郭子萱 华创证券传媒互联网分析师: 线上的各位领导，大家上午好。我是华创传媒互联网团队的郭子轩。那今天非常感谢大家 线上接入我们这个富博集团的线上交流会。今年我们确实从开年就看到了 AI 应用迎来了 一个爆发，包括各种基座模型、 Agent 迭代、百花齐放。那像动魔泰这边，近期谷歌的这 个 Project Jenny 也是给大家一点震撼，包括快手可灵 3.0 马上也要上线了。所以我们其 实也相信 26 年会是应用爆发的一个很关键的一年。那富博集团这家公司，它的卡位是非 常独特的，它其实相当于是多模态这一块承担了一个卖铲子或者说类似于审计师这样的一 个角色。 那我们也是今天有幸请到了公司领领导投关负责人田总，为我们做一个简单的介绍。那田 总，您这边在线了吗？ 富博集团投关负责人田总: 在的。郭老师听得到我的声音。那请。 郭子萱 华创证券传媒互联网分析师: 可以听到可以听到。那请田总为我们先简单做一下公司概况的介绍。 富博集团投关负责人田总: 好呀，谢谢郭老师。大家早上好，因为最近这个市场也很波动，大家也看到，包括像是 AI 的这个硬件的公司，最近发了这些业绩，表现得非常不错。再加上刚郭老师也提到像 Genie ...

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]