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].

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（ ...

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 各位登記股東： 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 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 （www.hkexnews.hk）及本公司網站（www.newborntown.com），歡迎瀏覽。 閣下若因任何理由以致在收取或接收載於本公司網址 上的本次公司通訊文件出現困難， 閣下可將要求（註明 閣下的姓名、地址及要求）以電郵方式發送到本公司之電郵地址 newborn.ecom@computershare.com.hk 或以書面方式郵寄致本公司的香港股份過戶登記處（「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。本公司將於接到 閣下通知後，盡快向 閣下免費發送有關本次公司通訊文件 的印刷本。 以電子方式發布公司通訊之安排 根據自 2023 年 ...

目錄 2 公司資料 4 財務摘要 6 業務摘要 7 主席報告 12 管理層討論及分析 20 其他資料 44 中期財務報告的審閱報告 45 中期合併綜合收益表 47 中期合併資產負債表 50 中期合併權益變動表 51 中期合併現金流量表 52 未經審核的合併中期財務報告附註 64 釋義 公司資料 董事會 執行董事 劉春河先生（主席） 李平先生 葉椿建先生 蘇鑒先生 提名委員會 獨立非執行董事 高明先生（於2025年8月29日辭任） 池書進先生 陳思超女士 陳玉宇先生（於2025年8月29日獲委任） 公司秘書 宋朋亮先生 授權代表 李平先生 宋朋亮先生 審核委員會 池書進先生（主席） 陳思超女士 高明先生（於2025年8月29日辭任） 陳玉宇先生（於2025年8月29日獲委任） 薪酬委員會 陳思超女士（主席） 蘇鑒先生 高明先生（於2025年8月29日辭任） 陳玉宇先生（於2025年8月29日獲委任） 劉春河先生（主席） 陳思超女士 池書進先生 核數師 畢馬威會計師事務所 於《會計及財務匯報局條例》下的註冊公眾利益 實體核數師 香港 中環 太子大廈8樓 註冊辦事處 Maples Corporate Service ...

Core Viewpoint - The article discusses the current state and market dynamics of the spicy hot pot (麻辣香锅) industry, highlighting its high prices and the paradox of its continued popularity despite consumer complaints about costs [5][39]. Group 1: Market Dynamics - The spicy hot pot has evolved from a local specialty to a recognized dining category, with approximately 3,583 new related enterprises registered in China from January to November 2024, and a total of over 29,000 existing businesses [35]. - Despite the perception of being expensive, the spicy hot pot remains popular, with significant online engagement, including over 8.91 billion views on Douyin and more than 440,000 related posts on Xiaohongshu [38]. - The market for spicy hot pot is characterized by a lack of dominant brands, with 54.2% of brands having five or fewer stores, indicating a fragmented market with substantial growth potential [45]. Group 2: Pricing Strategies - The pricing system of spicy hot pot often obscures the actual costs, with items priced per weight or portion, leading to consumer confusion and higher bills than expected [13][15]. - For example, the price of certain ingredients can be significantly higher in restaurants compared to supermarkets, with a comparison showing that 200g of green bamboo shoots costs 17 yuan in a restaurant but only 5.98 yuan in a grocery app [17]. - The additional costs, such as base pot fees ranging from 10 to over 20 yuan, further contribute to the perception of high prices, making the dining experience feel more like a hot pot than a casual meal [29]. Group 3: Consumer Behavior - The article notes a shift in consumer behavior, with many opting to prepare spicy hot pot at home due to the high costs associated with dining out, as evidenced by the popularity of home-cooking tutorials on social media [49][51]. - The appeal of spicy hot pot remains strong among young consumers, who continue to seek out recipes and share their experiences online, indicating a lasting affection for the dish despite its pricing issues [55]. - The article suggests that the spicy hot pot industry faces challenges in distinguishing itself from similar dining options like hot pot and spicy noodles, leading to a competitive market environment [48].

Macro Economic Overview - The "14th Five-Year Plan" emphasizes the use of more proactive fiscal policies to support employment and foreign trade, and to improve people's livelihoods [3][4] - Recent policies focus on industrial internet applications and the development of new energy sectors, indicating a shift towards digitalization and innovation [3][4] Fixed Income Market - As of August 2025, the total bond custody amount reached 174.54 trillion yuan, with a net increase of 15,060.06 million yuan, indicating a slight decrease in growth compared to previous months [9][10] - The leverage ratio in the bond market slightly increased to 106.88%, reflecting a cautious optimism in the market [13][14] Pharmaceutical Industry - The pharmaceutical sector is entering a new growth phase driven by innovation and optimization of centralized procurement, with major companies like Heng Rui Pharmaceutical and China Biologic Products showing robust revenue growth [17][18] - The recent adjustments in the national medical insurance directory are expected to benefit innovative drugs, leading to potential rapid growth for companies involved [18][19] Non-Bank Financial Sector - The performance of non-bank financial companies is primarily driven by property and equity investments, with significant contributions from the property insurance sector [21][22] - The net profit growth of listed insurance companies improved in the first half of 2025, largely due to the profitability of property insurance [21][24] Agricultural Sector - The price of white feather chicken increased due to supply disruptions and rising demand, with the average selling price reaching 7.17 yuan/kg in August 2025 [30][31] - The egg market faces pressure from high production capacity, limiting the potential for price increases despite some upward movement in prices [32][33] Machinery Industry - The valuation of global robotics companies is being redefined, with Figure's recent funding round valuing the company at 39 billion USD, indicating a bullish outlook for the robotics sector [37][38] - Key components in robotics are expected to see significant valuation increases, with potential PE ratios reaching 200 times as the industry matures [38][39] Consumer Services Sector - The upcoming National Day holiday is expected to boost travel bookings, with a steady increase in pre-booking trends observed [42][45] - The tea and coffee sector continues to show strong performance, with leading brands expanding their market presence despite some overall industry slowdowns [43][45] Real Estate and Construction - China Overseas Property is experiencing growth in both scale and profitability, with projected net profits increasing from 16.1 billion yuan in 2025 to 19.6 billion yuan by 2027 [47][48] - The company is focusing on high-quality expansion and has seen a significant increase in managed area and new contract signings [49][50] Electronics Industry - The domestic high-power server power supply market is growing, with companies like Oulu Tong positioned as leaders in this space, benefiting from the rise of AI applications [51][52] - The demand for higher power server supplies is expected to increase, with new products in development to meet the needs of advanced AI servers [53]

Group 1 - The core point of the article highlights the downfall of the ice cream brand Zhong Xuegao, which has officially filed for bankruptcy after previously achieving remarkable sales of 1 billion yuan and a valuation nearing 4 billion yuan just four years ago [1] - The article discusses the rise of the spicy hot pot dish, which has transformed from an affordable meal option to a luxury fast food item, reflecting a significant price increase and changing consumer perceptions [5][9] - The spicy hot pot market has seen rapid growth, with over 30,000 stores nationwide and a market size reaching 20 billion yuan by the end of 2024 [9][22] Group 2 - The article notes that the spicy hot pot has become a popular choice among consumers, despite its rising prices, due to its unique flavor and social dining experience [37][40] - It emphasizes the psychological tactics used by restaurants to create a perception of affordability, such as misleading pricing units that can lead to unexpectedly high bills [17][19] - The article points out the lack of a leading brand in the spicy hot pot sector, despite the proliferation of stores, indicating a need for a standout product to enhance brand recognition [34][36]

Group 1 - As of September 19, 93 stocks reached their 52-week highs, with Huake Intelligent Investment (01140), Xincheng Power (01148), and Huashang Energy (00206) leading the increase rates at 22.30%, 20.00%, and 17.65% respectively [1] - The closing prices for the top three stocks that reached new highs are Huake Intelligent Investment at 0.170, Xincheng Power at 0.300, and Huashang Energy at 0.305 [1] - Other notable stocks that reached new highs include Handa Fu Holdings (01348) with a high rate of 16.89% and Meijiehui Holdings (01389) at 13.75% [1] Group 2 - The report also lists stocks that reached their 52-week lows, with Shanga Holdings (00412) experiencing the largest decline at -34.98%, followed by Huaying Construction (01582) at -21.47% [3] - The closing price for Shanga Holdings is 3.360, while Huaying Construction closed at 0.360 [3] - Other stocks with significant declines include China Information Technology Equity (08568) at -17.74% and Tai Hing Properties (00277) at -11.90% [3]

消息面上，日前公司和腾讯云签署了独家战略合作协议。公司将依托腾讯云遍布全球的云基础设施，及行业领先的人工智能、大数据、音视频等能力，推 动公司社交娱乐业务的全球化发展，并探索利用AI技术持续优化产品用户体验，提升全球业务运营效率。 赤子城科技(9911.HK)今日股价持续攀升，一度涨4.1%至13.63港元，股价创历史新高。截至发稿上涨2.4%至13.4港元，市值突破188亿港元。该股今年持续 走强，年内涨幅超260%，显著跑赢恒指同期31%的涨幅。 公司"AI+社交泛娱乐"战略成效显著，上半年业绩表现亮眼，实现总收入31.81亿元（同比+40%），归母净利润4.89亿元（同比+117.8%）。旗下产品通过 AI赋能，精准切入全球用户的情绪消费需求。多家券商机构持续看好公司前景。东吴证券维持"买入"评级，认为公司多元化产品策略有助于巩固市场地 位，创新业务正在成为第二增长曲线。招商证券国际将目标价上调至16.2港元，维持"增持"评级。 ...

Group 1: Market Overview - Recent market sentiment has improved, with companies' fundamentals performing better than expected and the acceleration of AI applications leading to an overall rise in the online platform sector [1] - The overall valuation of the sector remains within a reasonable range, and the investment logic focusing on fundamentals and AI contributions is still valid [1] Group 2: Advertising Industry - In Q2 2025, the overall online advertising market grew by 15.7% year-on-year, with increasing differentiation in advertising growth rates among platforms [1] - Companies with track record benefits or actively exploring new monetization avenues continue to see good year-on-year growth in advertising revenue [1] - AI is gradually empowering domestic advertising platforms, with some companies experimenting with end-to-end generative recommendation systems [1] Group 3: Gaming Industry - The Chinese gaming market grew by 10.3% year-on-year in Q2 2025, with a 20% year-on-year increase in the total number of game licenses issued from January to August 2025 [1] - Game companies have more control over the launch process of new games, and there is strong demand for both evergreen top games and innovative non-top games in popular genres [1] Group 4: Productivity Tools - Meitu (01357) reported a 42.5% year-on-year increase in paid membership in the first half of 2025, with a subscription penetration rate of 8% in productivity scenarios [2] - KuaLing's revenue reached 250 million yuan in Q2 2025, with projected AI revenue of 900 million yuan for 2025 [2] Group 5: Pan-Entertainment and Overseas Expansion - The industry is seeing rapid growth in new products, with stable old businesses and new business increments supporting valuation recovery [2] - In the first half of 2025, Zhizi City reported a 40% year-on-year revenue increase, while Yalla Games and MOMO saw revenue growth of 17% and 73% respectively in Q2 2025 [2] Group 6: Recommended Stocks - Core recommendation includes Tencent Holdings (00700), with additional attention suggested for Kuaishou-W (01024), NetEase-S (09999), and Zhizi City Technology (09911) [3]