机构：中金公司 短剧流水高增，26 年AI、短剧投入加大。公司预计FY25 创新业务收入中值对应7.5 亿元，相比24 年加 速，其中短剧收入快速成长，根据Sensor Tower，公司短剧App用户、流水同比延续翻倍增长。展望26 年，公司预计创新业务收入有望同增超30%，新游戏或贡献弹性。此外，公司预计26 年短剧、AI投入 量级会有所加大，此前推出的AI创意内容社区Aippy移动端已上线。 主力产品利润率优化有望对冲新业务投入。公司预计新业务投入或对26 年利润产生一定负面影响，但 SUGO、TopTop等主力产品经营利润率持续提升；且AI工具（如内部Agent"思语"）全面赋能产品开 发、内容生成，营销投放ROI与整体经营效率持续优化。我们维持26 年Non-IFRS归母净利润12.6 亿元 的判断。 盈利预测与估值 我们维持25 和26 年收入和Non-IFRS净利润预测，新引入27 年收入和Non-IFRS净利润预测98 亿元和14 亿元。维持跑赢行业评级，维持港股目标价14.5 港元，对应14 倍的26 年Non-IFRS市盈率，较当前有7% 的上行空间（当前交易于13 倍/11 倍26/27 ...

创新业务健康发展，社交电商、游戏、短剧多点开花。公司创新业务维持高速增长的健康发展趋势，得 益于公司的流量变现、社交电商、精品游戏业务的稳健发展，以及公司积极投入的短剧业务贡献的收 入。其中，精品游戏业务自24Q4 起开启回收周期，旗舰游戏已进入长线运营阶段，年内ARPU 值显著 提高，同时多款储备游戏进展良好；短剧业务方面，公司自研及收购项目进展良好，2026 年将提升短 剧内容产能，短剧收入有望实现加速增长。 AI 技术内部赋能公司运营，同时向外部用户推出内容创意社区Aippy。公司持续深化AI 技术探索，一 方面不断深化AI 在核心业务中的应用，一方面积极布局AI+社交娱乐创新产品（1）AI 技术已深入业务 各关键环节，自研多模态算法模型Boomiix 可以在社交推荐、智能运营、广告投放、安全风控、素材设 计等核心场景持续深化AI 应用，同时公司推出思语AI 智能数据中台，可通过自然语言交互高效完成数 据查询与分析、报告生成等任务；（2）公司上线的AI 创意内容社区Aippy通过整合AIGC 技术，大幅降 低互动内容制作门槛，用户可以通过自然语言轻松生产小游戏等创意互动内容。 投资建议：我们预计2025 ...

中金发布研报称，维持赤子城科技(09911)25和26年收入和Non-IFRS净利润预测，新引入27年收入和 Non-IFRS净利润预测98亿元和14亿元。维持跑赢行业评级，维持港股目标价14.5港元，对应14倍的26年 Non-IFRS市盈率，较当前有7%的上行空间(当前交易于13倍/11倍26/27年Non-IFRS市盈率)。 中金主要观点如下： 公司预计FY25创新业务收入中值对应7.5亿元，相比24年加速，其中短剧收入快速成长，根据Sensor Tower，公司短剧App用户、流水同比延续翻倍增长。展望26年，公司预计创新业务收入有望同增超 30%，新游戏或贡献弹性。此外，公司预计26年短剧、AI投入量级会有所加大，此前推出的AI创意内容 社区Aippy移动端已上线。 主力产品利润率优化有望对冲新业务投入 SUGO、TopTop等主力产品经营利润率持续提升；且AI工具(如内部Agent"思语")全面赋能产品开发、内 容生成，营销投放ROI与整体经营效率持续优化。该行维持26年Non-IFRS归母净利润12.6亿元的判断。 风险提示：地缘政治以及宏观风险，并购整合风险，创新业务拓展风险，政策监管合规风险 ...

智通财经APP获悉，中金发布研报称，维持赤子城科技(09911)25和26年收入和Non-IFRS净利润预测， 新引入27年收入和Non-IFRS净利润预测98亿元和14亿元。维持跑赢行业评级，维持港股目标价14.5港 元，对应14倍的26年Non-IFRS市盈率，较当前有7%的上行空间(当前交易于13倍/11倍26/27年Non-IFRS 市盈率)。 中金主要观点如下： 预测2H25赤子城科技收入同比增长32% 该行预计2H25赤子城科技收入同比增长32%至37亿元：社交业务收入同比增长30%至33亿元，创新业务 同比增长52%至4亿元。该行预期公司2H25 Non-IFRS归母净利润为5亿元。 泛人群社交增长态势延续 公司预计FY25社交收入中值对应61亿元(同增33%)，符合该行此前预期，该行测算4Q25社交收入同增 28%。4Q25公司社交业务MAU达3,528万(环增4%，同增11%)，社交应用累计下载量达9.7亿次(环增 6%)，环比增速均有加速。据Sensor Tower，4Q25 SUGO、TopTop月活、流水持续高增，且SUGO于12 月有所加速；此外，老产品MICO月活和流水环比企稳。展 ...

Core Viewpoint - The company, Zhizi City Technology (09911.HK), anticipates a significant revenue increase for the fiscal year ending December 31, 2025, with total revenue expected to be between RMB 6.76 billion and RMB 7.00 billion, representing a growth of 32.8% to 37.5% compared to the previous year [1]. Group 1: Social Business Performance - Social business revenue is projected to be approximately RMB 6.03 billion to RMB 6.23 billion, reflecting a year-on-year growth of about 30.4% to 34.8% [2]. - The substantial growth in social business revenue is attributed to the company's utilization of AI technology to drive diverse social products, with platforms like SUGO and TopTop being key growth engines [3][4]. - In the Middle East and North Africa, the company has established a competitive advantage, with SUGO ranking 6th in revenue among social networks in the region [4]. Group 2: Innovation Business Growth - The innovation business is expected to generate revenue between RMB 730 million and RMB 770 million, with a year-on-year increase of 55.7% to 64.2% [2]. - The growth in the innovation business is driven by robust performance in traffic monetization, social e-commerce, and contributions from short drama business and premium games [5]. - The flagship game has entered a long-term operational phase, with a significant increase in ARPU, and the company has successfully shortened the game development cycle [5]. Group 3: AI Technology Integration - The company has deepened its exploration of AI technology, integrating it into core business operations and launching innovative products like the AI creative content community Aippy [6][7]. - The AI technology has enhanced user experience and operational efficiency across various key business areas, including social recommendations and intelligent operations [7]. - A strategic partnership with Tencent Cloud aims to explore the potential of "AI + global social entertainment" [7]. Group 4: Market Position and Competitive Advantage - The company ranked 4th in the "China Non-Gaming Companies Overseas Revenue Ranking," indicating a strong development momentum [5]. - The company has developed unique competitive advantages through deep user insights, refined service experiences, and diversified monetization models [5]. - The social e-commerce business has shown steady growth, with the launch of innovative insurance solutions for HIV patients [6].

Core Viewpoint - The company, Zhiyu City Technology, anticipates a significant revenue growth for the year 2025, driven by its social and innovative business segments, with a strong emphasis on AI technology integration to enhance user experience and commercial efficiency [1][9]. Group 1: Revenue Projections - For the fiscal year ending December 31, 2025, the company expects total revenue to be between RMB 67.6 billion and RMB 70.0 billion, representing a year-on-year growth of 32.8% to 37.5% compared to 2024 [1]. - The social business segment is projected to generate approximately RMB 60.3 billion to RMB 62.3 billion, reflecting a growth of about 30.4% to 34.8% year-on-year [1]. - The innovative business segment is expected to achieve revenue between RMB 7.3 billion and RMB 7.7 billion, with a year-on-year increase of 55.7% to 64.2% [1]. Group 2: Social Business Growth - The social business segment has shown substantial growth, primarily due to the integration of AI technology, which has facilitated the development of diverse social products [3]. - Key platforms such as the companionship social platform SUGO and the gaming social platform TopTop have experienced explosive growth, becoming significant drivers of the social business's rapid expansion [3]. - In the Middle East and North Africa market, the company has established a strong competitive advantage, with SUGO ranking 6th in the Sensor Tower revenue chart for social networks in the region [3][4]. Group 3: Competitive Positioning - The company has improved its market competitiveness, ranking 4th in the "China Non-Gaming Companies Overseas Revenue Ranking" published by Diandian Data in December 2025, indicating a strong development momentum [4]. - The company's localization capabilities are crucial for building competitive barriers, supported by deep user insights and diverse monetization strategies [8]. Group 4: Innovative Business Development - The innovative business segment has demonstrated robust growth, driven by revenue from social e-commerce and the successful launch of premium games, which have entered a long-term operational phase [10]. - The company has introduced China's first critical illness insurance specifically for HIV patients, showcasing its commitment to innovative solutions in health services [10]. Group 5: AI Technology Integration - The company has intensified its exploration of AI technology, integrating it into core business operations and launching innovative products like the AI creative content community Aippy, which has received positive user feedback [11]. - The introduction of the "Siyu AI Intelligent Data Platform" allows for efficient data querying and analysis through natural language interaction, highlighting the company's advancements in AI applications [11]. Group 6: Global Strategy and Share Buyback - In June 2025, the company established its global headquarters in Hong Kong, marking a new phase in its globalization strategy [12]. - The company has conducted share buybacks totaling over HKD 80 million, reflecting management's confidence in the company's long-term value and growth prospects [12].

Group 1 - Chinese commercial aerospace companies are actively expanding into overseas markets, utilizing "rideshare launch" models to reduce costs and attract international clients from countries like Egypt, Nepal, and the UAE. The domestic launch cost has decreased to 50,000-60,000 yuan per kilogram, but still lags behind SpaceX, which has a competitive edge due to its high-frequency launches and Starlink project [3][4]. - The home appliance and light manufacturing industries are expected to face pressure on both domestic and foreign sales in 2026, with a potential recovery in overseas sales in the latter half of the year. Emerging markets are anticipated to show stronger demand compared to developed markets, particularly in Latin America and Southeast Asia [5]. - China's automotive exports are projected to reach 5.859 million units in 2024, maintaining the top position globally, with a shift from vehicle exports to a more comprehensive output of technology, brand, and supply chain solutions. This transition reflects a move from "selling products" to "building brands" [6][7]. Group 2 - The development of autonomous driving technology in China is being propelled by high-quality growth initiatives and strategic policies, with companies like Baidu Apollo enhancing safety standards and promoting technology exports. The industry is evolving into a collaborative ecosystem that drives innovation and reliability [7][8]. - The Chinese潮玩 (trendy toy) industry is rapidly globalizing, with brands like Pop Mart and 52TOYS successfully entering overseas markets through localized strategies and partnerships. The market share of Chinese潮玩 in the overseas market is projected to grow from 3% in 2020 to 18% by 2025 [9]. - Chinese companies are increasingly investing in the European market, particularly in renewable energy and high-tech sectors, while facing challenges such as national security reviews and compliance issues. Differentiated strategies and localized investments are essential for success [10]. Group 3 - Amazon's global store initiative aims to cultivate 200 cross-border brands in Shandong over the next three years, focusing on AI-driven strategies and innovative measures to enhance logistics efficiency and support local sellers [11]. - The Chinese commercial vehicle sector is transitioning from product trade to a comprehensive service model, emphasizing lifecycle services and local adaptation. The export of Chinese commercial vehicles to the EU has seen a 42% year-on-year increase [18]. - The digital culture industry in China is experiencing rapid growth, with online games, films, and literature becoming key components of global cultural exchange. The industry is encouraged to enhance IP development and international collaboration to overcome cultural barriers [17].

Core Insights - The article discusses the impact of AI on the workplace by 2025, highlighting both opportunities and challenges for job seekers and employers [5][6]. Group 1: AI and Job Market Dynamics - AI is expected to revolutionize job roles, but it also poses risks of job displacement, particularly for those in roles that can be automated [5]. - The emergence of "super individuals" in the workforce may lead to reduced job opportunities for others, as increased productivity from these individuals can displace multiple workers [5]. Group 2: Employer Branding and Recruitment Trends - There is a lack of investment in employer branding among companies, as many prioritize product performance over employee satisfaction [6]. - Companies are increasingly seeking "versatile talents" by expanding job descriptions, which may undermine the value of teamwork and specialized roles [6]. Group 3: Industry-Specific Insights - The advanced manufacturing sector is experiencing a surge in investment, particularly in robotics and 3D printing, with significant growth in talent demand [9]. - The chip manufacturing industry is accelerating its domestic production capabilities, with a reported 90% yield rate for new processes, indicating a strong push towards self-sufficiency [9]. Group 4: Employment Trends and Challenges - The article notes a structural talent shortage in various sectors, including robotics and chip manufacturing, with a reported talent gap exceeding 300,000 in the semiconductor industry [9]. - The article emphasizes the need for companies to adapt to changing market demands and invest in employee development to remain competitive [6][9].

Group 1 - The core theme of the articles revolves around the impact of AI on the workplace, highlighting both the potential benefits and challenges faced by employees and companies in adapting to AI technologies [2][3]. - The narrative discusses the cautious approach of capital investment in AI applications, emphasizing that many startups have failed due to pursuing "pseudo-demand" [2]. - The emergence of AI tools has led to a significant shift in job dynamics, with the introduction of "super individuals" potentially displacing other workers in the same demand unit [2]. Group 2 - The articles reflect on the harsh realities faced by employees in China, where few companies invest in employer branding, focusing instead on product strength and performance [3]. - There is a trend of companies expanding job descriptions to seek "composite talents," raising questions about the necessity of teamwork in the workplace [3]. - The narrative also touches on the struggles of an entrepreneurial team from 36Kr, noting the challenges faced in the AI startup landscape and the impact of rising price sensitivity among consumers [3]. Group 3 - The articles mention various events organized by the company, including AI talent salons and large recruitment fairs, aimed at fostering community and industry engagement [4]. - The company has produced influential deep reports, despite facing pushback from some companies regarding content [4]. - The focus remains on maintaining high content standards and neutrality while exploring monetization through paid content [4]. Group 4 - The "Top 50 Employers for Workplace Benefits" list includes companies in advanced manufacturing, such as Momenta, SiLing Robotics, and Gree Electric, showcasing leaders in the industry [6][10]. - The articles highlight the growth and challenges faced by these companies, including the need for skilled talent in areas like AI and robotics [8][11]. - The narrative emphasizes the importance of innovation and adaptation in the rapidly evolving job market, particularly in sectors influenced by AI and automation [13].

Core Viewpoint - The company, Zhizi City Technology, is a leading global social entertainment platform in China, focusing on diverse social experiences for users from various cultural backgrounds, particularly in the MENA region and Southeast Asia [1][2]. Group 1: Business Overview - Zhizi City Technology's revenue for the first half of 2025 reached 3.181 billion yuan, marking a 40% year-on-year growth, with SUGO and TopTop revenues growing over 100% [1]. - The company's core business, mass social networking, is expected to account for over 70% of total revenue by 2024, utilizing a "bush" product matrix strategy that includes live, voice, and game social products [2]. - The company has established over 20 operational centers globally, employing around 800 local team members to drive localized execution [2]. Group 2: Strategic Initiatives - The acquisition of Blue City Brothers has strengthened the company's position in the diverse social networking sector, with Blue City Brothers achieving approximately 7.45 million MAU and a 47% DAU/MAU ratio as of 2024 [2]. - The company is developing a second growth curve through innovative businesses, including premium mobile games, social e-commerce, and AI-driven content communities [2]. - The mobile game "Alice's Dream: Merge Games" has seen over 60% year-on-year revenue growth, with nearly 10 million USD in revenue in May 2024 [2]. Group 3: Financial Projections and Valuation - The company is projected to achieve revenues of 6.9 billion, 8.41 billion, and 9.7 billion yuan from 2025 to 2027, with corresponding net profits of 950 million, 1.24 billion, and 1.49 billion yuan, reflecting year-on-year growth rates of 97.0%, 31.3%, and 19.7% respectively [3]. - As a leading player in the overseas social sector, the company has been assigned a target price of 14.5 HKD and a "buy" rating [3].