智通财经2月6日讯（编辑 胡家荣）受海外科技股抛售情绪传导影响，港股AI概念股多数走弱。截至发 稿，五一视界(06651.HK)跌5.56%、赤子城科技(09911.HK)跌4.73%、浪潮数字企业(00596.HK)跌 4.62%、美图公司(01357.HK)跌3.88%、出门问问(02438.HK)跌3.17%。 | 代码 | 名称 | 最新价 | 涨跌额 | 涨跌幅 = | | --- | --- | --- | --- | --- | | 06651 | 五一视界 | 70.450 | -4.150 | -5.56% | | 02438 | 出门问问 | 0.610 | -0.020 | -3.17% | | 09911 | 赤子城科技 | 9.860 | -0.490 | -4.73% | | 00596 | 浪潮数字企业 | 4.340 | -0.210 | -4.62% | | 01357 | 美图公司 | 6.200 | -0.250 | -3.88% | | 00268 | 金蝶国际 | 10.970 | -0.420 | -3.69% | | 02513 | 智谱 | 208.600 | ...

致：香港交易及結算所有限公司 公司名稱: 赤子城科技有限公司 呈交日期: 2026年2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 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 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - In 2025, Chinese companies' overseas expansion did not experience a singular turning point but rather accelerated along multiple changing trajectories, significantly impacting their overseas operations [6] - The focus of overseas market layout has shifted, with compliance and organizational setup becoming prerequisites, and localization evolving from a strategic option to a fundamental requirement [6] - The importance of 2025 lies not only in what occurred but in the changes that have begun to emerge, reshaping the decision-making logic of overseas enterprises and influencing their long-term choices [6] Summary by Sections Overall Changes in 2025 - The industry coverage for Chinese companies going abroad has expanded, encompassing retail e-commerce, tea drinks, entertainment, AI, automotive, and hardware, with Southeast Asia, the Middle East, Latin America, and Africa becoming significant growth sources [14] - The technological investment has increased, and compliance challenges have intensified, with a notable shift in export structure, as evidenced by a trade surplus exceeding $1 trillion for the first time in 2025 [19][21] Country-Specific Roles in Overseas Expansion - The Global South has emerged as a crucial growth source for Chinese companies, transitioning from a supplementary market to a core strategic depth [28] - The Gulf region is becoming a key node in the global AI capability competition, with significant investments in digital infrastructure and AI technologies [31] - Competition in the European and American markets has shifted towards regulatory and compliance aspects, with stringent measures impacting market access for Chinese firms [34] Industry-Specific Changes in Overseas Expansion - The automotive industry's focus has shifted from export expansion to deep localization, with significant investments in overseas manufacturing facilities [43][48] - The global AI landscape is being restructured, with Chinese AI capabilities transitioning from a follower to a leader in the market [49] - The competitive focus in cross-border e-commerce has shifted towards fulfillment and infrastructure capabilities, reflecting the need for robust operational frameworks [6] Strategic Responses of Companies and Service Systems - Chinese brands are entering a critical window for global reputation and brand premium, with the first generation of overseas experience beginning to systematically fail [4][10] - The overseas service system is evolving from a reactive response to customer needs to a proactive global service model, indicating a shift towards comprehensive service offerings [10]

机构：中金公司 短剧流水高增，26 年AI、短剧投入加大。公司预计FY25 创新业务收入中值对应7.5 亿元，相比24 年加 速，其中短剧收入快速成长，根据Sensor Tower，公司短剧App用户、流水同比延续翻倍增长。展望26 年，公司预计创新业务收入有望同增超30%，新游戏或贡献弹性。此外，公司预计26 年短剧、AI投入 量级会有所加大，此前推出的AI创意内容社区Aippy移动端已上线。 主力产品利润率优化有望对冲新业务投入。公司预计新业务投入或对26 年利润产生一定负面影响，但 SUGO、TopTop等主力产品经营利润率持续提升；且AI工具（如内部Agent"思语"）全面赋能产品开 发、内容生成，营销投放ROI与整体经营效率持续优化。我们维持26 年Non-IFRS归母净利润12.6 亿元 的判断。 盈利预测与估值 我们维持25 和26 年收入和Non-IFRS净利润预测，新引入27 年收入和Non-IFRS净利润预测98 亿元和14 亿元。维持跑赢行业评级，维持港股目标价14.5 港元，对应14 倍的26 年Non-IFRS市盈率，较当前有7% 的上行空间（当前交易于13 倍/11 倍26/27 ...

创新业务健康发展，社交电商、游戏、短剧多点开花。公司创新业务维持高速增长的健康发展趋势，得 益于公司的流量变现、社交电商、精品游戏业务的稳健发展，以及公司积极投入的短剧业务贡献的收 入。其中，精品游戏业务自24Q4 起开启回收周期，旗舰游戏已进入长线运营阶段，年内ARPU 值显著 提高，同时多款储备游戏进展良好；短剧业务方面，公司自研及收购项目进展良好，2026 年将提升短 剧内容产能，短剧收入有望实现加速增长。 AI 技术内部赋能公司运营，同时向外部用户推出内容创意社区Aippy。公司持续深化AI 技术探索，一 方面不断深化AI 在核心业务中的应用，一方面积极布局AI+社交娱乐创新产品（1）AI 技术已深入业务 各关键环节，自研多模态算法模型Boomiix 可以在社交推荐、智能运营、广告投放、安全风控、素材设 计等核心场景持续深化AI 应用，同时公司推出思语AI 智能数据中台，可通过自然语言交互高效完成数 据查询与分析、报告生成等任务；（2）公司上线的AI 创意内容社区Aippy通过整合AIGC 技术，大幅降 低互动内容制作门槛，用户可以通过自然语言轻松生产小游戏等创意互动内容。 投资建议：我们预计2025 ...

Core Viewpoint - CICC reports that Zhi Zi Cheng Technology is expected to achieve a year-on-year revenue growth of 32% to 3.7 billion yuan in the second half of last year, with social business revenue growing by 30% to 3.3 billion yuan and innovative business revenue growing by 52% to 400 million yuan [1] Group 1 - The company anticipates continued deepening in its core markets in the Middle East and active expansion into new regions such as Japan and South America, which may support a 30% year-on-year revenue growth for the general public [1] - CICC maintains its revenue and Non-IFRS net profit forecasts for Zhi Zi Cheng Technology for 2025 and 2026, while introducing new forecasts for 2027 with revenues of 9.8 billion yuan and Non-IFRS net profits of 1.4 billion yuan [1] - The company retains an "outperforming the industry" rating and maintains a target price of 14.5 HKD for its Hong Kong stock [1]

中金发布研报称，维持赤子城科技(09911)25和26年收入和Non-IFRS净利润预测，新引入27年收入和 Non-IFRS净利润预测98亿元和14亿元。维持跑赢行业评级，维持港股目标价14.5港元，对应14倍的26年 Non-IFRS市盈率，较当前有7%的上行空间(当前交易于13倍/11倍26/27年Non-IFRS市盈率)。 中金主要观点如下： 公司预计FY25创新业务收入中值对应7.5亿元，相比24年加速，其中短剧收入快速成长，根据Sensor Tower，公司短剧App用户、流水同比延续翻倍增长。展望26年，公司预计创新业务收入有望同增超 30%，新游戏或贡献弹性。此外，公司预计26年短剧、AI投入量级会有所加大，此前推出的AI创意内容 社区Aippy移动端已上线。 主力产品利润率优化有望对冲新业务投入 SUGO、TopTop等主力产品经营利润率持续提升；且AI工具(如内部Agent"思语")全面赋能产品开发、内 容生成，营销投放ROI与整体经营效率持续优化。该行维持26年Non-IFRS归母净利润12.6亿元的判断。 风险提示：地缘政治以及宏观风险，并购整合风险，创新业务拓展风险，政策监管合规风险 ...

智通财经APP获悉，中金发布研报称，维持赤子城科技(09911)25和26年收入和Non-IFRS净利润预测， 新引入27年收入和Non-IFRS净利润预测98亿元和14亿元。维持跑赢行业评级，维持港股目标价14.5港 元，对应14倍的26年Non-IFRS市盈率，较当前有7%的上行空间(当前交易于13倍/11倍26/27年Non-IFRS 市盈率)。 中金主要观点如下： 预测2H25赤子城科技收入同比增长32% 该行预计2H25赤子城科技收入同比增长32%至37亿元：社交业务收入同比增长30%至33亿元，创新业务 同比增长52%至4亿元。该行预期公司2H25 Non-IFRS归母净利润为5亿元。 泛人群社交增长态势延续 公司预计FY25社交收入中值对应61亿元(同增33%)，符合该行此前预期，该行测算4Q25社交收入同增 28%。4Q25公司社交业务MAU达3,528万(环增4%，同增11%)，社交应用累计下载量达9.7亿次(环增 6%)，环比增速均有加速。据Sensor Tower，4Q25 SUGO、TopTop月活、流水持续高增，且SUGO于12 月有所加速；此外，老产品MICO月活和流水环比企稳。展 ...

Core Viewpoint - Citic Securities reports that Zhihu Technology (09911) has released solid operational and revenue data for 2025, with total revenue growth expected to be between 32.8% and 37.5%, aligning with market consensus and the firm's forecast of 35.5% growth, maintaining an outperform rating with a target price of HKD 17.5 [1] Revenue Performance - The company experienced strong growth in the last quarter, with a total revenue midpoint reflecting a year-on-year increase of 28% and a quarter-on-quarter increase of 7%, reaching RMB 1.93 billion, compared to year-on-year growth of 36% and 39% in the second and third quarters respectively [1] - For the fourth quarter, social network revenue midpoint is projected to grow by 26% year-on-year, reaching RMB 1.72 billion, primarily driven by robust growth in diverse social products (monthly active users increased by 11% to 35 million) and the application of AI tools [1] - The fourth quarter's innovative business revenue midpoint is expected to grow by 40% year-on-year, reaching RMB 210 million, mainly propelled by traffic diversion, e-commerce, and short video business [1]

里昂称其上季增长强劲，总营收中间值相当于同比增长28%，按季增长7%，达19.3亿元人民币，相较于 第二季度及第三季度的同比增长36%和39%。第四季度社交网络营收中间值为同比增长26%，达17.2亿 元人民币，主要受惠于多元社交产品的稳健增长(月活跃用户同比增长11%至3,500万)，以及AI工具的应 用。第四季度创新业务营收中间值为同比增长40%，达2.1亿元人民币，主要由流量导流、电商及短剧 业务推动。 智通财经APP获悉，里昂发布研报称，赤子城科技(09911)发布2025年稳固的运营与营收数据。总营收同 比增长区间为32.8%至37.5%，其中间值符合市场共识与该行预期的同比增35.5%，评级跑赢大市，目标 价17.5港元。 ...