2月13日，恒生指数公司宣布截至2025年12月31日之恒生指数系列季度检讨结果，其中赤子城科技 (09911)获纳入恒生综合指数。变动将于2026年3月6日(星期五)收市后实施并于2026年3月9日(星期一)起 生效，届时沪深交易所会相应调整港股通可投资标的范围。据中金研报，赤子城科技(09911)有可能被 调入港股通，因其满足了包括市值、流动性和上市时间等在内的一系列标准。 1月下旬，中金发布研报称，维持赤子城科技(09911)25和26年收入和Non-IFRS净利润预测，新引入27年 收入和Non-IFRS净利润预测98亿元和14亿元。维持跑赢行业评级，维持港股目标价14.5港元，对应14倍 的26年Non-IFRS市盈率，较当前有7%的上行空间(当前交易于13倍/11倍26/27年Non-IFRS市盈率)。 ...

智通财经APP获悉，2月13日，恒生指数公司宣布截至2025年12月31日之恒生指数系列季度检讨结果， 其中赤子城科技(09911)获纳入恒生综合指数。变动将于2026年3月6日(星期五)收市后实施并于2026年3 月9日(星期一)起生效，届时沪深交易所会相应调整港股通可投资标的范围。据中金研报，赤子城科技 (09911)有可能被调入港股通，因其满足了包括市值、流动性和上市时间等在内的一系列标准。 1月下旬，中金发布研报称，维持赤子城科技(09911)25和26年收入和Non-IFRS净利润预测，新引入27年 收入和Non-IFRS净利润预测98亿元和14亿元。维持跑赢行业评级，维持港股目标价14.5港元，对应14倍 的26年Non-IFRS市盈率，较当前有7%的上行空间(当前交易于13倍/11倍26/27年Non-IFRS市盈率)。 ...

智通财经2月6日讯（编辑 胡家荣）受海外科技股抛售情绪传导影响，港股AI概念股多数走弱。截至发 稿，五一视界(06651.HK)跌5.56%、赤子城科技(09911.HK)跌4.73%、浪潮数字企业(00596.HK)跌 4.62%、美图公司(01357.HK)跌3.88%、出门问问(02438.HK)跌3.17%。 | 代码 | 名称 | 最新价 | 涨跌额 | 涨跌幅 = | | --- | --- | --- | --- | --- | | 06651 | 五一视界 | 70.450 | -4.150 | -5.56% | | 02438 | 出门问问 | 0.610 | -0.020 | -3.17% | | 09911 | 赤子城科技 | 9.860 | -0.490 | -4.73% | | 00596 | 浪潮数字企业 | 4.340 | -0.210 | -4.62% | | 01357 | 美图公司 | 6.200 | -0.250 | -3.88% | | 00268 | 金蝶国际 | 10.970 | -0.420 | -3.69% | | 02513 | 智谱 | 208.600 | ...

致：香港交易及結算所有限公司 公司名稱: 赤子城科技有限公司 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09911 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,000,000,000 | USD | | 0.0001 | USD | | 300,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 3,000,000,000 | USD | | 0.0001 | USD | | 300,000 | 本月底法定/註冊股本總額： USD 300,000 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: 2026 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - In 2025, Chinese companies' overseas expansion did not experience a singular turning point but rather accelerated along multiple changing trajectories, significantly impacting their overseas operations [6] - The focus of overseas market layout has shifted, with compliance and organizational setup becoming prerequisites, and localization evolving from a strategic option to a fundamental requirement [6] - The importance of 2025 lies not only in what occurred but in the changes that have begun to emerge, reshaping the decision-making logic of overseas enterprises and influencing their long-term choices [6] Summary by Sections Overall Changes in 2025 - The industry coverage for Chinese companies going abroad has expanded, encompassing retail e-commerce, tea drinks, entertainment, AI, automotive, and hardware, with Southeast Asia, the Middle East, Latin America, and Africa becoming significant growth sources [14] - The technological investment has increased, and compliance challenges have intensified, with a notable shift in export structure, as evidenced by a trade surplus exceeding $1 trillion for the first time in 2025 [19][21] Country-Specific Roles in Overseas Expansion - The Global South has emerged as a crucial growth source for Chinese companies, transitioning from a supplementary market to a core strategic depth [28] - The Gulf region is becoming a key node in the global AI capability competition, with significant investments in digital infrastructure and AI technologies [31] - Competition in the European and American markets has shifted towards regulatory and compliance aspects, with stringent measures impacting market access for Chinese firms [34] Industry-Specific Changes in Overseas Expansion - The automotive industry's focus has shifted from export expansion to deep localization, with significant investments in overseas manufacturing facilities [43][48] - The global AI landscape is being restructured, with Chinese AI capabilities transitioning from a follower to a leader in the market [49] - The competitive focus in cross-border e-commerce has shifted towards fulfillment and infrastructure capabilities, reflecting the need for robust operational frameworks [6] Strategic Responses of Companies and Service Systems - Chinese brands are entering a critical window for global reputation and brand premium, with the first generation of overseas experience beginning to systematically fail [4][10] - The overseas service system is evolving from a reactive response to customer needs to a proactive global service model, indicating a shift towards comprehensive service offerings [10]

Core Viewpoint - The company is expected to see significant revenue growth in the second half of 2025, driven by both social and innovative business segments, with a projected Non-IFRS net profit of 5 billion yuan [1][2]. Group 1: Revenue Growth Projections - The company anticipates a 32% year-on-year revenue increase in 2H25, reaching 3.7 billion yuan, with social business revenue expected to grow by 30% to 3.3 billion yuan and innovative business revenue projected to rise by 52% to 400 million yuan [1]. - For FY25, the median social revenue is projected at 6.1 billion yuan, reflecting a 33% increase, aligning with previous expectations [1]. - The company expects a 28% year-on-year growth in social revenue for 4Q25, with monthly active users (MAU) reaching 35.28 million, a 4% quarter-on-quarter increase and an 11% year-on-year increase [1]. Group 2: Innovative Business and AI Investments - The innovative business segment is projected to generate a median revenue of 750 million yuan for FY25, with significant growth in short video revenues, which have reportedly doubled year-on-year [2]. - The company plans to increase investments in AI and short video content in 2026, with the recently launched AI creative content community, Aippy, now available on mobile [2]. - Despite potential negative impacts on profits from new business investments, the company expects continued improvement in profit margins for main products like SUGO and TopTop [2]. Group 3: Profitability and Valuation - The company maintains its revenue and Non-IFRS net profit forecasts for 2025 and 2026, while introducing projections for 2027 with revenues of 9.8 billion yuan and Non-IFRS net profits of 1.4 billion yuan [2]. - The company retains an outperform rating for the industry, with a target price of 14.5 HKD, corresponding to a 14x Non-IFRS P/E ratio for 2026, indicating a 7% upside potential from current trading levels [2].

Core Viewpoint - The company, ZhiZi City Technology, is expected to achieve a total revenue of RMB 67.6-70.0 billion in 2025, representing a growth of approximately 32.8%-37.5% compared to 2024. The social business revenue is projected to be around RMB 60.3-62.3 billion, with a growth of about 30.4%-34.8%, while the innovative business revenue is expected to reach RMB 7.3-7.7 billion, showing a year-on-year increase of approximately 55.7%-64.2% [1][2]. Social Business Performance - The social business is maintaining strong growth, with platforms like MICO and YoHo contributing stable profits and cash flow. The platforms SUGO and TopTop are experiencing explosive growth, becoming key drivers for the social business's rapid expansion. In the Middle East and North Africa market, the company has established significant competitive advantages and ecological barriers [2]. - By Q4 2025, SUGO ranked 6th in the Sensor Tower revenue chart for social networks in the Middle East, showing an upward trend compared to 2024. The gaming social platform TopTop has become a national-level application in high-value markets like Saudi Arabia through deep localization and an improving UGC ecosystem [2]. Innovative Business Development - The innovative business is experiencing healthy growth, driven by stable development in traffic monetization, social e-commerce, premium gaming, and contributions from short drama projects. The premium gaming business has entered a recovery phase since Q4 2024, with significant improvements in ARPU, and several reserve games are progressing well [3]. - The short drama business is expected to accelerate revenue growth in 2026 due to advancements in self-developed and acquired projects. The company is also deepening its exploration of AI technology, applying it across core business areas and launching the Aippy content creation community to lower the barriers for interactive content production [3]. Financial Projections - The company is projected to achieve revenues of RMB 68.7 billion, 85.1 billion, and 101.3 billion for the years 2025, 2026, and 2027, respectively. The net profit attributable to the parent company is expected to be RMB 9.67 billion, 11.67 billion, and 14.41 billion for the same years, corresponding to PE ratios of 15.4, 12.8, and 10.4 times [4].

Core Viewpoint - CICC reports that Zhi Zi Cheng Technology is expected to achieve a year-on-year revenue growth of 32% to 3.7 billion yuan in the second half of last year, with social business revenue growing by 30% to 3.3 billion yuan and innovative business revenue growing by 52% to 400 million yuan [1] Group 1 - The company anticipates continued deepening in its core markets in the Middle East and active expansion into new regions such as Japan and South America, which may support a 30% year-on-year revenue growth for the general public [1] - CICC maintains its revenue and Non-IFRS net profit forecasts for Zhi Zi Cheng Technology for 2025 and 2026, while introducing new forecasts for 2027 with revenues of 9.8 billion yuan and Non-IFRS net profits of 1.4 billion yuan [1] - The company retains an "outperforming the industry" rating and maintains a target price of 14.5 HKD for its Hong Kong stock [1]

Group 1 - The core viewpoint of the report is that the company maintains its revenue and Non-IFRS net profit forecasts for 2025 and 2026, while introducing new forecasts for 2027, projecting revenue of 9.8 billion and Non-IFRS net profit of 1.4 billion [1] - The company is expected to achieve a 32% year-on-year revenue growth in the second half of 2025, reaching 3.7 billion, with social business revenue growing by 30% to 3.3 billion and innovative business revenue increasing by 52% to 400 million [2] - The company anticipates a median social revenue of 6.1 billion for FY25, reflecting a 33% year-on-year increase, and expects a 28% year-on-year growth in social revenue for Q4 2025 [3] Group 2 - The innovative business revenue is projected to reach a median of 750 million for FY25, with significant growth in short drama revenue, which is expected to double year-on-year [4] - The company expects to enhance profit margins for its main products, which will help offset the investments in new businesses, maintaining a Non-IFRS net profit estimate of 1.26 billion for 2026 [5]

Core Viewpoint - Company maintains revenue and Non-IFRS net profit forecasts for 2025 and 2026, introduces new forecasts for 2027 with revenue of 9.8 billion and Non-IFRS net profit of 1.4 billion, maintaining an outperform rating and a target price of HKD 14.5, indicating a 7% upside potential [1] Group 1 - Company expects 2H25 revenue to grow by 32% year-on-year to 3.7 billion, with social business revenue growing by 30% to 3.3 billion and innovative business revenue growing by 52% to 0.4 billion, projecting Non-IFRS net profit of 0.5 billion [2] - Company anticipates FY25 social revenue median to reach 6.1 billion, a 33% year-on-year increase, aligning with previous expectations, with 4Q25 social revenue expected to grow by 28% [3] - Company reports 4Q25 social business MAU at 35.28 million, a 4% quarter-on-quarter increase and an 11% year-on-year increase, with total app downloads reaching 970 million [3] Group 2 - Company expects FY25 innovative business revenue median to reach 0.75 billion, accelerating from 2024, with short video revenue experiencing significant growth [4] - Company projects innovative business revenue to grow over 30% year-on-year in 2026, with new games potentially contributing to revenue [4] - Company anticipates increased investment in short videos and AI in 2026, with the AI creative content community Aippy already launched [4] Group 3 - Company reports continuous improvement in profit margins for main products like SUGO and TopTop, with AI tools enhancing product development and marketing efficiency [5] - Company maintains a forecast of 1.26 billion Non-IFRS net profit for 2026 [5]