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Hong Kong Technology Venture Company (1137) investor relations material

Hong Kong Technology Venture Company H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary27 Aug, 2025

Executive summary

  • The group maintained stable core business performance in a challenging Hong Kong retail environment, with only a slight decrease in GMV and turnover year-over-year.

  • HKTVmall outperformed the broader market, maintaining stable user and customer numbers, while new initiatives like Wet Market Express, CASHBACK, and Shipped from Mainland expanded product offerings and customer engagement.

  • The group reaffirmed its commitment to innovation, investing in new ventures and technology despite short-term losses in these segments.

  • A cautious, cost-efficient approach led to improved adjusted EBITDA, offsetting start-up losses from new ventures.

Financial highlights

  • GMV on order intake fell 1.2% year-over-year to HK$4,182.9 million; turnover decreased 0.5% to HK$1,888.4 million.

  • Adjusted EBITDA rose 27.8% to HK$48.1 million; adjusted free cash flow more than doubled to HK$101.3 million.

  • Net loss narrowed to HK$23.2 million from HK$27.5 million; net loss margin improved to -0.6%.

  • Gross profit margin and blended commission rate increased to 23.9% (from 22.9%).

  • Cash and cash equivalents at HK$398.2 million as of June 2025, mainly due to special dividend payment.

Outlook and guidance

  • The group remains focused on enhancing customer engagement, expanding product offerings, and managing costs for resilience.

  • New Ventures and Technology segment will continue to receive disciplined investment, with ongoing evaluation of project viability.

  • 1H2025 performance aligns with full-year targets; management expects continued discipline amid market headwinds.

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H2 202526 Mar, 2026
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Frequently asked questions

Hong Kong Technology Venture Company Limited is an investment holding company that operates primarily in the e-commerce and technology sectors. The company runs an online shopping platform, offering a broad selection of consumer products and services to customers in Hong Kong. Additionally, it is involved in developing and managing technology-driven ventures, including digital logistics and smart warehouse solutions, to enhance the efficiency and scale of its e-commerce operations. The company is headquartered in Hong Kong, and its shares are listed on the HKEX.

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