微盟 20260112 摘要 威盟 GU 产品通过提升广告点击率和转化率优化广告效果，而非直接竞 争，能显著提高广告投放的 ROI，降低注册成本，提高付费转化率，对 广告投放企业具有较高价值。 GU 产品按场景和问题数量收费，基础版季度 1 万元/年度 2 万元，高级 版季度 3 万元/年度 6 万元，高级版提供舆情监控。客户需根据问题数量 购买相应数量的版本，如 100 个问题需购买 5 份。 威盟服务于包括私立医院、高精密仪器制造等几乎所有行业，订单金额 因场景复杂度而异，从 10 万到 100 万/年不等，市场潜力巨大，所有广 告投放企业均为潜在用户。 GU 产品采用效果付费模式，以品牌在六大模型平台提问特定问题时出 现在前三名为标准，季末或月末达标即收费，确保商家为实际效果付费， 提升客户接受度。 私立医院营销广告投入巨大，如某知名医院年投入数亿元，若 AI 披露比 率提升，ROI 提高 0.2%-0.3%，即可收回百万年费投资，节省数百万 费用，模式可持续。 Q&A GU 产品并非广告的竞争对手，而是优化广告效果的一种工具。它通过提升广 告点击率、转化率等指标来提高广告效果。例如，通过 GO 优化后 ...

本文源自：智通财经网 消息面上，汇量科技今年第三季度实现营收5.32亿美元，同比增长27.6%；实现毛利1.11亿美元，同比 增长26.4%；经调整EBITDA达4705万美元，较2024年同期的大幅增长37.3%。核心板块中，期内 Mintegral 录得收入5.08亿美元，同比增长26.2%。开源证券此前发研报称，公司规模效应逐步显现，盈 利能力显著提升。看好AI驱动业绩逐季释放，维持"买入"评级。 该行还指出，公司推动AI在广告服务各环节应用深化。素材制作环节，旗下Playturbo平台3月支持AI配 音/翻译/极速生图等，8月上线"数字人视频"、"图片转视频"两大AI视频功能；广告投放环节，4月 Hybrid ROAS竞价策略优化模型上线，助力开发者锁定高价值人群，7月IAPROAS优化策略正式上线， 赋能IAP应用出海并提升质效。看好AI持续赋能广告业务，提升服务竞争力并驱动业绩持续增长。 智通财经获悉，汇量科技(01860)涨超6%，截至发稿，涨6.29%，报15.2港元，成交额1.76亿港元。 ...

责任编辑：卢昱君 汇量科技（01860）午前股价上涨6.50%，现报15.23港元，成交额1.94亿港元。 汇量科技今年第三季度实现营收5.32亿美元，同比增长27.6%；实现毛利1.11亿美元，同比增长26.4%； 经调整EBITDA达4705万美元，较2024年同期的大幅增长37.3%。核心板块中，期内Mintegral 录得收入 5.08亿美元，同比增长26.2%。 开源证券此前发研报称，公司规模效应逐步显现，盈利能力显著提升。看好AI驱动业绩逐季释放，维 持"买入"评级。 该行还指出，公司推动AI在广告服务各环节应用深化。素材制作环节，旗下Playturbo平台3月支持AI配 音/翻译/极速生图等，8月上线"数字人视频"、"图片转视频"两大AI视频功能；广告投放环节，4月 Hybrid ROAS竞价策略优化模型上线，助力开发者锁定高价值人群，7月IAPROAS优化策略正式上线， 赋能IAP应用出海并提升质效。看好AI持续赋能广告业务，提升服务竞争力并驱动业绩持续增长。 汇量科技（01860）午前股价上涨6.50%，现报15.23港元，成交额1.94亿港元。 汇量科技今年第三季度实现营收5.32亿美元， ...

Core Insights - 汇量科技's stock rose over 6%, currently up 6.29% at HKD 15.2, with a trading volume of HKD 176 million [1] Financial Performance - In Q3, 汇量科技 achieved revenue of USD 532 million, a year-on-year increase of 27.6% [1] - Gross profit reached USD 111 million, reflecting a year-on-year growth of 26.4% [1] - Adjusted EBITDA was USD 47.05 million, significantly up by 37.3% compared to the same period in 2024 [1] Business Segments - The core segment, Mintegral, recorded revenue of USD 508 million, a year-on-year increase of 26.2% [1] Analyst Outlook - 开源证券's report indicates that the company's scale effects are becoming evident, leading to significant improvements in profitability [1] - The firm maintains a "buy" rating, anticipating AI-driven performance improvements to be released quarterly [1] AI Integration - The company is deepening the application of AI across various stages of advertising services [1] - In March, the Playturbo platform supported AI voiceover, translation, and rapid image generation; in August, it launched "digital human videos" and "image-to-video" AI features [1] - In April, the Hybrid ROAS bidding strategy optimization model was launched to help developers target high-value audiences, followed by the IAPROAS optimization strategy in July to enhance the quality and efficiency of IAP applications going overseas [1]

该行还指出，公司推动AI在广告服务各环节应用深化。素材制作环节，旗下Playturbo平台3月支持AI配 音/翻译/极速生图等，8月上线"数字人视频"、"图片转视频"两大AI视频功能；广告投放环节，4月 Hybrid ROAS竞价策略优化模型上线，助力开发者锁定高价值人群，7月IAPROAS优化策略正式上线， 赋能IAP应用出海并提升质效。看好AI持续赋能广告业务，提升服务竞争力并驱动业绩持续增长。 智通财经APP获悉，汇量科技(01860)涨超6%，截至发稿，涨6.29%，报15.2港元，成交额1.76亿港元。 消息面上，汇量科技今年第三季度实现营收5.32亿美元，同比增长27.6%；实现毛利1.11亿美元，同比 增长26.4%；经调整EBITDA达4705万美元，较2024年同期的大幅增长37.3%。核心板块中，期内 Mintegral 录得收入5.08亿美元，同比增长26.2%。开源证券此前发研报称，公司规模效应逐步显现，盈 利能力显著提升。看好AI驱动业绩逐季释放，维持"买入"评级。 ...

Core Viewpoint - Huya Technology (01860) reported strong financial performance for the three months ending September 30, 2025, with significant year-on-year growth in revenue and adjusted EBITDA, driven by its core business Mintegral and the integration of AI technologies in advertising services [1] Financial Performance - Revenue for the reporting period reached $532 million, representing a year-on-year increase of 27.6% [1] - Gross profit amounted to $111 million, up 26.4% compared to the previous year [1] - Adjusted EBITDA was $47.05 million, showing a substantial growth of 37.3% from the same period in 2024 [1] Core Business Insights - Mintegral generated $508 million in revenue, reflecting a 26.2% year-on-year growth and accounting for approximately 95.5% of the group's total revenue [1] AI Integration and Growth Potential - The company is leveraging AI to enhance its advertising services, with various applications being implemented across different stages of the advertising process [1] - New AI features launched include AI voiceover, translation, and rapid image generation on the Playturbo platform, as well as AI video functionalities introduced in August [1] - The Hybrid ROAS bidding strategy optimization model was launched in April, aimed at helping developers target high-value audiences, followed by the IAPROAS optimization strategy in July to enhance the quality and efficiency of IAP applications [1]

Core Insights - Huya Technology (01860) shares rose over 6%, currently up 6.45% at HKD 14.86, with a trading volume of HKD 264 million [1] Financial Performance - For the three months ending September 30, 2025, Huya Technology reported revenue of USD 532 million, a year-on-year increase of 27.6% [1] - Gross profit reached USD 111 million, reflecting a 26.4% year-on-year growth [1] - Adjusted EBITDA was USD 47.05 million, significantly up by 37.3% compared to the same period in 2024 [1] Business Segments - The core segment, Mintegral, generated revenue of USD 508 million, a 26.2% increase year-on-year, accounting for approximately 95.5% of total group revenue [1] AI Integration and Growth Potential - Open Source Securities expressed optimism regarding the substantial increase in adjusted profits, highlighting the potential of AI to drive rapid growth for Mintegral [1] - The company is deepening AI applications across various stages of advertising services, including: - In March, the Playturbo platform introduced AI voiceover, translation, and rapid image generation [1] - In August, two new AI video features, "Digital Human Video" and "Image to Video," were launched [1] - In April, a Hybrid ROAS bidding strategy optimization model was launched to help developers target high-value audiences [1] - In July, the IAPROAS optimization strategy was officially launched to empower IAP applications for overseas expansion and enhance quality and efficiency [1] - The continuous integration of AI in advertising services is expected to enhance competitive strength and drive sustained revenue growth [1]

Core Insights - The Trade Desk (TTD) reported a strong performance in Q3 2025, with revenue reaching $739 million, an 18% increase year-over-year [1][2] - The company anticipates Q4 2025 revenue to be at least $840 million, with adjusted EBITDA projected at approximately $375 million [1] - TTD's board approved an additional $500 million for stock buybacks, following a $310 million repurchase in Q3 2025 [1] Financial Performance - Q3 2025 revenue: $739 million, up 18% from the previous year [1][2] - Adjusted EBITDA for Q3 2025: approximately $317 million [1] - Q4 2025 revenue forecast: at least $840 million, with adjusted EBITDA around $375 million [1] Stock Buyback Program - TTD repurchased $310 million of Class A common stock in Q3 2025 [1] - As of September 30, 2025, TTD had $60 million of authorized but unused stock buyback capacity [1] - The remaining $60 million of the buyback plan was completed by October 2025 [1] - An additional $500 million stock buyback program was approved by the board [1] Market Position and Strategy - TTD's growth is attributed to innovative products launched on the Kokai platform, enhancing data-driven advertising for global brands [2] - The company is leveraging artificial intelligence to reshape the advertising ecosystem, increasing reliance from global clients [2] - TTD maintains a leadership position in Connected TV (CTV), retail media, and the Open Internet advertising ecosystem [2] - The company aims to continue helping advertisers achieve growth in the Open Internet and gain greater market share [2]

Core Insights - DBS Bank highlights that advertising technology is a mature application of AI, offering the highest return on investment in AI capital expenditures [1] Industry Summary - The global mobile app advertising market is projected to grow at a 9% compound annual growth rate (CAGR), reaching $534 billion by fiscal year 2029 [1] - Game, e-commerce, and other vertical applications (including social media) are expected to account for approximately 20%, 50%, and 30% of the market, respectively [1] - The demand for third-party advertising platforms, such as JOYY Inc. (欢聚集团), is increasing due to their strong AI bidding capabilities and higher advertising ROI, allowing them to capture market share in a fragmented environment [1] - The globalization of Asian gaming, e-commerce, and short video apps is providing strong momentum for the growth of third-party advertising platforms [1] Company Summary - JOYY Inc. is expanding its global advertising technology and cross-border e-commerce SaaS, with ample cash reserves and a high dividend yield providing a margin of safety for investors [1] - The rapidly growing advertising business further strengthens market bullish expectations for JOYY Inc. [1] - DBS Bank is optimistic about JOYY Inc.'s value and growth combination, noting that as of Q2 2025, the company holds $3.3 billion in net cash, covering a market capitalization greater than 100% [1] - JOYY Inc. plans to return up to $900 million to shareholders from 2025 to 2027, including $600 million in dividends (approximately 6% dividend yield) and up to $300 million in share buybacks (about 3% of market capitalization) [1] - The live streaming revenue continues to serve as a "cash cow," maintaining stability [1]

Financial Data and Key Metrics Changes - In Q3 2025, total billings were $89.2 million, representing a 20.3% decrease year-over-year due to content restrictions impacting budget sizes [18] - Revenue decreased by 22.4% to $52.0 million, driven by the decrease in billings [19] - Adjusted contribution was $30.0 million, down 17.5% from the prior year, but the margin as a percentage of revenue increased to 57.7%, up 3.5 percentage points [20] - Adjusted EBITDA was positive at $3.2 million, an increase of $5.0 million year-over-year [20] - Operating cash flow was positive at $1.8 million, while free cash flow was negative at $2.7 million, showing an improvement of $1.2 million from the prior year [21] Business Line Data and Key Metrics Changes - U.S. revenue, excluding Bridge, decreased by 28% due to lower billings stemming from content restrictions [19] - Bridge revenue decreased by 15% due to the loss of a major account in previous quarters [20] - The U.K. business showed strength with a 22% revenue growth year-over-year, driven by higher billings and increased supply [11][19] Market Data and Key Metrics Changes - The company experienced a significant increase in billings from new merchants, including a large athletic apparel brand [20] - The number of MQUs (Monthly Active Users) increased by 21% to 230.3 million, driven by the full ramp of new FI partners [21] - APU (Average Price per User) was $0.11, down 31% year-over-year due to content restrictions [21] Company Strategy and Development Direction - The company plans to solidify its foundation and grow its commerce media platform in 2026, focusing on expanding its CRP partner cohort and strengthening existing FI partnerships [17] - The strategy includes unlocking increased advertiser budgets by delivering differentiated products such as omnichannel performance [17] - The company aims to replace lost supply through new partnerships and increase engagement with existing partners [23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged headwinds from the largest FI partner blocking advertiser content but noted that they were able to mitigate a significant portion of the drop due to the larger network [4][6] - The outlook for Q4 includes expected billings between $86 million and $96 million, with a negative year-over-year decrease of 26% to 17% [22] - Management expressed confidence in returning to growth and achieving profitability once current headwinds are navigated [27] Other Important Information - The company fully paid off $46 million in convertible notes and reduced its workforce by 30% to ensure long-term financial health, expecting annualized cash savings of $26 million [16][17] - The company is focusing on strategic pricing decisions to drive incremental spend from advertisers while remaining competitive in the market [25] Q&A Session Summary Question: Billing margins commentary - Management explained that the decrease in billing margins in Q3 was primarily due to supply changes from the largest FI partner, but margins improved by the end of the quarter and are expected to continue improving [30][31] Question: Guidance on adjusted EBITDA range - Management clarified that the larger range in adjusted EBITDA compared to adjusted contribution is due to top-line performance and margin fluctuations, with operating expenses expected to be stable [32][33]