Hong Kong Technology Venture Company (1137) investor relations material

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.