Core Viewpoint - Huya Technology (01860) has seen a significant increase in stock price, rising over 8% and currently trading at 16.63 HKD with a transaction volume of 4.51 billion HKD, indicating strong market interest and confidence in the company's future prospects [1] Group 1: Company Performance - Huya Technology is recognized as a leading player in the domestic programmatic advertising sector, ranking among the top three globally in terms of scale and strength [1] - The company is expected to benefit from the potential of AI-driven programmatic advertising, which is viewed as a blue ocean market with significant growth opportunities [1] - The scale effects of the company are becoming increasingly evident, leading to a notable improvement in profitability [1] Group 2: Analyst Ratings - Dongfang Securities has expressed optimism regarding the growth potential driven by the company's data-algorithm flywheel, maintaining a positive outlook on its performance [1] - Open Source Securities has also issued a report highlighting the quarterly performance release driven by AI, reaffirming a "Buy" rating for the company [1]

Core Viewpoint - Huya Technology (01860) has seen a significant increase in stock price, rising over 8% and currently trading at 16.63 HKD with a transaction volume of 4.51 billion HKD, indicating strong market interest and confidence in the company's future growth potential [1] Group 1: Company Performance - Huya Technology is recognized as a leading player in the domestic programmatic advertising sector, ranking among the top three globally in terms of scale and strength [1] - The company is expected to benefit from the potential of AI-driven programmatic advertising, which is viewed as a blue ocean market with significant growth opportunities [1] Group 2: Analyst Insights - Dongfang Securities has highlighted the company's growth potential driven by its data-algorithm flywheel, suggesting a positive outlook for future performance [1] - Open Source Securities has noted that the company's scale effects are becoming increasingly evident, leading to a significant improvement in profitability [1] - Analysts maintain a "buy" rating, anticipating that AI will drive performance improvements on a quarterly basis [1]

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12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: 2026年1月7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 USD | | | 100,000,000 | ...

Group 1 - The Hong Kong stock market saw significant gains in the SaaS sector, with notable increases in stock prices for several companies [1] - Lion Group Holdings (02562.HK) experienced a rise of 10.8%, reaching HKD 1.95 [1] - Kingdee International (00268.HK) increased by 5.04%, trading at HKD 13.95 [1] - Huily Technology (01860.HK) saw a gain of 4.71%, with shares priced at HKD 15.99 [1] - Chinasoft International (00354.HK) rose by 3.62%, with a stock price of HKD 5.15 [1]

Group 1 - SaaS concept stocks showed significant gains in early trading, with Lion Group (02562) rising by 8.52% to HKD 1.91 [1][3] - Kingdee International (00268) increased by 6.85%, reaching HKD 14.20 [1][3] - Huoliang Technology (01860) saw a rise of 5.89%, trading at HKD 16.18 [1][3] - Chinasoft International (00354) climbed by 4.63%, priced at HKD 5.20 [1][3]

Group 1 - The SaaS sector is experiencing significant stock price increases, with notable gains from companies such as Lion Group (10.8% increase), Kingdee International (5.04% increase), and Huily Technology (4.71% increase) [1] - Meta announced a multi-billion dollar acquisition of Manus, a company that has achieved an annual recurring revenue (ARR) of over $100 million, marking it as the fastest startup to reach this milestone [1] - Dongwu Securities highlights that Meta's acquisition indicates a revaluation of AI agents, suggesting that market funds are likely to concentrate on companies with real-world applications and sustainable subscription revenues [1] Group 2 - Northeast Securities released a report emphasizing the shift from traditional SaaS to agent-based models, where vertical software giants are restructuring workflows by leveraging AI [1] - This transition is expected to transform AI from a peripheral tool into a core productivity engine, significantly enhancing research and operational efficiency [1] - The report suggests that this shift will allow companies to capture the largest benefits following the foundational investment in computing power [1]

Summary of HuiLiang Technology Conference Call Company Overview - HuiLiang Technology primarily relies on in-game advertising monetization and is actively expanding its In-App Purchase (IAP) advertising monetization products. The IAP model is expected to significantly enhance revenue and profit margins once the algorithms mature [2][5]. Core Industry Insights - The non-gaming market presents substantial potential, with e-commerce advertising scale nearly three times that of gaming advertising. Additionally, overseas long-tail traffic is growing rapidly, indicating significant growth opportunities for HuiLiang Technology in the non-gaming sector after optimizing its Cost Per Engagement (CPE) algorithms [2][6][7]. - Programmatic AI advertising utilizes AI algorithms for intelligent distribution of long-tail traffic, improving monetization efficiency. Profit is derived from the difference between upstream ROI and downstream purchasing costs, with an emphasis on increasing ROI to boost profits [2][8]. Financial Projections - Revenue growth for HuiLiang Technology is projected to be approximately 30% in 2026, with a surge to 40% in 2027 as IAP gains traction. The company aims to optimize algorithms to improve gross margins, with a target market valuation of around $5 billion [3][13]. - The company’s revenue growth is closely tied to the release schedule of its algorithms. Following the completion of the IAP and Hybrid algorithm ramp-up in 2025, a new phase of revenue growth is anticipated [10]. Competitive Landscape - The growth of HuiLiang Technology's programmatic advertising platform is primarily driven by enhancements in its algorithms. By accumulating advertising data, the company can empower algorithm development, creating a flywheel effect that positions it favorably within the industry without excessive internal competition [4]. - The overseas programmatic advertising market has a higher proportion of long-tail traffic, with a concentration ratio (CR10) of less than 75%, compared to over 95% in the domestic market. This abundance of long-tail traffic provides ample growth opportunities without intense internal competition, allowing companies to focus on algorithm optimization to secure budgets [9]. Advantages of IAP Algorithm - The IAP algorithm offers significant advantages in advertising monetization. IAP users typically represent high-value traffic, as they are often heavy users whose in-app purchase value far exceeds revenue from ad clicks or visits. The algorithm requires precise traffic targeting to attract deep users, thereby enhancing monetization efficiency [11]. Growth Potential in Non-Gaming Applications - Non-gaming applications, such as e-commerce, social, and utility apps, have vast development potential. The e-commerce advertising market alone is approximately 2.7 times the size of the entire gaming market, with absolute growth rates significantly outpacing gaming advertising. HuiLiang Technology's algorithm performance on third-party platforms is expected to surpass that of leading platforms, allowing it to capture more market share [12]. Profitability Outlook - The company is expected to maintain a healthy financial status with no cash flow pressure, a receivables cycle of around three months, and no significant bad debt risk. Adjusted net profit is projected to be approximately $130 million in 2026, corresponding to a target market valuation of about $5 billion, equating to a current share price of approximately 24.6 HKD [13].

Core Viewpoint - The company, 汇量科技 (01860), has received a conversion notice from PAGAC III Munich Holding (Cayman) Limited to convert a total of $30 million in convertible bonds along with accrued interest of $3,917,504 into shares at a conversion price of HKD 5.54 per share [1] Group 1 - The total amount of convertible bonds being converted is $30 million [1] - The accrued unpaid interest on the bonds amounts to $3,917,504 [1] - The conversion price set for the shares is HKD 5.54 per share [1] Group 2 - The company will issue 47,460,016 shares to PAGAC III Munich Holding (Cayman) Limited as part of this conversion [1] - The newly issued shares will rank equally with all other existing issued shares of the company [1]

Core Viewpoint - The company, 汇量科技, has received a conversion notice from PAGAC III Munich Holding (Cayman) Limited to convert a total of $30 million in convertible bonds along with accrued interest of $3,917,504 into shares at a conversion price of HKD 5.54 per share [1] Group 1 - The total amount of convertible bonds being converted is $30 million [1] - The accrued interest on the bonds amounts to $3,917,504 [1] - The conversion price set for the shares is HKD 5.54 per share [1] Group 2 - The company will issue 47,460,016 shares to PAGAC III Munich Holding (Cayman) Limited as part of this conversion [1] - The newly issued shares will rank equally with all other existing shares of the company [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，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 （於開曼群島註冊成立的有限公司） （股份代號：1860） 自願性公告—可轉換債券換股 據此，按照適用法律及合同的約定，包括但不限於：待完成因行使可轉換債 券項下相關換股權而發行及配發換股股份所需的必要內部及監管行政程序後， 本公司將根據該轉換向PAGAC III Munich Holding (Cayman) Limited配發及發行 47,460,016股換股股份，該等換股股份在所有方面與本公司其他所有現有已發 行股份享有同等地位。 承董事會命 匯量科技有限公司 主席 段威 新加坡，2025年12月30日 於本公告日期，董事會包括執行董事段威先生（主席）、曹曉歡先生（首席執行官）、方子愷先 生及宋笑飛先生；非執行董事黃德煒先生；以及獨立非執行董事孫洪斌先生、張可玲女士及 黃家輝先生。 茲提述匯量科技有限公司（「本公司」）日期為二零二一年一月三日、二零二五 ...