Shares of MOBVISTA (01860) surged more than 10% during intraday trading. At the time of writing, the stock was up 4.64% to HK$10.60, with a turnover of HK$102 million.

Southwest Securities Co.,Ltd. pointed out that Mobvista's Mintegral platform, a leading global programmatic advertising platform, has ranked third globally in terms of advertising volume for the Android category for three consecutive years, with nearly 120,000 apps integrated with the Mintegral SDK. Mintegral's revenue reached $1.96 billion in 2025, maintaining a rapid development trend driven by a "flywheel effect." The IAP ROAS intelligent bidding model is expanding into mid-to-hardcore games and non-gaming sectors. Since 2025, the AI infrastructure has been gradually upgraded; the new-generation infrastructure is capable of supporting more complex models and multi-dimensional features and data, with an expected launch in October 2026. As economies of scale and operating leverage are progressively realized, gross margin and net profit margin are expected to improve further.

Regarding financial forecasts, the company's estimated net profit attributable to shareholders for 2026-2028 is $120 million, $170 million, and $230 million, respectively. Southwest Securities has initiated coverage on Mobvista with a "Buy" rating. Based on a 34x P/E valuation for 2026, a target price of HK$18.33 ($2.38 per share, converted at 1 USD = 7.7 HKD) has been set.