【券商聚焦】国元国际维持赤子城科技(09911)买入评级指公司社交业务实现规模化增长以及创新业务高毛利突破

金吾财讯

Sep 05

金吾财讯 | 国元国际发研报指，赤子城科技(09911)2025年上半年实现营收31.81亿元，同比增长40.0%；归母净利润4.89亿元，同比增长117.8%。业务结构上，社交业务实现收入28.34亿元，同比增长37.0%，占总营收的89.1%。其中SUGO和TopTop收入与利润均实现三位数同比增长，TopTop月流水首次突破千万美金，成为公司第三款月流水超千万美元的产品。成熟产品MICO和YOHO贡献稳定现金流，毛利率提升3.8个百分点至54%。创新业务实现收入3.47亿元，同比增长70.5%。该机构表示，公司正在将 AI深度融入研发、运营、设计、营销等业务全链条。在社交业务中，AI技术显著提升了用户体验和商业化效率，而在游戏及创新业务中，AI的应用贯穿从研发到发行全过程，降低研发成本以及实现ROI显著优化。除此之外公司还在积极探索AI原生产品的开发，例如推出的基于AI技术的零代码创意内容社区Aippy，为长期发展打开想象空间。该机构续指，公司为目前中国互联网社交出海主力企业，上半年公司社交业务实现规模化增长以及创新业务高毛利突破，带动营收利润同步高增。作为社交出海领军企业，市场地位持续提升，给予公司对应 2025年归母净利润18倍PE，对应目标价15.3港元，有22.9%的上升空间，维持买入评级。

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

1
2
3
4
5
6
7
8
9
10

{"basename":"","ssrTDKData":{"titleTemplate":"%s - Tiger Brokers","title":"Tiger Brokers | Global Stocks, Options & Futures Trading App","description":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","keywords":"tiger brokers,tiger trade,tiger brokers singapore,broker online,stock trading in singapore,share trading singapore,brokerage firm singapore,trading app,stock broker singapore,stock trading platforms,trading account","social":{"ogDescription":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/news/2565538518"},"companyName":"Tiger Brokers"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2565538518\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2565538518?lang=en_US&edition=fundamental","thumbnail":"https://static.szfiu.com/news/20250109/NjdhYmE3ZDczMTc4NjgyMDYzMDA3NjI=.jpg","is_english":false,"pubTime":"2025-09-05 10:09","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2565538518","market":"sh","top_or_hot":-1,"title":"【券商聚焦】国元国际维持赤子城科技(09911)买入评级 指公司社交业务实现规模化增长以及创新业务高毛利突破","media":"金吾财讯","content":"<html><body><p>金吾财讯 | 国元国际发研报指，<a href=\"https://laohu8.com/S/09911\">赤子城科技</a>(09911)2025年上半年实现营收31.81亿元，同比增长40.0%；归母净利润4.89亿元，同比增长117.8%。业务结构上，社交业务实现收入28.34亿元，同比增长37.0%，占总营收的89.1%。其中SUGO和TopTop收入与利润均实现三位数同比增长，TopTop月流水首次突破千万美金，成为公司第三款月流水超千万美元的产品。成熟产品MICO和YOHO贡献稳定现金流，毛利率提升3.8个百分点至54%。创新业务实现收入3.47亿元，同比增长70.5%。该机构表示，公司正在将 AI深度融入研发、运营、设计、营销等业务全链条。在社交业务中，AI技术显著提升了用户体验和商业化效率，而在游戏及创新业务中，AI的应用贯穿从研发到发行全过程，降低研发成本以及实现ROI显著优化。除此之外公司还在积极探索AI原生产品的开发，例如推出的基于AI技术的零代码创意内容社区Aippy，为长期发展打开想象空间。该机构续指，公司为目前中国互联网社交出海主力企业，上半年公司社交业务实现规模化增长以及创新业务高毛利突破，带动营收利润同步高增。作为社交出海领军企业，市场地位持续提升，给予公司对应 2025年归母净利润18倍PE，对应目标价15.3港元，有22.9%的上升空间，维持买入评级。</p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>【券商聚焦】国元国际维持赤子城科技(09911)买入评级 指公司社交业务实现规模化增长以及创新业务高毛利突破</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n【券商聚焦】国元国际维持赤子城科技(09911)买入评级 指公司社交业务实现规模化增长以及创新业务高毛利突破\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086022552\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">金吾财讯 </p>\n<p class=\"h-time\">2025-09-05 10:09</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>金吾财讯 | 国元国际发研报指，<a href=\"https://laohu8.com/S/09911\">赤子城科技</a>(09911)2025年上半年实现营收31.81亿元，同比增长40.0%；归母净利润4.89亿元，同比增长117.8%。业务结构上，社交业务实现收入28.34亿元，同比增长37.0%，占总营收的89.1%。其中SUGO和TopTop收入与利润均实现三位数同比增长，TopTop月流水首次突破千万美金，成为公司第三款月流水超千万美元的产品。成熟产品MICO和YOHO贡献稳定现金流，毛利率提升3.8个百分点至54%。创新业务实现收入3.47亿元，同比增长70.5%。该机构表示，公司正在将 AI深度融入研发、运营、设计、营销等业务全链条。在社交业务中，AI技术显著提升了用户体验和商业化效率，而在游戏及创新业务中，AI的应用贯穿从研发到发行全过程，降低研发成本以及实现ROI显著优化。除此之外公司还在积极探索AI原生产品的开发，例如推出的基于AI技术的零代码创意内容社区Aippy，为长期发展打开想象空间。该机构续指，公司为目前中国互联网社交出海主力企业，上半年公司社交业务实现规模化增长以及创新业务高毛利突破，带动营收利润同步高增。作为社交出海领军企业，市场地位持续提升，给予公司对应 2025年归母净利润18倍PE，对应目标价15.3港元，有22.9%的上升空间，维持买入评级。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"09911","symbol_name":"赤子城科技","start_time":0,"source_url":"1965588","article_id":"2565538518","we_media_id":"1086022552","thumbnails":["https://static.szfiu.com/news/20250109/NjdhYmE3ZDczMTc4NjgyMDYzMDA3NjI=.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2565538518","pubTimestamp":1757038167,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"金吾财讯","introduction":"「金吾财讯」以精准用户需求为切入点，打造一站式港美股投资细分领域品牌。依托战略合作伙伴凤凰网财经，将港美股内容传播到全球华人圈。","home_visible":1,"id":"1086022552","head_image":"https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c"},"summary":"在社交业务中，AI技术显著提升了用户体验和商业化效率，而在游戏及创新业务中，AI的应用贯穿从研发到发行全过程，降低研发成本以及实现ROI显著优化。该机构续指，公司为目前中国互联网社交出海主力企业，上半年公司社交业务实现规模化增长以及创新业务高毛利突破，带动营收利润同步高增。","collect":0,"end_time":0,"defaultTopTitle":"","property":["rate"],"viewcount":null,"language":"zh","relate_stocks":{"09911":"赤子城科技"},"translate_title":"[Brokerage Focus] Guoyuan International maintains the buy rating of Newborn City Technology (09911), referring to the large-scale growth of the company's social business and the high gross profit breakthrough of innovative business","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"09911":1},"content_text":"金吾财讯 | 国元国际发研报指，赤子城科技(09911)2025年上半年实现营收31.81亿元，同比增长40.0%；归母净利润4.89亿元，同比增长117.8%。业务结构上，社交业务实现收入28.34亿元，同比增长37.0%，占总营收的89.1%。其中SUGO和TopTop收入与利润均实现三位数同比增长，TopTop月流水首次突破千万美金，成为公司第三款月流水超千万美元的产品。成熟产品MICO和YOHO贡献稳定现金流，毛利率提升3.8个百分点至54%。创新业务实现收入3.47亿元，同比增长70.5%。该机构表示，公司正在将 AI深度融入研发、运营、设计、营销等业务全链条。在社交业务中，AI技术显著提升了用户体验和商业化效率，而在游戏及创新业务中，AI的应用贯穿从研发到发行全过程，降低研发成本以及实现ROI显著优化。除此之外公司还在积极探索AI原生产品的开发，例如推出的基于AI技术的零代码创意内容社区Aippy，为长期发展打开想象空间。该机构续指，公司为目前中国互联网社交出海主力企业，上半年公司社交业务实现规模化增长以及创新业务高毛利突破，带动营收利润同步高增。作为社交出海领军企业，市场地位持续提升，给予公司对应 2025年归母净利润18倍PE，对应目标价15.3港元，有22.9%的上升空间，维持买入评级。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"}}}