财报显示，报告期内汇量科技实现营收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%，核心业务盈利能力与成本控制 水平持续优化。 核心业务板块中，汇量科技旗下程序化平台 Mintegral 相关收入保持稳健增长态势，为整体业绩增长提 供了坚实支撑。报告期内，Mintegral 录得收入5.08亿美元，同比增长26.2%，占集团总收入约95.5%。 智通财经APP获悉，11月21日，汇量科技(01860)公布截至2025年9月30日止三个月的业绩表现。财报显 示，第三季度，公司整体经营状况良好，核心业务持续增长。 展望未来，随着AI和机器学习技术在广告投放领域的深入应用和市场认可度的不断提高，汇量科技有 望进一步巩固其在程序化广告领域的领先地位，持续推动公司业绩的高质量发展。 值得关注的是，Mintegral 自 2023 年 5 月以来推出的 4 款基于 AI 与机器学习的智能出价产品，围绕广 告主核心诉求持续优化投放效果，赢得了广泛认可。报告期内，智能出价产品体系贡献的收入占 Mintegral 总收入比 ...

Core Viewpoint - AppLovin's Q3 2025 financial performance and Q4 outlook exceeded expectations, positively impacting related companies like 汇量科技 (Mobvista) [1] Company Performance - 汇量科技 reported a revenue of $938 million for the first half of the year, a significant increase of 47% year-on-year [1] - The adjusted EBITDA for 汇量科技 was $88.68 million, reflecting a year-on-year growth of 41% [1] - The advertising platform Mintegral generated revenue of $897 million, up 49% year-on-year, with game category revenue at $662 million, increasing by 51.7% [1] Industry Insights - Both AppLovin and 汇量科技 focus on programmatic advertising, utilizing algorithms and big data for automated resource matching and precise ad placement [1] - 国海证券 highlights 汇量科技 as a leading player in the global programmatic advertising market, with intelligent bidding strategies aimed at capturing incremental budgets from mid to heavy gaming and non-gaming advertisers [1]

Core Viewpoint - The stock of HuiLian Technology (01860) rose over 6% following positive financial results from AppLovin, indicating strong performance in the digital advertising technology sector [1] Financial Performance - AppLovin reported Q3 2025 revenue of $1.41 billion, a year-on-year increase of 68.9%, with net profit reaching $835.5 million, surpassing previous expectations of $826.5 million [1] - HuiLian Technology achieved revenue of $938 million in the first half of the year, a significant year-on-year growth of 47% [1] - Adjusted EBITDA for HuiLian Technology was $88.68 million, reflecting a 41% increase compared to the previous year [1] Business Segments - The advertising platform Mintegral generated revenue of $897 million, a 49% year-on-year increase, with game category revenue at $662 million, up 51.7%, and non-game category revenue at $236 million, increasing by 40.6% [1] - HuiLian Technology is recognized as a leading player in the global programmatic advertising market, utilizing smart bidding strategies to attract additional budgets from mid to heavy gaming and non-gaming advertisers [1]

Group 1 - Hong Kong's Hang Seng Index fell by 0.97%, down 254 points, while the Hang Seng Tech Index dropped by 2.2% with a trading volume of 165.2 billion HKD in the morning session [1] - Congo has extended its cobalt export ban, leading to a rise of over 8.9% in the stock price of Liqin Resources (02245) [1] - Cloudwise Technology (01037) surged by 79% due to potential collaboration with UBTECH [1] - Kaizhile International (02122) saw a more than 12% increase after partnering with Pokémon IP to enter the collectible card game market [1] - HuiLiang Technology (01860) rose nearly 4.76% to a new high, driven by rapid growth from its smart bidding products, with institutions optimistic about the company's growth potential [1] - Shanggao Holdings (00412) increased by over 14%, maintaining normal business operations and announcing a buyback plan of up to 100 million USD [1] - Dazhong Public Utilities (01635) rose by 6.6%, with the company holding shares in Shenzhen Capital Group, and Moer Thread's IPO on the Sci-Tech Innovation Board is set to be reviewed [1] - Datang Gold (08299) surged over 20% in the morning after raising over 270 million HKD through a placement, with the controlling shareholder of Wanguo Gold Group becoming the second-largest shareholder [1] - Hong Kong Broadband (01310) rebounded over 17%, as its controlling shareholder, China Mobile Hong Kong, plans to place existing shares, and the company aims to meet public holding requirements promptly [1] - Solar stocks collectively declined, with institutions indicating that domestic polysilicon prices remain high and the supply-demand relationship in the industry has not significantly improved. New Special Energy (01799) fell by 4.18%, Flat Glass Group (06865) dropped by 4%, Xinyi Solar (00968) decreased by 2.6%, and Xinyi Energy (03868) fell by 3% [1] Group 2 - Airline stocks collectively declined due to unexpectedly weak demand for public transportation during the summer travel season, with institutions suggesting to monitor the sustainability of public transport recovery and avoid excessive competition. China Southern Airlines (01055) fell by 4.93%, Air China (00753) dropped by 3.98%, and China Eastern Airlines (00670) decreased by 2.27% [2]

Market Overview - Jin Jing New Energy (02945) surged over 17% after being included in the Hong Kong Stock Connect effective from September 23, 2025 [1] - Airline stocks collectively declined, with China Southern Airlines (01055) down over 5%, Air China (00753) down over 4%, and China Eastern Airlines (00670) down over 2%, attributed to weaker demand in the summer transportation market [1] - Hong Kong Broadband (01310) rose over 15% following China Mobile's completion of its offer to acquire the company [1] - Dazhong Public Utilities (01635) increased over 8% after announcing its stake in Deep Venture Capital [1] - Sunac China (01918) and other domestic property stocks fell over 4%, indicating ongoing challenges in the real estate sector despite some signs of stabilization [1] Company Specifics - Red Star Macalline (01528) dropped over 4% after the founder was released from detention and multiple executives left the company [2] - Huya Technology (01860) rose over 5% due to rapid growth from its smart bidding products, indicating strong growth potential [2] - New Energy stocks, including Xinte Energy (01799) and Flat Glass Group (06865), fell due to high polysilicon prices and unresolved supply-demand issues in the industry [2] US Market Highlights - Amer Sports (AS.US), the parent company of Arc'teryx, fell over 5% amid controversy surrounding a recent event [3] - Baidu (BIDU.US) increased by 0.95% after a report changed its valuation method, setting a target price of $188 [3] - Apple (AAPL.US) rose 4.31% following the launch of the iPhone 17 series, with significant demand observed in retail stores [4] - Nvidia (NVDA.US) reached a record high, up 3.93%, with a market cap nearing $4.5 trillion and plans to invest $100 billion in OpenAI [3]

Core Insights - The company, 汇量科技, reported strong financial performance for the three months ending March 31, 2025, with a significant revenue increase and enhanced profitability [1] - The Mintegral platform's revenue reached $420.8 million, reflecting a year-on-year growth of 48.4% [1] - Net profit for the company was $19.882 million, showing a remarkable year-on-year increase of 177.9% [1] Revenue Breakdown - The intelligent bidding products, including Target ROAS, contributed over 80% of Mintegral's total revenue, highlighting their role as a key growth driver [1] - The gaming category on the Mintegral platform generated $30.57 million in revenue, marking a substantial year-on-year growth of 50.7% [2] - Non-gaming categories also performed well, with revenue of $11.51 million, representing a year-on-year increase of 42.5% [2] Strategic Developments - The company has made significant investments in AI and machine learning for its bidding systems, which have been well-received by advertisers [1] - The optimization of advertising budget structures and a more balanced business layout have been achieved through the continuous enhancement of Mintegral's intelligent bidding capabilities [2]