Investment Rating - The report maintains a "Buy" rating for Vobile Group (03738.HK) [1] Core Insights - Vobile Group is positioned as a global leader in digital content protection and transaction services, capitalizing on the AI-driven transformation of the content industry. The strategic development of platforms Vobile MAX and Dream Maker is expected to capture growth opportunities among small and medium creators in the AI era, transitioning from a SaaS provider to a platform operator [4] - The company reported a robust revenue growth of 23.4% year-on-year to HKD 1.46 billion in the first half of 2025, with a significant net profit increase of 118.6% to HKD 100 million [9] Financial Performance - Total revenue projections for Vobile Group are as follows: - 2023A: HKD 2,001 million - 2024A: HKD 2,401 million (20.01% YoY growth) - 2025E: HKD 3,010 million (25.36% YoY growth) - 2026E: HKD 3,680 million (22.25% YoY growth) - 2027E: HKD 4,320 million (17.39% YoY growth) [1] - Adjusted net profit forecasts are: - 2025E: HKD 233.58 million - 2026E: HKD 310.03 million - 2027E: HKD 394.17 million [1] - The report highlights a significant increase in adjusted net profit for 2025, projected at HKD 191.28 million, representing a 34.02% increase from the previous year [1] Strategic Developments - The company has developed two key platforms: - Vobile MAX, which integrates rights confirmation, revenue sharing, and transaction functionalities - Dream Maker, which serves as a creator entry point, seamlessly connecting multi-modal AI creation capabilities with Vobile MAX [3] - Research and development expenditures reached HKD 163 million in the first half of 2025, reflecting a 14.4% year-on-year increase, focusing on core algorithm upgrades and partnerships with leading tech firms [3]
阜博集团（03738）：2025年半年报点评：收入稳健增长，净利润同比大增