机构：东吴证券 研究员：张良卫/周良玖/张文雨 事件：阜博集团2025 中期业绩报告。25H1 公司总收入同比增长23.4%至14.6 亿港元，毛利同比增长 27.5%至6.4 亿港元，毛利率同比提升1.4pct 至44.1%。期内利润同比大增118.6%至1.0 亿港元。经调整净 利润同比增长88.1%至1.2 亿港元。 1）战略升级：面对AI 生成内容爆发的产业趋势，公司明确了平台化发展战略，旨在服务更广泛的创作 者群体。公司已开发两大平台作为基础： 数字内容资产贸易平台Vobile MAX 和集成音视频创作平台DreamMaker。2）平台功能：Vobile MAX 集 成了确权、分润与交易功能，确保权利清晰、价值可证；Dream Maker 作为创作者入口，将多模态AI 创作能力与Vobile MAX 无缝对接，形成创作与变现的共生业态。3）公司持续进行技术投入，上半年研 发开支达1.63 亿港元，同比增长14.4%。 研发聚焦于升级核心算法、构建"出生即确权"的技术服务体系，并深化与英伟达、佛罗里达大学等顶尖 企业及高校的技术生态合作。 盈利预测与投资评级：我们认为，阜博集团作为全球领先的数字内容保 ...

Core Viewpoint - Vobile Group (03738) demonstrates strong growth momentum and improved profitability in its 2025 interim results, with significant increases in revenue and net profit, reflecting effective strategic execution and expansion into high-potential sectors [1][3][10] Financial Performance - The company reported revenue of HKD 1.456 billion, a year-on-year increase of 23.4% - Net profit reached HKD 101 million, up 118.6% - Profit attributable to shareholders was HKD 102 million, a growth of 146.77% - Gross margin and net margin improved to 44.1% and 7%, respectively, with increases of 1.4 percentage points and 3.0 percentage points year-on-year [1] Business Segments - Value-added services remain the primary revenue source, generating HKD 846 million, a 33.3% increase, accounting for 58.1% of total revenue - Subscription services achieved revenue of HKD 610 million, an 11.8% increase, making up 41.9% of total revenue [3] Market Performance - Revenue from North America was HKD 725 million, a 26.8% increase, representing approximately 49.8% of total revenue - Revenue from China was HKD 727 million, a 20.1% increase, accounting for about 49.9% of total revenue [4] AI and Digital Content Strategy - The company launched Vobile MAX and DreamMaker platforms, enhancing its position in the digital content industry and transitioning from a traditional copyright protection service provider to an AI-driven content asset operation platform [2][9] - The platforms aim to address liquidity issues in digital content assets and provide comprehensive services from rights registration to revenue sharing [2][12] RWA and Digital Asset Development - Vobile Group is positioned to capitalize on the tokenization of real-world assets (RWA), enhancing transaction efficiency and liquidity in digital content assets [11][12] - The company utilizes proprietary technologies for content identification and rights mapping, creating a complete service chain from content to asset [12] Valuation Perspective - The company's current price-to-sales ratio of approximately 6.5 is significantly lower than peers, indicating potential for valuation improvement as it transitions to a digital asset infrastructure leader [10][13]