2025 年，美国IPO市场在经历了近三年的低迷交易后重新恢复了活力，但人们对强劲反弹的期望受到了 关税驱动的市场波动、长时间的政府停摆以及年末人工智能股票抛售的影响而有所降低。 来源：环球市场播报 据知情人士称，游戏聊天应用Discord已秘密提交了在美国的首次公开募股（IPO）申请。 Discord创办于2015年，提供语音、视频和文字聊天功能，主要面向游戏玩家和主播。 ...

大约十年前，一些中国企业敏锐地捕捉到中东北非（MENA）地区这种旺盛的社交需求，并将其迁移至 线上，打造出语音房、游戏社交等产品，构筑起社交娱乐帝国。雅乐(YALA.US)和赤子城 （09911.HK）是做得较大的两家。 "遍地是黄金"是中东市场广为人知的标签，但赤子城科技高级副总裁宋朋亮认为，这里的"黄金埋得很 深"，对于习惯高举高打、追求速成的中国企业而言，这里的慢节奏挑战极大。这里的门槛也较高，蓝 色光标中东北非国家经理刘丹如提到，"几百万可能只是入门条件"。中东，并非小型公司的试水之地。 【#离开中兴华为的人在中东做出小腾讯#？】#中国企业在中东做出下一个小腾讯# 第一次去到中东的 外国人，或多或少会对这里经常满座的咖啡馆感到奇怪。深夜十一点，走进沙特利雅得的商场，中庭咖 啡区依然人声鼎沸，头巾裹发、长袍及地的当地人三五一桌聚在这里，什么也不做，只为了聊天。 "只要咖啡馆开门，晚上基本满座。"常驻迪拜的Chainbridge CTO李伟发现，中东人对于聊天的热情远 远超乎外来者的想象，他们经常和家族以及朋友在晚上聚在一起聊天。也有当地从业者感慨，这里的线 下实体店，如果不带点社交属性都不好做生意。 炎 ...

中东"遍地是黄金"，但黄金"埋得很深"。 第一次去到中东的外国人，或多或少会对这里经常满座的咖啡馆感到奇怪。深夜十一点，走进沙特利雅得的商场，中庭咖啡区依然人声鼎沸，头巾裹发、长 袍及地的当地人三五一桌聚在这里，什么也不做，只为了聊天。 "只要咖啡馆开门，晚上基本满座。"常驻迪拜的Chainbridge CTO李伟发现，中东人对于聊天的热情远远超乎外来者的想象，他们经常和家族以及朋友在晚 上聚在一起聊天。也有当地从业者感慨，这里的线下实体店，如果不带点社交属性都不好做生意。 炎热的气候塑造了这里独特的作息。夏季白天温度可达四五十度，当地人一般在日落才外出活动，晚上九点至十二点是商场、咖啡馆最热闹的时段。由于宗 教文化影响，线下娱乐选择有限，聚会聊天成了最主流的社交方式。 大约十年前，一些中国企业敏锐地捕捉到中东北非（MENA）地区这种旺盛的社交需求，并将其迁移至线上，打造出语音房、游戏社交等产品，构筑起社交 娱乐帝国。雅乐(YALA.US)和赤子城（09911.HK）是做得较大的两家。 "遍地是黄金"是中东市场广为人知的标签，但赤子城科技高级副总裁宋朋亮认为，这里的"黄金埋得很深"，对于习惯高举高打、追求速成 ...

Group 1 - The article discusses the launch of Ant Group's AI health assistant "Ant Aifu," which aims to transform low-frequency medical consultations into high-frequency health management through an "AI companionship" model, achieving a digital closed-loop in healthcare, pharmaceuticals, and insurance [3][4]. - The application has reportedly surpassed 15 million monthly active users (MAU) and has reached the top of the app store rankings, indicating strong user engagement and market penetration [4]. - The integration of Ant Group's underlying payment and insurance infrastructure enhances the service's capability, allowing for a seamless transition from consultation to medication purchase and claims processing [4]. Group 2 - The report on Zhi Zi Cheng Technology (9911.HK) highlights its successful product and national replication strategy, with projected revenues of 6.9 billion, 8.41 billion, and 9.7 billion RMB for 2025-2027, and net profits of 950 million, 1.24 billion, and 1.49 billion RMB respectively, leading to a "buy" rating with a target price of 14.5 HKD [8]. - Salt Lake Pharmaceutical (300181.SZ) plans to acquire a variety of trace element injection assets, which is expected to enhance its product structure and profitability, with projected net profits of 655 million, 836 million, and 1.063 billion RMB for 2025-2027, maintaining a "buy" rating [24]. - The report on Fen Zhong Media (002027.SZ) indicates a stable business performance driven by strong demand from internet clients, with revised net profit forecasts of 5.62 billion, 6.05 billion, and 6.47 billion RMB for 2025-2027, maintaining an "overweight" rating [30].

机构：光大证券 研究员：付天姿/杨朋沛 Dream:MergeGames》。24 年该游戏流水同比增长超过60%，24 年5 月流水近千万美金；公司计划将该 游戏的成功经验迁移到新产品，打造长生命周期爆款。2）社交电商是公司在"社交+"场景下的重要探 索。从垂直深耕阶段收购蓝城兄弟旗下蓝城大健康，到拓圈发展阶段的荷尔先生，用户群体不断丰富。 3）赤子城科技通过自研布局AIAgent 并推出AI 内容社区Aippy，积极探索AI 驱动的下一代社交娱乐形 态；短剧业务已初见成果，初步面向东南亚与美洲市场。 盈利预测、估值与评级：赤子城科技作为中国非游戏厂商出海收入榜前10 名的公司，通过精细的本地 化运营，凭借成功的"产品+国家"复制战略，实现了对新兴社交娱乐市场（尤其是中东北非地区和泛东 南亚地区）的广泛布局；此外，公司通过创新业务实现收入来源多元化，短中期收入&利润增长确定性 较高。我们预计25-27 年公司实现营业收入69.0/84.1/97.0 亿元人民币，实现归母净利润9.5/12.4/14.9 亿 元，同比增速分别为97.0%/31.3%/19.7%。公司作为出海社交龙头企业，首次覆盖，给予目标价14 ...

Core Viewpoint - Everbright Securities initiates coverage on Zhiyu City Technology (09911), setting a target price of HKD 14.5 and a "Buy" rating, highlighting its leadership in the overseas social sector and successful localization strategy [1] Group 1: Company Overview - Zhiyu City Technology is a leading global social entertainment platform from China, focusing on diverse social experiences for users from various cultural backgrounds, particularly in the Middle East, North Africa, and Southeast Asia [1] - The company achieved revenue of RMB 3.181 billion in H1 2025, representing a 40% year-on-year growth, with SUGO and TopTop revenues both exceeding 100% growth [1] Group 2: Social Business Segments - The core business of the company is its mass social segment, expected to account for over 70% of total revenue by 2024, utilizing a "bush" product matrix strategy to cover diverse social needs through products like MICO, YoHo, TopTop, and SUGO [2] - The company has established operational centers in over 20 countries, with a localized team of approximately 800 people, employing a collaborative model of "Chinese direction, local execution" [2] - The acquisition of BlueCity Brothers enhances the company's position in the diverse social segment, with BlueCity's MAU reaching approximately 7.45 million and a DAU/MAU ratio of 47% [2] Group 3: Innovation and Growth - The company is developing a diversified business ecosystem centered around premium mobile games, social e-commerce, AI, and short dramas, with a focus on collaborative growth [3] - The flagship mobile game, "Alice's Dream: Merge Games," saw over 60% year-on-year revenue growth in 2024, with nearly USD 10 million in revenue by May 2024 [3] - The company is exploring AI-driven social entertainment through its self-developed AIAgent and the AI content community Aippy, while initial results in the short drama sector are promising, targeting Southeast Asia and the Americas [3] - Revenue and profit growth are expected to be robust, with projected revenues of RMB 6.9 billion, 8.41 billion, and 9.7 billion for 2025-2027, and net profits of RMB 0.95 billion, 1.24 billion, and 1.49 billion, reflecting year-on-year growth rates of 97.0%, 31.3%, and 19.7% respectively [3]

Core Viewpoint - Everbright Securities has initiated coverage on Zhibocheng Technology (09911), a leading overseas social enterprise, with a target price of HKD 14.5 and a "Buy" rating, highlighting its successful localization strategy and extensive layout in emerging social entertainment markets, particularly in the Middle East, North Africa, and Southeast Asia [1] Group 1: Company Overview - Zhibocheng Technology is a leading global social entertainment platform from China, primarily focusing on diverse social experiences for users from various cultural backgrounds, especially in the Middle East and North Africa [2] - The company achieved a revenue of RMB 3.181 billion in H1 2025, representing a year-on-year growth of 40%, with SUGO and TopTop revenues growing over 100% [2] - The net profit for H1 2025 reached RMB 489 million, corresponding to a net profit margin of 15.4% [2] Group 2: Business Segments - The company's core business is the mass social segment, expected to account for over 70% of total revenue by 2024, utilizing a "bush" product matrix strategy to cover diverse social products like MICO, YoHo, TopTop, and SUGO [3] - Zhibocheng Technology has established operational centers in over 20 countries, with a localized team of approximately 800 people, employing a collaborative model of "Chinese direction and local execution" [3] - The acquisition of BlueCity Brothers has strengthened the company's position in the diverse social segment, with BlueCity's MAU reaching approximately 7.45 million and a DAU/MAU ratio of 47% [3] Group 3: Innovation and Growth - The company is developing a diversified business ecosystem centered around premium mobile games, social e-commerce, AI, and short dramas, with a focus on collaborative growth [4] - The premium mobile game "Alice's Dream: Merge Games" has seen over 60% year-on-year revenue growth in 2024, with nearly USD 10 million in revenue in May 2024 [4] - Zhibocheng Technology is exploring AI-driven social entertainment through its self-developed AIAgent and the AI content community Aippy, while initial results in the short drama business are emerging in Southeast Asia and the Americas [4] - Revenue and profit growth are expected to be robust, with projected revenues of RMB 6.9 billion, 8.41 billion, and 9.7 billion for 2025-2027, and net profits of RMB 950 million, 1.24 billion, and 1.49 billion, reflecting year-on-year growth rates of 97.0%, 31.3%, and 19.7% respectively [4]

Core Viewpoint - The article highlights the significant growth and diversification of Chiwan Technology, emphasizing its strong performance in social entertainment and innovative business sectors, particularly in the MENA and Southeast Asian markets [4][5]. Group 1: Company Overview - Chiwan Technology is a leading global social entertainment platform focusing on diverse social experiences for users from various cultural backgrounds, primarily in the MENA region [4]. - In the first half of 2025, the company achieved revenue of 3.181 billion yuan, a year-on-year increase of 40%, with SUGO and TopTop revenues growing over 100% [4]. Group 2: Social Business Segments - The core business of Chiwan Technology is its mass social business, projected to account for over 70% of total revenue by 2024, utilizing a "bush" product matrix strategy [5]. - The company has established a localized operational team of approximately 800 people across over 20 countries, implementing a collaborative model of "Chinese direction and local execution" [5]. - The acquisition of BlueCity Brothers has strengthened the company's position in the diverse social sector, with BlueCity's MAU reaching approximately 7.45 million and a DAU/MAU ratio of 47% [5]. Group 3: Innovative Business Growth - Chiwan Technology is developing a diversified business ecosystem centered around premium mobile games, social e-commerce, AI, and short dramas [6]. - The flagship mobile game, "Alice's Dream: Merge Games," saw over 60% year-on-year revenue growth in 2024, with nearly 10 million USD in revenue by May 2024 [6]. - The company is exploring AI-driven social entertainment forms through its self-developed AIAgent and has initiated short drama projects targeting Southeast Asia and the Americas [7].

Investment Rating - The report gives a "Buy" rating for the company with a target price of HKD 14.5, compared to the current price of HKD 10.54 [4][6]. Core Insights - The company, Chi Zi Cheng Technology, is a leading global social entertainment platform from China, focusing on diverse social experiences for users from various cultural backgrounds, primarily in the Middle East and North Africa [1][15]. - The company has achieved significant revenue growth, with a 40% year-on-year increase in revenue for the first half of 2025, reaching RMB 3.181 billion, and a net profit of RMB 489 million, corresponding to a net profit margin of 15.4% [1][25]. Summary by Sections Company Overview - Chi Zi Cheng Technology has transitioned from a tool-based application to a diversified social product matrix, focusing on global social entertainment [15][16]. - The company has established a strong localized operational team with around 800 members across more than 20 countries, implementing a "China-led, local-driven" collaborative model [2][19]. Social Business Strategy - The company's core social business, which is expected to account for over 70% of total revenue by 2024, employs a "bush" product matrix strategy, including products like MICO, YoHo, TopTop, and SUGO [2][35]. - The company has successfully integrated acquisitions, such as Blue City Brothers, to enhance its presence in the diverse social market, with Blue City's MAU reaching approximately 7.45 million [2][3]. Innovative Business Growth - The company is developing a second growth curve through innovative businesses, including premium mobile games and social e-commerce, with the flagship game "Alice's Dream: MergeGames" showing over 60% revenue growth in 2024 [3][4]. - The social e-commerce segment is expanding, with acquisitions enhancing user demographics and engagement [3][4]. Financial Forecast and Valuation - The company is projected to achieve revenues of RMB 69.0 billion, 84.1 billion, and 97.0 billion for the years 2025, 2026, and 2027, respectively, with net profits of RMB 9.5 billion, 12.4 billion, and 14.9 billion, reflecting growth rates of 97.0%, 31.3%, and 19.7% [4][5]. - The report highlights the company's strong localization strategy and successful "product + country" replication strategy, positioning it well in emerging social entertainment markets [4][5].

中金发布研报称，赤子城科技预计4Q至今，MICO组织架构调整后运营效率提升，收入端环比企稳， YoHo收入保持同比增长，成熟梯队产品持续贡献稳定利润；新产品SUGO、TopTop目前策略仍以用户 规模优先，据Sensor Tower，4Q至今两者全球MAU同比中高双位数增长，在德国、法国、巴西等市场 快速复制，基于此，该行维持2H社交收入同增30%的判断。展望未来，该行预计地域扩张下，SUGO和 TopTop仍为增长核心。 赤子城科技(09911)涨超5%，截至发稿，涨4.9%，报10.92港元，成交额6867.28万港元。 值得关注的是，中金表示，基于自研和收购，赤子城科技正在试水翻译剧与自制剧的全球发行，目前仍 处于投入期，存在可控亏损，公司看好其未来有望与公司社交生态形成协同。展望明年，中金认为，经 营杠杆存在优化空间，尤其是SUGO、TopTop目前因处于扩张期而利润率暂时偏低，随市场和产品走向 成熟，有望逐步释放利润。 ...