Core Viewpoint - Company maintains revenue and Non-IFRS net profit forecasts for 2025 and 2026, introduces new forecasts for 2027 with revenue of 9.8 billion and Non-IFRS net profit of 1.4 billion, maintaining an outperform rating and a target price of HKD 14.5, indicating a 7% upside potential [1] Group 1 - Company expects 2H25 revenue to grow by 32% year-on-year to 3.7 billion, with social business revenue growing by 30% to 3.3 billion and innovative business revenue growing by 52% to 0.4 billion, projecting Non-IFRS net profit of 0.5 billion [2] - Company anticipates FY25 social revenue median to reach 6.1 billion, a 33% year-on-year increase, aligning with previous expectations, with 4Q25 social revenue expected to grow by 28% [3] - Company reports 4Q25 social business MAU at 35.28 million, a 4% quarter-on-quarter increase and an 11% year-on-year increase, with total app downloads reaching 970 million [3] Group 2 - Company expects FY25 innovative business revenue median to reach 0.75 billion, accelerating from 2024, with short video revenue experiencing significant growth [4] - Company projects innovative business revenue to grow over 30% year-on-year in 2026, with new games potentially contributing to revenue [4] - Company anticipates increased investment in short videos and AI in 2026, with the AI creative content community Aippy already launched [4] Group 3 - Company reports continuous improvement in profit margins for main products like SUGO and TopTop, with AI tools enhancing product development and marketing efficiency [5] - Company maintains a forecast of 1.26 billion Non-IFRS net profit for 2026 [5]
中金：维持赤子城科技(09911)跑赢行业评级 目标价14.5港元