Core Insights - The company achieved a revenue of HKD 1.456 billion in H1 2025, representing a year-on-year increase of 23.4% [1] - The adjusted EBITDA for H1 2025 was HKD 272 million, up 38.8% YoY, with an adjusted EBITDA margin of 18.7% [1] - The adjusted net profit reached HKD 121 million, reflecting an 88.1% YoY growth, with an adjusted net profit margin of 8.3% [1] Subscription Business - Subscription revenue amounted to HKD 610 million in H1 2025, a YoY increase of 11.8%, accounting for 41.9% of total revenue [2] - Significant progress was made in key areas such as micro-short dramas, music, and anime, with partnerships established for content protection and monetization [2] - The company integrated technology and team assets from PEX, enhancing its music asset management capabilities [2] Value-Added Services - Value-added services generated HKD 846 million in H1 2025, a YoY increase of 33.3%, making up 58.1% of total revenue [3] - The company continued to upgrade contracts with major content providers, increasing the quality and scale of value-added services [3] - The introduction of AI creative tools has led to new active assets and revenue streams [3] AI Platforms - The company developed two major platforms, Vobile MAX and DreamMaker, to commercialize AI applications in the creative industry [4] - Vobile MAX ensures clear rights and efficient trading of digital assets, while DreamMaker connects AI creative capabilities with multi-platform distribution [4] - The platforms are built on NVIDIA's Media2 ecosystem, offering diverse creative tools for creators [4] Profit Forecast - The company has raised its profit forecast, expecting revenues of HKD 3.00 billion, 3.79 billion, and 4.99 billion for 2025-2027, with corresponding net profits of HKD 237 million, 351 million, and 530 million [4]