VCI Global Ltd (VCIG) 2024 Q4 法說會逐字稿

Good morning everyone and welcome to VCI Global fiscal-year 2024 earnings conference call. Joining me today to discuss our results are Victor Hoo, our group Executive Chairman and CEO; and Zhi Feng Ang, our CFO.

大家早安，歡迎參加 VCI Global 2024 財年財報電話會議。今天與我一起討論我們業績的有我們的集團執行主席兼執行長 Victor Hoo 和我們的財務長 Zhi Feng Ang。

Before we begin, I would like to take this opportunity to remind you that our remarks today may contain forward-looking statements, which are subject to future events and uncertainties.

在我們開始之前，我想藉此機會提醒大家，我們今天的言論可能包含前瞻性陳述，這些陳述受未來事件和不確定性的影響。

Statements that are not historical facts, including but not limited to statements about the company's beliefs and expectations are forward-looking statements. Forward-looking statements involve inherent risk and uncertainties, and our actual results may differ materially from these forward-looking statements. All forward-looking statements should be considered in conjunction with the cautionary statements in our earnings release and the risk factors including in our followings with SES.

非歷史事實的陳述，包括但不限於有關公司信念和期望的陳述，均為前瞻性陳述。前瞻性陳述涉及固有風險和不確定性，我們的實際結果可能與這些前瞻性陳述有重大差異。所有前瞻性陳述都應與我們收益報告中的警示性聲明以及我們與 SES 的後續行動中的風險因素一起考慮。

This presentation also includes certain non-gap financial measures which we believe can be helpful in evaluating our performance. However, those measures should not be considered substitutes for comparable GAAP measures. The accompanying conciliation information related to those non-gap and GAAP measures can be found in our earnings press release issued earlier today. Without further ado, I will now turn the call over to our group's executive Chairman and CEO, Mr. Victor Hoo.

本報告也包括某些非差距財務指標，我們認為這些指標有助於評估我們的績效。然而，這些措施不應被視為可比較 GAAP 措施的替代品。與這些非差距和 GAAP 指標相關的隨附調解資訊可在我們今天早些時候發布的收益新聞稿中找到。不用多說，我現在將電話轉給我們集團的執行主席兼執行長先生。維克多·胡。

Thank you. Good morning, everyone, and thank you for joining the call to discuss our 2024 performance.

謝謝。大家早安，感謝大家參加電話會議討論我們的 2024 年表現。

I'm pleased to report a strong year for VCI Global. We achieved a 41% increase in revenue, reaching $27.8 million and $0.4 million increase in net income, amounting to USD7.6 million compared to the previous fiscal year. This remarkable growth was driven by solid performance across all our business segments.

我很高興地向大家報告 VCI Global 今年表現強勁。我們實現了營收成長 41%，達到 2,780 萬美元，淨收入增加 40 萬美元，達到 760 萬美元，與上一財年相比。這一顯著成長得益於我們所有業務部門的穩健表現。

Despite a challenging macroeconomic environment, I'm particularly proud of the strategic milestone we achieved. While the growth in net profit may appear modest, it reflects deliberate investment we make in building a stronger foundation, for example, expanding our team, hiring top talent, and enhancing our infrastructure. These investments are positioning us for isolated growth and sustainable growth in 2025.

儘管宏觀經濟環境充滿挑戰，但我對我們實現的戰略里程碑感到特別自豪。雖然淨利潤的成長看似不大，但它反映了我們為建立更強大的基礎而進行的刻意投資，例如擴大我們的團隊、聘請頂尖人才和增強我們的基礎設施。這些投資將使我們在 2025 年實現獨立成長和永續成長。

One of our standout achievements this year was the success of our technology division solution and consultancy segment. We introduced innovation in generative AI and AI powered digital human technology, which not only reinforced our vision to lead in the tech space, but also booster the rapid expansion of our cybersecurity as a service and AI as a service offerings under Val and and.

我們今年最突出的成就之一是我們的技術部門解決方案和諮詢部門的成功。我們引入了生成式人工智慧和人工智慧驅動的數位人類技術的創新，這不僅強化了我們在技術領域領先的願景，而且還推動了我們在 Val 和和旗下的網路安全即服務和人工智慧即服務產品的快速擴展。

Our advisory business also saw significant progress. The Capital Consulting Group Limited or VCCG, our dedicated Capital Markets advisory division, is preparing for a carveout IPO.

我們的諮詢業務也取得了重大進展。我們的專門資本市場顧問部門資本諮詢集團有限公司 (VCCG) 正在為分拆 IPO 做準備。

This move reflects our confidence in the long-term potential of the capital market advisory space, even amid broader macroeconomic volatility. To further support our growth, we are expanding our regional footprint with new offices in Singapore, aimed at scaling our cybersecurity and capital market advisory services, and in Hong Kong to deepen our presence and client reach across Greater China. This strategic initiative reinforced our position as a regional leader in capital market consultancy.

此舉反映出，即使在宏觀經濟波動較大的情況下，我們對資本市場諮詢領域的長期潛力仍充滿信心。為了進一步支持我們的成長，我們正在擴大我們的區域影響力，在新加坡設立新辦事處，旨在擴大我們的網路安全和資本市場諮詢服務，並在香港設立新辦事處，以深化我們在大中華區的影響力和客戶覆蓋範圍。這項策略舉措鞏固了我們作為資本市場諮詢領域區域領導者的地位。

Building on the record setting year, our strong performance reflects both strategy execution across high growth sectors where we see sustained demand. In 2025, we will continue accelerating the development of our cross-sector platform strategy, seamlessly integrating AI infrastructure, CSAS, fintech Solutions, renewable energy assets, and capital market advisory. Now, I'll turn the call over to Mr. Ang to provide more details on our financial performance.

在創紀錄的一年的基礎上，我們強勁的業績反映了我們在高成長領域實施的策略，這些領域的需求持續存在。2025年，我們將持續加速跨產業平台策略的發展，無縫整合人工智慧基礎設施、CSAS、金融科技解決方案、再生能源資產和資本市場諮詢。現在，我將把電話轉給先生。Ang 提供有關我們財務業績的更多詳細資訊。

Thank you, Victor, and thank you again to everyone for joining us today for VCIG's fiscal year 2024 earnings call.

謝謝你，維克多，再次感謝大家今天參加 VCIG 2024 財年財報電話會議。

I'm Ang, CFO of VCIG, and I'm pleased to provide an overview of our financial performance.

我是 VCIG 的財務長 Ang，很高興為您概述我們的財務表現。

We are proud to have delivered exceptional results in fiscal year 2024. Our revenue rose by 41% compared to the previous year, driven by strong performance across all core verticals.

我們很自豪能夠在 2024 財年取得卓越的業績。由於所有核心垂直領域的強勁表現，我們的收入比前一年增長了 41%。

These results validate our long term strategy and the unwavering dedications of our team.

這些結果證實了我們的長期策略和團隊堅定不移的奉獻精神。

Let's take a closer look at our revenue breakdown. Revenue from business strategy consultancy increased by 1% from USD14.7 million in 2023 to USD14.8 million in fiscal year 2024, reflecting overall consistency in performance year over year. The company continued to execute high impact transactions, including the successful leasing of founder Group Limited FGL in short on October 23, 2024 and YY Group Holding Limited, YYGH in short on April 22, 2024. Several other clients are currently progressing through the IPO pipeline, further reinforcing BCI Glover, strong positioning and growing credibility within the US capital market ecosystem. Meanwhile, our technology development solutions and consultancy.

讓我們仔細看看我們的收入明細。商業策略諮詢收入從 2023 年的 1,470 萬美元增長 1% 至 2024 財年的 1,480 萬美元，反映出業績總體同比保持穩定。該公司繼續執行高影響力的交易，包括於 2024 年 10 月 23 日成功租賃方正集團有限公司 (FGL)（簡稱）和於 2024 年 4 月 22 日成功租賃 YY 集團控股有限公司 (YYGH)（簡稱）。其他幾家客戶目前正在進行 IPO 籌備，這進一步鞏固了 BCI Glover 在美國資本市場生態系統中的強勢地位和不斷增長的信譽。同時，我們提供技術開發解決方案和諮詢服務。

Saw remarkable growth, revenue surged by 155% to USD11.4 million in fiscal year 2024 compared to USD4.5 million the previous year.

實現了顯著成長，2024財年的營收從上一年的450萬美元飆升155%至1,140萬美元。

The savor increase was driven by advancement in our generative AI solutions, AI digital human technology, and other ongoing projects. We also delivered strong improvement in profitability through discipline cost management and beta rose by 13% to USD8.3 million in fiscal year 2024, representing a 30% margin on revenue.

口味的成長得益於我們的生成式人工智慧解決方案、人工智慧數位人技術和其他正在進行的項目的進步。我們也透過嚴格的成本管理實現了獲利能力的大幅提升，2024 財年的 beta 值成長了 13%，達到 830 萬美元，營收利潤率為 30%。

Net income came in at USD7.6 million and earnings per share increased by 143%, reaching $0.51.

淨收入達 760 萬美元，每股收益成長 143%，達到 0.51 美元。

Overall, we are proud of our achievement and the continued improvement in our profitability.

總體而言，我們為我們的成就和盈利能力的持續提高感到自豪。

Thank you once again for joining us to review our financial results. We look forward to connecting with you at our next announcement.

再次感謝您與我們一起檢視我們的財務表現。我們期待在下次發佈公告時與您聯繫。

Thank you, Mr. Ang. We would now like to begin the Q&A session as we receive a few questions from the floor during the conference. First question is addressed to Mr. Victor. Can you elaborate on some of the key financial highlights for fiscal year 2024, particularly area where VCI Global demonstrated the strongest performance?

謝謝你，先生。洪先生。現在我們開始問答環節，會議期間我們收到了一些來自現場的提問。第一個問題是問洪先生的。維克多。您能否詳細介紹一下 2024 財年的一些關鍵財務亮點，特別是 VCI Global 表現最強勁的領域？

Absolutely. In the fiscal year 2024, Visa Global delivered strong performance across several key areas. We recorded 41% increase in revenue, reaching $27.8 million, driven by solid contributions from all our business segments.

絕對地。2024財年，Visa Global在多個關鍵領域表現強勁。我們的營收成長了 41%，達到 2,780 萬美元，這得益於我們所有業務部門的堅實貢獻。

Our technology division performed exceptionally well, especially in AI and police services, full by growing demand and innovation such as AI power solutions and supported by new projects focused on developing generative AI capabilities and AI digital human technologies, which are gaining strong traction in the market.

我們的技術部門表現出色，尤其是在人工智慧和警察服務領域，得益於人工智慧電源解決方案等不斷增長的需求和創新，並得到專注於開發生成人工智慧能力和人工智慧數位人技術的新項目的支持，這些技術在市場上獲得了強勁的吸引力。

Net profit rose to USD7.5 million up from $7.1 million the previous year, despite increased investment in talent, infrastructure, and strategy initiatives.

儘管在人才、基礎設施和戰略舉措方面的投資有所增加，但淨利潤仍從上年的 710 萬美元增至 750 萬美元。

This reflects our commitment to building long-term value and readiness to scale for future opportunities. These results underscore our strong execution, diversified business model, and forward-looking strategy.

這體現了我們致力於建立長期價值，並已做好迎接未來機會的準備。這些業績凸顯了我們強大的執行力、多元化的業務模式和前瞻性的策略。

On a more strategic note, can you explain how VCI Global and its cross-sector offerings will benefit shareholders?

從更具策略性的角度來看，您能否解釋一下 VCI Global 及其跨產業產品將如何使股東受益？

VCI Global's cross-sector strategy is designed to create synergies that drive sustainable growth and maximize shareholder value by integrating key sectors such as AI infrastructure, cybersecurity, fintech solutions, and capital market advisory services, we can offer comprehensive bundle services that address multiple client needs.

VCI Global 的跨產業策略旨在透過整合人工智慧基礎設施、網路安全、金融科技解決方案和資本市場諮詢服務等關鍵領域，創造推動永續成長和最大化股東價值的協同效應，我們可以提供滿足多種客戶需求的綜合捆綁服務。

This is not only increases customer lifetime value, but also reduces customer acquisition costs, resulting in higher margins and a more resilient recurring revenue base.

這不僅增加了客戶終身價值，也降低了客戶獲取成本，從而帶來了更高的利潤率和更具彈性的經常性收入基礎。

Additionally, this diversified approach positions PCC Global to capitalize on emerging trends and tap into high growth sectors with enduring demand. By strengthening our platform across multiple industries, we provide shareholders with a unique competitive edge and opportunity to benefit from long term value creation and innovation.

此外，這種多元化方法使 PCC Global 能夠利用新興趨勢並進入具有持久需求的高成長產業。透過加強我們在多個行業的平台，我們為股東提供了獨特的競爭優勢和從長期價值創造和創新中獲益的機會。

Our strategy is about building infrastructure that supports the digital economy, which ultimately drives scalability, increases profitability, and enhances the stability of our revenue streams.

我們的策略是建立支持數位經濟的基礎設施，最終推動可擴展性、提高獲利能力並增強收入流的穩定性。

Key factors that directly contribute to the long-term growth and success of the Global benefiting our shareholders.

直接有助於全球長期成長和成功並使我們的股東受益的關鍵因素。

With the carveout IPO of VCCG in the pipeline, is VCIG considering additional carveout for other business segments? Could you elaborate on the broader strategy behind this approach? Additionally, can you provide more details on VCCG carveout and its growth potential?

隨著 VCCG 的分拆 IPO 即將到來，VCIG 是否考慮將其他業務部門分拆出去？您能詳細說明一下這種方法背後的更廣泛的策略嗎？此外，您能否提供有關 VCCG 剝離及其成長潛力的更多詳細資訊？

The upcoming carve-out IPO of VCCG is part of our broader strategy to incubate high potential business units and unlock their value to public markets. VCCG, our capital markets and strategic advisory division, has shown strong momentum. Particularly in IPO and M&A services, we expect the IPO to take place in the third quarter of 2025, and this move will not only give VCCG greater visibility and access to capital, but also create added value for VCF global shareholders.

VCCG 即將進行的分拆 IPO 是我們更廣泛策略的一部分，旨在孵化高潛力業務部門並釋放其在公開市場的價值。我們的資本市場和策略諮詢部門 VCCG 表現出強勁的發展勢頭。特別是在IPO和併購服務方面，我們預計IPO將在2025年第三季進行，這項措施不僅將提高VCCG的知名度和獲得資本的機會，還將為VCF全球股東創造附加價值。

This carve-out model enables us to scale efficiently, attract dedicated resources, and accelerate growth while maintaining strategic oversight.

這種剝離模式使我們能夠有效擴大規模、吸引專用資源並加速成長，同時保持策略監督。

Well, I can't disclose specifics just yet, we do have to replicate this model across other fast growing segments, especially in AI and cybersecurity. It's a disciplined way to remain agile, and lock shadow value and full expansion in high demand verticals.

嗯，我現在還不能透露具體細節，我們必須將這種模式複製到其他快速成長的領域，特別是在人工智慧和網路安全領域。這是一種保持敏捷、鎖定影子價值並在高需求垂直領域實現全面擴張的規範方法。

We also received a question via email asking whether VCI Global has an international expansion strategy beyond the previously mentioned expansions in Singapore and Hong Kong.

我們也收到一封電子郵件詢問，除了前面提到的新加坡和香港的擴張之外，VCI Global 是否還有國際擴張策略。

We made strong headway in our expansion plans. In the first quarter of 2025, we established offices in Singapore and Hong Kong, and we will be announcing the appointment of country CEOs shortly. Additionally, we are in advanced talks with partners and clients in the Middle East and expect to expand into that region very soon.

我們的擴張計劃取得了重大進展。2025 年第一季度，我們在新加坡和香港設立了辦事處，並將很快宣佈各國執行長的任命。此外，我們正在與中東的合作夥伴和客戶進行深入談判，並希望很快擴展到該地區。

This international footprint is part of our broader strategy to tap into the high growth markets and position with CIG as a truly global player across our technology and consulting verticals. It will also allow us to scale our services, diversify our revenue streams, and better serve clients with cross-border needs.

這個國際足跡是我們更廣泛策略的一部分，旨在進入高成長市場，並與 CIG 一起成為我們技術和諮詢垂直領域的真正全球參與者。它還使我們能夠擴展服務規模、實現收入來源多樣化，並更好地服務有跨境需求的客戶。

Given the current geopolitical tensions and the growing interest in AI infrastructure, how is your subsidiary Valland navigating these challenges, especially since Valant integrate both DeepSeek LLM and NVIDIA GPU? And how does your AI infrastructure stand out in a crowded market?

鑑於當前的地緣政治緊張局勢和人們對人工智慧基礎設施日益增長的興趣，您的子公司 Valland 如何應對這些挑戰，尤其是自從 Valant 整合了 DeepSeek LLM 和 NVIDIA GPU 之後？您的人工智慧基礎設施如何在擁擠的市場中脫穎而出？

Valen is strategically positioned to navigate rising geopolitical tension by offering a flexible AI infrastructure that bridges eastern and Western technologies through the integration of DeepSeek's advanced and ambidious leading GPO platforms. We deliver robust region agnostic solution that minimizes dependency on any single supply chain.

Valen 透過整合 DeepSeek 先進且雄心勃勃的領先 GPO 平台，提供連接東方和西方技術的靈活 AI 基礎設施，從而在戰略上定位於應對日益加劇的地緣政治緊張局勢。我們提供強大的與區域無關的解決方案，最大限度地減少對任何單一供應鏈的依賴。

This hybrid approach ensures resilience and continuity for our clients, enabling them to access cutting-edge AI capabilities without being limited by regional restrictions or geopolitical risks.

這種混合方法確保了客戶的彈性和連續性，使他們能夠獲得尖端的人工智慧能力，而不受地區限製或地緣政治風險的限制。

By leveraging the strength of both ecosystems, we provide a neutral globally interoperable platform that stands out in this fragmented landscape.

透過利用兩個生態系統的優勢，我們提供了一個中立的全球互通平台，在這個分散的環境中脫穎而出。

Our air as a service model, the eye is not only cost efficient but also built for speed and scalability.

我們的空氣即服務模式不僅具有成本效益，而且還具有速度和可擴展性。

Clients can deploy tailored AI solutions powered by LLM such as DeepSeek or Lama and integrated with a range of AI agents within 24 hours. Our system supports both the GPUs and alternative regional hardware, eliminating the need for high upfront cap packs and specialized talent. This plug and place significantly lowers the barrier to enterprise AI adoption while maintaining performance and ability.

客戶可以在 24 小時內部署由 LLM 提供支援的客製化 AI 解決方案，例如 DeepSeek 或 Lama，並與一系列 AI 代理整合。我們的系統同時支援 GPU 和替代區域硬件，無需高額的前期資本包和專業人才。這種即插即用顯著降低了企業採用人工智慧的門檻，同時保持了效能和能力。

VCI Global has developed a proprietary cybersecurity as a service solution. Can you speak to the competitive landscape in this space and what differentiates your platform from the others in the market?

VCI Global 已經開發出專有的網路安全即服務解決方案。您能談談這個領域的競爭格局嗎？您的平台與市場上其他平台有何不同？

While the cybersecurity space is highly competitive, what sets VCR global apart is our proprietary cybersecurity as a service solution.

儘管網路安全領域競爭非常激烈，但 VCR Global 與眾不同的之處在於我們專有的網路安全即服務解決方案。

Cybersecure, which delivers comprehensive real-time protection at both the hardware and software levels.

Cyber​​secure 在硬體和軟體層面提供全面的即時保護。

A key feature of cybersecure is its automated backup of the user's entire operating system. This allows for immediate data recovery in the event of a breach, including ransomware incidents. This capability is critically important for organizations seeking to ensure business continuity and minimize operational downtime.

cybersecure 的一個關鍵特性是它能夠自動備份使用者的整個作業系統。這使得在發生違規事件（包括勒索軟體事件）時可以立即恢復資料。對於尋求確保業務連續性並最大限度減少營運停機時間的組織來說，此功能至關重要。

Furthermore, cybersecure incorporates military grid encryption directly into the hardware. This chip level encryption creates an additional layer of defense, making it significantly more difficult for remote attacks to succeed. Physical access to the device will be required, which is a far higher threshold for potential traits.

此外，網路安全將軍事電網加密直接納入硬體中。這種晶片級加密創造了額外的防禦層，使得遠端攻擊更加難以成功。需要對設備進行物理訪問，這對於潛在特徵來說是一個更高的門檻。

The solution is delivered via a subscription model, which is structured to reduce upfront capital expenditure for enterprises while ensuring onward access to the latest updates and trade intelligence even for on-premises deployments.

該解決方案透過訂閱模式提供，旨在減少企業的前期資本支出，同時確保即使在內部部署的情況下也能獲得最新更新和貿易情報。

Ultimately, cybersecure brings together robust real-time protection, rapid bridge recovery, and resilient hardware level security into one unified platform, which we believe provides a strong value proposition for our clients.

最終，網路安全將強大的即時保護、快速橋接恢復和彈性硬體級安全性整合到一個統一的平台中，我們相信這為我們的客戶提供了強大的價值主張。

Thank you, Mr. Victor. We appreciate the thoughtful questions from the floor. With all submitted questions addressed, this concludes our earnings conference. I will now hand the mic back to Mr. Victor, the group executive Chairman and Chief Executive Officer of VCI Global, for his closing remarks.

謝謝你，先生。勝利者。我們感謝大家提出的深思熟慮的問題。所有提交的問題都已得到解答，我們的收益會議就此結束。現在我將把麥克風交還給先生。VCI Global集團執行主席兼執行長Victor致閉幕詞。

Thank you again to everyone for being here today and for the engaging questions during the Q&A session.

再次感謝大家今天的到來以及在問答環節提出的有趣問題。

2024 has been a remarkable year for VCI Global. We achieved record revenue and net income, launched innovative technologies, and taken bold steps to scale our cross-sector platform.

2024 年對 VCI Global 來說是意義非凡的一年。我們實現了創紀錄的收入和淨收入，推出了創新技術，並大膽地採取我們的跨產業平台。

What we have shared today reflects our unwavering commitment to long-term value creation and strategic execution across high growthics. Looking ahead, 2025 will be a year of continued momentum. We are moving forward with a public listing of VCCG and further scaling our AI and cybersecurity capabilities to be gathered.

我們今天分享的內容反映了我們對高成長時期長期價值創造和策略執行的堅定承諾。展望未來，2025年將是持續保持強勁勢頭的一年。我們正在推進VCCG的公開上市，並進一步擴大我們的人工智慧和網路安全能力。

Our mission remains clear to build future ready infrastructure that drives recurring value, lowers acquisition costs, and enhances shareholder returns. On behalf of the leadership team, I want to thank our shareholders, employees, partners, and all stakeholders for your continued trust and support. We look forward to delivering another year of strong sustainable growth together.

我們的使命始終很明確，即建立面向未來的基礎設施，以推動經常性價值、降低收購成本並提高股東回報。我謹代表領導團隊感謝我們的股東、員工、合作夥伴和所有利害關係人的持續信任和支持。我們期待共同實現另一年強勁可持續的成長。

Thank you, and we'll see you at the next update.

謝謝，我們下次更新再見。