Financial Performance - The company achieved revenue of $938 million in H1 2025, representing a year-on-year growth of 47%, with net profit reaching $32 million, a 3.4 times increase [2] - Revenue from advertising technology business was $929 million, up 47.6% year-on-year, primarily driven by the programmatic advertising platform Mintegral, which generated $897 million in revenue, a growth of 48.6% [2] Market Opportunities - The global economy is slowing down, yet the advertising industry continues to grow, aided by strengthened privacy protection policies and advanced AI and machine learning technologies that enhance user targeting without compromising privacy [3] - Antitrust measures are limiting the monopolistic behavior of large tech companies in the advertising market, creating more opportunities for other industry participants [3] Monetization Strategies - Hybrid monetization strategies are becoming mainstream for mobile app developers, combining ads, subscriptions, and in-app purchases to diversify revenue sources [4] - The introduction of smart bidding products has led to rapid growth, with smart bidding contributing over 80% of Mintegral's total revenue in H1 2025 [4] - In H1 2025, Mintegral's revenue from the gaming category was $662 million, a 51.7% increase, while non-gaming categories generated $236 million, up 40.6% [4] Earnings Forecast - The company has revised its earnings forecasts for 2025 and 2026 upwards, with EPS expected to be $0.06 and $0.08 respectively, and a new forecast for 2027 at $0.10 [1] - The target price has been raised to HKD 20.9 from HKD 12.8, maintaining a "Buy" rating [1]
国证国际：维持汇量科技“买入”评级 上调目标价至20.9港元