社会服务 社会服务 "体重管理年"关注减脂健康饮食，AI 赋能赤子城科 2025 年 07 月 27 日 技中报亮眼 《职教顺应社会趋势向新而变，再生 减脂/社交："体重管理年"关注减脂健康饮食，AI 赋能赤子城科技中报亮眼 医美景气犹在多产品获批—行业周 《烟火气回归家常菜崛起，潮玩&创作 者经济赛道景气度延续—行业周报》 《即时零售补贴加码第三方配送&餐 健康饮食：据国家卫健委数据，我国 18 岁及以上居民超重及肥胖率已突破 50%， 同时中国糖尿病患者已超 1.4 亿人，占总人口近 10%，催生对低糖、低脂、高纤食 品的持续需求。在"颜值经济"审美风潮与国家"大健康战略"的双重引擎驱动下， 关注体重管理千亿美金市场。前瞻产业研究院数据显示，预估 2024 年中国玉米深 加工市场规模达 2100 亿元，同比增长 14.3%，受益标的：十月稻田。AI+社交：赤 子城科技发布公告，2025H1 公司总收入预期为 31.35~32.15 亿元，较 2024 年同期 增长 38.0%~41.5%，AI 赋能多产品、多地区突围。 饮受益，AI 创意工具龙头 Figma 拟上 美丽：消费者认知觉醒，驱动健康食品赛道快 ...

"为情绪买单"使得新消费概念相当"吃香"。 多元人群社交业务在海外市场亦持续健康发展。通过深化社区生态运营、迭代社交玩法、开展品牌活动等方式，HeeSay继续巩固在东南亚等市场的优势 地位，品牌影响力进一步提升。Sensor Tower 数据显示，今年前6个月，在GooglePlay东南亚市场社交类App收入榜单中，HeeSay排名第16位。 公开数据显示，今年上半年，以 Alice's Dream：Merge Games 为代表的精品游戏业务也进入长线运营阶段，稳定贡献利润。此外，社交电商平台荷尔健康 亦保持快速发展。 自2020年入驻京东健康平台后，荷尔健康连续3年蝉联京东健康抗感染类目TOP商家店铺，并多次获得京东健康年度卓越服务商家奖项。 校对 陶善工 7月25日，赤子城科技(09911.HK)发布2025年半年度未经审核营运数据。截至6月30日止六个月，公司总收入预期为人民币31.35~32.15亿元，较2024年同期 增长38.0%~41.5%。其中，社交业务依旧表现亮眼，收入预期为28.00~28.60亿元，同比增长35.4%~38.3%；创新业务实现爆发式成长，收入预期为 3.35~3.55亿 ...

本报讯 （记者李春莲）7月25日，赤子城科技有限公司（以下简称"赤子城科技"）发布2025年半年度未 经审核营运数据。截至6月30日，公司总收入预期为31.35亿元-32.15亿元，较2024年同期增长 38.0%-41.5%。其中，社交业务依旧表现亮眼，收入预期为28亿元-28.60亿元，同比增长35.4%-38.3%； 创新业务实现爆发式成长，收入预期为3.35亿元-3.55亿元，同比增长65.0%-74.9%。 上半年，赤子城科技社交业务保持高质量增长，"灌木丛"产品矩阵在全球市场蓬勃发展。其中，后发产 品SUGO、TopTop保持强劲增长，核心产品MICO、YoHo稳定贡献收入。公告显示，社交业务收入同比 大幅增长，得益于AI技术推动多样化社交产品持续稳步增长。 近年来，赤子城科技不断深化AI技术在核心业务场景中的应用，帮助产品矩阵提升获客、本地化运营 和变现效率，拉动产品矩阵在全球市场的增长。随着自研多模态算法模型Boomiix持续升级，产品的社 交效率和社交体验进一步提升。 2025年上半年，SUGO人均在线时长、ARPU、付费率等主要营运指标均实现稳步提升，TopTop社区生 态进一步繁荣。Se ...

7月25日，赤子城科技(09911.HK)发布2025年半年度未经审核营运数据。截至6月30日止六个月，公司总 收入预期为人民币31.35~32.15亿元，较2024年同期增长38.0%~41.5%。其中，社交业务依旧表现亮眼， 收入预期为28.00~28.60亿元，同比增长35.4%~38.3%；创新业务实现爆发式成长，收入预期为3.35~3.55 亿元，同比增长65.0%~74.9%。 社交业务持续强劲发展 上半年，赤子城科技社交业务保持高质量增长，"灌木丛"产品矩阵在全球市场蓬勃发展。其中，后发产 品SUGO、TopTop保持强劲增长，核心产品MICO、YoHo稳定贡献收入。公告显示，社交业务收入同比 大幅增长，得益于 AI 技术推动多样化社交产品持续稳步增长。 近年来，赤子城科技不断深化 AI 技术在核心业务场景中的应用，帮助产品矩阵提升获客、本地化运营 和变现效率，拉动产品矩阵在全球市场的增长。随着自研多模态算法模型 Boomiix 持续升级，产品的社 交效率和社交体验进一步提升。 在社交业务护城河不断加深的同时，赤子城科技通过精品游戏及社交电商等创新业务构建的第二增长曲 线逐渐清晰。公告显示，公司 ...

| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3582 | 0.62 | 6.61 | 2.19 | | 深证综指 | 2189 | 0.58 | 11.1 | 3.32 | | | | | 7 | | | 风格指数 | 昨日表现 | 1 个月表现 | 6 个月表现 | | --- | --- | --- | --- | | | （％） | （％） | （％） | | 大盘指数 | 0.86 | 7.05 | 8.67 | | 中盘指数 | 0.61 | 9.47 | 7 | | 小盘指数 | 0.62 | 10.79 | 13.82 | | 行业涨幅 | 昨日涨 | 1 个月涨 | 6 个月涨 | | 水泥 | 8.02 | 28.54 | 24.94 | | 煤炭开采 | 6.32 | 8.18 | 3.07 | | 工程机械Ⅱ | 6.18 | 19.71 | 21.19 | | 基础建设Ⅱ | 4.78 | 15.82 | 14.7 | | 焦炭Ⅱ | 4. ...

Summary of the Conference Call for ZhiZi City Technology Company Overview - ZhiZi City Technology derives 91% of its revenue from social networking for diverse and general populations, with general population social networking being the core business. Products include MICO, YOHO, TopTop, and Sogou. [2][3] - The company has achieved a compound annual growth rate (CAGR) of 67% over the past five years, with an adjusted EBITDA of 50%. [2][3] Financial Performance - Revenue guidance for the year has been raised from 6.5 billion to 6.8-7.1 billion, with a year-on-year growth rate expected to increase from 30% to 35%-40%. [4][12] - In 2024, revenue from the Middle East and North Africa (MENA) is projected to grow approximately 66%, with Sogou's revenue increasing by about 200% and profits exceeding 400%. [2][3] - The company reported a revenue growth of about 54% in 2024, with a net profit margin of 4%. [9] Market Dynamics - The MENA market is a significant growth engine for ZhiZi City Technology, with a projected CAGR of 20.7% over the next five years. [5] - The region has a youthful demographic, with 70% of the population under 35 years old, and high GDP per capita, leading to strong online social networking demand. [5] Product and Innovation Highlights - The innovative business segment includes casual mobile games, traditional traffic monetization, and social e-commerce. The self-developed game Alice Dream has generated over $8 million in monthly revenue as of September 2023. [6][28] - The LGBTQ social networking market is expected to reach 660 million by 2026, characterized by high education and income levels. [7] Strategic Initiatives - The company plans to continue expanding its overseas market presence and explore strategic entry into emerging markets, including potential acquisitions. [4][8] - ZhiZi City aims to replicate the success of Alice Dream to empower new products and create more long-lifecycle hits. [4][8] Competitive Landscape - The competitive landscape for general population social networking remains stable, with flagship products like MICO ranking in the top three in live streaming. [15] - TikTok is a major player in the live streaming space, but ZhiZi City primarily focuses on social networking, with limited overlap. [16] Future Growth Outlook - The company anticipates continued growth in both general and diverse population social networking, with plans to launch two additional casual mobile games in the second half of the year. [28] - The company has a robust pipeline of 5 to 6 products in incubation, with 1 to 2 showing significant potential. [21] Shareholder Returns - ZhiZi City prioritizes investment in its core business while actively seeking acquisition opportunities. The company has repurchased nearly 200 million HKD worth of shares this year and plans to repurchase a total of 400 million HKD over the next two years. [29]

Core Insights - The concept of "emotional value" is becoming a significant investment theme in the Hong Kong stock market, driven by products like blind boxes, gold jewelry, and Chinese tea drinks [1] - The rise of "new conspicuous consumption" reflects a shift in consumer behavior towards identity expression and social recognition [1][3] - Labubu's success story illustrates how celebrity endorsements and high-fashion events can elevate a brand from niche to mainstream, emphasizing the importance of social status in consumer choices [2][3] Group 1: Emotional Value and Consumption Trends - Emotional value encompasses various aspects such as self-satisfaction, social recognition, and therapeutic consumption, with a focus on new forms of conspicuous consumption [1] - The historical context of conspicuous consumption shows its evolution from overt displays of wealth to more subtle forms of identity expression [1][11] - Labubu's transformation into a symbol of status is linked to its presence at Milan Fashion Week and endorsements from global celebrities, which sparked a buying frenzy among consumers [2][3] Group 2: Market Dynamics and Brand Positioning - Labubu's marketing strategies, including social media campaigns and collaborations, have significantly contributed to its brand recognition and sales growth [2][6] - The luxury market in China is evolving, with brands like Laopoo Gold leveraging cultural significance and craftsmanship to appeal to consumers seeking identity expression through luxury goods [7][11] - The rapid growth of Labubu's overseas market revenue, particularly in the Americas and Europe, indicates a strong demand for emotional and identity-driven products [6] Group 3: Cultural and Economic Context - China's economic development has led to a growing middle class with increasing disposable income, creating a fertile ground for luxury and identity-driven consumption [9][10] - The concept of "face economy" in the Middle East highlights a similar trend where consumers seek to express their status through virtual goods and social media engagement [12][16] - The interplay between cultural heritage and modern luxury consumption is evident in the success of brands that can effectively communicate their identity and value propositions [11][17]

上 市 公 司 2025 年 06 月 30 日 赤子城科技 (09911) ——社交先锋，淘金中东 报告原因：首次覆盖 买入（首次评级） | 市场数据： | 2025 年 06 月 30 日 | | --- | --- | | 收盘价（港币） | 9.83 | | 恒生中国企业指数 | 8678.3 | | 52 周最高/最低（港币） | 11.50/2.50 | | H 股市值（亿港币） | 138.96 | | 流通 H 股（百万股） | 1,412.18 | | 汇率（人民币/港币） | 1.0966 | 一年内股价与基准指数对比走势： -43% 457% 07/02 08/02 09/02 10/02 11/02 12/02 01/02 02/02 03/02 04/02 05/02 06/02 资料来源：Bloomberg HSCEI 赤子城科技 公 相关研究 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 赵航 A0230522100002 zhaohang@swsresearch.com 联系人 赵航 (8621)23297818× zhaohan ...

Investment Highlights - The company is initiating coverage on Zhizi City Technology (09911) with an "outperform" rating and a target price of HKD 11.30, based on a 14x Non-IFRS P/E valuation for 2025, implying a 2x P/S valuation for 2025 [1] - The company has launched dozens of applications and casual games in the social and gaming sectors, serving over 1 billion users across more than 100 countries and regions, with a focus on the Middle East and North Africa while actively expanding into Southeast Asia, Europe, and Japan [1] Market Opportunity - The global social application market is expected to grow from USD 61 billion in 2023 to over USD 300 billion by 2030, with a CAGR of 26%, indicating a healthy growth environment for overseas entertainment social platforms [1] - The company believes that smaller platforms with cultural depth can seize structural opportunities due to the limitations faced by major players amid geopolitical tensions [1] Product Matrix and Business Strategy - The company has strengthened its core business through the acquisition of Mico World, diversifying into niche social segments while maintaining a "bush" strategy that enhances commercialization efficiency [2] - The company expects MICO and YoHo to enter a mature phase, contributing stable cash flow, while SUGO and TopTop are anticipated to support revenue growth [2] Global Expansion and Innovation - The company has positioned the Middle East and North Africa as a long-term strategic region, contributing over 50% of its social revenue, and plans to deepen its presence in high ARPU markets in Europe and the U.S. [3] - The company estimates that several products in the growth phase will contribute approximately 10% of social revenue in 2024, supporting future performance breakthroughs [3] - The company anticipates that marketing expenses may remain high in the short term but expects operational leverage to gradually improve as customer acquisition efficiency increases [3] Earnings Forecast and Valuation - The company projects EPS of 0.8 CNY and 1.0 CNY for 2025 and 2026, respectively, with a CAGR of 54% [3] - The initial coverage gives an "outperform" rating based on a 14x Non-IFRS P/E for 2025, with a target price of HKD 11.30, representing a 20% upside from current trading levels [3]

Group 1: Social Business Performance - The social business revenue of Zhi Zi Cheng Technology (09911.HK) grew by 39.1% year-on-year to approximately 44.3 million in Q1 2025, driven by the application of artificial intelligence and optimization of social recommendation algorithms [1] - Despite facing temporary headwinds in March and April due to the Ramadan holiday, the business rebounded quickly in May, with the main social product Sugo achieving a monthly revenue of about 24 million and approximately 4 million monthly active users [1] - The strong growth trend continued into June, with minimal impact from geopolitical tensions in the Middle East [1] Group 2: Innovative Business Growth - Zhi Zi Cheng Technology's innovative business also showed satisfactory progress in Q1 2025, achieving a year-on-year growth of 66.7% to 88.2%, driven by boutique games and social e-commerce platforms [1] - The success of Alice's Dream is seen as a positive signal for this business segment, with expectations that new boutique games will achieve breakeven faster and provide higher investment returns [1] Group 3: Global Headquarters and Growth Potential - Zhi Zi Cheng Technology has established its global headquarters and AI research center in Hong Kong, leveraging the international business environment, mature capital markets, and top talent resources to enhance AI applications in operations [2] - The company has shown robust growth in revenue and attributable profit, with products like Sugo, TopTop, and Blued expected to continue growing, providing substantial returns to shareholders [2] - The company’s strong cash reserves enable it to acquire potential businesses like Lan Cheng Brothers, and macroeconomic factors such as the recovery of valuations for Chinese companies and peak risk-free interest rates are expected to positively impact the company's valuation [2]