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中信里昂首次覆盖赤子城科技:在全球泛娱乐社交赛道构筑深厚壁垒
Zheng Quan Ri Bao Wang· 2025-10-12 10:13
中信里昂认为,赤子城科技已在全球范围内——尤其是中东北非地区,构建起深厚的竞争护城河。该公 司一方面借鉴了中国市场已获验证的成熟盈利模式,另一方面依托丰富的互联网人才基础,逐步在全球 社交娱乐领域建立起差异化优势。其社交产品依托本地化深度运营、广泛的KOL网络、高效的流量策 略以及深刻的用户洞察,有效地构筑了壁垒、拉高了行业门槛。与美国同行公司相比,赤子城科技凭借 更深厚的用户洞察、精细的服务体验以及多元化的变现模式,形成了独特的竞争优势。同时,基于扎实 的本地化运营能力,赤子城科技在创新产品功能、流量获取与内容运营等方面,亦展现出优于其他中国 同行的竞争力。 值得一提的是,2024年,赤子城科技正式加入沙特区域总部计划,成为首家在沙特成立区域总部的全球 化社交娱乐公司,也是少数在沙特市场站稳脚跟的中国企业之一。 本报讯(记者李春莲)近日,中信里昂证券有限公司(以下简称"中信里昂")首次覆盖社交娱乐公司赤子城 科技有限公司(以下简称"赤子城科技"),给予"跑赢大市"评级,目标价17.50港元/股。此前,已经有多家 券商对赤子城科技进行了覆盖,并给予"买入"和"增持"的积极评级。 中信里昂提出,赤子城科技正在以 ...
中信里昂点评赤子城科技,全球“快乐制造机”本地化能力优于同业
Yang Zi Wan Bao Wang· 2025-10-11 10:53
Core Viewpoint - CITIC Securities has initiated coverage on the social entertainment company, ZhiZi City Technology, with an "Outperform" rating and a target price of HKD 17.50, indicating a 50% upside potential compared to the closing price of HKD 11.66 on October 10 [1] Group 1: Market Position and Growth Potential - ZhiZi City Technology is enhancing its competitiveness in the MENA region, with business scale growth exceeding 60% year-on-year for both 2024 and the first half of 2025 [2] - The MENA region has a population of over 570 million, a median age of 26, and 400 million internet users, with daily social app usage exceeding 210 minutes, significantly higher than the global average of 143 minutes [2] - The company has established a strong competitive moat globally, particularly in the MENA region, by leveraging proven profit models from the Chinese market and a rich talent pool in the internet sector [2] Group 2: Revenue and Profit Forecast - CITIC Securities predicts a compound annual growth rate (CAGR) of 24% for ZhiZi City Technology's revenue over the next three years, reaching RMB 9.8 billion by the end of 2027, up from RMB 5.1 billion in 2024 [3] - The social business segment is expected to generate total revenue of RMB 7.9 billion by the end of 2027, with a CAGR of 28% from RMB 3.8 billion in 2024, driven by strong growth from SUGO and TopTop [3] - The company anticipates its core EBITDA to grow at a CAGR of 27%, reaching RMB 1.5 billion by 2027, doubling from 2024 levels, primarily due to scale expansion and content ecosystem development [4] Group 3: Margin and Return on Equity - The gross margin is projected to improve from 51% in 2024 to 57% in 2027, driven by a shift towards higher-margin UGC products and gaming business [4] - The return on equity (ROE) is expected to remain above 30% over the next three years, indicating strong profitability and efficient capital utilization [4]
沙特人的情绪生意,中国公司给玩明白了
创业邦· 2025-10-11 03:19
以下文章来源于霞光社 ,作者守一 赋能企业全球化 来源丨霞光社 (ID: Globalinsights ) 作者丨 守一 霞光社 . 编辑丨李小天 图源丨 midjourney 假如时光回溯到2023年,置身于沙特首都利雅得街头的你,看见有人提着一只Labubu,彼时,这只 如今火遍全球的神兽还只是小众爱好者的私藏,你可能会好奇——他是从哪里拿到的?商超、代购? 还是中国朋友送的礼物? 但其实,最大的可能是来自于一家中国奶茶店。开业两年间,这家奶茶店已经悄悄卖出几万个 Labubu。据负责人说,销量甚至比利雅得的名创优品还多。 这个名叫WHOA TEA的中式烘焙奶茶品牌,由三位中国"95后"合伙创办,不到两年已跻身沙特茶饮 头部,在利雅得铺设超过12家门店。生意好时,即便在四十度高温的炙烤下,沙特年轻人也会心甘情 愿地在门口排出500米长队。但负责本地化运营的主理人之一Javis半开玩笑地告诉霞光社,"做了两 年以后,我最大的结论就是,原来大多数沙特人这么'不喜欢'喝奶茶。" 这话不全是"凡尔赛"。沙特人的日常饮品是咖啡,阿拉伯人早在13世纪就开始喝咖啡,比欧美要早上 数百年。他们也有自己的卡拉克奶茶,用姜、 ...
里昂:首次覆盖赤子城科技予“跑赢大市”评级 目标价17.5港元
Zhi Tong Cai Jing· 2025-10-10 07:14
里昂预测,公司未来三年收入复合年增长率24%,至2027财年达98亿元人民币;泛观众业务总收入79亿 元人民币;多元观众业务总收入11亿元人民币;创新业务总收入9亿元人民币。里昂又预期赤子城2027财 年毛利率扩张至57%,高于2024年的51%;至2027年调整后息税前利润率料达18%,基于未来三年销售及 市场成本比率稳定于约32%。 里昂发布研报称,首次覆盖赤子城科技(09911)予"跑赢大市"评级,目标价17.5港元。报告指其凭借早期 进入者优势及营运护城河的构建,其产品策略推动多元化应用程序的收入增长。其敏捷、轻资产商业模 式,允许高股本回报率及可靠现金流产生。里昂预期,赤子城科技收入及核心EBIT在2025至27年三年 间复合年均增长率分别达24%及27%。 ...
里昂:首次覆盖赤子城科技(09911)予“跑赢大市”评级 目标价17.5港元
智通财经网· 2025-10-10 07:10
智通财经APP获悉,里昂发布研报称,首次覆盖赤子城科技(09911)予"跑赢大市"评级,目标价17.5港 元。报告指其凭借早期进入者优势及营运护城河的构建,其产品策略推动多元化应用程序的收入增长。 其敏捷、轻资产商业模式,允许高股本回报率及可靠现金流产生。里昂预期,赤子城科技收入及核心 EBIT在2025至27年三年间复合年均增长率分别达24%及27%。 里昂预测,公司未来三年收入复合年增长率24%,至2027财年达98亿元人民币;泛观众业务总收入79亿 元人民币;多元观众业务总收入11亿元人民币;创新业务总收入9亿元人民币。里昂又预期赤子城2027财 年毛利率扩张至57%,高于2024年的51%;至2027年调整后息税前利润率料达18%,基于未来三年销售及 市场成本比率稳定于约32%。 ...
沙特人的情绪生意,中国公司给玩明白了
3 6 Ke· 2025-10-09 11:44
假如时光回溯到2023年,置身于沙特首都利雅得街头的你,看见有人提着一只Labubu,彼时,这只如今火遍全球的神兽还只是小众爱好者的私藏,你可 能会好奇——他是从哪里拿到的?商超、代购?还是中国朋友送的礼物? 但其实,最大的可能是来自于一家中国奶茶店。开业两年间,这家奶茶店已经悄悄卖出几万个Labubu。据负责人说,销量甚至比利雅得的名创优品还 多。 这个名叫WHOA TEA的中式烘焙奶茶品牌,由三位中国"95后"合伙创办,不到两年已跻身沙特茶饮头部,在利雅得铺设超过12家门店。生意好时,即便 在四十度高温的炙烤下,沙特年轻人也会心甘情愿地在门口排出500米长队。但负责本地化运营的主理人之一Javis半开玩笑地告诉霞光社,"做了两年以 后,我最大的结论就是,原来大多数沙特人这么'不喜欢'喝奶茶。" 这话不全是"凡尔赛"。沙特人的日常饮品是咖啡,阿拉伯人早在13世纪就开始喝咖啡,比欧美要早上数百年。他们也有自己的卡拉克奶茶,用姜、豆蔻等 香料熬制,口感比中式奶茶浓郁得多。何况华人在沙特总人口中占比寥寥,中式奶茶的初始客群十分有限。 根据创始团队的介绍,WHOA TEA的走红,很大程度上不是因为扭转了当地人的口味 ...
赤子城科技(09911) - 截至2025年9月30日止股份发行人的证券变动月报表
2025-10-02 08:42
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: 2025年9月30日 狀態: 新提交 本月底法定/註冊股本總額: USD 300,000 第 1 頁 共 10 頁 v 1.1.1 致:香港交易及結算所有限公司 FF301 公司名稱: 赤子城科技有限公司 呈交日期: 2025年10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, ...
吃完21块大厂月饼,我们选出了2025年中秋“饼王”
3 6 Ke· 2025-10-01 04:00
Core Points - The article discusses the fifth annual Mooncake Competition organized by Ciwei Gongshe, highlighting the evolution of mooncake offerings from internet companies over the past five years [1][2] - The competition features various innovative mooncake flavors and creative packaging designs from major internet firms, showcasing their unique branding and cultural elements [2][10][14] Summary by Sections Event Overview - The Mooncake Competition has become a significant event, reflecting the changing trends in festive gifts among internet companies [2][3] - The competition aims to evaluate mooncakes based on appearance, creativity, and taste, using a semi-blind testing method to ensure fairness [6][7] Participating Companies and Their Offerings - BOSS Zhipin presented a custard mooncake with a travel-themed gift box, appealing to a broad audience [10][12] - Tencent's pineapple peach mountain mooncake combined traditional and technological elements in its packaging, featuring interactive content [16][18] - Chasing the trend, Zhi Mi offered a golden custard mooncake with a unique gift box that included a custom music box, emphasizing its commitment to social causes [22][25] - Ctrip's dried tangerine peel and black bean mooncake sparked mixed reactions among judges, showcasing the adventurous flavor choices [29][32] - Meituan's classic five-nut mooncake was presented in a large, eye-catching gift box, reinforcing its brand identity [37][39] - Reading's hazelnut chocolate mooncake featured popular IP characters, appealing to fans of its literary content [44][46] - JD.com collaborated with a porcelain museum for a mooncake that highlighted traditional Chinese craftsmanship [50][53] - Douyin's passion fruit mooncake was part of a vibrant gift box that included practical items for users [57][59] - SHEIN's traditional lotus seed mooncake was packaged in a practical sports bag, showcasing a blend of tradition and utility [63][65] Awards and Recognition - The competition concluded with awards for various categories, including: - Best Appearance: Kuaishou with a score of 9.30 [137] - Best Overall Creativity: Zhi Mi with a score of 9.35 [137] - Best Taste: Ying Shi with a score of 9.70 [137] - The results reflect the diverse approaches companies take in creating mooncakes that resonate with consumers [137][138]
中东社交出海,从土豪区走向“五环外”
投中网· 2025-09-26 08:27
Core Insights - The article discusses the emerging opportunities in the Middle Eastern social entertainment market, particularly in Iraq, which has seen significant growth post-conflict, with a 76.8% increase in revenue for entertainment applications in 2023 [6][10][24]. Group 1: Market Dynamics - The Middle Eastern social entertainment market is transitioning, with fewer new entrants and a concentration of power among leading players, creating a significant barrier to entry for smaller companies [9][15]. - The market has evolved from a "blue ocean" to a "battlefield," with a rapid return to a more stable growth phase, indicating a shift in investment strategies and user acquisition costs [15][17]. - The competitive landscape is characterized by high user acquisition costs, which have increased from around $1 per user in 2017 to over $5 in 2022 [17][19]. Group 2: User Behavior and Preferences - The young population in Iraq, with a median age of 20, presents a unique opportunity for social media and entertainment platforms, despite a relatively low penetration rate of 70% [6][10]. - Users are becoming more discerning, with a growing demand for quality and localized content, reflecting a shift in consumer behavior towards more sophisticated and culturally relevant offerings [25][27]. - The rise of "stranger socializing" platforms has filled a gap in the market, catering to the social needs of users in a region with traditional cultural constraints [24][25]. Group 3: Strategic Approaches - Companies are increasingly focusing on localized services and community engagement to build stronger connections with users, which is essential for long-term success in the region [21][27]. - The article highlights the importance of understanding local culture and consumer behavior, as companies that invest in local teams and insights are better positioned to succeed [21][27]. - Innovative product features and community-driven content are becoming critical for retaining users and driving engagement, as seen with platforms like SUGO and TopTop [36][41]. Group 4: Future Outlook - The potential for growth in "five-ring" markets outside the Gulf states is significant, with emerging consumer bases in countries like Iraq and Egypt showing high demand for entertainment and social interaction [34][36]. - Companies that can adapt to the changing landscape and meet the evolving needs of users will likely thrive, as the market continues to mature and diversify [39][41]. - The focus on sustainable growth and long-term strategies will differentiate successful players from those relying on short-term gains through aggressive marketing [23][41].
赤子城科技(09911) - 致非登记持有人的通知信函及回条
2025-09-25 08:43
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) N O T I F I C AT I O N L E T T E R 通 知 信 函 各位非登記持有人( 附註 1 ): 赤子城科技有限公司(「本公司」) – 二零二五年中期報告(「本次公司通訊文件」)之發佈通知 若 閣下希望收取公司通訊之印刷版,請填妥本函背頁之回條並交回公司的香港股份過戶處香港中央證券登記有限公司,地址為香港灣仔 皇后大道東 183 號合和中心 17M 樓或發送電子郵件至 newborn.ecom@computershare.com.hk,並註明 閣下的姓名、地址以及收取公司通訊印 刷版的要求。請注意,收取未來公司通訊印刷版之指示由收悉 閣下指示當日起計一年內有效,此後將過期。 如 閣下對本函件有任何疑問,請於辦公時間星期一至五(香港公眾假期除外)上午 9 時正至下午 6 時正(香港時間)期間致電股份過戶 登記處熱線(852) 2862 8688 查詢。 赤子城科技有限公司 謹啟 本公司的本次公司通訊文件備有中、英文版本,並已上載於香港聯合交易所有限公司(「香港交易所」)網站( ...