VCI Global Ltd (VCIG) 2025 Q2 法說會逐字稿

Good morning everyone and welcome to VCI Global's first half 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 上半年財報電話會議。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. Statements that are not historical facts, including but not limited to statements about the company's beliefs and expectations are forward-looking statements.

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。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。

Forward-looking statements involve inherent risk and uncertainties, and our actual results might 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 filings with SEC.

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和風險因素（包括我們向美國證券交易委員會提交的文件中）一起考慮。

This presentation also includes certain non-GAAP financial measures, which we believe can be helpful in evaluating our performance. However, those measures should not be considered substitutes for the comparable GAAP measures. The accompanying reconciliation information related to those non-GAAP and GAAP measures can be found in our earnings press release issued earlier today.

本報告也包括某些非公認會計準則財務指標，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 GAAP 和 GAAP 指標相關的隨附調整資訊可在我們今天稍早發布的收益新聞稿中找到。

Without further ado, I will now turn the call over to our Group Executive Chairman and CEO, Mr. Victor Hoo.

不用多說，我現在將電話轉給我們的集團執行主席兼執行長 Victor Hoo 先生。

Thank you, and good morning everyone. The first half of 2025 has been a pivotal period for VCI Global. We are not building just one platform, but a portfolio of high growth verticals across cybersecurity, AI, fintech technology development, and AI infrastructure. Each of these is designed to stand on its own as a strong business while working together to serve growing base of enterprise and institutional clients.

謝謝大家，早安。2025 年上半年是 VCI Global 的關鍵時期。我們建構的不僅僅是一個平台，而是涵蓋網路安全、人工智慧、金融科技技術開發和人工智慧基礎設施等一系列高成長垂直領域。每個公司都旨在獨立發展成為強大的企業，同時共同努力為不斷成長的企業和機構客戶提供服務。

Our technology segment has taken the lead this year, delivering USD9.3 million in the first half, up from USD1.7 million a year ago. This marked a clear structural shift in the business, with technology now driving most of our growth. At the same time, our consultancy arm remains a solid foundation, contributing USD8.1 million, even as activity levels mobilized after an exceptional 2024.

我們的技術部門今年處於領先地位，上半年的營業額為 930 萬美元，高於去年同期的 170 萬美元。這標誌著業務的明顯結構轉變，現在技術推動著我們的大部分成長。同時，即使在 2024 年經歷了非凡的時期後活動水平有所提升，我們的諮詢部門仍保持著堅實的基礎，貢獻了 810 萬美元。

Together, this gives us a balanced model of fast scaling technology engine supported by stable consultancy cash flow. We are also opening up new revenue streams. One key milestone ahead is the launch of our GPU launch and GPU cloud platform, expanding into GPU as a service.

總之，這為我們提供了一個由穩定的諮詢現金流支持的快速擴展技術引擎的平衡模型。我們也正在開拓新的收入來源。未來的一個重要里程碑是推出我們的 GPU 發布和 GPU 雲端平台，擴展到 GPU 即服務。

Our RWA consultancy is gaining traction. And we are increasing investment in cybersecurity, AI, data analytics, and fintech. These are areas with long-term potential and strong alignment with our strategy. In parallel, we're in advanced discussion on a digital asset treasury strategy, which we believe will complement our ecosystem and create additional growth opportunities.

我們的 RWA 諮詢業務正在獲得關注。我們正在增加對網路安全、人工智慧、數據分析和金融科技的投資。這些領域具有長期潛力，並且與我們的策略高度一致。同時，我們正在就數位資產財務策略進行深入討論，我們相信這將補充我們的生態系統並創造額外的成長機會。

Another milestone on the horizon is the planned IPO of VCCG, our capital market advisory arm targeted for the first quarter of 2026. This reflects how each vertical from advisory to technology can evolve into a self-sustaining growth engine within the VCIG ecosystem, giving a strategic flexibility and opportunities to unlock value.

即將實現的另一個里程碑是我們的資本市場顧問部門 VCCG 計劃於 2026 年第一季進行 IPO。這反映了從諮詢到技術的每個垂直領域如何發展成為 VCIG 生態系統中自我維持的成長引擎，從而提供策略靈活性和釋放價值的機會。

Overall, revenue grew 37% year on year to USD18.7 million with strong momentum in technology. EBITDA was USD5.2 million. Supported by topline growth and discipline execution. Looking ahead, our focus is clear, execution and scaling. We are bringing our GPU and AI infrastructure services to market, growing our cybersecurity offerings, and maintaining healthy deal flow in our capital markets advisory business.

總體而言，由於技術發展勢頭強勁，營收年增 37% 至 1,870 萬美元。EBITDA為520萬美元。由收入增長和紀律執行提供支援。展望未來，我們的重點很明確，就是執行和擴展。我們正在將我們的 GPU 和 AI 基礎設施服務推向市場，擴大我們的網路安全產品，並保持我們的資本市場諮詢業務的健康交易流。

We are building VCI Global as an ecosystem of platforms, each with clear commercial value and long-term potential. I'm encouraged by the progress so far and focus on what's ahead.

我們正在將 VCI Global 打造為一個平台生態系統，每個平台都具有明確的商業價值和長期潛力。我對迄今為止的進展感到鼓舞，並關注未來。

With that, I'll hand it over to Ang to walk through the financial performance in more detail.

接下來，我會把時間交給 Ang，讓他更詳細地介紹一下財務表現。

Thank you, Victor. Hello, I am Ang, CFO of VCIG, and let me walk you through our financial performance for the first half of 2025, covering the six months ended June 30. We reported total revenue of USD18.7 million, representing a 37% increase from the prior year period.

謝謝你，維克多。您好，我是 VCIG 的財務長 Ang，讓我向您介紹我們 2025 年上半年的財務業績，涵蓋截至 6 月 30 日的六個月。我們報告的總收入為 1870 萬美元，比去年同期增長 37%。

Gross profit increased by 17% to USD15.1 million, with gross margin maintained at 80%, supported by a discipline cost structure and the operating leverage inherent in our model. EBITDA was USD5.2 million, reflecting both top-line growth and continued investment across our strategic initiative.

毛利成長 17% 至 1,510 萬美元，毛利率維持在 80%，這得益於嚴格的成本結構和我們模式固有的經營槓桿。EBITDA 為 520 萬美元，反映了收入成長和我們策略計劃的持續投資。

Net profit after tax was USD4.66 million with a net margin of [35%], demonstrating the resilience of our earnings profile as we scale new verticals. Outside of the core business, interest income increased to USD1.3 million compared to USD0.7 million a year ago, driven by a larger loan receivable best and client financing activities. This remains a high-quality earning stream that complements our core operations.

稅後淨利潤為 466 萬美元，淨利潤率為 [35%]，顯示我們在拓展新垂直領域時獲利狀況具有韌性。除核心業務外，受應收貸款餘額增加和客戶融資活動推動，利息收入從去年的 70 萬美元增加到 130 萬美元。這仍然是一個高品質的收入來源，可以補充我們的核心業務。

Other services contributed USD43,000 compared to USD140,000 last year, while other income increased to USD0.6 million from USD0.1 million primarily from financial assets and ancillary gains. Taken together, the first half result reflects a scalable margin, a creative model underpinned by diversified revenue stream and discipline capital deployment. As we move into the second half, our focus is on executions, converting strategy initiative into sustained earning growth and maintaining the financial rigor that supports it.

其他服務貢獻了 43,000 美元，而去年為 14 萬美元，而其他收入從 10 萬美元增加到 60 萬美元，主要來自金融資產和附帶收益。總體而言，上半年業績體現了可擴展的利潤率、以多元化收入來源和嚴格的資本部署為基礎的創新模式。隨著我們進入下半年，我們的重點是執行，將策略性舉措轉化為持續的獲利成長，並保持支持它的財務嚴謹性。

With that, I'll hand it back to the moderator.

說完這些，我就把它交還給主持人。

Thank you, Mr. Ang. We will now like to begin the Q&A session as we receive a few questions from the floor during the conference. Our first question comes from the floor. Addressed to Mr. Victor, you have been reinvesting in AI cybersecurity, fintech, and data analytics. How are you prioritizing capital allocation across these verticals and what kind of returns or milestones are you targeting?

謝謝您，Ang先生。我們現在開始問答環節，因為我們在會議期間收到了一些來自會場的問題。我們的第一個問題來自現場。致維克多先生，您一直在對人工智慧網路安全、金融科技和數據分析進行再投資。您如何優先考慮這些垂直領域的資本配置，以及您瞄準的是什麼樣的回報或里程碑？

We are taking quite a discipline and phase approach when it comes to capital allocation. Right now our top priority is AI infrastructure and related services. This is where we see the clearest commercial demand. So investments around the AI integrated server, cloud platform, and upcoming GPU launch and GPU cloud are at the forefront.

在資本配置方面，我們採取了相當嚴謹且分階段的方法。目前我們的首要任務是人工智慧基礎設施和相關服務。這是我們看到最明顯商業需求的地方。因此，圍繞 AI 整合伺服器、雲端平台以及即將推出的 GPU 和 GPU 雲端的投資處於最前沿。

The next area is cybersecurity, which complements our AI initiatives and positions as well with enterprise and institutional clients. For fintech and data analytics, we are being more selective. It's about finding the right partnership and making targeted investment rather than large upfront commitments.

下一個領域是網路安全，它補充了我們的人工智慧計畫和在企業和機構客戶中的定位。對於金融科技和數據分析，我們更加挑剔。這是為了找到正確的合作夥伴並進行有針對性的投資，而不是大筆的前期承諾。

In terms of milestones, we are focused on commercial traction and revenue visibility within 12 to 24 months. We are not aiming for quick wins, but rather sustainable growth in areas that fit our platform.

在里程碑方面，我們專注於 12 至 24 個月內的商業吸引力和收入可見性。我們的目標不是快速取勝，而是在適合我們平台的領域中實現永續成長。

Next question asked, consultancy revenue moderates year over year, while technology surge. Should we view this as a structural shift toward technology as the main revenue driver going forward or more of a cyclical effect?

下一個問題是，諮詢收入逐年放緩，而技術收入則激增。我們是否應該將此視為一種結構性轉變，即科技成為未來的主要收入驅動力，還是更多的是一種週期性影響？

It's a bit of both. Consultancy had a very strong 2024. So part of the moderation is simply a return to more typical activity levels. The underlying business remains solid. At the same time, there's a structural shift under way with technology becoming a larger part of the business.

兩者都有。諮詢業在 2024 年表現非常強勁。因此，部分緩和措施只是恢復到更典型的活動水準。基礎業務依然穩固。同時，隨著技術成為業務中更重要的組成部分，結構性轉變正在發生。

The growth we are seeing in AI infrastructure and solution is real, and we expect this segment to continue driving growth. So we see this as an evolution of the revenue mix where technology plays a bigger role, while consultancy remains a stable and important foundation for the company.

我們在人工智慧基礎設施和解決方案方面看到的成長是真實的，我們預計這一領域將繼續推動成長。因此，我們認為這是收入結構的演變，其中技術發揮更大的作用，而諮詢仍然是公司穩定而重要的基礎。

Here's another question from the floor. How is your current pipeline shaping up for the second half of the year, particularly in the technology segment?

這是來自現場的另一個問題。您目前在下半年的計畫進展如何，特別是在技術領域？

The pipeline for the second half looks steady and balanced across both segments. On the technology side, we are seeing consistent interest from enterprise clients in our AI integrated server and cloud platform. A number of these discussions have moved into later stages, including some proof of concept, work, and early commercial talks. While it's still early, these engagements are progressing in line with our expectations.

下半年，兩個部門的銷售管道看起來穩定且平衡。在技​​術方面，我們看到企業客戶對我們的 AI 整合伺服器和雲端平台持續感興趣。其中一些討論已經進入後期階段，包括一些概念驗證、工作和早期商業談判。雖然現在還為時過早，但這些合作正在按照我們的預期進展。

For GPU as a service, interest has been encouraging, particularly from local enterprises that are exploring more efficient ways to access compute resources. As we roll out the GPU launch and GPU cloud platform in the coming months, we expect to onboard a small group of initial clients. This will help us validate the offering and fine-tune the operational model before we scale it more widely.

對於 GPU 即服務，人們的興趣一直令人鼓舞，尤其是那些正在探索更有效的方式來獲取運算資源的本地企業。隨著我們在未來幾個月推出 GPU 發布和 GPU 雲端平台，我們預計將吸引一小部分初始客戶。這將有助於我們在更廣泛地擴展產品範圍之前驗證產品並微調營運模式。

On the consultancy side, the pipeline remains healthy with a mix of mandates at various stages. We are working closely with clients preparing for US listings, and several are expected to hit filing or other key milestones in the second half, subject to market conditions.

在諮詢方面，通路依然健康，擁有處於不同階段的各種任務。我們正與準備在美國上市的客戶密切合作，預計有幾家公司將在下半年達到申請上市或其他關鍵里程碑，具體取決於市場狀況。

Overall, the visibility is reasonable and we are taking a measured approach to execution. The pipeline supports our outlook for steady progress in both technology and consultancy through the rest of the year.

總體而言，可見性是合理的，我們正在採取有節制的執行方式。該計劃支持了我們對今年剩餘時間內技術和諮詢業務穩步發展的展望。

And our next question, as you scale both the technology and capital markets businesses, what are the key execution risks you are watching most closely for the remaining of 2025?

我們的下一個問題是，當您擴大技術和資本市場業務時，2025 年剩餘時間內您最關注的關鍵執行風險是什麼？

There are a few areas we're keeping a close eye on. First is delivery capacity. As demand grows, especially on the technology side, it's important that we scale our infrastructure and teams in a controlled and sustainable way.

我們正在密切關注幾個領域。首先是交付能力。隨著需求的成長，特別是在技術方面，以可控和永續的方式擴展我們的基礎設施和團隊非常重要。

Second is timing around consultancy deal closures, particularly IPOs, which can be influenced by external market conditions. We are managing this by keeping a diversified pipeline and working closely with clients. Third, capital deployment discipline remains key. We are sequencing investment carefully to match commercial milestones.

第二是諮詢交易完成的時間，特別是 IPO，可能會受到外部市場條件的影響。我們透過保持多樣化的管道並與客戶密切合作來實現這一目標。第三，資本配置紀律仍是關鍵。我們正在謹慎地安排投資順序以配合商業里程碑。

Lastly, we continue to monitor regulatory developments, especially in AI and digital assets to stay ahead of compliance requirements. Overall, these are manageable risks, and we feel we have the right structures in place to navigate them to the rest of the year.

最後，我們將繼續關注監管發展，特別是人工智慧和數位資產領域的發展，以保持領先的合規要求。總體而言，這些都是可控的風險，我們認為我們已經建立了正確的結構來應對今年剩餘時間的風險。

Thank you. That wraps out all the questions we received from the floor. We have addressed all queries for today's session. I will now hand it back to our Group Executive Chairman and CEO Mr. Victor Hoo for his closing remarks.

謝謝。這就是我們在會場收到的所有問題。我們已經解答了今天會議的所有問題。現在，我將把發言權交還給我們的集團執行主席兼執行長 Victor Hoo 先生，請他致閉幕詞。

Before we end, I want to take a moment to reflect on the first half of 2025. It was a solid period for us, marked by healthy revenue growth, strong contributions from our technology segment, and continued stability in consultancy. We also made meaningful progress in laying the groundwork for our next phase of expansion.

在結束之前，我想花點時間回顧一下 2025 年上半年。對我們來說，這是一個穩健的時期，其特點是健康的收入成長、技術部門的強勁貢獻以及諮詢業務的持續穩定。我們在為下一階段的擴張奠定基礎方面也取得了有意義的進展。

Looking ahead to the second half, our focus is on execution. It is about taking the plans we have set in motion and delivering them. We know where our priorities are and the team is aligned and moving forward steadily. We appreciate everyone taking the time to join us today, and we are grateful for your continued support. We look forward to sharing our progress with you in the next quarter.

展望下半年，我們的重點是執行。這是關於實施我們已製定的計劃並實現它們。我們知道我們的優先事項是什麼，團隊已經協調一致並穩步前進。我們感謝大家今天抽出時間加入我們，並感謝您一直以來的支持。我們期待在下個季度與您分享我們的進展。