2025 年 12 月 17 日 公司研究 出海社交龙头，聚焦"灌木丛"产品矩阵策略 ——赤子城科技（9911.HK）首次覆盖报告 要点 赤子城科技是中国领先的全球化社交娱乐平台。公司以泛人群社交业务为主， 为以中东北非地区为主的全球不同文化背景的用户提供多样化精细化的社交体 验。2022 年以来公司通过整合并购与内部孵化双轮驱动，在社交赛道取得显著 进展，并进一步拓展游戏等创新业务。25H1 公司实现营收 31.81 亿元，同比 增长 40%，SUGO 与 TopTop 收入同比增速均超 100%；盈利能力同步提升， 25H1 公司实现归母净利润 4.89 亿元，对应净利率 15.4%。 公司社交业务覆盖泛人群与多元人群两大领域。1）泛人群社交业务是公司核心 主营业务，2024 年该业务收入占总收入比重超 70%。公司采用"灌木丛"产 品矩阵策略，通过布局直播社交、语音社交、游戏社交等多元化产品（MICO、 YoHo、TopTop 以及 SUGO），针对本地用户需求进行有针对性的覆盖。公司 顺应特定市场的文化与社会变迁，通过"产品复制+国家复制"模式推进全球 化，形成中东北非+东南亚两大核心市场。构建了多元 ...

Core Insights - WePlay collaborates with Care Bears to launch a "Halloween Carnival Party," emphasizing love and joy during the festive season [1][3] - The event features interactive games and activities aimed at overcoming negativity and promoting friendship among players [3][5] Company Overview - WePlay, a flagship product of WeJoy based in Singapore, focuses on blending gaming and social interaction for young users aged 18-25 [4] - The platform offers various interactive games, facilitating social connections while providing entertainment [4] Market Position - WePlay ranks highly on the App Store and Google Play free charts in the Middle East, Southeast Asia, and Taiwan, indicating its popularity among young users [5] - The collaboration with Care Bears is part of WePlay's strategy to expand global IP partnerships, following previous collaborations with other well-known IPs [5] Event Details - The Halloween Carnival Party runs from October 17 to October 31, featuring themed activities and exclusive rewards [3][6] - New Care Bears-themed virtual gifts and limited edition skins are introduced to enhance user engagement during the event [6]