Core Viewpoint - 汇量科技's stock price surged over 10%, reaching a new historical high of 18.95 HKD, with a year-to-date increase of over 110% [1] Financial Performance - In the first half of the year, 汇量科技 achieved revenue of 938 million USD, a significant year-on-year growth of 47% [1] - Adjusted EBITDA for the same period was 88.68 million USD, reflecting a year-on-year increase of 41% [1] - Mintegral, a key segment, generated revenue of 897 million USD, up 48.6% year-on-year, with the gaming category contributing 662 million USD, a substantial growth of 51.7% [1] - Non-gaming verticals accounted for 236 million USD, representing 26% of Mintegral's total revenue [1] Market Insights - 开源证券 attributed the significant performance growth to the continuous iteration of AI-driven smart bidding systems and the strengthening of the company's flywheel effect [1] - The firm has revised upward its profit forecasts for 2025-2026 and added projections for 2027, indicating confidence in Mintegral's ongoing revenue contributions [1]

此前，"人工智能+"行动意见发布。长城证券指出，此次"意见"是继2015年"互联网+"后，国家层面推动 新一轮产业变革的纲领性文件，有望加速AI应用落地。目前，中国大企业AI应用以及AIAgent普及率处 于快速提升阶段，但是绝大部分中小企业尝试意愿相对较弱，因此目前AI应用落地处于早期阶段，该 政策有望催动未来五年AI应用及Agent渗透率快速提升，加速在SMB企业中的普及，助力AI应用实 现"最后一公里"落地，AI应用有望迎来百花齐放阶段。 消息面上，今年上半年，汇量科技实现收入9.38亿美元，同比大幅增长47%；经调整EBITDA取得8868.1 万美元，同比增长41%。报告期内，Mintegral取得收入8.97亿美元，同比增长48.6%，其中游戏品类表 现突出，取得收入6.62亿美元，同比大幅增长51.7%，非游戏垂类取得收入2.36亿美元，占Mintegral收 入的26%。开源证券指，业绩显著增长主要得益于AI驱动智能出价体系持续迭代，公司飞轮效应强化， 规模效应进一步显现。基于公司智能出价体系放量及非游戏垂类拓展，该行上调2025-2026并新增2027 年盈利预测。看好Mintegral持续 ...

Group 1: Company Performance - Huya Technology (01860) saw its stock price increase by over 10%, reaching a new historical high of 18.95 HKD, with a year-to-date increase of over 1.1 times [1] - For the first half of the year, Huya Technology reported revenue of 938 million USD, a significant year-on-year growth of 47% [1] - Adjusted EBITDA for the same period was 88.68 million USD, reflecting a year-on-year increase of 41% [1] Group 2: Segment Performance - Mintegral, a subsidiary of Huya Technology, achieved revenue of 897 million USD, marking a year-on-year growth of 48.6% [1] - The gaming category within Mintegral generated 662 million USD, showing a substantial year-on-year increase of 51.7%, while non-gaming segments contributed 236 million USD, accounting for 26% of Mintegral's total revenue [1] Group 3: Market Insights - The significant growth in performance is attributed to the continuous iteration of the AI-driven smart bidding system and the strengthening of the company's flywheel effect, leading to enhanced economies of scale [1] - Open Source Securities has raised profit forecasts for 2025-2026 and added projections for 2027, indicating optimism about Mintegral's ongoing revenue contributions [1] Group 4: Industry Trends - The "Artificial Intelligence +" action plan has been released, which is expected to accelerate the application of AI in various industries [2] - The plan aims to enhance AI application penetration, particularly among small and medium-sized businesses (SMBs), which have shown relatively weak willingness to adopt AI technologies [2] - This policy is anticipated to drive rapid growth in AI application and agent penetration rates over the next five years, facilitating the realization of AI applications in the market [2]

Group 1: SF Express (顺丰同城) / Logistics - The company achieved revenue of 10.236 billion yuan in H1 2025, a year-on-year increase of 48.81%, and a net profit of 137 million yuan, up 120.43% year-on-year [3][4] - The ToB delivery and last-mile business saw significant growth, with a 50%+ increase in same-city delivery orders, driving revenue to 5.779 billion yuan, a 43.11% increase year-on-year [4] - The company’s gross margin was 6.65%, slightly down by 0.23 percentage points, while the net profit margin improved by 0.44 percentage points to 1.34% [5][6] Group 2: China Everbright Environment (光大环境) / Environmental Governance - The company reported a revenue of 14.304 billion HKD in H1 2025, a decrease of 8% year-on-year, and a net profit of 2.207 billion HKD, down 10% year-on-year [8][9] - Operating service revenue increased by 5% to 9.943 billion HKD, accounting for 70% of total revenue, while construction service revenue fell by 49% [9][10] - The company’s gross margin improved significantly to 44.26%, up 5.53 percentage points year-on-year, and the net margin increased to 19.44%, up 0.84 percentage points [10] Group 3: Fenbi (粉笔) / Education - The company reported a revenue of 1.492 billion yuan in H1 2025, a decrease of 8.5% year-on-year, and a net profit of 227 million yuan, down 18.39% year-on-year [11][12] - The AI question-answering system is expected to become a new growth engine, with significant potential for revenue increase [13][14] - The company forecasts revenues of 2.525 billion yuan, 2.618 billion yuan, and 2.793 billion yuan for 2025-2027, with a "buy" rating [14] Group 4: HuiLiang Technology (汇量科技) / Advertising Marketing - The company achieved total revenue of 938 million USD in H1 2025, a year-on-year increase of 47%, and a net profit of 32.28 million USD, up 340% year-on-year [15][17] - The average daily advertising requests increased from over 200 billion in H1 2024 to over 300 billion in H1 2025, indicating strong client engagement [18] - The company forecasts revenues of 2.211 billion USD, 2.747 billion USD, and 3.301 billion USD for 2025-2027, with a "buy" rating [18] Group 5: Focus Media (分众传媒) / Advertising Marketing - The company reported total revenue of 6.112 billion yuan in H1 2025, a year-on-year increase of 2.43%, and a net profit of 2.665 billion yuan, up 6.87% year-on-year [20][21] - The gross margin improved to 68.3%, up 3.2 percentage points year-on-year, while the net margin reached 43.4%, up 2.3 percentage points [21][22] - The company plans to distribute a cash dividend of 1 yuan per 10 shares, with a cash dividend ratio of 25.5% [20] Group 6: Tungsten Industry / Industry Research - The report highlights a tightening supply of tungsten due to regulatory constraints and declining ore grades, with limited new projects expected [27][28] - The demand for tungsten is projected to grow, driven by applications in hard alloys and the semiconductor industry, with significant projects like the Yarlung Tsangpo River hydropower project expected to boost demand [28][29] - The strategic importance of tungsten is increasing due to export controls and tariffs, leading to a potential revaluation of tungsten resources [29] Group 7: Great Wall Motors (长城汽车) / Passenger Vehicles - The company reported total revenue of 92.33 billion yuan in H1 2025, a year-on-year increase of 1%, and a net profit of 6.34 billion yuan, down 10.2% year-on-year [31][32] - The company’s Q2 2025 revenue reached 52.32 billion yuan, a year-on-year increase of 7.7%, with a significant increase in net profit [32][33] - The company forecasts revenues of 225.3 billion yuan, 278.5 billion yuan, and 312.5 billion yuan for 2025-2027, with a "buy" rating [34] Group 8: Dongfang Tower (东方铁塔) / Agricultural Chemical Products - The company achieved revenue of 2.148 billion yuan in H1 2025, a year-on-year increase of 8.51%, and a net profit of 493 million yuan, up 79.18% year-on-year [35][36] - The company’s Q2 revenue was 1.193 billion yuan, a year-on-year increase of 10.20%, with a significant increase in net profit [37][38] - The company forecasts revenues of 4.926 billion yuan, 5.145 billion yuan, and 5.372 billion yuan for 2025-2027, with a "buy" rating [39] Group 9: Yipule (易普力) / Chemical Products - The company reported revenue of 4.713 billion yuan in H1 2025, a year-on-year increase of 20.4%, and a net profit of 409 million yuan, up 16.4% year-on-year [42][43] - The company’s Q2 revenue was 2.703 billion yuan, a year-on-year increase of 26.4%, with a significant increase in net profit [43][44] - The company’s performance is driven by high-quality development and market investment [44]

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant growth in revenue and profit, indicating robust demand in the advertising sector and effective product strategies [1][2][3] Financial Performance - The company achieved total revenue of $938 million in 2025H1, representing a year-over-year increase of 47.0% and a quarter-over-quarter increase of 9% [1] - The net profit attributable to the parent company was $32.28 million, up 340% year-over-year, while adjusted net profit reached $37.85 million, reflecting a 220% increase [1] - Adjusted EBITDA for the period was $88.68 million, marking a 41% year-over-year growth [1] Revenue and Profitability Metrics - The company's revenue growth was accompanied by an increase in the TR (advertising technology business revenue minus traffic acquisition costs) to 27.1%, up 1.0 percentage points year-over-year [1] - Gross margin improved to 21.4%, an increase of 0.9 percentage points year-over-year [1] - The second quarter of 2025 saw revenue of $498 million, a 48% year-over-year increase and a 13% quarter-over-quarter increase [1] Client and Traffic Growth - The daily advertising requests from clients surged from over 200 billion in 2024H1 to over 300 billion in 2025H1, with game clients accounting for 73.8% of the total [2] - The number of SDKs covered by the traffic end increased from over 80,000 in 2024H1 to over 110,000 in 2025H1, enhancing advertising placement opportunities [2] Product Development and R&D Investment - The company launched new smart bidding products, including the Hybrid ROAS optimization strategy in April 2025 and the IAPROAS optimization strategy in July 2025, which are expected to contribute to stable performance growth in the latter half of 2025 and into 2026 [2] - R&D expenses for 2025H1 were $87 million, a 39% increase year-over-year, with revenue per unit of R&D expense rising from $10.2 to $10.7 [2] Profit Forecast and Investment Rating - The company forecasts revenues of $2.211 billion, $2.747 billion, and $3.301 billion for 2025, 2026, and 2027 respectively, with net profits of $110 million, $164 million, and $207 million [3] - The company is positioned as a leading player in the global programmatic advertising market, with growth potential driven by smart bidding strategies targeting both heavy game and non-game advertisers [3]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][11]. Core Insights - The company has demonstrated strong revenue growth, with total revenue reaching $938 million in H1 2025, representing a year-over-year increase of 47% and a quarter-over-quarter increase of 9% [5][6]. - The adjusted net profit for the same period was $37.85 million, reflecting a year-over-year growth of 220% [6][11]. - The company is positioned as a leading global programmatic advertising platform, with significant growth potential driven by its smart bidding strategies [11]. Financial Performance - In H1 2025, the company achieved a gross margin of 21.4%, up 0.9 percentage points year-over-year [6]. - The total revenue for Q2 2025 was $498 million, with a year-over-year growth of 48% and a quarter-over-quarter growth of 13% [6]. - The company’s EBITDA for H1 2025 was $88.68 million, showing a year-over-year increase of 41% [5][6]. Customer and Traffic Growth - The daily advertising requests from clients surged from over 200 billion in H1 2024 to over 300 billion in H1 2025, with game clients accounting for 73.8% of this traffic [7]. - The number of SDKs covered by the company increased from over 80,000 in H1 2024 to over 110,000 in H1 2025, enhancing the advertising opportunities [7]. Research and Development - The company increased its R&D expenses to $87 million in H1 2025, a year-over-year rise of 39%, while the revenue generated per unit of R&D expenditure improved from $10.2 to $10.7 [8]. - The company is focusing on expanding its client base by adopting more flexible payment terms [8][9]. Forecast and Valuation - The company is projected to achieve revenues of $2.211 billion, $2.747 billion, and $3.301 billion for the years 2025, 2026, and 2027, respectively, with corresponding net profits of $110 million, $164 million, and $207 million [10][11]. - The report anticipates a PE ratio of 29, 19, and 15 for the years 2025, 2026, and 2027, indicating a favorable valuation outlook [11].

Core Viewpoint - Huya Technology (01860) has seen a significant stock price increase, reaching a historical high of 17.37 HKD, with a current rise of 5.04% to 16.66 HKD, and a trading volume of 596 million HKD [1] Financial Performance - In the first half of the year, the company achieved a revenue of 938 million USD, representing a substantial year-on-year growth of 47% [1] - Adjusted EBITDA for the same period was 88.68 million USD, reflecting a year-on-year increase of 41% [1] Segment Performance - Mintegral, a key segment of the company, generated a revenue of 897 million USD, marking a year-on-year growth of 48.6% [1] - The gaming category within Mintegral performed exceptionally well, with revenues of 662 million USD, a significant year-on-year increase of 51.7% [1] - Non-gaming verticals contributed 236 million USD, accounting for 26% of Mintegral's total revenue [1] Analyst Insights - According to a report from Kaiyuan Securities, the company's substantial revenue growth and significant improvement in net profit margin are attributed to the continuous iteration of its AI-driven smart bidding system [1] - The report highlights the strengthening of the company's flywheel effect and the further realization of scale effects [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] - There is a positive outlook on Mintegral's continued contribution to revenue growth [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]