证券研究报告 | 公司深度报告 2025 年 04 月 18 日 阜博集团（03738.HK） 领先的数字内容资产保护商，国内外业务双轮驱动 TMT 及中小盘/传媒 阜博集团是全球领先的数字资产保护与交易的 SaaS 服务提供商，致力于让每 一个创作者的内容更有价值。自 2005 年始创于美国硅谷，2018 年 1 月在港交 所主板上市。近年来公司秉承订阅服务为基础的商业模式，长期稳定服务全球 顶级内容方，通过多样增值服务实现 IP 产权价值最大化。伴随着 AIGC 技术不 断发展，公司紧跟时代浪潮，业务规模有望快速提升。 ❑ 风险提示：商誉减值风险、DTC 落地不及预期风险、国内 API 业务发展不及 预期风险、YouTube 等平台渗透率增长不及预期风险、核心内容客户流失风 险、核心平台客户流失风险。 | 总股本（百万股） | 2287 | | --- | --- | | 香港股（百万股） | 2287 | | 总市值（十亿港元） | 7.7 | | 香港股市值（十亿港元） | 7.7 | | 每股净资产（港元） | 0.9 | | ROE（TTM） | 6.8 | | 资产负债率 | 41.5% | | ...

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 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a significant increase in adjusted net profit, with a year-on-year growth of 380% to 179.67 million HKD for 2024, driven by improved gross margins and operational efficiency [8] - Revenue for 2024 is expected to grow by 20% to 2.4 billion HKD, with gross profit increasing by 24% to 1.1 billion HKD, resulting in a gross margin of 43.8% [8] - The company is expanding its AI capabilities and digital content management services, leveraging its software services and AI technology to provide solutions for the creative economy [8] Financial Projections - Total revenue projections for 2024-2027 are as follows: - 2024: 2.4 billion HKD - 2025: 3.0 billion HKD - 2026: 3.7 billion HKD - 2027: 4.4 billion HKD - Adjusted net profit projections for the same period are: - 2024: 179.67 million HKD - 2025: 234.23 million HKD - 2026: 312.21 million HKD - 2027: 393.45 million HKD [1][8][9] Business Segmentation - Subscription service revenue is projected to grow by 27% to 1.1 billion HKD in 2024, accounting for 46% of total revenue, while value-added service revenue is expected to increase by 15% to 1.3 billion HKD, making up 54% of total revenue [8] - Revenue from North America and other regions is expected to grow by 22% to 1.2 billion HKD, while revenue from China is projected to increase by 19% to 1.2 billion HKD [8] Market Positioning - The company is actively participating in the construction of digital content asset infrastructure projects across various regions, enhancing its asset management capabilities for diverse content forms [8]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is expected to achieve significant revenue growth in 2024, with projected revenue of HKD 2.401 billion, representing a year-on-year increase of 20.0% [1] - The adjusted EBITDA for 2024 is forecasted to be HKD 438 million, reflecting a year-on-year growth of 37.3% [1] - The company is expanding its subscription business into new emerging fields, contributing HKD 1.104 billion in revenue, which is 46.0% of total revenue [1] - The value-added services segment is also growing, with revenue of HKD 1.298 billion, accounting for 54.0% of total revenue [2] Summary by Sections Subscription Business - The subscription business is deepening its application in various scenarios, achieving revenue of HKD 1.104 billion in 2024, a year-on-year increase of 27.1 [1] - The company is expanding its service boundaries to include live streaming, micro-short dramas, music, e-commerce images, and online novels [1] Value-Added Services - The value-added services segment continues to see contract upgrades, generating revenue of HKD 1.298 billion, a year-on-year increase of 14.6% [2] - The launch of the Vobile MAX digital asset trading platform integrates video rights confirmation, blockchain, and Web3 technologies [2] Market Performance - North America shows strong growth, with revenue of HKD 1.184 billion, a year-on-year increase of 20.5%, accounting for approximately 49.3% of total revenue [3] - Domestic revenue reached HKD 1.188 billion, growing by 18.6% year-on-year, representing 49.5% of total revenue [3] Profitability Forecast - The company is expected to achieve revenues of HKD 2.940 billion, HKD 3.640 billion, and HKD 4.740 billion in 2025, 2026, and 2027 respectively, with corresponding price-to-sales ratios of 3.2, 2.6, and 2.0 [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][12] Core Insights - The company is accelerating its AI ecosystem layout, with profit margins expected to continue improving. The revenue structure adjustment, cost reduction, and efficiency enhancement are key factors driving this improvement [5][6][7] - The adjusted net profit forecasts for 2025-2026 have been raised to HKD 250 million and HKD 360 million respectively, with a new forecast for 2027 at HKD 510 million, corresponding to year-on-year growth rates of 41% for each year [5][9] - The company aims for revenue close to HKD 3 billion in 2025, with a year-on-year growth rate of nearly 25%, and AI-related business expected to reach a preliminary scale of USD 10 million [7] Financial Summary - For 2024H2, the company reported revenue of HKD 1.22 billion, a year-on-year increase of 22.3%, and an adjusted net profit of HKD 120 million, marking a return to profitability [6][9] - The subscription service revenue for 2024H2 was HKD 560 million, up 39% year-on-year, driven by increased demand from content platform providers [6] - The adjusted net profit margin for 2024H2 was 9.5%, with a gross margin improvement of 2.1 percentage points due to revenue structure optimization [6][9]

Core Viewpoint - The company has achieved significant growth in revenue and profit, driven by its quality improvement strategy and expansion into AI applications, indicating a strong market position and future potential [1][2][10]. Financial Performance - The company reported a revenue of 2.4 billion HKD for 2024, a year-on-year increase of 20% [1]. - Adjusted net profit surged nearly fourfold to 180 million HKD, with an adjusted net profit margin rising by 6 percentage points to 7.5% [1]. - Gross profit increased to 1.05 billion HKD, reflecting a year-on-year growth of 23.7% and a three-year compound annual growth rate (CAGR) of 33.3% [1][3]. Business Strategy - The company has successfully expanded its service boundaries into emerging fields such as live streaming, micro-short dramas, music, e-commerce, and online novels through enhanced digital copyright protection technology [1][3]. - The revenue structure is being optimized with a focus on AI applications, which is expected to enhance future growth prospects [1][2]. Subscription and Value-Added Services - Subscription service revenue reached 1.1 billion HKD, growing by 27% and accounting for 46% of total revenue [3][4]. - Value-added services revenue increased by 15% to 1.3 billion HKD, making up 54% of total revenue, showcasing strong growth momentum [4]. Technological Advancements - The company is advancing its proprietary technologies, such as VDNA, which enhance data accuracy and traceability, solidifying its competitive edge [4][5]. - The launch of the MAX digital asset trading platform integrates video rights confirmation, blockchain, and Web3 technologies, creating a comprehensive service ecosystem for creators [4]. AI Integration and Market Position - The company is positioning itself to lead in the new paradigm of digital content asset circulation, leveraging AI to create new revenue-sharing models and reduce legal risks for tech companies [6][7]. - The recent policy developments in AI content commercialization are expected to benefit the company, enhancing its market share and profitability [8][9]. Future Outlook - The company is anticipated to continue its growth trajectory by capitalizing on its technological advantages and expanding its client base in both the US and China [10].

Group 1 - The company reported a total revenue of HKD 2.4 billion for the fiscal year 2024, representing a year-on-year growth of 20.0% [1] - Adjusted net profit surged to HKD 180 million, a significant increase of 380.3% year-on-year, with an adjusted net profit margin improving by 5.6 percentage points [1] - Adjusted EBITDA reached HKD 440 million, reflecting a year-on-year growth of 37.3%, indicating strong financial performance across various metrics [1] Group 2 - Gross profit increased to HKD 1.05 billion, marking a year-on-year growth of 23.7%, with a compound annual growth rate of 33.3% over the past three years [1] - The company achieved a compound annual growth rate of 29% in revenue over the last three years, demonstrating effective growth strategies [1] - The company is expanding its service boundaries into emerging fields such as live streaming, micro-short dramas, music, e-commerce, and web novels through the application of digital copyright protection technology [1] Group 3 - The company has partnered with NVIDIA on the Media2 system and launched the DreamMaker platform, which integrates AI creative video production with leading copyright protection and content monetization solutions [2] - This platform enables independent creators to efficiently generate, create, and publish short video content while ensuring compliance with copyright regulations [2] - The company's platform-based business model is maturing and is expected to seize market opportunities during the AI content explosion [2]

Core Insights - The company reported a revenue of HKD 2.401 billion for the year ending December 31, 2024, representing a year-on-year growth of 20.01% [1] - Adjusted net profit reached HKD 180 million, a significant increase of 380.25% compared to the previous year, where the company recorded a loss of HKD 7.818 million [1] - The earnings attributable to shareholders amounted to HKD 143 million, a turnaround from the previous year's loss [1] - Basic earnings per share were HKD 0.0631 [1] Group Performance - The company focuses on IP as its core, providing comprehensive digital content rights and transaction solutions to ensure the protection of creators' rights [1] - The company is committed to high-quality development strategies, prioritizing high-value business and strategic key areas [1] - The company is leveraging opportunities in the AI era, continuously upgrading service capabilities based on its years of experience in the copyright service sector [1] Digital Rights Protection - The company has deepened the application of digital copyright protection technology, expanding its service boundaries to live streaming, micro-short dramas, music, e-commerce images, and online novels [2] - In live streaming, the company enhanced its service technology and system capabilities, providing real-time content flow processing services for top global streaming platforms [2] - The company established a minute-level response mechanism for copyright infringement in music across various platforms [2] - In the e-commerce sector, the company built a product image copyright recognition system, achieving an average of over 500,000 automated rights confirmations daily [2] - The company customized copyright confirmation services for leading short video platforms through its self-developed intelligent monitoring system [2] - The company added multiple newspaper group clients during the reporting period, implementing intelligent services for media content libraries through API services [2] Subscription Services - Subscription service revenue reached HKD 1.104 billion, with a year-on-year growth of approximately 27.1%, accounting for about 46.0% of total revenue [3] - The company anticipates continued growth in subscription services due to increasing global attention on copyright, expanding coverage of diverse content, and rising demand from copyright platform providers [3]

Financial Performance - Total revenue increased by 20.0% year-on-year to approximately HKD 2,401 million[4] - Subscription service revenue reached HKD 1,104 million, up 27.1% year-on-year, accounting for 46.0% of total revenue; value-added service revenue was HKD 1,298 million, up 14.6% year-on-year, making up 54.0% of total revenue[4] - Gross profit rose by 23.7% year-on-year to HKD 1,051 million, with a gross margin of 43.8%, an increase of approximately 1.3 percentage points compared to 2023[4] - Net profit for the period turned from a loss of HKD 210,000 in 2023 to a profit of HKD 158 million, with a profit margin increase of 6.6 percentage points[4] - Adjusted net profit was HKD 180 million, representing a growth of 380.3% compared to 2023[4] - Revenue for 2024 reached approximately HKD 2,401 million, an increase of about HKD 400 million or 20% compared to 2023's revenue of HKD 2,001 million, driven by growth in the US and strategic partnerships in mainland China[30] - Gross profit for 2024 was approximately HKD 1,051 million, up about HKD 201 million from approximately HKD 850 million in 2023, with a gross margin increase from 42.5% in 2023 to 43.8% in 2024[31] - Adjusted net profit for 2024 was HKD 179,667 thousand, significantly higher than HKD 37,411 thousand in 2023, reflecting improved operational performance[27] Revenue Breakdown - Revenue from North America and other regions was HKD 1,213 million, up 21.5% year-on-year; revenue from China was HKD 1,188 million, up 18.6% year-on-year[4] - North America revenue was HKD 1,184 million, showing a year-on-year growth of approximately 20.5%, and accounting for about 49.3% of total revenue[19] - In the China region, revenue was HKD 1,188 million, representing a year-on-year growth of approximately 18.6% and accounting for about 49.5% of total revenue[21] - Revenue from mainland China was HKD 1,188,438,000, up 18.6% from HKD 1,002,314,000 in 2023[56] - Revenue from the United States increased to HKD 1,184,267,000, representing a 20.5% rise from HKD 982,777,000 in 2023[56] Research and Development - Research and development expenses reached HKD 271 million, an increase of 17.0% year-on-year[4] - R&D expenditure for 2024 is approximately HKD 271 million, an increase of about HKD 39 million from HKD 232 million in 2023[34] - The company is enhancing its digital content asset protection and transaction infrastructure, focusing on AI content rights confirmation and monetization technologies[22] Technology and Innovation - The company is focusing on AI technology to enhance operational efficiency and create new growth opportunities in the media and entertainment industry[4] - The launch of the Vobile MAX digital content asset trading platform aims to optimize the entire process of content registration, rights confirmation, and distribution[9] - The company is collaborating with leading AI infrastructure firms to enhance real-time rights confirmation and monetization capabilities for AI-generated content[10] - The company is expanding its service capabilities in the AI field, focusing on digital content rights protection and transaction solutions[14] - The company is building a digital asset trading platform, Vobile MAX, integrating video rights confirmation, blockchain, and Web3 technologies[18] - The company is leveraging Web3 technology to establish a transparent rights confirmation mechanism and a refined profit distribution system[12] - The company is preparing for comprehensive commercial deployment of AI-generated content rights confirmation services, leveraging advancements in digital watermarking and fingerprinting technologies[23] Expenses and Liabilities - Sales and marketing expenses for 2024 were approximately HKD 322 million, an increase of about HKD 37 million from HKD 285 million in 2023, primarily due to enhanced marketing activities[32] - Administrative expenses for 2024 decreased to approximately HKD 183 million from HKD 203 million in 2023, mainly due to a reduction in share-based compensation expenses[33] - The total liabilities to total assets ratio indicates a leverage increase, with total liabilities at HKD 1,624,945 thousand against total assets of HKD 3,916,882 thousand[40] - The total non-current liabilities decreased to HKD 600,076,000 in 2024 from HKD 629,569,000 in 2023, a reduction of 4.7%[56] Shareholder Information - The company did not recommend any dividend distribution for 2024, consistent with 2023[39] - The board of directors does not recommend the distribution of a final dividend for the year ended December 31, 2024[94] - The company repurchased 1,445,000 shares in 2024 at an average price of HKD 2.3654 per share, totaling HKD 3,427,000[84] - The number of issued shares increased to 2,284,443,656 as of December 31, 2024, from 2,240,443,656 in 2023[82] Audit and Compliance - The audit committee reviewed the group's annual performance for the year ended December 31, 2024, confirming compliance with accounting standards and sufficient disclosure as per listing rules[102] - The financial figures for the group's consolidated financial position and income statement as of December 31, 2024, were verified by the auditor, Ernst & Young[103] Future Outlook - Forward-looking statements regarding the group's business outlook and financial performance are based on current information and involve risks and uncertainties[108]

Core Insights - The launch of DreamMaker by Fubo Group integrates AI-driven creative video production with industry-leading copyright protection and content monetization solutions [1][2] - DreamMaker is built on NVIDIA's Media2 technology and utilizes NVIDIA's accelerated infrastructure to enable independent creators to efficiently generate, create, and publish short video content while ensuring copyright compliance [1] - The product aims to enhance revenue and profit for independent creators, reflecting the company's strategic value in the global AI content industry and its unique advantages in technological R&D and ecosystem collaboration [1] Industry Context - Independent creators face challenges such as high costs, complex workflows, limited access to generative AI computing resources, and insufficient copyright protection and monetization [1] - The chairman of Fubo Group, Wang Yangbin, emphasized the significant potential of generative AI in the media and entertainment industry, stating that DreamMaker will unleash AI-driven creativity, allowing independent creators to profit from content production [1] - Fubo Group's expertise in content protection and monetization has earned the trust of long-term clients, including major Hollywood film companies and television networks, positioning DreamMaker as a transformative solution for the future entertainment ecosystem [2]