报告中称，公司创新业务多元化发展并带来利润率提升。以预计的中位数值计算，2025年第三季度集团 的创新业务录得1.9亿元人民币收入，创单季纪录，表现极为理想。增长主要来自于流量变现与社交电 商业务的拓展。精品游戏如Alice's Dream继续推动整体利润率提升，鉴于集团在复制变现模式和新游戏 玩法方面具相当的能力，巩固了该业务的中期增长前景。 社交网络业务持续的变现势头。社交网络业务增长稳健，月流水均超过1,000万美元的旗舰应用程式 Sugo和TopTop对收入增长形成有力支撑。自有AI运营工具Boomiix显著提升用户在线时长、付费转化及 ARPU等关键指标，对拓展新市场及提升产品社交匹配效率尤为重要。 西牛证券发布研报称，维持赤子城科技(09911)"买入"评级及每股13.20港元目标价，反映对公司基本业 务韧性及未来复苏的信心。尽管财务及营运表现持续稳健，集团股价近期因法律争议出现显著调整，市 场对集团治理及股权摊薄产生关注。该行认为相关挑战属于短期性，营运基本面及全年收入目标未受影 响。集团重申2025财年总收入目标为68亿元人民币至70亿元人民币。 截至2025年9月底止九个月，赤子城科技预计社 ...

Core Viewpoint - The report from West Cow Securities maintains a "Buy" rating for Zhi Zi Cheng Technology (09911) with a target price of HKD 13.20, reflecting confidence in the company's business resilience and future recovery despite recent stock price adjustments due to legal disputes [1] Group 1: Financial Performance - The company has reaffirmed its total revenue target for the fiscal year 2025 to be between RMB 6.8 billion and RMB 7.0 billion [1] - For the nine months ending September 2025, the expected revenue from the social networking business is approximately RMB 4.38 billion to RMB 4.44 billion, representing a year-on-year growth of about 34.5% to 36.4% [1] - The average monthly active users for the social networking business in Q3 2025 are expected to reach approximately 34.08 million, a 0.7% increase from the previous quarter [1] Group 2: Business Segments - The innovative business segment is projected to generate revenue of approximately RMB 530 million to RMB 550 million, with a year-on-year growth of about 69.9% to 76.3% [1] - The flagship applications Sugo and TopTop have contributed significantly to revenue growth, with monthly revenue exceeding USD 10 million [1] - The self-developed AI operational tool Boomiix has notably improved key metrics such as user online duration, payment conversion, and ARPU, which are crucial for expanding new markets and enhancing product social matching efficiency [1] Group 3: Profitability and Growth Drivers - The innovative business has diversified and improved profit margins, with an expected revenue of RMB 190 million in Q3 2025, marking a record for a single quarter [2] - Growth in the innovative business is primarily driven by traffic monetization and the expansion of social e-commerce [2] - Premium games like Alice's Dream continue to enhance overall profit margins, supported by the company's capability to replicate monetization models and new gameplay [2]

Core Viewpoint - The company reported strong revenue growth for the first three quarters of 2025, with total revenue expected to be between 49.1 and 49.9 billion yuan, representing a year-on-year increase of approximately 37.6% to 39.9% [1] Revenue Breakdown - Social business revenue is projected to be around 43.8 to 44.4 billion yuan, reflecting a year-on-year growth of about 34.5% to 36.4% [1] - Innovative business revenue is expected to be between 5.3 and 5.5 billion yuan, showing a significant year-on-year increase of approximately 69.9% to 76.3% [1] Business Performance - The company’s social business continues to grow steadily, benefiting from AI technology integration in its product matrix, enhancing user experience and operational efficiency [1] - A strategic partnership with Tencent Cloud was signed in September 2025 to explore the "AI + social entertainment" space [1] - The company’s core products have solidified their competitive advantage, with SUGO ranking 6th in social network app revenue in the Middle East and TopTop ranking 9th in Google Play game app revenue in the region [1] Innovative Business Growth - The innovative business segment is experiencing robust growth across multiple areas, including: 1. Premium games, with flagship game "Alice's Dream" entering a long-term operational phase since Q4 2024 [1] 2. Steady growth in social e-commerce, with Huoer Health consolidating its leading position in the health service sector [1] 3. Revenue contributions from the actively invested short drama business [1] 4. Launch of the AI creative content community Aippy, marking a forward-looking move in the "AI + social entertainment" field, with its iOS version now live [1] Future Outlook - The company is expected to maintain its multi-faceted growth strategy in premium games, social e-commerce, short dramas, and AI-native apps, which are anticipated to support long-term development [1]

Company Overview - The company expects total revenue for the first three quarters of 2025 to be between 4.91 billion and 4.99 billion yuan, representing a year-on-year growth of 37.6% to 39.9% [1] Social Business Performance - The social business continues to grow rapidly, with a median revenue of 1.58 billion yuan in Q3, an increase of 32% year-on-year and 7% quarter-on-quarter [1] - Monthly Active Users (MAU) for the social business reached 34.08 million, showing a slight quarter-on-quarter increase and an 18% year-on-year growth [1] - The total downloads of social applications reached 920 million, with a net increase of 50 million in the quarter, marking a 25% year-on-year growth [1] - New products SUGO and TopTop show a steady growth trend, with SUGO maintaining a high double-digit year-on-year growth in revenue [1] Innovation Business Insights - The median revenue for the innovation business in Q3 is estimated at 190 million yuan, reflecting an 81% year-on-year increase, driven by stable growth in traffic monetization and social e-commerce [2] - The company is focusing on short dramas and AI products, which are expected to contribute to revenue elasticity [2] - The management of the product matrix is aimed at balancing growth and profitability, with older products expected to release stable profits while new products may exert downward pressure on operating profit margins in the short term [2] Profit Forecast and Valuation - The company maintains its revenue and profit forecasts for 2025 and 2026, with an upgraded target price for Hong Kong stocks by 7.4% to 14.5 HKD, corresponding to a 14 times Non-IFRS P/E ratio for 2026, indicating a 30% upside potential from current trading levels [2]

Core Viewpoint - The company, Zhizi City Technology, is experiencing significant revenue growth driven by AI technology and diversified social products, with a strong performance in the Middle East and North Africa market [1][2]. Group 1: Financial Performance - For the first three quarters of 2025, the company's total revenue is expected to be between 4.91 billion to 4.99 billion, representing a year-on-year growth of 37.6% to 39.9% compared to the same period in 2024 [1]. - Revenue from social business is projected to be around 4.38 billion to 4.44 billion, reflecting a growth of approximately 34.5% to 36.4% year-on-year [1]. - The innovative business segment is expected to generate about 530 million to 550 million, with a remarkable year-on-year growth of 69.9% to 76.3% [1]. Group 2: Market Position and Competitive Advantage - Zhizi City Technology is recognized as one of the most competitive players in the Middle East and North Africa social entertainment industry, with strong market potential [2]. - The company has established unique competitive advantages through deep user insights, refined service experiences, and diversified monetization models [2]. - The company’s core products have shown enhanced competitiveness in the Middle East and North Africa, ranking sixth in social network app revenue and ninth in Google Play game app revenue in the region [1]. Group 3: AI and Innovation - The application of AI technology in business scenarios is deepening, particularly in content recommendation and user matching, which enhances product experience and operational efficiency [2]. - The company has signed a strategic cooperation agreement with Tencent Cloud to explore the "AI + social entertainment" space [2]. - The innovative business segment has shown strong growth, driven by traffic monetization, stable development of social e-commerce, and contributions from short drama and premium games [2]. Group 4: Global Expansion - The establishment of the global headquarters in Hong Kong marks a new phase in the company's globalization process [3]. - The Hong Kong headquarters will work in synergy with regional headquarters in Riyadh and Singapore, along with multiple R&D and operational centers worldwide, to support long-term high-quality development [3].

Core Insights - The company, Zhizi City Technology (09911.HK), reported a significant revenue growth forecast for the first three quarters of 2025, with total revenue expected to be between RMB 4.91 billion and 4.99 billion, representing a year-on-year increase of 37.6% to 39.9% compared to the same period in 2024 [1] Group 1: Social Business Performance - The social business revenue is projected to be around RMB 4.38 billion to 4.44 billion, reflecting a growth of approximately 34.5% to 36.4% year-on-year [1] - The company has successfully leveraged AI technology to drive the steady growth of diverse social products, demonstrating its ability to accurately understand user needs and the significant growth potential of its social product matrix [4] - Zhizi City Technology's main products have strengthened their competitive position in the Middle East and North Africa (MENA) market, with SUGO ranking 6th in social network app revenue and TopTop ranking 9th in Google Play game app revenue in the region [4] Group 2: Innovation Business Growth - The innovation business has shown robust growth, with revenue expected to be between RMB 530 million and 550 million, indicating a year-on-year increase of 69.9% to 76.3% [1][6] - The high growth in the innovation business is attributed to steady development in traffic monetization, social e-commerce, and contributions from short drama and premium games [7] - The company’s premium games have entered a profit recovery phase, with flagship games like "Alice's Dream: Merge Games" moving into long-term operation, and new game releases progressing well [7] Group 3: Strategic Developments - In September, the company signed a strategic cooperation agreement with Tencent Cloud to explore the "AI + social entertainment" space, enhancing its product experience and operational efficiency [5] - The establishment of the global headquarters in Hong Kong marks a new phase in the company's globalization process, which will facilitate efficient collaboration with regional headquarters in Riyadh and Singapore, as well as numerous R&D and operational centers worldwide [8]

Summary of Newborn Town (9911.HK) Conference Call Company Overview - **Company**: Newborn Town (9911.HK) - **Industry**: Social Networking and Live Streaming - **Market Cap**: HK$15,627 million (US$2,012 million) - **Current Price**: HK$11.06 - **Target Price**: HK$16.00 - **Recommendation**: Buy/High Risk Key Points Industry Position - Newborn Town is the 6 Chinese internet player by overseas revenue and 3 in social networking, following ByteDance and Joyy as of August 2025 [1][2][3] Growth Drivers 1. **Product Development Success**: The company has seen replicable success in product development, particularly with Sugo, amidst increasing competition [1][3] 2. **Global Presence**: Strong foothold in MENA and pan-SEA regions, with effective localization strategies [1][3][43] 3. **Emerging Growth Areas**: Anticipated growth in games, social e-commerce, and short dramas [1][3] 4. **Strategic Investments**: Proven track record of strategic investments fueling growth [1][3] 5. **AI Adoption**: Implementation of AI to enhance operational efficiency and growth [1][3] Financial Performance - **Revenue Forecasts**: Expected revenue growth of +54% in 2024, +35% in 2025, +20% in 2026, and +16% in 2027 [3][4] - **Net Profit**: Projected net profit of Rmb1,125 million in 2025, with a diluted EPS of Rmb0.860 [6][11] - **Margins**: Adjusted net margins expected to be 12.2% in 2024, improving to 15.4% by 2027 [3][4] Product Portfolio - **Pan-Audience Products**: Includes Mico, YoHo, TopTop, and Sugo, with significant user engagement and revenue contributions [13][14][15] - **Diverse-Audience Products**: Acquired BlueCity, enhancing offerings in the diverse-audience segment with platforms like Blued and HeeSay [26][28] - **User Metrics**: As of 1H25, average MAU reached 33.9 million, with cumulative downloads of 870 million [14][19] Valuation - Target price set at HK$16, based on a 16x FY26E adjusted EPS of HK$1.01, aligning with global peers [4][11] Risks 1. **Product Lifecycle**: Aging products and low new product hit rates could impact growth [5][30] 2. **Competition**: Intensifying competition in the global social entertainment space [5][30] 3. **Traffic Acquisition**: ROI fluctuations in traffic acquisition strategies [5][30] 4. **Regulatory Changes**: Evolving regulations across different markets may pose challenges [5][30] Market Opportunities - **Sector Outlook**: Strong potential in the global social networking and casual gaming markets, particularly in MENA and SEA [1][16][18] - **Upcoming Developments**: Potential inclusion in HK Stock Connect by March next year, which could enhance visibility and liquidity [2][12] Strategic Initiatives - **Global Headquarters**: Established in Hong Kong, with regional headquarters in Riyadh and Singapore to support global operations [47][48] - **AI and Middle Platform**: Focus on enhancing AI capabilities to streamline operations and improve product development efficiency [40][41] Conclusion - Newborn Town is positioned for robust growth with a diversified product portfolio and strong global presence. The company is leveraging strategic investments and AI to enhance operational efficiency, while navigating potential risks associated with competition and product lifecycle management. The current market correction presents a buying opportunity for investors looking to capitalize on its growth trajectory.

Core Viewpoint - The company reported a significant revenue growth of 40.0% year-on-year for the first half of 2025, reaching 3.181 billion yuan, driven by a diversified product portfolio and deep integration of AI technology [1]. Group 1: Revenue Breakdown - Social business revenue, including platforms like MICO, YoHo, TopTop, and SUGO, amounted to approximately 2.834 billion yuan, reflecting a year-on-year increase of 37.0% [2]. - SUGO's revenue grew over 100% year-on-year, with profits increasing over 150%, due to enhanced user demand and enriched product features [2]. - TopTop community ecosystem also saw revenue growth exceeding 100% year-on-year, with profits similarly increasing over 100% [2]. - Innovative business revenue reached about 347 million yuan, marking a year-on-year increase of 70.5%, attributed to steady development in traffic monetization and social e-commerce [2]. Group 2: Product and Market Development - The company is actively launching innovative products, including a short drama business and an AI creative content community called Aippy, which allows users to generate interactive content using natural language [2]. - The company established a regional headquarters in Riyadh, Saudi Arabia, to strengthen its connection with the Middle Eastern market, and set up a global headquarters in Hong Kong, marking a new phase in its globalization strategy [3]. - The core products in the Middle East and North Africa market experienced over 60% year-on-year growth in business scale during the first half of 2025 [3]. Group 3: Financial Projections - The company adjusted its revenue forecasts for FY2025-FY2027 from 6.71/7.75/8.95 billion yuan to 6.91/8.55/10.25 billion yuan, and net profit forecasts from 1.018/1.161/1.351 billion yuan to 1.018/1.291/1.551 billion yuan, maintaining a "buy" rating [3].

Core Viewpoint - Tianfeng Securities has upgraded the rating of ZhiZi City Technology (09911) to "Buy" based on its diversified product matrix and significant AI-driven business growth, projecting continued revenue and profit growth in the coming years [1] Group 1: Financial Performance - For the first half of 2025, ZhiZi City Technology reported a revenue of 3.181 billion yuan, a year-on-year increase of 40.0% [1] - The social business segment generated approximately 2.834 billion yuan, reflecting a year-on-year growth of 37.0% [1] - The adjusted EBITDA for the first half of 2025 reached 650 million yuan, representing a year-on-year increase of 44.0% [2] Group 2: Product and Market Development - The company has seen over 100% revenue growth in the SUGO product, driven by enhanced user engagement and content supply [1] - The flagship game, "Alice's Dream: MergeGames," has entered a long-term operational phase, marking the beginning of its profitability recovery period [2] - The company has launched an AI creative content community, Aippy, which allows users to generate interactive content using natural language [3] Group 3: Strategic Expansion - ZhiZi City Technology is actively expanding its market presence in the Middle East and North Africa, with a reported business scale growth of over 60% in these regions [3] - The establishment of regional headquarters in Riyadh and a global headquarters in Hong Kong signifies the company's commitment to its globalization strategy [3] - The company is focusing on deepening the integration of AI technology with business scenarios to enhance its market development efforts [3]

Core Viewpoint - The report from Tianfeng Securities highlights the diversified product matrix of Zhibo City Technology (09911) and the significant impact of AI technology on its business, suggesting that the company's performance is expected to continue growing in the future [1] Group 1: Financial Performance - For the first half of 2025, the company's revenue reached 3.181 billion yuan, representing a year-on-year increase of 40.0% [1] - The adjusted EBITDA for the first half of 2025 was 650 million yuan, reflecting a year-on-year growth of 44.0% [2] - Revenue forecasts for FY2025-FY2027 have been revised to 6.91 billion, 8.55 billion, and 10.25 billion yuan, respectively, while net profit forecasts have been adjusted to 1.018 billion, 1.291 billion, and 1.551 billion yuan [1] Group 2: Business Segments - The social business segment generated approximately 2.834 billion yuan in revenue, with a year-on-year increase of 37.0% [1] - The innovative business segment achieved revenue of about 347 million yuan, marking a year-on-year growth of 70.5% [1] - The flagship game, "Alice's Dream: MergeGames," has entered a long-term operational phase, contributing to the profitability of the premium game business [2] Group 3: Market Expansion and Strategy - The company is actively exploring new opportunities in social entertainment, with significant growth in the core products in the Middle East and North Africa, where business scale increased by over 60% year-on-year [3] - The establishment of regional headquarters in Riyadh and a global headquarters in Hong Kong signifies the company's commitment to strengthening its presence in the Middle East and advancing its global strategy [3] - The company is leveraging AI technology to enhance its product offerings and localize operations, which is expected to bolster its growth in key markets [2][3]