Interesting financial report data has been released. Xinhuo Technology Holdings (Hong Kong stock code: 01611.HK) just published its 2025 annual report, which is quite eye-catching—total revenue for the year is approximately HKD 8.66 billion, representing a staggering increase of 451.8% compared to the same period last year. What is the main driver behind this growth? The expansion of the cryptocurrency OTC business.

However, there are some subtle changes behind the growth. On the profit side, there has been a reversal, shifting from profit to loss. The group recorded a net loss of about HKD 9.7 million for the year, whereas in the same period in 2024, it still had a positive profit of about HKD 56.3 million. The numerical difference is quite significant, and this performance also reflects some current situations in the crypto industry—trading volume and business volume are soaring, but profitability has not kept pace. It is worth continuing to observe the subsequent developments.