机构：国盛证券 研究员：顾晟/刘书含 Vobile MAX 集成了确权、分润与交易的基础设施，确保权利清晰、价值可证。全球多个国家和地区正 积极推进稳定币和实体资产上链(RWA)的应用，Vobile MAX平台将在数字资产的全流通与高效交易中 获得广阔的发展空间。DreamMaker 作为开放的创作者社群入口，将多模态AI 创作能力与Vobile MAX 的多平台分发无缝联接，形成创作与变现的共生业态并达成网络效应。该平台构建在英伟达Media2的 生态系统上，整合文本生成影片、图像生成影片、音乐制作与配乐等多模态能力，提供给创作者多样化 的创作工具。 盈利预测：公司持续升级产品与技术，打造AI 在创意产业应用的商业化引擎，因此我们上调公司盈利 预测， 预计公司2025-2027 年分别实现营收30.00/37.90/49.90 亿港元，实现归母净利润2.37/3.51/5.30 亿 港元，对应PS5.2/4.1/3.1x，维持"买入"评级。 风险提示：国内业务增长不及预期，市场竞争加剧，新技术发展不及预期。 （YoY+2.9pct）；实现归母净利润1.01 亿港元，YoY+118.6%，净利率为7.0%（Y ...

订阅与增值双引擎驱动，海内外市场齐头并进。在客户拓展上，内容客户数 量从截至 24 年底的 241 个增至 25H1 的 249 个，平台客户新增 2 个。分业务 看，1）订阅服务：1H25 实现收入 6.10 亿港元，同比增长 11.8%，占总收入 比重约 41.9%。订阅业务 MRR 达 1.08 亿港元，客户留存率基本保持在 99% 以上。公司持续深化与全球顶级内容方的合作，例如为华纳等大型影厂提供影 视内容的盗版监测与取证服务；此外，积极拓展更多品类客户，覆盖微短剧、 音乐、动漫以及平台客户等新兴领域，客户基础进一步扩大。2）增值服务： 1H25 实现收入 8.46 亿港元，同比增长 33.3%，占总收入比重约 58.1%。公 司延续与大型内容方的合约升级与扩容趋势，截至 1H25 社交媒体平台在管活 跃资产达 429 万个，同比增长超 25%，其中头部客户资产随当年新片上线与 库存内容持续授权而稳步增加；同时，AI 创作工具推动的基于影视 IP 的二次 创作涌现带来新增活跃资产与收入来源。分地区看，1H25 中国与海外地区收 入占比基本持平：1）北美及其他地区收入达 7.3 亿港元（yoy+26.7 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to see continuous improvement in profit margins due to the contribution from AI-generated content, revenue structure adjustments, and cost reduction efforts. The adjusted net profit estimates for 2025-2026 have been slightly raised to 2.6/3.8/5.4 billion HKD, reflecting year-on-year growth rates of 47.2%/43.6%/42.3% [4][5] - The company has reported a revenue of 14.6 billion HKD for H1 2025, representing a year-on-year increase of 23.4%, with an adjusted net profit of 1.2 billion HKD, up 88.1% year-on-year, slightly exceeding Bloomberg consensus expectations [5] - The company is actively expanding its services to small and medium content providers and optimizing domestic value-added services, with AI-driven content creation efficiency improvements and the gradual commercialization of content rights and monetization [6] Financial Summary and Valuation Metrics - For 2025, the company is projected to achieve a revenue of 2,990 million HKD, with a year-on-year growth of 24.5%. The adjusted net profit is expected to be 264 million HKD, reflecting a year-on-year increase of 47.2% [7] - The gross margin is anticipated to improve to 45.0% in 2025, with a net margin of 8.8% [7] - The diluted EPS for 2025 is projected at 0.12 HKD, with a P/E ratio of 54.8 times [7]

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [16]. Core Insights - The report highlights the emergence of the AI video generation era, with Google Veo3 leading the way and enhancing the YouTube video ecosystem [2][3]. - Google Veo3 has generated over 70 million videos globally as of July 30, supporting up to 4K resolution and simplifying video production with integrated audio generation capabilities [3]. - The user-generated content (UGC) video ecosystem is thriving, with a significant increase in AI-generated content channels on YouTube, contributing to an average of 500 hours of new videos uploaded every minute [4]. - YouTube's active user base exceeds 2.5 billion, with daily viewing hours surpassing 1 billion, and ad revenue in Q2 2025 increased by 13.1% year-on-year to $9.8 billion [4]. Summary by Sections Industry Dynamics - The AI-driven content creation tools are significantly improving content creation efficiency and lowering barriers to entry, leading to a surge in AI-generated and derivative content [5]. - The global piracy monitoring agency MUSO reported that global visits to piracy websites reached 216 billion in 2024, highlighting the growing issue of copyright infringement [5]. Company Analysis - The report identifies the company as a leading SaaS provider for copyright management, benefiting from the increasing demand for copyright protection in the AIGC era [6]. - The company's subscription business is projected to grow by 27% year-on-year to HKD 1.1 billion in 2024, while value-added services are expected to increase by 15% to HKD 1.3 billion [6]. - The launch of the AIGC video platform DreamMaker and the MAX copyright trading platform aims to provide comprehensive services from content generation to copyright protection and monetization [6].

Core Viewpoint - The company has signed a strategic cooperation agreement with Shanghai Film Group to enhance its content asset operation platform and expand its business in the digital rights management sector, leveraging its competitive advantages in video copyright management [1][2]. Group 1: Business Model and Competitive Advantage - The company is a leader in global digital rights management, possessing the largest video copyright library authorized by content providers, covering all categories of digital content [1]. - The business model is characterized by a cycle of "leading rights management VDNA, digital watermark technology, scenario expansion, deep binding of massive customer resources, lower API call costs due to scale effects, iterative upgrades of rights management technology, and high customer retention rates" [1]. Group 2: Growth Opportunities - The increasing awareness of copyright protection, expansion of the customer base, and platform upgrades present growth opportunities for the company [1]. - The company is transitioning from serving medium and large B-end clients to small B-end and C-end clients, evolving from a tool-based service provider to a platform-based service provider [1]. Group 3: Financial Projections - Revenue is projected to grow by 18.6% in domestic markets and 21.5% in North America and other regions in 2024, with an overall growth of 23% in Q1 2025 [1]. - The overall gross margin is expected to increase by 1.3 percentage points to 43.8% in 2024, with adjusted net profit projected to rise by 380% [1]. Group 4: AIGC and Digital Asset Trading - The company is actively expanding in the AIGC field by collaborating with content providers and AI infrastructure companies to enable real-time rights management and monetization of AI-generated content [2]. - As a core partner of Ant Chain, the company is advancing its digital asset trading business, having completed market testing for the Vobile MAX digital content asset trading platform [2]. - The partnership with Shanghai Film Group is expected to enhance the company's digital asset trading capabilities, potentially driving new growth for its performance [2]. Group 5: Investment Recommendations - The company is expected to achieve revenues of HKD 29.95 billion, 36.86 billion, and 45.21 billion from 2025 to 2027, with year-on-year growth rates of 25%, 23%, and 23% respectively [2]. - Adjusted net profit is projected to reach HKD 1.89 billion, 2.83 billion, and 3.97 billion during the same period, with growth rates of 32%, 50%, and 41% respectively [2]. - The company is covered for the first time with a "buy" rating, corresponding to price-to-earnings ratios of 49x, 33x, and 23x for the years 2025, 2026, and 2027 [2].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock price increase of over 15% within the next six months [4]. Core Insights - The company is recognized as a global leader in digital rights confirmation, leveraging the largest video copyright library in the industry, which covers all categories of digital content. This has led to a highly efficient business model characterized by a cycle of technology iteration and high customer retention [2]. - The report anticipates significant revenue growth, projecting a 25% increase in revenue from 2025 to 2027, with adjusted net profit expected to grow by 32% to 50% during the same period [3]. - The company is positioned as a core partner for Ant Chain in digital content copyright protection and monetization, enhancing its capabilities in digital asset trading [3]. Financial Summary - The projected revenue for 2024 is approximately 2,401 million HKD, with a year-on-year growth of 20.01%. By 2025, revenue is expected to reach 2,995 million HKD, reflecting a growth of 24.71% [10]. - The adjusted net profit is forecasted to be 189 million HKD in 2025, representing a 32.42% increase from the previous year [10]. - The overall gross margin is expected to improve by 1.3 percentage points to 43.8% in 2024 [2]. Growth Opportunities - The company is expanding its customer base from large and medium-sized B-end clients to smaller B-end and C-end clients, transitioning from a tool-based service provider to a platform-based service provider [2]. - The report highlights the growth potential in the AIGC sector, with the company forming partnerships with content providers and AI infrastructure companies to enhance real-time rights confirmation and monetization [2].