未平仓空仓比增加最大的10只股票 | 股票名称 | 上一次空仓比 | 最新空仓比 | 增加值↓ | | --- | --- | --- | --- | | 巨子生物(02367) | 5.44% | 7.50% | 2.05% | | 药明康德(02359) | 22.57% | 23.99% | 1.43% | | 恒基地产(00012) | 1.25% | 2.66% | 1.41% | | 福莱特玻璃(06865) | 10.70% | 12.07% | 1.37% | | 泰格医药(03347) | 8.53% | 9.81% | 1.27% | | 申万宏源(06806) | 1.88% | 3.09% | 1.21% | | 中国飞鹤(06186) | 1.27% | 2.40% | 1.13% | | 中州证券(01375) | 4.71% | 5.78% | 1.06% | | 中金公司(03908) | 4.35% | 5.37% | 1.02% | | 中国信达(01359) | 3.44% | 4.44% | 1.01% | 未平仓空仓比减少最大的10只股票 | 股票名称 | 上一次空仓 ...

+18.6%，北美及其他地区+21.5%；25Q1 整体+23%。24 年整体毛利率+1.3pct 至43.8%，经调整净利润 +380%。 机构：东北证券 研究员：李玖/刘馨遥 事件：根据公司2 025年7月7 日公告，公司与上海电影集团影视文化投资发展公司签署战略合作协议， 通过在内容资产运营平台、短剧产业运营中心、全球视频中心等领域开展战略合作。 点评： 全球数字确权龙头，竞争优势突出。公司掌握业界最大的由内容方授权许可的视频版权库，已覆盖全品 类数字内容，形成"领先确权VDNA、数字水印技术-场景拓展-深度绑定海量客户资源-规模效应下更低 api 调用成本优势-确权技术迭代升级-高客户留存率"的高效商业模式。 版权保护意识持续提升+客户群体拓展+平台升级带来成长机遇。短视频自媒体及AIGC 时代下，公司由 大中型B 端客户向小型B 端及C 端拓展，由工具型服务商向平台型服务升级。 2024 年收入国内 风险提示：新游表现不及预期、宏观经济下行、行业竞争加剧 AIGC 领域持续布局，多环节赋能。1）公司通过与内容方以及AI 基础设施公司、大模型公司、算力服 务方建立合作，推进AI 内容实时确权与追踪变现 ...

[Table_Title] 证券研究报告 / 港股公司报告 数字确权龙头，持续推进数字资产交易业务 ---阜博集团事件点评 [Table_Summary] 事件：根据公司 2025 年 7 月 7 日公告，公司与上海电影集团影视文化投 资发展公司签署战略合作协议，通过在内容资产运营平台、短剧产业运 营中心、全球视频中心等领域开展战略合作。 点评： 全球数字确权龙头，竞争优势突出。公司掌握业界最大的由内容方授权 许可的视频版权库，已覆盖全品类数字内容，形成"领先确权 VDNA、 数字水印技术-场景拓展-深度绑定海量客户资源-规模效应下更低 api 调 用成本优势-确权技术迭代升级-高客户留存率"的高效商业模式。 版权保护意识持续提升+客户群体拓展+平台升级带来成长机遇。短视频 自媒体及 AIGC 时代下，公司由大中型 B 端客户向小型 B 端及 C 端拓 展，由工具型服务商向平台型服务升级。 2024 年收入国内+18.6%，北 美及其他地区+21.5%；25Q1 整体+23%。24 年整体毛利率+1.3pct 至 43.8%，经调整净利润+380%。 AIGC 领域持续布局，多环节赋能。1）公司通过与内容方以 ...

Core Viewpoint - The article highlights significant movements in the Hong Kong and US stock markets, focusing on various companies' performances and the impact of regulatory changes on specific sectors. Group 1: Hong Kong Stock Market Highlights - Haitian Flavoring (03288) debuted with over a 3% increase, raising HKD 10 billion and holding a 6.2% global market share in soy sauce, leading the Chinese seasoning market with a 4.8% share [1] - Stablecoin concept stocks surged, with Lianlian Digital up 11%, Yika up 9%, and Zhong An Online up 8%, driven by the implementation of Hong Kong's stablecoin regulations [1] - Hezhima Intelligent (02533) rose over 3% as it plans to acquire an AI chip company to expand its automotive and edge AI product lines [1] - Delin Holdings (01709) increased over 3% with an expected annual profit growth of 10%-30% (to HKD 110-130 million) and its subsidiary Synaptic Technology securing tens of millions in A-round financing [1] - Jingtai Technology (02228) saw over a 4% rise, producing its first clinical candidate drug, PRMT5 inhibitor PE-0260, with clinical trials set to start in the second half of 2025 [1] - Gold stocks collectively fell, with Lingbao Gold and Zhu Feng Gold both down 4%, affected by a pullback in spot gold prices [1] - Innovent Biologics (01801) rose over 4% after obtaining global rights for GlycoT's ADC technology, with positive outlooks for IBI363/343's international potential [1] - Longpan Technology (02465) increased over 6% due to policy support accelerating solid-state battery industrialization, with the Ministry of Industry and Information Technology allocating HKD 6 billion for special research [1] Group 2: Other Notable Movements - Simor International (06969) fell over 5% as shareholder Yiwei Lithium Energy announced a third reduction of 3.5% in its stake, dropping to 27% and losing control [2] - Fubo Group (03738) rose over 4% due to favorable policies for data asset REITs, with the company targeting annual AI business revenue in the million-dollar range [2] - Yadea Holdings (01585) increased over 4% with a projected 55% rise in H1 net profit to HKD 1.6 billion, driven by new national standards enhancing industry concentration [2] - Perfect Medical (01830) fell over 6% as medical beauty consumption shifted to Shenzhen and South Korea, with an expected 35% decline in annual profit [2] - Yunbai International (00030) surged over 15% after acquiring global distribution rights from its parent company Yunnan Baiyao, covering a full range of products including medicines and personal care [2] - Luk Fook Holdings (00590) dropped over 4% due to increased gold hedging losses from rising gold prices and high base effects from last year's acquisition of King of Gold [2] Group 3: US Stock Market Highlights - Brain Regen Technologies (RGC.US) fell over 18% after a 400% increase in the previous two days, as profit-taking occurred; the company focuses on liquid formulations for ADHD and autism [3] - Marvell Technology (MRVL.US) rose over 7% after announcing a collaboration to develop AI power solutions and launching a 2nm custom SRAM chip with leading bandwidth and energy efficiency [3] - Circle (CRCL.US) surged over 33% after the US Senate passed a stablecoin bill, boosting the stock's value by 410% since its listing [3] - The rare earth sector continued to rise, with MP Materials up 4.9% and USA Rare Earth up 5.58%, driven by policy support for strategic resource demand [3] - Wolfspeed (WOLF.US) fell over 30% amid reports of a potential bankruptcy agreement, despite the silicon carbide market projected to reach USD 29 billion by 2030 [3] - Odyssey Marine (OMEX.US) rose over 11% after Trump signed an executive order to expedite deep-sea mining permits, with a 93% increase year-to-date [3] - Huya (HUYA.US) increased over 3% as the "HYPER eSports Carnival" is set to open in Chengdu, boosting platform traffic and commercialization expectations [3] Group 4: Additional Notable Movements - AST SpaceMobile (ASTS.US) rose over 10%, with an 85% increase in June, partnering with Vodafone India to provide satellite connectivity to unconnected areas [4] - Arqit Quantum (ARQQ.US) surged over 22% after being selected for Oracle's defense ecosystem, highlighting the strategic value of quantum encryption technology [4] - Aptevo (APVO.US) skyrocketed over 81% due to a new leukemia drug showing an 85% response rate in frontline treatment [4] - Upstart (UPST.US) rose over 10% after Bank of America raised its target price to USD 56, maintaining a "hold" rating as the credit tech platform's valuation recovers [4] - Coinbase (COIN.US) increased over 16% as it plans to apply to the SEC for "tokenized stocks," opening new growth opportunities in traditional equity on-chain [5]

Core Viewpoint - Fubo Group, a leading global provider of digital content asset protection and transaction SaaS, has garnered significant market attention, particularly highlighted by its recent placement financing activity [1] Group 1: Financing Details - On May 27, Fubo Group announced a proposed placement of up to 138 million new shares, representing approximately 5.62% of the enlarged issued share capital, at a price of HKD 3.78 per share, a discount of about 9.35% from the previous closing price of HKD 4.17 [1] - The total amount raised from the placement is expected to be approximately HKD 522 million [1] Group 2: Market Response - The placement received a positive market response, achieving 3 to 4 times oversubscription, indicating strong demand and recognition of Fubo Group's stock scarcity value [2] - The discount of approximately 9% is considered small compared to recent placements by other tech companies, suggesting a reasonable pricing strategy that allows for potential future stock price appreciation [2] Group 3: Strategic Focus - The funds from the placement will primarily be directed towards AIGC (AI-generated content) business development and debt repayment, which is expected to optimize financial costs and positively impact profits [3][4] - Fubo Group's strategy emphasizes technology-driven growth, with a focus on AI research and financial structure optimization, aligning with the projected growth of the global generative AI market [4] Group 4: Business Performance - In Q1 2025, Fubo Group reported a 23% year-on-year revenue growth, with China and the US markets achieving growth rates of 21% and 25%, respectively [5] - The company's monthly recurring revenue (MRR) increased by 30% year-on-year, indicating enhanced customer retention and a stable revenue structure [5][6] Group 5: Future Outlook - The management expressed confidence in the sustainability of profitability and the positive impact of the financing on financial costs and operational quality [6] - The placement is viewed as a critical milestone in advancing Fubo Group's AI strategy, with the potential for valuation increases driven by ongoing AI business development [6]

Core Viewpoint - Fubo Group's stock has dropped nearly 11% following the announcement of a discounted placement of over 100 million shares [1] Group 1 - Fubo Group's share price decreased by 10.79% as of the report [1] - The company announced a placement of 138 million new shares, which represents approximately 5.62% of the enlarged share capital [1] - The placement price is set at HKD 3.78 per share, reflecting a discount of 9.35% compared to the closing price of HKD 4.17 from the previous day [1] - The total capital raised from this placement is HKD 522 million [1]

Financial Performance - Total revenue increased by 20.0% to approximately HKD 2,401 million[17] - Subscription service revenue reached HKD 1,104 million, up 27.1%, accounting for 46.0% of total revenue; value-added service revenue was HKD 1,298 million, up 14.6%, making up 54.0% of total revenue[17] - Revenue from North America and other regions reached HKD 1,213 million, a 21.5% increase; revenue from China was HKD 1,188 million, an 18.6% increase[17] - Gross profit was HKD 1,051 million, up 23.7%, with a gross margin of 43.8%, an increase of approximately 1.3 percentage points compared to the same period in 2023[17] - The company recorded a profit of HKD 158 million, reversing a net loss of HKD 21,000 in the same period of 2023, with a profit margin increase of 6.6 percentage points[17] - Adjusted net profit was HKD 180 million, a growth of 380.3% compared to the same period in 2023[17] - Total revenue for the year was HKD 2,401,322, compared to HKD 2,000,989 in the previous year[38] - Gross profit increased to HKD 1,051,463 from HKD 850,157 year-on-year[38] - Adjusted net profit according to non-IFRS standards was HKD 179,667, up from HKD 37,411 in the previous year[38] - Adjusted net profit for 2024 was approximately HKD 179.67 million, a significant increase from HKD 37.41 million in 2023, reflecting a strong operational performance[41] - Total revenue for 2024 reached approximately HKD 2,401.32 million, representing a 20% increase from HKD 2,000.99 million in 2023, driven by growth in the US market and strategic partnerships in mainland China[45] - Gross profit for 2024 was approximately HKD 1,051 million, up from HKD 850 million in 2023, with a gross margin improvement from 42.5% to 43.8%[47] Research and Development - Research and development expenses reached HKD 271 million, an increase of 17.0% year-on-year[17] - The company has deepened R&D collaboration in AI with the University of Florida, achieving breakthroughs in AI content rights protection and monetization technology[34] - Research and development expenses increased to approximately HKD 271 million in 2024 from HKD 232 million in 2023, reflecting a focus on new product development[50] Digital Content and AI Initiatives - The company launched a digital content asset trading platform by the end of 2024, along with a monetization service platform for professional creators[12] - The launch of the Vobile MAX digital content asset trading platform aims to create a complete value closed loop for creators, enhancing efficiency in content registration, rights confirmation, and distribution[20] - The company is focusing on expanding its service capabilities in the AI sector, recognizing the importance of IP in the film and television industry[24] - The company is collaborating with leading AI infrastructure companies to enhance real-time rights confirmation and monetization capabilities for AI-generated content[22] - The company is leveraging blockchain and Web3 technologies to create an efficient content distribution system and support high-frequency, lightweight transactions[20] - The company aims to build a new paradigm for digital content asset circulation and actively participate in the construction of the digital trade ecosystem[24] - The company is enhancing its service capabilities based on years of operational experience in the copyright service sector, positioning itself to capitalize on key development opportunities in the AI era[26] Corporate Governance and Management - The board of directors includes independent non-executive directors with extensive experience in finance and technology, enhancing governance and oversight[80][82][83] - The company has a strong management team with backgrounds in business development, operations, and technology, contributing to strategic growth initiatives[84][85][86] - The board consists of eight members, including two executive directors, three non-executive directors, and three independent non-executive directors[166] - The roles of chairman and CEO are held by the same individual, Mr. Wang Yangbin, to ensure consistent leadership and effective strategic planning[167] - The board has appointed three independent non-executive directors, meeting the requirement of at least one-third of the board's composition[169] - All independent non-executive directors have confirmed their independence annually as per the listing rules[171] - The company has mechanisms in place to ensure the board receives independent viewpoints and opinions, which are reviewed annually[170] - All directors are required to participate in ongoing professional development to enhance their knowledge and skills[175] - The company has established a three-year service contract for all directors, with provisions for re-election at least every three years[172] - The board collectively oversees the company's business, strategic decisions, and performance, ensuring decisions align with the company's interests[173] Employee and Community Engagement - The company emphasizes its commitment to corporate social responsibility by participating in various community activities in its main operating cities[12] - The company has established a human resources policy to regulate recruitment, training, and employee relations, maintaining good labor relations without significant disputes[154] - As of December 31, 2024, the gender ratio of employees was 47% male (250 employees) and 53% female (285 employees), totaling 535 employees[187] - The group made charitable donations totaling HKD 1,389,000 for the year ending December 31, 2024, a decrease from HKD 5,365,000 in 2023[103] Shareholder and Financial Policies - The company has a distributable reserve of approximately HKD 2,091 million as of December 31, 2024[102] - The board does not recommend any dividend payment for the year ending December 31, 2024, consistent with 2023[95] - The company has maintained a public float of at least 25% of its total issued share capital as of the report date[157] - The company has adopted a standard code for securities trading by directors, with all directors confirming compliance for the year ending December 31, 2024[165] - The independent auditor's fee for the annual audit service is HKD 4,800,000, while non-audit services amount to HKD 531,000[194] Risk Management and Compliance - The board is responsible for maintaining effective risk management and internal control systems to protect the company's assets and shareholders' interests[195] - The company has engaged an external professional service firm to conduct an annual review of its risk management and internal control systems[195] - The company has implemented various policies to ensure compliance with applicable laws and regulations, with no significant violations reported for the year ending December 31, 2024[155] - The company has established a framework for insider information disclosure, ensuring timely and appropriate handling of such information[198] Share Options and Incentives - The company has a total of 149,120,000 stock options granted, with 22,950,000 options unexercised as of December 31, 2024[126] - The exercise price for stock options ranges from HK$0.875 to HK$8.70, with a total of 112,000,000 options vesting upon achieving specific operational milestones and a market capitalization of at least US$10 billion[127] - The company adopted a 10-year share incentive plan on May 6, 2019, aimed at motivating and retaining talent for long-term growth[131] - The total number of shares available for issuance under the share incentive plan is 195,206,907, representing 8.72% of the company's issued share capital[136] Future Outlook - The company is focused on expanding its product offerings and innovation, particularly in the technology sector, to drive future growth[87] - The company is positioned for future growth with a focus on technology-driven solutions and market expansion strategies[87]

Core Viewpoint - The creative economy can only truly form when creators can obtain effective returns through legitimate business models, with copyright protection being the cornerstone of this commercial model in the digital economy era [2]. Group 1: Company Overview - Vobile Group, founded in 2005, recognized the significant transformation in the media industry due to the development of mobile device video capabilities, leading to challenges in copyright protection [3]. - The company developed innovative copyright protection solutions tailored for the mobile internet era, including video fingerprint technology, which effectively protects and monetizes content [3]. - Vobile Group gained industry recognition by winning the annual technology and engineering award at the 69th Emmy Awards in 2017 for its contributions to the protection of film copyright value [4]. Group 2: Financial Performance - In 2024, Vobile Group reported total revenue of HKD 2.4 billion, representing a year-on-year growth of 20.0%, and a net profit of HKD 180 million, reflecting a significant increase of 380.3% [4]. - The company's gross profit margin has consistently increased over three years, rising from 40.9% in 2022 to 43.8% in 2024 [4]. Group 3: Industry Trends and Innovations - The rise of AIGC technology presents a new opportunity for the creative industry, significantly lowering the barriers to content creation and releasing vast creative potential [6]. - Vobile Group has launched an AI strategy, including the DreamMaker platform, which combines AI video production with copyright protection and content monetization solutions [7]. - The company aims to facilitate the international expansion of Chinese culture by leveraging its technology in the creative industry [8]. Group 4: Strategic Partnerships and Initiatives - Vobile Group is collaborating with various partners to develop a comprehensive copyright protection and trading platform based on blockchain technology, enhancing the efficient trading and circulation of digital assets [9]. - The company has also engaged in deep cooperation with the Central Radio and Television Station's subsidiary to establish a copyright protection and trading platform [9].

Investment Rating - The report gives a "Strong Buy" rating for the company [3] Core Insights - The company is a leading global provider of digital content asset protection and transaction SaaS services, with a business model based on subscription services and a focus on maximizing IP value through various value-added services [1][6] - The company has experienced rapid revenue growth, with revenue increasing from HKD 120 million in 2018 to HKD 2.4 billion in 2024, representing a CAGR of 65% [6][11] - The company is well-positioned to benefit from the rise of AIGC technology and increasing demand for content protection and identification [6][11] Company Overview - The company was founded in 2005 in Silicon Valley and went public on the Hong Kong Stock Exchange in January 2018 [11] - The company has a diversified business model that includes subscription services and various value-added services, focusing on long-term stable service to top content providers globally [14][15] - The major shareholder is Yangbin Bernard Wang, holding 18.30% of the shares [3][18] Financial Performance - In 2024, the company achieved a revenue of HKD 2.4 billion, a 20% year-on-year increase, driven by growth in both the US and China [24] - The company expects to achieve revenues of HKD 2.8 billion, HKD 3.5 billion, and HKD 4.5 billion in 2025, 2026, and 2027 respectively, with corresponding net profits of HKD 186 million, HKD 251 million, and HKD 342 million [7][24] - The company has maintained a gross margin above 40% from 2022 to 2024, with a decrease in expense ratio to 25% in 2024 [32][34] Industry Situation - The rise of streaming platforms has significantly increased the demand for content protection, with subscription users growing rapidly in the US [36][39] - Domestic policies are increasingly encouraging cultural exports, enhancing awareness of copyright protection [45][48] - The company is positioned to leverage the growing need for copyright protection as the digital content landscape evolves [6][11]

现在申读免责声明在本次会议上管理层可能会做出前瞻性陈述前瞻性陈述包括但不限于关于预期、意图、估计和未来战略的陈述前瞻性陈述的例子包括行业趋势以及公共卫生事件的影响本次会议的前瞻性陈述不是未来事件或业绩的保证并受风险 不确定性和其他因素的影响也包括我们在监管文件中所描述的因素因此未来的情况和事件以及我们未来的实际结果可能与任何前瞻性陈述中描述的有重大差异鉴于这些风险和不确定性我们再次提醒听众不要过分依赖本次会议的任何前瞻性陈述前瞻性陈述仅适用于今天 我们没有义务公开发布前瞻性陈述的更新数据或修订版本大家好欢迎参加富博集团2024年度业绩发布会下面有请主持人讲话谢谢 尊敬的各位投资者分析师大家好非常感谢大家在百忙之中抽出时间参加富博集团2024年年度业绩发布会我是富博L团队的Catherine今天是周五的傍晚能和各位一同回顾并分享过去一年的优异表现我感到十分荣幸也充满期待首先我想向大家介绍出席本次会议的嘉宾富博集团董事长王阳兵先生以及富博集团高级副总裁龙辉先生 本次演讲会将分为两个环节先由管理层进行分享然后进入问答交流为了方便与线上观众实时互动各位线上参会者在会议开始后可随时通过网络端留言提问我们将在回答环节进行 ...