Investment Rating - The report maintains a "Buy" rating for the company, citing its technological barriers in the copyright protection sector [1][2] Core Views - The company achieved H1 2024 revenue of HKD 1,181 million, a 17.7% YoY increase, with gross profit rising 28.3% to HKD 504 million and gross margin improving by 3.5 percentage points to 42.7% [1] - Subscription business revenue grew 16.8% to HKD 545 million, while value-added services revenue increased 18.5% to HKD 635 million [1] - Overseas revenue reached HKD 576 million, with the US market contributing HKD 572 million, a 30.0% YoY growth, while mainland China revenue grew 8.0% to HKD 605 million [1] - The company is expanding its AIGC service capabilities through collaborations with leading universities and technology companies, developing watermarking solutions, and enhancing content recognition and rights confirmation technologies [1] Business Development - Domestic business expansion includes partnerships with China Media Group for copyright protection and trading platforms, collaboration with Ant Group for copyright ecosystem development, and cooperation with China Film Press for film asset aggregation [1] - International cultural expansion efforts include partnerships with Mango TV for overseas platform coverage, collaborations with provincial TV stations for content distribution, and the creation of an AIGC cloud platform with China Mobile [1] - Customer base grew to 227 content clients and 139 platform clients, with managed assets reaching 3.43 million on social media platforms and 2.57 million hours on video platforms [1] Financial Performance - 2024-2026 revenue forecasts are adjusted to HKD 2,500 million, HKD 2,991 million, and HKD 3,417 million respectively, with net profit projections of HKD 74 million, HKD 115 million, and HKD 153 million [1][7] - The company's P/S ratio is expected to decline from 2.4 in 2022 to 1.0 in 2026 [2] - Total assets are projected to grow from HKD 3,506 million in 2023 to HKD 4,159 million in 2026, with shareholder equity increasing from HKD 2,140 million to HKD 2,542 million over the same period [7] Market Data - The company has a total market capitalization of HKD 3.477 billion with 2.272 billion shares outstanding [4] - The stock price has shown significant volatility, with a 52-week range of HKD 1.12 to HKD 2.68 [4] - Recent performance shows a 23.4% 1-month return and a -28.5% 1-year return [5]

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Insights - The company reported a revenue of HKD 1.181 billion for H1 2024, representing a year-on-year increase of 17.74%. The gross margin improved by 3.53 percentage points to 42.70% [1]. - Adjusted net profit for H1 2024 was HKD 64 million, up 10.67% year-on-year, with an adjusted net profit margin of 5.44% [1]. - The adjusted EBITDA for H1 2024 reached HKD 196 million, reflecting an 8.26% increase year-on-year, with an adjusted EBITDA margin of 16.63% [1]. Subscription Business - Subscription revenue for H1 2024 was HKD 545 million, a year-on-year increase of 16.8%, accounting for 46.2% of total revenue [1]. - The company expanded its subscription service capabilities across various copyright categories, leading to a steady increase in customer numbers and content library penetration [1]. Value-Added Business - Value-added business revenue reached HKD 635 million in H1 2024, up 18.5% year-on-year, making up 53.8% of total revenue [1]. - The company enhanced monetization capabilities through diverse revenue-sharing models and deepened partnerships with major social media platforms [1]. Market Performance - Revenue from the Chinese market was HKD 605 million, growing approximately 8.0% year-on-year, representing about 51.2% of total revenue [1]. - In the U.S. market, revenue was HKD 572 million, a year-on-year increase of 30.0%, accounting for approximately 48.4% of total revenue [1]. Financial Forecast - The company has adjusted its revenue forecasts for 2024-2026 to HKD 25.10 billion, HKD 33.80 billion, and HKD 44.00 billion, respectively, with corresponding price-to-sales ratios of 1.4, 1.0, and 0.8 [1][2].

Financial Performance - Total revenue reached HKD 1,180,634, an increase of 17.7% compared to HKD 1,002,756 in the first half of 2023[3] - Subscription service revenue was HKD 545,000, up 16.8% from HKD 467,000 in the first half of 2023, accounting for 46.2% of total revenue; value-added service revenue was HKD 635,000, an 18.5% increase from HKD 536,000[3] - Gross profit was HKD 504,117, representing a growth of 28.3% from HKD 392,773 in the first half of 2023, with a gross margin of 42.7%, up approximately 3.5 percentage points[3] - Net profit for the period was HKD 46,322, a 36.5% increase from HKD 33,928 in the first half of 2023[3] - Adjusted net profit was HKD 64,261, up 10.7% from HKD 58,067 in the first half of 2023[3] - Adjusted EBITDA was HKD 196,306, an increase of 8.3% from HKD 181,333 in the first half of 2023[3] Revenue Breakdown - Total revenue for the reporting period reached HKD 1,181 million, representing a year-on-year growth of approximately 17.1%[10] - Subscription service revenue amounted to HKD 545 million, with a year-on-year increase of about 16.8%, accounting for approximately 46.2% of total revenue[12] - Value-added service revenue was HKD 635 million, reflecting a year-on-year growth of around 18.5%, making up about 53.8% of total revenue[13] - Revenue from the U.S. market was HKD 572 million, showing a year-on-year growth of approximately 30.0%, and accounting for about 48.4% of total revenue[15] - Revenue from the China market reached HKD 605 million, with a year-on-year increase of about 8.0%, representing approximately 51.2% of total revenue[15] Assets and Liabilities - Total assets as of June 30, 2024, were HKD 3,721,191, compared to HKD 3,506,108 as of December 31, 2023[2] - Total liabilities increased to HKD 1,539,280 from HKD 1,366,296 as of December 31, 2023[2] - Cash and cash equivalents as of June 30, 2024, totaled approximately HKD 317 million, with current assets of about HKD 1,717 million and current liabilities of approximately HKD 944 million, resulting in a current ratio of 1.8[36] Strategic Focus - The company is focusing on high-quality development and sustainable growth, particularly in the area of copyright protection and monetization services[5] - The strategic opportunity lies in expanding services in the AIGC field, enhancing capabilities to manage copyright and content monetization[6] - The company is actively participating in the construction of regional copyright ecosystems, particularly in mainland China and Hong Kong[9] - The company aims to enhance its global industry position by seizing significant opportunities for industrial transformation and continuing technological innovation[9] Research and Development - Research and development expenses for the six months ended June 30, 2024, were approximately HKD 143 million, an increase of about HKD 48 million or 50% from HKD 95 million for the same period in 2023[27] - The company has strengthened its collaboration with the University of Florida, particularly in the field of artificial intelligence, enhancing its technical capabilities[17] - The company is enhancing content identification and rights confirmation technology, significantly reducing the time required for rights confirmation through improved AI algorithms[17] Corporate Governance - The company has adhered to all applicable principles of the Corporate Governance Code, except for the provision C.2.1, which states that the roles of Chairman and CEO should be separate[74] - The board consists of two executive directors, two non-executive directors, and three independent non-executive directors, ensuring a balanced distribution of power[74] - The Audit Committee, consisting of three independent non-executive directors, has reviewed the unaudited interim results for the six months ended June 30, 2024, and confirmed compliance with relevant accounting standards[77] Earnings Per Share - Basic earnings per share increased to HKD 0.0184 from HKD 0.0132, reflecting a rise of 39.4% year-over-year[38] - The basic earnings per share attributable to the owners of the company for the period was calculated based on 2,252,048,052 shares, compared to 2,210,092,429 shares in 2023[55] Dividend Policy - The company did not recommend the payment of an interim dividend for the six months ended June 30, 2024[30] - The group did not recommend any dividend for the period ended June 30, 2024, consistent with the previous year[55] Financial Position - The company has no significant contingent liabilities or guarantees as of June 30, 2024, indicating a stable financial position[68] - The company continues to monitor foreign exchange risks, particularly with USD and RMB, to mitigate the impact of currency fluctuations[69]

从今天开始一直到今天然后今天我们是有一部分的线上的商务公司的小范围交流这场的话我们非常荣幸的请到了复博集团的投资者关系的负责人Catherine来和我们交流一下公司近期的一些情况然后复博呢也是我们长期跟踪的一个做版权保护和变现包括这两年 在ITC领域也做了很多的一个布局所以我们也是借我们这个策划会的机会的话和各位投资人分享一下公司最新的一些业务的进展和未来的一些规划和展望我下面就先把时间交给KatherineKatherine下面要不就你开始分享因为这场交流有这个PPT的展示如果大家可以的话也可以通过APP端进入我们可以看一些PPT的内容 好,谢谢周老师,也谢谢我们的金融财经的团队,因为这一次很可惜我们团队没有办法来到上海跟大家线下进行见面,所以咱们线上见面也有线上见面的好处,我们这一次公司整体也做了我们的一个叙事上的材料升级, 也通过这次机会希望可以跟线上的投资者们一起来去分享一下公司现在近期的我们新的业务的进展,然后以及包括我们其实从整个的一个战略的角度上对于公司接下来的一些这个业务推进上的想法。 因为线上我看到有我们的一些老的投资者但也有些新的投资者我这一次可能通过前面的大概15分钟左右的时间先跟大家讲 ...

我们实际上是一个我们叫做数字视频的这个数字剧权的公司不管今天你看的短视频也好可能三分钟两分钟这里包括了任何华纳的IP或者是蜘蛛侠从高空跳下来这个画面我们通过比对这些大量的视频的话其实找到 这种视频的IP哪怕在一个70分钟的这个视频里面还是两分钟视频里面被用了一秒甚至一帧画面这样的一个场景那在这样的比对过程中呢我们实际上的这个数字去全的这一个核心能力是由我们的两个技术来支撑的 一个是我们的指纹技术那我们的指纹技术就相当于一个视频就像咱们人一样伸下来是带这个DNA的我们把一个视频一秒钟24帧画面每一帧的画面都进行特征值的提取提取出来之后呢画面连贯出来它就变成了一串像DNA螺旋马一样这个视频独一无二的指纹 那和人一样因为带有这种独特的指纹那咱们今天去高铁站去飞机场我通过扫这个指纹就能识别这个人是谁同样道理我们在30多万个媒体站点包括搜索引擎包括一些流媒体的站点包括短视频平台上进行每天大量的扫描比对 这个是指纹技术是扫描和比对进行对于内容出现的这个识别而另外一个技术是我们的水印技术而这个水印技术呢其实是在识别之后呢 通过我原有对内容加入的这一层肉眼看不到的隐形的独特的水印我能够识别出这个内容最开始的传播源是从哪里相当 ...

今天我们非常荣幸邀请到福布尔集团的副总裁龙总以及相关的领导Catherine来参加我们这次的电话会议那我们的会议呢今天主要就直接进入到问答环节如果参会的领导有任何问题欢迎文字留言那昨天晚上公司也发了一个一季度的业绩总体来看营收和利润双增然后表现是比较好的那我们接下来就直接在问答环节龙总以及Catherine你们在线吗能听得清楚吗 感谢还有这个在线的各位投资人朋友对我们这边清楚的信号很好好的那我们就直接进入大问答环节那好我们开始第一个问题就是2023年从我们财务的数据来看的话利润是亏损的但是一季度的话已经看到比较好的这个回转态势那总体来看的话在这个后续公司是怎么来权衡整个财务的稳定和业务发展的关系能不能分享一下 好的,对,因为这里面涉及到一些具体的财务数据,还有一些未来财务相关的东西,那我就请我们的同事Catherine跟大家在这个问题上做一些展开一下。朱朱老师您好,以及向投资者朋友们大家好,我是Catherine。 关于这个问题的话,我们23年公司的这个利润其实是基本上打平亏损21万那从23年的整个表现来看的话呢,上半年其实是盈利的而下半年的话呢,这个亏损增加主要的也是来自于我们的研发以及对于一些在中国的这个 ...

V Vobile 阜博集團 創 怠 更 有 價 值 該 Making Creative Content More Valuable 2023 年度報告 阜博集團有限公司 股份代號:3738 於 開曼群島註冊成立的有限公司 目 錄 | --- | --- | --- | --- | |-------|------------------|-------|-------| | | | | | | | 02 公司資料 | | | | 04 | 主席報告 | | | | 06 | 管理層討論及分析 | | | | 22 | 董事及高級管理層 | | | | 26 | 董事會報告 | | | | 42 | 企業管治報告 | | | | 55 | 獨立核數師報告 | | | | 60 | 綜合損益表 | | | | 61 | 綜合全面收益表 | | | | 62 | 綜合財務狀況表 | | | | 64 | 綜合權益變動表 | | | | 66 | 綜合現金流量表 | | | | 68 | 綜合財務報表附註 | | | | 148 | 五年財務概要 | | | | 149 | 釋義 | | | | --- | --- | ...

[Table_MainInfo] 公司研究/传媒 证券研究报告 阜博集团（3738）公司年报点评 2024年04月03日 [Table_InvestInfo] 营收持续高增，积极推进技术升级与产品 投资评级 优于大市 维持 创新把握 时代新机遇 股票数据 AI 4[T月a2bl日e_收S盘to价c（kI港n元fo）] 1.52 [Table_Summary] 52周股价波动（港元） 1.32-3.67 投资要点： 总股本/流通A股（百万股） 2240/2240 总市值/流通市值（百万港元） 3405/3405 相关研究  事件：公司 2023年实现营收20.01亿港元，同比增加38.70%，其中国内业 [《Ta公b司le年_R报e点p评or，tI2n0f2o2]年营收实现高速增长， 务收入同比增长43.68%至10.02亿港元，国外业务以美国地区为主，收入同 Web3.0 和 AI 新技术赋能未来产品创新》 比增长32.80%至9.83亿港元，占总收入的49.11%。公司毛利水平进一步改 2023.04.21 善，毛利率同比提升1.5pct至42.49%，EBITDA同比增长6.59%至3.19亿。  订 ...

证券研究报告·海外公司点评·软件服务(HS) 阜博集团（03738.HK） 2023 年报点评：客户范围不断拓展，加快布 2024 年 03月 28日 局 AI 领域 证券分析师 张良卫 买入（维持） 执业证书：S0600516070001 021-60199793 [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2022A 2023A 2024E 2025E 2 026E zhanglw@dwzq.com.cn 证券分析师 周良玖 营业总收入（百万港元） 1,443 2,001 2,510 3,385 4,391 执业证书：S0600517110002 同比 110.14% 38.70% 25.44% 34.87% 29.72% 021-60199793 归母净利润（百万港元） 42.00 -7.82 14.37 41.01 86.32 zhoulj@dwzq.com.cn 同比 285.22% -118.61% 283.84% 185.34% 110.48% 研究助理 张文雨 Non-IFRS净利润（百万港元） 89.90 37.41 52.37 149.44 314.54 执业证书：S0600123 ...

证券研究报告 | 年报点评报告 2024年03月27日 阜博集团（03738.HK） 收入全面增长，产品技术升级，AI 服务能力增强 业绩概览：2023年公司实现营收20.0亿港元，YoY+38.7%。分业务看，2023年公 买入（维持） 司订阅业务收入8.7亿港元，YoY+58.2%，占总营收比重43.4%；增值业务收入 股票信息 11.3亿港元，YoY+26.7%，占总营收比重56.6%。2023年公司经调整EBITDA 3.2 亿港元，YoY+6.6%，经调整EBITDA率达16.0%；公司2023年净利润为-21万 行业 应用软件 港元，主要由于公司为拓展业务，扩大销售及研发支出所致。 前次评级 买入 3月26日收盘价(港元) 1.75 订阅业务技术升级，增值业务积极创新。1）订阅服务：服务技术升级+服务领域延 展。2023年，公司进行了多项技术服务升级与产品开发。公司的智能化数据服务工 总市值(百万港元) 3,920.78 具可对侵权网站进行更细颗粒度的风险等级评估，更高频地辅助客户决策并提供相 总股本(百万股) 2,240.44 应解决方案。同时公司将服务能力向更广泛的版权领域延伸，2023年公司 ...