December 31, 2025, compared to a loss of HKD 66.7 million for the fiscal year ending December 31, 2024 [1][2] - Adjusted EBITDA is expected to be between HKD 55 million and HKD 65 million for 2025, down from HKD 121 million in 2024 [1][2] Group 3: Contributing Factors - The increase in losses is attributed to higher adjusted EBITDA losses from new exploration projects, particularly due to ongoing expansion in the street market business before achieving economies of scale [2] - The total gross merchandise value for the Hong Kong e-commerce business declined by 3.5% year-on-year [2] - Non-cash valuation losses were recorded for investment properties, reflecting current market conditions, but these adjustments do not impact the core operations or cash flow of the company [2]

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 二零二六年二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二零二六年二月未經審核營運數據。 (1) 業務更新 反映二零二六年一月農曆新年前較活躍的消費動力所帶來的季節性影響、二零二 六年二月較長的農曆新年假期 (期間香港居民每日平均外遊人次按年顯著增加 20.1% （資料來源： https://data.gov.hk/tc-data/dataset/hk-immd-set5-statistics-daily-passenger- traffic）)，以及二月份的日數較少等因素，香港電子商貿業務於二零二六年二月的 表現有所放緩： 1 1. 平均每日訂單總商品交易額 i 按月下降 8.0%至 21,900,000 港元（二零二 六年一月：23,800,000 港元），令每月訂單總商品交易額按月下降 16 ...

Core Viewpoint - Hong Kong Technology Exploration (01137) reported a significant rebound in its electronic commerce business in Hong Kong for January 2026, following a seasonal slowdown in December 2025, driven by post-holiday consumer demand and pre-Lunar New Year spending [1] Group 1: Business Performance - Average daily order gross merchandise value (GMV) increased by 13.9% month-on-month to HKD 23.8 million (December 2025: HKD 20.9 million) [1] - Total monthly order GMV reached HKD 739 million (December 2025: HKD 649 million), reflecting a month-on-month increase of 13.9% [1] - The number of independent customers rose by 6.1% to 640,000 (December 2025: 603,000), while the number of monthly active independent devices remained stable at 1.563 million (December 2025: 1.572 million) [1] Group 2: Order Metrics - The average daily order quantity for January 2026 was 50,900, representing a month-on-month growth of 11.4% and a year-on-year growth of 13.9% [1] - The average order value was HKD 468, showing a month-on-month increase of 2.2% but a year-on-year decrease of 9.5% [1] - The average daily order GMV for January 2026 was HKD 23.8 million, with a month-on-month increase of 13.9% and a year-on-year increase of 3.0% [1] - Total monthly order GMV for January 2026 was HKD 739 million, reflecting a month-on-month increase of 13.9% and a year-on-year increase of 3.1% [1]

Core Viewpoint - The retail sector in Hong Kong is expected to show a gradual recovery, with a projected growth of 2.4% in total sales value for 2025 compared to 2024, despite challenges in certain retail segments [1] Group 1: Economic Outlook - The Hong Kong economy is showing signs of gradual recovery, with a significant year-on-year increase of 12.3% in outbound tourism for residents in 2025, which is reshaping the overall retail landscape [1] - The ongoing evolution of local residents' cross-border consumption patterns is further influencing the retail market [1] Group 2: Company Performance - The company recorded a total gross merchandise value (GMV) of HKD 84.3 billion in 2025, a slight decrease of 1.7% from HKD 85.8 billion in 2024 [1] - HKTVmall's GMV was HKD 79.8 billion in 2025, down 3.5% from HKD 82.7 billion in 2024 [1] - The fresh food market segment, represented by the street market "即日餸," experienced significant growth, achieving a GMV of HKD 394 million in 2025, up 47.1% from HKD 268 million in 2024 [1] Group 3: Customer Metrics - Despite a challenging retail environment, the number of independent customers for HKTVmall reached a record high of 1.539 million in 2025, compared to 1.519 million in 2024 [1] - The monthly active independent devices for HKTVmall remained stable at approximately 1.6 million in December 2025, showing no significant fluctuations even during the holiday season [2]

Group 1 - The core viewpoint of the article indicates that Hong Kong's retail sector is expected to see a 2.4% growth in total sales value in 2025 compared to 2024, despite facing challenges in certain retail segments that may hinder overall market recovery [1] - The number of outbound tourists from Hong Kong is projected to increase significantly by 12.3% year-on-year 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 company reported a total gross merchandise value (GMV) of HKD 84.3 billion in 2025, a slight decrease of 1.7% from HKD 85.8 billion in 2024, with HKTVmall contributing HKD 79.8 billion, down 3.5% from HKD 82.7 billion in the previous year [1] Group 2 - Despite a challenging retail environment, HKTVmall achieved a record high of 1.539 million independent customers in 2025, up from 1.519 million in 2024 [2] - The number of monthly active independent devices for HKTVmall remained stable at approximately 1.6 million in December 2025, showing no significant fluctuations even during the holiday peak season, providing a solid foundation for the company's core business [2] - This stable traffic is expected to gradually support the market adoption of various new business initiatives by the company [2]

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]

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。 (1) 集團業務展望; 及 (2)香港電子商貿業務二零二五年十二月及二零二五年財務年度 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」）欣然宣布本集團之業務展望，以及本集團之香港電子商貿業務之二零二五年 十二月及二零二五年財務年度未經審核營運數據。 (1) 本集團之業務展望 本港經濟持續呈現逐步復甦的跡象，預計二零二五年香港的零售業總銷貨價值 較二零二四年增長 2.4% i。然而，部分零售分部仍面臨挑戰，限制整體市場復甦 步伐。二零二五年香港居民出境旅遊按年錄得 12.3%的顯著增長，加上本地居民 跨境消費模式的持續演變，進一步重塑並影響香港的整體零售格局。 儘管零售環境充滿挑戰，HKTVmall 獨立客戶數目仍創歷史新高，於二零二 五年達到 1,539,000 名（二零二四年: 1,519,000 名）。 3. 流量與參與度保持穩定 HKTV ...

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 ...