Crédit Agricole released a research report stating that VOBILE GROUP (03738) recorded total revenue growth of 23% year-on-year to 1.5 billion yuan in the first half, which was 1.3% below the firm's expectations. Operating profit surged 51% year-on-year to 174 million yuan, exceeding the firm's projections by 42%, primarily driven by gross margin expansion and stringent cost management. The firm has revised upward its revenue forecasts for VOBILE's fiscal years 2026 and 2027 by 6% and 19% respectively, reflecting the potential growth momentum from new business models. The target price has been upgraded from HK$5 to HK$7.6, with an "outperform" rating maintained. The group is currently developing a new business model centered on RWA tokenization, which involves tokenizing exclusive content such as short dramas and films on blockchain platforms. This initiative is expected to drive total revenue growth between 2026 and 2027.