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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.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.
Key innovations included the expansion of Wet Market Express, the launch of the "Shipped from Mainland" section, and the CASHBACK affiliate program.
HKTVmall celebrated its 10th anniversary, reinforcing its position as Hong Kong's largest Ecommerce platform.
The group adopted a cautious, cost-efficient approach, resulting in improved adjusted EBITDA and offsetting new venture losses, though a net loss was still recorded.
HKTVmall maintained stable user and customer numbers, outperforming the broader retail market and continuing to innovate.
Financial highlights
GMV on order intake for 1H2025 was HK$4,182.9 million, down 1.2% year-over-year; turnover was HK$1,888.4 million, down 0.5%.
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 a year earlier.
Gross profit margin for direct sales was 23.9%; blended commission rate for concessionaire sales improved to 23.7%.
Cash position at period end was HK$398.2 million, down from HK$541.7 million at year-end 2024, mainly due to a special dividend payment.
Outlook and guidance
Management remains focused on innovation, customer engagement, and disciplined resource allocation to navigate market headwinds.
Full-year 2025 targets for GMV and other key metrics remain on track, with 1H2025 performance aligning closely with expectations.
New Ventures and Technology segment will continue to receive strategic investment, with ongoing evaluation of project viability.
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Next Hong Kong Technology Venture Company earnings date
H2 202526 Mar, 2026
Next Hong Kong Technology Venture Company earnings date
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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