全域终端渠道稀缺龙头，AI与出海打开成长空间

全域终端渠道稀缺龙头，AI与出海打开成长空间 Rare Leader with Full-Spectrum Terminal Channel Resources&AI and Overseas Expansion Unlock New Growth Potential 最新动态 ➢公司持续加大AI领域研发资源倾斜。公司于2025年加大研发投入至1.64亿元，未来将持续深化AI技术能力，用于进行AI手机时代的各项布局。公司前瞻布局AI手机端侧生态，依托端侧模型打通全APP场景，探索“一句话打车”等多元化商业应用，完善数据标准平台，沉淀垂直领域数据资产。并将商业化能力嵌入到手机厂商AI入口的长期变现体系中，探索GEO等新兴业务。 ➢海外业务成为重要增长引擎。公司2025年海外收入同比增长518.2%，达2亿元人民币。公司依托Applestore等海外渠道，出海战略成效初显。海外竞争格局较优，付费意愿强烈，毛利贡献显著，为后续全球化布局奠定坚实基础。未来将覆盖TikTok、Google、Facebook等媒体渠道， 动向解读 ➢公司为稀缺全域终端流量运营龙头，在六大手机游戏市占率均列第一。公司在六大手机厂商（苹果、华为、小米、OPPO、vivo、荣耀）游戏分发市场中市占率均位列第一，依托AI显著提升广告主ROI及联盟生态优势，持续巩固在游戏广告分发领域的龙头地位。生态合作持续深化，获华为鸿蒙生态旗下鲸鸿动能N1领域铂金服务商（最高等级）资质。2025年公司实现总收入42.99亿元，同比增长63.6%，增速创公司成立以来的历史新高；毛利达4.31亿元，同比增长84.5%；纯利由760万元大幅提升至6,500万元，同比增长756.3%；经调整净利润由3,360万元增至6,500万元，增幅93.4%。公司收入与利润双双实现爆发式增长，盈利能力显著改善。 策略建议 ➢盈利预测。我们预测公司2026-2028年归母净利润分别为1.42、2.51和3.57亿元，参考同行业公司，给予公司2026年25倍PE，按照港元兑人民币0.88汇率计算，对应目标价2.03港元，首次覆盖给予“买入”评级。 风险提示 ➢收入增速因基数扩大而放缓；海外业务拓展不及预期；新业务投入短期拖累利润率。 分析师介绍 分析师庄怀超，拥有北京航空航天大学本科学位和香港大学金融学硕士学位。该分析师2022-2024年曾任职于海通国际研究部，团队2022年获得过亚洲货币第一名，该分析师2025年加入环球富盛理财有限公司。环球富盛理财有限公司是一家香港的持牌券商机构，成立于2014年。 该分析师曾在wind发布报告超过700篇，覆盖港股AI、半导体、软件、科技行业标的如下：汇聚科技、伟仕佳杰、晶门半导体、珩湾科技、万咖壹联、卓越睿新、中国软件国际、百望股份、百富环球、赛晶科技、有赞、汇通达网络、博雅互动、IGG、网龙、极视角、华沿机器人等。 微信：zhuangcharles邮箱：charles.zhuang@gpf.com.hk电话：(852) 97487114; (86) 18801353537 The Benchmark: Hong Kong Hang Seng IndexTime Horizon: 6 to 18 months SECTOR RATING DEFINITIONThe Benchmark: Hong Kong Hang Seng Index Time Horizon: 6 to 18 months DISCLOSURE OF INTERESTS (1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report. (2) The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report. (3) Global Prosperity Financial Company Limited and/or its subsidiaries do not hold equal to or more than 1% of the market capitalization ofthe issuer mentioned in this Research Report. (4)Global Prosperity Financial Company Limitedand/or its subsidiaries have not had investment banking relationships with the issuermentioned in this Research Report within the preceding 12 months. (5) Global Prosperity Financial Company Limitedand/or its subsidiaries are not making a market in the securities in respect of the issuermentioned in this Research Report. (6) Global Prosperity Financial Company Limitedand/or its subsidiaries have not employed an individual serving as an officerof the issuermentioned in this Research Report. There is no officer of the issuer mentioned in this Research Report associated withGlobal ProsperityFinancial Company Limitedand/or its subsidiaries. DISCLAIMER This Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Global Prosperity FinancialCompany Limited. Global Prosperity Financial Company Limited and its group companies may do business that relates to companies coveredin research reports, including investment banking, investment services, etc. (for example, the placing agent, lead manager, sponsor,underwriter or invest proprietarily). Any opinions expressed in this report may differ or be contrary to opinions or investment strategies expressed orally or in written form by salespersons, dealers and other professional executives of Global Prosperity Financial Company Limitedgroup of companies. Any opinionsexpressed in this report may differ or be contrary to opinions or investment decisions made by the asset management and investment bankinggroups ofGlobal Prosperity Financial Company Limited. Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report,Global ProsperityFinancial Company Limited does not guarantee the accuracy and completeness of the information and data herein. This ResearchReportmay contain some forward-lookingestimates and forecasts derived from the assumptions of the future political and economic conditions withinherently unpredictable and mutable situation, so uncertainty may contain. Investors should understandand comprehend the investmentobjectives and its related risks, and where necessary consult their own financial advisers prior to any investment decision. This Research Report is not directed at, or intended for distribution to or use by, any person or entity who is a citizen orresident of or locatedin any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which wouldsubjectGlobal Prosperity Financial Company Limitedand its group companies to any registration or licensing requirement within suchjurisdiction.