Investment Rating - The report suggests to "focus on" the company due to its strong revenue guidance and improving fundamentals [1][4]. Core Insights - The company, WanKa YiLian, is a mobile application store game advertising distributor, with 99% of its revenue coming from advertising in the first half of 2025. The stock price has increased by 491% year-to-date and 53% over the last 20 trading days, with an average daily trading volume of 25 million HKD [1][2]. - The company expects a revenue of 3.8 to 4 billion HKD for 2025, representing a year-on-year growth of 45% to 52% [1][4]. Summary by Sections Business Overview - WanKa YiLian's core business is mobile application store game advertising distribution, with mobile advertising revenue contributing 97% since 2021. The company collaborates with major smartphone manufacturers, linking over 2 billion devices [2][3]. Financial Performance - In the first half of 2025, total revenue reached 1.71 billion HKD, a 39% increase year-on-year. Mobile advertising revenue grew by 43%, outpacing the domestic mobile game market growth of 17% [2][9]. - The adjusted net profit for the first half of 2025 was 52 million HKD, a 10% increase year-on-year, with a net profit margin of 3% [2][9]. International Expansion - The overseas revenue in the first half of 2025 was 41.87 million HKD, a 4.4 times increase year-on-year, and is expected to accelerate in the second half of the year [3]. - The company aims to increase its overseas revenue contribution to 30% over the next three years, currently focusing on platforms like Apple and Xiaomi, with plans to support advertising on Meta, Google, and TikTok [3]. Strategic Partnerships - The company has entered a three-year strategic cooperation with Alibaba Cloud to enhance AI-driven marketing and smart terminal capabilities [3]. Shareholder Actions - A share buyback plan of up to 200 million HKD was announced, with 21.81 million shares repurchased as of September 5, 2025 [3]. Financial Outlook - The company projects a revenue of 3.8 to 4 billion HKD for 2025, with a mid-term goal of exceeding 10 billion HKD by 2029, implying a CAGR of 31% from 2024 to 2029 [4].
万咖壹联（01762）：上半年收入增长加速，营收指引强劲