随着Mintegral平台智能出价能力的持续优化升级，集团的多垂类发展战略取得显著突破，广告预算结构 进一步优化，业务布局更加均衡。报告期内，Mintegral的游戏品类表现尤为突出，录得收入3.057亿美 元，同比大幅增长50.7%，主要得益于以IAP(In App Purchases)变现为核心的中重度游戏垂类的收入强劲 提升。与此同时，Mintegral非游戏品类同样表现不俗，录得收入1.151亿美元，同比增长42.5%，展现出 多元化的增长潜力。 智通财经APP获悉，5月26日，汇量科技(01860)发布截至2025年3月31日止三个月业绩公告。公告显示， 2025年以来，集团基本面持续向好，展现出强劲的发展态势。报告期内，其领先的程序化广告平台 Mintegral表现亮眼，录得收入4.208亿美元，同比大幅增长48.4%。此外，集团盈利能力持续增强，录得 净利润1988.2万美元，同比显著增长177.9%。得益于高效的运营策略，集团的规模效应进一步凸显，增 长势头稳健向好。 自2023年汇量科技大力投入基于AI和机器学习的智能出价体系以来，包括Target ROAS在内的智能竞价 产品凭借卓越的技术 ...

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，亦明確表示，概不對因本公告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 截至二零二五年三月三十一日止三個月業績公告 財務摘要 | | | | 截至下列日期止三個月 | | | | --- | --- | --- | --- | --- | --- | | | 2025年 | 2024年 | 2024年 | | | | | 3月31日 | 12月31日 | 3月31日 | 同比變動 | 環比變動 | | | 千美元 | 千美元 | 千美元 | | | | | （未經審核） | （未經審核） | （未經審核） | | | | 收益 | 439,642 | 453,023 | 301,482 | 45.8% | (3.0%) | | 淨收入(1) | 120,755 | 122,960 | 82,155 | 47.0% | (1.8%) | | 毛利 | 96,046 | 97,301 | 61,819 | 55.4% | (1.3%) | | 期內利潤╱（虧損） | 19,88 ...

Mobvista Inc. 匯量科技有限公司 股份代號: 1860 ( 於開曼群島註冊成立的有限公司 ) 年 報 2024 Annual Report 2024 Stock Code: 1860 (Incorporated in the Cayman Islands with limited liability) Mobvista Inc. 匯量科技有限公司 目 錄 2 公司資料 3 五年財務概要 4 財務摘要 5 致股東的信 7 業績回顧 30 管理層討論及分析 46 董事及高級管理層資料 50 董事會報告 82 企業管治報告 101 獨立核數師報告 108 綜合損益表 109 綜合損益及其他全面收益表 110 綜合財務狀况表 112 綜合權益變動表 114 綜合現金流量表 116 綜合財務報表附註 198 釋義 公司資料 董事會 執行董事 段威先生 （主席） 曹曉歡先生 （首席執行官） 方子愷先生 宋笑飛先生 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 公司秘書 李謝珮珊女士 授權代表 曹曉歡先生 李謝珮珊女士 審核委員會 孫洪斌先生 （主席） 張可玲女士 黃家輝先生 薪酬 ...

Mintegral 基于机器学习和 AI 的智能出价体系自 2021 年上线以来，有效帮助开发者提升广告预算投入 效率，也逐步成为集团收入增长主动力。在2024年，智能出价体系贡献的流水超过 Mintegral 总流水的 70%。 智通财经APP讯，汇量科技(01860)于2025年3月31日发布截至 2024 年 12 月 31 日的年度业绩公告。公告 显示，集团在 2024 年度实现收入15.08亿美元，同比增长43.0%;净收入达到3.99亿美元，同比增长 40.4%;毛利为3.16亿美元，同比增长45.6%。 其中，公司核心业务程序化互动式广告平台 Mintegral 在 2024 年实现收入14.43亿美元，同比增长 47.2%，约占总收入的95.7%。 财报显示，Mintegral 已助力超过 1 万家全球顶级开发者和 10 万款头部应用在全球市场获取优质用户， 日均广告请求超 3000 亿次。 目前，智能出价体系已成为广告主在 Mintegral 平台上首选的投放方式，为 Mintegral 在中重度游戏及非 游戏领域的突破提供了关键支持。从垂类来看，游戏品类收入保持稳定增长，录得收入10.40 ...

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，亦明確表示，概不對因本公告全部或任何部分內容而產生或 因依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） 截至2024年12月31日止年度之 全年業績公告 財務摘要 | | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | | --- | --- | --- | --- | --- | --- | --- | | | 年度 | 下半年 | 上半年 | 年度 | 下半年 | 上半年 | | | 千美元 | 千美元 | 千美元 | 千美元 | 千美元 | 千美元 | | 收益 | 1,507,767 | 869,480 | 638,287 | 1,054,092 | 547,959 | 506,133 | | 淨收入(1) | 398,882 | 232,346 | 166,536 | 284,204 | 147,839 | 136,365 | | 毛利 | 316,347 ...

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]

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]

Investment Rating - The report does not provide a specific investment rating for Mobvista (1860 HK) [2] Core Business - Mobvista is a global leader in mobile advertising and marketing technology, primarily serving mobile app developers and helping Chinese developers expand overseas [2] - The company focuses on programmatic advertising and data-driven marketing, with its core business relying on the Mintegral platform [2] - Key business segments include: (i) programmatic advertising solutions, (ii) data analytics and operations services, (iii) SaaS tool matrix development and sales, and (iv) multi-scenario traffic monetization services [2] - Advertising technology accounts for 98 6% of revenue, with programmatic advertising being the major contributor, while marketing technology currently represents 1 4% of revenue but is in a rapid expansion phase [2] Market Outlook - The global mobile advertising and marketing technology market is expected to exceed $500 billion by 2025, with programmatic advertising growing at a 16 2% CAGR [2] - Mid-tail and long-tail traffic are becoming increasingly important due to privacy protection and antitrust policies, presenting significant growth opportunities [2] Competitive Landscape - The global ad tech platform market is dominated by Google AdMob and Meta Audience Network in the head traffic segment, while mid-tail and long-tail traffic are controlled by programmatic advertising platforms including AppLovin, Unity Ads, and Mintegral [2] - Mobvista has strengthened its competitiveness in ROI improvement for advertisers, global traffic coverage, and data analytics efficiency through continuous algorithm optimization and service enhancement [2] Future Prospects - The company plans to focus on advertising services for mid-core games, utility apps, and e-commerce sectors, which are experiencing rapid growth [2] - The mid-core game sector, in particular, is expected to reach a market potential of hundreds of billions of dollars by 2025 due to the popularity of hybrid monetization models [2] - Mintegral platform currently handles trillions of ad requests annually, with revenue and profit steadily increasing alongside global business expansion [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has experienced rapid revenue and profit growth in Q3 2024, driven by technological innovation and customer acquisition, leading to a maintained "Buy" rating [2] - The revenue for the first three quarters of 2024 reached $1.055 billion, a year-on-year increase of 36.0%, with adjusted net profit of $19.164 million, up 37.4% year-on-year [2] - In Q3 2024, the company achieved revenue of $416 million, a year-on-year increase of 54.6% and a quarter-on-quarter increase of 23.6%, with adjusted net profit of $10.668 million, up 162.4% year-on-year [2] Revenue and Profitability Summary - The programmatic advertising platform Mintegral saw accelerated revenue growth, achieving $403 million in Q3 2024, a year-on-year increase of 57.6% and a quarter-on-quarter increase of 25.7% [3] - The gaming category generated $295 million in revenue in Q3 2024, a year-on-year increase of 46.5%, while non-gaming categories reached $108 million, up 98.5% year-on-year [3] - The gross margin for Q3 2024 was 21.1%, an increase of 0.5 percentage points year-on-year, and the net profit margin was 2.4%, up 1 percentage point year-on-year [3] Future Growth Drivers - The company is leveraging AI to enhance the Mintegral platform, with the D7 Target ROAS feature launched in October 2024 to improve marketing ROI for clients [4] - The ongoing iteration of ROAS technology is expected to drive long-term growth by accumulating rich marketing data [4] - The company has expanded its client base in non-gaming categories, indicating the effectiveness of its multi-vertical strategy [3][4] Financial Projections - The company forecasts net profits of $40 million, $72 million, and $88 million for 2024, 2025, and 2026 respectively, with corresponding EPS of $0.03, $0.05, and $0.06 [2][5] - The current price-to-earnings (P/E) ratios are projected at 25.2, 14.0, and 11.4 for 2024, 2025, and 2026 respectively [2][5]