Core Viewpoint - The company, Wanka Yilian (1762.HK), reported a significant revenue increase of 39% year-on-year for the first half of 2025, reaching 1.712 billion yuan, with overseas revenue surging over 400% to 41.9 million yuan, indicating strong growth potential in both domestic and international markets [1][3]. Group 1: Business Performance - The company is the only service provider with core agency qualifications for six major gaming manufacturers, covering over 90% of mobile users in China, and approaching a 50% market share in domestic app store and browser game advertising [1]. - The mobile advertising business benefited from the resumption of game license approvals, with revenue growth of 43% year-on-year, while the fast application business saw a 100% growth rate [3]. - The adjusted net profit growth was 10%, which, although lower than the revenue growth, indicates a positive trend in profitability [3][4]. Group 2: AI and Future Strategy - The company is focusing on AI development, with a 25% increase in AI R&D investment in the first half of the year, aiming to create an AI advertising engine, AI creative engine, and AI intelligent service modules [2]. - The strategic plan includes three phases: short-term alignment with AppLovin for AI mobile marketing, mid-term collaboration with phone manufacturers for AI data standardization, and long-term development of an AI terminal ecosystem [2]. Group 3: International Expansion - The overseas business has become a key growth driver, with a fourfold increase in overseas revenue in the first half of 2025, supported by the acquisition of Apple Search Ads core agency qualifications [3]. - The management has set a target for overseas revenue to exceed 30% of total revenue, leveraging a combination of AI technology and the Apple ecosystem to differentiate from traditional channel providers [3]. Group 4: Financial Management - The company has initiated a share repurchase plan with a cap of 200 million HKD, spending over 13 million HKD in the first month, while holding 520 million HKD in cash as of June 30 [5]. - The management anticipates that while short-term profits may face pressure due to increased R&D and sales expenses, the long-term outlook remains positive with expectations of revenue between 3.8 billion and 4.1 billion yuan for the year [4][5].
海外收入大增400% 万咖壹联的苹果生态赋能进入利润兑现期