Core Viewpoint - Fubo Group (03738) saw a significant stock increase of over 10% in early trading, currently up 9.23% at HKD 5.92, with a trading volume of HKD 214 million. The company is set to approve its interim results in a board meeting on August 28, and has launched the world's first RWA registration platform on August 7, indicating strong growth potential in the digital content asset market [1][1][1] Company Developments - Fubo Group successfully completed market testing for the Vobile MAX digital content asset trading platform in June, which now supports concurrent rights confirmation and trading for a large number of physical assets (RWA), enhancing the liquidity value of digital content assets [1][1] - The company is recognized as a leader in the global copyright protection third-party technology service industry, possessing three core advantages: data volume, algorithm capabilities, and exclusive API [1][1] Industry Outlook - CITIC Securities expresses optimism regarding the long-term demand for copyright protection from major content providers and streaming platforms. The rise of AI-generated video content is expected to increase the supply of infringing content while creating new opportunities for the protection of AIGC original assets [1][1][1] - The company is positioned in a high-quality sector with competitive advantages, suggesting it is likely to maintain a high growth trajectory [1][1]

Group 1 - The company Marco Digital Technology (01942.HK) has invested $500,000 (approximately HKD 3.925 million) in ALT5 Sigma Corporation (NASDAQ: ALTS) through a fund subscription [1] - The investment is seen as an opportunity for capital appreciation and aims to enhance the company's portfolio in the Web 3.0 and decentralized finance (DeFi) sectors [1] - The strategic goal is to explore and participate in the broader cryptocurrency ecosystem, including digital asset trading and payment solutions [1] Group 2 - ALT5 is a fintech company that provides next-generation blockchain technology for tokenization, trading, clearing, settlement, payment, and secure custody of digital assets [1]

Group 1 - The company, Marco Digital Technology (01942), has announced an indirect investment of $500,000 (approximately HKD 3.925 million) in ALT5 Sigma Corporation (NASDAQ: ALTS) through the subscription of a fund's member rights [1] - The fund is participating in ALT5's recent issuance alongside several major global institutional investors and well-known cryptocurrency venture capital firms, with World Liberty Financial, Inc. (WLFI) as the lead investor [1] - The company views this investment as a capital appreciation opportunity that can enhance its portfolio in the Web 3.0 and decentralized finance (DeFi) sectors, allowing it to capitalize on the rapid development of the Web 3 and cryptocurrency ecosystem, including digital asset trading and payment solutions [1]

Group 1 - Marco Digital Technology (01942.HK) has invested $500,000 (approximately HKD 3.925 million) in ALT5 Sigma Corporation (NASDAQ: ALTS) through a fund subscription, indicating a strategic move into the Web3 and DeFi sectors [1] - The investment is seen as an opportunity for capital appreciation and aims to enhance the company's portfolio in the rapidly evolving Web3 and cryptocurrency ecosystem, including digital asset trading and payment solutions [1] - The fund is backed by several major institutional investors and well-known cryptocurrency venture capital firms, with World Liberty Financial, Inc (WLFI) as the lead investor [1] Group 2 - ALT5 is a fintech company that provides next-generation blockchain technology for tokenization, trading, clearing, settlement, payment, and secure custody of digital assets [2] - ALT5 Sigma, Inc., a wholly-owned subsidiary of ALT5, has processed over $5 million in cryptocurrency transactions since its establishment in 2018 [2] - WLFI is an innovative DeFi protocol and governance platform that aims to empower individuals through transparent, convenient, and secure financial solutions, and is behind the USD1 stablecoin, one of the fastest-growing stablecoins globally [2]

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，概不對因本公告全部或任 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。 馬可數字科技控股有限公司 （股份代號：1942） （於開曼群島註冊成立的有限公司） 本公告由馬可數字科技控股有限公司（「本公司」，連同其附屬公司統稱「本集團」） 自願刊發。 本公司董事（「董事」）會（「董事會」）謹此宣佈，本集團近日已透過認購一個基 金（「該基金」）的成員權益間接向ALT5 Sigma Corporation（納斯達克股份代號： ALTS）（「ALT5」）投資500,000美元（約3,925,000港元）（「該投資」）。該基金與多 家全球最大的機構投資者及知名的加密貨幣創投公司共同參與ALT5近期發行（「發 行」），由World Liberty Financial, Inc（「WLFI」）作為領投方。 本集團認為，該投資是一個具有資本增值潛力的投資機會，可加強本集團在Web 3.0（「Web3」）及去中心化金融（「DeFi」）領域的投資組合，從而令本集團可迎接 Web3及加密貨幣生態系統 ...

Summary of the Conference Call for Sanwei Xinan Company Overview - **Company**: Sanwei Xinan - **Industry**: Cybersecurity and Encryption Technology Key Financial Performance - **Revenue**: Achieved 195 million yuan in H1 2025, a year-on-year increase of 15.19% [3] - **Gross Margin**: Overall gross margin decreased to 71.45% due to inventory valuation amortization costs from the acquisition of Jialiantian [3] - **Net Profit**: Slight decline in net profit attributed to downstream project rhythms, client budgets, and increased R&D investments [2][3] - **R&D Investment**: R&D expenses accounted for 40.34% of revenue, an increase of 9.07 percentage points year-on-year [3] Revenue Contribution by Sector - **Top Revenue Contributors**: - Cloud Vendors: 24% - Financial Sector: 23% - Energy Sector: 13% - **Core Products**: - Encryption Machines: 44% - Encryption Systems: 26% - Fastest Growth: Encryption Services, up 37% year-on-year [2][3] Strategic Focus Areas - **Technological Investments**: Focus on IoT terminal encryption security, cloud encryption services, quantum-resistant encryption products, and low-altitude drone flight safety [2][5] - **Market Expansion**: Emphasis on overseas markets and demand for hardware products in the B circle [2][5] Future Outlook - **H2 2025 Expectations**: Anticipation of completing large project deliveries and benefiting from national policies promoting encryption evaluations and critical information infrastructure protection [6] - **Market Opportunities**: AI and Web 3.0 technologies are expected to create new market opportunities [6] Blockchain and RWA Initiatives - **RWA Stablecoin Security**: Active collaboration with various banks to accumulate blockchain technology experience since 2021 [7] - **Blockchain Development**: Participation in Hong Kong's Web 3.0 registration platform and joining standardization associations to advance blockchain technology [4][9] Acquisitions and Business Synergies - **Recent Acquisitions**: Acquired Jiangnan Tianan and Keyou, enhancing capabilities in cloud services and finance, capturing over 80% of the domestic cloud encryption market [4][10] - **Business Integration**: Significant growth observed in the performance of acquired companies, indicating successful integration [10] Challenges and Risks - **Investor Actions**: Some venture capital investors have begun to reduce their holdings, which is a normal operation after a long-term investment [20][21] - **Market Competition**: The company faces challenges in a fragmented market but aims to consolidate through strategic acquisitions [11] Conclusion - **Long-term Vision**: Sanwei Xinan aims to become a trusted company with core technologies, focusing on creating value for customers and addressing domestic technological challenges [22][23]

Financial Performance - The company reported total revenue of 195 million yuan for the first half of 2025, an increase of 15.19% year-on-year [1] - The net profit attributable to shareholders was -29.39 million yuan, a decline of 314.35% compared to the previous year [1] - The gross margin decreased to 72.28%, down 5.93% year-on-year, while the net margin was -14.72%, a drop of 259.27% [1] - Total expenses (selling, administrative, and financial) accounted for 55.69% of revenue, an increase of 31.85% year-on-year [1] Key Financial Metrics - Earnings per share (EPS) was -0.26 yuan, a decrease of 315.76% year-on-year [1] - Operating cash flow per share was -0.41 yuan, down 115.3% compared to the previous year [1] - The company's net assets per share were 15.87 yuan, a decline of 1.1% year-on-year [1] Changes in Financial Items - Cash and cash equivalents decreased by 59.61% due to changes in cash management practices [1] - Trade receivables increased by 7.45%, while financial assets for trading surged by 525.83% due to cash management changes [2] - Contract assets rose significantly by 636.63% due to an increase in contract guarantee deposits [2] Business Model and Market Position - The company's performance is primarily driven by research and marketing efforts, with a focus on maintaining technological advantages in quantum-resistant cryptography [10][13] - The company has made significant investments in research and development, particularly in areas such as native cloud cryptography and low-altitude flight safety [9] - The company is positioned well in the market for quantum-resistant algorithms, having made early investments and achieved notable results in product development and pilot applications [13] Fund Holdings and Market Interest - The largest fund holding the company’s shares is Guoxin Guozheng New Star A, with a current scale of 137 million yuan and a recent net value increase of 3.59% [12] - Analysts expect the company's performance in 2025 to reach approximately 60.8 million yuan, with an average EPS forecast of 0.53 yuan [10]

Core Viewpoint - The company, 加幂科技, plans to acquire 80% of Rhino Trading Pty Ltd for HKD 400,000, aiming to expand its presence in the Australian digital currency trading market [1][2]. Group 1: Acquisition Details - The acquisition involves the company's indirect wholly-owned subsidiary, 元思维创新有限公司, purchasing the stake from Golden Cactus Pty Ltd [1]. - Rhino Trading Pty Ltd operates an online digital currency trading platform, allowing members to buy and trade cryptocurrencies [1]. - The target company is registered with AUSTRAC, enabling it to legally operate its digital currency trading business in Australia [1]. Group 2: Strategic Rationale - The initial acquisition serves as a stepping stone for the company to expand into the Australian digital currency exchange and OTC trading business [2]. - The company has completed a comprehensive legal and financial due diligence on the target company [2]. - The decision to acquire the remaining 80% stake instead of exercising the option to purchase shares is based on the target's existing licensing, infrastructure, operational experience, and potential synergies with the company's existing Web3.0 ecosystem [2]. Group 3: Future Prospects - The company anticipates leveraging its 30% stake in a Web3.0 social media platform and its extensive mining customer network to rapidly expand the customer base of the target company's trading platform [2]. - Strategic integration of the company's platforms, facilities, and expertise is expected to optimize the target company's operations and enhance its market presence [2]. - The company projects potential improvements in the operational and financial performance of the target company under its management [2].

Group 1 - The company, 加幂科技, announced the acquisition of 80% of Rhino Trading Pty Ltd for HKD 400,000, with the transaction expected to be completed by August 22, 2025 [1][2] - Rhino Trading Pty Ltd operates an online digital currency trading platform and is registered with AUSTRAC, allowing it to legally conduct digital currency trading in Australia [1][2] - The acquisition aims to expand the company's presence in the Australian digital currency exchange and over-the-counter trading business, leveraging existing licenses, infrastructure, and operational experience [2] Group 2 - The company has completed the initial acquisition and is conducting a comprehensive legal and financial due diligence on Rhino Trading Pty Ltd [2] - The strategic integration of the company's platforms and expertise is expected to optimize the operations of Rhino Trading and enhance its financial performance under the company's management [2] - The company anticipates rapid expansion of Rhino Trading's customer base by promoting its digital currency trading platform, utilizing the user base from its Web3.0 social media platform and its extensive mining client network [2]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price range of HKD 22.87 to HKD 25.39 [2][12][12]. Core Views - The company has demonstrated significant profit growth, with a net profit of HKD 668 million for the first half of 2025, reflecting a year-on-year increase of 1103.5% [2][3]. - The insurance business is driven by four distinct ecosystems, each contributing to premium growth and overall profitability [12][12]. Summary by Sections Basic Operations - Total premium income for the first half of 2025 reached HKD 16.661 billion, a year-on-year increase of 9.3% [2][3]. - The combined cost ratio improved by 2.3 percentage points to 95.6%, with a claims ratio improvement of 6.0 percentage points to 54.7% [3]. Health Ecosystem - The health ecosystem generated total premium income of HKD 6.275 billion, up 38.3% year-on-year, accounting for 37.7% of total premiums [3]. - The flagship product "Zunxiang e Sheng" achieved a premium scale of HKD 4.25 billion, while the "Zhongminbao" series saw a remarkable growth of 638.8% to HKD 1.03 billion [3]. Digital Life Ecosystem - The digital life ecosystem reported total premium income of HKD 6.209 billion, down 16.3% year-on-year, primarily due to a decline in e-commerce related policies [4]. - Innovative businesses contributed significantly, with pet insurance premiums growing by 51.3% to HKD 563 million [4]. Consumer Finance Ecosystem - The consumer finance ecosystem achieved total premium income of HKD 2.699 billion, a year-on-year increase of 23.6% [5]. - The underwriting balance rose to HKD 27.7 billion, up 14.6% from the end of the previous year [5]. Automotive Ecosystem - The automotive ecosystem generated total premium income of HKD 1.478 billion, reflecting a year-on-year increase of 34.2% [6]. - Premiums from new energy vehicles surged by 125.4%, with independent operations for compulsory insurance launched in Shanghai and Zhejiang [6]. ZA Bank Performance - ZA Bank achieved a net income of HKD 457 million, marking an 82.1% year-on-year increase, and recorded its first half-year profit of HKD 49 million [6]. - The net interest margin expanded, with net interest income rising by 43% to HKD 297 million [6]. Financial Projections - The report adjusts the EPS forecast for 2025-2027 to HKD 0.7, 0.9, and 1.1 respectively, with a corresponding BPS forecast of HKD 13.4, 14.5, and 15.7 [12][12]. - The valuation method includes a 1.5x PB for insurance and other businesses, 3-6x PB for digital banking, and 2-3x PS for technology output [12].