Mobvista Inc. 匯量科技有限公司 股份代號: 1860 ( 於開曼群島註冊成立的有限公司 ) 年 報 2024 Annual Report 2024 Stock Code: 1860 (Incorporated in the Cayman Islands with limited liability) Mobvista Inc. 匯量科技有限公司 目 錄 2 公司資料 3 五年財務概要 4 財務摘要 5 致股東的信 7 業績回顧 30 管理層討論及分析 46 董事及高級管理層資料 50 董事會報告 82 企業管治報告 101 獨立核數師報告 108 綜合損益表 109 綜合損益及其他全面收益表 110 綜合財務狀况表 112 綜合權益變動表 114 綜合現金流量表 116 綜合財務報表附註 198 釋義 公司資料 董事會 執行董事 段威先生 （主席） 曹曉歡先生 （首席執行官） 方子愷先生 宋笑飛先生 非執行董事 黃德煒先生 獨立非執行董事 孫洪斌先生 張可玲女士 黃家輝先生 公司秘書 李謝珮珊女士 授權代表 曹曉歡先生 李謝珮珊女士 審核委員會 孫洪斌先生 （主席） 張可玲女士 黃家輝先生 薪酬 ...

Mintegral 基于机器学习和 AI 的智能出价体系自 2021 年上线以来，有效帮助开发者提升广告预算投入 效率，也逐步成为集团收入增长主动力。在2024年，智能出价体系贡献的流水超过 Mintegral 总流水的 70%。 智通财经APP讯，汇量科技(01860)于2025年3月31日发布截至 2024 年 12 月 31 日的年度业绩公告。公告 显示，集团在 2024 年度实现收入15.08亿美元，同比增长43.0%;净收入达到3.99亿美元，同比增长 40.4%;毛利为3.16亿美元，同比增长45.6%。 其中，公司核心业务程序化互动式广告平台 Mintegral 在 2024 年实现收入14.43亿美元，同比增长 47.2%，约占总收入的95.7%。 财报显示，Mintegral 已助力超过 1 万家全球顶级开发者和 10 万款头部应用在全球市场获取优质用户， 日均广告请求超 3000 亿次。 目前，智能出价体系已成为广告主在 Mintegral 平台上首选的投放方式，为 Mintegral 在中重度游戏及非 游戏领域的突破提供了关键支持。从垂类来看，游戏品类收入保持稳定增长，录得收入10.40 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，亦明確表示，概不對因本公告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 Mobvista Inc. 匯量科技有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1860） 截至2024年12月31日止年度之 全年業績公告 財務摘要 | | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | | --- | --- | --- | --- | --- | --- | --- | | | 年度 | 下半年 | 上半年 | 年度 | 下半年 | 上半年 | | | 千美元 | 千美元 | 千美元 | 千美元 | 千美元 | 千美元 | | 收益 | 1,507,767 | 869,480 | 638,287 | 1,054,092 | 547,959 | 506,133 | | 淨收入(1) | 398,882 | 232,346 | 166,536 | 284,204 | 147,839 | 136,365 | | 毛利 | 316,347 ...

Core Viewpoint - The company, HuiLiang Technology (01860), is in discussions regarding the potential sale of its Mintegral business and marketing technology services, but no binding agreements have been made yet [1] Group 1 - The company has informed shareholders and potential investors about media reports concerning the potential sale of the Mintegral business [1] - The stock price of the company experienced a significant decline, dropping by 41% at one point [1] - Mintegral is described as a carrier for the company's AI+ advertising integration [1]

Group 1 - The top-performing stock in the Hong Kong Stock Connect is Huilyang Technology, with a gain of 14.27% [1] - Following Huilyang Technology, the stocks of Zai Ding Pharmaceutical and Kedi-B increased by 8.77% and 7.86% respectively [1] - Other notable gainers include Alibaba Health and Kuaishou-W, which rose by 7.73% and 6.42% respectively [1] Group 2 - Additional companies with significant gains include Gushengtang and MGM China, with increases of 6.52% and 6.28% respectively [1] - Bilibili-W also saw a rise of 6.14% [1] - A number of companies, including AIA Group and Weimeng Group, experienced gains of 5.42% and 5.13% respectively [1] Group 3 - Companies such as Yihai International, New Macau Development, and Laopu Gold saw gains exceeding 4% [1] - Other firms, including China Biopharmaceutical, Aubo Holdings, and Youran Livestock, had increases over 3% [1]

Investment Rating - The report maintains a "Buy" rating for Mobvista (1860 HK) with a 6-month target price of HKD 12 8 [1][4] Core Views - Mobvista's Q3 2024 revenue reached $416 million, a 54 6% YoY increase, with adjusted net profit of $11 million, up 162 4% YoY [1] - The company's programmatic advertising platform, Mintegral, contributed $402 million in revenue, a 57 6% YoY increase, driven by its smart bidding capabilities and expansion into new verticals [2] - Mintegral's game category revenue grew 46 5% YoY to $295 million, accounting for 73 2% of its total revenue, while non-game categories surged 98 5% YoY to $108 million, with e-commerce being a key driver [2] - The company's gross margin improved by 0 5pp YoY to 21 1%, supported by a 0 9pp increase in ad tech gross margin to 20 6% [2] - Mobvista has achieved consecutive quarters of profitability since Q4 2022, demonstrating strong scale effects [2] Financial and Valuation Summary - Revenue is expected to grow from $894 4 million in 2024E to $2,084 9 million in 2026E, with a CAGR of 23 9% [3] - Adjusted net profit is projected to increase from $9 7 million in 2024E to $82 9 million in 2026E, with a CAGR of 71 4% [3] - EPS is forecasted to rise from $0 02 in 2024E to $0 05 in 2026E [3] - The company's P/E ratio is expected to decline from 49 3x in 2024E to 22 2x in 2026E, reflecting strong earnings growth [3] Business Performance and Strategy - Mintegral's smart bidding system has gained market validation, with ROAS (Return on Ad Spend) becoming a mainstream choice for developers [2] - The platform has expanded into mid-to-hardcore games and non-game verticals such as e-commerce and social, driving diversification [2] - Non-programmatic ad revenue declined slightly by 0 5% YoY to $9 94 million, while marketing tech revenue grew 1% YoY to $4 million, supported by overseas expansion and cost optimization [2] Financial Metrics - Gross margin for ad tech improved to 20 6%, while marketing tech gross margin declined by 13 5pp to 68 9% [2] - Sales expenses increased by 32 7% YoY due to rising bidding costs, and R&D expenses surged 59 7% YoY due to investments in the smart bidding system [2] - The company's ROE is expected to rise from 7 6% in 2024E to 13 0% in 2026E, reflecting improved profitability [10]

Investment Rating - The report does not provide a specific investment rating for Mobvista (1860 HK) [2] Core Business - Mobvista is a global leader in mobile advertising and marketing technology, primarily serving mobile app developers and helping Chinese developers expand overseas [2] - The company focuses on programmatic advertising and data-driven marketing, with its core business relying on the Mintegral platform [2] - Key business segments include: (i) programmatic advertising solutions, (ii) data analytics and operations services, (iii) SaaS tool matrix development and sales, and (iv) multi-scenario traffic monetization services [2] - Advertising technology accounts for 98 6% of revenue, with programmatic advertising being the major contributor, while marketing technology currently represents 1 4% of revenue but is in a rapid expansion phase [2] Market Outlook - The global mobile advertising and marketing technology market is expected to exceed $500 billion by 2025, with programmatic advertising growing at a 16 2% CAGR [2] - Mid-tail and long-tail traffic are becoming increasingly important due to privacy protection and antitrust policies, presenting significant growth opportunities [2] Competitive Landscape - The global ad tech platform market is dominated by Google AdMob and Meta Audience Network in the head traffic segment, while mid-tail and long-tail traffic are controlled by programmatic advertising platforms including AppLovin, Unity Ads, and Mintegral [2] - Mobvista has strengthened its competitiveness in ROI improvement for advertisers, global traffic coverage, and data analytics efficiency through continuous algorithm optimization and service enhancement [2] Future Prospects - The company plans to focus on advertising services for mid-core games, utility apps, and e-commerce sectors, which are experiencing rapid growth [2] - The mid-core game sector, in particular, is expected to reach a market potential of hundreds of billions of dollars by 2025 due to the popularity of hybrid monetization models [2] - Mintegral platform currently handles trillions of ad requests annually, with revenue and profit steadily increasing alongside global business expansion [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has experienced rapid revenue and profit growth in Q3 2024, driven by technological innovation and customer acquisition, leading to a maintained "Buy" rating [2] - The revenue for the first three quarters of 2024 reached $1.055 billion, a year-on-year increase of 36.0%, with adjusted net profit of $19.164 million, up 37.4% year-on-year [2] - In Q3 2024, the company achieved revenue of $416 million, a year-on-year increase of 54.6% and a quarter-on-quarter increase of 23.6%, with adjusted net profit of $10.668 million, up 162.4% year-on-year [2] Revenue and Profitability Summary - The programmatic advertising platform Mintegral saw accelerated revenue growth, achieving $403 million in Q3 2024, a year-on-year increase of 57.6% and a quarter-on-quarter increase of 25.7% [3] - The gaming category generated $295 million in revenue in Q3 2024, a year-on-year increase of 46.5%, while non-gaming categories reached $108 million, up 98.5% year-on-year [3] - The gross margin for Q3 2024 was 21.1%, an increase of 0.5 percentage points year-on-year, and the net profit margin was 2.4%, up 1 percentage point year-on-year [3] Future Growth Drivers - The company is leveraging AI to enhance the Mintegral platform, with the D7 Target ROAS feature launched in October 2024 to improve marketing ROI for clients [4] - The ongoing iteration of ROAS technology is expected to drive long-term growth by accumulating rich marketing data [4] - The company has expanded its client base in non-gaming categories, indicating the effectiveness of its multi-vertical strategy [3][4] Financial Projections - The company forecasts net profits of $40 million, $72 million, and $88 million for 2024, 2025, and 2026 respectively, with corresponding EPS of $0.03, $0.05, and $0.06 [2][5] - The current price-to-earnings (P/E) ratios are projected at 25.2, 14.0, and 11.4 for 2024, 2025, and 2026 respectively [2][5]

Revenue Performance - Revenue for Q3 2024 reached $416.457 million, a year-on-year increase of 54.6% and a quarter-on-quarter increase of 23.6%[1] - Mintegral, the programmatic advertising platform, recorded revenue of $402.5 million in Q3 2024, a year-on-year increase of 57.6% and a quarter-on-quarter increase of 25.7%[4] - Mintegral platform revenue in Q3 2024 reached $402.5 million, a 57.6% YoY increase[9] - Revenue for the three months ended September 30, 2024, was $416.457 million, a 54.6% increase compared to $269.370 million in the same period in 2023[26] - Revenue for the nine months ended September 30, 2024, was $1.054744 billion, a 36.0% increase compared to $775.503 million in the same period in 2023[26] Profitability Metrics - Net income for Q3 2024 was $109.386 million, up 49.2% year-on-year and 29.6% quarter-on-quarter[1] - Gross profit for Q3 2024 stood at $87.845 million, a year-on-year increase of 58.3% and a quarter-on-quarter increase of 26.6%[1] - Net profit for Q3 2024 was $8.843 million, a significant year-on-year increase of 171.2% and a quarter-on-quarter increase of 4,732.2%[1] - Adjusted EBITDA for Q3 2024 was $34.269 million, a year-on-year increase of 45.3% and a quarter-on-quarter increase of 6.5%[1] - Gross profit rose 58.3% YoY to $87.8 million in Q3 2024, with advertising technology business gross margin improving to 20.6%[14][15] - Net profit in Q3 2024 was $8.8 million, a 171.2% YoY increase[20] - Adjusted EBITDA grew 45.3% YoY to $34.3 million in Q3 2024[20][21] - Gross profit for the three months ended September 30, 2024, was $87.845 million, representing a 58.3% increase from $55.502 million in the same period in 2023[26] - Operating profit for the three months ended September 30, 2024, was $12.125 million, a 132.2% increase compared to $5.221 million in the same period in 2023[26] - Adjusted EBITDA for the three months ended September 30, 2024, was $34.269 million, a 45.3% increase from $23.577 million in the same period in 2023[23] - Net profit for the three months ended September 30, 2024, was $8.843 million, a 171.2% increase compared to $3.261 million in the same period in 2023[26] - Adjusted net profit for the three months ended September 30, 2024, was $10.668 million, a 162.4% increase from $4.065 million in the same period in 2023[23] - Gross profit for the nine months ended September 30, 2024, was $219.046 million, representing a 38.2% increase from $158.462 million in the same period in 2023[26] - Operating profit for the nine months ended September 30, 2024, was $25.368 million, a 41.8% increase compared to $17.892 million in the same period in 2023[26] - Net profit for the nine months ended September 30, 2024, was $16.180 million, a 37.3% increase compared to $11.783 million in the same period in 2023[26] Mintegral Platform Performance - Mintegral's gaming category revenue reached $294.5 million in Q3 2024, up 46.5% year-on-year and 26.2% quarter-on-quarter[4] - Mintegral's non-gaming category revenue was $108.0 million in Q3 2024, a year-on-year increase of 98.5% and a quarter-on-quarter increase of 24.6%[4] - Gaming category accounted for 73.2% of Mintegral's total revenue in Q3 2024, generating $294.5 million, a 46.5% YoY growth[10][11] - Non-gaming category revenue grew 98.5% YoY to $108.0 million, representing 26.8% of Mintegral's total revenue in Q3 2024[10][11] Expenses and Costs - Cost of sales increased 53.7% YoY to $328.6 million in Q3 2024, primarily driven by advertising technology business costs[12][13] - Sales and marketing expenses increased 32.7% YoY to $16.7 million in Q3 2024, mainly due to higher bidding fees[16] - R&D expenses surged 59.7% YoY to $45.9 million in Q3 2024, driven by increased model training costs for the intelligent bidding system[17] Financial Position - Total assets decreased to $239.2 million as of September 30, 2024, compared to $334.988 million as of December 31, 2023[28] - Current assets decreased to $398.271 million as of September 30, 2024, from $400.204 million as of December 31, 2023[28] - Current liabilities increased to $484.952 million as of September 30, 2024, from $356.563 million as of December 31, 2023[28] - Net current liabilities stood at $86.681 million as of September 30, 2024, compared to net current assets of $43.641 million as of December 31, 2023[28] - Non-current assets increased to $325.881 million as of September 30, 2024, from $291.347 million as of December 31, 2023[28] - Non-current liabilities decreased to $15.076 million as of September 30, 2024, from $75.878 million as of December 31, 2023[29] - Equity attributable to shareholders decreased to $218.103 million as of September 30, 2024, from $250.092 million as of December 31, 2023[29] - Total equity decreased to $224.124 million as of September 30, 2024, from $259.11 million as of December 31, 2023[29] - Cash and cash equivalents decreased to $104.278 million as of September 30, 2024, from $146.348 million as of December 31, 2023[28] - Trade and other receivables increased to $226.176 million as of September 30, 2024, from $164.294 million as of December 31, 2023[28] Other Revenue Streams - Non-programmatic advertising revenue in Q3 2024 was $9.9 million, a year-on-year decrease of 0.5% and a quarter-on-quarter decrease of 18.7%[4] - Marketing technology revenue in Q3 2024 was $4.0 million, a year-on-year increase of 1.0% and a quarter-on-quarter decrease of 10.7%[4]

Financial Performance - Revenue for the six months ended June 30, 2024, reached $638.287 million, a 26.1% increase compared to $506.133 million in the same period of 2023[4]. - Net income for the same period was $166.536 million, reflecting a 22.1% growth from $136.365 million year-over-year[4]. - Gross profit increased by 27.4% to $131.201 million, up from $102.960 million in the previous year[4]. - Adjusted EBITDA for the six months was $62.881 million, a 21.4% increase from $51.802 million in 2023[4]. - The company achieved profitability for seven consecutive quarters since turning profitable in Q4 2022, driven by infrastructure upgrades and improved model training efficiency[42]. - The profit attributable to equity holders for H1 2024 was $9.3 million, a decrease from $10.2 million in the same period of 2023[88]. - The adjusted net profit for H1 2024 was $11.8 million, up 32.4% from $8.9 million in H1 2023[91]. - The company reported a total comprehensive income of $7,780 thousand for the period, compared to $8,303 thousand in the prior year[106]. Market Trends and Expansion - The global mobile application download volume reached 257 billion in 2023, with a 1% year-over-year growth, indicating a resilient mobile app market[9]. - Mobile advertising spending reached $362 billion in 2023, with an 8% year-over-year increase, and is projected to exceed $400 billion in 2024[9]. - The company is focusing on expanding its presence in emerging markets such as South Korea, Brazil, Mexico, and Turkey, where user spending has increased by 25% year-over-year[9]. - By 2025, overseas marketing for Chinese companies is expected to exceed $50 billion, indicating a strong trend in the mobile internet expansion abroad[10]. - The company is committed to becoming a Growth Hub for small and medium developers, addressing their globalization challenges through SaaS tools[44]. Advertising Technology and Services - The demand for advertising technology services is increasing as developers face challenges in user acquisition and monetization in a competitive mobile app ecosystem[5]. - Mintegral has established strong commercial relationships and industry recognition among Chinese mobile app developers, benefiting from the growing overseas marketing market[10]. - The advertising market in Europe and the US is showing stability and growth, with major platforms like Google and Meta performing well[6]. - The company covers the entire programmatic advertising industry chain, enhancing client relationships and improving algorithm capabilities through data integration[15]. - The platform's programmatic advertising model significantly improves ad efficiency and ROI for advertisers[20]. - The company has invested heavily in building an intelligent bidding system since the second half of 2021 to enhance its algorithm capabilities[12]. - The company launched the Target ROAS smart bidding feature in May 2023, which has contributed over 60% of Mintegral's total revenue in H1 2024[42]. Client Base and Revenue Sources - Mintegral's client base spans approximately 130 countries, with 72.2% of revenue coming from gaming clients[27]. - Over 97% of devices reached by Mintegral are from overseas markets, highlighting the platform's global reach[28]. - The Ad-tech segment accounts for over 90% of total net income, while Mar-tech is still in early product development stage[22]. - Game-related revenue on the Mintegral platform was $436.2 million, accounting for 72.2% of total Mintegral revenue, with a year-over-year increase of 16.4%[70]. - Non-game category revenue surged to $167.5 million, marking an 80.2% year-on-year growth from $92.9 million in the same period of 2023, driven by advancements in the smart bidding system[46]. Operational Efficiency and Cost Management - The company expects to continuously lower server costs as scale increases and optimize algorithm efficiency, enhancing future gross margins[26]. - The unit cost of server resources has been reduced to around 5% in H1 2024, down from 9% at the beginning of 2022, through optimization of the cloud-native platform[42]. - The overall accounts receivable turnover days for the group in H1 2024 was 44 days, down from 51 days in 2023 and 52 days in 2022[85]. - The accounts payable turnover days remained stable at 86 days in H1 2024, consistent with 2023 and improved from 90 days in 2022[86]. Research and Development - Research and development expenses rose by 49.4% to $62.8 million, reflecting increased costs associated with the development of smart bidding systems[79]. - The company has a top-tier R&D team with members from prestigious universities and experience in leading tech companies, enhancing its technical capabilities in data science and cloud computing[33]. - The company has embraced AI trends by integrating large model technology into its cloud-native platform, MaxCloud, enhancing DevOps processes and product delivery efficiency[52]. Financial Position and Liabilities - Total assets as of June 30, 2024, were $745.0 million, an increase from $691.6 million as of December 31, 2023[93]. - Total liabilities amounted to $505.8 million, up from $432.4 million as of December 31, 2023, resulting in a debt-to-asset ratio of 67.9%[93]. - The company reported a net cash flow from operating activities of $118.7 million in H1 2024, representing a significant increase of 147.4% year-over-year from $48.0 million in 2023[88]. - The company incurred a net cash outflow from investing activities of $71,281 thousand, compared to $37,833 thousand in the same period last year, indicating an increase in investment activities[114]. Shareholder Information and Corporate Governance - The company’s executive director, Duan Wei, holds a controlling interest of 64.65% in the company[180]. - The total number of issued shares is 1,590,857,164, with a major shareholder, Shunliu, holding 1,028,464,229 shares, representing 64.65% of the total issued shares[185]. - The employee restricted share unit plan was adopted on September 27, 2018, to incentivize employees and retain talent for future growth[187]. - The plan allows for participation from existing employees and consultants, excluding directors and senior management[188].