Investment Rating - The report assigns a "Buy" rating for the company for the first time [2]. Core Insights - The company has a strong growth trajectory in the programmatic advertising sector, having undergone three significant business expansions since its establishment in 2013, leading to a comprehensive business layout in the programmatic advertising industry [8]. - The programmatic advertising industry is experiencing rapid growth driven by AI algorithms, with the company securing a solid position in the market, particularly in the gaming sector where it holds a 17% market share in game IAA [8]. - The company's revenue is projected to grow significantly, with expected revenues of $2.56 billion, $3.30 billion, and $4.11 billion from 2026 to 2028, alongside adjusted net profits of $125 million, $174 million, and $224 million respectively [8]. Summary by Sections Company Overview - The company has evolved into a leading programmatic advertising platform through three key phases: starting with an advertising alliance, transitioning to a programmatic advertising platform, and finally developing a SaaS tool ecosystem [12]. - The board has undergone restructuring, with a new CEO taking on the role of chairman, and a stock incentive plan has been implemented to align management and core team interests with shareholders [21]. Programmatic Advertising Industry - The global mobile app advertising market is expected to grow at a CAGR of 10% from 2025 to 2030, reaching over $660 billion, with e-commerce and gaming being the core segments [25]. - The demand for programmatic advertising is anticipated to continue growing, particularly as the gaming industry increases its advertising budgets [28]. Programmatic Advertising Business - The company's programmatic advertising business is the primary driver of revenue growth, contributing 96% of total revenue by 2025, with a CAGR of 36% from 2021 to 2025 [67]. - The introduction of smart bidding products has significantly enhanced revenue predictability for advertisers, with over 80% of total revenue coming from these products by 2025 [69]. Financial Projections and Investment Recommendations - The company is expected to achieve revenues of $2.56 billion, $3.30 billion, and $4.11 billion from 2026 to 2028, with corresponding PE ratios of 18.00x, 13.66x, and 10.94x, indicating a strong investment opportunity [8].

Investment Rating - The report assigns an investment rating of "Buy" for the company, marking the first coverage of the stock [2]. Core Insights - The company has established itself as a leader in the programmatic advertising industry through three significant business expansions since its inception in 2013, transitioning from an advertising alliance model to a programmatic advertising platform and then to a SaaS tool ecosystem [8]. - The programmatic advertising industry is experiencing rapid growth driven by AI algorithms, which enhance advertising effectiveness and attract more budget from advertisers. The company has captured a 17% market share in the game IAA sector, positioning itself among the top players [8]. - The company's business model is robust, with high potential for growth. Revenue projections for 2026-2028 are estimated at $2.559 billion, $3.304 billion, and $4.111 billion, with adjusted net profits of $152 million, $200 million, and $250 million, respectively [8]. Summary by Sections Company Overview - The company has undergone three major expansions, forming three core business segments: non-programmatic advertising, programmatic advertising, and marketing technology [12]. - The board has been restructured, and a stock incentive plan has been implemented to align the interests of management and shareholders [21]. Programmatic Advertising Industry - The global mobile app advertising market is projected to grow at a CAGR of 10% from 2025 to 2030, reaching over $660 billion, with e-commerce and gaming as key sectors [25]. - The demand for programmatic advertising is expected to continue growing, particularly in the monetization of mid-tail traffic overseas [25]. Programmatic Advertising Business - The programmatic advertising segment is the primary revenue driver, contributing 96% of total revenue by 2025, with a CAGR of 36% from 2021 to 2025 [64]. - Game advertisers have consistently contributed over 70% of the company's programmatic advertising revenue, with a CAGR of 35% [69]. - The company's smart bidding products, which focus on ROI, are expected to further enhance revenue growth [75]. Financial Projections and Investment Recommendations - The company is projected to achieve revenues of $2.559 billion, $3.304 billion, and $4.111 billion for the years 2026, 2027, and 2028, respectively, with corresponding PE ratios of 18.00x, 13.66x, and 10.94x [8].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The report identifies the company as a high-growth leader in AI and programmatic advertising, with a focus on the mid-tail market [8] - The company has established a strong competitive advantage through its technology, data, and operational efficiency, which are expected to drive revenue and profit growth [8] - The global mobile application advertising market is projected to grow significantly, with the company positioned to capture a substantial share [8] Summary by Sections 1. Core Insights - The programmatic advertising industry is expected to grow at a CAGR of 10.3% from 2025 to 2030, driven by advancements in AI and data utilization [8][20] - The company has launched multiple intelligent bidding strategies that have contributed over 80% of its total revenue by the end of 2025 [8][21] - The company is projected to achieve net profits of $1.6 billion, $2.7 billion, and $4.1 billion for the years 2026, 2027, and 2028 respectively, with corresponding EPS of $0.10, $0.17, and $0.26 [8][9] 2. Company Overview - The company was founded in 2013 and has grown to handle over 300 billion ad requests daily, reaching over 3.5 billion active devices globally [8][33] - The management team has remained stable, with many members having over ten years of experience in the company [8][30] - The company has implemented significant stock incentive plans to boost long-term development confidence [8][30] 3. Business Model - The company operates a programmatic advertising platform that utilizes DSP, SSP, and ADX models, with revenue generation linked to advertising performance and cost management [8][14] - The efficiency of the advertising process is expected to improve over time, with peak performance typically observed within 5-7 days [8][14] 4. Market Space - The mobile application advertising market is expected to maintain high single-digit growth, with the company poised to benefit from increasing ad spend in the mid-tail segment [8][13] - The overseas third-party programmatic advertising market is projected to reach $163.2 billion by 2030, with a CAGR of 20.5% from 2025 to 2030 [8][20] 5. Competitive Landscape - The company ranks among the top five third-party programmatic advertising platforms globally, with a market share of 3.7% in the gaming sector [8][24] - Major competitors include Google and Meta, which dominate the market, but the company is gaining traction in the mid-tail segment [8][24] 6. Financial Analysis - Revenue is expected to grow significantly, with operating leverage becoming increasingly apparent as the company scales [8][14] - The company’s revenue for 2025 is projected at $2.0 billion, with a growth rate of 36% [9][14]

Investment Rating - The report assigns an "Accumulate" rating to the company [6]. Core Insights - The data algorithm flywheel has been initiated, leading to accelerated performance in the mid-to-heavy gaming and e-commerce sectors [2]. - The company is expected to achieve significant revenue growth, with projected revenues of $2.601 billion, $3.258 billion, and $3.864 billion for 2026, 2027, and 2028 respectively, reflecting year-on-year growth rates of 27%, 25%, and 19% [4][14]. - Adjusted net profit is forecasted to reach $151 million, $245 million, and $338 million for the same years, with growth rates of 145%, 62%, and 38% respectively [4][14]. Financial Summary - Total revenue is projected to grow from $2.047 billion in 2025 to $3.864 billion in 2028, with a compound annual growth rate (CAGR) of 28.32% from 2021 to 2025 [4][26]. - The adjusted net profit is expected to increase from $62 million in 2025 to $338 million in 2028, indicating a strong recovery and growth trajectory [4][26]. - Earnings per share (EPS) is projected to rise from $0.04 in 2025 to $0.21 in 2028, with a price-to-earnings (PE) ratio decreasing from 48.49 to 10.04 over the same period [4][14]. Business Development - The company has evolved through three stages since its establishment in 2013, transitioning from an advertising alliance to a programmatic advertising platform and now to a comprehensive SaaS tool ecosystem [19][20]. - The company has focused on integrating Ad-tech and Mar-tech capabilities, enhancing its product matrix and expanding its market reach [20][30]. - The Mintegral platform has been a key driver of growth, leveraging data and algorithms to optimize advertising performance and expand into new sectors [14][31]. Industry Outlook - The programmatic advertising industry is experiencing high demand, with a significant portion of the market being concentrated among leading players, which enhances their bargaining power [14][59]. - The global advertising market is expected to grow steadily, with programmatic advertising projected to reach $390 billion by 2025, reflecting a year-on-year growth of 14.4% [54][55]. - The company is well-positioned to capitalize on the growing demand for programmatic advertising, particularly in the gaming and e-commerce sectors, which are expected to drive substantial revenue growth [14][56].

Investment Rating - The report assigns an "Accumulate" rating to the company [6]. Core Insights - The data algorithm flywheel has been initiated, leading to accelerated performance in the mid-to-heavy gaming and e-commerce sectors [2]. - The company is expected to achieve significant revenue growth, with projected revenues of $2.601 billion, $3.258 billion, and $3.864 billion for 2026, 2027, and 2028 respectively, reflecting year-on-year growth rates of 27%, 25%, and 19% [4][14]. - Adjusted net profit is forecasted to reach $151 million, $245 million, and $338 million for the same years, with growth rates of 145%, 62%, and 38% respectively [4][14]. Financial Summary - Total revenue is projected to grow from $2.047 billion in 2025 to $3.864 billion in 2028, with a compound annual growth rate (CAGR) of 28.32% from 2021 to 2025 [4][26]. - The adjusted net profit is expected to increase from $62 million in 2025 to $338 million in 2028, indicating a strong recovery and growth trajectory [4][14]. - Earnings per share (EPS) is projected to rise from $0.04 in 2025 to $0.21 in 2028, with a price-to-earnings (PE) ratio decreasing from 48.49 to 10.04 over the same period [4][14]. Business Development - The company has evolved through three stages since its establishment in 2013, transitioning from an advertising alliance to a programmatic advertising platform and now to a comprehensive SaaS tool ecosystem [19][20]. - The launch of the Mintegral programmatic advertising platform has been pivotal in accumulating data and optimizing algorithms, driving revenue growth [26][31]. - The company is expanding its reach into non-gaming sectors, leveraging its algorithm and creative capabilities to establish competitive advantages in e-commerce and other industries [14][30]. Industry Outlook - The programmatic advertising industry is experiencing high demand, with a significant portion of the market being concentrated among leading players, enhancing their bargaining power [14][59]. - The global advertising market is projected to grow steadily, with programmatic advertising expected to reach $390 billion by 2025, reflecting a year-on-year growth of 14.4% [54][55]. - The company is well-positioned to capitalize on the growing demand for programmatic advertising, particularly in the mid-to-heavy gaming and e-commerce sectors, which are expected to drive substantial revenue growth [14][56].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a total revenue of $2.047 billion in 2025, representing a year-over-year growth of 35.7%, with a net profit of $61.619 million, up 346.2% year-over-year [2][3] - The adjusted net profit reached $95.494 million, reflecting a 93.5% increase year-over-year, and the adjusted EBITDA was $191 million, growing by 38.1% [2][3] - The company’s game client revenue grew by 40.6% year-over-year to $1.462 billion, accounting for 74.6% of total revenue, while non-game client revenue increased by 23.7% to $499 million [4] Financial Performance - In Q4 2025, total revenue was $577 million, a 27.4% increase year-over-year and an 8.6% increase quarter-over-quarter [3] - The gross margin for 2025 was 21.2%, with an adjusted net profit margin of 4.7% [3] - The company’s adjusted net profit margin for Q4 2025 was 5.81%, maintaining a high level [3] Strategic Initiatives - The company plans to enhance cloud infrastructure efficiency, accelerate model iteration speed, and build a talent team that can quickly adapt to technological changes [5][8] - A board restructuring aims to improve decision-making efficiency and unify development strategies [8] Future Projections - Revenue is projected to grow to $2.892 billion in 2026, $4.039 billion in 2027, and $4.889 billion in 2028, with corresponding net profits of $155 million, $266 million, and $409 million respectively [9][10] - The company is expected to maintain a strong growth trajectory, supported by its position as a leading programmatic advertising platform [10] Stock Valuation - The report indicates a projected P/E ratio of 22 for 2026, decreasing to 8.33 by 2028, reflecting the company's anticipated growth and profitability [10][11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights a strong growth trend supported by AI empowerment and product expansion, with a forecasted net profit of $1.37 billion, $2.37 billion, and $3.80 billion for 2026, 2027, and 2028 respectively, indicating a significant increase in profitability [4][5] - The company achieved a revenue of $2.047 billion in 2025, representing a year-on-year growth of 35.7%, and a net profit of $62 million, which is a remarkable increase of 291.5% compared to the previous year [4][5] - The report emphasizes the continuous improvement in advertising technology and the expansion of non-gaming categories, which are expected to drive sustained high growth [5] Financial Summary and Valuation Metrics - Revenue projections for the upcoming years are as follows: $1.508 billion for 2024, $2.047 billion for 2025, $2.586 billion for 2026, $3.002 billion for 2027, and $3.948 billion for 2028, with respective year-on-year growth rates of 43.0%, 35.7%, 26.4%, 16.1%, and 31.5% [6] - The net profit is projected to grow from $16 million in 2024 to $380 million in 2028, with year-on-year growth rates of -27.8%, 291.5%, 122.3%, 72.9%, and 60.6% [6] - The report indicates a gross margin of 21.2% for 2025, with a projected increase to 26.2% by 2028, reflecting stable profitability and operational leverage [4][6]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不會就因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 (2) 終止購股權計劃； 及 (3) 建議有條件授出獎勵股份 緒言 本公告旨在披露本公司(i)建議修訂員工受限制股份單位計劃；(ii)終止購股權計 劃；及(iii)建議有條件授出獎勵股份的相關事宜。 於本公告日期，本公司共有三項股份計劃，即(i)於2018年9月27日採納的員工受 限制股份單位計劃；(ii)於2018年11月19日採納的管理層受限制股份單位計劃； 及(iii)於2018年10月30日採納的購股權計劃。 建議修訂員工受限制股份單位計劃 員工受限制股份單位計劃及管理層受限制股份單位計劃中的受限制性股份單 位均來源於現有股份。截至本公告發佈日，員工受限制股份單位計劃可供授予 的受限制性股份單位總數為393,481股，已難以滿足本集團業務快速發展過程 中對核心人才實施長期激勵之需求。此外，鑒於上市規則第17章相關修訂已於 2023年1月1日生效，以及上市規則已於2024年6月11日作出修訂允許上 ...

Mobvista Inc. 匯量科技有限公司 匯量科技有限公司董事（「董事」）會（「董事會」）成員載列如下： 執行董事 曹曉歡先生 （主席） 段威先生 宋笑飛先生 蔣若帆女士 非執行董事 黃德煒先生 獨立非執行董事 孫洪斌先生 張可玲女士 黃家輝先生 （於開曼群島註冊成立的有限公司） （股份代號：1860） 董事會成員名單與其角色和職能 董事會下設三個委員會。下表提供董事會成員在該等委員會中擔任的職位。 | | 董事委員會 審核委員會 | 薪酬委員會 | 提名委員會 | | --- | --- | --- | --- | | 董事 | | | | | 曹曉歡先生 | — | M | C | | 段威先生 | — | — | — | | 宋笑飛先生 | — | — | — | | 蔣若帆女士 | — | — | — | | 黃德煒先生 | — | — | — | | 孫洪斌先生 | C | — | — | | 張可玲女士 | M | M | M | | 黃家輝先生 | M | C | M | 附註： C：有關董事委員會主席 M：有關董事委員會成員 新加坡，2026年3月11日 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 Mobvista Inc. 匯量科技有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1860） (1) 董事會主席之變更； (2) 執行董事之變更； (3) 董事委員會組成之變更； 及 (4) 公司秘書、授權代表及法律程序文件代理人之變更 匯量科技有限公司（「本公司」，連同其附屬公司統稱（「本集團」）董事（「董事」） 會（「董事會」）謹此宣佈，以下事項自二零二六年三月十一日起生效： – 1 – 1. 段威先生已辭任本公司董事會主席及提名委員會（「提名委員會」）主席， 惟彼仍留任為執行董事； 2. 執行董事曹曉歡先生獲委任為董事會主席、提名委員會主席； 3. 方子愷先生已辭任執行董事，惟彼仍留任本集團首席產品官； 4. 蔣若帆女士獲委任為執行董事； 5. 李謝佩珊女士已辭任公司秘書、授權代表及法律程序文件代理人；及 6. 朱璧敏女士獲委任為公司秘書、授權代表及法律程序文件代理人。 董事會主席及提名 ...