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，並明確表示概不就因本公告之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。 承董事會命 赤子城科技有限公司 董事會主席 劉春河 北京，2025年8月18日 於本公告日期，本公司執行董事為劉春河先生、李平先生、葉椿建先生及 蘇鑒先生；及本公司獨立非執行董事為高明先生、池書進先生及陳思超女士。 董事會會議通告 赤子城科技有限公司（「本公司」）董事會（「董事會」）謹此宣佈，董事會會議將於 二零二五年八月二十八日（星期四）舉行，藉以（其中包括）(i)審議並批准本公司及 其附屬公司截至二零二五年六月三十日止六個月之中期業績及其發佈；及(ii)審議 派發中期股息的議案（如有）。 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） ...

香港新界沙田區白石角香港科學園第三期20E大樓7層701室 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 （於開曼群島註冊成立的有限公司） （股份代號：9911） 變更香港主要營業地點的地址 赤子城科技有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，自2025 年8月15日起，本公司於香港主要營業地點的地址將由香港皇后大道中99號中環 中心26層2613室遷往： 北京，2025年8月15日 於本公告日期，本公司執行董事為劉春河先生、李平先生、葉椿建先生及蘇鑒先 生；及本公司獨立非執行董事為高明先生、池書進先生及陳思超女士。 本公司的所有電話號碼及傳真號碼仍維持不變。 承董事會命 赤子城科技有限公司 董事會主席 劉春河 ...

Core Viewpoint - The company, ZhiZi City Technology, is expected to see significant revenue and profit growth in the first half of 2025, driven by strong performance in its social business and innovative products, particularly in the AI-driven sector [1][2][3]. Group 1: Financial Performance - Total revenue for the first half of 2025 is projected to be between RMB 31.35 billion and RMB 32.15 billion, representing a year-on-year growth of 38.0% to 41.5% [1]. - Net profit attributable to shareholders is expected to be around RMB 4.70 billion to RMB 5.10 billion, showing a substantial increase of 108.9% to 126.7% year-on-year [1]. - Adjusted EBITDA is anticipated to be approximately RMB 6.30 billion to RMB 6.70 billion, reflecting a growth of about 40.6% to 49.6% [1]. Group 2: Social Business Growth - The social business is expected to generate revenue between RMB 28.00 billion and RMB 28.60 billion, with a year-on-year increase of 35.4% to 38.3% [2]. - Key contributors to this growth include strong performance from new products SUGO and TopTop, with SUGO ranking 7th in revenue among social network apps in the Middle East [2]. - The company is enhancing its market presence globally, with SUGO showing promising adaptability in new markets such as Latin America and Europe [2]. Group 3: Innovative Business Development - Innovative business is projected to achieve explosive growth, with expected revenue between RMB 3.35 billion and RMB 3.55 billion, marking a year-on-year increase of 65.0% to 74.9% [3]. - The success is attributed to stable development in traffic monetization and social e-commerce, alongside the gradual revenue contribution from premium games [3]. - The company is focusing on shortening game development cycles and improving operational efficiency, which is expected to drive stronger growth in this segment [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][15]. Core Insights - The company's social business is projected to achieve revenue of RMB 28.00-28.60 billion in 25H1, reflecting a year-on-year growth of 35.4%-38.3%, driven by strong performance from new products SUGO and TopTop [2]. - The innovative business segment is expected to see explosive growth, with anticipated revenue of RMB 3.35-3.55 billion, representing a year-on-year increase of 65.0%-74.9% [3]. - The company is expected to achieve revenues of RMB 69.81 billion, RMB 86.49 billion, and RMB 103.58 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 9.51 billion, RMB 12.26 billion, and RMB 15.30 billion [3]. Financial Summary - For the fiscal year 2023, the company reported total revenue of RMB 3,308 million, with a year-on-year growth rate of 18.1% [1]. - The projected net profit for 2023 is RMB 513 million, showing a significant year-on-year increase of 294.1% [1]. - The company's return on equity (ROE) for 2023 is reported at 45.8%, with a projected decline to 31.2% in 2024 [1][8]. Revenue and Profit Forecast - The company anticipates a revenue increase to RMB 5,092 million in 2024, with a growth rate of 53.9% [1]. - By 2025, the expected revenue is RMB 6,981 million, with a growth rate of 37.1% [1]. - The projected earnings per share (EPS) for 2025 is RMB 0.67, with a price-to-earnings (P/E) ratio of 13.9 [1][8]. Market Position and Strategy - The company is focusing on enhancing AI capabilities and diversifying its product offerings to cover more segments in the global social entertainment market [3]. - The SUGO product has shown good market adaptability in new regions such as Latin America and Europe [2]. - The company aims to solidify its position in core markets while expanding its global footprint [2].

Core Viewpoint - The company is expected to see significant revenue growth in the first half of 2025, driven by user growth in its social business and accelerated performance in its innovative business segment [1][2]. Group 1: Revenue and Profit Forecast - The company forecasts a 39.5% year-on-year increase in revenue for 1H25, reaching 3.17 billion yuan, with social business revenue growing by 36.7% to 2.83 billion yuan and innovative business revenue increasing by 68.5% to 340 million yuan [1]. - The expected net profit attributable to the parent company for 1H25 is 500 million yuan, with Non-IFRS net profit projected at 570 million yuan [1]. Group 2: User Growth and Market Expansion - The company's social business maintained rapid growth, with 2Q25 monthly active users (MAU) reaching 33.85 million, reflecting a 3% quarter-on-quarter increase and a 19% year-on-year increase [1]. - The company continues to expand into new products and markets, with significant user growth in YoHo, SUGO, and TopTop, and strong performance in Turkey and Saudi Arabia, as well as rapid growth in small base, high ARPU markets in Europe and the US [1][2]. Group 3: Innovative Business Growth - The innovative business is expected to see a year-on-year increase of 65.0%-74.9% in 1H25, reaching 340-360 million yuan, driven by rapid development in traffic monetization and social e-commerce [2]. - The innovative business accounted for only 9% of total revenue in 2024 but has a significantly higher gross margin than the social business, indicating potential positive contributions to overall profitability as commercialization progresses [2]. Group 4: Profitability and Valuation - The company has slightly raised its profit expectations for the year due to improved operating profit margins, with a focus on the second half of the year being a peak season for revenue [2]. - The company maintains its revenue forecasts for 2025 and 2026, while increasing Non-IFRS net profit estimates by 2% and 1% to 1.09 billion yuan and 1.26 billion yuan, respectively [2].

Group 1 - The core viewpoint of the report is that the company maintains its revenue forecasts for 2025 and 2026 while slightly increasing its Non-IFRS net profit estimates for those years [1] - The company is expected to achieve a 39.5% year-on-year revenue growth in 1H25, reaching 3.17 billion yuan, driven by a 36.7% increase in social business revenue and a 68.5% increase in innovative business revenue [1][2] - The social business's monthly active users (MAU) reached 33.85 million in 2Q25, showing a 3% quarter-on-quarter growth and a 19% year-on-year growth, with a total of 870 million downloads [1] Group 2 - The innovative business is projected to grow significantly by 65.0%-74.9% year-on-year in 1H25, reaching 340-360 million yuan, primarily driven by traffic monetization and the rapid development of social e-commerce [2] - The company is focusing on optimizing operational leverage, with an expectation of improved profit margins in 1H, and anticipates a strong revenue rebound in 2H due to seasonal factors and successful new product launches [3] - The company is optimistic about the revenue elasticity in 2H, supported by enhanced marketing strategies and AI efficiency improvements [3]

Core Viewpoint - The self-service hot pot market is experiencing renewed interest, with Yang Guo Fu's recent opening of a self-service hot pot restaurant in Qingdao, priced at 59.9 yuan per person, highlighting a polarized reception among consumers [1][3]. Company Summary - Yang Guo Fu's self-service hot pot restaurant offers a variety of options, including eight types of broth and a range of ingredients, with an initial promotional price of 29.9 yuan per person, later adjusted to 59.9 yuan [3]. - The restaurant's operational model includes a QR code ordering system and conveyor belt delivery of ingredients, aiming to provide a cost-effective dining experience [3]. - Consumer feedback has been mixed, with some praising the affordability and freshness of ingredients, while others criticize the cleanliness and quality of service [3][6]. Industry Summary - The self-service hot pot segment is growing, with over 50,000 outlets projected by July 2024, accounting for approximately 10% of the total hot pot market in China [4]. - The low entry barrier for self-service hot pot restaurants is attributed to lower investment costs, with startup expenses around 150,000 yuan and minimal staffing requirements [5]. - Despite the growth, the industry faces challenges such as maintaining food quality and safety, with reports of declining consumer trust due to issues like unsanitary conditions and subpar ingredients [6][7]. - The profitability of self-service hot pot models is under scrutiny, as they must balance high turnover rates with quality service and ingredient sourcing, particularly in competitive urban markets [6][7].

Core Viewpoint - The company, Zhizi City Technology (9911.HK), experienced a significant stock price increase of over 13%, reaching HKD 11.61, following the announcement of a positive earnings forecast for the first half of 2025 [1] Financial Performance Summary - The company expects total revenue for the first half of 2025 to be approximately RMB 31.35-32.15 billion, representing a year-on-year growth of about 38%-41.5% [1] - The net profit attributable to shareholders is projected to be around RMB 4.7-5.1 billion, indicating a year-on-year increase of 108.9%-126.7% [1] - Adjusted EBITDA is anticipated to be approximately RMB 6.3-6.7 billion, reflecting a year-on-year growth of about 40.6%-49.6% [1] Growth Drivers - The profit increase is attributed to the company's utilization of AI technology to drive steady growth in diversified social products [1] - The financial performance is also bolstered by the completion of the acquisition of non-controlling interests in NBT Social Networking Inc. in December 2024, with all financial results now attributable to the company's equity shareholders [1]

Core Viewpoint - The company, Zhizi City Technology (09911), experienced a significant stock price increase of over 9% following the release of its earnings forecast, indicating strong anticipated growth in revenue and profit for the first half of the year [1] Financial Performance - The company expects total revenue for the first half of the year to be approximately RMB 31.35 billion to RMB 32.15 billion, representing a year-on-year growth of about 38.0% to 41.5% [1] - The anticipated profit attributable to the company's owners is projected to be around RMB 4.70 billion to RMB 5.1 billion, reflecting a year-on-year increase of approximately 108.9% to 126.7% [1] Growth Drivers - The revenue growth is primarily attributed to the company's utilization of AI technology to drive the steady growth of diversified social products [1] - The profit growth is also linked to the completion of the acquisition of non-controlling interests in NBT Social Networking by December 2024, which will allow the company to fully consolidate NBT's financial performance into its results [1]

Core Viewpoint - The company, Zhizi City Technology (09911), experienced a significant stock price increase of over 9% following the release of its earnings forecast, indicating strong anticipated growth in revenue and profit for the first half of the year [1] Financial Performance - The company expects total revenue for the first half of the year to be approximately RMB 3.135 billion to RMB 3.215 billion, representing a year-on-year growth of about 38.0% to 41.5% [1] - The anticipated profit attributable to the company's owners is projected to be around RMB 470 million to RMB 510 million, reflecting a year-on-year increase of approximately 108.9% to 126.7% [1] Growth Drivers - The revenue growth is primarily attributed to the company's utilization of AI technology to drive the steady growth of diversified social products [1] - The profit growth is also linked to the completion of the acquisition of non-controlling interests in NBT Social Networking by December 2024, which will allow the company to fully consolidate NBT's financial performance into its results [1]