上午好我是赤子城科技的国际公关负责人Iris 钟雨晴同时也是本场业绩发布会的主持首先请允许我代表公司感谢各位百忙之中抽空来到我们的发布会现场 过去一年设置城科技继续积极开拓全球市场以更加精细的本地化运营打造优质的社交娱乐生态更深入的利用AI技术去提升产品体验为更多用户创造美好情绪价值同时也实现了业绩的良好增长我们今天发布会的主题叫做boom 它代表了我们2024年的产品灌木丛持续繁荣生长也代表了公司伴随着市场需求的持续释放和技术的快速突破实现了业绩的进一步爆发其中具体的业务进展以及未来的战略规划将由管理层为大家分享接下来我将为大家介绍出席本次业绩发布会的公司管理层他们分别是 赤字城科技首席执行官李平先生赤字城科技首席运营官Homer李永杰先生赤字城科技高级副总裁宋鹏亮先生赤字城科技高级副总裁吕少南女士赤字城科技副总裁于馨女士 稍后李平会和大家分享公司的业务及战略愿景宋鹏亮将向各位讲解公司的具体业绩和财务情况最后的Q&A环节我们也会把时间留给现场的朋友进行提问好那么我们的业绩会正式开始谢谢 大家上午好我是赤子城科技的李平欢迎大家来参加赤子城科技2024年度的业绩发布会然后不知道大家有没有关注到这张PPT啊然后我 ...

国证国际强调，赤子城科技通过AI技术赋能"研发-运营-商业化"全链条，实现收入结构优化与区域市场 突破。2024年，公司社交业务收入达46.3亿元，同比增长58.1%，其中SUGO与TopTop凭借AI驱动的 UGC生态繁荣，形成"成熟+高潜"的梯度布局。 本报讯 （记者李春莲）近日，多家机构发布研报称，赤子城科技有限公司（以下简称"赤子城科 技"）"AI技术赋能+多区域市场突破"战略成效，其社交与创新业务具备双重增长动力，在AI全线赋能 下实现了降本增效。 （文章来源：证券日报） 中信建投亦关注到赤子城科技AI技术与业务场景的融合。研报表示，公司持续关注人工智能等新技术 的发展，深化AI与业务场景的融合，升级AI中台引擎，提升现有产品的社交匹配、内容推荐、风控稽 核、生态运营等效率。 根据最新财报，赤子城科技2024年收入及利润均实现大幅增长，其中中东北非作为其战略市场，增速再 创新高，收入同比增长超过60%，这印证了中东北非市场巨大的商业潜力。 与此同时，近日，赤子城科技不断加大回购力度。公司在3月20日宣布，计划在未来两年内向独立专业 受托人提供不超过2亿港元资金，通过受限制股份单位奖励计划从市场购买公 ...

沙特在"2030愿景"下，大力推动数字经济等领域的合作项目，逐步成为全球数字连接的新卓越中心，阿 里巴巴、华为云、谷歌、甲骨文等纷纷在利雅得建立区域云中心。赤子城亦与当地政府建立了良好关 系，2024年获得沙特投资部颁发的区域总部许可证(RHQ License)，成为首批在沙特设立区域总部的全 球化社交企业之一。 二、线上情绪消费不受关税影响 在全球关税冲突加剧、经济不确定性攀升的背景下，投资者对高波动性资产的避险需求显著增强。赤子 城科技(09911.HK)凭借中东北非市场的确定性、情绪价值的刚性需求、远离实体贸易的虚拟消费模式， 在动荡环境中提供了独特价值，正在成为资本市场关注的避险优选股之一。 一、中东北非远离贸易战主场 中东地区因人口年轻化、互联网渗透率高及线上消费需求旺盛，成为全球科技企业竞逐的新兴市场。同 时，在当前贸易摩擦加剧的背景下，因其远离"贸易战"中心，具备较强的抗风险能力，成为市场波动中 值得关注的投资机会。 赤子城科技自 2015 年起深耕中东北非地区，构建了强大的本地化壁垒。2024 年，中东市场贡献了赤子 城社交业务超 50% 的收入，核心产品在中东市场的收入同比增长超 60%。 ...

近日，东英证券、国证国际证券、华泰证券、中信建投证券及东吴证券发布研报，针对赤子城科技 （9911.HK）2024年财报进行点评，认可公司"AI技术赋能+多区域市场突破"战略成效，并基于其社交 与创新业务的双重增长动力和AI全线赋能有效降本增效，分别上调盈利预测及目标价，维持"买入"评 级。 东英证券：AI引擎驱动社交爆发，中东市场收入激增 国证国际强调，赤子城科技通过AI技术赋能"研发-运营-商业化"全链条，实现收入结构优化与区域市场 突破。2024年，公司社交业务收入达46.3亿人民币，同比增长58.1%，其中SUGO与TopTop凭借AI驱动 的UGC生态繁荣，形成"成熟+高潜"的梯度布局。 东英证券指出，赤子城科技2024年营收同比增长53.9%至50.9亿人民币，驱动力为AI应用深化，自研多 模态算法模型Boomiix助力业务，同时中东和北非（MENA）市场表现强劲。其中，公司核心产品 MENA地区收入同比激增60%，占总营收比重超50%；社交板块中，SUGO与TopTop平台收入分别增长 超200%与100%，成为业绩爆发点。 据悉，Boomiix通过优化社交推荐系统，有效提升产品社交效率及用户付 ...

港股公司报告 | 公司点评 赤子城科技（09911） 证券研究报告 事件点评：多元矩阵开花结果，AI 赋能第二增长曲线 二维战略促增长，AI 赋能启新章 根据公司 2024 年报，公司 2024年营业收入达人民币 50.9亿元，同比增长 53.9%。 其中社交业务（主要为包括 MICO、YoHo、TopTop 和 SUGO 在内的泛人群社交业务 和包括 HeeSay、Blued 和 Finka 在内的多元人群社交业务）收入约为人民币 46.31 亿元，同比增长约 58.1%。其中 SUGO 全年收入同比增长超 200%，平均月流水突 破 1,000 万美元，成为公司又一款月流水千万美元级别的产品。TopTop 同样高歌猛 进，全年收入同比增长超 100%。MICO、YoHo 两款产品稳健成长，为公司稳定贡 献收入及利润；创新业务收入约为人民币 4.60 亿元，同比增长约 21.3%，主要系 其积极投入拓展的电商业务的持续高速发展以及其研发的精品游戏开始贡献收入。 其中精品游戏业务继续实现重要突破，全年总流水达到人民币 7.05 亿元，同比增 幅达 80.4%。旗舰游戏 Alice's Dream: Merge ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by more than 15% over the next six months [4][17]. Core Insights - The company achieved a revenue of 5.09 billion yuan in 2024, representing a year-on-year growth of 53.9%. The adjusted EBITDA reached 960 million yuan, up 42.8% year-on-year, while the net profit attributable to shareholders was 480 million yuan, a decrease of 6.3% due to a one-time investment gain in 2023 [1][2]. - The social business segment saw a revenue of 4.63 billion yuan in 2024, growing 58.1% year-on-year, driven by strong performance from late-stage products, with SUGO revenue increasing over 200% and TopTop revenue over 100% [2]. - The company is expected to maintain double-digit growth in revenue from late-stage products and continue investing in these areas, although the sales expense ratio may decrease in 2025, leading to improved product margins [2][3]. Financial Summary - Revenue projections for 2025-2027 are 6.51 billion yuan, 7.90 billion yuan, and 9.18 billion yuan, respectively, with net profits of 926 million yuan, 1.17 billion yuan, and 1.40 billion yuan [3]. - The company's P/E ratios for 2025, 2026, and 2027 are projected to be 8.8, 7.0, and 5.8, respectively, indicating a favorable valuation trend [3][4]. - The company reported a return on equity (ROE) of 31.2% in 2024, with expectations of 37.9% in 2025, reflecting strong profitability [1][3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 7.20 HKD [6] Core Insights - The company achieved a revenue of 5.09 billion RMB in FY2024, representing a year-on-year growth of 53.9%, with social business revenue contributing 4.63 billion RMB, up 58.1% [1][2] - The acquisition of minority stakes is expected to significantly enhance the company's net profit attributable to the parent company in FY2025 [3] - The company is focusing on AI integration to improve commercial efficiency, with a notable increase in ARPU for its SUGO product [3] Summary by Sections Financial Performance - In FY2024, the company recorded a gross margin of 51.2%, a slight decrease of 0.9 percentage points year-on-year, while the net profit attributable to the parent company was 480.3 million RMB, down 6.3% [1][4] - The revenue growth rate for FY2025 is projected at 26.4%, with net profit expected to rebound significantly [4] Business Segments - The social business segment saw robust growth, with products like MICO and YoHo contributing stable cash flow, while newer products SUGO and TopTop showed explosive growth [2] - The innovative business segment, particularly premium games, achieved a revenue of 705 million RMB, marking an 80.4% increase year-on-year [2] Market Strategy - The company is strategically focusing on the MENA market, where its core social products experienced over 60% revenue growth [2] - The integration of AI technologies is enhancing product development and user engagement, leading to improved commercial outcomes [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 7.20 HKD for the next six months [6]. Core Insights - The company recorded a revenue of 5.09 billion RMB for the fiscal year 2024, representing a year-on-year growth of 53.9%. The social business revenue grew by 58.1% to 4.63 billion RMB, accounting for 91% of total revenue [1][2]. - The acquisition of minority stakes is expected to significantly enhance the company's net profit attributable to the parent company in 2025, as the share of profits distributed to minority shareholders will decrease [3][4]. - The company has successfully diversified its revenue streams, with premium games turning profitable and achieving a total revenue of 705 million RMB, a year-on-year increase of 80.4% [2][3]. Financial Summary - For the fiscal year 2024, the company achieved a gross margin of 51.2%, a slight decrease of 0.9 percentage points year-on-year. The net profit attributable to the parent company was 480.3 million RMB, a decline of 6.3% year-on-year, but a growth of 36% when excluding one-time investment income from the acquisition [1][4]. - The projected revenue for 2025 is 6.43 billion RMB, with an expected growth rate of 26.4% [4]. - The company's earnings per share (EPS) for 2024 is estimated at 0.34 RMB, with a projected increase to 0.67 RMB in 2025 [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue increase of 54% to 5.1 billion RMB in 2024, with a gross profit increase of 51% to 2.6 billion RMB [7] - The social business revenue grew rapidly, with SUGO and TOPTOP achieving triple-digit revenue growth [7] - The company has established a regional headquarters in Saudi Arabia, marking a significant milestone in its global expansion [7] - AI technology is being integrated across the company's operations, enhancing product innovation and operational efficiency [7] - The company has demonstrated a strong growth model through its "product bush + AI engine" strategy, with significant potential for future expansion in the social entertainment ecosystem [7] Financial Performance Summary - Total revenue for 2023 was 3.3 billion RMB, projected to reach 5.1 billion RMB in 2024, with a year-on-year growth rate of 53.92% [1][8] - The net profit attributable to the parent company is expected to decline slightly in 2024 to 480.31 million RMB, but is projected to rebound significantly in the following years [1][8] - The earnings per share (EPS) for 2024 is forecasted at 0.34 RMB, with a P/E ratio of 15.61 [1][8] - The company has a strong balance sheet with a debt-to-asset ratio of 53.81% and a net asset value per share of 1.09 RMB [6][8]

| [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3308 | 5092 | 6817 | 7926 | 8794 | | 同比(%) | 18.12 | 53.92 | 33.89 | 16.27 | 10.95 | | 归母净利润（百万元） | 512.85 | 480.31 | 952.26 | 1,250.50 | 1,525.26 | | 同比(%) | 294.09 | (6.34) | 98.26 | 31.32 | 21.97 | | EPS-最新摊薄（元/股） | 0.36 | 0.34 | 0.67 | 0.89 | 1.08 | | P/E（现价&最新摊薄） | 14.62 | 15.61 | 7.88 | 6.00 | 4.92 | [关键词： Table_Tag#业绩超预期 ] [Table_Summary] 投资要点 证券研究报告·海外公司点评·软件服务(HS) 赤子城科技（09911.HK） 202 ...