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分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。 Vobile Group Limited 阜 博 集 團 有 限 公 司 （ 於開曼群島註冊成立的有限公司） （股份代號：3738） 截至2025年12月31日止年度 全年業績公告 | 財務摘要 | | | | --- | --- | --- | | 綜合損益及其他全面收益表摘要 | | | | | 2025年 | 2024年 | | | 千港元 | 千港元 | | 收入 | 2,872,361 | 2,401,322 | | 毛利 | 1,285,992 | 1,051,463 | | 除稅前溢利 | 266,519 | 186,694 | | 年內溢利 | 211,692 | 158,491 | | 按非國際財務報告準則計算的經調整純利 | 231,744 | 179,667 | | 按非國際財務報告準則計算的經調整EBITDA | 541,758 | 438,234 | | 綜合財務狀況表摘要 | ...

（ 於開曼群島註冊成立的有限公司） 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分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。 （股份代號：3738） 董事會召開日期 Vobile Group Limited 阜 博 集 團 有 限 公 司（「 本 公 司」）董 事 會（「 董 事 會」）宣 佈 ， 本 公 司 將 於 2026 年 3 月 27 日（ 星 期 五 ）召開 董事 會會 議， 以(i) 審議 及 批准 本公 司及 其附 屬公 司截 至2025 年 12 月 31 日止 經審 計 的年度業績，(ii)考慮建議派發末期股息（ 如有），及(iii)處理其他事項。 阜 博 集 團 有 限 公 司 承董事會命 阜博集團有限公司 主席 王揚斌 香港，2026年3月11日 於本公告日期，本公司董事會由執行董事王揚斌先生及王偉軍先生；非執行董事陳筠霖女士及鄧以海先生； 及獨立非執行董事Alfred Tsai CHU先生、Charles Eric EESLEY先生及關毅傑先生組成。 ...

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The report highlights the rapid evolution of native intelligent agents, emphasizing the importance of AI computing power and application [1][5] - OpenAI's release of GPT-5.4 showcases significant advancements in AI capabilities, including native computer operation support and high-level reasoning [5][12] - Google's launch of Gemini 3.1 Flash-Lite focuses on speed and cost-effectiveness, enhancing AI application accessibility [4][14] - The report suggests monitoring AI computing infrastructure, edge intelligent hardware, and agent applications as potential investment opportunities [5][15] Summary by Sections 1. Computer Industry Insights - OpenAI's GPT-5.4 model integrates advanced reasoning, programming, deep web search, and native computer operation capabilities, achieving a 75% success rate in desktop navigation tests [12][13] - GPT-5.4 outperforms human professionals in 83% of cases in complex tasks like spreadsheet modeling and PPT generation [13] - Google's Gemini 3.1 Flash-Lite model offers high-speed responses and cost-effective API pricing, with a 2.5x increase in response speed compared to its predecessor [14] 2. Market Performance Review - The computer industry index fell by 5.29%, underperforming the Shanghai Composite Index by 4.36 percentage points [17][20] - Year-to-date, the computer industry index has increased by 2.86% [20] - The report ranks the computer industry index 29th among 31 industry indices this week [17] 3. Technology Software Industry News - AI development is a hot topic at the national level, with discussions on transitioning from "computing power competition" to "intelligent efficiency competition" [25] - The report emphasizes the need for comprehensive legislation and ethical governance in AI development [25] - The establishment of a national-level high-quality corpus and the promotion of AI applications in various sectors are recommended [25] 4. Company Dynamics - Companies like Kingsoft Office and YunTian LiFei reported significant revenue growth, driven by advancements in AI applications [33] - Kingsoft Office's revenue reached approximately 5.929 billion yuan, a 15.78% increase year-on-year, attributed to AI office product upgrades [33] - The report also notes the performance of other companies, highlighting their strategic focus on AI and technology integration [33]

呈交日期: 2026年3月2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) | 03738 | 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 | | | 32,000,000,000 | USD | 0.000025 | USD | | 800,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | | | 本月底結存 | | | 32,000,000,000 | USD | 0.000025 | USD | | 800,000 | 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 | | | 致：香港交易及結算所有限公司 公司名稱: 阜博集團有限公司 第 1 頁 共 10 頁 v 1.2.0 II. 已發行股份及/或庫存股份變動 ...

Summary of Conference Call Notes Industry Overview - The focus is on the domestic AI model development in China, particularly the advancements in large models and their global competitiveness. The industry is witnessing a significant reduction in the gap between domestic and international models, with notable products like Seedance 2.0 and GLM5 leading the charge [2][3]. Key Points 1. **Advancements in AI Models**: - The domestic model Seedance 2.0 has achieved global SOTA (state-of-the-art) level, indicating a significant leap in capabilities [2][3]. - The introduction of GLM5 during the Spring Festival further emphasizes the narrowing gap between domestic and international AI models [2][3]. 2. **Investment in Learning and Data**: - A strategic increase in reinforcement learning investment from 0% to 30% in the second half of 2025 is expected to enhance model performance [2][3]. - High-quality data input is also a critical factor contributing to the improved performance of these models [2][3]. 3. **Efficiency Gains**: - Both Seedance 2.0 and GLM5 have demonstrated several times efficiency improvements in their respective applications, with long-range agent tasks now feasible [2][3]. - The multi-modal video generation is highlighted as a unique AI application in China, with a potential market explosion worth hundreds of billions [3]. 4. **Investment Recommendations**: - Companies to focus on include: - **Zhaochi**: Collaborating with Seedance 2.0 [3]. - **Deepin Technology**: First to integrate GLM5 into their Coding products [3]. - **Key players in multi-modal applications**: Zhaochi (home appliances), Kunlun Wanwei (media), and Fubo Group [3]. - Emphasis on the importance of tools and distribution layers as B-end entry points, suggesting that success will depend on creators [3]. 5. **Market Demand and Infrastructure**: - The demand for domestic computing power is expected to accelerate, reinforcing the positions of leading companies in the IDC sector such as Dongyangguang, Runze, and Dongfang Guoxin [4]. Additional Insights - The conference notes suggest a strong push for domestic AI applications and a comprehensive strategy to capitalize on the advancements in AI technology, indicating a robust growth trajectory for the industry [2][3][4].

Vobile Group Limited 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分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。 謹此提述阜博集團有限公司（「本公司」）日期為2026年2月11日的公告（「該公告」）。除文義另 有所指外，本公告使用的詞彙具有與該公告所界定者相同的涵義。 本公司希望補充說明本集團與星路科技的此次合作將圍繞兩大核心方向：（ 1）聚焦IP收益權 的價值激活，透過星路科技在資產通證化、全球流動性打通方面的成熟經驗，結合本集團 在全球IP產業積累的廣泛資源，共同探索IP沉睡資產的盤活路徑，推動相關資產在合規框 架下實現高效流轉，為香港數宇經濟注入新活力。（ 2）強化IP確權與估值體系，依托本集團 在數字內容確權、監測方面的核心技術優勢，搭配星路科技的創新技術解決方案，建構全 流程、可追溯的IP資產驗證體系，為IP價值評估提供堅實支撐，建立科學的IP估值標準； 最終打造基於合規前提下，知識產櫂的境外RWA通證化路徑。 星 路 金 融 有 限 公 司 是 星 路 科 技 ...

Market Overview - On February 16, the last trading day before the Spring Festival, Hong Kong stocks experienced a V-shaped rebound, with the Hang Seng Index rising by 0.52% after a drop of over 0.6% during the session [1][11] - The Hang Seng Technology Index increased by 0.13%, recovering from a decline of more than 1.9%, while the National Enterprises Index rose by 0.42% after a drop of over 0.8% [1][11] - Resource stocks led the gains, with Luoyang Molybdenum rising over 6%, and Zijin Mining and Ganfeng Lithium both increasing by over 4% [1][11] AI Application Sector - The AI application sector saw significant gains, with Haizhi Technology Group rising nearly 30%, MINIMAX-WP increasing by over 24%, and Maiyue Technology up by over 10% [3][13] - Other notable performers included Fubo Group, which rose by over 8%, and Zhipu, which increased by 4.74% [3][13] Precious Metals Sector - The precious metals sector, particularly gold stocks, showed strong performance, with Luoyang Molybdenum and Laopu Gold both rising over 6%, and Lingbao Gold increasing nearly 5% [6][16] - The international gold price rebounded above $5,000 per ounce after a significant drop the previous week [17][18] Oil and Gas Sector - The oil and gas sector also performed well, with CNOOC rising nearly 4%, and Sinopec Oilfield Services and CNOOC Services both increasing by over 2% [19][20] - The recent fluctuations in international oil prices are influenced by geopolitical tensions, particularly between the US and Iran, which have led to a premium on oil prices [20][21] Summary of Key Stocks - Notable stocks in the AI sector include: - Haizhi Technology Group: 29.59% increase [4][14] - MINIMAX-WP: 24.56% increase [4][14] - Maiyue Technology: 10.11% increase [4][14] - In the precious metals sector: - Luoyang Molybdenum: 6.35% increase [7][17] - Laopu Gold: 6.64% increase [7][17] - In the oil sector: - CNOOC: 4.21% increase [20]

Market Overview - The Hong Kong stock market experienced a half-day trading session on February 16, with all three major indices opening lower but recovering. The Hang Seng Index closed up 0.52% at 26,705.94 points, with a total turnover of 849.97 billion HKD. The Hang Seng Tech Index rose 0.13%, while the Hang Seng China Enterprises Index increased by 0.42% [1] - For the year of the Snake, the Hang Seng Index has gained over 32%, the Hang Seng Tech Index has risen over 13%, and the China Enterprises Index has increased by over 23% [1] Blue Chip Performance - Zijin Mining (02899) led the blue-chip stocks, rising 4.67% to 43.52 HKD, contributing 18.71 points to the Hang Seng Index. Citigroup raised its target prices for Zijin's A-shares and H-shares by over 30% due to increased gold and lithium price forecasts and higher gold sales [2] - Other notable blue-chip performers included China Hongqiao (01378) up 3.92%, CNOOC (00883) up 3.71%, while HSBC Holdings (00005) fell 1.11% [2] Sector Highlights - The technology sector showed mixed results, with Alibaba down 0.45%, Baidu up over 1%, and Tencent up 0.19%. The storage chip sector saw significant price increases, with companies like Lianqi Technology and Zhaoyi Innovation reaching new highs [3] - The storage chip price surge is expected to improve profitability across the NAND industry, with Kioxia projecting a 50% increase in average selling prices starting Q1 2026. Morgan Stanley estimates Kioxia's adjusted gross margin will reach 66% in Q1 [3] - The large model AI sector also saw significant gains, with MINIMAX (00100) up 24.56% and Zhipu AI (02513) up 4.74%. MINIMAX launched a new flagship programming model, while Zhipu announced a price increase for its AI programming subscription [4] Commodity and Energy Stocks - The non-ferrous metals sector experienced broad gains, with Luoyang Molybdenum (03993) up 6.35%, China Nonferrous Mining (01258) up 5.55%, and Zijin Mining (02899) also contributing to the sector's performance [4] - The oil and shipping sectors remained active, with rising sentiments among shipowners due to geopolitical tensions, leading to higher freight rates [10] Recent Developments - The Hang Seng Index Company announced its quarterly review results, with companies like CATL, Luoyang Molybdenum, and Laopuhuang being added to the Hang Seng Index, increasing the number of constituent stocks from 88 to 90 [7] - Haizhi Technology Group (02706) saw a significant rise of 29.59% on its second day of trading, attributed to its focus on AI solutions and rapid revenue growth [8] - Fubo Group (03738) also experienced an 8.22% increase, driven by the popularity of its new copyright management platform [9]

Group 1 - The AI application sector in Hong Kong saw active performance on February 16, with stocks like Fubo Group (03738.HK), Haizhi Technology Group (02706.HK), and Zhipu (02513.HK) showing significant strength due to multiple positive catalysts [1] - ByteDance's video generation model Seedance 2.0 has been integrated into the Doubao App, allowing users to generate 5 or 10-second videos through a prompt input, showcasing improvements in physical realism, consistency, and instruction comprehension [1] - Huachuang Securities reports that AI video generation is transitioning from entertainment to precise industrial production, with new models significantly reducing waste rates and overall production costs [1] Group 2 - The rise of Seedance 2.0 has introduced new challenges in copyright management, with concerns over unauthorized AI-generated movie clips and celebrity likenesses leading to disputes over portrait rights [2] - Fubo Group has launched the Vobile MAX™ platform for element-level rights management, capable of accurately identifying and tracking AI-generated content across the internet, aiding creators in monetizing their work [2] - Morgan Stanley increased its stake in Fubo Group by acquiring 14.92 million shares at an average price of HKD 5.1537, raising its holding from 4.57% to 5.15% [2] Group 3 - Zhipu recently released its next-generation flagship model GLM-5, achieving state-of-the-art performance in coding and agent capabilities [3] - Zhipu has withdrawn its previous guidance filing and is reapplying for registration, aiming to list on the Sci-Tech Innovation Board with new advisory firms [3]

Core Viewpoint - The Hong Kong stock market shows mixed performance with the Hang Seng Index down 0.25% and the Hang Seng Tech Index down 0.19%, indicating a cautious sentiment among investors [1] Group 1: Market Performance - Alibaba, Baidu, Geely Automobile, and NIO all experienced declines of over 1% [1] - NetEase and Tianqi Lithium Industries saw gains of over 1% [1] Group 2: AI Application Stocks - AI application stocks in Hong Kong are performing strongly, with Fubo Group (03738.HK) up 14.38%, Haizhi Technology Group (02706.HK) up 12.10%, and Zhipu (02513.HK) up 7.63% [1] - MINIMAX-WP (00100.HK) also saw an increase of 2.94% [1]