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 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 | | | 呈交日期: 2025年9月4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 | 本月底法定/註冊股本總額： USD 800,000 FF301 第 1 頁 ...

Core Insights - The core viewpoint of the report highlights the strong financial performance of Vobile Group in the first half of 2025, driven by significant growth in value-added services and subscription services, alongside a strategic focus on AI and platform development [1][2][3] Financial Performance - Total revenue for H1 2025 increased by 23.4% to HKD 1.46 billion, with gross profit rising by 27.5% to HKD 640 million, resulting in a gross margin improvement of 1.4 percentage points to 44.1% [1] - Profit surged by 118.6% to HKD 100 million, while adjusted net profit grew by 88.1% to HKD 120 million [1] Revenue Breakdown - Value-added services emerged as the main growth driver, with revenue increasing by 33.3% to HKD 850 million, accounting for 58.1% of total revenue [1] - Subscription service revenue rose by 11.8% to HKD 610 million, representing 41.9% of total revenue [1] Market Performance - Both the North American and Chinese markets showed robust growth, with North America revenue up by 26.8% to HKD 730 million and China revenue increasing by 20.1% to HKD 730 million [2] Strategic Initiatives - The company has defined a platform-based development strategy to cater to a broader creator community, launching two key platforms: Vobile MAX and Dream Maker [2] - Vobile MAX integrates rights confirmation, revenue sharing, and trading functions, while Dream Maker serves as a creator entry point, linking multi-modal AI creation capabilities with Vobile MAX [2] - R&D expenditure reached HKD 163 million, a 14.4% increase, focusing on core algorithm upgrades and partnerships with leading tech firms and universities [2] Future Outlook - Vobile Group is positioned as a leading player in the digital content protection and trading services sector, capitalizing on the AI-driven transformation in the content industry [3] - The company aims to transition from a SaaS provider to a platform operator, unlocking new growth opportunities [3] - Adjusted net profit forecasts for 2025-2027 are set at HKD 230 million, HKD 310 million, and HKD 390 million, with corresponding PE ratios of 62, 47, and 37 times [3]

Investment Rating - The report maintains a "Buy" rating for Vobile Group (03738.HK) [1] Core Insights - Vobile Group is positioned as a global leader in digital content protection and transaction services, capitalizing on the AI-driven transformation of the content industry. The strategic development of platforms Vobile MAX and Dream Maker is expected to capture growth opportunities among small and medium creators in the AI era, transitioning from a SaaS provider to a platform operator [4] - The company reported a robust revenue growth of 23.4% year-on-year to HKD 1.46 billion in the first half of 2025, with a significant net profit increase of 118.6% to HKD 100 million [9] Financial Performance - Total revenue projections for Vobile Group are as follows: - 2023A: HKD 2,001 million - 2024A: HKD 2,401 million (20.01% YoY growth) - 2025E: HKD 3,010 million (25.36% YoY growth) - 2026E: HKD 3,680 million (22.25% YoY growth) - 2027E: HKD 4,320 million (17.39% YoY growth) [1] - Adjusted net profit forecasts are: - 2025E: HKD 233.58 million - 2026E: HKD 310.03 million - 2027E: HKD 394.17 million [1] - The report highlights a significant increase in adjusted net profit for 2025, projected at HKD 191.28 million, representing a 34.02% increase from the previous year [1] Strategic Developments - The company has developed two key platforms: - Vobile MAX, which integrates rights confirmation, revenue sharing, and transaction functionalities - Dream Maker, which serves as a creator entry point, seamlessly connecting multi-modal AI creation capabilities with Vobile MAX [3] - Research and development expenditures reached HKD 163 million in the first half of 2025, reflecting a 14.4% year-on-year increase, focusing on core algorithm upgrades and partnerships with leading tech firms [3]

Group 1 - The core viewpoint of the article is that Fubo Group (03738) reported a 23% year-on-year increase in total revenue to 1.5 billion, which is 1.3% lower than the expectations of the brokerage firm [1] - Operating profit increased by 51% year-on-year to 174 million, exceeding the brokerage's expectations by 42%, primarily due to margin expansion and strict cost control [1] - The brokerage has raised its revenue forecasts for Fubo for the fiscal years 2026 and 2027 by 6% and 19% respectively, reflecting the potential growth momentum of the new business model [1] Group 2 - The target price for Fubo has been increased from 5 HKD to 7.6 HKD, with a rating of "outperform the market" [1] - The company is developing a new business model centered around RWA tokenization, which involves tokenizing exclusive content such as short dramas and movies on the blockchain, expected to drive total revenue growth between 2026 and 2027 [1]

Core Viewpoint - The report from Credit Lyonnais indicates that Fubo Group (03738) experienced a 23% year-on-year increase in total revenue to 1.5 billion, slightly below the bank's expectations by 1.3% [1] - Operating profit rose by 51% to 174 million, exceeding the bank's expectations by 42%, primarily due to margin expansion and strict cost control [1] - The bank has raised its revenue forecasts for Fubo for the fiscal years 2026 and 2027 by 6% and 19% respectively, reflecting the potential growth from a new business model [1] - The target price has been increased from 5 HKD to 7.6 HKD, maintaining an "outperform" rating [1] Revenue and Profit Analysis - Total revenue for the first half of the year reached 1.5 billion, marking a 23% increase year-on-year [1] - Operating profit increased by 51% to 174 million, significantly higher than the bank's forecast [1] Future Growth Potential - The company is developing a new business model centered around RWA tokenization, which involves tokenizing exclusive content such as short films and movies on the blockchain [1] - This new model is expected to drive total revenue growth between 2026 and 2027 [1]

Core Insights - The company reported a revenue of approximately 1.456 billion HKD for H1 2025, representing a year-on-year growth of 23.4% driven by synergies in North America and China, as well as efficiency improvements from AI technology [1] - Gross profit reached 643 million HKD, up 27.5% year-on-year, with a gross margin increase of 1.4 percentage points to 44.1% [1] - Adjusted net profit was 121 million HKD, reflecting an 88.1% year-on-year increase, primarily due to improved gross margins and the release of scale effects [1] Revenue Breakdown - Subscription services generated 610 million HKD in revenue for H1 2025, a year-on-year increase of 11.8%, accounting for approximately 41.9% of total revenue [1] - Monthly Recurring Revenue (MRR) from subscription services reached 108 million HKD, with a customer retention rate maintained at over 99% [1] - Value-added services achieved revenue of 846 million HKD, growing 33.3% year-on-year, making up about 58.1% of total revenue [1] Market Performance - The number of content clients increased from 241 at the end of 2024 to 249 in H1 2025, with two new platform clients added [1] - Revenue from North America and other regions reached 730 million HKD, up 26.7% year-on-year, driven by increased income from social media platforms like YouTube and Facebook [1] - Revenue from China was also 730 million HKD, reflecting a year-on-year growth of 20.1%, with rapid monetization of content overseas [1] Strategic Developments - The company is making progress with its DreamMaker and Vobile Max platforms, which are expected to impact future revenue and profits [2] - DreamMaker is a multi-modal integrated audio and video creation platform based on NVIDIA's Media ecosystem, featuring an automatic rights confirmation mechanism [2] - Vobile Max is in a limited open state, aimed at creators with substantial content quality, focusing on data capture and revenue aggregation [2] Financial Forecasts - The company maintains a revenue forecast of 2.99 billion HKD for 2025, with a slight upward revision for 2026 to 3.66 billion HKD, reflecting a 7% increase from previous estimates [2] - Net profit forecasts for 2025 and 2026 have been raised to 240 million HKD and 360 million HKD respectively, representing increases of 112% and 133% from prior predictions [2] - A new net profit forecast of 490 million HKD for 2027 has also been introduced [2]

Core Insights - The company achieved a revenue of HKD 1.456 billion in H1 2025, representing a year-on-year increase of 23.4% [1] - The adjusted EBITDA for H1 2025 was HKD 272 million, up 38.8% YoY, with an adjusted EBITDA margin of 18.7% [1] - The adjusted net profit reached HKD 121 million, reflecting an 88.1% YoY growth, with an adjusted net profit margin of 8.3% [1] Subscription Business - Subscription revenue amounted to HKD 610 million in H1 2025, a YoY increase of 11.8%, accounting for 41.9% of total revenue [2] - Significant progress was made in key areas such as micro-short dramas, music, and anime, with partnerships established for content protection and monetization [2] - The company integrated technology and team assets from PEX, enhancing its music asset management capabilities [2] Value-Added Services - Value-added services generated HKD 846 million in H1 2025, a YoY increase of 33.3%, making up 58.1% of total revenue [3] - The company continued to upgrade contracts with major content providers, increasing the quality and scale of value-added services [3] - The introduction of AI creative tools has led to new active assets and revenue streams [3] AI Platforms - The company developed two major platforms, Vobile MAX and DreamMaker, to commercialize AI applications in the creative industry [4] - Vobile MAX ensures clear rights and efficient trading of digital assets, while DreamMaker connects AI creative capabilities with multi-platform distribution [4] - The platforms are built on NVIDIA's Media2 ecosystem, offering diverse creative tools for creators [4] Profit Forecast - The company has raised its profit forecast, expecting revenues of HKD 3.00 billion, 3.79 billion, and 4.99 billion for 2025-2027, with corresponding net profits of HKD 237 million, 351 million, and 530 million [4]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company achieved a revenue of approximately HKD 1.456 billion in 25H1, representing a year-on-year growth of 23.4%, driven primarily by the North American and Chinese markets and efficiency improvements enabled by AI technology [1] - Gross profit reached HKD 643 million, with a year-on-year increase of 27.5%, and the gross margin improved by 1.4 percentage points to 44.1% [1] - Adjusted net profit was HKD 121 million, reflecting a significant year-on-year growth of 88.1%, attributed to the enhancement in gross margin and the continuous release of scale effects [1] Revenue Breakdown - Subscription services generated revenue of HKD 610 million in 1H25, up 11.8% year-on-year, accounting for approximately 41.9% of total revenue [2] - Monthly Recurring Revenue (MRR) from subscription services reached HKD 108 million, with a customer retention rate maintained above 99% [2] - Value-added services generated revenue of HKD 846 million in 1H25, marking a 33.3% year-on-year increase, and accounted for about 58.1% of total revenue [2] - Revenue from North America and other regions reached HKD 730 million, growing by 26.7% year-on-year, while revenue from China also reached HKD 730 million, with a year-on-year growth of 20.1% [2] Strategic Developments - The company is making significant progress with its DreamMaker and Vobile Max platforms, which are expected to impact future revenue and profit [3] - DreamMaker is a multi-modal integrated audio and video creation platform based on NVIDIA's Media ecosystem, showing significant progress in 1H25 [3] - Vobile Max is in a limited open state, aimed at creators with certain content scale and quality, focusing on data extraction and revenue aggregation [3] Financial Forecasts - The company is projected to achieve revenues of HKD 2.99 billion in 2025, HKD 3.66 billion in 2026, and HKD 4.42 billion in 2027 [5] - The adjusted net profit forecasts have been raised to HKD 240 million for 2025, HKD 360 million for 2026, and HKD 490 million for 2027, reflecting significant upward revisions [4][5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to see continuous improvement in profit margins due to the contribution from AI-generated content, revenue structure adjustments, and cost reduction efforts. The adjusted net profit estimates for 2025-2026 have been slightly raised to 2.6/3.8/5.4 billion HKD, reflecting year-on-year growth rates of 47.2%/43.6%/42.3% [4][5] - The company has reported a revenue of 14.6 billion HKD for H1 2025, representing a year-on-year increase of 23.4%, with an adjusted net profit of 1.2 billion HKD, up 88.1% year-on-year, slightly exceeding Bloomberg consensus expectations [5] - The company is actively expanding its services to small and medium content providers and optimizing domestic value-added services, with AI-driven content creation efficiency improvements and the gradual commercialization of content rights and monetization [6] Financial Summary and Valuation Metrics - For 2025, the company is projected to achieve a revenue of 2,990 million HKD, with a year-on-year growth of 24.5%. The adjusted net profit is expected to be 264 million HKD, reflecting a year-on-year increase of 47.2% [7] - The gross margin is anticipated to improve to 45.0% in 2025, with a net margin of 8.8% [7] - The diluted EPS for 2025 is projected at 0.12 HKD, with a P/E ratio of 54.8 times [7]

Core Viewpoint - Vobile Group (03738) demonstrates strong growth momentum and improved profitability in its 2025 interim results, with significant increases in revenue and net profit, reflecting effective strategic execution and expansion into high-potential sectors [1][3][10] Financial Performance - The company reported revenue of HKD 1.456 billion, a year-on-year increase of 23.4% - Net profit reached HKD 101 million, up 118.6% - Profit attributable to shareholders was HKD 102 million, a growth of 146.77% - Gross margin and net margin improved to 44.1% and 7%, respectively, with increases of 1.4 percentage points and 3.0 percentage points year-on-year [1] Business Segments - Value-added services remain the primary revenue source, generating HKD 846 million, a 33.3% increase, accounting for 58.1% of total revenue - Subscription services achieved revenue of HKD 610 million, an 11.8% increase, making up 41.9% of total revenue [3] Market Performance - Revenue from North America was HKD 725 million, a 26.8% increase, representing approximately 49.8% of total revenue - Revenue from China was HKD 727 million, a 20.1% increase, accounting for about 49.9% of total revenue [4] AI and Digital Content Strategy - The company launched Vobile MAX and DreamMaker platforms, enhancing its position in the digital content industry and transitioning from a traditional copyright protection service provider to an AI-driven content asset operation platform [2][9] - The platforms aim to address liquidity issues in digital content assets and provide comprehensive services from rights registration to revenue sharing [2][12] RWA and Digital Asset Development - Vobile Group is positioned to capitalize on the tokenization of real-world assets (RWA), enhancing transaction efficiency and liquidity in digital content assets [11][12] - The company utilizes proprietary technologies for content identification and rights mapping, creating a complete service chain from content to asset [12] Valuation Perspective - The company's current price-to-sales ratio of approximately 6.5 is significantly lower than peers, indicating potential for valuation improvement as it transitions to a digital asset infrastructure leader [10][13]