Core Viewpoint - The announcement details the share purchases made by Three D Partners Limited from the market, indicating a strategic investment in the company by acquiring a total of 110 million shares over a specified period [1] Group 1: Share Purchase Details - Three D Partners Limited purchased a total of 110 million shares from the market between April 28, 2023, and November 26, 2025 [1] - Following the initial purchase, Three D Partners Limited acquired an additional 2.144 million shares from the market between November 27 and December 3, 2025 [1] - The shares purchased will be held by Three D Partners Limited until they vest according to the restricted share unit award plan [1]

Core Viewpoint - The announcement details the share purchases made by Three D Partners Limited in relation to the company, indicating a strategic investment over a specified period [1] Summary by Relevant Sections - **Share Purchase Timeline** - Three D Partners Limited purchased a total of 109 million shares from the market between April 28, 2023, and November 26, 2025 [1] - An additional purchase of 2.144 million shares occurred from November 27 to December 3, 2025 [1] - **Ownership and Restrictions** - The shares acquired by Three D Partners Limited will be held until they vest according to the restricted share unit award plan [1]

1 NEWBORN TOWN INC. 赤子城科技有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9911） 自願公告 根據受限制股份單位獎勵計劃購買股份 茲提述赤子城科技有限公司（「本公司」）於2023年4月27日就其有意向受限制股份 單位受託人及Three D Partners Limited提供資金，以根據受限制股份單位獎勵計 劃從市場按現行市價購買本公司股份作出的公告以及本公司分別於2023年4月28 日、2023年5月5日、2023年5月12日、2023年5月19日、2023年5月25日、2023 年6月2日、2023年6月9日、2023年6月16日、2023年6月23日、2023年6月30 日、2023年7月7日、2023年7月14日、2023年7月21日、2024年1月18日、2024 年7月17日、2024年7月19日、2024年7月24日、2024年7月26日、2024年10月4 日、2024年10月18日、2024年10月25日、2024年11月8日、2024年11月15日、 2024年11月22日、2024年11月29日、2024年12月6日、2024年12月13日、2024 年 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of $4.30, indicating a potential upside of 21.2% from the current price of $3.52 [1][5]. Core Insights - The company is currently undergoing a transformation phase, leveraging AI to enhance its ecosystem and achieve a positive cycle [5]. - Despite a 22% year-over-year decline in total revenue for Q3 2025, operational efficiency and cost control measures have led to a significant narrowing of Non-GAAP operating losses by 16.3% to 73.5 million yuan [7][10]. - The strategic shift towards an AI-driven community aims to reshape the content ecosystem, enhancing user engagement and monetization opportunities [4][9]. Summary by Sections Financial Performance - In Q3 2025, total revenue was 659 million yuan, down 22% year-over-year, with paid membership revenue declining by approximately 16.1% to 386 million yuan [7][10]. - Marketing services revenue fell by 26.6% to 189 million yuan, while other business revenues, including vocational training, decreased by 35.1% to 83.9 million yuan [7][10]. - The company reported a net loss of 46.7 million yuan for Q3, with adjusted net losses narrowing to 21 million yuan, indicating improved profitability metrics [7][10]. Strategic Initiatives - The company has accelerated its core strategy to build an AI-driven community, focusing on high-quality content, expert networks, and AI capabilities [4][8]. - The penetration rate of the AI product "Zhihu Direct Answer" exceeded 15%, marking a fourfold increase from the previous year, which enhances user experience and information retrieval efficiency [8][10]. - Future growth is expected to rely heavily on the successful execution of AI strategies, including enhanced membership services and innovative advertising products [5][10]. Market Position and Outlook - The company is projected to achieve profitability by 2027, despite short-term revenue declines due to its strategic transformation [5][10]. - With cash and cash equivalents totaling 4.58 billion yuan, the company has a strong financial position to support future strategic investments and AI development [5][10]. - The report emphasizes the unique advantages of the company in high-quality content and professional creator ecosystems, positioning it favorably in the AI era [10].

Company Branding - The company has changed its logo, which will be printed on all relevant company documents starting from the announcement date[3] Share Information - The weighted average number of shares for the year ending December 31, 2024, under the NBT Restricted Share Unit Plan is 2.21%[5] - All shares related to the rewards granted for the year ending December 31, 2024, have been issued and transferred to the trustee[5]

Core Viewpoint - Successful companies in China should focus on niche markets that others overlook, as small tracks can offer significant opportunities. Companies should avoid spending in areas where they cannot win and be bold in places where they can succeed [1]. Group 1: Event Overview - The event led by Wu Shichun will take place from January 23 to 25, focusing on the technology manufacturing industry and exploring the trillion-dollar market opportunities [1]. - Participants will engage in a deep-linking journey with unicorn companies and investors, aiming to occupy key positions in the industry chain and build a collaborative ecosystem [7]. Group 2: Learning Outcomes - Attendees will experience a three-day immersive learning journey, enhancing their understanding from technological innovation to commercialization, and from strategic breakthroughs to tactical implementations [7]. - Participants will learn multiple entrepreneurial breakthrough methodologies, grasping the core logic of capital-favored sectors and understanding the underlying mechanisms for success [7]. Group 3: Notable Speakers and Mentors - Wu Shichun is recognized as a prominent angel investor with over 100 billion in managed funds and investments in more than 600 companies, including 13 that have gone public [9]. - The event will feature a case study by Peng Yuanyuan, founder of Xingyi Lianxin, focusing on the transformation of satellite manufacturing models and the commercialization of satellites [15]. Group 4: Industry Focus Areas - The event will cover various sectors, including robotics, aerospace, high-end equipment, new materials, new energy, and AI applications, highlighting the importance of technological advancements in these fields [5][18][19][20][21].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 致：香港交易及結算所有限公司 公司名稱: 赤子城科技有限公司 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09911 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,000,000,000 | USD | | 0.0001 | USD | | 300,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 3,000,000, ...

Group 1 - TMF Trust (HK) Limited increased its stake in Zai Lab Limited (09911) by 528,000 shares at a price of HKD 9.38 per share, totaling approximately HKD 4.9626 million [1] - Following the acquisition, TMF Trust's total shareholding in Zai Lab is approximately 155 million shares, representing an ownership percentage of 11.01% [1]

智通财经APP获悉，香港联交所最新数据显示，11月24日，TMF Trust (HK) Limited增持赤子城科技 (09911)52.8万股，每股作价9.38港元，总金额约为496.26万港元。增持后最新持股数目约为1.55亿股， 持股比例为11.01%。 ...

Group 1 - The company, Zhi Zi Cheng Technology Co., Ltd. (09911.HK), announced the repurchase of 2.052 million shares from November 20 to November 26, at a total cost of approximately HKD 19.41 million, demonstrating confidence in its business outlook and future prospects [1] - This marks the second share buyback announcement within the month, with a previous repurchase of 1.612 million shares from November 17 to November 19, totaling around HKD 14.98 million, bringing the total repurchased shares to over HKD 34 million within ten days [1] - Despite recent market volatility, international capital has increased its holdings in Zhi Zi Cheng Technology, acquiring a total of 13.99 million shares from November 7 to November 21 through five major financial institutions [1] Group 2 - Citibank initiated coverage on Zhi Zi Cheng Technology with a "Buy" rating, highlighting several positive factors that could drive future stock performance, including seasonal strength expected in Q4 2025 due to product events and marketing activities [2] - The report also mentioned the potential for new products to be commercialized and the possibility of inclusion in the "Hong Kong Stock Connect" program [2]