Performance | Hong Kong Science and Technology Exploration's losses expanded to 150 million last year

Hong Kong Technology Venture (01137) announced that, as of the end of last year, its full-year loss widened to 150 million yuan, due to losses generated by its new exploration and technology businesses, as well as the increase in certain non-cash and non-recurring items; it recorded a loss of 66.7 million yuan for the same period in 2024. Loss per share was 0.19 yuan.

The group said that, in view of the current operating environment and taking into account plans for future development, it will maintain the decision not to pay a final dividend.

Last year, adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) were 60.4 million yuan, down 50.08% year on year; adjusted free cash inflow was 43.6 million yuan, while free cash outflow in 2024 was 33.4 million yuan.

During the period, revenue was 3.856 billion yuan, up 0.44% year on year. Total gross merchandise value (GMV) for orders was 8.426 billion yuan, down 1.9%.

In terms of its Hong Kong e-commerce business, adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) last year were 309 million yuan, down 6.04% year on year.

For the new exploration and technology business segment, the new exploration projects achieved total gross merchandise value (GMV) of 460 million yuan, up 40.1% year on year, mainly coming from “marketplace same-day provisions.” Adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) losses widened to 222 million yuan; the loss for the same period in 2024 was 187 million yuan, mainly because the business scale of marketplace same-day provisions continued to expand in 2025, but the business had not yet reached critical scale.

Looking ahead, the group said it will continue to pursue long-term sustainable development through prudent experimentation and strategic adaptability. By optimizing its current business model, selectively developing complementary vertical businesses, and evaluating opportunities in new markets, the group aims to strengthen its resilience and improve capital efficiency, and to seize emerging growth opportunities in an increasingly complex and ever-changing operating environment. To respond to the ongoing harsh operating environment, it will continue to manage its business in a prudent and flexible manner.