[Table_Title] 证券研究报告 / 港股公司报告 数字确权龙头，持续推进数字资产交易业务 ---阜博集团事件点评 [Table_Summary] 事件：根据公司 2025 年 7 月 7 日公告，公司与上海电影集团影视文化投 资发展公司签署战略合作协议，通过在内容资产运营平台、短剧产业运 营中心、全球视频中心等领域开展战略合作。 点评： 全球数字确权龙头，竞争优势突出。公司掌握业界最大的由内容方授权 许可的视频版权库，已覆盖全品类数字内容，形成"领先确权 VDNA、 数字水印技术-场景拓展-深度绑定海量客户资源-规模效应下更低 api 调 用成本优势-确权技术迭代升级-高客户留存率"的高效商业模式。 版权保护意识持续提升+客户群体拓展+平台升级带来成长机遇。短视频 自媒体及 AIGC 时代下，公司由大中型 B 端客户向小型 B 端及 C 端拓 展，由工具型服务商向平台型服务升级。 2024 年收入国内+18.6%，北 美及其他地区+21.5%；25Q1 整体+23%。24 年整体毛利率+1.3pct 至 43.8%，经调整净利润+380%。 AIGC 领域持续布局，多环节赋能。1）公司通过与内容方以 ...

Core Viewpoint - Fubo Group, a leading global provider of digital content asset protection and transaction SaaS, has garnered significant market attention, particularly highlighted by its recent placement financing activity [1] Group 1: Financing Details - On May 27, Fubo Group announced a proposed placement of up to 138 million new shares, representing approximately 5.62% of the enlarged issued share capital, at a price of HKD 3.78 per share, a discount of about 9.35% from the previous closing price of HKD 4.17 [1] - The total amount raised from the placement is expected to be approximately HKD 522 million [1] Group 2: Market Response - The placement received a positive market response, achieving 3 to 4 times oversubscription, indicating strong demand and recognition of Fubo Group's stock scarcity value [2] - The discount of approximately 9% is considered small compared to recent placements by other tech companies, suggesting a reasonable pricing strategy that allows for potential future stock price appreciation [2] Group 3: Strategic Focus - The funds from the placement will primarily be directed towards AIGC (AI-generated content) business development and debt repayment, which is expected to optimize financial costs and positively impact profits [3][4] - Fubo Group's strategy emphasizes technology-driven growth, with a focus on AI research and financial structure optimization, aligning with the projected growth of the global generative AI market [4] Group 4: Business Performance - In Q1 2025, Fubo Group reported a 23% year-on-year revenue growth, with China and the US markets achieving growth rates of 21% and 25%, respectively [5] - The company's monthly recurring revenue (MRR) increased by 30% year-on-year, indicating enhanced customer retention and a stable revenue structure [5][6] Group 5: Future Outlook - The management expressed confidence in the sustainability of profitability and the positive impact of the financing on financial costs and operational quality [6] - The placement is viewed as a critical milestone in advancing Fubo Group's AI strategy, with the potential for valuation increases driven by ongoing AI business development [6]

Core Viewpoint - The creative economy can only truly form when creators can obtain effective returns through legitimate business models, with copyright protection being the cornerstone of this commercial model in the digital economy era [2]. Group 1: Company Overview - Vobile Group, founded in 2005, recognized the significant transformation in the media industry due to the development of mobile device video capabilities, leading to challenges in copyright protection [3]. - The company developed innovative copyright protection solutions tailored for the mobile internet era, including video fingerprint technology, which effectively protects and monetizes content [3]. - Vobile Group gained industry recognition by winning the annual technology and engineering award at the 69th Emmy Awards in 2017 for its contributions to the protection of film copyright value [4]. Group 2: Financial Performance - In 2024, Vobile Group reported total revenue of HKD 2.4 billion, representing a year-on-year growth of 20.0%, and a net profit of HKD 180 million, reflecting a significant increase of 380.3% [4]. - The company's gross profit margin has consistently increased over three years, rising from 40.9% in 2022 to 43.8% in 2024 [4]. Group 3: Industry Trends and Innovations - The rise of AIGC technology presents a new opportunity for the creative industry, significantly lowering the barriers to content creation and releasing vast creative potential [6]. - Vobile Group has launched an AI strategy, including the DreamMaker platform, which combines AI video production with copyright protection and content monetization solutions [7]. - The company aims to facilitate the international expansion of Chinese culture by leveraging its technology in the creative industry [8]. Group 4: Strategic Partnerships and Initiatives - Vobile Group is collaborating with various partners to develop a comprehensive copyright protection and trading platform based on blockchain technology, enhancing the efficient trading and circulation of digital assets [9]. - The company has also engaged in deep cooperation with the Central Radio and Television Station's subsidiary to establish a copyright protection and trading platform [9].