2023 年 報 ( ) 2023 ANNUAL REPORT 目錄 | | | 3 五年財務概要 4 財務摘要 5 致股東的信 7 業績回顧 34 管理層討論及分析 56 董事及高級管理層資料 60 董事會報告 92 企業管治報告 110 獨立核數師報告 117 綜合損益表 118 綜合損益及其他全面收益表 119 綜合財務狀況表 121 綜合權益變動表 123 綜合現金流量表 125 綜合財務報表附註 205 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 薪酬委員會 黃家輝先生 （主席） 曹曉歡先生 張可玲女士 提名委員會 段威先生 （主席） 張可玲女士 黃家輝先生 執業會計師 畢馬威會計師事務所 於《會計及財務匯報局條例》下的 註冊公衆利益實體核數師 香港 中環 遮打道10號 太子大廈8樓 總部 16 Collyer Quay Income@Raffle ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Insights - The company has shown significant profit improvement, driven by a global and multi-vertical strategy that supports long-term growth [4][5]. - In 2023, the company's revenue reached $1.054 billion, a year-on-year increase of 17.85%, while net profit was $18.588 million, up 82.41% year-on-year [4]. - The adjusted EBITDA for the company was $105 million, reflecting a substantial year-on-year growth of 191.32% [4]. - The advertising technology segment generated a profit of $51.11 million, while the marketing technology segment reported a loss of $19.89 million [4]. - The company has optimized its cost structure, reducing server costs from 9% to 5% and achieving a gross margin increase of 0.8 percentage points to 20.6% in 2023 [6]. Financial Performance Summary - Revenue (in million USD): - 2022: 894 - 2023: 1,054 - 2024E: 1,266 - 2025E: 1,456 - 2026E: 1,617 - Year-on-Year Growth (YOY%): - 2023: 17.9% - 2024E: 20.1% - 2025E: 15.0% - 2026E: 11.1% [7]. - Net Profit (in million USD): - 2022: 15 - 2023: 22 - 2024E: 40 - 2025E: 72 - 2026E: 88 - Gross Margin (%): - 2022: 19.8 - 2023: 20.6 - 2024E: 20.9 - 2025E: 21.4 - 2026E: 21.4 [7]. Strategic Developments - The company has successfully expanded into new markets in Europe, America, and emerging Asian markets, focusing on small and medium developers [5]. - The number of applications integrated with Mintegral SDK has increased fourfold compared to early 2022, with a significant portion coming from small and medium developers [5]. - The revenue share from mid-to-heavy games has increased by 8 percentage points to 29% by the end of 2023 [5]. - The company plans to continue expanding its client base in mid-to-heavy games and e-commerce while maintaining its global strategy to capture overseas opportunities [5]. Cost Optimization and Share Buyback - The company has implemented cost optimization strategies, including workforce reduction and new product development, leading to a 23.1% decrease in sales expenses to $5.1 million and an 11.8% decrease in R&D expenses to $9.4 million [6]. - The company plans to increase its share buyback program by an additional HKD 80 million, bringing the total to HKD 250 million, reflecting confidence in its growth prospects [6].

Investment Rating - The investment rating for the company is "Buy" [7][9]. Core Insights - The company has shown continuous improvement in profitability, with a gross profit of $217 million in 2023, representing a year-over-year increase of 22.7% and a gross margin of 20.6% [3]. - The Mar-tech segment generated revenue of $15.6 million, growing by 23.9% year-over-year, while the Ad-tech segment achieved revenue of $1.038 billion, up 17.8% year-over-year [4]. - The company is expected to benefit from the decentralization of overseas traffic, the high value of long-tail traffic, and advancements in AI algorithms, leading to significant revenue growth potential [9]. Financial Performance Summary - In 2023, the company reported total revenue of $1.054 billion, a year-over-year increase of 17.85%, and a net profit attributable to shareholders of $21.8 million, up 45.42% [4][10]. - The adjusted EBITDA for 2023 was $105 million, reflecting a substantial year-over-year growth of 191.32% [4]. - The company forecasts revenues of $1.301 billion, $1.529 billion, and $1.745 billion for 2024, 2025, and 2026, respectively, with net profits projected at $56.04 million, $74.55 million, and $93.71 million for the same years [10]. Segment Performance - The Ad-tech business, centered around Mintegral, is the primary revenue and profit contributor, with programmatic advertising revenue reaching $980 million, a year-over-year increase of 18.8% [4]. - The company has achieved a record high of 544 enterprise-level clients contributing over $100,000 in revenue, with a customer retention rate of 93.3% and a net expansion rate of 115% [4]. - The company is expanding its presence in the mid-to-heavy gaming market, with revenue from this segment increasing by 66.3% year-over-year, now accounting for 29% of Mintegral's revenue [4]. Market Position and Future Outlook - The company is positioned as a leading player in the global smart advertising service sector, driven by both Ad-tech and Mar-tech segments [9]. - The algorithm's maturity is expected to lead to stable profit releases, with significant growth opportunities anticipated in the coming years [9].

M N 18 Mar 2024 CMB International Global Markets | Equity Research | Company Update Mobvista Inc. (1860 HK) Focusing on margin enhancement FY23 results were largely in line, with rev +18% YoY and profit at US$19.1mn Target Price HK$6.00 (in line with our estimate but 9% above consensus). Mintegral rev remained (Previous TP HK$6.00) resilient at +19.5% YoY in 4Q23. For 2024E, we see high visibility for Mobvista Up/Downside 85.8% to enhance its profitability (forecasting bottom line at US$37mn, net margin at ...

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） （股份代碼：1860） 截至2023年12月31日止年度之全年業績公告 財務摘要 | | 2023年度 | 2023下半年 | 2023上半年 | 2022年度 | 2022下半年 | 2022上半年 | | --- | --- | --- | --- | --- | --- | --- | | | 千美元 | 千美元 | 千美元 | 千美元 | 千美元 | 千美元 | | 收益 | 1,054,092 | 547,959 | 506,133 | 894,405 | 438,609 | 455,796 | | 淨收入(1) | 284,204 | 147,839 | 136,365 | 224,717 | 113,619 | 111,098 | | 毛利 | 217,291 | 114,331 | 102,960 | 177 ...

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。 附註： Mobvista Mobvista Inc. 匯量科技有限公司 （股份代碼：1860） （於開曼群島註冊成立的有限公司） 截至二零二三年九月三十日止三個月及九個月業績公告 | --- | --- | --- | --- | --- | --- | |--------------------------------|------------------------------------------|------------------------------------------------------|--------------------------------------------------|----------|----------| | 財務摘要 | 2023 年 9 月 30 日 千美元 （未經審核） | 2023 年 6 月 30 日 千美元 （未經審核）（未經審核） | ...

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 （股份代碼：1860） （於開曼群島註冊成立的有限公司） 二零二二年年度報告及二零二三年中期報告之補充公告 茲提述匯量科技有限公司（「本公司」）於2023年4月28日發佈的截至2022年12月 31日止之年度報告（「2022年年度報告」）及於2023年9月15日發佈的截至2023年6 月30日止六個月之中期報告（「2023年中期報告」）。除文義另有所指外，本公告 所用詞彙與2022年年度報告及2023年中期報告所界定者具有相同涵義。 除2022年年度報告及2023年中期報告中有關受限制股份單位計劃所披露之資料 外，本公司僅此補充，於截至2022年12月31日止會計年度或截至2023年6月30日 止六個月期間，概無任何受限制股份單位計劃下的獎勵被註銷。 上述補充資料概不影響2022年年度報告及2023年中期報告所載之其他資料。除 上文所披露者外，2022年年度 ...

Financial Performance - Revenue for the first half of 2023 reached $506.1 million, representing an 11.0% increase compared to $455.8 million in the same period of 2022[4]. - Net income for the first half of 2023 was $136.4 million, a 22.7% increase from $111.1 million in the first half of 2022[4]. - Operating expenses decreased by 19.6% to $95.0 million from $118.2 million year-over-year[4]. - Adjusted EBITDA for the first half of 2023 surged to $51.8 million, a significant increase of 789.5% compared to $5.8 million in the same period of 2022[4]. - The company recorded a net profit attributable to equity holders of $10.2 million, down from $24.7 million in the same period of 2022[117]. - Basic earnings per share for the six months ended June 30, 2023, was $0.66, compared to $1.57 in the same period of 2022, a decline of 57.9%[137]. - The company reported a total comprehensive income of $8.303 million for the period, down from $20.485 million in 2022, a decrease of 59.5%[138]. - The company reported a profit of $10,160 thousand for the six months ended June 30, 2023, compared to a profit of $24,681 thousand for the same period in 2022, representing a decrease of approximately 59.0%[145]. Revenue Breakdown - The Ad-tech segment generated $498.8 million in revenue, accounting for 98.5% of total revenue, with a year-on-year growth of 11.1%[73]. - The Mar-tech segment contributed $7.3 million, representing 1.5% of total revenue, with a year-on-year increase of 10.3%[73]. - Revenue from the gaming category was $374.9 million, accounting for 80.1% of Mintegral's total revenue, with a year-on-year growth of 16.0%[95]. - Revenue from e-commerce was $22.5 million, representing 4.8% of total revenue, with a year-on-year increase of 3.9%[98]. - Revenue from social and content decreased by 20.6% to $27.4 million, down from $34.5 million in the same period last year[98]. Market Trends and Opportunities - The global advertising market remains stable, with major platforms like Google and Meta showing positive growth, exceeding market expectations[7]. - The Chinese advertising market rebounded post-pandemic, with government support for cultural exports driving growth in overseas markets[7]. - The mobile advertising market is projected to reach $443.91 billion in 2023, with a compound annual growth rate (CAGR) of 8.3% from 2023 to 2027[11]. - The digital marketing service market for Chinese companies going overseas is expected to exceed $50 billion by 2025, with a CAGR of 22.4% from 2020 to 2025[13]. - The mobile internet penetration rate in Southeast Asia has surpassed 300 million smartphone users, highlighting growth opportunities in emerging markets[12]. Strategic Focus and Development - The company’s strategic focus includes expanding its advertising technology services and enhancing its marketing technology offerings for global clients[6]. - The company is positioned to benefit from stricter antitrust measures and privacy regulations in Europe and the U.S., which may enhance competition and stimulate technological advancements among smaller platforms[8]. - The company has established a dual-driven business growth strategy through Ad-tech and Mar-tech, aiming to provide comprehensive solutions for both domestic and overseas markets[27]. - The company is committed to evolving its advertising system towards ROAS, allowing advertisers to set return targets instead of fixed prices[55]. - The company aims to build a dual-driven ecosystem of Ad-tech and Mar-tech, with 40% of clients from domestic markets and 97% of traffic from overseas[60]. Customer and Client Metrics - The number of enterprise clients contributing over $100,000 in revenue increased from 320 to 462 year-on-year, indicating strong client retention and platform stickiness[80]. - The retention rate for enterprise clients contributing over $100,000 was 93.5% as of June 30, 2023, with a net expansion rate of 103.6%[83]. - The majority of Mintegral's customers are light game vertical clients, accounting for 50.4% of total revenue, while the company is actively expanding into mid-to-heavy game and e-commerce verticals[34]. - The retention rate for cooperative traffic publishers was 95.4% in Q2 2023, up from 93.4% in Q1 2023, with new cooperative traffic publishers increasing by 18.0%[92]. Operational Efficiency - Sales and marketing expenses decreased by 34.9% to $26.0 million, primarily due to reduced incentive costs[109]. - Research and development expenses fell by 21.1% to $42.0 million, attributed to lower model training costs as algorithms matured[110]. - The total sales cost rose by 10.2% to $403.2 million, with advertising technology business costs accounting for 80.4% of its revenue[105][106]. - The company implemented a credit system to enhance accounts receivable management, contributing to improved cash flow quality[117]. Cash Flow and Financial Position - Net cash flow from operating activities was $48.0 million, reflecting a year-on-year growth of 105.7% from $23.3 million[118]. - Cash and cash equivalents stood at $106.6 million as of June 30, 2023, slightly up from $105.7 million as of December 31, 2022[126]. - The company reported a net cash outflow from financing activities of $(13,342) thousand, compared to a net inflow of $5,273 thousand in the same period last year[147]. - The company’s total equity as of June 30, 2023, was $255,993 thousand, down from $359,358 thousand at the beginning of the year, a decline of approximately 28.8%[145]. Future Outlook - Future outlook remains positive as the company anticipates continued growth in revenue and profitability driven by its innovative solutions and market expansion strategies[6]. - The company is committed to global expansion, actively engaging in local strategies in EMEA and Americas to increase market share[61]. - The company’s future strategy includes leveraging its dual-driven ecosystem to bridge Eastern and Western markets, enhancing its role as a global connector[57].

Financial Data and Key Metrics Changes - The company has been listed for several years on the Hong Kong stock market, but its recognition in the capital market remains relatively low due to several reasons, including its business model [1] Business Line Data and Key Metrics Changes - No specific data or metrics regarding individual business lines were provided in the content [1] Market Data and Key Metrics Changes - No specific market data or metrics were mentioned in the content [1] Company Strategy and Development Direction and Industry Competition - The company is focused on increasing its visibility and understanding in the capital markets, indicating a strategic direction towards enhancing investor relations and market presence [1] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges in gaining recognition in the capital markets, suggesting a need for improved communication and engagement with investors [1] Other Important Information - The company has been operating for a significant period, indicating stability, but it faces challenges in market perception [1] Q&A Session Summary - No specific questions and answers were provided in the content [1]

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。 附註： Mobvista Inc. 匯量科技有限公司 （股份代碼：1860） （於開曼群島註冊成立的有限公司） 截至2023年6月30日止六個月之 中期業績公告 | --- | --- | --- | --- | |------------------------------------------------------|--------------------------------------|------------------------------------------------|-----------------| | 財務摘要 | 截至 2023 年 千美元 （未經審計） | 6 月 30 日止六個月 2022 年 千美元 （未經審計） | 同比變動 | | 收益 (1) | 506,133 | 455,796 | 11.0% | | 淨收入 (2) | 136,365 | 111, ...