Core Viewpoint - 汇量科技 (01860) has seen a significant stock price increase, reaching a new high of 19.79 HKD, driven by strong financial performance in the first half of the year [1] Financial Performance - In the first half of the year, the company achieved revenue of 938 million USD, a substantial year-on-year growth of 47% [1] - Adjusted EBITDA for the same period was 88.68 million USD, reflecting a 41% increase compared to the previous year [1] - Mintegral, a key segment of the company, generated revenue of 897 million USD, marking a 48.6% year-on-year growth [1] - Within Mintegral, the gaming category performed particularly well, with revenue of 662 million USD, a significant increase of 51.7% year-on-year [1] - Non-gaming verticals contributed 236 million USD, accounting for 26% of Mintegral's total revenue [1] Market Position and Growth Drivers - The company is recognized as a leading player in the global programmatic advertising market, leveraging intelligent bidding strategies to capture incremental budgets from both mid-to-heavy gaming and non-gaming advertisers [1] - Analysts from Guohai Securities highlight the company's growth potential, suggesting that the intelligent bidding system driven by AI continues to evolve, enhancing the company's flywheel effect and scale [1] - Based on the expansion of the intelligent bidding system and the growth in non-gaming verticals, analysts from Kaisheng Securities have revised upward their profit forecasts for 2025-2026 and introduced projections for 2027, indicating confidence in Mintegral's ongoing revenue contributions [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 20.9, up from a previous target of HKD 12.8 [1][4][7] Core Insights - The company reported a revenue of USD 938 million for the first half of 2025, representing a year-on-year growth of 47%, and a net profit of USD 32 million, which is a 3.4 times increase compared to the previous year [1][2] - The revenue from the advertising technology business reached USD 929 million, also growing by 47.6%, with the programmatic advertising platform Mintegral contributing USD 897 million, a growth of 48.6% [2][3] - The report highlights that the strengthening of antitrust policies is creating more opportunities for the industry, despite a slowdown in global economic growth [2] - The mixed monetization strategy is becoming mainstream, combining various revenue sources such as ads, subscriptions, and in-app purchases, which enhances revenue diversity [3] Financial Performance Summary - For 2025, the expected earnings per share (EPS) are projected at USD 0.06, with subsequent years forecasted at USD 0.08 for 2026 and USD 0.10 for 2027 [1][4] - The company’s revenue is expected to grow from USD 1,054.1 million in 2023 to USD 2,093.1 million in 2025, reflecting a growth rate of 38.8% [5][11] - Adjusted net profit is forecasted to increase significantly from USD 19.1 million in 2023 to USD 99.9 million in 2025, with a growth rate of 102.5% [5][11] Market Dynamics - The report notes that the advertising industry continues to grow despite challenges, driven by advancements in AI and machine learning technologies that enhance user targeting without compromising privacy [2][3] - The introduction of smart bidding products has significantly contributed to revenue growth, with over 80% of Mintegral's total revenue coming from this product line in the first half of 2025 [3]

Mobvista Inc. 匯量科技有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock code 股份代號：1860) （於開曼群島註冊成立的有限公司） NOTIFICATION LETTER 通知信函 19 September 2025 Dear Registered Shareholder(s), Mobvista Inc. (the "Company") — Notice of Publication of 2025 Interim Report The Company's 2025 Interim Report (in both English and Chinese) is available on the Company's website at www.mobvista.com and the website of Hong Kong Exchanges and Clearing Limited ("HKEX") at www.hkexnews.hk. You may access the 2025 In ...

[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]