Core Viewpoint - CICC reports that Zhi Zi Cheng Technology (09911) is expected to achieve a year-on-year revenue growth of 37.6% to 39.9%, with projected revenue reaching between 4.91 billion to 4.99 billion RMB [1] Group 1 - CICC maintains its revenue and profit forecasts for Zhi Zi Cheng Technology for the next two years [1] - The target price for Zhi Zi Cheng Technology has been raised by 7.4% to 14.5 HKD [1]

Company Overview - The company expects total revenue for the first three quarters of 2025 to be between 4.91 billion and 4.99 billion yuan, representing a year-on-year growth of 37.6% to 39.9% [1] Social Business Performance - The social business continues to grow rapidly, with a median revenue of 1.58 billion yuan in Q3, an increase of 32% year-on-year and 7% quarter-on-quarter [1] - Monthly Active Users (MAU) for the social business reached 34.08 million, showing a slight quarter-on-quarter increase and an 18% year-on-year growth [1] - The total downloads of social applications reached 920 million, with a net increase of 50 million in the quarter, marking a 25% year-on-year growth [1] - New products SUGO and TopTop show a steady growth trend, with SUGO maintaining a high double-digit year-on-year growth in revenue [1] Innovation Business Insights - The median revenue for the innovation business in Q3 is estimated at 190 million yuan, reflecting an 81% year-on-year increase, driven by stable growth in traffic monetization and social e-commerce [2] - The company is focusing on short dramas and AI products, which are expected to contribute to revenue elasticity [2] - The management of the product matrix is aimed at balancing growth and profitability, with older products expected to release stable profits while new products may exert downward pressure on operating profit margins in the short term [2] Profit Forecast and Valuation - The company maintains its revenue and profit forecasts for 2025 and 2026, with an upgraded target price for Hong Kong stocks by 7.4% to 14.5 HKD, corresponding to a 14 times Non-IFRS P/E ratio for 2026, indicating a 30% upside potential from current trading levels [2]

Core Insights - The company, Zhiyu City Technology (09911), reported a significant increase in operational data for the first three quarters of 2025, with innovative business revenue estimated between 530 million to 550 million RMB, reflecting a year-on-year growth of 69.9% to 76.3% [1] - The growth in innovative business is attributed to robust development in traffic monetization and social e-commerce, contributions from actively invested short drama business, and sustained revenue from premium games [1] - Social business revenue also experienced rapid growth, estimated at approximately 4.38 billion to 4.44 billion RMB, with a year-on-year increase of about 34.5% to 36.4% [1] - The continuous high growth underscores the company's ability to accurately grasp user needs and the significant growth potential of its social product matrix empowered by AI [1]

Core Insights - The core viewpoint of the article highlights the strong growth in revenue for Zhizi City Technology (09911) in the first three quarters of 2025, driven by innovative business segments and social business performance [1] Group 1: Innovative Business Performance - Innovative business revenue is approximately RMB 530 million to RMB 550 million, representing a year-on-year growth of 69.9% to 76.3% [1] - The high growth in innovative business is attributed to effective traffic monetization, robust development in social e-commerce, and the contribution from short drama business [1] - Continued contributions from premium games also support the revenue growth in this segment [1] Group 2: Social Business Performance - Social business revenue is recorded at approximately RMB 4.38 billion to RMB 4.44 billion, showing a year-on-year increase of about 34.5% to 36.4% [1] - The sustained high growth in social business reflects the company's ability to accurately understand user needs and the significant growth potential of its AI-enabled social product matrix [1]

Group 1 - The stock of Zhitoucheng Technology (09911.HK) rose nearly 9% in early trading, reaching an increase of 8.88% at the time of reporting, priced at 12.14 HKD per share [2] - The trading volume amounted to 33.91 million HKD [2]

Core Viewpoint - The company, Zhizi City Technology (09911), has shown strong revenue growth in the first three quarters, driven by AI technology and enhanced competitiveness in the Middle East and North Africa markets [1] Financial Performance - The expected total revenue for the first three quarters is between 49.1 billion to 49.9 billion yuan, representing a year-on-year growth of 37.6% to 39.9% [1] - Revenue from social business is projected to be approximately 43.8 billion to 44.4 billion yuan, with a year-on-year increase of about 34.5% to 36.4% [1] - Revenue from innovative business is expected to be around 5.3 billion to 5.5 billion yuan, showing a significant year-on-year growth of 69.9% to 76.3% [1] Market Position and Strategy - The company has strengthened its core competitive advantages by enhancing product capabilities, operational precision, and improving content ecology and community atmosphere [1] - The competitive position of the company's main products in the Middle East and North Africa has been continuously improving [1]

Core Viewpoint - The company, Zhiyu City Technology (09911), has shown strong revenue growth in the first three quarters, driven by AI technology and enhanced competitiveness in the Middle East and North Africa markets [1] Financial Performance - The expected total revenue for the first three quarters is between 4.91 billion to 4.99 billion yuan, representing a year-on-year growth of 37.6% to 39.9% [1] - Revenue from social business is projected to be approximately 4.38 billion to 4.44 billion yuan, with a year-on-year increase of about 34.5% to 36.4% [1] - Revenue from innovative business is estimated at around 530 million to 550 million yuan, showing a significant year-on-year growth of 69.9% to 76.3% [1] Market Position and Strategy - The company has strengthened its core competitive advantages by enhancing product capabilities, operational precision, and improving content ecology and community atmosphere [1] - The competitive position of the company's main products in the Middle East and North Africa has been continuously improving [1]

Core Viewpoint - The company, Zhizi City Technology, is experiencing significant revenue growth driven by AI technology and diversified social products, with a strong performance in the Middle East and North Africa market [1][2]. Group 1: Financial Performance - For the first three quarters of 2025, the company's total revenue is expected to be between 4.91 billion to 4.99 billion, representing a year-on-year growth of 37.6% to 39.9% compared to the same period in 2024 [1]. - Revenue from social business is projected to be around 4.38 billion to 4.44 billion, reflecting a growth of approximately 34.5% to 36.4% year-on-year [1]. - The innovative business segment is expected to generate about 530 million to 550 million, with a remarkable year-on-year growth of 69.9% to 76.3% [1]. Group 2: Market Position and Competitive Advantage - Zhizi City Technology is recognized as one of the most competitive players in the Middle East and North Africa social entertainment industry, with strong market potential [2]. - The company has established unique competitive advantages through deep user insights, refined service experiences, and diversified monetization models [2]. - The company’s core products have shown enhanced competitiveness in the Middle East and North Africa, ranking sixth in social network app revenue and ninth in Google Play game app revenue in the region [1]. Group 3: AI and Innovation - The application of AI technology in business scenarios is deepening, particularly in content recommendation and user matching, which enhances product experience and operational efficiency [2]. - The company has signed a strategic cooperation agreement with Tencent Cloud to explore the "AI + social entertainment" space [2]. - The innovative business segment has shown strong growth, driven by traffic monetization, stable development of social e-commerce, and contributions from short drama and premium games [2]. Group 4: Global Expansion - The establishment of the global headquarters in Hong Kong marks a new phase in the company's globalization process [3]. - The Hong Kong headquarters will work in synergy with regional headquarters in Riyadh and Singapore, along with multiple R&D and operational centers worldwide, to support long-term high-quality development [3].

Core Insights - The company reported strong revenue growth in its social and innovative business segments for the first three quarters of 2025, with social business revenue between 4.38 billion to 4.44 billion yuan, reflecting a year-on-year increase of approximately 34.5% to 36.4% [1] - The innovative business segment saw revenue between 530 million to 550 million yuan, with a year-on-year growth of 69.9% to 76.3%, indicating robust development [2] Social Business Performance - The significant growth in social business revenue is attributed to the company's use of AI technology to enhance diverse social products [1] - The average monthly active users for the social business reached approximately 34.08 million in Q3 2025, showing a quarter-on-quarter increase of about 0.7% [1] - The company's main product, SUGO, ranked 6th in social network app revenue and 9th in Google Play game app revenue in the Middle East region from January to September 2025 [1] Innovative Business Developments - The high growth in the innovative business segment is driven by traffic monetization, steady development in social e-commerce, and revenue contributions from short drama and premium games [2] - The flagship game, "Alice's Dream: Merge Games," has entered a profit recovery phase, and new game releases are progressing well [2] - The social e-commerce business continues to grow steadily, with the health service segment led by Healer Health further solidifying its position [2] Strategic Initiatives and Future Outlook - The company signed a strategic cooperation agreement with Tencent Cloud in September to explore "AI + social entertainment" [1] - The establishment of the global headquarters in Hong Kong is expected to enhance collaboration with regional headquarters and global R&D and operations centers, driving long-term quality growth [2] - Recent reports suggest that the Middle East and North Africa market presents significant opportunities, positioning the company as a competitive player capable of expanding market share [2] - The company's stock price has increased nearly 200% year-to-date in the secondary market [2]

Core Viewpoint - The company, Kuaishou Technology (09911.HK), reported strong operational data for the first three quarters of 2025, with total revenue expected to be between RMB 4.91 billion and RMB 4.99 billion, reflecting a year-on-year growth of approximately 37.6% to 39.9% [1] Revenue Summary - The revenue from the social business is projected to be around RMB 4.38 billion to RMB 4.44 billion, showing a year-on-year increase of 34.5% to 36.4% [1] - The company has been focusing on refined operations in key markets such as the Middle East and North Africa, as well as Southeast Asia, enhancing product competitiveness [1] Market Opportunity - The vibrant social entertainment industry in the Middle East presents opportunities for the company to capture market share and continue its growth trajectory [1]