Core Viewpoint - The company, Zhizi City Technology, expects a significant revenue increase for 2025, driven by strong growth in its social and innovative business segments, particularly through the integration of AI technology. Group 1: Revenue Projections - The total revenue for 2025 is projected to be between 6.76 billion to 7 billion, representing a growth of 32.8% to 37.5% compared to 2024 [1] - Social business revenue is expected to be approximately 6.03 billion to 6.23 billion, reflecting a growth of about 30.4% to 34.8% year-on-year [1] - Innovative business revenue is anticipated to be around 730 million to 770 million, with a year-on-year increase of 55.7% to 64.2% [1] Group 2: Social Business Growth - The significant growth in social business revenue is attributed to the company's use of AI technology to drive diverse social products [1] - The social product "SUGO" ranked sixth in the SensorTower income rankings for social networks in the Middle East, solidifying its leading position [2] - The game social platform "TopTop" has become a "national-level application" in high-value markets like Saudi Arabia due to deep localization and a robust UGC ecosystem [2] Group 3: Competitive Advantage - The company ranked fourth in the "China Non-Gaming Companies Overseas Revenue Ranking" published by Diandian Data, indicating a strong development momentum [2] - The company's deep localization capabilities are key to building competitive barriers, supported by user insights and diverse monetization models [2] - The company has shown excellent competitiveness in product innovation, traffic acquisition, and content operation [2] Group 4: Innovative Business Development - The innovative business segment has shown strong growth, driven by traffic monetization, stable social e-commerce development, and contributions from short drama business [3] - The flagship game has entered a long-term operation phase, with a significant increase in ARPU since the start of the profitability recovery period [3] - The company has deepened its exploration of AI technology, applying it across core business areas to enhance user experience and operational efficiency [3]

Core Viewpoint - The company, Zhizi City Technology (09911.HK), anticipates a significant revenue increase for the fiscal year ending December 31, 2025, with total revenue expected to be between RMB 6.76 billion and RMB 7.00 billion, representing a growth of 32.8% to 37.5% compared to the previous year [1]. Group 1: Social Business Performance - Social business revenue is projected to be approximately RMB 6.03 billion to RMB 6.23 billion, reflecting a year-on-year growth of about 30.4% to 34.8% [2]. - The substantial growth in social business revenue is attributed to the company's utilization of AI technology to drive diverse social products, with platforms like SUGO and TopTop being key growth engines [3][4]. - In the Middle East and North Africa, the company has established a competitive advantage, with SUGO ranking 6th in revenue among social networks in the region [4]. Group 2: Innovation Business Growth - The innovation business is expected to generate revenue between RMB 730 million and RMB 770 million, with a year-on-year increase of 55.7% to 64.2% [2]. - The growth in the innovation business is driven by robust performance in traffic monetization, social e-commerce, and contributions from short drama business and premium games [5]. - The flagship game has entered a long-term operational phase, with a significant increase in ARPU, and the company has successfully shortened the game development cycle [5]. Group 3: AI Technology Integration - The company has deepened its exploration of AI technology, integrating it into core business operations and launching innovative products like the AI creative content community Aippy [6][7]. - The AI technology has enhanced user experience and operational efficiency across various key business areas, including social recommendations and intelligent operations [7]. - A strategic partnership with Tencent Cloud aims to explore the potential of "AI + global social entertainment" [7]. Group 4: Market Position and Competitive Advantage - The company ranked 4th in the "China Non-Gaming Companies Overseas Revenue Ranking," indicating a strong development momentum [5]. - The company has developed unique competitive advantages through deep user insights, refined service experiences, and diversified monetization models [5]. - The social e-commerce business has shown steady growth, with the launch of innovative insurance solutions for HIV patients [6].

赤子城科技(09911)发布公告，截至2025年12月31日止，本集团社交业务累计下载量达约9.7亿，较2025 年9月30日上升约5.9%;2025年第四季度，本集团社交业务平均月活达约3528.5万，环比增长约3.5%;及截 至2025年12月31日止年度，本集团社交业务总收入预期将取得约人民币60.3亿元至人民币62.3亿元，较 2024年同期增长约30.4%至34.8%。 截至2025年12月31日止年度，本集团创新业务总收入预期将取得约人民币7.3亿元至人民币7.7亿元，较 2024年同期增长约55.7%至64.2%。 本集团创新业务收入实现显着增长，主要得益于本集团的流量变现、社交电商业务的稳健发展，以及本 公司积极投入的短剧业务贡献的收入。另外，本集团研发的精品游戏亦贡献了收入。 本集团社交业务于2025年度收入同比大幅增长，主要归因于本集团借助AI技术推动多样化社交产品持 续稳步增长。 ...

Core Viewpoint - The company, Zhiyu City Technology, projects a total revenue of approximately RMB 6.76 to 7.00 billion for 2025, representing a year-on-year growth of 32.8% to 37.5% compared to the same period in 2024 [1] Revenue Breakdown - The innovative business segment continues to show strong growth, with projected revenue of about RMB 730 to 770 million, reflecting a year-on-year increase of 55.7% to 64.2% [1] - The significant growth in the innovative business is attributed to the company's effective monetization of traffic, steady development in social e-commerce, and revenue contributions from actively invested short drama projects [1] - Additionally, revenue contributions are also derived from the company's development of premium games [1]

Core Viewpoint - The company, Zhiyu City Technology, anticipates a significant revenue growth for the year 2025, driven by its social and innovative business segments, with a strong emphasis on AI technology integration to enhance user experience and commercial efficiency [1][9]. Group 1: Revenue Projections - For the fiscal year ending December 31, 2025, the company expects total revenue to be between RMB 67.6 billion and RMB 70.0 billion, representing a year-on-year growth of 32.8% to 37.5% compared to 2024 [1]. - The social business segment is projected to generate approximately RMB 60.3 billion to RMB 62.3 billion, reflecting a growth of about 30.4% to 34.8% year-on-year [1]. - The innovative business segment is expected to achieve revenue between RMB 7.3 billion and RMB 7.7 billion, with a year-on-year increase of 55.7% to 64.2% [1]. Group 2: Social Business Growth - The social business segment has shown substantial growth, primarily due to the integration of AI technology, which has facilitated the development of diverse social products [3]. - Key platforms such as the companionship social platform SUGO and the gaming social platform TopTop have experienced explosive growth, becoming significant drivers of the social business's rapid expansion [3]. - In the Middle East and North Africa market, the company has established a strong competitive advantage, with SUGO ranking 6th in the Sensor Tower revenue chart for social networks in the region [3][4]. Group 3: Competitive Positioning - The company has improved its market competitiveness, ranking 4th in the "China Non-Gaming Companies Overseas Revenue Ranking" published by Diandian Data in December 2025, indicating a strong development momentum [4]. - The company's localization capabilities are crucial for building competitive barriers, supported by deep user insights and diverse monetization strategies [8]. Group 4: Innovative Business Development - The innovative business segment has demonstrated robust growth, driven by revenue from social e-commerce and the successful launch of premium games, which have entered a long-term operational phase [10]. - The company has introduced China's first critical illness insurance specifically for HIV patients, showcasing its commitment to innovative solutions in health services [10]. Group 5: AI Technology Integration - The company has intensified its exploration of AI technology, integrating it into core business operations and launching innovative products like the AI creative content community Aippy, which has received positive user feedback [11]. - The introduction of the "Siyu AI Intelligent Data Platform" allows for efficient data querying and analysis through natural language interaction, highlighting the company's advancements in AI applications [11]. Group 6: Global Strategy and Share Buyback - In June 2025, the company established its global headquarters in Hong Kong, marking a new phase in its globalization strategy [12]. - The company has conducted share buybacks totaling over HKD 80 million, reflecting management's confidence in the company's long-term value and growth prospects [12].

Core Viewpoint - The announcement from Zhiyu City Technology (09911.HK) highlights significant growth in its social business and innovative business segments, driven by AI technology and diversified product offerings [1] Group 1: Social Business Performance - As of December 31, 2025, the cumulative downloads of the group's social business are expected to reach approximately 970 million, an increase of about 5.9% from September 30, 2025 [1] - The average monthly active users for the social business in Q4 2025 are projected to be around 35.285 million, reflecting a quarter-on-quarter growth of approximately 3.5% [1] - The total revenue for the social business for the fiscal year ending December 31, 2025, is anticipated to be between RMB 6.030 billion and RMB 6.230 billion, representing a year-on-year growth of approximately 30.4% to 34.8% compared to 2024 [1] Group 2: Innovative Business Performance - The total revenue for the innovative business for the fiscal year ending December 31, 2025, is expected to be between RMB 730 million and RMB 770 million, indicating a year-on-year growth of approximately 55.7% to 64.2% compared to 2024 [1] - The significant revenue growth in the innovative business is attributed to the monetization of traffic, steady development of social e-commerce, and contributions from short drama business investments [1] - Additionally, revenue contributions are also expected from the premium games developed by the company [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等 內容而引致的任何損失承擔任何責任。 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） 2025年年度 未經審核營運數據及未經審核收入資料 本公告由赤子城科技有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據 《香港聯合交易所有限公司證券上市規則》（「《上市規則》」）第13.09(2)條及香港 法例第571章《證券及期貨條例》第XIVA部項下的內幕消息條文（定義見《上市規 則》）作出。 本公司董事（「董事」）會（「董事會」）欣然宣佈截至2025年12月31日止年度未經審 核營運數據及未經審核收入資料如下： • 社交業務： 本集團社交業務於2025年度收入同比大幅增長，主要歸因於本集團借助AI技術推 動多樣化社交產品持續穩步增長。 1 (i) 截至2025年12月31日止，本集團社交業務累計下載量達約9.7億，較2025年9 月30日上升約5.9%； (ii) 2025年第四季度 ...

凭借国际化的营商环境、成熟的资本市场，以及顶级的人才资源，香港将持续为赤子城科技注入发展动 能，助力推进"产品复制+国家复制"的全球化战略。宋朋亮强调："香港联通世界，使我们能够将成功产 品和运营模式高效复制到不同市场，并依据当地文化进行适应性调整，从而提升用户黏性与社群活跃 度。" 同时，宋朋亮还表示："香港是创新之都，吸引企业积极应用人工智能创作个人化内容，并开发崭新盈 利模式。香港兼具国际金融中心与人才汇聚优势，让我们能够接触全球合作伙伴和招揽顶尖技术专家， 尤其适合建设人工智能研究中心。" 近年来，凭借本地化运营结合全球视野的双轨策略，赤子城科技在社交娱乐市场的领导地位逐渐巩固； 与此同时，香港在公司全球化战略中的重要价值也日益凸显。目前，赤子城科技在港团队已深度参与国 际化发展进程和研发业务，致力于将人工智能深度融入社交娱乐产品，通过探索前沿技术应用来驱动创 新，构建长期竞争优势。 本报讯(记者李春莲) 近日，赤子城科技有限公司(以下简称"赤子城科技"，09911.HK)高级副总裁宋朋亮就该公司全球化战略 等话题对外表示："我们以中国香港总部作为战略基地，辐射中东北非、东南亚等市场，目前在全球已 设 ...

Investment Rating - Investment rating: Positive (maintained) [1] Core Insights - The luxury goods retail revenue in China is showing signs of recovery, with high-end brands like LVMH, Hermès, and Prada experiencing positive growth since Q2 2025 [15][16] - The global network literature market is witnessing rapid growth, particularly in Latin America, with WebNovel reaching nearly 400 million cumulative users by October 2025 [34][35] - The micro-drama and comic-drama market in China is projected to exceed 100 billion yuan in 2025, significantly surpassing the film box office revenue [37][38] - The probiotic market is expanding, with a focus on next-generation probiotics (NGPs) like AKK bacteria, which show significant potential in health applications [55][63] Summary by Sections 1. Duty-Free Shopping - Post-New Year duty-free shopping in Hainan shows strong growth, with sales reaching 3.89 billion yuan and a 49.6% year-on-year increase in shopping amount [31][33] - The high net worth individuals are expected to drive luxury consumption, with a notable increase in spending on preservation-type luxury goods [15][16] 2. Network Literature - The Chinese network literature market reached 49.55 billion yuan in 2024, with a 29.37% year-on-year growth, while the overseas market grew by 10.68% [34] - WebNovel has cultivated nearly 530,000 authors and over 820,000 original works, with a significant increase in user engagement [34][35] 3. Micro-Drama - The micro-drama and comic-drama market in China is expected to reach 100 billion yuan in 2025, with a 98% year-on-year growth [37][38] - The user base for micro-dramas is approaching 700 million, with a strong preference among female viewers [40][42] 4. Probiotics - The global probiotic market is projected to grow at a CAGR of 8.7%, reaching 93.49 billion USD by 2028, with China's market expected to reach 134.89 billion yuan by 2024 [55][63] - Next-generation probiotics like AKK bacteria are gaining traction, with significant potential in health management and consumer interest [55][63]

Group 1 - The core viewpoint is that China's gaming user spending per capita has significant growth potential compared to foreign markets, with expected increases in average revenue per user (ARPU) driven by policy support, increased game supply, and macroeconomic recovery [1] - The gaming policy environment in China has improved, with a projected issuance of 1,771 game licenses in 2025, marking a 25% increase from 2024 and a 65% increase from 2023, indicating a stable and supportive phase for the industry [1] - The overseas market for self-developed games in China is expected to reach $20.455 billion in 2025, reflecting a year-on-year growth of 10.23%, supported by a systematic national strategy for cultural export [1] Group 2 - The domestic mini-program gaming market is projected to generate revenue of 53.535 billion yuan in 2025, representing a substantial year-on-year growth of 34.39% [2] - A new agreement between Apple and Tencent regarding a 15% commission on payments within mini-program games is expected to enhance the payment process, potentially increasing iOS mini-program user numbers and improving profit margins for gaming companies [2] - The WeChat mini-game platform is set to implement a new incentive policy for in-app purchases starting January 1, 2026, which will favor developers by adjusting revenue sharing from 70:30 to 80:20 [2] Group 3 - AI is transforming the entire game development process, reducing character animation production time by 40% and significantly improving marketing efficiency through AI-generated materials and targeted advertising [3] - AI is enhancing operational efficiency by providing intelligent customer service and improving material risk detection, thus streamlining the gaming experience [3] - New AI-driven gameplay experiences are being developed, such as "Endgame Duel" and the AI-native application "EVE," which integrate emotional dialogue and personalized immersive experiences [3]