Group 1 - The core point of the article is that NetDragon has been actively repurchasing its shares, indicating a potential confidence in its stock value despite recent declines [2][3] - On September 1, 2025, NetDragon repurchased 500,000 shares at a price range of HKD 10.610 to HKD 10.780, totaling HKD 5.3349 million [2] - The stock closed at HKD 10.680 on the same day, reflecting a 2.50% increase, with a total trading volume of HKD 40.7126 million [2] Group 2 - Since August 29, 2025, the company has conducted share buybacks for two consecutive days, totaling 1,000,000 shares and an aggregate repurchase amount of HKD 10.594 million [2] - During this period, the stock has experienced a cumulative decline of 8.64% [2] - The detailed buyback information includes the highest and lowest prices for the shares repurchased on each date [2]

Core Viewpoint - NetDragon (00777) announced a share buyback plan, intending to repurchase 500,000 shares at a cost of HKD 5.3349 million, scheduled for September 1, 2025 [1] Company Summary - The company is set to spend HKD 5.3349 million on the buyback [1] - The total number of shares to be repurchased is 500,000 [1]

Group 1 - Company NetDragon (00777.HK) announced a share buyback on September 1, 2023, spending HKD 5.3349 million to repurchase 500,000 shares [1] - The buyback price per share ranged from HKD 10.61 to HKD 10.78 [1]

翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 網龍網絡控股有限公司 FF305 呈交日期： 2025年9月1日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 00777 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | 庫存股份變動 | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 ...

Core Insights - NetDragon emphasizes the dual-driven strategy of "AI + Education" and "AI + Gaming" to capture new growth opportunities globally [1][4] - The company reported a revenue of 2.381 billion RMB for the first half of 2025, with gaming and application services contributing 1.738 billion RMB and Mynd.ai contributing 641 million RMB [1][4] - The gaming business is expected to gradually stabilize, while the education market is anticipated to recover with clearer budgets and policies in regions like Germany and the USA [1][4] Gaming Business - The deployment of AI production centers led to a 26.7% reduction in R&D expenses, with AI enhancing overall efficiency by approximately 15% [2][3] - The flagship IP "Magic Domain" saw an 11.3% year-on-year increase in monthly active users (MAU), with several core mobile games experiencing MAU growth exceeding 30% [2][3] - The company is focusing on cross-industry collaborations to enhance IP cultural connotation and social impact [2][3] Mynd.ai Business - Mynd.ai's revenue declined due to budget cuts in the European and American education markets, but the gross margin rebounded to 31% in Q2 [3] - The company is implementing cost optimization and cash management strategies to navigate the industry adjustment period [3] - A recent acquisition of AI voice assistant technology is expected to enhance future sales in large-screen products [3] Future Outlook - Management is optimistic about performance in the second half of the year, with expectations for the gaming business to stabilize and the education market to recover [4] - The company plans to expand its global footprint, particularly in Southeast Asia, the Middle East, and Africa, while enhancing user experience through innovative products [4] - EBITDA for Mynd.ai is projected to approach breakeven in Q4, with expectations for profitability by 2026 [4] Cost Management - The company has successfully reduced overall sales and marketing expenses by 4.6%, administrative expenses by 14.0%, and R&D expenses by 22.4% [1] - Cost-saving measures are expected to continue yielding results in the second half of the year, with a focus on maintaining strategic objectives [14]

Core Viewpoint - NetDragon is focusing on leveraging AI technology to enhance operational efficiency and drive growth in both gaming and education sectors, with a positive outlook for the second half of 2025 and beyond [1][4]. Financial Performance - In the first half of 2025, NetDragon reported revenues of 2.381 billion RMB, with gaming and application services generating 1.738 billion RMB and Mynd.ai contributing 641 million RMB [1]. - The company achieved a significant reduction in R&D expenses by 26.7% year-on-year, while overall sales and marketing expenses decreased by 4.6%, and administrative expenses fell by 14.0% [1][2]. Gaming Business - The gaming segment is expected to stabilize, with key IPs like "Magic Domain" showing an 11.3% year-on-year increase in monthly active users (MAU) [2]. - The company is actively pursuing cross-industry collaborations to enhance the cultural significance and social impact of its IPs [2]. - New product developments include "Code MY," which is undergoing user testing, and plans to launch multiple language versions of existing games in overseas markets [2][8]. Education Sector - Mynd.ai has faced revenue declines due to budget cuts in the European and American education markets, but is expected to recover as budgets stabilize [3][4]. - The company is implementing cost optimization strategies and has seen a recovery in gross margin to 31% in Q2 [3]. - NetDragon is expanding its AI capabilities in education, including the integration of AI voice assistant technology into its platforms [3][10]. Strategic Initiatives - The company is committed to global expansion, particularly in Southeast Asia, the Middle East, and Africa, while enhancing user experience through innovative products like AI production centers [4][12]. - Strategic partnerships, such as with Zhongke Wenge, aim to develop AI applications that can be marketed across various regions [11]. Future Outlook - Management expresses optimism for the gaming business to gradually recover, with expectations for Mynd.ai to reach EBITDA profitability by 2026 [4]. - The company plans to distribute at least 600 million HKD to shareholders through dividends and share buybacks within the next 12 months [4].

Core Insights - The leading internet platform reported its mid-year results for 2025 on August 29, significantly exceeding market expectations with strong revenue and net profit growth, particularly a 26% year-on-year increase in cloud intelligence business revenue, validating the AI-driven profit growth logic in the industry [1] - A strategic cooperation agreement was signed on August 31, 2025, between the internet leader and a telecom giant, focusing on deep collaboration in cloud and AI infrastructure, further empowering the "AI+" development theme [1] Market Performance - The strong financial performance of the leading company positively impacted market sentiment, leading to active trading in the Hong Kong tech sector [1] - The Hang Seng Tech ETF (513130) has seen continuous net inflows for five weeks since July 28, totaling 7.885 billion yuan, making it one of the few products tracking the Hang Seng Tech Index with net inflows exceeding 6.5 billion yuan [1] - The ETF's scale has grown to 36.092 billion yuan, reaching a new historical high, with an average daily trading volume of 5.194 billion yuan in August, up from 3.922 billion yuan in July [1] Investor Interest - The number of holders of the Hang Seng Tech ETF (513130) reached 224,100, an increase of over 61,000 since the end of 2024, highlighting strong market interest [1] - The Hang Seng Tech Index, closely tracked by the ETF, includes a diverse range of sectors, including internet platforms, software development, telecommunications, and chip design, capturing multiple areas of the AI industry chain [1] Valuation Metrics - As of August 29, 2025, the Hang Seng Tech Index's price-to-earnings ratio stood at 21.23, which is relatively low at 19.23% compared to the past five years, suggesting potential for valuation uplift in the context of improving earnings and expectations of interest rate cuts by the Federal Reserve [1] - The Hang Seng Tech ETF (513130) is characterized by large scale, good liquidity, and low fees, making it a suitable tool for investors looking to capture opportunities in the Hong Kong tech sector [1]

Group 1 - The Hang Seng Technology Index opened up over 1.5% on September 1, with leading stocks like Alibaba, BYD Electronics, SMIC, Baidu, and Alibaba Health showing strong gains, particularly Alibaba which surged over 16% post-earnings [1] - Dongwu Securities believes that the Hong Kong stock market is in a volatile upward trend, with both upward momentum and downward resistance, and suggests continued attention to potential capital allocation [1] - The market has raised expectations for a Federal Reserve rate cut in September following the Jackson Hole meeting, which is expected to boost market rebound and support the logic of catch-up [1] Group 2 - As of August 29, the latest valuation (PETTM) of the Hang Seng Technology Index ETF (513180) is 21.23 times, which is below 82% of the time since the index was launched on July 27, 2020, indicating it is currently in a historically undervalued range [2] - The anticipated Federal Reserve rate cut and Alibaba's better-than-expected earnings report are catalysts that could provide upward momentum for the Hang Seng Technology Index, which is characterized by high elasticity and growth [2] - Investors without Hong Kong Stock Connect accounts can consider the Hang Seng Technology Index ETF (513180) as a way to gain exposure to core Chinese AI assets [2]

Group 1 - The company NetDragon (00777) announced the appointment of Lu Yongren as an independent non-executive director, chairman of the remuneration committee, member of the audit committee, and member of the nomination committee, effective from August 29, 2025 [1] - Executive director Lin Yun has been appointed as a member of the nomination committee, effective from August 29, 2025 [1]

注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 证券时报·数据宝统计，网龙在港交所公告显示，8月29日以每股10.350港元至10.710港元的价格回购 50.00万股，回购金额达525.91万港元。该股当日收盘价10.420港元，下跌10.86%，全天成交额1.30亿港 元。（数据宝） （文章来源：证券时报网） 网龙回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.08.29 | 50.00 | 10.710 | 10.350 | 525.91 | ...