[Table of Contents](index=2&type=section&id=Table%20of%20Contents) [Company Information](index=3&type=section&id=Company%20Information) [Financial Highlights](index=4&type=section&id=Financial%20Highlights) [Key Financial Data](index=4&type=section&id=Key%20Financial%20Data) For the six months ended June 30, 2025, the company's revenue increased by 47.0% to 938.1 million USD, net revenue grew by 52.5%, and gross profit increased by 53.3%, with operating profit surging by 254.3% and profit for the period by 340.0%, while Adjusted EBITDA (Non-IFRS) rose by 41.0% Key Financial Data for the Six Months Ended June 30, 2025 | 指标 | 2025 (thousand USD) | 2024 (thousand USD) | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 938,111 | 638,287 | **47.0%** | | Net Revenue(1) | 253,903 | 166,536 | **52.5%** | | Gross Profit | 201,125 | 131,201 | **53.3%** | | Operating Profit | 46,916 | 13,243 | **254.3%** | | Profit for the Period | 32,284 | 7,337 | **340.0%** | | Adjusted EBITDA(2) | 88,681 | 62,881 | **41.0%** | - Net Revenue is defined as adjusted revenue after deducting costs allocated to traffic publishers, not measured under IFRS[6](index=6&type=chunk) - Adjusted EBITDA is defined as profit before interest, tax, depreciation, and amortization, adjusted for share-based payments, one-off losses from discontinued non-programmatic businesses, Heat Cloud Data arbitration fees, foreign exchange losses/(gains), and fair value gains/(losses) on financial assets at fair value through profit or loss[6](index=6&type=chunk) [Business Review](index=5&type=section&id=Business%20Review) [I. Company Profile](index=5&type=section&id=I.%20Company%20Profile) The company is a technology firm dedicated to providing Ad-tech and Mar-tech services for the global mobile internet ecosystem, enhancing ROI and helping apps overcome growth bottlenecks through a comprehensive suite of advertising and analytics tools - The company offers Ad-tech and Mar-tech services, including user acquisition, monetization, analytics, creative automation, and intelligent media buying[7](index=7&type=chunk) - The goal is to significantly improve the return on investment (ROI) of advertising and marketing, helping mobile applications (App(s)) break through growth plateaus[7](index=7&type=chunk) [II. Industry Overview](index=5&type=section&id=II.%20Industry%20Overview) In the first half of 2025, despite a slowdown in global economic growth, the advertising industry maintained resilience, with the explosion of AI applications driving deep integration of AI into ad and marketing technology, expanding industry service capabilities and market size, while stricter privacy protection and anti-monopoly regulations prompted programmatic ad platforms to enhance targeting and analytics using AI without collecting user privacy - In the first half of 2025, global economic growth slowed, but the global advertising industry demonstrated strong resilience, maintaining a growth trend[8](index=8&type=chunk) - 2025 is considered the first year of AI application explosion, with deep integration of AI into the advertising and marketing technology sectors driving industry expansion[8](index=8&type=chunk) [2.1. Global Advertising Market Steady Growth, Stricter Privacy Protection and International Anti-Monopoly Regulations](index=5&type=section&id=2.1.%20Global%20Advertising%20Market%20Steady%20Growth%2C%20Stricter%20Privacy%20Protection%20and%20International%20Anti-Monopoly%20Regulations) In 2024, global digital ad spending significantly increased, with programmatic advertising accounting for over 80%, while privacy regulations and anti-monopoly measures prompted major tech companies to alter data processing and ad placement practices, creating more opportunities for ad tech firms, with Mintegral leveraging AI and machine learning to build robust user targeting and analytics capabilities without acquiring user privacy - In 2024, global digital advertising expenditure significantly increased, with programmatic advertising expenditure accounting for over **80%**[9](index=9&type=chunk) - Privacy protection policies and anti-monopoly measures restrict monopolistic behavior by large technology companies, promoting the evolution of the advertising ecosystem towards a more open and transparent direction[9](index=9&type=chunk) - Mintegral leverages advanced AI and machine learning technologies to build powerful user targeting and analytical modeling capabilities without acquiring user privacy[9](index=9&type=chunk) [2.2. Mobile App Market Thrives, Open Web Becomes Key Battleground for Traffic Growth](index=6&type=section&id=2.2.%20Mobile%20App%20Market%20Thrives%2C%20Open%20Web%20Becomes%20Key%20Battleground%20for%20Traffic%20Growth) In 2024, global mobile app user time spent increased by 5.8% year-over-year, and in-app purchase revenue achieved double-digit growth, with advertisers shifting user acquisition strategies towards "user lifetime value (LTV)," making the open web a crucial platform for acquiring high-LTV users due to its diverse traffic pools and efficient delivery capabilities - In 2024, total global app user time spent on iOS and Google Play was **4.2 trillion** hours, a year-over-year increase of **5.8%**[10](index=10&type=chunk) - In-app purchase revenue achieved double-digit year-over-year growth, and advertisers' UA strategies shifted from "focusing on downloads" to "focusing on user lifetime value (LTV)"[10](index=10&type=chunk) - The open web, with its diverse traffic pools, varied user groups, rich ad creatives, and flexible and efficient delivery capabilities, has become an indispensable key platform for advertisers and developers to achieve user acquisition and revenue growth[10](index=10&type=chunk) [2.3. Hybrid Monetization Becomes Mainstream, ROI-Controlled Bidding Favored by Advertisers](index=6&type=section&id=2.3.%20Hybrid%20Monetization%20Becomes%20Mainstream%2C%20ROI-Controlled%20Bidding%20Favored%20by%20Advertisers) Mobile app developers widely adopt hybrid monetization strategies combining advertising, subscriptions, and in-app purchases, with ROI-controlled bidding methods favored by advertisers for their precise measurement of input-output ratios, and Mintegral has heavily invested in smart bidding systems since 2023, launching Target ROAS and Target CPE features to help advertisers optimize ROI and specific event campaigns - Hybrid monetization strategies have become the mainstream choice for mobile app developers, with ROI-controlled bidding methods favored by advertisers[11](index=11&type=chunk) - Mintegral launched Target ROAS and Target CPE smart bidding features since 2023, supporting advertisers with various monetization models including IAA, hybrid monetization, and IAP[12](index=12&type=chunk) [III. Ad-tech Industry Value Chain Structure and Company Strategic Layout](index=7&type=section&id=III.%20Ad-tech%20Industry%20Value%20Chain%20Structure%20and%20Company%20Strategic%20Layout) Ad-tech is primarily divided into programmatic and non-programmatic advertising, with programmatic advertising being a key future development area; the company leverages its Mintegral platform for programmatic ad exchange, becoming one of the leading global third-party programmatic ad exchange platforms and a primary source of Mobvista's revenue and profit - Programmatic advertising platforms rely on machine learning and algorithm iteration to improve transaction efficiency, making them a key development focus for the future ad tech industry[13](index=13&type=chunk) - Mintegral has become one of the leading global third-party programmatic ad exchange platforms and is a major source of revenue and profit for Mobvista[13](index=13&type=chunk) [3.1. Programmatic Advertising Platform Value Chain Structure](index=7&type=section&id=3.1.%20Programmatic%20Advertising%20Platform%20Value%20Chain%20Structure) The programmatic advertising industry chain consists of upstream advertisers, midstream technology service providers (DSPs, ADXs, SSPs, data management/monitoring/attribution service providers), and downstream media traffic owners, with each service provider strategically deploying in one or more segments - Industry chain participants include upstream advertisers (agencies), various midstream technology service providers (DSPs, ADXs, SSPs, data management/monitoring/attribution tools), and downstream media traffic owners[14](index=14&type=chunk) [3.2. Company's Programmatic Advertising Platform](index=7&type=section&id=3.2.%20Company%27s%20Programmatic%20Advertising%20Platform) Through its Mintegral platform, the company comprehensively deploys DSP, ADX, and SSP, directly reaching advertisers and traffic publishers to form a data closed loop, enhancing algorithm capabilities and client retention, while GameAnalytics and Heat Engine Platform provide user behavior analysis and performance attribution monitoring, accumulating data assets and optimizing algorithms - The Mintegral platform fully covers DSP, ADX, and SSP in the midstream of the industry chain, directly reaching advertisers and traffic publishers[15](index=15&type=chunk) - The data closed loop helps enhance algorithm capabilities and client retention, increasing bargaining power within the industry chain[15](index=15&type=chunk) - The GameAnalytics platform enables user behavior statistical analysis, and the Heat Engine Platform performs mobile performance ad attribution and monitoring analysis, providing rich tools for advertisers and accumulating data assets[15](index=15&type=chunk) [IV. Company Development History](index=8&type=section&id=IV.%20Company%20Development%20History) Since its establishment in 2013, the company has undergone three main development phases: ad alliance, programmatic ad exchange platform, and SaaS tool ecosystem, achieving continuous business evolution and deepening to adapt to the global mobile internet's development and iteration - The company's development history is divided into three major phases: ad alliance business, programmatic advertising platform construction, and SaaS tool ecosystem investment[16](index=16&type=chunk) [4.1. Phase I: Ad Alliance Platform — Focused on Serving Chinese Mobile Apps Going Global](index=9&type=section&id=4.1.%20Phase%20I%3A%20Ad%20Alliance%20Platform%20%E2%8

Group 1 - The stock price of Huilyang Technology (01860.HK) increased by over 5%, reaching a rise of 6.63% to HKD 17.70 [2] - The trading volume for Huilyang Technology was HKD 592 million [2]

Group 1 - Mobvista's AdsPolar, a cross-border e-commerce intelligent advertising management tool, has surpassed 200+ domestic and international clients within its first year, covering various e-commerce platforms including independent sites and TikTok Shop [1] - Mobvista has achieved Business Partners certification from Meta in the Adtech field as of March this year [1] - According to a report from Industrial Securities, the profitability of Hong Kong stocks is expected to improve by Q2 2025, with the technology and non-essential consumer sectors showing higher levels of return on equity (ROE) [1] Group 2 - The media and entertainment sector, driven by AI business, has seen a year-on-year net profit growth of 32.27%, with Mobvista's advertising and promotion segment experiencing a remarkable growth rate of 541.75% [1]

Group 1 - Mobvista's AdsPolar, a cross-border e-commerce intelligent advertising management tool, has surpassed 200+ domestic and international clients within its first year, covering various e-commerce platforms including independent sites and TikTok Shop [1] - Mobvista has achieved Business Partners certification from Meta in the Adtech field as of March this year [1] - According to a report from Industrial Securities, the profitability of Hong Kong stocks is expected to improve by Q2 2025, with the technology and non-essential consumer sectors showing higher levels of return on equity (ROE) [1] Group 2 - The media and entertainment sector, driven by AI business, has seen a year-on-year net profit growth rate of 32.27%, with Mobvista's advertising and promotion segment experiencing a remarkable growth rate of 541.75% [1]

Group 1 - Mobvista's AdsPolar, a cross-border e-commerce intelligent advertising management tool, has surpassed 200+ domestic and international clients within its first year, covering various e-commerce platforms including independent sites and TikTok Shop [1] - Mobvista has achieved Business Partners certification from Meta in the Adtech field in March this year [1] - As of the latest report, Mobvista's stock price increased by 6.63% to HKD 17.70, with a trading volume of HKD 5.92 billion [1] Group 2 - According to a report from Industrial Securities, the profitability of Hong Kong stocks is expected to improve by Q2 2025, with the information technology sector and non-essential consumer levels being relatively high [1] - The media and entertainment sector, driven by AI business, has seen a net profit growth rate of 32.27%, with Mobvista's advertising and promotion segment experiencing a remarkable growth rate of 541.75% [1]

备注：持股数变动有可能因供股、合股、拆股等情况引起，请注意对照实际情况进行辨别。 智通财经APP获悉，华信地产财务(00252)、石四药集团(02005)、汇量科技(01860)于2025年9月11日进行 了最新股东权益披露。 | 股票名称 | 机构名称 | 性质 | 变动前持股 | 变动后持股 | 持股比 | | --- | --- | --- | --- | --- | --- | | 华信地产财务 | 蔡乃端 | 好仓 | 1.06 亿股 | 1.06 亿股 | 47.02%(最新) | | (00252) | | | | | 47.02%(前次) | | 石四药集团 | 曲继广 | 好仓 | 11.73 亿股 | 11.74 亿股 | 39.78%(最新) | | (02005) | | | | | 39.75%(前次) | | 汇量科技 | 宋笑飞 | 好仓 | 289.24 万股 | 219.24 万股 | 0.14%(最新) | | (01860) | | | | | 0.18%(前次) | | 石四药集团 | China Pharmaceutical | 好仓 | 8.82 亿股 | 8.83 ...

Group 1 - The core point of the news is that Song Xiaofei, an executive director of Huilyang Technology (01860.HK), reduced his shareholding by selling 700,000 shares at an average price of HKD 18.06 per share, totaling approximately HKD 12.64 million [1] - After the sale, Song Xiaofei's total shareholding decreased to 2,192,400 shares, resulting in a reduction of his ownership percentage from 0.18% to 0.14% [1][2]

每经AI快讯，9月10日，港股SaaS概念股走强，截至发稿，汇量科技(01860.HK)涨6.07%、明源云 (00909.HK)涨4.49%、微盟集团(02013.HK)涨3.43%、金蝶国际(00268.HK)涨3.01%。 ...

Group 1: Hong Kong Stock Market Highlights - China Tobacco Hong Kong (06055) rose over 2% after announcing exclusive distribution agreements for brand cigars with Hubei and Shandong Tobacco [1] - Sportswear stocks generally increased, with Li Ning (02331) up nearly 1% and Tmall (06110) up nearly 2%, following a government directive to enhance the modern sports industry and boost consumption [1] - He Yu-B (02256) surged over 3% as the company announced multiple positive developments, including the approval of oral PD-L1 combined with Gorai Leisai for Phase II clinical trials [1] - Gold stocks collectively rose, with Lingbao Gold (03330) up over 4%, China Gold International (02099) up over 1%, and Zijin Mining (02899) up over 3%, amid expectations of a U.S. interest rate cut [1] - UBTECH (09880) increased over 2% after Citigroup reported that the company has received 400 million RMB in humanoid robot orders and secured a $1 billion strategic investment from a Middle Eastern fund [1] - Huimai Technology (01860) surged over 12%, reaching a historical high, with a year-to-date stock price increase of over 110% due to the continuous iteration of its AI-driven smart bidding system [1] Group 2: Other Notable Stocks - Wanka Yilian (01762) rose over 11% after announcing a comprehensive cooperation memorandum with Alibaba Cloud to create an AI marketing ecosystem [2] - Longpan Technology (02465) increased over 10%, with Citic Securities indicating potential opportunities in the battery sector due to an upcoming significant meeting [2] - Juzi Bio (02367) rose over 4%, with institutions optimistic about the recovery of live streaming during the upcoming Double Eleven shopping festival [2] - Shoucheng Holdings (00697) increased over 8% after its subsidiary announced additional investment in Songyan Power amounting to several million RMB [2] Group 3: U.S. Stock Market Highlights - Salesforce (CRM.US) fell 4.85% after reporting a 9.8% year-over-year revenue growth for Q2, with Q3 revenue guidance slightly below expectations [3] - American Eagle (AEO.US) surged 37.96% after exceeding expectations in its Q2 earnings report [3] - Hewlett Packard Enterprise (HPE.US) rose 1.49% with a 19% year-over-year revenue growth in Q3, marking a record high [3] - United Microelectronics (UMC.US) increased 3.46%, reporting a 1.86% year-over-year sales growth for the first eight months of the year [3] - ZTO Express (ZTO.US) continued to rise by 0.94%, with the logistics industry index in China at 50.9%, up 0.4 percentage points from the previous month [3] - Bilibili (BILI.US) rose 0.99%, with research indicating high growth in the gaming industry supported by policy, expecting continued quarter-over-quarter improvement [3] - Waterdrop (WDH.US) increased 2.25%, reporting nearly a 120% growth in net profit attributable to shareholders, driven by AI model empowerment [3] Group 4: Additional U.S. Stock Movements - Sanofi (SNY.US) fell 9.14% despite achieving all primary and secondary endpoints in a Phase III study for Amlitelimab, as results did not meet market expectations [4] - Toyota (TM.US) rose 2.40% after announcing plans to produce a pure electric vehicle model at its Czech factory, marking its first electric vehicle production in Europe [4] - Baidu (BIDU.US) increased 1.88% following the release of an action plan by the Ministry of Industry and Information Technology to enhance intelligent cloud services [4] Group 5: Earnings Reports and Forecasts - C3.ai (AI.US) fell 7.31% after reporting Q1 results and revenue guidance for FY2026 that fell short of expectations [5] - Samsara (IOT.US) rose over 10% with a 30% year-over-year revenue growth in Q2 [5] - UiPath (PATH.US) increased nearly 5%, reporting Q2 revenue of $362 million, a 14% year-over-year growth, and projecting FY2026 revenue between $1.571 billion and $1.576 billion [5] - DocuSign (DOCU.US) rose nearly 9% after reporting Q2 revenue of $800.6 million, a 9% year-over-year increase, with GAAP gross margin at 79.3% [5]

Group 1: Market Overview - The Hang Seng Index rose by 0.62%, while the Hang Seng Tech Index increased by 0.82%, with a total turnover of HKD 124.6 billion in the morning session [1] - The Hang Seng Biotechnology Index surged by 3.1%, driven by optimism in the innovative drug sector ahead of the 2025 World Lung Cancer Conference, indicating potential for valuation recovery [1] Group 2: Company Performances - Three-Six Pharmaceutical (01530) saw a significant increase of 9.6% [1] - Hengrui Medicine-B (02142) rose by 5.82% [1] - Hutchison China MediTech (00013) increased by 6% [1] - United Laboratories (03933) gained 5% [1] - WuXi Biologics (02269) rose by 4.17% [1] Group 3: Other Notable Stocks - Chow Tai Fook (06168) surged over 13% as the gold consumption market enters a peak season, with expectations of inclusion in the Hong Kong Stock Connect [2] - FunPlus (09890) increased by over 5% after completing a name change and upgrading its overseas brand integration, with a higher proportion of overseas revenue in the first half [2] - Lehua Entertainment (02306) rose by 16%, with a nearly 90% year-on-year increase in interim profit attributable to shareholders, expanding monetization channels for its trendy IP [3] - UBTECH Robotics (09880) increased by 3%, with humanoid robot orders reaching CNY 400 million and securing a USD 1 billion strategic investment from a Middle Eastern fund [4] - Mobi Development (01860) surged over 12%, hitting a historical high with a cumulative increase of over 110% this year [5] - Goldwind Technology (02208) rose over 10%, reaching a new high as the wind power sector experiences accelerated growth, leading the industry in gross margin improvement [5] - Zhongshen Jianye (02503) experienced a significant drop, falling over 74% to a historical low, with a loss of CNY 11.81 million in the first half [5]