[Dongwu Securities Initiates Coverage of HASHKEY HLDGS (03887) with a 'Buy' Rating] According to Deep Tide TechFlow, on June 2, Dongwu Securities released a research report stating that HASHKEY HLDGS (03887.HK), as a globally leading compliant Web3 infrastructure provider, is approaching a profitability inflection point through the synergy of licensed trading, on-chain asset management, and other businesses. This is the first coverage of the company, with a 'Buy' rating assigned. The report highlights that the company is centered in Hong Kong and is gradually building a global digital asset ecosystem. Its equity is highly concentrated, and the management team combines traditional finance and Web3 expertise. Revenue for 2025 is projected to reach HK$723 million, a slight year-on-year increase of 0.3%, with the business structure shifting from being transaction-driven to a synergy of trading, on-chain services, and asset management. Net profit attributable to shareholders is expected to be -HK$794 million, -HK$296 million, and HK$511 million for 2026, 2027, and 2028, respectively, with losses narrowing and moving toward profitability. Transaction facilitation services are the company's largest business segment (accounting for 72% of revenue in 2025), leveraging its licensing advantages in Hong Kong and Bermuda. Trading volume is expected to reach HK$590.8 billion in 2025, securing the top market share in the Asian onshore market. The client base is transitioning from retail-dominated to institutional and omnibus clients, with institutional monthly trading volume projected to reach HK$35.917 billion in 2025. On-chain services boast a gross profit margin exceeding 90%, with staking and RWA tokenization driving structural growth. Asset management services encompass venture capital and secondary funds, with 2025 revenue expected to grow 49.8% year-on-year, and assets under management reaching HK$7.2 billion. The research report emphasizes that the company benefits from the scarcity of compliance licenses, full-stack business ecosystem barriers, and high performance elasticity, warranting a valuation premium. Risk factors include cryptocurrency market volatility, intensified industry competition, regulatory policy changes, and technological security risks.