Core Insights - Company maintains a "Buy" rating for 汇量科技 (01860) due to strong Q3 performance with revenue growth of 39% year-on-year and adjusted net profit growth of 167% [1] Group 1: Financial Performance - For Q1-Q3 2025, the company achieved revenue of $1.47 billion, a 39% increase year-on-year, and adjusted net profit of $84 million, a 167% increase year-on-year [1] - In Q3 2025, the company reported revenue of $532 million, a 28% increase year-on-year and a 7% increase quarter-on-quarter, with adjusted net profit of $24 million, a 126% increase year-on-year and a 51% increase quarter-on-quarter [1] - The gross margin for Q1-Q3 2025 was 21.24%, an increase of 0.47 percentage points year-on-year, with adjusted net profit margin at 5.71%, an increase of 2.73 percentage points year-on-year [1] Group 2: Business Segments - Q3 advertising technology business revenue reached $527 million, a 27.8% year-on-year increase and a 6.7% quarter-on-quarter increase, with programmatic advertising business Mintegral generating $508 million, a 26.2% year-on-year increase [2] - The gaming segment showed strong growth with revenue of $384 million, a 30.5% year-on-year increase, while non-gaming categories expanded steadily with revenue of $124 million, a 14.5% year-on-year increase [2] - Q3 marketing technology business revenue was $4.52 million, a 12.8% year-on-year increase [2] Group 3: AI Integration - The company is deepening AI applications across advertising services, with the Playturbo platform supporting AI voice, translation, and rapid image generation since March, and launching AI video features in August [3] - AI-driven bidding strategies have been implemented to optimize ad spending, with significant increases in Target ROAS and Target CPE since early 2025 [2][3] - The revenue from AI-based bidding products now accounts for over 80% of Mintegral's total revenue [2]
开源证券：维持汇量科技“买入”评级 Q3经调整利润高增 看好AI赋能深化驱动成长