证券研究报告 2026年03月30日 广告营销 汇量科技（1860.HK）深度报告： 高成长的AI+程序化广告龙头 评级：买入(维持) 杨仁文(证券分析师) 方博云(证券分析师) 肖江洁(联系人) S0350521120001 S0350521120002 S0350125050005 yangrw@ghzq.com.cn fangby@ghzq.com.cn xiaojj@ghzq.com.cn 相对恒生指数表现 核心提要 最近一年走势 -55% 1% 57% 112% 168% 223% 2025/03/30 2025/06/28 2025/09/26 2025/12/25 2026/03/25 汇量科技 恒生指数 | 市场数据 | 2026/03/27 | | --- | --- | | 当前价格（港元） | 13.59 | | 52周价格区间（港元） | 4.50-21.62 | | 总市值（百万港元） | 21,392.76 | | 流通市值（百万港元） | 21,392.76 | | 总股本（万股） | 157,415.42 | | 流通股本（万股） | 157,415.42 | | 日均成交额（ ...

Core Insights - The company reported a significant revenue increase of 47% year-on-year, reaching $938 million for the six months ending June 30, 2025 [1] - Adjusted EBITDA rose by 41% to $88.68 million, indicating strong operational efficiency and growth momentum [1] - The core growth driver, Mintegral, leverages AI and machine learning for its smart bidding system, enhancing ROI for advertisers [1] Revenue Breakdown - Mintegral generated $897 million in revenue, marking a 48.6% increase year-on-year, with over 80% of its total revenue coming from smart bidding products [1] - The gaming category performed exceptionally well, contributing $662 million in revenue, a 51.7% increase, and accounting for 74% of Mintegral's total revenue [2] - Non-gaming verticals, including e-commerce and tools, generated $236 million, representing 26% of Mintegral's revenue [2] Market Presence - Mintegral serves clients from approximately 130 countries and regions, with traffic coverage exceeding 250 areas, predominantly from overseas markets [2] - Over 99% of the devices used are sourced from international markets, indicating a solid foundation in the overseas market [2]

Core Insights - The company reported a significant revenue increase of 47% year-on-year, reaching $938 million for the six months ending June 30, 2025 [1] - Adjusted EBITDA rose by 41% to $88.68 million, indicating strong operational efficiency and growth momentum [1] - The core programmatic advertising platform, Mintegral, is a key growth driver, leveraging AI and machine learning for smart bidding strategies [1] Revenue Breakdown - Mintegral generated $897 million in revenue, reflecting a 48.6% year-on-year growth [1] - The smart bidding product system contributed over 80% of Mintegral's total revenue, highlighting its importance in driving both revenue and profit growth [1] Business Expansion - The gaming category performed exceptionally well, with revenue of $662 million, a substantial increase of 51.7%, accounting for 74% of Mintegral's total revenue [2] - The company is actively expanding into other verticals, achieving $236 million in revenue from non-gaming categories, which represents 26% of Mintegral's income [2] - Mintegral serves clients from approximately 130 countries and regions, with over 99% of devices coming from overseas markets, indicating a solid international presence [2]