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 | 截至月份: | | --- | | 2025年8月31日 | | 狀態: 新提交 | 致：香港交易及結算所有限公司 公司名稱: 匯量科技有限公司 呈交日期: 2025年9月3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) | 01860 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | | 0.01 | USD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 10,000,000,000 | USD | | 0.01 | US ...

Group 1 - The Hang Seng Index fell by 0.4%, while the Hang Seng Tech Index decreased by 0.54%, with a total turnover of 152 billion HKD in the Hong Kong stock market during the morning session [1] - The Hang Seng Biotechnology Index rose by 1%, with notable gains from companies such as MicroPort Scientific Corporation (02252) up by 10%, and Four Seasons Medicine (00460) up by 8% [1] Group 2 - MicroPort Scientific Corporation (02252) saw a rise of over 10%, indicating renewed interest in the robotics industry and steady progress in the company's commercialization efforts [2] - Dongyang Sunshine Pharmaceutical (06887) increased by nearly 7%, reporting a mid-term gross profit of 1.468 billion HKD, with key data on Ifenprodil presented at the US IPF summit [2] - Chuangsheng Group-B (06628) surged over 28%, with a mid-term net loss narrowing by 17.9%, and TST001 research data making its debut at ASCO [2] - Kingsoft Holdings (03918) rose by over 6%, with first-half performance exceeding market expectations, although uncertainties remain regarding the Naga3 project according to Citigroup [2] - Green Power Environmental (01330) increased by over 7%, with a 24.49% year-on-year increase in net profit attributable to shareholders, driven by its gas supply business [2] - Hylink Technology (01860) rose by 7.9%, with first-half revenue increasing by 40% year-on-year, and institutions optimistic about the continued release of the Mintegral platform's flywheel effect [2] - Zhi Zi Cheng Technology (09911) rose by over 6%, with first-half net profit nearly doubling, and the group's gross profit margin expected to improve significantly year-on-year [2] - Four Seasons Medicine (00460) rose by over 7%, achieving profitability in the first half and making substantial progress in its AI + medical beauty strategic layout [2] - Guofu Quantum (00290) increased by 6.86%, with a cumulative increase of nearly 1.8 times this year, collaborating with Huajian Medical to advance RWA ecosystem construction [2] - New Idea Network Group (01686) fell by over 17% post-results, with annual net profit increasing by 8% to 979 million HKD [2]

Core Insights - Huya Technology (01860) saw a significant stock increase of over 10%, currently trading at 16 HKD with a transaction volume of 406 million HKD [1] Financial Performance - For the mid-year results of 2025, the company reported a revenue of 938 million USD, marking a substantial year-on-year growth of 47% [1] - Adjusted EBITDA reached 88.68 million USD, reflecting a 41% increase compared to the previous year [1] - The core programmatic advertising platform, Mintegral, generated 897 million USD in revenue, which is a 48.6% year-on-year increase [1] - Within Mintegral, the gaming category performed exceptionally well, achieving 662 million USD in revenue, a significant growth of 51.7% year-on-year [1] - Non-gaming verticals contributed 236 million USD, accounting for 26% of Mintegral's total revenue [1] Market Analysis - According to a report from Kaiyuan Securities, the notable growth in the company's performance is attributed to the continuous iteration of its AI-driven smart bidding system [1] - The company is experiencing a strengthening flywheel effect, with scale effects becoming more apparent [1] - Based on the expansion of the smart bidding system and the growth in non-gaming verticals, the firm has revised upward its profit forecasts for 2025-2026 and added projections for 2027 [1] - The outlook for Mintegral is positive, with expectations for continued revenue contributions, leading to a maintained "buy" rating [1]

Core Insights - Huya Technology (01860) saw a significant stock increase of over 10%, reaching HKD 16 with a trading volume of HKD 406 million [1] Financial Performance - For the mid-year results of 2025, the company reported a revenue of USD 938 million, representing a substantial year-on-year growth of 47% [1] - Adjusted EBITDA for the period was USD 88.68 million, showing a year-on-year increase of 41% [1] - The core programmatic advertising platform, Mintegral, generated revenue of USD 897 million, marking a 48.6% increase year-on-year [1] - Within Mintegral, the gaming category performed exceptionally well, achieving revenue of USD 662 million, a significant year-on-year growth of 51.7% [1] - Non-gaming verticals contributed USD 236 million, accounting for 26% of Mintegral's total revenue [1] Market Analysis - According to a report from Open Source Securities, the company's impressive growth is attributed to the continuous iteration of its AI-driven smart bidding system and the strengthening of its flywheel effect, which enhances economies of scale [1] - The firm has revised upward its profit forecasts for 2025-2026 and introduced new projections for 2027, indicating confidence in Mintegral's ongoing revenue contributions [1] - The outlook remains positive for Mintegral, with a maintained "buy" rating from analysts [1]

Core Viewpoint - The company has shown significant revenue growth and profit margin improvement in the first half of 2025, driven by advancements in AI technology and a strong performance from its advertising platform Mintegral [1][2]. Financial Performance - In H1 2025, the company's revenue reached $940 million, a year-on-year increase of 47%, with a net profit of $32 million, up 340% year-on-year [1] - Q2 2025 revenue was $498 million, reflecting a 48% year-on-year growth, while net profit for the same period was $11 million, a remarkable increase of 555% year-on-year [1] - The gross margin stood at 21.44%, up 0.88 percentage points, and the net margin was 3.44%, an increase of 2.29 percentage points year-on-year [1] Growth Drivers - The significant performance improvement is attributed to the continuous iteration of the AI-driven intelligent bidding system and the strengthening of the company's flywheel effect, which enhances scale efficiency [1] - The company has revised its revenue forecasts for 2025-2027, expecting revenues of $2.38 billion, $2.93 billion, and $3.57 billion respectively, with net profits projected at $124 million, $170 million, and $225 million [1] Mintegral Platform Performance - Mintegral's revenue continued to grow, reaching $897 million in H1 2025, a 49% year-on-year increase, with the gaming category contributing $662 million, up 52% year-on-year [1] - The number of developers integrating Mintegral Ads SDK surged from 20,000 to over 110,000 from 2022 to H1 2025, indicating a significant expansion in developer scale [1] - The platform has effectively assisted over 10,000 advertisers and more than 100,000 applications in customer acquisition, with daily ad requests exceeding 300 billion [1] AI and Marketing Technology Innovations - The company is deeply investing in AI across multiple fields, focusing on LLM/AIGC to enhance advertising content creation and campaign management [2] - New AI-driven tools such as the MaxAgent system and Hybrid ROAS bidding strategy have been launched to optimize advertising operations and improve targeting of high-value audiences [2]

Summary of Key Points Overall Market Trends - The overall market shows a rebound in institutional attention, particularly in the mechanical, pharmaceutical, and automotive sectors [5][6][7] - The Shanghai and Shenzhen 300 indices have shown varied performance across different sectors, with banking and utilities leading in gains [1][2] Industry Insights - The pharmaceutical sector is witnessing significant advancements in the small molecule GLP-1RA space, with Orforglipron leading globally and domestic pipelines gaining value [28][30][31] - The mechanical industry is focusing on unmanned intelligent equipment, highlighted by the upcoming military parade showcasing new technologies [35][36][38] Company-Specific Updates - **Old Phoenix (老凤祥)**: The company reported a 10.5% year-on-year increase in Q2 revenue, with a focus on brand rejuvenation and product upgrades [42][44] - **Federation Pharmaceutical (联邦制药)**: The company achieved a 4.61% increase in revenue for H1 2025, with significant growth in its formulation segment [46][48] - **Giant Star Agriculture (巨星农牧)**: The company experienced a 66.49% increase in revenue for H1 2025, driven by a substantial rise in pig sales [51][52] - **China Shenhua (中国神华)**: The company reported a decline in revenue but maintained strong integrated operations, with a focus on asset injection and sustainable dividends [56][58] Investment Recommendations - The small molecule GLP-1RA market is expected to provide new growth opportunities, with several domestic companies positioned to benefit from international expansion [33] - Companies involved in the mechanical sector, particularly those developing robotic technologies, are recommended for investment due to their innovative potential [39][40]

Group 1 - The core point of the article is that Fang Zikai, an executive director of Huilyang Technology (01860.HK), reduced his shareholding by selling 300,000 shares at an average price of HKD 15.90, amounting to approximately HKD 4.77 million [1] - Following the sale, Fang Zikai's total shareholding decreased to 2.9691 million shares, with his ownership percentage dropping from 0.21% to 0.19% [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][11]. Core Insights - The company experienced significant revenue growth in H1 2025, with revenue reaching $940 million, a year-on-year increase of 47%, and net profit of $32 million, a year-on-year increase of 340% [4]. - The gross margin improved to 21.44%, up by 0.88 percentage points, while the net margin increased to 3.44%, up by 2.29 percentage points [4]. - The growth is attributed to the continuous iteration of the AI-driven smart bidding system and the strengthening of the company's flywheel effect, which enhances economies of scale [4]. - Revenue forecasts for 2025-2027 have been revised upwards, with expected revenues of $2.38 billion, $2.93 billion, and $3.57 billion respectively [4]. - The company is expected to maintain a strong contribution to revenue growth through its Mintegral platform, which has seen a significant increase in developer participation [5]. Financial Summary and Valuation Metrics - Revenue for 2023 is projected at $1.054 billion, with a year-on-year growth of 17.9%, and is expected to reach $2.381 billion in 2025, reflecting a growth of 57.9% [7]. - Net profit is forecasted to increase from $25 million in 2023 to $124 million in 2025, representing a year-on-year growth of 607.5% [7]. - The company’s gross margin is expected to improve from 20.6% in 2023 to 23.6% in 2025, while the net margin is projected to rise from 2.3% to 5.2% over the same period [7]. - The price-to-earnings (P/E) ratio is expected to decrease from 132.5 in 2023 to 26.3 in 2025, indicating a more attractive valuation as earnings grow [7].

Group 1 - The latest shareholder equity disclosure for Huilyang Technology (01860) was made on September 2, 2025 [1] - Fang Zikai reduced his holdings in Huilyang Technology from 3.2691 million shares to 2.9691 million shares, representing a decrease in ownership [2] - The current holding percentage for Fang Zikai is 0.19%, down from 0.21% in the previous disclosure [2]

Core Insights - Huya Technology (01860) saw a significant stock increase of over 14%, reaching HKD 16.1 with a trading volume of HKD 1.79 billion [1] Financial Performance - For the interim period ending in 2025, the company reported a revenue of USD 938 million, representing a substantial year-on-year growth of 47% [1] - Adjusted EBITDA was recorded at USD 88.68 million, showing a year-on-year increase of 41% [1] - The core programmatic advertising platform, Mintegral, generated revenue of USD 897 million, marking a year-on-year growth of 48.6% [1] Business Development - Mintegral's gaming category performed exceptionally well, achieving revenue of USD 662 million, which is a significant year-on-year increase of 51.7% and contributed 74% to Mintegral's total revenue [1] - The intelligent bidding product system has contributed over 80% of Mintegral's total revenue, becoming the main driver for the company's revenue and profit growth [1] - The company is actively expanding into other verticals, such as e-commerce and tools, with non-gaming verticals generating revenue of USD 236 million, accounting for 26% of Mintegral's revenue [1]