【财华社讯】网龙(00777.HK)旗下子公司创奇思(Cherrypicks)宣布与Snowball达成策略合作，携手加速 业务增长，开拓全新发展机遇。创奇思屡获亚太区业界肯定，于数码营销及人工智能(AI)领域具领导地 位，凭藉先进流动科技及深厚市场洞察，长期在香港及亚太区为客户缔造卓越成效。 本文源自：财华网 ...

Market Overview - On December 9, Hong Kong stocks experienced volatility, with the Hang Seng Index and Hang Seng Tech Index falling by 1.29% and 1.9% respectively [1][8] - Major tech stocks saw collective declines, with Xiaomi Group-W down over 3%, Kuaishou-W and Meituan-W down over 2%, Alibaba-W down over 1%, and Tencent Holdings stabilizing at a 0.41% drop [1][8] ETF Performance - The Hong Kong Internet ETF (513770), a key tool for AI investment, saw a price drop of 1.09%, while the Hong Kong Large Cap 30 ETF (520560) fell by 1.37% [1][8] - Both ETFs experienced significant premium trading, indicating active buying interest during price dips [1][8] Investment Insights - The approval by Trump for Nvidia to deliver H200 to Chinese clients is expected to enhance China's overall computing power supply, benefiting domestic cloud service providers and promoting AI applications among companies like Tencent and Alibaba [3][10] - Analysts remain optimistic about the internet sector's cyclical properties combined with the upward trend in AI, suggesting that major players will likely lead any technological advancements [3][10] - The upcoming Federal Reserve interest rate decision is anticipated to be a "hawkish rate cut," which may temporarily suppress Hong Kong stock rebounds but could enhance the long-term investment appeal of the tech sector [3][10] Fund Inflows - Recent data indicates significant capital inflows into the Hong Kong Internet ETF (513770) and the Hong Kong Large Cap 30 ETF (520560), with net inflows of 164 million and 35.16 million respectively [4][11] - The top holdings in these ETFs include Alibaba-W and Tencent Holdings, with respective weights of 18.74% and 14.84% for the Internet ETF, and 16.74% and 14.89% for the Large Cap ETF [4][11] ETF Characteristics - The Hong Kong Internet ETF (513770) tracks the CSI Hong Kong Internet Index, which heavily invests in leading internet companies, with over 73% of its top 10 holdings focused on AI cloud computing and applications [6][13] - The fund has a scale exceeding 10 billion, with an average daily trading volume of over 600 million, providing good liquidity and supporting T+0 trading without QDII restrictions [6][14] - The Hong Kong Large Cap 30 ETF (520560) employs a "technology + dividend" strategy, balancing high-growth tech stocks with stable dividend-paying companies, making it an ideal long-term investment tool [6][14]

Core Insights - Mynd.ai's subsidiary Promethean has formed a strategic partnership with Augment Me Inc. to enhance cognitive abilities and engagement in educational settings through AI technology [1][3] - The integration of Augment Me's AI solutions into Promethean's flagship software ecosystem, ActivSuite™ and Explain Everything®, aims to create higher value for customers and upgrade the learning experience [1][3] Product Update - A significant product update is set to launch in December, enabling the direct application of Augment Me's advanced AI technology in classroom settings, transitioning traditional digital screen applications to dynamic, personalized learning experiences [2][4] - Teachers will be able to access real-time data analytics on student attention, participation, and cognitive readiness without additional logins or complex setups [2][4] Features and Benefits - The system will provide actionable suggestions to enhance student focus, manage well-being, and plan time effectively, along with adaptive feedback reports for each learning session [5] - The initial phase of this update will be available to Explain Everything Advanced users, with plans to expand functionalities in the future [5] Strategic Commitment - The collaboration underscores Mynd.ai's commitment to enhancing customer value and optimizing its brand ecosystem, marking a significant step in Promethean's expansion of AI-driven learning capabilities [5] - The integration of AI-driven interactive tools into core products like ActivSuite™ and Explain Everything® will enhance classroom flexibility, mobility, and teacher control, while opening up more personalized, data-driven teaching pathways [5]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 網龍網絡控股有限公司 呈交日期: 2025年12月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00777 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | USD | | 0.01 | USD | | 10,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 1,000,000,000 | USD | | 0.01 | USD | | 10,000,000 | 本月底法定/註冊 ...

Core Viewpoint - Dongwu Securities expects Net Profit attributable to shareholders of NetDragon (00777) to be 400 million, 670 million, and 680 million RMB for 2025-2027, with corresponding PE ratios of 13.6, 8.1, and 8.0 times. The target market capitalization is set at 8.5 billion RMB, translating to a target price of 17.59 HKD per share. The firm is optimistic about the company's stable operation of existing games, the benefits from the education business due to equipment upgrade cycles, and the comprehensive empowerment of AI in gaming education, leading to performance growth from diversified investments [1]. Gaming Sector - The company has established a solid performance foundation through long-standing IPs in the MMORPG sector, such as "Magic Domain," "Conquest," and "Spirit of Heroes," which exhibit strong user stickiness and long-term operational capabilities. The flagship IP "Magic Domain" has maintained high operating profit margins over nearly two decades. The company is implementing an "AI + Gaming" strategy, with AI integrated into art production, code writing, and multilingual localization, enabling rapid global market expansion and cost-effective development of mobile versions from PC games. In the first half of 2025, R&D expenses in the gaming and application services segment are expected to decrease by 26.7% year-on-year, indicating potential profit growth from AI-driven cost reductions [2]. Education Sector - Mynd.ai, a subsidiary, is a leader in global educational interactive display devices, with cumulative sales of 1.37 million units from 2016 to 2024, capturing nearly 16% of the global market share in 2024. The next replacement cycle for educational equipment is anticipated as devices purchased during the pandemic begin to expire, indicating a broad long-term market opportunity. In the first half of 2025, the company's SaaS ecosystem is taking shape, with "Explain Everything" continuing its growth trend. The acquisition of Merlyn Mind introduces an AI voice assistant to enhance user interaction with hardware and link software resources with SaaS tools, reinforcing the "hardware + SaaS" barrier and accelerating the transition to a high-margin subscription model, which is expected to improve profitability [3]. Strategic Investments - The company is focusing on a dual-core business strategy with strategic investments in AI, AR, and the broader entertainment sector, creating multiple potential growth drivers. AI technology is expected to enhance intelligent interactions in gaming and generate personalized educational content, improving the quality and efficiency of both core businesses. AR hardware will enhance immersion in gaming and the appeal of educational products, while the broader entertainment sector will aggregate traffic and incubate IPs, contributing to user growth and brand value, thus closing the "technology-scenario-user" loop [4]. - The company has made strategic investments in ROKID, Chuangqisi, and Shuaiku Network to strengthen its ecosystem in AI, AR, and the entertainment sector. In AI, Chuangqisi has partnered with Zhongke Wenge to become the exclusive overseas platform and commercialization partner, developing several AI large model products. In AR and the metaverse, the investment in ROKID aims to explore new applications in education and gaming. In the entertainment sector, the investment in Shuaiku Network positions the company in the group broadcasting sector, expected to contribute to performance growth and provide new channels for IP promotion in gaming and user outreach in education. Additionally, the company is joining the Open-Q ecosystem to lay the groundwork for AI computing power and high-quality educational content [5].

Macro Strategy - The macro environment is influenced by both domestic and overseas factors, with domestic demand data showing improvement but a decline in manufacturing PMI in October impacting market confidence [1] - The dual uncertainties in the market have led to a strong risk-averse sentiment, causing the index to shift downwards and enter a phase of low-volume consolidation [1] - Policy measures such as liquidity support and industrial guidance are providing market support, with fiscal issuance and monetary continuation effectively countering funding disturbances [1] - The consumption technology sector is experiencing structural differentiation in earnings reports, with companies like Meituan, JD, and Alibaba facing profit adjustments due to intensified competition, while Tencent and Xiaomi are achieving profit growth through overseas expansion and premiumization [1] Industry Analysis - The AI sector is witnessing technological breakthroughs that open new paths for commercialization, with differences in corporate profitability becoming a key variable affecting market expectations [1] - The semiconductor demand is being validated by the performance of companies like Broadcom and Micron, shaping the performance of technology stocks [4] - The gold market is influenced by interest rate expectations, with a significant probability of a 25bps rate cut in December, which is expected to provide ongoing support for gold prices [5][19] - The Nasdaq 100 index is experiencing volatility driven by AI-related concerns, with market sentiment stabilizing following dovish signals from the Federal Reserve [2][4][17] Company-Specific Insights - BYD's November sales increased month-on-month, with a focus on high-end products and exports, although profit forecasts for 2025-2027 have been adjusted downwards due to intensified industry competition [12] - Net profit forecasts for China Gas have been lowered due to weaker-than-expected gas volume growth, but free cash flow is improving, maintaining a "buy" rating [14] - Net profit predictions for NetDragon are optimistic, with AI empowering its gaming and education sectors, leading to a "buy" rating [14] - Baiwei Storage is positioned as a core beneficiary of the AI storage "super cycle," focusing on high-performance embedded storage for AI wearable devices [15]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4]. Core Insights - The company leverages its long-standing IPs in gaming and embraces AI to enhance efficiency and reduce costs, particularly in the MMORPG sector [2][36]. - The education segment, led by Mynd.ai, is transitioning towards a SaaS model, which is expected to improve profitability as the market for educational hardware enters a replacement cycle [3][55]. - Strategic investments in AI, AR, and the broader entertainment sector are aimed at building a long-term growth ecosystem [4][69]. Summary by Sections 1. Gaming and Application Services - The company has a strong foundation in MMORPGs, with flagship IPs like "Magic Domain," "Conquest," and "Spirit of Heroes" contributing to stable cash flow [36]. - AI integration has led to a 26.7% reduction in R&D costs in the gaming segment, enhancing profitability [51]. - The gaming segment is expected to generate revenues of 2,594 million, 3,160 million, and 3,318 million yuan from 2025 to 2027, with respective year-on-year growth rates of -25%, +7%, and +5% [76]. 2. Education Segment - Mynd.ai, a leader in educational interactive display devices, has a market share of nearly 16% in the global stock of interactive devices as of 2024 [3][56]. - The transition to a SaaS model is underway, with a 8% quarter-on-quarter growth in SaaS subscriptions, particularly for the flagship application "Explain Everything" [63]. - Revenue from the education segment is projected to be 1,685 million, 1,769 million, and 1,946 million yuan from 2025 to 2027, with year-on-year growth rates of -20%, +5%, and +10% [76]. 3. Strategic Investments - The company has made strategic investments in AI, AR, and the entertainment sector to create synergies with its core gaming and education businesses [4][69]. - Investments in companies like Rokid and Shuaiku Network are expected to enhance market competitiveness and provide new channels for user engagement [72][75]. - The collaboration with Zhongke Wenge aims to develop AI applications for various sectors, positioning the company as a leader in AI technology deployment [70].

Share Issuance and Stock Options - The total number of shares available for issuance under the existing share scheme is capped at 53,126,253 shares, representing 10% of the total shares as of the report date[3] - For the 2024 stock option plan, participants must pay HKD 1 to accept the stock options within 28 days after the offer date[3] - The exercise price for each stock option offered to eligible participants will be determined at the board's discretion, but will not be lower than the highest of three specified prices[3] Additional Information - The additional information provided does not affect other information in the 2024 annual report, which remains unchanged[4]

Core Viewpoint - The company NetDragon has committed to donating 5 million HKD for emergency relief and support for residents affected by a fire in Hong Kong, demonstrating its commitment to social responsibility and community support [1][2]. Group 1: Company Actions - NetDragon announced a donation of 5 million HKD specifically for emergency assistance, medical support, temporary housing, supply of living materials, and subsequent disaster recovery efforts [1]. - The company's subsidiary, Cherrypicks, provided technical support for the establishment of an official donation platform for the Hong Kong government [1]. - NetDragon expressed deep respect for the firefighters and rescue personnel involved in the emergency response and extended condolences to the affected residents and families [1]. Group 2: Company Background and Mission - Founded in 1999 and publicly listed for over 18 years, NetDragon is a leading creator of internet communities and has focused on the education sector for the past decade [2]. - The company has empowered education in over 190 countries and regions using AI technology, aligning with UNESCO's vision for global educational equity [2]. - NetDragon's actions in response to the fire reflect its core mission to support communities and promote the global sharing of quality AI educational resources, particularly in developing countries [2].

Group 1 - The core viewpoint of the articles highlights the response of NetDragon to the fire incident in Hong Kong, emphasizing their commitment to community support and disaster relief efforts [1][2] - NetDragon has pledged a donation of 5 million HKD for emergency assistance, medical support, temporary housing, and disaster recovery for affected residents [1] - The company’s subsidiary, Cherrypicks, provided technical support for the establishment of an official donation platform to aid the disaster relief efforts [1] Group 2 - Founded in 1999 and listed in Hong Kong for over 18 years, NetDragon is recognized as a leading creator of internet communities [2] - Over the past decade, NetDragon has focused on the education sector, leveraging AI technology to empower education in over 190 countries, aligning with UNESCO's vision for global educational equity [2] - The company's actions in response to the fire not only reflect its corporate social responsibility but also its core values of supporting community and promoting quality AI educational resources globally [2]