证券研究报告 | 公司点评 | 数字媒体 阜博集团(03738) 报告日期：2025 年 12 月 17 日 IP+AI 的范式级合作，迪士尼开启"好莱坞拥抱 AI"新时代 考虑到 AI 生成内容贡献增量、微短剧出海、数字内容资产交易等弹性，我们预 计公司 25-27 年营收分别为 29.9/35.7/43.0 亿港元，当前股价对应 4.6/3.7/3.1 倍 P/S；经调整利润分别为 2.1/3.3/4.2 亿港元，当前股价对应 51/34/26 倍 P/E；维持 "买入"评级。 风险提示 技术迭代风险（AI 生成技术催生新的侵权方式）、竞争加剧风险、产业发展不确 定性风险（目前双方合作仅限于协议阶段，具体落地及效果仍具备不确定性）。 投资评级: 买入(维持) 分析师：冯翠婷 执业证书号：S1230525010001 fengcuiting@stocke.com.cn 分析师：陈磊 执业证书号：S1230521090002 chenlei01@stocke.com.cn 基本数据 ——阜博集团事件点评 投资要点 盈利预测与估值 1 《AI 视频爆发受益品种，参与 红果等微短剧出海及发力资产交 易》 2025 ...

Hong Kong, Dec. 16, 2025 (GLOBE NEWSWIRE) -- VS MEDIA Holdings Limited (Nasdaq: VSME) (“VS MEDIA” or “the Company”), a company managing a global network of digital Creators who create and publish content to social media platforms such as YouTube, Facebook, Instagram, and TikTok, today announced it has received a letter of noncompliance from The Nasdaq Stock Market LLC (“Nasdaq”), dated December 15, 2025, notifying the Company that based on VS MEDIA’s closing bid price for the last 30 consecutive business da ...

Core Insights - TNL Mediagene is focusing on operational execution in 2026 after resolving previous SPAC-related issues, marking a transition year for the company [2] - The company issued a senior convertible note with a principal of $1.67 million, providing improved financial flexibility and deferring potential stock conversion activity [2] - Sidoti & Company initiated research coverage on TNL Mediagene in July 2025, highlighting the company's improved capital structure and operational focus [3][5] Financial Developments - The newly issued convertible note has an 18-month maturity with no installment payments for the first six months, and includes a five-year warrant with a premium exercise price [2] - The revised structure of the convertible note is expected to reduce near-term stock overhang risk while enhancing financial flexibility [2] Company Background - TNL Mediagene was formed in May 2023 through the merger of The News Lens Co., Ltd. and Mediagene Inc., focusing on digital media across multiple languages and topics [6] - The company operates approximately 500 employees across Asia, with a commitment to high-quality content and political neutrality [6]

Financial Data and Key Metrics Changes - Total revenue for the first quarter was $7.6 million, up 5.8% year-over-year [14] - Advertising revenue increased by 6% for the quarter, driven by strong growth in the Zedge marketplace [15] - GAAP income from operations was $0.9 million, compared to a loss of $0.5 million last year [17] - Non-GAAP net income was $0.9 million, with EPS of $0.07, compared to break-even last year [17] - Free cash flow was negatively impacted by approximately $350,000 due to tax withholding payments related to restructuring [18] Business Line Data and Key Metrics Changes - Zedge marketplace revenue increased significantly, supported by strong advertising CPMs and subscription revenues [14][15] - Zedge Plus subscription revenue rose by 29% year-over-year, with net active subscribers growing by 54% to nearly 1.1 million [15] - Deferred revenue reached $5.7 million, up 7% sequentially and 55% year-over-year, indicating future revenue potential [16] - Cost of revenue increased to 7.3% from 6.4% last year due to reduced partner discounts and new licensing fees [17] Market Data and Key Metrics Changes - The company is seeing a growing interest in its Data Seeds offering, with a robust pipeline of prospective customers [5][7] - The market for rights-cleared and high-quality datasets is expanding, as evidenced by significant licensing agreements in the industry [8] Company Strategy and Development Direction - The company aims to build products that resonate with users, scale successful ones, and allocate capital to enhance long-term shareholder value [12] - The focus remains on innovation, with plans to introduce additional alpha products throughout fiscal 2026 [10] - The company is committed to a disciplined approach to capital allocation, including share repurchases and dividends [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's leaner cost structure and efficient operating model entering fiscal 2026 [11] - The company anticipates strong cash generation for the remainder of fiscal 2026, despite temporary pressures this quarter [11] - Management is optimistic about the growth potential in both consumer and enterprise markets [12] Other Important Information - The company repurchased 240,000 Class B shares during the quarter and paid its first quarterly dividend [12] - The restructuring actions taken earlier this year are expected to yield ongoing savings and operational efficiencies [11] Q&A Session Summary Question: How is Data Seeds recognized as revenue? - Revenue from Data Seeds is recognized when the product is delivered and accepted, currently grouped under digital goods and services [20][21] Question: What is the typical sales process for Data Seeds? - The sales process involves operational steps beyond content production, including contract negotiations, and clarity on timelines is expected in the coming quarters [24][25] Question: What is the current operating status of GuruShots? - GuruShots is currently incurring losses, with operating losses partially attributed to Data Seeds, and is stabilizing at around $150,000 per month [29][30] Question: What is the outlook for Emojipedia? - Management is monitoring the impact of AI Overviews on Emojipedia and hopes to stabilize its performance in the coming quarters [31] Question: What was the impact of restructuring costs on free cash flow? - Restructuring costs included approximately $330,000 in tax withholding payments, which impacted free cash flow during Q1 2026 [36] Question: How much is left in the share buyback program? - There is approximately $600,000 remaining under the current buyback authorization [37]

来源：环球网 【环球网科技报道 记者 张阳】在数字经济蓬勃发展的当下，算力已成为推动城市智慧转型与产业升级 的核心动力。随着《算力基础设施高质量发展行动计划》的深入实施，1ms城市算网作为构建高效算力 运载体系的关键举措，正积极响应国家战略，重塑城市发展模式。 《算力基础设施高质量发展行动计划》明确提出，提升算力高效运载能力是重点任务之一，要求城区重 要算力基础设施间时延不高于1ms，国家枢纽节点内重要算力基础设施间时延不高于5ms。作为承接"东 数西算"国家战略的核心区域，四川立足"川渝一体、全域协同、绿色低碳"的发展定位，正以1ms城市算 网建设为抓手，打破区域算力壁垒，推动算力资源从专业资源转变为城市公共服务，为AI大模型训 练、智能制造等产业提供支撑，也为民生服务、城市治理等场景注入高效动能。 1ms城市算网：重塑成渝发展新格局 作为成渝地区双城经济圈核心城市，成都率先发力，通过技术创新与模式创新双轮驱动，构建起立体化 的算网基础设施体系。依托天府数据中心集群、F5G-A 1ms天府光网等核心资源，成都已实现城市内 1ms、经济圈内3ms、全省5ms的时延圈布局，推动算力像水电一样融入生产生活的方方面 ...

 Vancouver, British Columbia, Canada – TheNewswire - December 10, 2025 – GOAT Industries Ltd. (the “Company” or “GOAT”) (CSE: GOAT) (OTC: BGTTF) (FWB: 26B.F) is pleased to announce that it has acquired 1509467 B.C. Ltd. (“150 BC”) and Veroom, Inc. (“Vroom” and, together with 150 BC, the “Targets”) from the securityholders of the Targets (the “Vendors”), as previously announced pursuant to the Company’s press releases dated September 26, 2025, October 16, 2025, October 6, 2025, and November 13, 2025. The Co ...

The Company successfully hosted INSIDE Future Day 2025 in Taipei on December 9th INSIDE Future Day is a forum event organized by the Company's INSIDE media property and has been the Company's flagship technology event since 2019. The event focuses on emerging trends in technology and innovation, bringing together key figures from the tech industry; including entrepreneurs, investors and senior executives; to share their insights and experiences on future technologies, industry shifts and startup trends Du ...

Summary of Ziff Davis Conference Call Company Overview - **Company**: Ziff Davis (NasdaqGS: ZD) - **History**: Established over a century ago, originally focused on eFax services, diversified into digital media, software, and subscription data assets over the last decade [3][4] - **Business Structure**: Divided into five reportable segments: 1. **Tech and Shopping**: Brands include PCMag, CNET, RetailMeNot, focusing on consumer communities and e-commerce 2. **Gaming and Entertainment**: Includes IGN Entertainment and Humble Bundle, serving the gaming community 3. **Everyday Health**: Focuses on health and wellness, connecting pharma with consumers and professionals 4. **Connectivity**: Brands like Ookla and Ekahau, serving the broadband community 5. **Cybersecurity and MarTech**: Subscription and licensing services for marketing and cybersecurity [4][5] Financial Performance and Strategy - **Intrinsic Value vs. Share Price**: There is a perceived gap between the intrinsic value of Ziff Davis's businesses and its public share price, prompting a focus on capital allocation and stock buybacks [10][16] - **Stock Buyback Program**: Increased allocation of capital to stock buybacks, with approximately 3.6 million shares repurchased year-to-date, utilizing 80-85% of free cash flow [135][136] - **M&A Activity**: Seven acquisitions completed in 2025, with a focus on enhancing existing businesses rather than large-scale purchases [146][148] Market Dynamics and Growth Opportunities - **Conglomerate Discount**: The company acknowledges a conglomerate discount affecting its valuation, with hopes that the new five-segment reporting will help clarify the value of each division [18][35] - **Health and Wellness Growth**: The Everyday Health segment is experiencing double-digit revenue growth with high EBITDA margins, driven by connections between pharma advertisers and consumer health communities [40][55] - **Cybersecurity and MarTech Recovery**: This segment returned to growth in Q3 2025, with improvements in both the VIPRE business and consumer privacy services [84][86] Challenges and Considerations - **Traffic Dependency**: Approximately 35% of revenue is web traffic dependent, with half of that from search, raising concerns about future revenue stability as search dynamics evolve [112][114] - **Market Adaptation**: The company is aware of the changing landscape in digital media and search algorithms, which can impact revenue generation [127][129] Future Outlook - **Value Creation Focus**: The company aims to create shareholder value through disciplined capital allocation and enhancing business performance [154][156] - **Continued M&A Interest**: Ziff Davis remains open to considering transactions that could unlock value, especially if significant gaps in valuation are identified [37][39] This summary encapsulates the key points discussed during the Ziff Davis conference call, highlighting the company's structure, financial strategies, market dynamics, and future outlook.

Core Insights - The Company hosted the 9th Becoming Aces Awards, recognizing 20 youth changemakers in Taiwan and launched the "Rising Star in Digital Impact" award in collaboration with the 91APP Foundation [1][2] - The 2025 program emphasizes "Growing Together with Others," focusing on youth-led social innovation and public value [2] - The initiative includes the "Becoming Aces Running Program," encouraging past awardees to train for the Taipei Marathon half-marathon [5][6] Company Initiatives - The Becoming Aces platform, established in 2015, has recognized around 200 youth changemakers over nine years, showcasing achievements in social innovation and technology-driven initiatives [2][3] - The inaugural "Rising Star in Digital Impact" award honors youth for innovative applications of digital technology, e-commerce, and AI, with a focus on women's empowerment and local brand innovation [3][4] - The 2025 program featured "Becoming Aces Table 3.0," which included alumni collaboration on dishes inspired by local culture and public forums on various themes [4] Future Directions - The Company aims to leverage AI technologies and cross-sector collaborations to enhance youth participation and amplify social impact across Asia [6] - The Becoming Aces initiative is evolving into a long-term community-based practice, symbolized by the structured training for the Taipei Marathon [5][6] - The 91APP Foundation supports Taiwan's digital innovation and e-commerce development, connecting over 600 professionals to drive progress in industries and society [7][8]

Jeremy Szafron joins Kitco News as an anchor and producer from Kitco’s Vancouver bureau.  Jeremy is a seasoned journalist with a diverse background covering entertainment, current affairs and finance. Jeremy began his career in 2006 as a Journalist at CTV (Canada’s largest network), initially engaging audiences as an entertainment reporter before pivoting to business reporting focusing on mining and small-caps. His macro-financial and market trends analysis made him a sought-after commentator on CTV Mornin ...