人工智能技术正在以前所未有的深度和广度重塑数字贸易的全产业链条，同时也深刻影响着全球数字服务贸易的格局。 在近日召开的2025年中国国际服务贸易交易会·服务贸易发展论坛上，国务院发展研究中心和中国信息通信研究院联合发布的 《数字贸易发展与合作报告2025》（下称"报告"）显示，作为数字贸易的核心内容，全球数字服务贸易规模持续扩大。2024年 数字服务贸易规模较2019年增长64.7%，远超同期货物贸易增幅（28.5%）和总体服务贸易增幅（37.5%）。同期，全球数字服务 在服务贸易中的占比从44.6%攀升至53.4%，提升了8.8个百分点。 商务部副部长盛秋平在此次论坛上表示，当前，服务贸易已成为全球经济和贸易增长的新引擎，数字技术大幅提高了服务的可 贸易性，人工智能的迅猛发展，推动传统贸易模式变革，驱动服务模式创新和新业态快速涌现，不断拓展贸易发展空间。 全球数字服务贸易规模持续扩大 世界贸易组织（WTO）最新数据显示，2024年全球数字服务贸易规模达4.64万亿美元，增长8.3%。同期，全球货物贸易增速放 缓至2.3%。 从占比看，全球数字服务贸易占全球服务贸易比重为53.4%，较2023年的53.8%略 ...

美国数字服务出口全球占比为15.3%。 人工智能技术正在以前所未有的深度和广度重塑数字贸易的全产业链条，同时也深刻影响着全球数字服务贸易的格局。 在近日召开的2025年中国国际服务贸易交易会·服务贸易发展论坛上，国务院发展研究中心和中国信息通信研究院联合发布的 《数字贸易发展与合作报告2025》（下称"报告"）显示，作为数字贸易的核心内容，全球数字服务贸易规模持续扩大。2024年 数字服务贸易规模较2019年增长64.7%，远超同期货物贸易增幅（28.5%）和总体服务贸易增幅（37.5%）。同期，全球数字服务 在服务贸易中的占比从44.6%攀升至53.4%，提升了8.8个百分点。 商务部副部长盛秋平在此次论坛上表示，当前，服务贸易已成为全球经济和贸易增长的新引擎，数字技术大幅提高了服务的可 贸易性，人工智能的迅猛发展，推动传统贸易模式变革，驱动服务模式创新和新业态快速涌现，不断拓展贸易发展空间。 全球数字服务贸易规模持续扩大 世界贸易组织（WTO）最新数据显示，2024年全球数字服务贸易规模达4.64万亿美元，增长8.3%。同期，全球货物贸易增速放 缓至2.3%。 数字服务贸易的长期稳定增长不仅平滑了整体贸易 ...

Group 1: Market Overview - On September 18, the Hong Kong stock market experienced fluctuations, with the Hang Seng Index falling by 1.35%, the Hang Seng China Enterprises Index down by 1.46%, and the Hang Seng Tech Index decreasing by 0.99% [1] - The robotics sector led the market, with Shoucheng Holdings rising over 13% at one point and closing up by 5.91%, marking a year-to-date increase of over 130% [1] Group 2: Kaisa Capital - Kaisa Capital's stock price surged over 380% during intraday trading on September 18, closing at 0.51 HKD per share, reflecting a gain of 174.19% with a trading volume of 11.47 million HKD and a total market capitalization of 541 million HKD [2] - The company announced a strategic transformation on September 17, leveraging shareholder resources and technological expertise in the Web3.0 space to explore digital financial innovations within a compliant regulatory framework in Hong Kong [3] - Kaisa Capital has partnered with a licensed virtual asset trading platform to advance the tokenization of real-world assets (RWA) [3] - Historically, Kaisa Capital's stock has been volatile, reaching a peak of 3.68 HKD per share in July 2015 and a low of 0.099 HKD per share in April this year [5] - The company reported a revenue of 225 million HKD for 2024, a year-on-year decline of 5%, and a net loss attributable to shareholders of 115 million HKD, reversing from profit [5] Group 3: Hong Kong Broadband - Hong Kong Broadband's stock price rose over 77% during intraday trading on September 18, closing up by 68.55% at 8.63 HKD per share, with a trading volume exceeding 3.2 billion HKD and a total market capitalization of over 12.7 billion HKD [6] - China Mobile Hong Kong has become the largest shareholder of Hong Kong Broadband, holding 78.08% of the shares following a successful takeover bid [7] - The acquisition is expected to integrate China Mobile's 5G network resources and cloud computing infrastructure with Hong Kong Broadband's telecommunications services, enhancing its capabilities for enterprise digital transformation [7] - Hong Kong Broadband provides a range of ICT services to residential and enterprise customers, including high-speed fiber broadband, communication services, and digital transformation solutions [9]

Financial Data and Key Metrics Changes - Revenue for the second quarter reached over NT$56 billion, marking a 4.8% year-over-year increase, driven mainly by the expansion of the ICT business and higher sales revenue [22][30] - Operating income and net income rose by 5.2% and 3.5% respectively compared to the same period last year, supported by growth in the Internet data center business and steady performance from subsidiaries [22][30] - Earnings per share increased from NT$1.27 to NT$1.31, reflecting consistent profitability and effective cost control, with EPS reaching the highest levels in nine years for the second quarter [22][30] - EBITDA increased by 3.5% year over year, reaching NT$22.58 billion, with an EBITDA margin of 39.8%, remaining broadly stable compared to last year [23][30] Business Line Data and Key Metrics Changes - Mobile service revenue grew approximately 2% year over year, with a mobile ARPU increase of 38% as more users upgraded to 5G [9] - Fixed broadband revenue increased by 1.8% year over year, driven by strategic bundle plans and symmetrical uplink/downlink speeds for services above 300 Mbps [10] - Enterprise ICT revenue increased by 27% year over year, with core service pillars like IDC, AIoT, and cloud showing robust growth of 40%, 75%, and 140% respectively [14] Market Data and Key Metrics Changes - Mobile market share rose to 40.7% as of June, achieving a new high, with the highest subscriber share among peers at 39.1% [8] - Southeast Asia market delivered double-digit revenue growth driven by demand for ICT services from high-tech companies [18] Company Strategy and Development Direction - The company continues to execute its "sea, land, and sky" strategy to enhance network resilience and seize future opportunities, including investments in undersea cables and satellite services [6][7] - The focus remains on innovation and operational excellence, with a commitment to governance and sustainability recognized by receiving the highest MSCI ESG rating of AAA [7] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth momentum of core businesses and highlighted the importance of strategic investments in ICT and satellite services to support future growth [5][6] - The company remains cautious about global market sentiment amid ongoing uncertainties but continues to invest strategically for long-term growth [18] Other Important Information - The company received the 2025 Taiwan Data Center Service Competitive Strategy Leadership Award from Frost Sullivan, recognizing its AI-ready data center capabilities [7] - Total assets increased by 1.9% as of June 30, 2025, primarily driven by an increase in current monetary assets [25] Q&A Session Summary - No specific questions were recorded during the Q&A session, and the call concluded without further inquiries from participants [33][34]

Financial Data and Key Metrics Changes - Net service revenue increased slightly year on year, with gross revenue reaching $27.9 billion, up 2% from last year [4] - EBITDA grew by 2% to $7.9 billion, driven by strength in fiber and ICT segments, along with prudent cost management [4][11] - Telco core income was recorded at $8.8 billion, down 6% year on year due to increased depreciation linked to strategic investments [4][12] - Core income remained steady year on year, supported by Maya's positive contribution, which turned profitable this quarter [12][13] Business Line Data and Key Metrics Changes - Home segment revenue rose by 4% year on year to $15.2 billion, with fiber now accounting for 97% of home revenues, up from 92% in 2024 [5][8] - Enterprise segment total revenue remained steady at $11.9 billion, with corporate data and ICT revenues slightly up by 1% [5][9] - ICT revenue grew by 16% year on year, now accounting for over 22% of enterprise revenues, up from 19% a year ago [6][9] - Mobile revenues decreased slightly due to lower packet Wi-Fi usage, but 5G adoption and data traffic are on the rise, indicating potential for future growth [6][11] Market Data and Key Metrics Changes - Mobile data, fiber, corporate data, and ICT now account for 89% of total revenues, up from 88% in 2024 [7] - 5G data traffic surged by 81% year on year, with 5G device adoption growing by 60% quarter on quarter [11] - The churn rate remains below 2%, one of the lowest in the industry, reflecting effective customer retention strategies [8][59] Company Strategy and Development Direction - The company aims to pursue steady revenue growth, disciplined expense management, asset monetization, and prudent capital allocation [5] - PLDT is focusing on expanding its fiber footprint and enhancing its digital infrastructure, including the launch of the Asia Direct Cable to improve international connectivity [22][24] - Maya, the fintech driver, is positioned for sustainable growth with its all-in-one ecosystem combining payment, banking, and lending services [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's market position despite near-term challenges, supported by strong operational fundamentals and strategic investments [33] - The company anticipates continued growth in the home segment and is optimistic about the enterprise segment recovering as new capacities come online [36][40] - Management highlighted the importance of maintaining a strong focus on customer experience and product innovation to drive future growth [72] Other Important Information - PLDT's net debt stood at $270.7 billion, with a net debt to EBITDA ratio of 2.48 times, slightly improved from the previous year [15] - The company retains investment-grade credit ratings, underscoring investor confidence in its financial health [17] - PLDT is committed to generating positive free cash flow by 2026 and reducing leverage to around a 2.0x net debt to EBITDA ratio over the medium term [17] Q&A Session Summary Question: What is the outlook for the enterprise segment regarding Pogo-related revenue pressures? - Management indicated that the impact from Pogo cancellations is expected to continue until at least Q3, but efforts are being made to mitigate revenue loss [38] Question: Can you provide updates on VITRO's capacity take-up and profitability contributions? - A significant hyperscale customer has already signed for 4 megawatts of capacity, with ongoing discussions for further capacity fill [40] Question: What is the profit momentum expected for Maya for the rest of the year? - Management expects steady and gradual margin improvement rather than a sharp increase, as operating leverage continues to strengthen [42] Question: How is the mobile business expected to perform in the second quarter? - Management noted that while the market has softened, they continue to see growth in traffic, which is expected to help monetize demand [44] Question: What is the current water usage rate for VITRO Santa Rosa? - Water usage is currently at normal levels, with expectations for an increase as AI workloads ramp up [47] Question: What is the target loan to deposit ratio for Maya? - There is no specific target, but the company aims to maintain a conservative loan to deposit ratio compared to traditional banks [50] Question: How does the company plan to improve working capital efficiency? - Strategies include asset monetization, consolidation of central offices, and seeking strategic partners in data centers [82]