COMP <GO>

BGIN vs HKD // EV/EBITDA & P/E VALUATION

Bgin Blockchain Limited (Class A) (NASDAQ) VS. AMTD Digital Inc. (every five of which represent two ) (Class A) (NYSE) • 15-METRIC TALLY: BGIN 1 — HKD 6

■ METRIC PARITY

BGIN — Bgin Blockchain Limited (Class A) ROARABLE D- • RQD 39/100

LAST: $1.82 (+1.68%) • MKT CAP: $205.9M

DES <GO> FA <GO> 10-K RED <GO>

valuation

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HKD — AMTD Digital Inc. (every five of which represent two ) (Class A) ROARABLE C- • RQD 59/100

LAST: $1.73 (0.00%) • MKT CAP: $218.3M

DES <GO> FA <GO> 10-K RED <GO>

valuation

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (BGIN VS. HKD) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	BGIN	HKD	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	-35.00%	—	—	TIE	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	—	6.56%	—	TIE	/fcf-yield <GO>
Operating Margin	-60.00%	0.80%	-60.80	HKD	/operating-margins <GO>
Net Profit Margin	-60.00%	68.00%	-128.00	HKD	/net-margins <GO>
Revenue Growth (YoY)	-65.00%	180.00%	-245.00	HKD	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	1.97%	0.00%	+1.97	BGIN	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	2/9	5/9	-3.00	HKD	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	40.0	43.3	-3.28	HKD	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	—	—	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$205.9M	$218.3M	-$12.4M	HKD	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	BGIN REV	HKD REV	BGIN GROSS %	HKD GROSS %	BGIN FCF	HKD FCF
FY 2025	$67.4M	$136.1M	—	—	-$171.1M	$14.3M
FY 2024	$302.3M	$20.4M	—	—	-$212.3M	$4.1M
FY 2023	$257.3M	$12.0M	—	—	-$31.3M	—

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

BGIN // BETA —

HKD // BETA —