自宣布关停后，微软广告的DSP业务终于找到了接盘侠——亚马逊。 10月7日，微软广告全球合作与零售媒体副总裁琳恩·乔尔索（Lynne Kjolso）发布了一个博客：亚马逊与微软宣布建立首选DSP及认证库存来源交换合作关 系。核心信息有三个： 3、微软广告的供应方SPP平台Monetize，将加入亚马逊CES计划（Certified Supply Exchange），成为亚马逊DSP上的核心供给方之一。 顺带说下，DSP（Demand Side Platform）是广告主用来自动化买流量的系统，帮助品牌在数千家媒体上"一站式买广告"，投放策略、预算控制、受众定 向和效果归因都集中在一个平台完成。而SSP（Supply Side Platform）是媒体或平台用来自动化卖广告位的系统，帮助内容方（比如新闻网站、视频平 台）把自己的广告库存以最优价格出售，接入多个买家，实现流量变现最大化。 一个是"流量买家"的系统，一个是"流量卖家"的系统，两者通过广告交易市场连接，构成了程序化广告的底层逻辑。 回顾微软在广告领域的扩张路线。从收购Xandr开始，微软其实是有野心的：构建一套完整的程序化广告栈，从DSP到SSP，从 ...

自宣布关停后，微软广告的DSP业务终于找到了接盘侠——亚马逊。 10月7日，微软广告全球合作与零售媒体副总裁琳恩·乔尔索（Lynne Kjolso）发布了一个博客：亚马逊 与微软宣布建立首选DSP及认证库存来源交换合作关系。核心信息有三个： 1. 微软广告的DSP需求方平台Invest将2026年2月28日前关闭。 回顾微软在广告领域的扩张路线。从收购Xandr开始，微软其实是有野心的：构建一套完整的程序化广 告栈，从DSP到SSP，从自有媒体（MSN、Outlook、Xbox、LinkedIn）到开放网络，配合Bing搜索与 Copilot生态，原本有可能成为一个"广告的AI平台范式"。 2025年Q2，微软广告收入达到34亿美元，同比增长9.2%，创下历史新高。按全年计算，这意味着微软 广告业务的营收规模可能突破140亿美元，已经跻身全球广告营收前五的平台。 但最终，微软还是放弃了构建完整广告栈的旧战场，转向由Copilot驱动的"对话式广告体验"——一个它 认为能与AI主航道深度融合的新战场。 2. Invest上广告主将由亚马逊DSP接管。 3. 微软广告的供应方SPP平台Monetize，将加入亚马 ...

来源：飞书深诺 2024年全球经济仍处于复苏阶段，移动市场的收入保持着8%的增速，但获客表现有小幅回落。与此同时，中国移动市场出海获客增长进入瓶颈期，下载量 明显回落，而应用内收入还在保持上涨的态势，其中出海的移动游戏收入增速超整体移动游戏表现，且在大部分地区的收入增速均高于海外发行商，出海移 动应用的收入增速仍保持在20%以上，在日本、北欧及拉美地区的收入增速均超50%。 2025年，全球移动市场将进入更加成熟和分化的阶段。收入增长将趋于平稳，增速预计仅5%,市场饱和及用户付费意愿下降将成为主要制约因素。获客难度 和成本将继续上升，厂商将更加注重用户留存和精细化运营。中国移动出海业务仍将面临地缘政治风险和本地化挑战，但AI技术的应用与创新可能为行业 带来新的增长点。 2025年全球 移动市场趋势洞察 Meet Intelligence 出品 Q Powered by Meetsocial 飞 书 课 诺 INDEX 目录 01 全球移动市场趋势变化 02 移动游戏市场回顾及中国出海表现 03 移动应用市场回顾及中国出海表现 全球移动市场 趋势变化 全球移动市场 | 宏观环境趋势 挑战叠加的2025年，移动出 ...

近日，全球领先的智能广告平台BIGO Ads再次通过IAB Tech Lab Open Measurement SDK(以下简称OM SDK) 合规认证，成为全球少数自2020起连续五年保持该认证的程序化广告平台之一。此次认证进一步彰显了BIGO Ads在 推动广告行业透明化、标准化方面的持续领先实力。 OM SDK由IAB Tech Lab制定，是全球广告行业的统一标准与共识，支持IAS、DoubleVerify等主流第三方验证工 具通过统一接口(OMID)，实现对广告可见性、曝光时长、交互等核心指标的标准化采集，并遵循媒体评级委员会 (MRC)认可的可见性计算方法，确保曝光率、可视像素比等指标具备行业一致性与权威性。 BIGO Ads长期践行行业标准，持续为广告主与开发者构建"可验证、可衡量、可信赖"的投放环境。面向广告主， BIGO Ads通过OM SDK实现精准曝光识别与跨平台数据一致性的监测，助力优化投放策略、提升ROI。对开发者而 言，通过行业统一标准，OM SDK可一次集成，支持多方验证，显著降低接入成本；同时OM SDK意味着广告质量可 被量化与验证，有助于提升平台在商业合作中的信任度与议价能 ...

近日，北京全时天地在线网络信息股份有限公司针对深圳证券交易所出具的《关于北京全时天地在线网 络信息股份有限公司发行股份购买资产并募集配套资金申请的审核问询函》，发布了回复（修订稿）。 此次回复对标的资产上海佳投互联网技术集团有限公司的业务发展、经营业绩等多方面进行了详细阐 述。 标的资产业务发展情况剖析历史沿革与资本变动：佳投集团自2016年成立以来，历经多次增资与减资。 2016年5月首次增资收到股东货币出资200万元，其中计入实收资本25万元；2018年第二次增资未实缴； 2021年第三次增资收到外部股东货币出资1800万元，其中计入实收资本27.76万元，原股东张富实缴出 资额增至125万元；2022年减资，外部股东以1950万元对价退出。其重要子公司百寻信息科技（上海） 有限公司自2018年成立未实缴注册资本，直至2025年5月缴足；上海推易软件技术有限公司自2017年成 立收到实缴出资75万元后未实缴，直至2024年8月缴足。2019年4月22日，张富实缴出资100万元，至此 其实缴出资额为125万元。行业背景与业务发展：程序化广告行业发展迅速，2024年全球程序化广告支 出达6509亿美元，占数字 ...

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant growth in revenue and profit, indicating robust demand in the advertising sector and effective product strategies [1][2][3] Financial Performance - The company achieved total revenue of $938 million in 2025H1, representing a year-over-year increase of 47.0% and a quarter-over-quarter increase of 9% [1] - The net profit attributable to the parent company was $32.28 million, up 340% year-over-year, while adjusted net profit reached $37.85 million, reflecting a 220% increase [1] - Adjusted EBITDA for the period was $88.68 million, marking a 41% year-over-year growth [1] Revenue and Profitability Metrics - The company's revenue growth was accompanied by an increase in the TR (advertising technology business revenue minus traffic acquisition costs) to 27.1%, up 1.0 percentage points year-over-year [1] - Gross margin improved to 21.4%, an increase of 0.9 percentage points year-over-year [1] - The second quarter of 2025 saw revenue of $498 million, a 48% year-over-year increase and a 13% quarter-over-quarter increase [1] Client and Traffic Growth - The daily advertising requests from clients surged from over 200 billion in 2024H1 to over 300 billion in 2025H1, with game clients accounting for 73.8% of the total [2] - The number of SDKs covered by the traffic end increased from over 80,000 in 2024H1 to over 110,000 in 2025H1, enhancing advertising placement opportunities [2] Product Development and R&D Investment - The company launched new smart bidding products, including the Hybrid ROAS optimization strategy in April 2025 and the IAPROAS optimization strategy in July 2025, which are expected to contribute to stable performance growth in the latter half of 2025 and into 2026 [2] - R&D expenses for 2025H1 were $87 million, a 39% increase year-over-year, with revenue per unit of R&D expense rising from $10.2 to $10.7 [2] Profit Forecast and Investment Rating - The company forecasts revenues of $2.211 billion, $2.747 billion, and $3.301 billion for 2025, 2026, and 2027 respectively, with net profits of $110 million, $164 million, and $207 million [3] - The company is positioned as a leading player in the global programmatic advertising market, with growth potential driven by smart bidding strategies targeting both heavy game and non-game advertisers [3]

Summary of Roku (ROKU) 2025 Conference Call Company Overview - **Company**: Roku, Inc. - **Date**: September 04, 2025 - **Key Speaker**: Dan Jeddah, COO and CFO Industry Insights - **Industry**: Streaming and Digital Advertising - **Market Position**: Roku controls over half of broadband households in the U.S. and is the leading platform for streaming viewership, surpassing traditional linear TV in hours streamed [4][5][6]. Key Points and Arguments Business Performance - **Platform Revenue Growth**: Roku's platform revenue is expected to grow in the high teens percentage range, driven by monetization initiatives [1][6]. - **User Engagement**: Roku has achieved over 80% engagement growth on its platform, particularly through The Roku Channel (TRC) [16][18]. - **Advertising Strategy**: The company has integrated with all major demand-side platforms (DSPs) to enhance ad inventory monetization [7][23]. Monetization Strategy - **Focus on Monetization**: Roku's strategy involves building scale, enhancing user engagement, and then monetizing that engagement [3][4]. - **Ad Inventory Supply**: Roku has a significant supply of ad inventory and is focused on increasing demand to fill this inventory [19][21]. - **Programmatic Advertising**: Over 50% of Roku's advertising revenue comes from programmatic channels, with expectations to reach 75% in the future [41][36]. Subscription Growth - **Diversification into Subscriptions**: Roku is investing in subscription services, including the acquisition of Friendly and the launch of Howdy, to diversify its revenue streams [66][67]. - **User Interface Advantage**: The control over the user interface allows Roku to effectively market and distribute subscription services [67][68]. Cost Management and Profitability - **Cost Structure**: Roku aims to maintain mid-single-digit growth in operating expenses while achieving operating income positivity by 2026 [72][74]. - **EBITDA Growth**: The company reported $260 million in adjusted EBITDA for 2024, with expectations to reach $375 million in the near future [73][74]. Future Opportunities - **Self-Service Advertising**: Roku has launched self-service advertising products aimed at small and medium-sized businesses (SMBs), which could significantly expand its advertiser base [44][50]. - **Market Trends**: The shift from linear to CTV advertising is expected to continue, with SMBs increasingly accessing CTV through self-service platforms [45][48]. Competitive Landscape - **Market Position**: Roku is positioned as the number one streaming platform in the U.S., Mexico, and Canada, with ongoing growth in Latin America [93]. - **Hardware Strategy**: Roku's operating system is favored by users, contributing to its strong market position despite competition from other hardware manufacturers [88][90]. Additional Important Insights - **Performance Measurement**: Roku is integrating with measurement companies to enhance advertisers' ability to track performance and ROI [56][57]. - **Future Growth Potential**: The company anticipates that new monetization initiatives, including gaming and enhanced programmatic advertising, will contribute to future growth [91][92]. This summary encapsulates the key insights and strategic directions discussed during the Roku conference call, highlighting the company's focus on monetization, user engagement, and market leadership in the streaming industry.

Core Insights - Amazon's advertising business has shown remarkable growth, with Q2 2025 revenue reaching $15.7 billion, a year-over-year increase of approximately 22%, making it the fastest-growing segment within the company [1] - The Trade Desk (TTD) reported Q2 revenue of $694 million, a 19% increase, but faced a significant stock price drop of nearly 40% due to concerns over growth slowdown and competition, particularly from Amazon [1][2] - Analysts have linked TTD's stock decline to Amazon's strong advertising performance, suggesting that Amazon's rapid growth is encroaching on the market space for independent Demand Side Platforms (DSPs) [1][2] Amazon's DSP Strategy - Amazon has set an ambitious goal to surpass Google’s DV360 and TTD to become the world's leading DSP, indicating a strategic focus on expanding its DSP business [2] - The appointment of Kelly MacLean from Meta as VP of Amazon DSP highlights the importance of this segment within Amazon's advertising strategy [2] - The need to grow DSP is driven by the limitations of in-platform advertising, which is closely tied to e-commerce transactions and has a natural growth ceiling [3][4] Expansion Beyond E-commerce - DSP allows Amazon to leverage first-party data from its e-commerce platform and extend its advertising capabilities to external media, creating a more comprehensive advertising ecosystem [4][5] - The introduction of DSP has enabled non-e-commerce advertisers, such as automotive and financial services companies, to utilize Amazon's advertising platform, thus broadening its market reach [5][6] Market Dynamics and Challenges - The advertising landscape is shifting due to regulatory pressures on Google and the phasing out of third-party cookies, which has increased the value of first-party data [7][9] - The transition from an "open web" to a "walled garden" model has concentrated bargaining power among major platforms like Amazon, Google, and Meta, while putting pressure on independent ad tech companies [7][9] - Despite strong private market activity in ad tech, publicly traded ad tech companies have seen their stock prices decline significantly, indicating a challenging environment for independent DSPs [8][9] Future Developments - By 2024, Amazon's DSP will expand to include external advertising inventory, allowing advertisers to reach audiences on platforms like Prime Video [10] - The introduction of Amazon Marketing Cloud (AMC) will enable advertisers to analyze their data alongside Amazon's without transferring it out of AWS, enhancing advertising effectiveness [10][11] - Amazon's proactive approach in the advertising sector was evident at the Cannes Lions Festival, where it showcased its growing presence and ambition in the advertising market [12][13][14]

Core Insights - Huya Technology (01860) saw a significant stock increase of over 14%, reaching HKD 16.1 with a trading volume of HKD 1.79 billion [1] Financial Performance - For the interim period ending in 2025, the company reported a revenue of USD 938 million, representing a substantial year-on-year growth of 47% [1] - Adjusted EBITDA was recorded at USD 88.68 million, showing a year-on-year increase of 41% [1] - The core programmatic advertising platform, Mintegral, generated revenue of USD 897 million, marking a year-on-year growth of 48.6% [1] Business Development - Mintegral's gaming category performed exceptionally well, achieving revenue of USD 662 million, which is a significant year-on-year increase of 51.7% and contributed 74% to Mintegral's total revenue [1] - The intelligent bidding product system has contributed over 80% of Mintegral's total revenue, becoming the main driver for the company's revenue and profit growth [1] - The company is actively expanding into other verticals, such as e-commerce and tools, with non-gaming verticals generating revenue of USD 236 million, accounting for 26% of Mintegral's revenue [1]

Summary of the Conference Call for 易点天下 Company Overview - **Company**: 易点天下 (Yidian Tianxia) - **Industry**: Digital Marketing and Advertising Key Points and Arguments Revenue Growth and Market Demand - 易点天下 is expected to accelerate revenue growth in the second half of 2024, driven by strong demand for overseas marketing, particularly in e-commerce, short dramas, and gaming applications, with revenue growth in the latter two exceeding 35% [2][4] - The programmatic advertising segment is projected to see a year-on-year growth rate exceeding 50% in the first half of 2024, with Q1 growth reaching 70%-80% [2][4] Programmatic Advertising Importance - Programmatic advertising is a crucial business for 易点天下, with its platform Zeamatic integrating numerous mid-to-long tail media and receiving endorsement from Google Play [2][5] - Algorithm upgrades have improved inference efficiency by 7 times, reduced task execution time, increased precision, and lowered computational resource costs by 25%, significantly enhancing ROI and driving revenue growth [2][5] Unique Business Model - 易点天下's business model differs from other overseas marketing agencies by not only earning rebate differences but also providing technical services and ad placement channels, settling with advertisers on a CPA basis, resulting in a gross margin typically above 10% [2][6] Impact of Tariff Policies - The impact of U.S. tariff policies on 易点天下 is limited, as the company serves diverse markets including Southeast Asia, Latin America, and the Middle East, maintaining strong overseas demand despite potential U.S. market challenges [2][7] Short Drama Market Insights - The overseas short drama market is expected to exceed $4.5 billion in 2024, with in-app purchases doubling to $1 billion in the first half of the year, indicating a large potential user base [2][8] - Chinese companies like 中文在线's Serial and 昆仑万维's Drama Wave hold significant positions in the overseas short drama market, providing more marketing opportunities for 易点天下 [2][9] AI Empowerment in Advertising - AI technology enhances 易点天下's advertising capabilities by improving cost efficiency and effectiveness across the marketing chain, with the introduction of digital solutions like Credo AI, Fans Data, and Sacker [3][11] - The company aims to broaden its service offerings to small and medium-sized enterprises (SMEs) through platforms like ASGO AI, enabling rapid global ad deployment [3][11] Future Growth Potential - 易点天下's future growth is expected to benefit from global trends and AI-enhanced programmatic advertising, with Q1 and Q2 2024 programmatic advertising growth rates both exceeding 50% [2][16] - The company is focused on maintaining this growth momentum and capitalizing on the overall demand for overseas marketing [2][16] Strategic Collaborations - 易点天下 has formed strategic partnerships, including with Adjust for data monitoring and attribution analysis, and with Applovin as its first-level e-commerce agent in Greater China, which will help expand its e-commerce business coverage [10] Additional Important Insights - The company has demonstrated strong stock performance due to consistent earnings that exceed market expectations, driven by excellent performance in gaming and AI-driven advertising technology upgrades [2][14] - The company is in the early stages of accumulating data in programmatic advertising, with a focus on optimizing systems and overall ROI, aiming to replicate successful models like Applovin, particularly in e-commerce advertising [2][15]