Core Viewpoint - Fubo Group (03738) plans to issue zero-coupon convertible bonds totaling HKD 1.6 billion, with an estimated net proceeds of approximately HKD 1.566 billion, aimed at funding AI-generated content and real-world asset-related businesses, debt repayment, and general working capital [1] Group 1: Company Financials - The company’s stock rose over 5% in early trading, currently at HKD 5.32, with a trading volume of HKD 204 million [1] - The estimated net issuance price for new shares is HKD 5.75 per share based on the initial conversion price [1] Group 2: Use of Proceeds - 50% of the proceeds from the bond issuance will be allocated to the development and investment in AI-generated content (AIGC) and real-world asset (RWA) related businesses [1] - 30% will be used to repay existing debts [1] - 20% will be allocated for general working capital [1] Group 3: Industry Position - Fubo Group is recognized as a leader in the global copyright protection third-party technology service industry, with core advantages in data reserves, algorithm capabilities, and proprietary APIs [1] - The demand for copyright protection from major content providers and streaming platforms is expected to remain strong, with AI-generated video creation potentially increasing both creative efficiency and the supply of infringing content, presenting new opportunities for AIGC original asset protection [1] - The company is positioned in a high-quality sector with competitive advantages, likely to maintain a high growth trajectory [1]

卷模型，卷应用，是当下中国内地AI的发展现状。而如果将视角放到海峡对岸的香港，AI发展图景是 否会有所不同？ DELF 2025 现场 借着2025 数码娱乐领袖论坛契机，笔者深度观察了四家正在香港积极应用AI的企业，与几位高管深度 聊了聊他们眼中的AI，并解锁了与大陆"卷AI"气质不同的几个温情时刻。他们分别是Fizz Dragon创始人 兼CEO陈卓、恺英网络股份有限公司创新业务总经理王伊千、大南玩具实业有限公司总裁朱健豪、 Lenovo亚太区方案服务业务部AI解决方案高级经理明子丰。值得一提的是这四家公司分属于不同行 业： Fizz Dragon，是一家AI电影工作室，在AIGC爆火全球的档口，他们大胆尝试让AI参与到电 影制作的全流程，20位电影发烧友耗时13个月，完成了全球首部AI生成长篇电影《海上女 王郑一嫂》； 恺英网络，570亿市值的深交所上市公司，总部在上海。目前跟AI结合的创新 业务包括AI情感伴侣产品Eve，旗下AI垂类游戏大模型平台支持游戏爱好者和设计师通过迭 代投喂优化游戏效果； 大南玩具，创三代接班，年营收超过10亿，以美国市场为主，地面 渠道优势显著，合作大型商超及零售渠道包括沃 ...

Group 1 - The company has entered into a subscription agreement to issue bonds totaling HKD 1.6 billion, with an initial conversion price of HKD 5.87 per share, representing a premium of approximately 15.10% over the last closing price of HKD 5.10 on the transaction date [1] - If fully converted, the bonds will convert into approximately 273 million shares, accounting for about 10.92% of the existing issued shares and approximately 9.84% of the enlarged issued shares post-conversion [1] - The estimated net proceeds from the bond issuance will be approximately HKD 1.566 billion, with a net issue price of HKD 5.75 per new share based on the initial conversion price [1] Group 2 - The company plans to allocate 50% of the net proceeds from the bond issuance for the development and investment in Artificial Intelligence Generated Content (AIGC) and Real World Assets (RWA) related businesses, 30% for repaying existing debts, and 20% for general working capital to support operational activities [2] - The bonds are intended to be listed on the Vienna MTF operated by the Vienna Stock Exchange, and the company will apply for the listing of the new shares on the Hong Kong Stock Exchange upon conversion [2]

阜博集团(03738)发布公告，于2025年9月22日，公司(作为发行人)与经办人订立认购协议。根据认购协 议所载的条款及条件，经办人已同意认购公司将发行的本金总额为16亿港元的债券并就其付款，或促使 认购人认购该等债券并就其付款。于条款及条件所载情况下，债券可按初始换股价每股5.87港元(可予 调整)转换为股份。初始换股价较股份于2025年9月22日(即签订认购协议的交易日)于香港联交所所报的 最后收市价每股5.10港元溢价约15.10%。 根据债券的初始换股价并假设债券按初始换股价悉数转换，债券将可转换为约2.73亿股股份，相当于(a) 本公告日期现有已发行股份(不包括库存股份)数目的约10.92%，及(b)经债券获悉数转换后发行新股份扩 大的已发行股份(不包括库存股份)数目的约9.84%(假设自本公告日期起至债券按初始换股价悉数转换完 成止，公司已发行股本概无变动) 公司发行债券的估计所得款项净额将约为15.66亿港元，即按初始换股价计算的净发行价为每股新股份 5.75港元。 公司拟将发行债券所得款项净额的50%用于开发及投资人工智能生成内容(AIGC)及现实世界资产(RWA) 相关业务、所得款项净额的 ...

Group 1 - The company, Fubo Group (03738.HK), has entered into a subscription agreement with CITIC Securities and HSBC to issue bonds totaling HKD 1.6 billion [1] - The initial conversion price of the bonds is set at HKD 5.87 per share, representing a premium of approximately 15.10% over the last closing price of HKD 5.10 on September 22 [1] - If fully converted at the initial conversion price, the bonds could convert into approximately 273 million shares, accounting for about 10.92% of the existing issued shares as of the announcement date [1] Group 2 - The estimated net proceeds from the bond issuance will be approximately HKD 1.566 billion, with a net issue price of HKD 5.75 per new share [2] - The company plans to allocate 50% of the net proceeds for the development and investment in AI-generated content (AIGC) and real-world assets (RWA) related businesses, 30% for repaying existing debts, and 20% for general working capital to support the group's operations [2]

Core Viewpoint - Midea has established a strategic partnership with Huawei to enhance its open ecosystem strategy, particularly focusing on the integration of "people-vehicle-home" connectivity, marking a significant development in the home ecosystem [1][3]. Group 1: Strategic Cooperation - The collaboration will focus on multiple key areas including enterprise management, AIGC, ICT infrastructure, green low-carbon initiatives, cloud services, product development, and internationalization [2]. - Midea aims to leverage Huawei's technology to accelerate the construction of its open ecosystem, particularly filling the gap of "automobiles" in the home ecosystem to counter Xiaomi's invasion in the traditional home appliance sector [3]. Group 2: AI and Smart Home Integration - The partnership will involve comprehensive cooperation in AI, with a focus on "technology empowerment + scenario implementation," establishing a special task force to tackle challenges in multi-modal AI algorithms, edge computing, and AI security [7]. - Midea and Huawei will work together to create integrated smart home solutions, enhancing product innovation and user experience through cross-brand device collaboration and scenario linkage [8]. Group 3: Broader Industry Impact - The cooperation will also encompass areas such as "people-vehicle-home" connectivity, digital energy temperature control products, and the digital transformation of medical imaging equipment [9]. - Midea's chairman emphasized the importance of connectivity and computing technology in their core layout of smart homes, smart factories, smart buildings, and smart hospitals, aiming to provide replicable "AI + industry" solutions for clients [9].

Group 1: Financial Performance and Shareholder Returns - The company emphasizes stable performance to reward shareholders through cash dividends and stock buybacks [3] - In the first half of 2025, the content copyright business generated revenue of 48.0015 million, a year-on-year increase of 24.10% [4] - The IPTV basic business effective users reached 20.8 million, a year-on-year growth of 2.51%, while the revenue from IPTV value-added services was 236.7254 million, up 23.68% [13] Group 2: Content Development and Innovation - The company is focused on enhancing the "喜粤 TV" media library, integrating various content types including movies, TV shows, and animations [8] - Recent productions include the web drama "Blind Spot" and animated series "呼噜噜幻影队" and "曲小奇爆笑语文课," which have been well-received on major platforms [5][8] - The company plans to accelerate content investment in areas catering to both elderly and young audiences, utilizing big data for precise analysis [9] Group 3: User Engagement and Market Strategy - The number of nationwide effective users for the cloud viewing series APP decreased by 9.27%, while the number of smart terminals increased by 14.74%, indicating potential user engagement issues [6] - The company is implementing marketing activities and strategic partnerships to enhance user retention and conversion rates [10] - The company aims to strengthen its market position in IPTV by optimizing user experience and expanding its content library through collaborations with major platforms [9] Group 4: Research and Development - The company invested over 27 million in R&D in the first half of 2025, focusing on core technology development to support IPTV and internet TV business growth [11] - Ongoing projects include collaborations with various institutions to explore AI and big data applications in the media sector [16] Group 5: Future Plans and Challenges - The company is committed to maintaining its leading position in the IPTV sector while addressing a 1.08% decline in revenue by enhancing brand marketing and user engagement [17] - Plans include expanding user scale and improving active user rates through refined operational strategies and diverse subscription offerings [12]

Group 1 - Li Auto CEO Li Xiang clarified that there is no "Li Auto i7" model, urging customers not to wait for it [2] - Elon Musk stated that autonomy will be the largest wealth creation in human history, emphasizing that it is about wealth creation rather than transfer [2] - BYD's public relations manager Li Yunfei responded to Warren Buffett's selling of shares, stating that buying and selling stocks is normal and expressing gratitude for Buffett's long-term support [2] - A tragic incident in Germany involved a Tesla vehicle that caught fire after a crash, resulting in the deaths of a driver and two children due to the inability to open the electronic doors [2][3] Group 2 - The investigation into approximately 174,000 Tesla Model Y vehicles was announced by U.S. authorities shortly after the incident in Germany [3]

Group 1 - The core viewpoint is that 欧陆通 is a leading domestic supplier of high-power server power supplies, benefiting from the development of AI and high-density computing, and is rated as a "buy" [1] - The company has a rich product matrix including power adapters, data center power supplies, and other power solutions, widely applied in various fields such as office electronics, network communication, and data centers [1] - The company’s high-power server power products are at the leading level domestically, with core products launched to meet the high-power server power needs driven by AI [1][2] Group 2 - The demand for GPU power supply in AI servers is increasing, with current power requirements at 2700W and expected to rise to 5500W or even 8000W in the future [2] - The company is continuously expanding its server power supply product layout, with ongoing research on 5.5KW server power supplies [3] - The company’s product offerings cover all power segments, including 800W and below, 800-2000W, and above 2000W, with key clients including Foxconn, Inspur, and Lenovo [3]

Group 1 - The "Virtual and Real Without Boundaries: Breaking the Circle of Audiovisual Industry Integration" parallel forum is part of the 2025 Beijing Cultural Forum, scheduled for September 23, 2023, at the Beijing International Hotel [1][3] - The forum aims to create a high-end dialogue platform for the audiovisual industry, promoting global cultural exchange and industry cooperation [3] - The event will feature discussions on global cooperation, cross-cultural communication, and the integration of technology in the audiovisual sector, with participation from over 20 international guests from 17 countries and regions [3][4] Group 2 - The forum will showcase a series of high-quality audiovisual works, including commemorative dramas for the 80th anniversary of the victory in the Chinese People's Anti-Japanese War [4] - A professional salon focusing on audiovisual technology will explore how innovations like ultra-high definition, XR/VR, and AI can empower cultural expression and international communication [4][5] - The forum will also address the role of artificial intelligence in reshaping the film and television industry, with discussions on its applications in scriptwriting, virtual production, and intelligent distribution [5] Group 3 - A professional salon on animation will discuss how Chinese animation can leverage Eastern aesthetics to penetrate the global market, featuring insights from industry leaders and organizations [5][6] - The "Drama Power Unlimited" salon will focus on high-quality drama creation and industry upgrades, inviting top creators to share their experiences and insights on the industry's future [6]