Group 1: Core Insights - OSL Group is a licensed digital asset trading and payment platform, being the only publicly listed virtual asset exchange in Hong Kong focused on digital asset trading and payment [1] - The company has established a digital asset ecosystem comprising brokerage, payment, asset management, exchange, and institutional services, with revenue primarily driven by brokerage and payment businesses [1][2] - The digital asset industry is experiencing favorable growth opportunities due to monetary policy shifts, clearer global regulatory frameworks, and the influx of institutional funds [2] Group 2: Business Transformation and Advantages - OSL is transitioning from a single trading platform to a comprehensive digital asset financial infrastructure provider, with four key advantages: the rise of payment services, competitive trading fee rates, a global compliance network, and a strong focus on compliance, security, and liquidity [2] - The payment business, particularly OSL Pay and BizPay, is expected to become a new revenue engine and synergize with trading operations [2] - The company has obtained licenses in multiple jurisdictions, including Hong Kong, Japan, Australia, the EU, and Bermuda, with plans to expand into the Middle East and Indonesia [2] Group 3: Financial Projections - The company forecasts non-IFRS revenues of HKD 4.67 billion, 7.64 billion, and 12.20 billion for 2025-2027, with year-on-year growth rates of 119%, 64%, and 60% respectively [3] - The projected compound annual growth rate for non-IFRS revenue from 2024 to 2026 is 89%, indicating significant growth potential as the payment business matures [3] - The company is compared to leading digital asset exchanges and financial platforms, suggesting a strong market position and growth trajectory [3]

华源证券发布研报称，首次覆盖给予OSL集团(00863)"买入"评级，其是香港领先的持牌数字资产交易与 支付平台，已形成经纪、支付、交易所等多元业务生态，支付业务(OSL Pay)成为新增长引擎，上半年 上线仅两月即贡献29%收入。公司凭借全球合规牌照布局、安全的银行直连体系及流动性优势，加速向 数字资产金融基础设施转型，预计2025-2027年营收将高速增长。 华源证券主要观点如下： 公司背景 OSL集团是持牌数字资产交易和支付平台：OSL集团是香港唯一专注数字资产交易和支付的上市虚拟资 产交易所，且是中国香港首个获得牌照、大规模展业的领先虚拟资产持牌交易平台。OSL集团通过持续 的并购获准多张重要牌照，当前在中国香港、日本、澳大利亚、欧盟-意大利、百慕大等10余个司法辖 区布局牌照(考虑已公告收购的正在进行控制权变更的地区)。 该行预计公司2025-2027年non-IFRS营收分别为4.67/7.64/12.20亿港元，同比增速为119%/64%/60%，对 应PS为26/16/10倍。该行选取全球领先的数字资产交易所Coinbase(COIN.O)、知名线上经纪商盈透证券 (IBKR.O)与Robin ...

华源证券主要观点如下： 市场机会 智通财经APP获悉，华源证券发布研报称，首次覆盖给予OSL集团(00863)"买入"评级，其是香港领先的 持牌数字资产交易与支付平台，已形成经纪、支付、交易所等多元业务生态，支付业务(OSL Pay)成为 新增长引擎，上半年上线仅两月即贡献29%收入。公司凭借全球合规牌照布局、安全的银行直连体系及 流动性优势，加速向数字资产金融基础设施转型，预计2025-2027年营收将高速增长。 公司背景 OSL集团是持牌数字资产交易和支付平台：OSL集团是香港唯一专注数字资产交易和支付的上市虚拟资 产交易所，且是中国香港首个获得牌照、大规模展业的领先虚拟资产持牌交易平台。OSL集团通过持续 的并购获准多张重要牌照，当前在中国香港、日本、澳大利亚、欧盟-意大利、百慕大等10余个司法辖 区布局牌照(考虑已公告收购的正在进行控制权变更的地区)。 业务表现 OSL已经形成经纪、支付、资产管理、交易所和机构多项业务构成的数字资产生态，当前营收主要由经 纪和支付业务贡献。经纪业务主要为OTC和RFQ服务，为机构和专业投资者提供深度流动性报价，避免 价格滑点，25H1大约贡献营收的一半;支付业务主要为 ...

证券研究报告 非银金融 | 多元金融 港股|首次覆盖报告 hyzqdatemark 2025 年 11 月 20 日 证券分析师 陆韵婷 SAC：S1350525050002 luyunting@huayuanstock.com 沈晨 SAC：S1350525090002 shenchen@huayuanstock.com 市场表现： | 基本数据 | 2025 | 年 | 11 | 月 19 | | 日 | | --- | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | | 15.03 | | | 一年内最高/最低（港 | | | | 20.30/6.84 | | | | 元） | | | | | | | | 总市值（百万港元） | | | | | 11,942.77 | | | 流通市值（百万港元） | | | | | 11,942.77 | | | 资产负债率（%） | | | | | 46.14 | | | 资料来源：聚源数据 | | | | | | | OSL 集团(00863.HK) 投资评级： 买入（首次） ——新业务不断开拓的数字资产 ...

Core Viewpoint - Citi initiated coverage of crypto exchange OSL with a buy/high risk rating and a target price of 21.80 Hong Kong Dollars ($2.80), representing 22 times projected 2025 price-to-sales [1] Group 1: Revenue Growth Projections - Citi projects revenue growth of 80%, 60%, and 36% for OSL in 2025, 2026, and 2027, respectively, driven by payment finance (PayFi) expansion and a broader regulated market footprint [2] Group 2: Regulatory Strategy and Market Position - OSL has a regulatory-first strategy with over 50 licenses across 10 jurisdictions and plans for further expansion in Europe, the Middle East, and emerging markets [2] - OSL holds a dominant position in Hong Kong's OTC crypto market, controlling over 60% market share, with strengths in liquidity, pricing, and client retention [3] Group 3: Product Development and Innovations - OSL is advancing into stablecoin infrastructure with upcoming launches such as OSL BizPay for lower-cost cross-border payments, StableX for stablecoin issuance, and Tokenworks for tokenization [3] Group 4: Market Risks and Compliance - While Citi noted risks from volatility, regulation, and competition, it emphasized OSL's compliance-first approach and early lead as distinguishing factors in Hong Kong's growing digital-asset sector [4]