Core Viewpoint - Three D Partners Limited has acquired a total of 107 million shares from the market between April 28, 2023, and November 19, 2025, indicating a significant investment in the company [1] - Additionally, Three D Partners Limited plans to purchase an additional 2.052 million shares from November 20 to November 26, 2025, suggesting ongoing confidence in the company's future performance [1] Summary by Relevant Sections - **Share Acquisition** - Three D Partners Limited purchased a total of 107 million shares from the market during the specified period [1] - An additional purchase of 2.052 million shares is planned for the following week [1] - **Holding Period** - The shares acquired will be held until they vest under the restricted share unit award plan [1]

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全部或任何部份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） 自願公告 根據受限制股份單位獎勵計劃購買股份 茲提述赤子城科技有限公司（「本公司」）於2023年4月27日就其有意向受限制股份 單位受託人及Three D Partners Limited提供資金，以根據受限制股份單位獎勵計 劃從市場按現行市價購買本公司股份作出的公告以及本公司分別於2023年4月28 日、2023年5月5日、2023年5月12日、2023年5月19日、2023年5月25日、2023 年6月2日、2023年6月9日、2023年6月16日、2023年6月23日、2023年6月30 日、2023年7月7日、2023年7月14日、2023年7月21日、2024年1月18日、2024 年7月17日、2024年7月19日、2024年7月24日、2024年7月26日、2024年10月4 日 ...

Group 1 - The core point of the article is that Three D Partners Limited has purchased a total of 105,550,000 shares of Zhi Zi Cheng Technology (09911) from the market between April 28, 2023, and April 25, 2025, under a restricted stock unit award plan [1] - Additionally, Three D Partners Limited will acquire another 1,612,000 shares from the market between November 17 and November 19, 2025 [1] - The shares purchased by Three D Partners Limited will be held until they vest according to the restricted stock unit award plan [1]

Core Viewpoint - The company, Zhi Zi Cheng Technology (09911), has announced the purchase of a total of 105,550,000 shares by Three D Partners Limited from the market under a restricted share unit award plan between April 28, 2023, and April 25, 2025, followed by an additional purchase of 1,612,000 shares from November 17 to November 19, 2025 [1] Summary by Relevant Sections - Share Purchase Details - Three D Partners Limited acquired 105,550,000 shares from the market between April 28, 2023, and April 25, 2025 [1] - An additional purchase of 1,612,000 shares occurred from November 17 to November 19, 2025 [1] - Restricted Share Unit Award Plan - The shares purchased will be held by Three D Partners Limited until they vest according to the terms of the restricted share unit award plan [1]

Core Viewpoint - Three D Partners Limited has been actively purchasing shares of Zhi Zi Cheng Technology (09911.HK) from the market, indicating a strategic investment approach by the company [1] Group 1: Share Purchases - From April 28, 2023, to April 25, 2025, Three D Partners Limited purchased a total of 105,550,000 shares [1] - Additionally, from November 17 to November 19, 2025, Three D Partners Limited acquired another 1,612,000 shares [1] - The shares purchased will be held until they vest under the restricted share unit award plan [1]

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全部或任何部份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。 於2023年4月28日至2025年4月25日期間，Three D Partners Limited從市場購買 合共105,550,000股股份。此後，於2025年11月17日至11月19日（「相關期間」）， Three D Partners Limited根據股份購買進一步從市場購買合共1,612,000股股份。 Three D Partners Limited將持有根據股份購買所購買的股票，直到其按照受限制 股份單位獎勵計劃歸屬。有關Three D Partners Limited於相關期間相購買及其持 有的股份資料詳情如下： 購買股份總數：1,612,000股股份 購買股份佔目前已發行股份總數的百分比：約0.11% 每股股份平均代價：約9.29港元 購買股份總代價：約14,981,920港元 Three D Partners Limited根據受限制股份單位獎勵計劃所持股份結餘：83,955,403 ...

Core Viewpoint - Citigroup's latest report initiates coverage on Zhibo City Technology Co., Ltd. (09911.HK) with a "Buy" rating, highlighting potential strong seasonal performance in Q4 2025 due to product annual gala and marketing activities [2] Group 1: Factors Driving Future Stock Performance - Four key factors are identified that may drive Zhibo City Technology's future stock performance: 1. Q3 2025 operational data exceeding expectations 2. Stronger seasonal performance in Q4 2025 influenced by annual gala and marketing activities 3. Expected announcement of commercialized new products 4. Potential inclusion in "Hong Kong Stock Connect" [2] Group 2: Revenue Growth and Business Contributions - For the first three quarters of 2025, total revenue is projected to reach between 4.91 billion to 4.99 billion yuan, reflecting a year-on-year growth of 37.6% to 39.9% [2] - The growth in innovative business is attributed to the contribution from "short dramas," with steady revenue growth from traffic monetization, social e-commerce, and the newly contributing short drama business [2] - The global short drama market is experiencing rapid growth, providing a broad development outlook for Zhibo City Technology's short drama business [2] Group 3: Operational Strategies and AI Integration - Zhibo City Technology's strong performance is supported by several factors: 1. Successful "product replication" strategy, particularly with SUGO 2. Solid growth in global markets, especially in the Middle East and North Africa, and Southeast Asia 3. Potential growth in gaming, social e-commerce, and short dramas 4. Validation of strategic investments 5. Empowerment of business through AI [3] - AI technology has been deeply integrated into Zhibo City Technology's operations, enhancing product efficiency through the self-developed multimodal algorithm model Boomiix, which improves social matching efficiency and operational intelligence [3]

Core Viewpoint - The report from West Cow Securities maintains a "Buy" rating for ZhiZi City Technology (09911) with a target price of HKD 13.20, reflecting confidence in the company's business resilience and future recovery despite recent stock price adjustments due to legal disputes [1] Group 1: Financial Performance - The company expects total revenue for the fiscal year 2025 to be between RMB 6.8 billion and RMB 7.0 billion [1] - For the nine months ending September 2025, the social networking business revenue is projected to be approximately RMB 4.38 billion to RMB 4.44 billion, representing a year-on-year growth of about 34.5% to 36.4% [1] - The average monthly active users for the social networking business in Q3 2025 are expected to reach approximately 34.08 million, a 0.7% increase from the previous quarter [1] - The innovative business revenue is anticipated to be around RMB 530 million to RMB 550 million, with a year-on-year growth of approximately 69.9% to 76.3% [1] Group 2: Business Development - The company’s innovative business diversification has led to an increase in profit margins, with an estimated revenue of RMB 190 million for Q3 2025, marking a record for a single quarter [2] - Growth in the innovative business is primarily driven by traffic monetization and the expansion of social e-commerce [2] - The success of premium games like "Alice's Dream" continues to enhance overall profit margins, supported by the company's ability to replicate monetization models and innovate new gameplay [2]

Core Viewpoint - The report from West Cow Securities maintains a "Buy" rating for Zhi Zi Cheng Technology (09911) with a target price of HKD 13.20, reflecting confidence in the company's business resilience and future recovery despite recent stock price adjustments due to legal disputes [1] Group 1: Financial Performance - The company has reaffirmed its total revenue target for the fiscal year 2025 to be between RMB 6.8 billion and RMB 7.0 billion [1] - For the nine months ending September 2025, the expected revenue from the social networking business is approximately RMB 4.38 billion to RMB 4.44 billion, representing a year-on-year growth of about 34.5% to 36.4% [1] - The average monthly active users for the social networking business in Q3 2025 are expected to reach approximately 34.08 million, a 0.7% increase from the previous quarter [1] Group 2: Business Segments - The innovative business segment is projected to generate revenue of approximately RMB 530 million to RMB 550 million, with a year-on-year growth of about 69.9% to 76.3% [1] - The flagship applications Sugo and TopTop have contributed significantly to revenue growth, with monthly revenue exceeding USD 10 million [1] - The self-developed AI operational tool Boomiix has notably improved key metrics such as user online duration, payment conversion, and ARPU, which are crucial for expanding new markets and enhancing product social matching efficiency [1] Group 3: Profitability and Growth Drivers - The innovative business has diversified and improved profit margins, with an expected revenue of RMB 190 million in Q3 2025, marking a record for a single quarter [2] - Growth in the innovative business is primarily driven by traffic monetization and the expansion of social e-commerce [2] - Premium games like Alice's Dream continue to enhance overall profit margins, supported by the company's capability to replicate monetization models and new gameplay [2]

Core Insights - The article discusses the surprising success of Chinese hot pot chain Yang Guofu in international markets, particularly in Europe and Japan, where it is perceived as a premium dining option compared to Western fast food chains like McDonald's and KFC [5][9][11]. Group 1: Market Positioning - Yang Guofu's average customer spending in Germany is reported to be 2.5 times that of McDonald's, with a price of 2.89 euros per 100g, translating to approximately 23.70 RMB [7][9]. - In Japan, Yang Guofu's pricing strategy is also competitive, with a price of 400 yen per 100g, leading to an average meal cost of around 140 RMB, while local McDonald's meals range from 30 to 40 RMB [11][13]. - The brand has expanded to over 200 locations across 25 countries, maintaining a pricing strategy that positions it above Western fast food chains [11][27]. Group 2: Consumer Behavior - Yang Guofu has become a sensation in Japan, often requiring customers to wait 1 to 2 hours for a table, indicating strong demand and popularity [15][21]. - The unique flavor profile of Yang Guofu's offerings, which includes a variety of ingredients and spicy flavors, resonates well with local consumers, leading to a perception of high value [21][24]. - European consumers have adapted their dining experience, often enjoying hot pot in a more leisurely manner, contrasting with the fast-paced consumption typical in China [32][50]. Group 3: Competitive Landscape - Yang Guofu faces competition from another hot pot chain, Zhang Liang, which has also expanded internationally, with similar pricing strategies [34][35]. - The rivalry between Yang Guofu and Zhang Liang is evident on social media, where consumers express preferences for each brand's unique offerings [37][39]. - Both brands have successfully maintained their supply chains, offering familiar Chinese beverages alongside their food, enhancing the authenticity of the dining experience [39][41]. Group 4: Industry Trends - The article highlights a shift in the international perception of Chinese cuisine, with hot pot and similar concepts gaining traction as appealing dining options, contrasting with traditional Chinese restaurants that have struggled abroad [59][65]. - The success of these chains suggests that simplified, standardized food offerings can thrive in foreign markets, as they cater to local tastes without the complexities of traditional Chinese cooking [51][66]. - The trend indicates a growing acceptance of modified Chinese cuisine that prioritizes flavor and experience over authenticity, allowing for broader market appeal [65][67].