汇量科技(01860) - 2025 - 中期财报

Table of Contents Company Information Financial Highlights Key Financial Data For the six months ended June 30, 2025, the company's revenue increased by 47.0% to 938.1 million USD, net revenue grew by 52.5%, and gross profit increased by 53.3%, with operating profit surging by 254.3% and profit for the period by 340.0%, while Adjusted EBITDA (Non-IFRS) rose by 41.0% Key Financial Data for the Six Months Ended June 30, 2025 | 指标 | 2025 (thousand USD) | 2024 (thousand USD) | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 938,111 | 638,287 | 47.0% | | Net Revenue(1) | 253,903 | 166,536 | 52.5% | | Gross Profit | 201,125 | 131,201 | 53.3% | | Operating Profit | 46,916 | 13,243 | 254.3% | | Profit for the Period | 32,284 | 7,337 | 340.0% | | Adjusted EBITDA(2) | 88,681 | 62,881 | 41.0% | - Net Revenue is defined as adjusted revenue after deducting costs allocated to traffic publishers, not measured under IFRS[6] - Adjusted EBITDA is defined as profit before interest, tax, depreciation, and amortization, adjusted for share-based payments, one-off losses from discontinued non-programmatic businesses, Heat Cloud Data arbitration fees, foreign exchange losses/(gains), and fair value gains/(losses) on financial assets at fair value through profit or loss[6] Business Review I. Company Profile The company is a technology firm dedicated to providing Ad-tech and Mar-tech services for the global mobile internet ecosystem, enhancing ROI and helping apps overcome growth bottlenecks through a comprehensive suite of advertising and analytics tools - The company offers Ad-tech and Mar-tech services, including user acquisition, monetization, analytics, creative automation, and intelligent media buying[7] - The goal is to significantly improve the return on investment (ROI) of advertising and marketing, helping mobile applications (App(s)) break through growth plateaus[7] II. Industry Overview In the first half of 2025, despite a slowdown in global economic growth, the advertising industry maintained resilience, with the explosion of AI applications driving deep integration of AI into ad and marketing technology, expanding industry service capabilities and market size, while stricter privacy protection and anti-monopoly regulations prompted programmatic ad platforms to enhance targeting and analytics using AI without collecting user privacy - In the first half of 2025, global economic growth slowed, but the global advertising industry demonstrated strong resilience, maintaining a growth trend[8] - 2025 is considered the first year of AI application explosion, with deep integration of AI into the advertising and marketing technology sectors driving industry expansion[8] 2.1. Global Advertising Market Steady Growth, Stricter Privacy Protection and International Anti-Monopoly Regulations In 2024, global digital ad spending significantly increased, with programmatic advertising accounting for over 80%, while privacy regulations and anti-monopoly measures prompted major tech companies to alter data processing and ad placement practices, creating more opportunities for ad tech firms, with Mintegral leveraging AI and machine learning to build robust user targeting and analytics capabilities without acquiring user privacy - In 2024, global digital advertising expenditure significantly increased, with programmatic advertising expenditure accounting for over 80%[9] - Privacy protection policies and anti-monopoly measures restrict monopolistic behavior by large technology companies, promoting the evolution of the advertising ecosystem towards a more open and transparent direction[9] - Mintegral leverages advanced AI and machine learning technologies to build powerful user targeting and analytical modeling capabilities without acquiring user privacy[9] 2.2. Mobile App Market Thrives, Open Web Becomes Key Battleground for Traffic Growth In 2024, global mobile app user time spent increased by 5.8% year-over-year, and in-app purchase revenue achieved double-digit growth, with advertisers shifting user acquisition strategies towards "user lifetime value (LTV)," making the open web a crucial platform for acquiring high-LTV users due to its diverse traffic pools and efficient delivery capabilities - In 2024, total global app user time spent on iOS and Google Play was 4.2 trillion hours, a year-over-year increase of 5.8%[10] - In-app purchase revenue achieved double-digit year-over-year growth, and advertisers' UA strategies shifted from "focusing on downloads" to "focusing on user lifetime value (LTV)"[10] - The open web, with its diverse traffic pools, varied user groups, rich ad creatives, and flexible and efficient delivery capabilities, has become an indispensable key platform for advertisers and developers to achieve user acquisition and revenue growth[10] 2.3. Hybrid Monetization Becomes Mainstream, ROI-Controlled Bidding Favored by Advertisers Mobile app developers widely adopt hybrid monetization strategies combining advertising, subscriptions, and in-app purchases, with ROI-controlled bidding methods favored by advertisers for their precise measurement of input-output ratios, and Mintegral has heavily invested in smart bidding systems since 2023, launching Target ROAS and Target CPE features to help advertisers optimize ROI and specific event campaigns - Hybrid monetization strategies have become the mainstream choice for mobile app developers, with ROI-controlled bidding methods favored by advertisers[11] - Mintegral launched Target ROAS and Target CPE smart bidding features since 2023, supporting advertisers with various monetization models including IAA, hybrid monetization, and IAP[12] III. Ad-tech Industry Value Chain Structure and Company Strategic Layout Ad-tech is primarily divided into programmatic and non-programmatic advertising, with programmatic advertising being a key future development area; the company leverages its Mintegral platform for programmatic ad exchange, becoming one of the leading global third-party programmatic ad exchange platforms and a primary source of Mobvista's revenue and profit - Programmatic advertising platforms rely on machine learning and algorithm iteration to improve transaction efficiency, making them a key development focus for the future ad tech industry[13] - Mintegral has become one of the leading global third-party programmatic ad exchange platforms and is a major source of revenue and profit for Mobvista[13] 3.1. Programmatic Advertising Platform Value Chain Structure The programmatic advertising industry chain consists of upstream advertisers, midstream technology service providers (DSPs, ADXs, SSPs, data management/monitoring/attribution service providers), and downstream media traffic owners, with each service provider strategically deploying in one or more segments - Industry chain participants include upstream advertisers (agencies), various midstream technology service providers (DSPs, ADXs, SSPs, data management/monitoring/attribution tools), and downstream media traffic owners[14] 3.2. Company's Programmatic Advertising Platform Through its Mintegral platform, the company comprehensively deploys DSP, ADX, and SSP, directly reaching advertisers and traffic publishers to form a data closed loop, enhancing algorithm capabilities and client retention, while GameAnalytics and Heat Engine Platform provide user behavior analysis and performance attribution monitoring, accumulating data assets and optimizing algorithms - The Mintegral platform fully covers DSP, ADX, and SSP in the midstream of the industry chain, directly reaching advertisers and traffic publishers[15] - The data closed loop helps enhance algorithm capabilities and client retention, increasing bargaining power within the industry chain[15] - The GameAnalytics platform enables user behavior statistical analysis, and the Heat Engine Platform performs mobile performance ad attribution and monitoring analysis, providing rich tools for advertisers and accumulating data assets[15] IV. Company Development History Since its establishment in 2013, the company has undergone three main development phases: ad alliance, programmatic ad exchange platform, and SaaS tool ecosystem, achieving continuous business evolution and deepening to adapt to the global mobile internet's development and iteration - The company's development history is divided into three major phases: ad alliance business, programmatic advertising platform construction, and SaaS tool ecosystem investment[16] [4.1. Phase I: Ad Alliance Platform — Focused on Serving Chinese Mobile Apps Going Global](index=9&type=section&id=4.1.%20Phase%20I%3A%20Ad%20Alliance%20Platform%20%E2%8