CLSA released a research report stating that NEWBORNTOWN announced solid operational and revenue data for 2025. The total revenue year-on-year growth range is between 32.8% and 37.5%, with its midpoint aligning with market consensus and the firm's own expectation of 35.5% growth. The stock was rated Outperform with a target price of HK$17.5. CLSA noted the company's strong growth last quarter, where the midpoint for total revenue represented a 28% year-on-year increase and a 7% sequential increase, reaching RMB 1.93 billion. This compares to year-on-year growth rates of 36% and 39% in the second and third quarters, respectively. The midpoint for social networking revenue in the fourth quarter grew 26% year-on-year to RMB 1.72 billion, primarily benefiting from the steady growth of diversified social products and the application of AI tools. The midpoint for innovative business revenue in the fourth quarter surged 40% year-on-year to RMB 210 million, mainly driven by traffic distribution, e-commerce, and short drama operations.