2025年上半年，全球经济增速放缓，广告行业也面临挑战，但整体仍保持增长态势。全球隐私保护政策 力度不断加强，而Mintegral通过先进的AI和机器学习技术，在不获取用户隐私的前提下，构建起强大的 用户定向及分析建模能力，推动技术进一步发展。与此同时，反垄断措施限制了大型科技公司在广告市 场的垄断行为，推动广告生态更开放、透明，为其他行业参与者创造了更多发展机遇。 混合变现成为主流选择，智能出价产品带来快速增长 对于移动应用开发者而言，混合变现策略正在成为主流选择，将广告、订阅、内购等多种变现方式有机 结合，提升收入来源的多样性。同时，ROI可控的出价方式能够精准衡量投入产出比，帮助广告主实现 精细化运营，确保每一笔投放都能带来预期的回报。Mintegral自2023年起，便大力投入智能出价体系的 建设，陆续推出了Target ROAS和TargetCPE智能出价功能，帮助广告主灵活应对各种变现场景。25H1 智能出价产品体系贡献的流水超过Mintegral总流水的80%，是推动Mintegral收入和利润增长的核心驱动 力。随着智能出价能力的提升，公司在垂类上也有了新的突破，在游戏品类中向中重度游戏扩张， ...

智通财经APP获悉，国证国际发布研报称，随着平台算法能力的升级迭代和新产品的推出，认为汇量科 技(01860)将会有更好的业绩表现。由于公司财务表现好于该行此前预期，该行上调2025及2026年盈利 预测并新增2027年预测，预期2025/2026/2027年EPS为0.06/0.08/0.10美元(前值为2025/2026年0.04/0.05美 元)，考虑未来业务增速较快，给予2025年PS 2x，上调目标价至20.9港元(前值为12.8港元)，维持"买 入"评级。 国证国际主要观点如下： 财务表现 混合变现成为主流选择，智能出价产品带来快速增长 对于移动应用开发者而言，混合变现策略正在成为主流选择，将广告、订阅、内购等多种变现方式有机 结合，提升收入来源的多样性。同时，ROI可控的出价方式能够精准衡量投入产出比，帮助广告主实现 精细化运营，确保每一笔投放都能带来预期的回报。Mintegral自2023年起，便大力投入智能出价体系的 建设，陆续推出了Target ROAS和TargetCPE智能出价功能，帮助广告主灵活应对各种变现场景。25H1 智能出价产品体系贡献的流水超过Mintegral总流水的80% ...

机构：国证国际 反垄断政策力度加强，给行业带来更多发展机会。2025 年上半年，全球经济增速放缓，广告行业也面 临挑战，但整体仍保持增长态势。全球隐私保护政策力度不断加强，而Mintegral 通过先进的AI 和机器 学习技术，在不获取用户隐私的前提下，构建起强大的用户定向及分析建模能力，推动技术进一步发 展。与此同时，反垄断措施限制了大型科技公司在广告市场的垄断行为，推动广告生态更开放、透明， 为其他行业参与者创造了更多发展机遇。 混合变现成为主流选择，智能出价产品带来快速增长。对于移动应用开发者而言，混合变现策略正在成 为主流选择，将广告、订阅、内购等多种变现方式有机结合，提升收入来源的多样性。同时，ROI 可控 的出价方式能够精准衡量投入产出比，帮助广告主实现精细化运营，确保每一笔投放都能带来预期的回 报。Mintegral 自2023 年起，便大力投入智能出价体系的建设，陆续推出了Target ROAS 和TargetCPE 智 能出价功能，帮助广告主灵活应对各种变现场景。25H1 智能出价产品体系贡献的流水超过Mintegral 总 流水的80%，是推动Mintegral 收入和利润增长的核心驱动力 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 20.9, up from a previous target of HKD 12.8 [1][4][7] Core Insights - The company reported a revenue of USD 938 million for the first half of 2025, representing a year-on-year growth of 47%, and a net profit of USD 32 million, which is a 3.4 times increase compared to the previous year [1][2] - The revenue from the advertising technology business reached USD 929 million, also growing by 47.6%, with the programmatic advertising platform Mintegral contributing USD 897 million, a growth of 48.6% [2][3] - The report highlights that the strengthening of antitrust policies is creating more opportunities for the industry, despite a slowdown in global economic growth [2] - The mixed monetization strategy is becoming mainstream, combining various revenue sources such as ads, subscriptions, and in-app purchases, which enhances revenue diversity [3] Financial Performance Summary - For 2025, the expected earnings per share (EPS) are projected at USD 0.06, with subsequent years forecasted at USD 0.08 for 2026 and USD 0.10 for 2027 [1][4] - The company’s revenue is expected to grow from USD 1,054.1 million in 2023 to USD 2,093.1 million in 2025, reflecting a growth rate of 38.8% [5][11] - Adjusted net profit is forecasted to increase significantly from USD 19.1 million in 2023 to USD 99.9 million in 2025, with a growth rate of 102.5% [5][11] Market Dynamics - The report notes that the advertising industry continues to grow despite challenges, driven by advancements in AI and machine learning technologies that enhance user targeting without compromising privacy [2][3] - The introduction of smart bidding products has significantly contributed to revenue growth, with over 80% of Mintegral's total revenue coming from this product line in the first half of 2025 [3]

Core Insights - The company reported a significant revenue increase of 47% year-on-year, reaching $938 million for the six months ending June 30, 2025 [1] - Adjusted EBITDA rose by 41% to $88.68 million, indicating strong operational efficiency and growth momentum [1] - The core growth driver, Mintegral, leverages AI and machine learning for its smart bidding system, enhancing ROI for advertisers [1] Revenue Breakdown - Mintegral generated $897 million in revenue, marking a 48.6% increase year-on-year, with over 80% of its total revenue coming from smart bidding products [1] - The gaming category performed exceptionally well, contributing $662 million in revenue, a 51.7% increase, and accounting for 74% of Mintegral's total revenue [2] - Non-gaming verticals, including e-commerce and tools, generated $236 million, representing 26% of Mintegral's revenue [2] Market Presence - Mintegral serves clients from approximately 130 countries and regions, with traffic coverage exceeding 250 areas, predominantly from overseas markets [2] - Over 99% of the devices used are sourced from international markets, indicating a solid foundation in the overseas market [2]

Core Insights - The company reported a significant revenue increase of 47% year-on-year, reaching $938 million for the six months ending June 30, 2025 [1] - Adjusted EBITDA rose by 41% to $88.68 million, indicating strong operational efficiency and growth momentum [1] - The core programmatic advertising platform, Mintegral, is a key growth driver, leveraging AI and machine learning for smart bidding strategies [1] Revenue Breakdown - Mintegral generated $897 million in revenue, reflecting a 48.6% year-on-year growth [1] - The smart bidding product system contributed over 80% of Mintegral's total revenue, highlighting its importance in driving both revenue and profit growth [1] Business Expansion - The gaming category performed exceptionally well, with revenue of $662 million, a substantial increase of 51.7%, accounting for 74% of Mintegral's total revenue [2] - The company is actively expanding into other verticals, achieving $236 million in revenue from non-gaming categories, which represents 26% of Mintegral's income [2] - Mintegral serves clients from approximately 130 countries and regions, with over 99% of devices coming from overseas markets, indicating a solid international presence [2]