Group 1 - The company announced a subscription agreement for the issuance of bonds totaling HKD 1.6 billion, with an initial conversion price of HKD 5.87 per share, representing a premium of approximately 15.10% over the last closing price of HKD 5.10 on the Hong Kong Stock Exchange on the date of the agreement [1] - Assuming full conversion of the bonds at the initial conversion price, approximately 273 million shares will be issued, accounting for about 10.92% of the existing issued shares and about 9.84% of the enlarged issued shares post-conversion [1] - The estimated net proceeds from the bond issuance will be approximately HKD 1.566 billion, with a net issue price of HKD 5.75 per new share based on the initial conversion price [1] Group 2 - The company plans to allocate 50% of the net proceeds from the bond issuance for the development and investment in Artificial Intelligence Generated Content (AIGC) and Real World Assets (RWA), 30% for repaying existing debts, and 20% for general working capital to support operational activities [2] - The bonds are intended to be listed on the Vienna MTF operated by the Vienna Stock Exchange, and the company will apply for the listing of the bonds [2] - The company will also seek approval from the Hong Kong Stock Exchange for the listing and trading of new shares to be issued upon conversion of the bonds [2]

Group 1 - The company, Fubo Group (03738.HK), has entered into a subscription agreement with CITIC Securities and HSBC to issue bonds totaling HKD 1.6 billion [1] - The initial conversion price of the bonds is set at HKD 5.87 per share, representing a premium of approximately 15.10% over the last closing price of HKD 5.10 on September 22 [1] - If fully converted at the initial conversion price, the bonds could convert into approximately 273 million shares, accounting for about 10.92% of the existing issued shares as of the announcement date [1] Group 2 - The estimated net proceeds from the bond issuance will be approximately HKD 1.566 billion, with a net issue price of HKD 5.75 per new share [2] - The company plans to allocate 50% of the net proceeds for the development and investment in AI-generated content (AIGC) and real-world assets (RWA) related businesses, 30% for repaying existing debts, and 20% for general working capital to support the group's operations [2]

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份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。 本 公 告 並 非 於 美 國（ 包 括 其 領 土 和 屬 地 、 美 國 任 何 州 份 和 哥 倫 比 亞 地 區 ）出 售 證 券 的 要 約 或 邀 請 或 其 組 成 部 分。本公告或其任何內容或其任何副本亦不得攜進美國境內或於美國境內直接或間接派發。除非本公告所述 證券根據1933年美國證券法（ 經修訂（）「證券法」）登記或獲豁免遵守證券法或美國任何其他適用證券法律的登 記規定，否則有關證券並無亦不會根據證券法或美國任何其他適用證券法律登記，且不得於美國提呈發售、 出售或以其他方式轉讓。任何在美國提呈的證券公開發售必須由本公司刊發招股說明書，當中須載列本公司 及管理層以及財務報表的詳細資料。本公司無意在美國公開發售任何證券。 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） 建議根據一般授權發行 1,600 ...

Summary of the Conference Call for Fubo Group Company Overview - **Company**: Fubo Group - **Industry**: Digital Content and Copyright Protection Key Points and Arguments 1. **Financial Performance**: In the first half of 2025, Fubo Group reported a total revenue growth of 23% year-on-year and a profit increase of nearly 120%, exceeding 100 million RMB, primarily driven by the application of multimodal tools and deep AI involvement [2][7][21]. 2. **Active Assets**: As of June 30, 2025, Fubo Group managed 4.29 million active assets, with approximately 3% (140,000) created with deep AI involvement, enhancing monetization systems and creator productivity [2][3][8]. 3. **YouTube Revenue**: Revenue from the YouTube platform accounts for about 1% of total income, with significant growth potential as the company has maintained over 30% growth on overseas YouTube platforms in recent years [2][11]. 4. **Copyright Protection Services**: Fubo Group collaborates with Ant Group to provide copyright protection services for over 3 million small and medium-sized content creators, innovating the development approach in the Chinese market [2][24]. 5. **Improving Copyright Environment**: The domestic copyright protection environment is gradually improving, as evidenced by a significant penalty against Kuaishou for infringement, indicating increased demand for infringement identification and monitoring services [2][23]. Industry Dynamics 1. **AI in Content Creation**: The emergence of AI-generated video content, such as sequels to popular IPs, has led to significant advertising revenue growth. AI technology is applied in three main areas: rewriting known film segments, creating new stories using IP characters, and generating entirely original content [3][5][6]. 2. **Future Growth Drivers**: The penetration of AI technology in content creation is expected to increase due to lower production costs, clearer legal frameworks, and improved computational power and tool usability [5]. 3. **Monetization on Social Media**: AI-generated content has a vast monetization potential on social media, differing from traditional film industries. The company aims to enhance its rights management capabilities to support new content types [6][11]. 4. **RWA Business Development**: Fubo Group is entering the Real World Asset (RWA) sector as a trusted digital content provider, addressing asset ownership and investor identity issues [4][18]. Additional Insights 1. **Market Opportunities**: The company sees significant growth opportunities in the social media monetization space, particularly on platforms like TikTok and emerging short video platforms [12][26]. 2. **Profitability Trends**: Since entering profitability in 2022, the company has shown a consistent upward trend in net profit, with expectations for continued growth despite increased AI R&D investments [22]. 3. **Cultural Export Initiatives**: Fubo Group is actively involved in promoting Chinese culture abroad, leveraging AI technology to overcome language barriers and enhance the localization of Chinese cultural products [25][26]. 4. **Monitoring and Revenue Generation**: The company employs algorithms to determine which content requires ongoing monitoring for infringement and revenue generation, optimizing cost-effectiveness [15][16]. This summary encapsulates the key insights from the conference call, highlighting Fubo Group's financial performance, strategic initiatives, and the evolving landscape of the digital content industry.

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]