Group 1 - Company Meituan has been ranked 208th in the 2025 Fortune Southeast Asia 500 list, which highlights the highest revenue companies in Southeast Asia, reflecting strong financial performance in 2024 [1] - In 2024, Meituan achieved a total revenue of $1.51 billion, representing a year-on-year growth of 43.0%, with gross profit reaching $316.3 million, up 45.6% [1] - The adjusted EBITDA for 2024 was $138.3 million, marking a growth of 31.3% [1] Group 2 - The core driver of growth for Meituan is its continuous investment in AI and machine learning, with its programmatic interactive advertising platform Mintegral being a key growth engine [1] - Mintegral generated $1.44 billion in revenue in 2024, a 47.2% increase year-on-year, with smart bidding products contributing over 70% of total revenue [1] - The diversified vertical strategy has shown significant results, with Mintegral's gaming business revenue reaching $1.04 billion, a growth of 37.0%, while non-gaming revenue surged by 82.0% to $403.3 million [1][2] Group 3 - The CEO of Meituan emphasized the company's focus on transforming complex problems into growth opportunities in the rapidly evolving AI and advertising technology landscape [2] - The Fortune Southeast Asia 500 list showcases the economic vitality of the region, with the 500 companies generating a total revenue of $1.82 trillion [2]

Core Insights - The company, 汇量科技, reported strong financial performance for the three months ending March 31, 2025, with a significant revenue increase and enhanced profitability [1] - The Mintegral platform's revenue reached $420.8 million, reflecting a year-on-year growth of 48.4% [1] - Net profit for the company was $19.882 million, showing a remarkable year-on-year increase of 177.9% [1] Revenue Breakdown - The intelligent bidding products, including Target ROAS, contributed over 80% of Mintegral's total revenue, highlighting their role as a key growth driver [1] - The gaming category on the Mintegral platform generated $30.57 million in revenue, marking a substantial year-on-year growth of 50.7% [2] - Non-gaming categories also performed well, with revenue of $11.51 million, representing a year-on-year increase of 42.5% [2] Strategic Developments - The company has made significant investments in AI and machine learning for its bidding systems, which have been well-received by advertisers [1] - The optimization of advertising budget structures and a more balanced business layout have been achieved through the continuous enhancement of Mintegral's intelligent bidding capabilities [2]

Financial Performance - For the three months ended March 31, 2025, Mobvista Inc. reported revenue of $439.6 million, a year-over-year increase of 45.8% and a quarter-over-quarter decrease of 3.0%[2] - Net income for the same period was $120.8 million, reflecting a 47.0% increase year-over-year and a slight decrease of 1.8% from the previous quarter[2] - The gross profit for the quarter was $96.0 million, up 55.4% year-over-year, with a marginal decrease of 1.3% from the previous quarter[2] - Adjusted net profit for the quarter was $21.9 million, a significant increase of 146.8% year-over-year, although it decreased by 18.4% from the previous quarter[2] - Revenue for the three months ended March 31, 2025, was $439,642 thousand, a 45.9% increase from $301,482 thousand in 2024[29] - Gross profit for the same period was $96,046 thousand, representing a gross margin of 21.8%, up from $61,819 thousand and a margin of 20.5% in 2024[29] - Basic earnings per share for Q1 2025 was $1.40, compared to $0.50 in Q1 2024, reflecting a significant increase[29] - Operating profit for the three months ended March 31, 2025, was $23,737 thousand, up from $10,262 thousand in the same period last year[29] - Total comprehensive income for Q1 2025 was $20,198 thousand, compared to $7,320 thousand in Q1 2024, indicating strong overall performance[30] Revenue Breakdown - The programmatic advertising platform Mintegral generated revenue of $420.8 million, representing a year-over-year growth of 48.4% but a quarter-over-quarter decline of 3.7%[4] - Revenue from the gaming category within Mintegral reached $305.7 million, accounting for 72.6% of total revenue, with a year-over-year increase of 50.7%[13] - Non-gaming revenue for Mintegral was $115.1 million, which is 27.4% of total revenue, showing a year-over-year growth of 42.5%[13] - The revenue from the advertising technology business was $435.3 million, which is 99.0% of total revenue, with a year-over-year increase of 46.4%[7] - Mintegral's total revenue for the three months ended March 31, 2025, reached $420.76 million, a 48.4% increase compared to $283.58 million in the same period of 2024[14] - The total revenue from the gaming segment was $305.68 million, accounting for 72.6% of the programmatic advertising business, with a year-over-year growth of 50.7%[14] Cost and Expenses - The cost of sales increased by 43.4% to $343.6 million, up from $239.7 million in the same period of 2024, primarily driven by rising traffic and server costs in the advertising technology business[15] - Research and development expenses increased by 43.0% to $42.2 million, up from $29.5 million in the same period of 2024, mainly due to the development of an intelligent bidding system[21] - Sales and marketing expenses rose by 31.2% to $17.3 million, compared to $13.2 million in the same period of 2024, primarily due to increased bidding costs[19] Profitability Metrics - Adjusted EBITDA for the period was $41.7 million, a 35.9% increase from $30.7 million in the same period of 2024[23] - Operating profit for the period was $23.7 million, representing a 131.3% increase from $10.3 million in the same period of 2024[26] - The advertising technology business gross profit rose 59.1% to $93.0 million, with a gross margin of 21.4%, compared to 19.7% in the same period of 2024[18] - The marketing technology business gross profit was $3.0 million, with a gross margin of 69.9%, down from 79.3% in the same period of 2024[17] Balance Sheet and Liquidity - Current liabilities decreased to $519,278 thousand from $581,326 thousand, improving the company's liquidity position[31] - Total assets less current liabilities increased to $253,497 thousand from $233,330 thousand, reflecting a stronger balance sheet[32] - Non-controlling interests decreased to $5,641 thousand from $7,074 thousand, indicating a shift in ownership structure[32] Company Acknowledgments - The company expressed gratitude to management, employees, regulatory bodies, shareholders, and customers for their support during the reporting period[33]

Financial Performance - Revenue for 2024 reached $1,507,767 thousand, representing a 43.0% increase compared to $1,054,092 thousand in 2023[11] - Gross profit for 2024 was $316,347 thousand, up 45.6% from $217,291 thousand in 2023[11] - Net income for 2024 was $13,811 thousand, a decrease of 25.7% from $18,588 thousand in 2023[11] - Adjusted EBITDA for 2024 was $138,254 thousand, reflecting a 31.3% increase from $105,270 thousand in 2023[11] - Adjusted net profit for 2024 was $49,342 thousand, a significant increase of 158.1% compared to $19,120 thousand in 2023[11] Assets and Liabilities - Current assets as of December 31, 2024, totaled $504,206 thousand, an increase from $400,204 thousand in 2023[9] - Current liabilities increased to $581,326 thousand in 2024 from $356,563 thousand in 2023[9] - As of December 31, 2024, the total assets of the company amounted to $814.7 million, an increase from $691.6 million as of December 31, 2023, representing a growth of 17.8%[148] - The total liabilities increased to $592.3 million as of December 31, 2024, compared to $432.4 million as of December 31, 2023, resulting in a debt-to-asset ratio of 72.7%, up from 62.5%[148] - Cash and cash equivalents reached $167.8 million as of December 31, 2024, compared to $146.3 million as of December 31, 2023, reflecting a growth of 14.1%[150] Market Trends and Projections - The company anticipates that the market for industry-specific AI will exceed the traditional software market by more than ten times[12] - The integration of industry intelligence and data is expected to significantly enhance organizational efficiency and reduce operational costs[12] - The overall economic benefits from reduced operational costs are projected to outweigh the increased IT spending[12] - The total addressable market (TAM) for advertising and marketing is expected to exceed 20% of the entire advertising industry scale once AI capabilities reach autopilot[13] - The global advertising market is projected to exceed $650 billion in 2024, with a 6% year-over-year increase in social media app usage time[20] Revenue Streams and Growth - Mobvista achieved a record revenue growth of 43% year-over-year, increasing from $1.054 billion to $1.508 billion[13] - In-app purchases and subscription revenues are expected to grow by 13% year-over-year, reaching $150 billion globally in 2024[20] - The Ad-tech segment, centered around Mintegral, accounts for over 90% of the company's total net income, while the Mar-tech segment is still in the early stages of product development[35] - The company has expanded its market presence by covering approximately 130 countries and regions, with significant revenue contributions from the Asia-Pacific region (48%) and other regions (43%) in 2024[30] - The company aims to drive high-quality growth by leveraging accumulated data and optimizing marketing strategies through its marketing technology[34] Advertising Technology and Platforms - The Mintegral platform has become one of the leading third-party programmatic advertising trading platforms globally, contributing significantly to the company's revenue and profit[23] - The company has implemented a SaaS tool matrix strategy since 2019, integrating Ad-tech and Mar-tech capabilities to cover various stages of developer growth and optimize marketing solutions[34] - The company’s advertising alliance platform, established in 2013, continues to maintain a leading position in the industry, focusing on serving Chinese apps going global[31] - The company has helped over 10,000 global top advertisers and over 100,000 leading applications acquire quality users on a large scale in global markets[33] - The smart bidding product has contributed over 70% of Mintegral's total revenue since its launch, reflecting its growing importance in the company's revenue stream[69] Operational Efficiency and Cost Management - The gross margin is influenced by server costs and platform algorithm efficiency, with expectations to reduce server costs as scale increases and improve gross margins through enhanced data throughput[41] - The company’s total bank loans and overdrafts amounted to $85.0 million as of December 31, 2024, compared to $81.5 million as of December 31, 2023[150] - The accounts receivable turnover days improved to 44 days in 2024, down from 51 days in 2023[135][136] - The accounts payable turnover days remained stable at 86 days for both 2024 and 2023[137][138] - The company’s floating rate borrowings had an effective interest rate ranging from 3.4% to 7.9% during the reporting period[149] Research and Development - Research and development expenses rose by 61.5% to $152.3 million, driven by increased model training costs for smart bidding systems[127] - The R&D team consists of experts from top universities and companies, enhancing Mintegral's technical capabilities and industry standing, particularly in the light gaming sector[52] - The company aims to establish itself as a "Growth Hub" for developers, focusing on Ad-tech and Mar-tech ecosystems to assist small and medium-sized developers in achieving growth[74] - The marketing technology segment saw a year-on-year revenue growth of 12.3%, indicating ongoing development and optimization efforts[70] - The Mar-tech product system is being upgraded to enhance service capabilities, with 97% of traffic currently coming from overseas markets, indicating a strong global presence[77] Employee and Corporate Governance - As of December 31, 2024, the group has 711 full-time employees, a decrease from 739 employees as of December 31, 2023[158] - 57.7% of the full-time employees, or 410 individuals, are engaged in research and development activities[158] - The board of directors includes executive directors and independent non-executive directors, with Mr. Duan Wei as the chairman and Mr. Cao Xiaohuan as the CEO[200] - The company has not disclosed any significant risks or uncertainties faced during the reporting period[190] - No arrangements were made for directors to gain benefits through the purchase of company shares or bonds during the fiscal year ending December 31, 2024[199]

Group 1 - The company, 汇量科技 (01860), reported an annual revenue of $1.508 billion for the year ending December 31, 2024, representing a year-on-year growth of 43.0% [1] - Net income reached $399 million, showing a year-on-year increase of 40.4% [1] - Gross profit was $316 million, with a year-on-year growth of 45.6% [1] Group 2 - The core business, Mintegral, generated $1.443 billion in revenue for 2024, marking a 47.2% increase and accounting for approximately 95.7% of total revenue [1] - The intelligent bidding system based on machine learning and AI, launched in 2021, has significantly improved advertising budget efficiency for developers, contributing over 70% of Mintegral's total revenue in 2024 [1] - The gaming category maintained stable growth with revenue of $1.04 billion, up 37.0%, while non-gaming revenue surged to $403 million, reflecting an 82.0% increase and accounting for 27.9% of total revenue [1] Group 3 - Mintegral has assisted over 10,000 top developers and 100,000 leading applications globally in acquiring quality users, with daily ad requests exceeding 300 billion [2]

Financial Performance - Mobvista's total revenue for the year 2024 reached $1,507.77 million, representing a 43% increase from $1,054.09 million in 2023[3]. - Net income for 2024 was $398.88 million, up from $284.20 million in 2023, indicating a significant growth in profitability[3]. - Adjusted net profit for 2024 was $49.34 million, compared to $19.12 million in 2023, reflecting a strong operational performance[3]. - Mobvista's adjusted EBITDA for 2024 was $138.25 million, an increase from $105.27 million in 2023, showcasing improved operational efficiency[3]. - The company recorded advertising technology revenue of $1,490.3 million for FY2024, a year-over-year increase of 43.5% from $1,038.5 million in FY2023, accounting for 98.8% of total revenue[97]. - The gross profit for the period was $316.3 million, reflecting a 45.6% year-over-year increase, with a gross margin of 21.0%[116]. - Operating profit for the period was $37.9 million, up from $29.6 million in the same period last year[127]. - The company recorded a goodwill impairment loss of $14.5 million related to its HotCloud SaaS business due to slower-than-expected revenue growth[126]. - The company recorded a net current liability of $77,120,000 as of December 31, 2024, with unutilized bank financing of $64,323,000 due within one year[174]. Market Trends and Strategy - The company anticipates that the total addressable market (TAM) for advertising and marketing AI will exceed 20% of the entire advertising industry[7]. - The advertising market is showing signs of recovery, with major platforms like Google and Meta demonstrating strong year-on-year growth[10]. - The implementation of the EU's Digital Markets Act (DMA) aims to enhance competition and transparency in the advertising market, impacting major tech companies[11]. - The shift towards AI in the advertising sector is expected to significantly enhance service capabilities and market scale, positioning Mobvista for future growth[6]. - The trend of hybrid monetization is becoming mainstream among top mobile game developers, requiring advanced advertising algorithms to optimize revenue streams[14]. - The strategic layout of Mintegral includes a comprehensive coverage of the advertising industry chain, enhancing client relationships and improving algorithm capabilities[18]. - The company has implemented a global strategy, enhancing its brand image in the Asia-Pacific region and localizing strategies in EMEA and the Americas to expand market share[74]. Client and Market Reach - Mobvista's focus on small and medium developers has resulted in a notable market impact, contributing to the record revenue growth[7]. - As of July 26, 2024, there are over 4.33 million applications available on iOS and Google Play, indicating a significant increase in supply and heightened competition in the mobile app market[13]. - The company has expanded its reach to over 3.5 billion active devices globally, covering approximately 130 countries and regions[22]. - Mintegral's client base spans approximately 130 countries, with 97% of devices reached being from overseas markets[34]. - The company has established a leading position in the industry with its advertising alliance platform, focusing on helping Chinese apps expand overseas since its inception in 2013[23]. Technological Advancements - The integration of AI and machine learning into advertising strategies has improved ad targeting and ROI optimization, with automated purchasing and real-time bidding capabilities[76]. - The introduction of large model technology in the cloud-native platform MaxCloud has streamlined DevOps processes, enhancing product delivery efficiency[78]. - The Heat Engine has undergone a comprehensive upgrade, focusing on mobile advertising performance monitoring and data analysis, optimizing customer marketing activities[57]. - The company has a top-tier R&D team with members from prestigious universities and experience in leading tech companies, enhancing its technical capabilities and industry position[43]. Revenue Breakdown - In 2024, the revenue contribution from gaming clients on the Mintegral platform is 72%, while non-gaming clients account for 28%[22]. - Game category revenue reached $1,039.8 million, up 37.0% year-on-year, contributing 72.1% of total revenue[68]. - Non-game category revenue surged to $403.3 million, reflecting an 82.0% year-on-year growth[68]. - The marketing technology segment saw a 12.3% year-on-year revenue growth, reflecting ongoing product development efforts[64]. - Non-programmatic advertising revenue decreased by 18.8% to $47.2 million from $58.1 million, primarily due to advertisers shifting budgets to more certain programmatic options[103]. Operational Efficiency - Continuous growth in customer retention and net expansion rates has led to sustainable revenue growth, with an increase in the number of new clients and advertising budgets[47]. - The company aims to continuously reduce server costs as a percentage of revenue through optimization and scaling[33]. - The platform's scale effect and algorithm efficiency are driving growth in gross profit margins[48]. - The company has emphasized the importance of long-term investment and customer trust in navigating the complexities of the regulatory environment[7]. Financial Position and Investments - The total assets increased to $814.7 million from $691.6 million in 2023, while total liabilities rose to $592.3 million from $432.4 million, resulting in a debt-to-asset ratio of 72.7%[144]. - The company has completed approximately 66% of the acquisition of HotCloud, with a total settlement payment of $44.5 million made to the remaining sellers[148]. - The company has no significant investments or specific plans for major investments as of December 31, 2024[151]. - The company repurchased a total of 16,703,000 shares at a total cost of approximately $48.69 million HKD during the reporting period[156]. Regulatory and Compliance - The company is currently assessing regulatory risks related to the PADFAA legislation and its implications for data flow and business operations[163]. - The company emphasizes data and privacy protection, achieving several industry-standard privacy certifications including SOC2 Type1, Type2, SOC3, and ISO27001[75]. - The company has complied with the corporate governance code and adopted best practices, including quarterly financial performance announcements[158].

Core Viewpoint - The company, HuiLiang Technology (01860), is in discussions regarding the potential sale of its Mintegral business and marketing technology services, but no binding agreements have been made yet [1] Group 1 - The company has informed shareholders and potential investors about media reports concerning the potential sale of the Mintegral business [1] - The stock price of the company experienced a significant decline, dropping by 41% at one point [1] - Mintegral is described as a carrier for the company's AI+ advertising integration [1]

Group 1 - The top-performing stock in the Hong Kong Stock Connect is Huilyang Technology, with a gain of 14.27% [1] - Following Huilyang Technology, the stocks of Zai Ding Pharmaceutical and Kedi-B increased by 8.77% and 7.86% respectively [1] - Other notable gainers include Alibaba Health and Kuaishou-W, which rose by 7.73% and 6.42% respectively [1] Group 2 - Additional companies with significant gains include Gushengtang and MGM China, with increases of 6.52% and 6.28% respectively [1] - Bilibili-W also saw a rise of 6.14% [1] - A number of companies, including AIA Group and Weimeng Group, experienced gains of 5.42% and 5.13% respectively [1] Group 3 - Companies such as Yihai International, New Macau Development, and Laopu Gold saw gains exceeding 4% [1] - Other firms, including China Biopharmaceutical, Aubo Holdings, and Youran Livestock, had increases over 3% [1]

不过，最新消息显示，美国候任总统特朗普正在考虑在上任后发布一项行政命令，拟暂停执行TikTok销 售或禁止法案60至90天，并且希望能在这场"TikTok保卫战"中取得胜利。 据相关报道，截至1月13日，小红书成功登顶苹果应用商店下载榜，而TikTok旗下的照片共享应用 Lemon8以及OpenAI的ChatGPT则紧随其后。 小红书此次爆火与海外版抖音"TikTok"在美国面临的禁令危机密切相关。当下，众多TikTok创作者正急 于寻觅能够继续发布视频的替代方案，同时密切关注着TikTok禁令是否会如期生效。此前，美国政府以 所谓的"国家安全"为由，要求TikTok母公司字节跳动在1月19日之前剥离TikTok，否则将对其实施禁 令。 财联社1月16日讯(编辑 胡家荣) 受益小红书这一热点持续火热，港股SaaS概念股持续走强。 截至发稿，汇量科技(01860.HK)、兑吧(01753.HK)、有赞(08083.HK)分别上涨3.68%、2.54%、1.83%。 小红书热点提振港股SaaS概念股 值得注意的是，小红书爆火所带来的热度在一定程度上提振港股SaaS概念股的表现。比如今日盘中一度 涨超6%的汇量科技 ...

Investment Rating - The report maintains a "Buy" rating for Mobvista (1860 HK) with a 6-month target price of HKD 12 8 [1][4] Core Views - Mobvista's Q3 2024 revenue reached $416 million, a 54 6% YoY increase, with adjusted net profit of $11 million, up 162 4% YoY [1] - The company's programmatic advertising platform, Mintegral, contributed $402 million in revenue, a 57 6% YoY increase, driven by its smart bidding capabilities and expansion into new verticals [2] - Mintegral's game category revenue grew 46 5% YoY to $295 million, accounting for 73 2% of its total revenue, while non-game categories surged 98 5% YoY to $108 million, with e-commerce being a key driver [2] - The company's gross margin improved by 0 5pp YoY to 21 1%, supported by a 0 9pp increase in ad tech gross margin to 20 6% [2] - Mobvista has achieved consecutive quarters of profitability since Q4 2022, demonstrating strong scale effects [2] Financial and Valuation Summary - Revenue is expected to grow from $894 4 million in 2024E to $2,084 9 million in 2026E, with a CAGR of 23 9% [3] - Adjusted net profit is projected to increase from $9 7 million in 2024E to $82 9 million in 2026E, with a CAGR of 71 4% [3] - EPS is forecasted to rise from $0 02 in 2024E to $0 05 in 2026E [3] - The company's P/E ratio is expected to decline from 49 3x in 2024E to 22 2x in 2026E, reflecting strong earnings growth [3] Business Performance and Strategy - Mintegral's smart bidding system has gained market validation, with ROAS (Return on Ad Spend) becoming a mainstream choice for developers [2] - The platform has expanded into mid-to-hardcore games and non-game verticals such as e-commerce and social, driving diversification [2] - Non-programmatic ad revenue declined slightly by 0 5% YoY to $9 94 million, while marketing tech revenue grew 1% YoY to $4 million, supported by overseas expansion and cost optimization [2] Financial Metrics - Gross margin for ad tech improved to 20 6%, while marketing tech gross margin declined by 13 5pp to 68 9% [2] - Sales expenses increased by 32 7% YoY due to rising bidding costs, and R&D expenses surged 59 7% YoY due to investments in the smart bidding system [2] - The company's ROE is expected to rise from 7 6% in 2024E to 13 0% in 2026E, reflecting improved profitability [10]