Market Performance - The Hang Seng Index (HSI) rose by 95 points or 0.4%, closing at 24,951 points after fluctuating between a low of 24,712 points and a high of 25,095 points[1] - The Shanghai Composite Index increased by 24 points or 0.6%, closing at 3,913 points, with a total turnover of 7,779 billion yuan[1] - The total market turnover for Hong Kong stocks was 263.08 billion yuan[1] Currency and Monetary Policy - The central parity rate of the RMB against the USD was reported at 6.89141, an increase of 85 pips from the previous day[1] - The People's Bank of China conducted a reverse repurchase operation of 146.2 billion yuan at a rate of 1.4%, resulting in a net injection of 125.7 billion yuan for the day[1] Company Earnings Reports - Insilico Medicine (03696.HK) reported total revenue of $56.239 million for 2025, a year-on-year decline of approximately 34.5%, with a loss of $352.3 million, widening 19.6 times from the previous year[2] - China Resources Land (01109.HK) reported revenue of 281.438 billion yuan, a year-on-year increase of 0.9%, with net profit down 0.5% to 25.418 billion yuan[3] - Longi Green Energy (06869.HK) reported revenue of 142.52 billion yuan, a year-on-year increase of 16.8%, with net profit growing by 20.4% to 8.14 billion yuan[4]

Investment Rating - The report assigns a "Buy" rating with a target price of $38.00 / HKD 297, indicating a potential upside of 50.8% / 50.6% from the current stock price [4][18][19]. Core Insights - The company has reached a profitability milestone, achieving its first annual GAAP profit with a net profit of RMB 1.19 billion in FY2025, marking a significant transition from user expansion to efficiency-driven growth [7][8]. - The report highlights the positive impact of AI on advertising efficiency and content production, which is expected to drive further profitability improvements [6][10]. - The user base is growing rapidly, with average daily active users (DAU) reaching 113 million in Q4 2025, a 10% year-over-year increase, indicating strong user engagement [5][8]. Summary by Sections Financial Performance - Q4 total revenue reached RMB 8.32 billion, an 8% year-over-year and quarter-over-quarter increase, surpassing Bloomberg consensus estimates [5]. - The company expects a 13.1% year-over-year revenue growth for FY2025, reaching RMB 30.35 billion, with a gross margin of 36.6% [5][17]. - Non-GAAP net profit for Q4 was RMB 878 million, a 94% year-over-year increase, with a net profit margin of 11% [5]. Advertising Business - Q4 advertising revenue grew by 27% year-over-year to RMB 3.04 billion, benefiting from improved efficiency and expanded scenarios [5][10]. - The report anticipates a 23% year-over-year increase in annual advertising revenue for FY2025, reaching RMB 10.06 billion, with AI-driven automation penetration exceeding 50% [5][10]. Gaming Business - The gaming segment is in a product transition phase, with FY2025 gaming revenue projected at RMB 6.39 billion, a 14% year-over-year increase [5][14]. - New game releases in 2026 are expected to drive growth, with several titles scheduled for launch [14]. User Growth and Engagement - The average age of users has risen to 26, indicating a stable user lifecycle as the initial Z-generation users remain engaged [8]. - The platform's total members exceeded 284 million by the end of 2025, with a retention rate of approximately 80% [8]. AI and Content Production - AI tools are significantly enhancing advertising effectiveness and content production capabilities, with AI-generated content showing superior performance compared to traditional methods [11][12]. - The introduction of AI-driven tools is expected to increase content supply and user engagement, further supporting advertising revenue growth [12][13]. Financial Outlook - The company projects a revenue CAGR of 9.9% from 2026 to 2028, with expected revenues of RMB 34 billion, RMB 37.2 billion, and RMB 40.3 billion respectively [17]. - Non-GAAP net profit is forecasted to reach RMB 3.18 billion, RMB 4.86 billion, and RMB 6.32 billion over the same period, with net profit margins improving to 9%, 13%, and 16% [17].

Market Overview - The report highlights a resilient U.S. job market, with non-farm payrolls increasing by 130,000 in January, significantly exceeding expectations of 70,000, and an unemployment rate of 4.3% compared to the expected 4.4% [12] - The U.S. 10-year Treasury yield rose by 6.2 basis points to 4.207%, indicating a shift in market expectations regarding interest rate cuts [12][10] - The Hang Seng Index closed at 27,266, up 83 points or 0.31%, continuing its upward trend with a total market turnover of HK$217.2 billion [13][18] Investment Strategy - The report suggests maintaining a cautious approach towards interest-sensitive assets like long-duration growth stocks and long-term bonds due to the strong job market and delayed interest rate cuts [9][10] - It emphasizes a strategy of "risk assets outperforming safe-haven assets" in the medium term, particularly focusing on sectors such as AI, healthcare, and defense [10] - A phased investment approach is recommended, utilizing dollar-cost averaging to navigate the current market volatility [10] Company Highlights - Kingsoft Cloud (3896) reported a revenue of RMB 2.478 billion for Q3 2025, a year-on-year increase of 31.4%, marking its first positive adjusted net profit of approximately RMB 28.73 million, indicating improved operational quality [22] - Zijin Mining (2899) achieved a revenue of approximately RMB 254.2 billion in the first three quarters of 2025, with a net profit attributable to shareholders of RMB 37.864 billion, reflecting over 55% year-on-year growth driven by rising prices and increased production of gold and copper [22] - Cloudflare, Inc. (NET) forecasts revenue of approximately $2.79 to $2.8 billion for 2026, driven by strong demand in AI, cloud security, and edge computing, with high visibility in subscription revenue [24] Economic Data - The report includes key economic data releases, such as the U.S. initial jobless claims for the week ending February 7, 2026, at 224,000 and continuing claims at 1.85 million for the week ending January 31, 2026 [21] - Japan's Producer Price Index for January is reported at a year-on-year rate of 2.3% and a month-on-month rate of 0.2% [21]

Market Performance - The Hang Seng Index (HSI) rose by 16 points, closing at 26,765 points, an increase of less than 0.1%[1] - The Shanghai Composite Index (SSE) fell by 3 points, closing at 4,132 points, a decrease of 0.09%[1] - The total market turnover for the day was 261.699 billion HKD[1] Currency and Monetary Policy - The RMB/USD central parity rate was adjusted up by 86 points to 6.9843 per USD[1] - The People's Bank of China conducted a 150.5 billion RMB seven-day reverse repo operation at a rate of 1.4%[1] - A total of 158.3 billion RMB in reverse repos matured, resulting in a net withdrawal of 7.8 billion RMB for the day[1] U.S. Market and Political Developments - The Dow Jones increased by 313 points, or 0.6%, to 49,412 points[2] - The S&P 500 rose by 34 points, or 0.5%, to 6,950 points[2] - President Trump raised tariffs on South Korean imports from 15% to 25% due to legislative delays in approving a trade agreement[2] Corporate Actions - Zijin Mining (02899.HK) announced a plan to acquire Allied Gold Corporation for a total cash consideration of 5.5 billion CAD (approximately 28 billion RMB), representing a 5.39% premium over the closing price on January 23[3]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等 內容而引致的任何損失承擔任何責任。 NEWBORN TOWN INC. 赤子城科技有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9911） 2025年年度 未經審核營運數據及未經審核收入資料 本公告由赤子城科技有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據 《香港聯合交易所有限公司證券上市規則》（「《上市規則》」）第13.09(2)條及香港 法例第571章《證券及期貨條例》第XIVA部項下的內幕消息條文（定義見《上市規 則》）作出。 本公司董事（「董事」）會（「董事會」）欣然宣佈截至2025年12月31日止年度未經審 核營運數據及未經審核收入資料如下： • 社交業務： 本集團社交業務於2025年度收入同比大幅增長，主要歸因於本集團借助AI技術推 動多樣化社交產品持續穩步增長。 1 (i) 截至2025年12月31日止，本集團社交業務累計下載量達約9.7億，較2025年9 月30日上升約5.9%； (ii) 2025年第四季度 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致之任何損失 承擔任何責任。 China Ruyi Holdings Limited 中 國 儒 意 控 股 有 限 公 司 （ 於百慕達註冊成立之有限公司） （股份代號：136） 自願公告 股份認購協議及戰略合作框架協議 本公告由中國儒意控股有限公司（「本公司」，連同其附屬公司及其控制實體統稱「本集團」） 自願作出。 股份認購協議及戰略合作框架協議 本 公 司 董 事（「 董 事 」）會（「 董 事 會 」）欣 然 宣 佈 ， 近 日 ， 本 公 司 的 間 接 全 資 附 屬 公 司 Virtual Cinema Entertainment Limited（「投資方」）與AIsphere Limited（「目標公司」）等主體訂立股份認 購協議，據此，投資方有條件同意出資約14,200,000美元投資目標公司股份（「投資事項」）。 本公司、王長虎（「王先生」）與目標公司的境內主體北京愛詩科技有限公司（（「愛詩科技」）， 連同本公司及 ...

Market Performance - The Hang Seng Index (HSI) rose by 178 points or 0.7%, closing at 25,894 points[1] - The National Index increased by 78 points or 0.9%, closing at 9,158 points[1] - The Hang Seng Tech Index gained 66 points or 1.2%, closing at 5,612 points[1] - Total market turnover was 231.149 billion HKD[1] Currency and Monetary Policy - The RMB/USD central parity rate was adjusted up by 21 points to 7.0826[1] - The People's Bank of China conducted 10 billion RMB MLF operations and 302.1 billion RMB in 7-day reverse repos, maintaining an interest rate of 1.4%[1] - A net withdrawal of 105.4 billion RMB occurred due to 407.5 billion RMB reverse repos maturing[1] U.S. Market Reaction - The S&P 500 index increased by 60 points or 0.9%, closing at 6,765 points[2] - The Dow Jones Industrial Average rose by 664 points or 1.4%, closing at 47,112 points, marking its third consecutive day of gains[2] - The Nasdaq Composite reversed an early decline, closing up 153 points or 0.7% at 23,025 points[2] Corporate Earnings - Alibaba reported a net profit of 20.99 billion RMB for Q2, down 52.2% year-on-year, with revenue of 247.795 billion RMB, up 4.8%[4] - NIO's total revenue for Q3 was 21.794 billion RMB, up 16.7% year-on-year, with a gross profit of 3.025 billion RMB, up 50.7%[5] - Tongcheng Travel reported a revenue of 5.509 billion RMB for Q3, up 10.4% year-on-year, with a net profit of 976 million RMB, up 23%[6]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何 損失承擔任何責任。 Qingci Games Inc. 青瓷游戲有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6633） 有 關 與迪士尼訂立遊戲授權轉讓協議之 自願公告 1 華 特 迪 士 尼 公 司 連 同 其 附 屬 公 司 和 聯 營 公 司，是 領 先 的 多 元 化 國 際 家 庭 娛 樂 和 媒 體 企 業， 其 業 務 主 要 涉 及 三 個 範 疇：Disney Entertainment、ESPN及Disney Experiences。多 年 來，華 特 迪 士 尼 公 司 創 造 了 多 個 家 喻 戶 曉 的 經 典 角 色，在 全 球 各 地深受愛戴。 本 集 團 管 理 層 認 為，訂 立 遊 戲 授 權 轉 讓 協 議 不 僅 彰 顯 了 本 集 團 在 遊 戲 行 業 的 雄 厚 實 力，亦 體 現 了 本 集 團 強 大 的 發 行 能 力。此 次 獲 得 遊 戲 授 權 將 為 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 自願公佈 有關合作開發AI漫劇的諒解備忘錄 本公佈由帝國科技集團有限公司（「本公司」，連同其附屬公司統稱「本集團」） 自願作出，旨在知會潛在投資者及本公司股東（「股東」）有關本集團的最新業 務發展。 本年內漫劇行業市場規模快速增長。伴隨著AI市場底層算力的提升，AI視頻大 模型的技術迭代，使得AI漫劇這個市場應用場景獲得了快速增長。不僅是質量 上堪比以往數字電影的CG效果，更使得製作效率指數級提升，製作成本單位 級下降。反過來，AI漫劇將創造一個新的千億級市場由此可以反向拉動AI基礎 建設，形成螺旋上升的良性趨勢，重塑IP產業格局。 Imperium Technology Group Limited 帝國科技集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：0776） 股東及潛在投資者於買賣本公司股份時務請審核行事。 承董事會命 帝國科技集團有限公司 根據諒解備忘錄，訂約方同意基於本集團所擁有 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 動 （於開曼群島註冊成立的有限公司） （股份代號：2100） 截至二零二五年九月三十日止三個月 未經審計主要營運指標 本公告乃根據香港聯合交易所有限公司證券上市規則自願作出。 截至二零二五年九月三十日止三個月未經審計主要營運指標 百奧家庭互動有限公司（「百奧」或「本公司」）董事會（「董事會」）欣然宣佈本公司、其附 屬公司及其於中華人民共和國（「中國」）的控制實體（統稱「本集團」）截至二零二五年第 三季度之未經審計主要營運指標： | | 截至以下日期止三個月 | | 截至 | | | | --- | --- | --- | --- | --- | --- | | | | | 二零二四年 | | | | | | 二零二五年 二零二五年 | 九月三十日 | | | | | 環比變動 | 九月三十日 六月三十日 | | 止三個月 | 同比變動 | | | （季度活躍賬戶及季度付費賬戶以百萬為單位， | | | ...