香港宽频中期报告 2026

2461012182026353637384042436671 GigaFast 100Gbps GigaFast ••• 2026424 (1) 20265% 11%38.27.3 GigaFast2.5Gbps25GbpsGigaFast1.82.1GigaFast43%11.4 20251 11.5891.62%266 OTTNetflixDisney+myTV SUPERHBO MaxWeTVJOOXKKBOX3%218 OpenClaw 7%39.743%14.992,700 3%3.791.292,4001.37HIBOR 4%12.57 24%1.575,0001.061,2003,1001.09 AI 25GbpsGigaFast100GbpsMetroNet 2026GigaFastGigaFast2.5Gbps 2019JOS60 20262289.95202583111.92112.7120258 31114.16102.7620258 31102.2420262283.2920258 313.9220262285.320258 315.0 20262284.620258314.75.1%20258 316.2%20262284.720258 313.0 20262 282025831202622815.74202583114.70 2026228 202361202511242.552.502025113.95%2026228 9 20262 286,60020258313,800 20262 282.7920258 312.71800 19837.801.00 228 20262 283,63620258 313,670 ICT iTEALarkLark Lark Lark 202510 +5G Aolynk 99 OpenClaw AI 20263OpenClawAILLM OpenClaw 2026 2026 2026 2026 2026 20265002026GigaFast 2026 20261,8001,700 184102030 Your Voice Your Voice 9 2026 11228.85.5 1 eMPF IT32,273 2026 11 1 100100 NOCNOCNOCWAN 100%99.99983% 100%99.9961% 2026 5G 500,000 2024203350250 2668,266 16,6061,047 2,658,5798,266 85% 99% 2.7999% 92% 4,0168,992 2,6773,17212,607 2026 1625.816 4.765.726 65.3379.695.1100 64.9765.592% 3DHLGoGreen PlusDHL Harvest at Sky Farm 2025GPS ESG ESGESGESGESG 2026 1,0001Gbps 12 5GSIM ESG202411ESG 20252 20ESG 8K 1999 2003100Mbps20041Gbps 1Gbps GigaFast GigaFast25Gbps MetroNet100Gbps 25 2025 GigaFast iTEA 366520262 283434 2410 202622834 108 20264 24 2026228 202622 1 342026424 202620258312 34 2025831 241035 2 21 3 (i)(ii)(iii)(iv) (a) (i)(ii)(iii)(iv) 3 20262282025228 202622816.0%202522819.0% 3(b) (b) 3 (b) (i) (ii) 3 (b) (iii) 3 (b) 4 4 4 4 5 (a) 202622816.5%202522816.5% 20252282008.25%16.5% (b) 2025 6 (a) 107,672,0002025228107,560,000 (b) 2026228 2025228107,560,000II 3090 202622839,609,00020258 3123,218,00053,307,00020258 3138,315,000 10 20262 289,663,00020258317,000,00015,394,00020258 316,142,000 12 (a) 12 (b)20262 28 (i)202510 3110,750,000,000202511240.4%(ii)(iii) 36424202622810,750,000,000 50% (ii)202412236,750,000,000202531820254171.50%5,250,000,0001,500,000,00020251124 (iii)20213315,500,000,00020214920215241.50%5,000,000,000500,000,000202412312.20%20251124 (iv)202112 920262282025831161,857,00060180 20224 11202622820258 3174,872,0001.15% 12 (b)20262 28(iv) 20256 202026228126,371,00020258 310.8%90 (v)(i)(ii)(iii)(iv) (i)(ii)(iii)202622820258 31 20262282.98%2025 8 315.48% (vi)2026228267,00020258 31452,000202583139,0004.66%20258 314.66% (vii)89,922,00020258 3147,677,0002.97%20258 313.87%63,218,00020258 3135,482,00020262 2824,537,00020258 3111,257,00041,226,00020258 3125,959,000 13 (a) 20262 283,800,000,0000.120262281,478,921,56820252 281,311,599,3562025314202542214167,322,212 (b) (i) (ii) 13 (c) IV IV20218192022-20242023-2025IV2023 5 11 IV36,973,039IV2.50%202583116,679,892IV2025831902,5372025845,185,79111,494,101IV20258 0 14 20194 301,940,937,656WTT Holding CorpWTT11.60 Twin Holding LtdTwin HoldingTPG Wireman, L.P.TPGTwinHoldingTPG970,468,82883,661,10611.6020253142025422Twin HoldingTPG 15 (a) (i) 202583120262 2813 20262282025831 15 (b) 20262282025831 16 20262 28 17 20262 282025831 18 (a) (b) 14A (c) 20262 285,980,00020258316,515,000 911 18 (d) 202622812(b)(i)800,000,0001,600,000,0002026228 (e) 18(b)18(d) 20262 28XV(a)XV78(b)352(c)C3 20262 285%XV23XV336 (a)(BVI)Fit Best Limited1,106,786,075 (b)20262281,478,921,568 2026228 II20253IIIIII PlusIII Plus202310IV2023511IVIV20258 2026228 II 2015IIII20253 II IIIICO2 II II20153 1220253 (i)II(i)10%(ii)10%IICO2II5,666,66620258310.43%IICO2(ii)IIII5,251,862(iii)II20253 II7373CO2 CO225%–25%–50%3 II II202532026228 2026228 2026228 75% 202662202622815.520252 2815.52026610 2026228 20262 282410 13.51B(1) 13.51B(1)2025 2026127 2026227 2026228C1 20262 28 202510 30 1. 20266 2. 3. 2026320266 4. 20266 5. 6. (1)(1)(3) (1) (1) (4)(2)(5) (1)(3) (1)20259 5(2)20259 5(3)20259 5(4)20259 5(5)20259 5 P.O. Box 309Ugland HouseGrand Cayman KY1-1104Cayman Islands 183171712-1716 7719 350 4-4A32 108 www.hkbnltd.net MAPLES FUND SERVICES (CAYMAN) LIMITED P.O. Box 1093Boundary HallCricket SquareGrand Cayman KY1-1102Cayman Islands 1310