Core Viewpoint - Everbright Securities initiates coverage on Zhiyu City Technology (09911), setting a target price of HKD 14.5 and a "Buy" rating, highlighting its leadership in the overseas social sector and successful localization strategy [1] Group 1: Company Overview - Zhiyu City Technology is a leading global social entertainment platform from China, focusing on diverse social experiences for users from various cultural backgrounds, particularly in the Middle East, North Africa, and Southeast Asia [1] - The company achieved revenue of RMB 3.181 billion in H1 2025, representing a 40% year-on-year growth, with SUGO and TopTop revenues both exceeding 100% growth [1] Group 2: Social Business Segments - The core business of the company is its mass social segment, expected to account for over 70% of total revenue by 2024, utilizing a "bush" product matrix strategy to cover diverse social needs through products like MICO, YoHo, TopTop, and SUGO [2] - The company has established operational centers in over 20 countries, with a localized team of approximately 800 people, employing a collaborative model of "Chinese direction, local execution" [2] - The acquisition of BlueCity Brothers enhances the company's position in the diverse social segment, with BlueCity's MAU reaching approximately 7.45 million and a DAU/MAU ratio of 47% [2] Group 3: Innovation and Growth - The company is developing a diversified business ecosystem centered around premium mobile games, social e-commerce, AI, and short dramas, with a focus on collaborative growth [3] - The flagship mobile game, "Alice's Dream: Merge Games," saw over 60% year-on-year revenue growth in 2024, with nearly USD 10 million in revenue by May 2024 [3] - The company is exploring AI-driven social entertainment through its self-developed AIAgent and the AI content community Aippy, while initial results in the short drama sector are promising, targeting Southeast Asia and the Americas [3] - Revenue and profit growth are expected to be robust, with projected revenues of RMB 6.9 billion, 8.41 billion, and 9.7 billion for 2025-2027, and net profits of RMB 0.95 billion, 1.24 billion, and 1.49 billion, reflecting year-on-year growth rates of 97.0%, 31.3%, and 19.7% respectively [3]

Core Viewpoint - Everbright Securities has initiated coverage on Zhibocheng Technology (09911), a leading overseas social enterprise, with a target price of HKD 14.5 and a "Buy" rating, highlighting its successful localization strategy and extensive layout in emerging social entertainment markets, particularly in the Middle East, North Africa, and Southeast Asia [1] Group 1: Company Overview - Zhibocheng Technology is a leading global social entertainment platform from China, primarily focusing on diverse social experiences for users from various cultural backgrounds, especially in the Middle East and North Africa [2] - The company achieved a revenue of RMB 3.181 billion in H1 2025, representing a year-on-year growth of 40%, with SUGO and TopTop revenues growing over 100% [2] - The net profit for H1 2025 reached RMB 489 million, corresponding to a net profit margin of 15.4% [2] Group 2: Business Segments - The company's core business is the mass social segment, expected to account for over 70% of total revenue by 2024, utilizing a "bush" product matrix strategy to cover diverse social products like MICO, YoHo, TopTop, and SUGO [3] - Zhibocheng Technology has established operational centers in over 20 countries, with a localized team of approximately 800 people, employing a collaborative model of "Chinese direction and local execution" [3] - The acquisition of BlueCity Brothers has strengthened the company's position in the diverse social segment, with BlueCity's MAU reaching approximately 7.45 million and a DAU/MAU ratio of 47% [3] Group 3: Innovation and Growth - The company is developing a diversified business ecosystem centered around premium mobile games, social e-commerce, AI, and short dramas, with a focus on collaborative growth [4] - The premium mobile game "Alice's Dream: Merge Games" has seen over 60% year-on-year revenue growth in 2024, with nearly USD 10 million in revenue in May 2024 [4] - Zhibocheng Technology is exploring AI-driven social entertainment through its self-developed AIAgent and the AI content community Aippy, while initial results in the short drama business are emerging in Southeast Asia and the Americas [4] - Revenue and profit growth are expected to be robust, with projected revenues of RMB 6.9 billion, 8.41 billion, and 9.7 billion for 2025-2027, and net profits of RMB 950 million, 1.24 billion, and 1.49 billion, reflecting year-on-year growth rates of 97.0%, 31.3%, and 19.7% respectively [4]

Group 1: Macro Analysis - Tax revenue growth has declined from high levels, while non-tax revenue shows marginal improvement, and government spending has significantly increased, particularly in infrastructure and employment-related budgets [2] - Local government debt limits have been set and used to supplement local government financial resources, leading to improved government fund revenues [2] - The issuance of new special bonds for the year is nearing completion, which is beneficial for stabilizing infrastructure investment [2] Group 2: Employment and Economic Outlook - The unemployment rate in the U.S. unexpectedly rose to 4.6% in November, attributed to a "technical" disturbance from government shutdowns, with many federal employees on forced leave counted as unemployed [3] - Despite the rise in unemployment, the private sector remains resilient, with the goods-producing sector adding 19,000 jobs, the highest since May 2025 [3] - The Federal Reserve is expected to maintain a cautious approach to interest rate cuts in the short term, despite the unexpected rise in unemployment [3] Group 3: Company Research - Chiwan Technology - Chiwan Technology (9911.HK) is positioned as a leading player in overseas social media, focusing on a "bush" product matrix strategy [4] - The company has demonstrated a clear path to growth and profitability through successful product replication strategies and extensive layout in emerging social entertainment markets [4] - Revenue projections for Chiwan Technology are estimated at 6.9 billion, 8.41 billion, and 9.7 billion RMB for 2025-2027, with net profits expected to be 0.95 billion, 1.24 billion, and 1.49 billion RMB respectively [4] - The company is rated as a "Buy" with a target price of 14.5 HKD [4]

Core Viewpoint - The article highlights the significant growth and diversification of Chiwan Technology, emphasizing its strong performance in social entertainment and innovative business sectors, particularly in the MENA and Southeast Asian markets [4][5]. Group 1: Company Overview - Chiwan Technology is a leading global social entertainment platform focusing on diverse social experiences for users from various cultural backgrounds, primarily in the MENA region [4]. - In the first half of 2025, the company achieved revenue of 3.181 billion yuan, a year-on-year increase of 40%, with SUGO and TopTop revenues growing over 100% [4]. Group 2: Social Business Segments - The core business of Chiwan Technology is its mass social business, projected to account for over 70% of total revenue by 2024, utilizing a "bush" product matrix strategy [5]. - The company has established a localized operational team of approximately 800 people across over 20 countries, implementing a collaborative model of "Chinese direction and local execution" [5]. - The acquisition of BlueCity Brothers has strengthened the company's position in the diverse social sector, with BlueCity's MAU reaching approximately 7.45 million and a DAU/MAU ratio of 47% [5]. Group 3: Innovative Business Growth - Chiwan Technology is developing a diversified business ecosystem centered around premium mobile games, social e-commerce, AI, and short dramas [6]. - The flagship mobile game, "Alice's Dream: Merge Games," saw over 60% year-on-year revenue growth in 2024, with nearly 10 million USD in revenue by May 2024 [6]. - The company is exploring AI-driven social entertainment forms through its self-developed AIAgent and has initiated short drama projects targeting Southeast Asia and the Americas [7].

Group 1: Macroeconomic Insights - The unemployment rate in the US rose unexpectedly to 4.6% in November, attributed to a "technical" disturbance from the government shutdown, which forced many federal employees into unpaid leave, temporarily inflating the unemployment figures [5] - Despite the rise in unemployment, the private sector showed resilience, with the goods-producing sector adding 19,000 jobs, the highest since May 2025 [5] - The Federal Reserve is expected to maintain a cautious approach to interest rate cuts in the short term, despite the increase in unemployment [5] Group 2: Automotive Industry Developments - The first batch of L3 autonomous driving vehicles in China has received regulatory approval, marking a potential turning point for the commercialization of advanced driving technologies [6] - The approval includes restrictions on the usage functions, regions, and entities for the L3 vehicles, highlighting significant differences between L3 and L2 level driving assistance [6] - There is optimism regarding the growth opportunities for high-level intelligent driving components, with a focus on strong performance in the Alpha+ intelligent driving and robotics sectors [6] Group 3: Company Performance - Chi Zi Cheng Technology (9911.HK) focuses on social networking services, primarily targeting users from diverse cultural backgrounds in the Middle East and North Africa [7] - The company has made significant progress in the social sector since 2022 through mergers and internal incubation, while also expanding into gaming and other innovative businesses [7] - In the first half of 2025, the company reported revenue of 3.181 billion yuan, a year-on-year increase of 40%, with SUGO and TopTop revenues growing over 100% [7] - The company's net profit for the same period was 489 million yuan, corresponding to a net profit margin of 15.4% [7]

Investment Rating - The report gives a "Buy" rating for the company with a target price of HKD 14.5, compared to the current price of HKD 10.54 [4][6]. Core Insights - The company, Chi Zi Cheng Technology, is a leading global social entertainment platform from China, focusing on diverse social experiences for users from various cultural backgrounds, primarily in the Middle East and North Africa [1][15]. - The company has achieved significant revenue growth, with a 40% year-on-year increase in revenue for the first half of 2025, reaching RMB 3.181 billion, and a net profit of RMB 489 million, corresponding to a net profit margin of 15.4% [1][25]. Summary by Sections Company Overview - Chi Zi Cheng Technology has transitioned from a tool-based application to a diversified social product matrix, focusing on global social entertainment [15][16]. - The company has established a strong localized operational team with around 800 members across more than 20 countries, implementing a "China-led, local-driven" collaborative model [2][19]. Social Business Strategy - The company's core social business, which is expected to account for over 70% of total revenue by 2024, employs a "bush" product matrix strategy, including products like MICO, YoHo, TopTop, and SUGO [2][35]. - The company has successfully integrated acquisitions, such as Blue City Brothers, to enhance its presence in the diverse social market, with Blue City's MAU reaching approximately 7.45 million [2][3]. Innovative Business Growth - The company is developing a second growth curve through innovative businesses, including premium mobile games and social e-commerce, with the flagship game "Alice's Dream: MergeGames" showing over 60% revenue growth in 2024 [3][4]. - The social e-commerce segment is expanding, with acquisitions enhancing user demographics and engagement [3][4]. Financial Forecast and Valuation - The company is projected to achieve revenues of RMB 69.0 billion, 84.1 billion, and 97.0 billion for the years 2025, 2026, and 2027, respectively, with net profits of RMB 9.5 billion, 12.4 billion, and 14.9 billion, reflecting growth rates of 97.0%, 31.3%, and 19.7% [4][5]. - The report highlights the company's strong localization strategy and successful "product + country" replication strategy, positioning it well in emerging social entertainment markets [4][5].

Group 1 - The company, Zhi Zi Cheng Technology (09911), announced that from December 11 to December 17, 2025, Three D Partners Limited will purchase a total of 532,000 shares from the market under a share purchase agreement [1] - Three D Partners Limited will hold the shares acquired through the purchase until they vest according to the restricted share unit award plan [1]

Group 1 - The company, Zhizi City Technology (09911), announced that from December 11 to December 17, 2025, Three D Partners Limited will purchase a total of 532,000 shares from the market under a share purchase agreement [1] - Three D Partners Limited will hold the purchased shares until they vest according to the restricted share unit award plan [1]

Core Viewpoint - Three D Partners Limited has purchased a total of 114,082,000 shares of the company from the market between April 28, 2023, and December 10, 2025, followed by an additional purchase of 532,000 shares from December 11 to December 17, 2025, indicating a significant investment in the company [1] Group 1 - Three D Partners Limited's total share acquisition amounts to 114,082,000 shares during the specified period [1] - An additional 532,000 shares were purchased by Three D Partners Limited shortly after the initial acquisition [1] - The shares acquired will be held until they vest under the restricted share unit award plan [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 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份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） 於本公告日期，本公司執行董事為劉春河先生、李平先生、葉椿建先生及 蘇鑒先生；及本公司獨立非執行董事為陳玉宇先生、池書進先生及陳思超女士。 董事會認為，於現況下進行股份購買展示出本公司對自身業務展望及前景充滿信 心，且最終會為本公司帶來裨益及為股東創造價值。董事會認為，本公司現有財 務資源足以支持股份購買同時維持穩健的財務狀況。 董事會將不時審查並全權酌情決定Three D Partners Limited進行任何進一步股份 購買的適當時機，或根本不進行任何購買。 承董事會命 赤子城科技有限公司 董事會主席 劉春河 北京，2025年12月17日 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 ...