Hong Kong Technology Venture Company (1137) H2 2025 earnings summary

Executive summary

• Recorded a net loss of HK$149.6 million for 2025, widening from HK$66.7 million in 2024, mainly due to losses in New Ventures and Technology and non-cash/non-recurring items.

• Hong Kong Ecommerce business delivered stable adjusted EBITDA of HK$309.3 million, offsetting losses from New Ventures and Technology (adjusted EBITDA: HK$(222.2) million).

• Group GMV on order intake decreased 1.9% year-over-year to HK$8,426.1 million.

• Maintained a solid balance sheet with net cash and liquidity position of HK$488.2 million, down from HK$712.5 million due to a special dividend payout.

Financial highlights

• Turnover increased slightly by 0.4% to HK$3,856.3 million.

• Gross profit margin declined to 24.3% from 25.4% due to deeper discounts and promotional activities.

• Adjusted EBITDA dropped to HK$60.4 million from HK$121.0 million year-over-year.

• Adjusted free cash inflow of HK$43.6 million, reversing a prior year outflow.

• Special dividend of HK38 cents per share paid in June 2025.

Outlook and guidance

• Plans to enhance competitiveness in 2026 with upgraded 3-hour express delivery, expanded product assortment, and systematic price monitoring.

• Focus on fulfilment, assortment, price competitiveness, and shopping efficiency to reinforce HKTVmall’s market position.

• New Ventures and Technology segment to continue disciplined investment, with regular review and adjustment of project priorities.