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 ...

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。 3季度MPU为4,770万，同比增3%，APU同比增9%至2.53亿人。ARPPU值角度，若以最近12个月总收入/ 核心OTA收入除APU，计算单个用户对年度总收入/年度核心OTA收入贡献为74元/63元，同比增 6%/7%，该行认为平台的用户规模优势将逐步释放。 财务预测 该行预计4季度核心OTA收入同比增17%，其中住宿预订/交通票务同比增15%/9%，预计国内酒店预订 收入仍主要由间夜量增长驱动。看中长期业务潜力，对于国内业务，该行认为住宿预订是主要增长动 力，高星酒店占比提升将带动ADR增长、新住宿场景开发带来间夜量新增长动力;对于国际业务，公司 指引未来2-3年对总收入的占比有望提升至10-15%，当前的业务重心为提升国际机票用户粘性及单量、 国际酒店供给能力建设，后续建议关注国内高星酒店间夜量 ...

Core Insights - Company maintains a "Buy" rating for 汇量科技 (01860) due to strong Q3 performance with revenue growth of 39% year-on-year and adjusted net profit growth of 167% [1] Group 1: Financial Performance - For Q1-Q3 2025, the company achieved revenue of $1.47 billion, a 39% increase year-on-year, and adjusted net profit of $84 million, a 167% increase year-on-year [1] - In Q3 2025, the company reported revenue of $532 million, a 28% increase year-on-year and a 7% increase quarter-on-quarter, with adjusted net profit of $24 million, a 126% increase year-on-year and a 51% increase 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%, an increase of 2.73 percentage points year-on-year [1] Group 2: Business Segments - Q3 advertising technology business revenue reached $527 million, a 27.8% year-on-year increase and a 6.7% quarter-on-quarter increase, with programmatic advertising business Mintegral generating $508 million, a 26.2% year-on-year increase [2] - The gaming segment showed strong growth with revenue of $384 million, a 30.5% year-on-year increase, while non-gaming categories expanded steadily with revenue of $124 million, a 14.5% year-on-year increase [2] - Q3 marketing technology business revenue was $4.52 million, a 12.8% year-on-year increase [2] Group 3: AI Integration - The company is deepening AI applications across advertising services, with the Playturbo platform supporting AI voice, translation, and rapid image generation since March, and launching AI video features in August [3] - AI-driven bidding strategies have been implemented to optimize ad spending, with significant increases in Target ROAS and Target CPE since early 2025 [2][3] - The revenue from AI-based bidding products now accounts for over 80% of Mintegral's total revenue [2]

Core Insights - Company maintains a "Buy" rating for 汇量科技 (01860) due to strong Q3 performance with revenue growth of 39% year-on-year and adjusted net profit growth of 167% [1] Financial Performance - For the first three quarters of 2025, the company achieved revenue of $1.47 billion (up 39% year-on-year) and adjusted net profit of $84 million (up 167% year-on-year) [1] - In Q3 alone, revenue reached $532 million (up 28% year-on-year and up 7% quarter-on-quarter), with adjusted net profit of $24 million (up 126% year-on-year and up 51% quarter-on-quarter) [1] - Gross margin for Q1-Q3 2025 was 21.24% (up 0.47 percentage points year-on-year), with sales, management, and R&D expense ratios at 3.81%, 3.54%, and 9.09% respectively (down 0.48, 0.64, and 1.21 percentage points year-on-year) [1] Advertising Technology Growth - Q3 advertising technology revenue was $527 million (up 27.8% year-on-year and up 6.7% quarter-on-quarter), with programmatic advertising revenue from Mintegral at $508 million (up 26.2% year-on-year and up 6.6% quarter-on-quarter) [2] - The gaming segment showed strong growth with revenue of $384 million (up 30.5% year-on-year), while non-gaming categories expanded steadily with revenue of $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 [2] AI Integration and Competitive Edge - The company is deepening AI applications across advertising services, enhancing capabilities in material production and ad placement [3] - New AI features include AI voiceovers, translations, and video functionalities, which are expected to improve service competitiveness and drive sustained revenue growth [3] - The introduction of Hybrid ROAS bidding strategies and IAPROAS optimization is aimed at targeting high-value audiences and enhancing the quality of ad campaigns [3]

Core Insights - Institutional attention has rebounded, particularly in the electronics, power equipment, and construction decoration sectors, indicating a renewed interest in these industries [3][8][9] Industry Performance Recent Market Trends - The Shanghai Composite Index and the ChiNext Index have shown significant fluctuations over the past year, with the ChiNext Index experiencing a notable decline [1] - The top-performing sectors recently include telecommunications, comprehensive services, electronics, retail, and home appliances, with telecommunications leading at a 4.638% increase [1] Underperforming Sectors - Conversely, the sectors that have underperformed include defense, social services, media, oil and petrochemicals, and banking, with defense showing the largest decline at -2.253% [2] Company-Specific Insights Media Sector: HuiLiang Technology (01860.HK) - The company reported a significant increase in adjusted profits, driven by AI empowerment, with Q3 revenue reaching $5.32 billion, a 28% year-on-year increase [4][14] - Adjusted net profit for Q3 was $0.24 billion, reflecting a 126% increase year-on-year [14] Overseas Technology: Alibaba Group (09988.HK) - Alibaba's cloud business is experiencing strong demand, with revenue growth expected to improve due to AI infrastructure investments [5][17] - The company has adjusted its net profit forecasts for FY2026-2028 to $104.3 billion, $131.3 billion, and $164.7 billion respectively, reflecting a significant downward revision [5][18] Home Appliances: Hesai Technology (HSAI.O) - The company has launched a new version of its ATX product, which is expected to enhance revenue growth due to increased orders in the ADAS sector [6][22] - Q3 revenue reached $7.95 billion, a 47% increase year-on-year, with net profit soaring by 464% [22][24] Institutional Research Insights Research Trends - The total number of institutional research engagements has slightly increased, with a notable rise in interest for electronics, power equipment, and construction decoration sectors [9][10] - Specific companies such as Huichuan Technology and Fengyuan Co. have garnered significant market attention, indicating a focus on high-potential stocks [11] Key Company Developments - HuiHan Co. has been frequently researched due to its early advantage in the eCall system, which is expected to see stable demand from 2027 onwards [12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Insights - The company has shown significant growth in adjusted profits, driven by AI empowerment, with a revenue increase of 39% year-on-year for the first three quarters of 2025, reaching $1.47 billion [3] - The adjusted net profit for Q3 2025 was $0.24 billion, reflecting a year-on-year increase of 126% and a quarter-on-quarter increase of 51% [3] - The company is expected to continue releasing performance driven by AI, with adjusted net profit forecasts for 2025-2027 revised to $0.26 billion, $1.65 billion, and $2.25 billion respectively [3] Financial Performance Summary - For Q3 2025, the company achieved revenue of $5.32 billion, a year-on-year increase of 28% and a quarter-on-quarter increase of 7% [3] - The gross margin for the first three quarters of 2025 was 21.24%, with adjusted net margin at 5.71%, an increase of 2.73 percentage points year-on-year [3] - The advertising technology business generated $5.27 billion in revenue for Q3 2025, with a year-on-year growth of 27.8% [4] AI Empowerment and Growth Strategy - The company has been actively integrating AI into various advertising service segments, enhancing service competitiveness and driving continuous growth [5] - Since May 2023, the company has launched four AI-based smart bidding products, significantly optimizing advertising effectiveness [4][5] - The revenue from smart bidding products accounted for over 80% of Mintegral's total revenue in Q3 2025 [4]

Core Insights - The company reported strong performance for the third quarter ending September 30, 2025, with revenue of $532 million, a year-on-year increase of 27.6% [1] - Gross profit reached $111 million, reflecting a 26.4% year-on-year growth, while adjusted EBITDA surged to $47.05 million, marking a significant increase of 37.3% compared to the same period in 2024 [1] - The core business segment, particularly the programmatic platform Mintegral, showed robust revenue growth, generating $508 million, which is a 26.2% increase and accounts for approximately 95.5% of total group revenue [1] Business Structure - The company has diversified its advertising client base and achieved significant breakthroughs in its multi-vertical development strategy, leading to a more balanced business layout [2] - Revenue from both gaming and non-gaming categories experienced year-on-year growth, with gaming revenue at $384 million (75.7% of Mintegral's total revenue) growing by 30.5%, and non-gaming revenue at $124 million, up by 14.5% [2] - The introduction of four AI and machine learning-based smart bidding products since May 2023 has optimized advertising effectiveness, contributing over 80% of Mintegral's total revenue during the reporting period [1][2] Future Outlook - The company is expected to further solidify its leading position in the programmatic advertising sector as AI and machine learning technologies continue to be integrated into advertising strategies, enhancing market recognition and driving high-quality growth [2]

财报显示，报告期内汇量科技实现营收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%，核心业务盈利能力与成本控制 水平持续优化。 核心业务板块中，汇量科技旗下程序化平台 Mintegral 相关收入保持稳健增长态势，为整体业绩增长提 供了坚实支撑。报告期内，Mintegral 录得收入5.08亿美元，同比增长26.2%，占集团总收入约95.5%。 智通财经APP获悉，11月21日，汇量科技(01860)公布截至2025年9月30日止三个月的业绩表现。财报显 示，第三季度，公司整体经营状况良好，核心业务持续增长。 展望未来，随着AI和机器学习技术在广告投放领域的深入应用和市场认可度的不断提高，汇量科技有 望进一步巩固其在程序化广告领域的领先地位，持续推动公司业绩的高质量发展。 值得关注的是，Mintegral 自 2023 年 5 月以来推出的 4 款基于 AI 与机器学习的智能出价产品，围绕广 告主核心诉求持续优化投放效果，赢得了广泛认可。报告期内，智能出价产品体系贡献的收入占 Mintegral 总收入比 ...

Core Viewpoint - AppLovin's Q3 2025 financial performance and Q4 outlook exceeded expectations, positively impacting related companies like 汇量科技 (Mobvista) [1] Company Performance - 汇量科技 reported a revenue of $938 million for the first half of the year, a significant increase of 47% year-on-year [1] - The adjusted EBITDA for 汇量科技 was $88.68 million, reflecting a year-on-year growth of 41% [1] - The advertising platform Mintegral generated revenue of $897 million, up 49% year-on-year, with game category revenue at $662 million, increasing by 51.7% [1] Industry Insights - Both AppLovin and 汇量科技 focus on programmatic advertising, utilizing algorithms and big data for automated resource matching and precise ad placement [1] - 国海证券 highlights 汇量科技 as a leading player in the global programmatic advertising market, with intelligent bidding strategies aimed at capturing incremental budgets from mid to heavy gaming and non-gaming advertisers [1]