智通财经APP获悉，招商证券国际发布研报称，根据分部估值法(SOTP)予赤子城科技(09911)目标价16.2港元，对应2025/26财年17倍及14倍市盈率。未来催化剂包括：用户增长超预期、新产品发布，以及有望在2026年3月纳入港股通。
社交网络业务方面，SUGO与TopTop在2025年上半年收入和利润均保持三位数同比增长。创新业务方面，休闲游戏《Alice's Dream》实现扭亏为盈，且总收入快速增长，社交电商业务录得三位数利润增长。该行预计2025/26年收入分别为68亿及84亿元人民币，同比增长34%及24%，经调整净利润分别为12亿及15亿元人民币，同比增长101%及24%。该行预计SUGO、TopTop及其他新产品将保持强劲势头，其他存量产品实现稳定的个位数增长。
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