本文源自：智通财经网 消息面上，汇量科技今年第三季度实现营收5.32亿美元，同比增长27.6%；实现毛利1.11亿美元，同比 增长26.4%；经调整EBITDA达4705万美元，较2024年同期的大幅增长37.3%。核心板块中，期内 Mintegral 录得收入5.08亿美元，同比增长26.2%。开源证券此前发研报称，公司规模效应逐步显现，盈 利能力显著提升。看好AI驱动业绩逐季释放，维持"买入"评级。 该行还指出，公司推动AI在广告服务各环节应用深化。素材制作环节，旗下Playturbo平台3月支持AI配 音/翻译/极速生图等，8月上线"数字人视频"、"图片转视频"两大AI视频功能；广告投放环节，4月 Hybrid ROAS竞价策略优化模型上线，助力开发者锁定高价值人群，7月IAPROAS优化策略正式上线， 赋能IAP应用出海并提升质效。看好AI持续赋能广告业务，提升服务竞争力并驱动业绩持续增长。 智通财经获悉，汇量科技(01860)涨超6%，截至发稿，涨6.29%，报15.2港元，成交额1.76亿港元。 ...

责任编辑：卢昱君 汇量科技（01860）午前股价上涨6.50%，现报15.23港元，成交额1.94亿港元。 汇量科技今年第三季度实现营收5.32亿美元，同比增长27.6%；实现毛利1.11亿美元，同比增长26.4%； 经调整EBITDA达4705万美元，较2024年同期的大幅增长37.3%。核心板块中，期内Mintegral 录得收入 5.08亿美元，同比增长26.2%。 开源证券此前发研报称，公司规模效应逐步显现，盈利能力显著提升。看好AI驱动业绩逐季释放，维 持"买入"评级。 该行还指出，公司推动AI在广告服务各环节应用深化。素材制作环节，旗下Playturbo平台3月支持AI配 音/翻译/极速生图等，8月上线"数字人视频"、"图片转视频"两大AI视频功能；广告投放环节，4月 Hybrid ROAS竞价策略优化模型上线，助力开发者锁定高价值人群，7月IAPROAS优化策略正式上线， 赋能IAP应用出海并提升质效。看好AI持续赋能广告业务，提升服务竞争力并驱动业绩持续增长。 汇量科技（01860）午前股价上涨6.50%，现报15.23港元，成交额1.94亿港元。 汇量科技今年第三季度实现营收5.32亿美元， ...

Core Insights - 汇量科技's stock rose over 6%, currently up 6.29% at HKD 15.2, with a trading volume of HKD 176 million [1] Financial Performance - In Q3, 汇量科技 achieved revenue of USD 532 million, a year-on-year increase of 27.6% [1] - Gross profit reached USD 111 million, reflecting a year-on-year growth of 26.4% [1] - Adjusted EBITDA was USD 47.05 million, significantly up by 37.3% compared to the same period in 2024 [1] Business Segments - The core segment, Mintegral, recorded revenue of USD 508 million, a year-on-year increase of 26.2% [1] Analyst Outlook - 开源证券's report indicates that the company's scale effects are becoming evident, leading to significant improvements in profitability [1] - The firm maintains a "buy" rating, anticipating AI-driven performance improvements to be released quarterly [1] AI Integration - The company is deepening the application of AI across various stages of advertising services [1] - In March, the Playturbo platform supported AI voiceover, translation, and rapid image generation; in August, it launched "digital human videos" and "image-to-video" AI features [1] - In April, the Hybrid ROAS bidding strategy optimization model was launched to help developers target high-value audiences, followed by the IAPROAS optimization strategy in July to enhance the quality and efficiency of IAP applications going overseas [1]

该行还指出，公司推动AI在广告服务各环节应用深化。素材制作环节，旗下Playturbo平台3月支持AI配 音/翻译/极速生图等，8月上线"数字人视频"、"图片转视频"两大AI视频功能；广告投放环节，4月 Hybrid ROAS竞价策略优化模型上线，助力开发者锁定高价值人群，7月IAPROAS优化策略正式上线， 赋能IAP应用出海并提升质效。看好AI持续赋能广告业务，提升服务竞争力并驱动业绩持续增长。 智通财经APP获悉，汇量科技(01860)涨超6%，截至发稿，涨6.29%，报15.2港元，成交额1.76亿港元。 消息面上，汇量科技今年第三季度实现营收5.32亿美元，同比增长27.6%；实现毛利1.11亿美元，同比 增长26.4%；经调整EBITDA达4705万美元，较2024年同期的大幅增长37.3%。核心板块中，期内 Mintegral 录得收入5.08亿美元，同比增长26.2%。开源证券此前发研报称，公司规模效应逐步显现，盈 利能力显著提升。看好AI驱动业绩逐季释放，维持"买入"评级。 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected performance that exceeds the market by more than 5% over the next six months [27]. Core Insights - AppLovin, a leading mobile advertising technology platform, has shown impressive growth, with a revenue of $1.405 billion in Q3 2025, representing a 68% year-over-year increase, and a net profit of $836 million, up 92% year-over-year [10][12]. - The company is expanding its client base beyond game developers to include web advertising and e-commerce, with the launch of the Axon Ads Manager self-service platform, which has seen a 50% weekly increase in spending from self-service advertisers since its introduction [9][10]. - The integration of AI in advertising is evolving, with marketing agents capable of generating tailored advertising content and assisting brands in navigating cultural and legal differences in foreign markets [15][17]. Summary by Sections Company Overview - AppLovin, founded in 2012 and headquartered in Palo Alto, California, serves over one billion users daily and provides a comprehensive advertising intermediary service through its AI-driven platforms, including AXON, MAX, and Adjust [4][5]. Financial Performance - In Q3 2025, AppLovin achieved a revenue of $1.405 billion, a 68% increase year-over-year, and a net profit of $836 million, also up 92% year-over-year. The company anticipates Q4 2025 revenue between $1.57 billion and $1.6 billion, reflecting a 12% to 14% quarter-over-quarter growth [10][12]. Future Outlook - AppLovin plans to enhance its self-service platform and introduce AI-driven advertising features to attract new advertisers, with expectations of significant growth in new advertiser numbers by 2026 [14][25]. - The demand for AI-driven marketing solutions is increasing, particularly among domestic companies looking to expand internationally, highlighting the potential for growth in the AI and advertising sector [15][17]. Investment Recommendations - The report suggests focusing on companies in the AI and advertising space, including 汇量科技, 迈富时, 易点天下, 蓝色光标, 值得买, 焦点科技, and 百融云-W, as they are expected to benefit from the growing integration of AI in marketing [25].

Market Overview - The Hong Kong stock market indices collectively rose this week, with the Hang Seng Index increasing by 2.53% to close at 25,858.89 points, the Hang Seng Tech Index up by 3.77% to 5,599.11 points, and the China Enterprises Index rising by 2.36% to 9,130.18 points [2][4]. Market Sentiment - Investor sentiment in the Hong Kong market has significantly improved, with short-selling amounts dropping from HKD 58.805 billion on November 20 to HKD 36.639 billion on November 27, a decrease of 37.7%, marking a three-month low [4]. - The number of stocks involved in short-selling decreased from 840 to 795, indicating a notable reduction in bearish sentiment and a gradual formation of a bullish atmosphere [4]. - Factors driving this sentiment include expectations of a Federal Reserve rate cut in December, ongoing growth stabilization policies in mainland China, and attractive valuations in the Hong Kong market [4]. Individual Stock Performance - Hesai Technology (02525.HK) led the market with a weekly increase of over 25%, driven by its inclusion in the Hang Seng Composite Index and achieving a milestone of over 2 million units delivered in the global lidar market [5]. - Clover Biopharmaceuticals (02197.HK) rose over 9% due to seasonal factors, with expectations of increased demand for its respiratory syncytial virus vaccine and quadrivalent seasonal flu vaccine as flu season peaks [5]. - ZTE Corporation (00763.HK) saw a 10.71% increase after announcing the successful application of its self-developed "Han域" M1 chip in a new vehicle model, marking a significant breakthrough in the domestic automotive chip sector [6]. Sector Performance - Gold stocks outperformed the market, with notable gains from companies such as Zhenfeng Gold (01815.HK) up 12.56% and China Gold International (02090.HK) up 5.17%, supported by rising international gold prices and expectations of a Federal Reserve rate cut [7][8]. - The robotics sector also showed strong performance, with GAC Group (02238.HK) rising 16.62% and other robotics companies like Yujian (02432.HK) and UBTECH (09880.HK) also experiencing significant gains [9][10]. - Conversely, pharmaceutical stocks weakened, with WuXi AppTec (02359.HK) down 3.80% and other biotech firms also declining, although some analysts believe the CXO industry is stabilizing [11][12]. - Real estate stocks continued to show weakness, with China Overseas Land (00688.HK) down 2.85%, despite positive policy signals aimed at promoting healthy industry development [13]. Notable Company Developments - Pop Mart (09992.HK) rose nearly 3% after its IP Labubu made a debut at the Macy's Thanksgiving Day Parade, generating significant social media buzz [14]. - Minda Technology (01860.HK) increased by over 5% following a report of a 27.6% year-on-year revenue growth to USD 532 million for the three months ending September 30, 2025, with strong expectations for AI-driven growth in its advertising services [14].

Core Viewpoint - Huya Technology (01860) reported strong financial performance for the three months ending September 30, 2025, with significant year-on-year growth in revenue and adjusted EBITDA, driven by its core business Mintegral and the integration of AI technologies in advertising services [1] Financial Performance - Revenue for the reporting period reached $532 million, representing a year-on-year increase of 27.6% [1] - Gross profit amounted to $111 million, up 26.4% compared to the previous year [1] - Adjusted EBITDA was $47.05 million, showing a substantial growth of 37.3% from the same period in 2024 [1] Core Business Insights - Mintegral generated $508 million in revenue, reflecting a 26.2% year-on-year growth and accounting for approximately 95.5% of the group's total revenue [1] AI Integration and Growth Potential - The company is leveraging AI to enhance its advertising services, with various applications being implemented across different stages of the advertising process [1] - New AI features launched include AI voiceover, translation, and rapid image generation on the Playturbo platform, as well as AI video functionalities introduced in August [1] - The Hybrid ROAS bidding strategy optimization model was launched in April, aimed at helping developers target high-value audiences, followed by the IAPROAS optimization strategy in July to enhance the quality and efficiency of IAP applications [1]

Core Insights - Huya Technology (01860) shares rose over 6%, currently up 6.45% at HKD 14.86, with a trading volume of HKD 264 million [1] Financial Performance - For the three months ending September 30, 2025, Huya Technology reported revenue of USD 532 million, a year-on-year increase of 27.6% [1] - Gross profit reached USD 111 million, reflecting a 26.4% year-on-year growth [1] - Adjusted EBITDA was USD 47.05 million, significantly up by 37.3% compared to the same period in 2024 [1] Business Segments - The core segment, Mintegral, generated revenue of USD 508 million, a 26.2% increase year-on-year, accounting for approximately 95.5% of total group revenue [1] AI Integration and Growth Potential - Open Source Securities expressed optimism regarding the substantial increase in adjusted profits, highlighting the potential of AI to drive rapid growth for Mintegral [1] - The company is deepening AI applications across various stages of advertising services, including: - In March, the Playturbo platform introduced AI voiceover, translation, and rapid image generation [1] - In August, two new AI video features, "Digital Human Video" and "Image to Video," were launched [1] - In April, a Hybrid ROAS bidding strategy optimization model was launched to help developers target high-value audiences [1] - In July, the IAPROAS optimization strategy was officially launched to empower IAP applications for overseas expansion and enhance quality and efficiency [1] - The continuous integration of AI in advertising services is expected to enhance competitive strength and drive sustained revenue growth [1]

Core Viewpoint - The company shows significant growth in adjusted profits and is expected to continue benefiting from AI-driven performance improvements, maintaining a "buy" rating. Group 1: Financial Performance - In Q1-Q3 2025, the company achieved revenue of $1.47 billion, a year-on-year increase of 39%, with a net loss attributable to shareholders of $22 million due to a non-recurring loss of $81 million from convertible bond derivatives [1] - Adjusted net profit for Q1-Q3 2025 was $84 million, reflecting a year-on-year increase of 167%, with Q3 revenue reaching $532 million, up 28% year-on-year and 7% quarter-on-quarter [1] - The gross margin for Q1-Q3 2025 was 21.24%, an increase of 0.47 percentage points year-on-year, with adjusted net profit margin at 5.71%, up 2.73 percentage points year-on-year [1] Group 2: Advertising Technology Business - In Q3, advertising technology revenue was $527 million, a year-on-year increase of 27.8% and a quarter-on-quarter increase of 6.7%, with programmatic advertising revenue from Mintegral at $508 million, up 26.2% year-on-year [2] - The gaming segment showed strong growth with revenue of $384 million, a year-on-year increase of 30.5%, while non-gaming categories expanded steadily, generating $124 million, up 14.5% year-on-year [2] - Since May 2023, Mintegral has launched four AI-based smart bidding products, optimizing ad performance based on metrics like ROAS and CPE, with smart bidding product revenue accounting for over 80% of Mintegral's total revenue in Q3 2025 [2] Group 3: AI Application and Competitive Advantage - The company is deepening the application of AI across various advertising service stages, enhancing service competitiveness and driving sustained revenue growth [3] - New AI features launched include AI voiceover, translation, and rapid image generation, with significant advancements in ad bidding strategies aimed at targeting high-value audiences [3] - The ongoing integration of AI is expected to enhance the company's advertising business and overall performance [3]

总收入55亿元，同比增10%，符合该行及机构一致预期。经调整净利润同比增17%至10.6亿元，略超该 行/市场预期4%/2%，经调整利润率19.2%，同比/环比提升1个/3个百分点，受益于经营费用效率优化。 分业务看，核心OTA经营利润同比增15%至14亿元，经营利润率31.2%，同比稳定，环比提升4个百分 点。 Q3为核心OTA业务旺季 3季度核心OTA收入同比增15%，其中：1)住宿预订收入同比增15%，受益于日均间夜量(创新高)稳健增 长及ADR小幅提升(好于行业)。高质量酒店间夜量同比增20%，快于平台整体间夜量增速，占比持续提 升。2)交通票务预订收入同比增9%，变现率稳定，国际机票业务贡献交通票务收入的6%，同比提升2个 百分点。 智通财经APP获悉，国投证券发布研报称，上调同程旅行(00780)目标价至27.2港元(前值：24.9港元)， 维持买入评级，公司营收与经调整净利润实现高速增长，核心广告平台Mintegral增势强劲，其AI智能出 价产品已广泛采用并成为主要收入来源，公司正通过深化AI技术在素材制作与广告投放环节的应用， 持续提升服务竞争力。 用户ARPPU值提升趋势不变 国投证券主要 ...