本次授出的受限制股份單位相關的股份當前乃根據受限制股份單位獎勵計劃向 受限制股份單位獎勵計劃由受託人持有，直至各歸屬期結束，並在滿足董事會 於授出時規定的相關歸屬條件後轉讓予承授人。緊隨授出於本公告所述的涉及 12,747,486股股份的受限制股份單位後，Three D Partners Limited，受限制股份 單位獎勵計劃受託人之全資附屬公司，持有合共34,785,566股涉及已授出及尚未 行使的受限制股份單位的股份，Three D Partners Limited亦持有受限制股份單位 池中的78,832,403股股份以供日後根據受限制股份單位獎勵計劃授出受限制股份 單位。 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，亦明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 NEWBORN TOWN INC. 赤子城科技有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9911） 根據受限制股份單位獎勵計劃授出受限制股份單位 茲提述赤子城科技有限公司（「本公司」）日期為2022年6月9日的公 ...

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，亦明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 NEWBORN TOWN INC. 赤子城科技有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9911） 截至2025年12月31日止年度之年度業績公告 赤子城科技有限公司（「本公司」）董事會（「董事會」）欣然公佈本公司及其附屬 公司（「本集團」）截至2025年12月31日止年度之經審核綜合年度業績（「年度業 績」）。年度業績已由本公司審核委員會審閱。 在本公告中，「我們」及「我們的」指本公司及本集團（視乎文義所指）。 財務摘要 1 • 截至2025年12月31日止年度的客戶合約收入為人民幣6,889.0百萬元，較截 至2024年12月31日止年度錄得的人民幣5,091.5百萬元增加35.3%。 • 截至2025年12月31日止年度的毛利為人民幣3,847.3百萬元，較截至2024年 12月31日止年度錄得的人民幣2,607.7百萬元增加47.5%。 • 截至2025年12月31日止年度的年內利 ...

证券研究报告|港股公司深度研究报告 [Table_Date] 2026 年 03 月 15 日 [Table_Title] 泛娱乐社交出海龙头，中东红利下长期成长确定性凸显 [Table_Title2] 赤子城科技(9911.HK) [Table_Summary] 主要观点: ► 赛道景气：全球社交娱乐市场需求旺盛，细分领 域增长确定性强 全球移动应用市场中，社交网络与游戏类 App 在下载量、使 用时长、商业变现三大维度表现突出。根据 statista 数据， 2025 年全球移动 App 市场收入接近 6000 亿美元，预计 2029 年将达 8000 亿美元。中东北非地区作为核心增长市场， 2023-2028 年媒体娱乐市场规模复合增速 9.4%，其高人均 GDP（GCC 国家 2024 年普遍超 2 万美元）、35 岁以下年轻人 口占比 60%，近 100% 互联网渗透率，为社交娱乐消费提供了 坚实基础，公司在该区域的深度布局持续受益。 ► "灌木丛" 策略构建竞争壁垒，多产品协同增 长。 公司采用多产品并行的 "灌木丛" 策略，形成覆盖直播社交 （MICO）、语音社交（YoHo）、陪伴社交（SUGO ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of HKD 15.64 per share based on a 16X PE valuation for 2026 [8]. Core Insights - The company is a leading player in the social media sector, particularly in the Middle East and North Africa (MENA) market, with a strong focus on social products and innovative business models [8][14]. - The company's revenue is expected to grow significantly, with projected net profits of CNY 921 million, CNY 1,214 million, and CNY 1,464 million for 2025, 2026, and 2027 respectively, reflecting growth rates of 91.8%, 31.8%, and 20.6% [8][32]. - The company has successfully expanded its product offerings and market presence through acquisitions and innovative strategies, leading to a robust growth trajectory [8][22]. Summary by Sections Company Overview - The company, established in 2009, has developed a diverse portfolio of social networking applications and games, focusing on the MENA market while also exploring opportunities in Southeast Asia and North America [14][15]. - The company has a stable ownership structure, with significant shares held by the founding team and institutional investors [26][30]. Social Products - The company's social products, including MICO, YoHo, TopTop, and SUGO, have shown strong performance, with MICO transitioning into a mature phase while new products are rapidly gaining traction [8][45]. - The revenue contribution from social products has increased significantly, with the MENA region becoming the primary market, accounting for over 70% of total revenue [46][45]. Innovative Business - The gaming segment has entered a profit recovery phase, with flagship products like "Alice's Dream: Merge Games" contributing significantly to revenue [8][22]. - The company is also exploring new business avenues such as social e-commerce and AI-driven content creation, which are expected to contribute to future growth [8][22]. Financial Projections - The company forecasts substantial revenue growth, with main revenue expected to reach CNY 50.92 billion in 2024, reflecting a year-on-year increase of 53.9% [32]. - The EBITDA is projected to grow from CNY 837 million in 2023 to CNY 1,687 million by 2027, indicating strong operational efficiency [2][32]. Market Position - The company has established a strong market position in the MENA region, leveraging its product replication and localization strategies to enhance operational efficiency and cultural fit [46][22]. - The innovative approach to product development and market expansion has positioned the company favorably against competitors in the social media landscape [8][22].

Investment Rating - The investment rating for the company is "Outperform the Market" (首次评级) [1] Core Insights - The company is a leading global player in social entertainment, with over 20 localized operation centers serving more than 1 billion users across 150+ countries. Its core business is divided into social and innovative segments, with a strong focus on the Middle East and North Africa [3][9] - The core social business, which accounts for 89% of revenue, has seen a 37% year-on-year growth in the first half of 2025. The company aims to refine two flagship products with monthly revenues exceeding 10 million [3][9] - The innovative business segment, which includes self-developed mobile games and social e-commerce, has experienced a 72% year-on-year revenue growth, contributing 11% to total revenue [3][9] Company Overview - Founded in 2009 and listed on the Hong Kong Stock Exchange in 2019, the company has established a strong global presence through localized operations and a diverse product matrix [9] - The company has a unique "bush" product matrix that allows it to break away from reliance on a single product, enhancing its competitive edge in the social entertainment market [9] Social Business - The core social business is driven by two main segments: general social and diverse social, with the former being the primary revenue driver [3][10] - The general social segment includes flagship products like MICO, YoHo, TopTop, and SUGO, which cater to various social needs such as live streaming, voice interaction, and gaming [3][10] - The diverse social segment, bolstered by the acquisition of Blue City Brothers, includes products like Blued and Heesay, focusing on LGBTQ+ and high-end social interactions [3][10] Innovative Business - The innovative business segment encompasses self-developed mobile games, social e-commerce, and short video content, contributing to the company's second growth curve [3][10] - The flagship mobile game, "Alice's Dream," has reached a peak monthly revenue of nearly 10 million USD and is in a stable profit phase [3][10] - The company is also developing a short video platform, DramaBite, targeting emerging markets in the Middle East and Southeast Asia [3][10] Investment Recommendations - The company is well-positioned in emerging markets like the Middle East and Southeast Asia, with a focus on vertical and diverse social, casual gaming, and short video sectors [3][10] - Revenue projections for 2025, 2026, and 2027 are estimated at 6.9 billion, 8.7 billion, and 10 billion CNY, respectively, with year-on-year growth rates of 36%, 26%, and 14% [3][10] - The target price for the company's stock is set between 12.6 and 13.6 HKD, reflecting a strong growth outlook compared to industry averages [3][10]

Investment Rating - The investment rating for the company is "Outperform" [1] Core Insights - The company is a leading global player in social entertainment, with over 20 localized operation centers serving more than 1 billion users across 150+ countries. Its business is divided into core social and innovative segments, with a strong focus on the Middle East and North Africa [3][9] - The core social business, which accounts for 89% of revenue, has seen a 37% year-on-year growth in the first half of 2025. The innovative business segment has also shown significant growth, with a 72% increase in revenue [3][14] - The company aims to enhance its flagship products and expand its market presence in emerging regions, particularly in vertical social and casual gaming sectors [3][5] Company Overview - Founded in 2009, the company has established a strong global presence, particularly in the Middle East and North Africa, with a projected market size of over $2.36 billion by 2028 [9][10] - The company employs a localized operational strategy, with 90% of its overseas staff being local employees, ensuring cultural alignment with target markets [9][21] Social Business - The core social business is driven by two main segments: general social and diverse social, with the general social segment contributing approximately 79% of total revenue [3][11] - Key products include MICO (live social platform), YoHo (voice social platform), TopTop (game social), and SUGO (companion social platform), with significant revenue contributions from the Middle East and North Africa [3][14] Innovative Business - The innovative business segment includes self-developed casual games, overseas short dramas, social e-commerce, and traffic monetization, contributing 11% to total revenue [3][14] - The flagship game, "Alice's Dream," has reached a peak monthly revenue of nearly $10 million, indicating a strong market position in the casual gaming sector [3][14] Investment Recommendations - The company is well-positioned to capitalize on growth opportunities in emerging markets, with a projected revenue of 6.9 billion, 8.7 billion, and 10 billion yuan for 2025, 2026, and 2027, respectively, reflecting a CAGR of 25% [3][5] - The target price for the company's stock is set between 12.6 and 13.6 HKD, supported by a robust product matrix and strong growth potential in core markets [3][5]

证券研究报告 计算机 | 软件开发 港股|首次覆盖报告 hyzqdatemark 2026 年 03 月 08 日 投资要点： 赤子城科技(09911.HK) 投资评级： 买入（首次） ——赤子之心，筑就全球社交娱乐之城 证券分析师 陈良栋 SAC：S1350524100003 chenliangdong@huayuanstock.com 许孟婕 SAC：S1350525120004 xumengjie@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 联系人 公司是深耕中东、剑指全球的出海社交娱乐头部公司。公司成立于 2009 年，成立之 初即瞄准出海赛道，早期以工具型应用切入市场，目前已形成了以泛娱乐社交和多 元人群社交为核心的社交娱乐产品矩阵。泛娱乐社交：2016 年，公司开始对米可世 界的投资，布局社交出海赛道。2020 年，公司正式收购米可世界，推进"产品复制 +国家复制"战略，形成了以 MICO、YoHo、TopTop、SUGO 等产品为核心的多元 产品矩阵。多元人群社交：2022 年参与美股上市公司蓝城兄弟私有化，开拓全球 LGBTQ 社交赛道，收购 Blued、Fi ...

（於開曼群島註冊成立的有限公司） （股份代號：9911） 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 或完整性亦不發表聲明，並明確表示概不就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。 NEWBORN TOWN INC. 赤子城科技有限公司 本公告由赤子城科技有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據 《香港聯合交易所有限公司證券上市規則》（「《上市規則》」）第13.09(2)條及香港 法例第571章《證券及期貨條例》第XIVA部項下的內幕消息條文（定義見《上市規 則》）作出。 本公司董事（「董事」）會（「董事會」）謹此知會本公司股東及潛在投資者，根據對 本集團截至2025年12月31日止年度的未經審核綜合管理賬目及董事會現時可得資 料之初步審閱，預期： 1 (i) 截至2025年12月31日止年度，本集團的總收入約為人民幣6,760百萬元至人 民幣7,000百萬元，較2024年同期增長約32.8%至37.5%，有關預期增長主要 歸因於本集團持續深化AI技術於業務全鏈路的應用與優化，借助AI技術推動 多樣化社交產品持續穩 ...

Investment Rating - The report maintains a "Positive" investment rating for the media industry [1] Core Insights - The report emphasizes the acceleration of content going overseas, driven by policy support and AI empowerment, with a focus on high-quality content and upgraded distribution models [3][12] - The overseas revenue share for the media sector is projected to increase from 5.7% in 2019 to 10.4% by 2024, with the gaming sector's share rising from 26.6% to 38.5% during the same period [3][12] - The report highlights the significant growth in overseas revenue for short dramas, which is expected to see a year-on-year increase of 263% in 2025 [3][12] Summary by Sections 1. Policy Support and AI Empowerment - The global digital content market is expanding, with the Chinese content industry actively pursuing overseas opportunities, particularly in gaming and short dramas [3][12] - The report notes that the overseas revenue for the media sector reached 29.7 billion yuan in the first half of 2025, a 29% year-on-year increase, with an overseas revenue share of 11.64% [23][25] - The gaming sector's overseas revenue reached 21.8 billion yuan in the first half of 2025, growing by 30% year-on-year, with an overseas revenue share of 40.08% [26][29] 2. Focus on Gaming, Short Dramas, and Social Media - The gaming industry is expected to maintain its strong competitive edge, with innovations driving the expansion of overseas revenue [4][41] - The report indicates that the overseas short drama market is experiencing rapid growth, with a projected revenue of 2.38 billion USD in 2025, reflecting a 263% year-on-year increase [4][41] - The social media market is also evolving, with AI technologies enhancing user engagement and creating new monetization opportunities [4][41] 3. Investment Recommendations - Recommended stocks include Perfect World, Xindong Company, and Tencent Holdings, which are expected to benefit from the growth in overseas gaming revenue [4][41] - Beneficiary stocks in the short drama sector include Kuaishou-W and Reading Group, while MiniMax-WP and Kunlun Wanwei are highlighted in the social media space [4][41]

公司名稱: 赤子城科技有限公司 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) | 09911 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,000,000,000 | USD | | 0.0001 | USD | | 300,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 3,000,000,000 | USD | | 0.0001 | USD | | 300,000 | 本月底法定/註冊股本總額： USD 300,000 FF301 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: 2026年2月28日 狀態: ...