Core Viewpoint - A leading internet company reported its Q2 FY2026 earnings, showing revenue of approximately 247.8 billion yuan, a 15% year-over-year increase after excluding the impact of divested businesses, surpassing market expectations [1] Group 1: Company Performance - The "AI + Cloud" business segment demonstrated strong growth, with cloud intelligent group revenue reaching 39.82 billion yuan, a 34% year-over-year increase [1] - AI-related product revenue has achieved triple-digit year-over-year growth for nine consecutive quarters, indicating significant progress in AI commercialization [1] Group 2: Market Reaction - Following the positive earnings report, the Hong Kong technology sector continued its recovery, with the Hang Seng Tech ETF (513130) experiencing active trading, reaching a transaction volume of 2.673 billion yuan by 11:30 AM [1] - As of November 25, 2025, the ETF's latest size reached 43.592 billion yuan, and the number of shares reached 5.8892 billion, both hitting record highs since its inception [1] Group 3: Investment Opportunities - The Hang Seng Tech Index, closely tracked by the ETF, includes 30 competitive Hong Kong internet and leading companies, providing a balanced exposure to investment opportunities in economic structural transformation and AI industry upgrades [1] - The top five constituents of the index as of November 25, 2025, are Alibaba-W, Tencent Holdings, SMIC, Meituan-W, and NetEase-S [1] Group 4: Market Sentiment - Recent market fluctuations were attributed to "interest rate cut disagreements and AI bubble theories," but a report from China Merchants Securities suggests this is a phase of irrational panic, with expectations for market sentiment to recover as external negative factors ease [1] - The report indicates that the AI industry may not have a systemic bubble, with issues primarily concentrated in speculative AI concept stocks, and highlights the differences between Chinese and U.S. AI companies [1] Group 5: Future Outlook - With expectations of easing liquidity constraints due to rising interest rate cut expectations, and supported by strong earnings and AI developments, concerns over an AI bubble are likely to diminish, positioning technology growth as a key market trend [1] - The Hang Seng Tech ETF is recognized as a preferred tool for investors looking to allocate to Hong Kong technology assets, with over 220,000 account holders as of the latest mid-year report [1]

Core Viewpoint - The Hong Kong stock market's technology sector continues to rebound, with the Hong Kong Technology ETF (513020) rising nearly 1.5% and a net inflow of over 220 million yuan in the past five days [1] Group 1: Alibaba's Financial Performance - Alibaba reported its Q2 fiscal year 2026 earnings, showing a 34% year-on-year growth in cloud revenue [1] - AI-related product revenue has achieved triple-digit year-on-year growth for nine consecutive quarters [1] - Capital expenditure for the quarter was 31.5 billion yuan, with approximately 120 billion yuan spent on AI and cloud infrastructure over the past four quarters [1] Group 2: AI Product Development - Alibaba's self-developed AI assistant, Qianwen APP, has surpassed 10 million downloads within a week of its public testing starting on November 17 [1] - The growth rate of Qianwen APP's downloads exceeds that of several well-known AI applications, including ChatGPT, Sora, and DeepSeek, indicating strong market response [1] Group 3: Hong Kong Technology ETF - The Hong Kong Technology ETF (513020) tracks the CSI Hong Kong Stock Connect Technology Index, which includes leading technology stocks in internet, chips, new energy, and innovative pharmaceuticals [1] - The ETF comprises popular stocks such as Alibaba, Xiaomi, Tencent, Meituan, Lenovo, BYD, and SMIC, making it a quality target for investors looking to capitalize on the rebound in the Hong Kong market [1]

智通财经APP讯，网龙(00777)发布公告，该公司于2025年11月25日斥资36.3万港元回购3.1万股股份，每 股回购价格为11.7-11.73港元。 该信息由智通财经网提供 ...

格隆汇11月25日丨网龙(00777.HK)发布公告，2025年11月25日耗资36.3万港元回购3.1万股，回购价格每 股11.7-11.73港元。 相关事件 网龙(00777.HK)11月25日耗资36.3万港元回购3.1万股 网龙(00777.HK)11月21日耗资219.01万港元回购20 万股 ...

公司名稱： 網龍網絡控股有限公司 呈交日期： 2025年11月25日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 00777 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 已發行股份（不包括庫存股份）數 目 ...

Core Viewpoints - The company's main business has reached a bottom, and the investment business is expected to yield returns, with the current stock price having a high margin of safety [1] - The company emphasizes shareholder returns, having announced a HKD 600 million shareholder return plan, with a current dividend yield (TTM) close to 9%, making it attractive [1] Group 1: Game Business - The core IP "Magic Domain" has shown stable improvement in revenue, and the company expects this trend to continue into 2026 [2][3] - A new version of "Magic Domain" has completed development and is awaiting approval for launch, which is anticipated to bring additional revenue [3] - Overall, the company expects good profit growth in its game business by 2026, driven by cost reduction and efficiency measures [3] Group 2: Mynd.AI Business - The company is focusing on reducing losses in the Mynd.AI business, with a good growth rate in SaaS business expected [4] - The integration of AI voice assistant technology aims to enhance classroom interaction, promoting automation in teaching [4] - The company anticipates achieving EBITDA breakeven in Q4 2025 and profitability in 2026 for the Mynd.AI business [4] Group 3: Investment Business - The company has strategically invested in Hangzhou ShuaiKu Network, becoming its largest shareholder with a 46% stake, which has shown strong revenue growth [5] - A strategic investment of USD 20 million in Rokid has been made, with significant sales growth reported in the AR glasses segment [5] - The company has entered into an exclusive partnership with Zhongke Wenge to promote AI services outside mainland China, enhancing its international presence [6] Group 4: Profit Forecast and Valuation - The company has revised its EPS forecasts for 2025-2027 to HKD 0.78, 1.45, and 1.77 respectively, reflecting the stabilization of the game business and growth in the investment sector [7] - The estimated net profit for the game and application service business in 2026 is projected to be HKD 870 million, with a valuation of HKD 8 billion based on an 8x PE ratio [7][8] - The Mynd.AI business is expected to generate revenue of HKD 1.95 billion in 2026, with a valuation of HKD 1.08 billion based on a 0.7x PS ratio [8]

中信证券发布研报称，网龙(00777.HK)主业底部已过，前瞻布局的投资业务迎来收获期，公司当下股价 具备较高安全边际;此外，公司注重股东回报，此前宣布6亿港元股东回报计划，当下股息率(TTM)接近 9%，具备较高吸引力，重申"买入"评级，上调公司2026年目标价至21港元。 机构评级详情见下表： | 指标 | 网龙 | 互联网传媒 行业平均 | 行业排名 | | --- | --- | --- | --- | | ROE | -0.86% | -9.35% | 31 60 | | 港股流通市值 | 57.68 乙 | 1206.0亿 | 14 60 | | 营业收入 | 51.27 乙 | 187.83 乙 | 12 60 | | 净利率 | -1.3% | -17.09% | 35 60 | | 毛利率 | 69.51% | 43.76% | 14 60 | | 负债率 | 45.36% | 53.63% | 38 60 | 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 | 股票代码 股票简称 | | 投行名称 | 发布日期 ...

Core Viewpoints - The company's main business has passed its bottom, and the investment business is expected to yield returns, with the current stock price having a high margin of safety [1] - The company emphasizes shareholder returns, having announced a HKD 600 million shareholder return plan, with a current dividend yield (TTM) close to 9%, making it attractive [1] Group 1: Game Business - The company's game business is showing signs of stabilization and improvement, particularly with its core IP "Magic Domain" [2][3] - After strategic adjustments in Q4 2024, the revenue from "Magic Domain" is expected to continue its upward trend into 2026, with a new version of the game ready for launch pending approval [3] - The overall expectation is for the game business profits to see good growth by 2026, supported by cost reduction and efficiency measures [3] Group 2: Mynd.AI Business - The Mynd.AI business is focused on reducing losses and advancing AI+education initiatives, with a new product launch expected to drive revenue growth [4] - The integration of AI voice assistant technology aims to enhance classroom interaction, potentially leading to better educational outcomes [4] - The company anticipates reaching EBITDA breakeven for Mynd.AI by Q4 2025 and achieving profitability by 2026 [4] Group 3: Investment Business - The company has strategically invested in emerging sectors, including a 46% stake in Hangzhou Shuai Ku Network, which has shown strong revenue growth [5] - A strategic investment of USD 20 million in Rokid, a leading AR technology company, is expected to enhance revenue streams, with Rokid's sales showing significant growth [5] - The partnership with Zhongke Wenge aims to promote AI services internationally, further expanding the company's market reach [6] Group 4: Profit Forecast and Valuation - The company has revised its EPS forecasts for 2025-2027 to HKD 0.78, 1.45, and 1.77 respectively, reflecting the stabilization of the game business and growth in the investment sector [7] - The estimated net profit for the game and application services business in 2026 is projected at HKD 870 million, with a valuation of HKD 8 billion based on an 8x PE ratio [7][8] - The Mynd.AI business is expected to generate revenue of HKD 1.95 billion in 2026, with a valuation of HKD 1.08 billion based on a 0.7x PS ratio [8]

Core Viewpoint - The Hong Kong stock market is experiencing a rebound in technology stocks, particularly in the internet sector, with significant inflows into the Hong Kong Internet ETF (513770) indicating strong investor interest [1][3]. Group 1: Market Performance - As of November 24, the Hong Kong stock market opened higher, with major tech stocks like Kuaishou-W rising over 2%, and Tencent, Xiaomi, and Alibaba each increasing by more than 1% [1]. - The Hong Kong Internet ETF (513770) has seen a net inflow of 71.14 million CNY over the past week, with a total inflow exceeding 1 billion CNY in the last 20 days [1][3]. Group 2: Valuation Metrics - The price-to-earnings (P/E) ratio of the index tracked by the Hong Kong Internet ETF is currently at 21.93, which is at a historical low, positioned at the 8.3% percentile over the past decade [2][3]. - The ETF's latest scale exceeds 10.9 billion CNY, with an average daily trading volume of over 600 million CNY this year, indicating good liquidity [4]. Group 3: Key Holdings - The top three holdings in the Hong Kong Internet ETF are Alibaba-W (18.89% weight), Tencent Holdings (17.01% weight), and Xiaomi Group-W (10.05% weight), collectively representing over 73% of the ETF's portfolio [3][4]. - The ETF is designed to passively track the CSI Hong Kong Stock Connect Internet Index, which focuses on leading internet companies [3].

格隆汇11月21日丨网龙(00777.HK)发布公告，2025年11月21日耗资219.01万港元回购20万股，回购价格 每股10.9-11.07港元。 网龙(00777.HK)11月21日耗资219.01万港元回购20万股 网龙(00777.HK)11月20日耗资111.31万港元回购 10万股 相关事件 ...