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 ...

网龙(00777)发布公告，于2025年11月21日，该公司斥资219万港元回购20万股。 ...

智通财经APP讯，网龙(00777)发布公告，于2025年11月21日，该公司斥资219万港元回购20万股。 ...

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 公司名稱： 網龍網絡控股有限公司 呈交日期： 2025年11月21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 。 | 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 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫 ...

格隆汇11月20日丨网龙(00777.HK)发布公告，2025年11月20日耗资111.31万港元回购10万股，回购价格 每股11.07-11.19港元。 ...

网龙(00777)公布，2025年11月20日耗资111.31万港元回购10万股股份。 ...

Group 1 - The company, NetDragon (00777), announced a share buyback plan, spending HKD 1.1131 million to repurchase 100,000 shares on November 20, 2025 [1]