致：香港交易及結算所有限公司 截至月份: 2025年9月30日 狀態: 新提交 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 公司名稱: 網龍網絡控股有限公司 呈交日期: 2025年10月2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/註冊股 ...

证券研究报告 传媒 行业专题报告 hyzqdatemark 2025 年 09 月 30 日 证券分析师 陈良栋 SAC：S1350524100003 chenliangdong@huayuanstock.com 周政宇 SAC：S1350525050006 zhouzhengyu@huayuanstock.com 魏桢 weizhen@huayuanstock.com 团播， 一次产业的自我升级 投资评级： 看好（维持） ——传媒互联网行业专题报告 投资要点： 几点认知差：人群、政策、商业化和国际化。 1）男团和女团的核心受众均是女性为主。目前女团/男团核心受众均是女性（18-40 岁）为主，是直播打赏市场中的增量消费人群，"世另我"的情绪消费+社交氛围+ 粉丝经济，或将拉伸整体付费宽度+水位，明显区别于过去"暧昧经济"的直播内容 受众。 2）政策的高要求和严监管推动行业集中度提升。2025 年，抖音发布《抖音直播团 播机构管理规范》，从团播机构管理层面明确六项禁止行为。近一年来，平台已处 置 1200 多个违规团播账号，清退 12 家违规经营机构，为优质团播成长营造健康环 境。 3）直播打赏之外，IP 和 ...

Group 1: Digital Cooperation and Development - The 2025 China-Africa Internet Development and Cooperation Forum was held in Xiamen, focusing on building a community of shared future in cyberspace and enhancing digital cooperation between China and Africa [2][5] - Fujian Province has leveraged the historical opportunity of China-Africa cooperation, emphasizing digital economy as a key area for collaboration, particularly in internet education and cybersecurity [2] - NetDragon, based in Fuzhou, has established deep partnerships with several African countries since acquiring Promethean in 2015, providing customized educational solutions [2] Group 2: Education Technology Initiatives - NetDragon has supplied thousands of interactive screens in Egypt and has made its Edmodo platform the designated online learning platform for K12 education in the country [2] - In Cameroon, NetDragon signed an agreement to promote the digital transformation of 250 schools, utilizing advanced educational technology [2] Group 3: Cybersecurity Efforts - Guotou Intelligent has focused on Africa's cybersecurity needs since 2014, establishing national-level electronic data forensics laboratories in 15 African countries and conducting training programs [3] - The company has built laboratories and exported equipment to countries like Egypt and Ethiopia, conducting 38 training sessions [3] Group 4: Growth in Trade and Economic Relations - Fujian Province's trade with Africa reached 68.65 billion yuan in the first eight months of the year, marking a 16% year-on-year increase, with Sub-Saharan Africa accounting for 87% of the trade volume [4] - Exports of electromechanical products from Fujian to Africa totaled 15.52 billion yuan, a 17.5% increase, with automotive exports showing significant growth of 280% [4] Group 5: AI and Digital Content Creation - Meitu has seen a 220% increase in monthly active users in Africa compared to the previous year, with creators in countries like Egypt, Kenya, and Morocco utilizing its AI imaging products [4] - The deepening internet cooperation is driving economic growth between Fujian and Africa, enhancing the visibility of African creativity on a global platform [4][5]

Group 1 - The online education sector in Hong Kong has seen a general increase, with stocks like NetDragon rising over 12% to reach a new high, New Oriental up over 5%, and Thinking乐 Education increasing by 2% [1] - Recent positive developments in online education are attributed to policy support, technological empowerment, and industry regulation, including the significant impact of the "14th Five-Year Plan" for educational digitalization [1] - The "County High School Revitalization Action Plan" is promoting the allocation of digital resources to county-level schools, providing a long-term and stable growth outlook for the industry [1] Group 2 - Daiwa has raised the target price for New Oriental to HKD 49, anticipating increased shareholder returns and noting improvements in K-9 student retention rates for the autumn term [1] - NetDragon is recognized for its stable cash-generating business and its active use of AI technology to empower its second growth curve in education, with current market focus on its AI effectiveness and overseas expansion [1] - Thinking乐 Education received a boost this month with Fidelity International and its affiliates increasing their holdings by 950,000 shares, valued at approximately HKD 2.146 million [1]

Group 1 - Company stock price increased over 12%, reaching a high of 16.59 HKD, the highest since March 2023, with a current price of 15.25 HKD and a trading volume of 5.29 billion HKD [1] - The company's strategic investments in AI and cutting-edge technology are gaining market recognition, particularly with the recent launch of a new generation of AI glasses [1] - The influence and commercialization capabilities of the company's invested entities in the cultural creativity and IP operation sector are expanding [1] Group 2 - The company has established strategic partnerships in the education sector, covering over 190 countries and regions, leveraging AI to enhance global digital education [2] - Upcoming game releases include "Code MY," which began small-scale testing in August, and plans for "Magic Domain" and "Code Alpha" to enter multiple overseas markets in the second half of the year [2] - The company is actively exploring lower-tier markets and diverse channels for "End of Oath," with a mobile game "Mecha War" expected to launch next year [2]

Group 1 - Company stock price increased over 12%, reaching a new high of 16.59 HKD since March 2023, currently trading at 15.25 HKD with a transaction volume of 529 million HKD [1] - The company's strategic investments in AI and related technologies are gaining market recognition, particularly with the recent launch of a new generation of AI glasses [1] - The influence and commercialization capabilities of the company's invested entities in the cultural creativity and IP operation sector are expanding [1] Group 2 - The company has established strategic partnerships in the education sector, covering over 190 countries and regions, leveraging AI to enhance global digital education [2] - Upcoming game releases include "Code MY," which began small-scale testing in August, and plans for "Magic Domain" and "Code Alpha" to enter multiple overseas markets [2] - The company is actively exploring lower-tier markets and diverse channels for its game "End of Oath," with a mobile game "Mecha War" expected to launch next year [2]

Core Viewpoint - NetDragon Websoft Holdings Limited reported a significant decline in revenue for the first half of 2025, with a focus on strategic adjustments and AI integration to navigate current challenges and seek future growth opportunities [1][2][5][6]. Financial Performance - The company's revenue for the first half of 2025 was 2.38 billion RMB, a decrease of 27.9% year-on-year [1][2]. - The gaming and application services segment generated 1.74 billion RMB, down 18.1% year-on-year, while the Mynd.ai segment saw a 45.7% decline to 640 million RMB [2]. - Net profit attributable to shareholders was 30 million RMB, a drop of 92.5%, primarily due to impairment losses on intangible assets, including approximately 92 million RMB in cryptocurrency write-downs [2]. - The adjusted net profit showed a significantly reduced decline when excluding these factors [2]. - The company maintained a strong financial position with net cash of approximately 1.5 billion RMB and effective cash flow management [2]. Business Challenges and Strategic Adjustments - The Mynd.ai business faced substantial challenges, with a 45.7% revenue decline attributed to economic uncertainties affecting client budgets [3]. - To address these challenges, Mynd.ai launched next-generation integrated solutions, focusing on enhancing customer network security and user experience [3]. - The company signed an agreement to acquire award-winning AI voice assistant technology, expected to enhance classroom interaction experiences [3]. Market Expansion - In light of weak performance in traditional markets in Europe and the US, the company is actively exploring emerging markets for new growth opportunities [4]. AI Strategy and Technological Development - NetDragon is fully embracing the AI era, with significant investments in both business applications and cutting-edge technologies [5]. - The Hong Kong subsidiary, Chuangqi Si, has partnered with leading AI model company Zhongke Wenge to develop international AI applications, marking a significant step for Chinese AI technology in global markets [5]. - The recent launch of a new generation of AI glasses by an invested AI edge device company signifies a key breakthrough in consumer market applications [6]. - The AI strategy is seen as a crucial element for the company to address current challenges and secure future technological leadership [7].

Group 1: Hong Kong Stocks - Guoquan (02517) rose over 2% after announcing a plan to repurchase up to HKD 100 million of H-shares by September 25, 2025 [1] - Jiangxi Copper (00358) increased by over 1%, highlighting the detrimental effects of "involution" competition in the copper smelting industry, which contradicts the high-quality development direction [1] - XPeng Motors (09868) surged over 5% as it officially entered five new markets: Switzerland, Austria, Hungary, Slovenia, and Croatia, with its first batch of new cars rolling off the production line in Austria [1] - NetDragon (00777) jumped over 13% with multiple game launches planned for overseas markets in the second half of the year, expecting growth after optimizing core IP [1] - Goldwind Technology (02208) rose over 5% as its power station business sees an increase in hydrogen ammonia, benefiting from price hikes and international expansion in its wind turbine business [1] - Xiaomi Group (01810) fell over 5% following the launch of its new Xiaomi 17 series smartphones, starting at RMB 4,499 [1] - Hua Hong Semiconductor (01347) increased over 5% after announcing a restructuring with Huahong Micro to resolve competition issues related to its IPO commitments, with Goldman Sachs noting ongoing price negotiations with clients [1] Group 2: Other Stocks - Shoucheng Holdings (00697) rose over 1% as it deepens its layout in the robotics sector, with CICC raising its target price to HKD 3.3 [2] - Smoore International (06969) increased over 3% after the launch of the Glo Hilo product on the Polish Glo website [2] - Chinese property stocks collectively surged, with Longfor Group (00960) up over 2%, Vanke Enterprises (02202) up over 2%, Country Garden (02007) up over 3%, and Sunac China (01918) up over 1%, following recent policy optimizations aimed at stimulating housing demand in several new first-tier cities [2] Group 3: US Stocks - Freeport-McMoRan (FCX.US) fell 6.19% due to the suspension of operations at its Indonesian mine following a landslide that resulted in fatalities [3] - Trust Stamp (IDAI.US) rose 0.61% after Intel announced a partnership to utilize AI for identity verification through selfies [3] - XPeng Motors (XPEV.US) increased 4.61% after signing a quantum security technology cooperation agreement with Alibaba Cloud [3] - Baidu (BIDU.US) rose 1.87% as its subsidiary received the first autonomous driving test license in Dubai [3] - GDS Holdings (GDS.US) increased 3.44% following a report indicating Alibaba's token consumption is doubling every 2-3 months due to rising AI workloads [3] - JD.com (JD.US) fell 1.60% as it announced plans for continued investment in AI development at its global technology conference [3] Group 4: Additional US Stocks - Bilibili (BILI.US) rose 4.07% with the approval of a new round of game licenses, including the upcoming test of "Three Kingdoms: Hundred Generals Card" [4] - Sony (SONY.US) increased 1.67% after successfully obtaining a game license for "Cosmic Robot" [4] - NIO (NIO.US) rose 4.92% as Citigroup upgraded its sales forecasts for NIO's electric vehicles due to strong order performance [4] - Intel (INTC.US) surged 8.87%, reaching a new high since July 2024, with plans to raise prices for its "Raptor Lake" processors in Q4 [4] - CoreWeave (CRWV.US) fell 5.05% after expanding its agreement with OpenAI to provide computing power for training advanced models [4]

Core Viewpoint - NetDragon (00777) experienced a significant stock increase, rising over 15% at one point and closing at 14.3 HKD, with a trading volume of 208 million HKD, following the announcement of its mid-2025 performance and strategic developments in its gaming business [1] Group 1: Financial Performance - The company's gaming business has seen a 26.7% year-on-year reduction in R&D expenses due to the comprehensive deployment of an "AI Production Center" [1] - Overall efficiency has improved by approximately 15% due to AI enhancements [1] Group 2: Product Development - NetDragon is focusing resources on its major product "Codename MY," which has entered user testing with positive feedback [1] - The game "Moyou" is expanding its multilingual versions, with two new language versions set to launch overseas in the second half of this year [1] - "Codename Alpha," a localized version of the "Conquest" series, is expected to be released in Southeast Asia in collaboration with partners, with additional regions under discussion for launches later this year [1] Group 3: Market Outlook - CITIC Securities anticipates growth in NetDragon's gaming business following the optimization of core IPs, and expects recovery in the Mynd.ai business after tariff policies are implemented [1] - The company's advancements in AI, including a strategic partnership between its subsidiary Chuangqisi and Zhongke Wenge, as well as breakthroughs in investments in AI edge devices, suggest a promising future for NetDragon [1] - These positive developments are expected to provide strong support for the company's stock price, with optimistic expectations for business growth in the second half of the year [1]

Group 1 - The core viewpoint of the article highlights that NetDragon's stock surged over 15% following the announcement of its mid-2025 performance, driven by advancements in AI and new product developments [1] - NetDragon's gaming business has seen a 26.7% year-on-year reduction in R&D expenses due to the implementation of an "AI production center," which has improved overall efficiency by approximately 15% [1] - The company is focusing resources on its major product "Code MY," which has received positive feedback during user testing, and is also expanding its popular game "Magic Domain" with two new language versions set to launch overseas in the second half of the year [1] Group 2 - Citic Securities expresses optimism regarding NetDragon's gaming business growth following core IP optimization, and anticipates recovery for the Mynd.ai business after tariff policies are implemented [1] - The company has made significant progress in the AI sector, including a strategic partnership between its subsidiary Chuangqisi and Zhongke Wenge, as well as breakthroughs in investments in AI edge devices [1] - Overall, these positive developments are expected to provide strong support for NetDragon's stock price, with Citic Securities expressing a positive outlook for the company's business development in the second half of the year [1]