2025 年上半年，富博集团的增值业务表现出显著增长，占整体收入的比例已 超过一半。随着近期热门应用的爆火及未来 C 端爆款应用的发展，版权保护业 务有望迎来大幅扩展。基于数字确权能力，富博集团帮助内容客户在互联网上 追踪 IP 使用情况，不仅进行盗版监测，还通过平台广告分成为版权方带来收益。 这种模式使得 IP 方能够更好地管理其 IP 使用情况，并从中持续获得收益。 AI 技术对内容行业产生了哪些影响？富博集团在这方面有哪些布局？ 阜博集团 20251015 摘要 富博集团通过数字确权能力，帮助内容客户追踪 IP 使用情况，实现盗版 监测和平台广告分成，为版权方带来持续收益，有望大幅扩展业务。 AI 技术驱动内容行业变革，包括伪真续写、IP 二次创作和 AI 原创故事。 富博集团推出 Dream Maker 和 Max 平台，为创作者提供创作空间和 内容保护变现服务。 富博集团收购 PAX 团队，将服务拓展至音乐领域，覆盖更大内容类型板 块，增强在音乐领域的竞争力和市场份额。 MAX 平台赋能中小型创作者，提供内容确权、保护和变现服务，通过分 成机制使创作者从盗版、搬运或二次创作中获益。 2025 年上半 ...

风险提示：技术进展不及预期；客户拓展不及预期；行业竞争加剧。 这意味着AI 生成视频正从技术创新转向内容生态与收益结构的重构。 2）随着AI 生成内容比例快速提升，预计媒体与娱乐产业的盈利模式将逐步转向碎片化。据英伟达 Media2 官网数据，AI 正在加速变革3 万亿美元的全球媒体与娱乐市场。低成本、高频率的AI 视频将在 短视频与社交平台形成新的传播与变现体系，版权确权、收益分账的平台将成为支撑创意产业生态可持 续发展的基础设施。具备AI 版权管理和确权交易能力的平台型企业如阜博集团望在这一变革中迎来长 期成长机遇。 开发Vobile MAX 与DreamMaker 两大平台，构建AI 时代核心竞争力。1）面对AI 技术演进公司推出两 大核心平台：Vobile MAX 是数字内容资产贸易与确权平台，提供内容登记、确权、分发、数据洞察与 跨平台收益管理，帮助内容方实现资产化运营和灵活分润。DreamMaker 则定位为基于AI 大模型的多模 态创作平台，整合文本转视频、图像生成、音乐制作等能力，依托英伟达生Me态d，ia2支持内容自动 确权、一键分发及收益追踪。公司将此前服务大型内容方的能力平让台个化人，与 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company is a leading global provider of digital content asset protection and transaction SaaS services, leveraging AI technology and Web3 infrastructure to enhance digital rights management and transaction capabilities [15][18] - The company achieved significant revenue growth in its two core business segments, with subscription service revenue reaching HKD 610 million in the first half of 2025, a year-on-year increase of 11.8%, and value-added service revenue reaching HKD 846 million, a year-on-year increase of 33.3% [27][28] - The company has developed two major platforms, VobileMAX and DreamMaker, to enhance its competitive edge in the AI era, facilitating content registration, rights management, distribution, and revenue tracking [50][52] Summary by Sections Business Performance - The company reported a robust growth trajectory, with subscription services benefiting from partnerships with major platforms and an increase in active assets managed on social media platforms, which reached 4.29 million, up over 25% year-on-year [27][23] - The acquisition of audio recognition company PEX in April 2025 has strengthened the company's capabilities in music copyright protection, integrating over 23 billion audio fingerprint data into its system [28][15] Market Trends - The report highlights the transformative impact of multi-modal AI technology on the media and entertainment industry, with significant opportunities arising from the growing demand for copyright management and monetization solutions [32][45] - The shift towards fragmented monetization models is expected to drive demand for platforms like the company that possess strong copyright management and transaction capabilities [45][44] Financial Projections - The company is projected to achieve revenues of HKD 30 billion, HKD 37.9 billion, and HKD 49.9 billion for the years 2025, 2026, and 2027, respectively, with corresponding net profits of HKD 2.37 billion, HKD 3.51 billion, and HKD 5.3 billion [8][9] - The report maintains its earnings forecasts, reflecting confidence in the company's growth trajectory and market positioning [8][56]

Core Insights - The top three companies with the highest short positions as of October 3 are COSCO Shipping Holdings (01919), Ganfeng Lithium (01772), and ZTE Corporation (00763), with short ratios of 15.66%, 15.25%, and 15.16% respectively [1][2] - Ganfeng Lithium (01772) saw the largest absolute increase in short positions, rising by 1.20%, followed by Minmetals Resources (01208) with an increase of 0.96%, and Yuexiu Transport Infrastructure (01052) with an increase of 0.76% [1][2] - The companies with the largest decreases in short positions include GCL-Poly Energy (03800), which decreased by 3.16%, followed by Dongfang Electric (01072) with a decrease of 2.03%, and Jinxin Fertility (01951) with a decrease of 0.76% [1][3] Summary of Short Positions - **Top 10 Companies by Short Ratio** - COSCO Shipping Holdings (01919): 15.66% (from 437 million shares to 451 million shares) - Ganfeng Lithium (01772): 15.25% (from 62.30 million shares to 67.64 million shares) - ZTE Corporation (00763): 15.16% (from 113 million shares to 115 million shares) - CATL (03750): 13.83% (from 21.12 million shares to 21.57 million shares) - Vanke (02202): 12.63% (from 268 million shares to 279 million shares) - Ping An Insurance (02318): 12.59% (from 959 million shares to 938 million shares) - Zijin Mining (02899): 12.58% (from 750 million shares to 754 million shares) - MicroPort Medical (00853): 11.10% (from 213 million shares to 212 million shares) - Hansoh Pharmaceutical (01276): 11.01% (from 28.01 million shares to 28.43 million shares) - Fuyao Glass (06865): 10.85% (from 49.22 million shares to 47.94 million shares) [2] - **Top 10 Companies with Increased Short Positions** - Ganfeng Lithium (01772): Increased by 1.20% (from 14.05% to 15.25%) - Minmetals Resources (01208): Increased by 0.96% (from 1.96% to 2.93%) - Yuexiu Transport Infrastructure (01052): Increased by 0.76% (from 1.08% to 1.84%) - Jinli Permanent Magnet (06680): Increased by 0.66% (from 7.76% to 8.42%) - China Civil Aviation Information Network (00696): Increased by 0.58% (from 6.63% to 7.21%) [2] - **Top 10 Companies with Decreased Short Positions** - GCL-Poly Energy (03800): Decreased by 3.16% (from 11.76% to 8.59%) - Dongfang Electric (01072): Decreased by 2.03% (from 6.78% to 4.75%) - Jinxin Fertility (01951): Decreased by 0.76% (from 10.61% to 9.85%) - Yangtze Optical Fibre and Cable (06869): Decreased by 0.75% (from 7.03% to 6.28%) - Shanghai Electric (02727): Decreased by 0.72% (from 2.25% to 1.52%) [3][4]

Summary of the Conference Call Company and Industry Involved - **Company**: 富博集团 (Fubo Group) - **Industry**: Generative AI, Video Content Creation, Copyright Management Key Points and Arguments Sora 2 Overview - Sora 2 allows users to generate videos through text or image prompts, similar to TikTok, with initial content quality being well-received. However, copyright management has tightened, limiting daily video generation and restricting prompts involving well-known IPs [2][3][4] - Sora 2 represents a new milestone in generative AI, with significant improvements in generation effects, image control, and clarity, creating investment opportunities in content production and computing power [2][5] Market Impact - The launch of Sora 2 has led to a surge in downloads, surpassing GenAI and ChatGPT, indicating strong market interest [3] - The application has made notable improvements in copyright protection, implementing stricter measures as user numbers grow, which is expected to enhance its position in the global market [4][7] Technological Advancements - Sora 2's technology marks a shift towards multimodal generation, requiring higher computational power compared to traditional models, thus presenting new challenges and opportunities in the market [6][9] - The Diffusing Transformer used in video generation faces memory constraints, necessitating large HBM or future DDR5 support, highlighting the need for advanced hardware [9] Business Growth and Strategy - Fubo Group anticipates significant business growth from Sora's overseas expansion, particularly in copyright management, through partnerships with major platforms [7][8] - The Solo 2 product, launched as an independent app, achieved 140,000 downloads in its first two days, indicating strong user demand for AI-generated video content [12] Future Collaborations and Trends - Future collaborations for Solo 2 may include partnerships with IP owners and content creators, expanding into various video formats and social media platforms [13] - The rise of AI-generated content is expected to increase the demand for copyright protection and management, impacting multiple related industries [11][25] Financial Outlook - Fubo Group's revenue is projected to grow significantly, with AI-generated content expected to dominate active assets by the end of the year [33] - The company recently completed a financing round of 1.6 billion HKD to support R&D and team expansion, positioning itself for future growth [34] Challenges and Opportunities - The evolving copyright landscape poses challenges, but also opportunities for companies like Fubo Group to establish themselves as leaders in copyright management and content generation [19][20] - The potential for traditional media companies like Disney to adapt to digital content trends could reshape the industry, emphasizing the importance of flexible copyright strategies [35][38] Conclusion - Fubo Group is well-positioned to leverage advancements in generative AI and video content creation, with a focus on copyright management and strategic partnerships to drive future growth and innovation in the industry [44][45]

陈茂波说，新一批重点企业来自不同领域尖端产业，包括全球领先的医药企业、人工智能和新媒体等范 畴，是重要里程碑，引进变革性的理念、世界一流专业知识、全球视野和创新精神，将进一步丰富香港 正快速发展的创新技术生态系统。 他又表示，新一批企业首次包括结合创科的文创企业，认为全球数码娱乐市场正快速成长，香港拥有内 联外通的独特优势，作为国际化城市的开放和多元化氛围，成为这类企业在亚洲乃至全球发展壮大的理 想平台。 智通财经APP获悉，10月9日，香港引进重点企业办公室举行"重点企业伙伴签约仪式"，公布第5批重点 企业名单，涵盖18间海内外公司，包括3家全球十大医药企业，分别是英国葛兰素史克(GSK.US)、瑞士 罗氏(RHHBY.US)及德国默克(Merck)，以及内地社交平台"小红书"、结合创科的美国文创企业阜博集团 (03738)等等。 香港财政司司长陈茂波致辞时表示，随着新一批企业来港发展业务，累计通过香港引进办促成落户的重 点企业总数突破100家，合共带来超过600亿元的投资，并创造约2.2万个职位。 ...

每经AI快讯，10月9日，港股阜博集团(03738.HK)涨超5%，截至发稿，涨5.61%，报6.97港元，成交额 5.22亿港元。 ...

消息面上，近期，Open AI发布最新音视频生成模型Sora2，并同步试运行由该模型驱动的iOS社交应用 Sora，后者在10月3日至今持续登顶iOS美国免费榜。华创证券认为，阜博集团作为版权保护龙头或直接 受益于Sora2出圈。Sora类产品将显著降低视频创作门槛，允许用户以个人角色参与他人创作，并设有 分成机制，或推动AI生成内容版权需求。 民生证券也表示，AIGC快速发展有望带动IP版权保护需求的快速提升。以阜博集团为例，阜博所构建 的VDNA视频指纹识别技术，是目前业界领先的视频内容确权技术之一。阜博亦是全球极少数(同时)拥 有YouTube、Facebook、Instagram、SoundCloud等平台深度API接入权限的独立版权保护技术服务商， 识别效率与准确性长期保持行业领先。 阜博集团(03738)涨超5%，截至发稿，涨5.61%，报6.97港元，成交额5.22亿港元。 ...

民生证券也表示，AIGC快速发展有望带动IP版权保护需求的快速提升。以阜博集团为例，阜博所构建 的VDNA视频指纹识别技术，是目前业界领先的视频内容确权技术之一。阜博亦是全球极少数(同时)拥 有YouTube、Facebook、Instagram、SoundCloud等平台深度API接入权限的独立版权保护技术服务商， 识别效率与准确性长期保持行业领先。 智通财经APP获悉，阜博集团(03738)涨超5%，截至发稿，涨5.61%，报6.97港元，成交额5.22亿港元。 消息面上，近期，Open AI发布最新音视频生成模型Sora2，并同步试运行由该模型驱动的iOS社交应用 Sora，后者在10月3日至今持续登顶iOS美国免费榜。华创证券认为，阜博集团作为版权保护龙头或直接 受益于Sora2出圈。Sora类产品将显著降低视频创作门槛，允许用户以个人角色参与他人创作，并设有 分成机制，或推动AI生成内容版权需求。 ...

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: | | --- | | 狀態: 新提交 | | 2025年9月30日 | 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 呈交日期: 2025年10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 | | 0 | | 本月底結存 | | | 32,000,000,000 | USD | | 0.000025 USD | | 800,000 ...