Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Insights - The company reported a revenue of HKD 1.181 billion for H1 2024, representing a year-on-year increase of 17.74%. The gross margin improved by 3.53 percentage points to 42.70% [1]. - Adjusted net profit for H1 2024 was HKD 64 million, up 10.67% year-on-year, with an adjusted net profit margin of 5.44% [1]. - The adjusted EBITDA for H1 2024 reached HKD 196 million, reflecting an 8.26% increase year-on-year, with an adjusted EBITDA margin of 16.63% [1]. Subscription Business - Subscription revenue for H1 2024 was HKD 545 million, a year-on-year increase of 16.8%, accounting for 46.2% of total revenue [1]. - The company expanded its subscription service capabilities across various copyright categories, leading to a steady increase in customer numbers and content library penetration [1]. Value-Added Business - Value-added business revenue reached HKD 635 million in H1 2024, up 18.5% year-on-year, making up 53.8% of total revenue [1]. - The company enhanced monetization capabilities through diverse revenue-sharing models and deepened partnerships with major social media platforms [1]. Market Performance - Revenue from the Chinese market was HKD 605 million, growing approximately 8.0% year-on-year, representing about 51.2% of total revenue [1]. - In the U.S. market, revenue was HKD 572 million, a year-on-year increase of 30.0%, accounting for approximately 48.4% of total revenue [1]. Financial Forecast - The company has adjusted its revenue forecasts for 2024-2026 to HKD 25.10 billion, HKD 33.80 billion, and HKD 44.00 billion, respectively, with corresponding price-to-sales ratios of 1.4, 1.0, and 0.8 [1][2].
阜博集团：订阅业务稳步扩张，增值业务变现能力提升