明略科技-W(02718)再涨超7%，月内累计涨幅超40%。截至发稿，涨7.54%，报279.6港元，成交额 1970.78万港元。 据明略科技公众号，明略科技从2024年底开始关注GEO赛道，并于2025年初正式推出了整体解决方 案。国信证券发布研报称，据明略科技数据，国内已有超80%的用户通过AI获取消费信息，近35%消费 者每日高频互动，消费者向AI咨询消费类问题已经成为日益主流的行为。随着生成式AI推动传统搜索 方式变革，当前GEO市场快速增长，据明略科技数据，2026年全球GEO市场规模将达240亿美元，预计 到2030年全球GEO市场规模有望达到1000亿美元。 华福证券发布研报称，据中国商务广告协会预测：2025年，全球GEO市场规模将达112亿美元，中国市 场规模为29亿元；至2030年，全球市场将达到1007亿美元，中国市场同步增长至240亿元，SEO向GEO 的转移已成为趋势，GEO市场具有巨大的潜力空间，有望重塑广告营销行业的商业模式。 ...

智通财经APP获悉，明略科技-W(02718)再涨超7%，月内累计涨幅超40%。截至发稿，涨7.54%，报 279.6港元，成交额1970.78万港元。 华福证券发布研报称，据中国商务广告协会预测：2025年，全球GEO市场规模将达112亿美元，中国市 场规模为29亿元；至2030年，全球市场将达到1007亿美元，中国市场同步增长至240亿元，SEO向GEO 的转移已成为趋势，GEO市场具有巨大的潜力空间，有望重塑广告营销行业的商业模式。 据明略科技公众号，明略科技从2024年底开始关注GEO赛道，并于2025年初正式推出了整体解决方 案。国信证券发布研报称，据明略科技数据，国内已有超80%的用户通过AI获取消费信息，近35%消费 者每日高频互动，消费者向AI咨询消费类问题已经成为日益主流的行为。随着生成式AI推动传统搜索 方式变革，当前GEO市场快速增长，据明略科技数据，2026年全球GEO市场规模将达240亿美元，预计 到2030年全球GEO市场规模有望达到1000亿美元。 ...

Group 1 - The core viewpoint of the article highlights the significant increase in stock prices of AI application concept stocks in the Hong Kong market, indicating a growing investor interest in this sector [2] - MINIMAX (00100.HK) saw a notable rise of 18% in its stock price, reflecting strong market performance [2] - Other companies in the AI sector, such as Zhipu (02513.HK) and Minglue Technology-W (02718.HK), also experienced stock price increases of 7% and 4% respectively, showcasing a positive trend across the industry [2]

明略科技-W(02718)午后涨超13%，截至发稿，涨12.36%，报258.2港元，成交额4574.52万港元。 国信证券发布研报称，据明略科技数据，国内已有超80%的用户通过AI获取消费信息，近35%消费者每 日高频互动，消费者向AI咨询消费类问题已经成为日益主流的行为。随着生成式AI推动传统搜索方式 变革，当前GEO市场快速增长，据明略科技数据，2026年全球GEO市场规模将达240亿美元，预计到 2030年全球GEO市场规模有望达到1000亿美元。 消息面上，近日，明略科技旗下全球化AI创意测试产品AdEff(AdEff.com)，正式宣布进入印度尼西亚市 场，开始为印尼本地品牌广告主和创意代理机构提供AI驱动的创意测试及筛选服务。该产品基于明略 科技自主研发的超图多模态大语言模型（HMLLM）开发，采用大模型及混合专家模型协同架构，可快 速、准确预测消费者对广告的主观反应和广告效果，并给出优化建议。 ...

Core Viewpoint - Minglue Technology-W (02718) has seen a significant stock increase of over 13%, currently trading at 258.2 HKD, driven by the launch of its AI-driven creative testing product AdEff in the Indonesian market [1] Company Developments - Minglue Technology's AdEff product will provide AI-driven creative testing and screening services to local brand advertisers and creative agencies in Indonesia [1] - The product is developed based on Minglue Technology's proprietary Hypergraph Multimodal Large Language Model (HMLLM), utilizing a collaborative architecture of large models and mixed expert models to predict consumer responses to advertisements accurately and provide optimization suggestions [1] Industry Insights - According to Guosen Securities, over 80% of users in China are obtaining consumer information through AI, with nearly 35% of consumers interacting with AI on a daily basis, indicating a shift towards AI as a mainstream tool for consumer inquiries [1] - The global GEO market is experiencing rapid growth, with projections estimating it will reach 24 billion USD by 2026 and potentially 100 billion USD by 2030 [1]

Core Viewpoint - The report from Guotai Junan initiates coverage on Minglue Technology (02718) with a "Cautious Accumulate" rating, projecting net profits of -0.13/0.37/1.11 million yuan and revenues of 1.5/1.66/1.81 billion yuan for 2025-2027, respectively [1] Group 1: Company Overview - The company is a leading provider of data intelligence application software in China [1] - In H1 2025, the company achieved revenue of 644 million yuan, a year-on-year increase of 13.9%, indicating a recovery from a revenue decline of 5.5% in 2024 [1] - The gross profit margins for 2022-2024 were 53.2%, 50.1%, and 51.6%, with an increase to 55.9% in H1 2025, reflecting a higher proportion of high-margin marketing intelligence business and cost control through product standardization and AI tools [1] Group 2: Business Segmentation - The company's revenue is primarily derived from three segments: marketing intelligence, operational intelligence, and industry solutions [2] - In H1 2025, the marketing intelligence segment, which includes products like the second needle system and AI-driven social media insights, generated 354 million yuan, a year-on-year increase of 9.75%, accounting for 55.01% of total revenue [2] - The operational intelligence segment focuses on conversational intelligence and smart store operation systems, achieving revenue of 269 million yuan in H1 2025, a year-on-year increase of 16.77%, representing 41.71% of total revenue [2] Group 3: R&D and Product Development - The company is increasing R&D investment in multi-modal large models and intelligent agents, launching generative AI products like "Xiao Ming Assistant" for enterprise decision-making and operational scenarios [2] - The company has also developed the AIGC product insightFlow CMS, integrating marketing insights, content production, and optimization [2]

Core Viewpoint - The report by Guotai Junan initiates coverage on Minglue Technology (02718) with a "Cautious Accumulate" rating, projecting net profits of -0.13/0.37/1.11 billion RMB and revenues of 15/16.6/18.1 billion RMB from 2025 to 2027, respectively. The company’s current net profit is significantly affected by non-cash items, leading to distorted short-term PE metrics. A PS valuation of 18 times for 2026 is applied, resulting in a reasonable market value of 33.12 billion RMB and a target price of 222.71 HKD [1]. Group 1 - The company is a leading provider of data intelligence application software in China [2]. - In the first half of 2025, the company achieved revenue of 644 million RMB, a year-on-year increase of 13.9%, indicating a recovery from a 5.5% revenue decline in 2024 [2]. - The gross profit margins from 2022 to 2024 were 53.2%, 50.1%, and 51.6%, with an expected increase to 55.9% in the first half of 2025, reflecting a higher proportion of high-margin marketing intelligence business and cost control through product standardization and AI tools [2]. Group 2 - The company's revenue is primarily derived from three segments: marketing intelligence, operational intelligence, and industry solutions. The marketing intelligence segment, which includes products like the second-generation system and AI-driven social media insights, generated 354 million RMB in the first half of 2025, a year-on-year increase of 9.75%, accounting for 55.01% of total revenue [3]. - The operational intelligence segment focuses on conversational intelligence and smart store operation systems, achieving revenue of 269 million RMB in the first half of 2025, a year-on-year increase of 16.77%, representing 41.71% of total revenue [3]. - The company has been actively reducing low-margin, highly customized projects since 2022, reallocating resources to replicable standardized products and large model intelligence [3]. Group 3 - The company is increasing its investment in multi-modal large models and intelligent agents, launching generative AI products like "Xiao Ming Assistant" for enterprise decision-making and operational scenarios, as well as the AIGC product insightFlow CMS, which integrates marketing insights, content production, and optimization [4].

FF301 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: 明略科技 （於開曼群島註冊成立以不同投票權控制的有限責任公司） 呈交日期: 2026年1月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02718 | 說明 | A類普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 400,000,000 | USD | | 0.001 | USD | | 400,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 400,000,000 | USD | | 0 ...

Core Insights - The Hong Kong IPO market showed a marginal recovery in November 2025, with a notable concentration of listings towards the end of the month [2][18] - A total of 53 companies submitted listing applications, with 25 of them in the last week of November [2][18] - 12 new companies successfully listed on the Hong Kong Stock Exchange during this period [2][18] Listing Performance - The top three performers on their first trading day were 旺山旺水 (Wangshan Wangshui) with a gain of 145.73%, 明略科技 (Minglue Technology) at 106.10%, and 量化派 (Quantitative Party) at 88.78% [2][19][21] - Conversely, the companies with the largest declines were 海伟股份 (Haiwei Co.) at -22.97%, 文远知行 (Wenyan Zhixing) at -9.96%, and 小马智行 (Xiaoma Zhixing) at -9.28% [2][19][21] Fundraising Highlights - The top three companies in terms of fundraising were 赛力斯 (Sailis) with approximately 14.283 billion HKD, 小马智行 (Xiaoma Zhixing) at 6.707 billion HKD, and 创新实业 (Innovation Industry) at 5.495 billion HKD [2][19][26]

Group 1 - The company Minglue Technology-W (02718) announced the issuance and allocation of 1.0828 million Class A ordinary shares on December 2, 2025, following the full exercise of the over-allotment option [1]