On August 28th, VOBILE GROUP (03738), a global leading SaaS service provider for digital asset protection and trading, released its 2025 interim results, demonstrating outstanding performance across multiple core financial metrics and showcasing strong growth momentum with improved profitability quality.

During the period, the company achieved revenue of HK$1.456 billion, representing a 23.4% year-on-year increase. Net profit reached HK$101 million, surging 118.6% year-on-year, while profit attributable to owners of the company was HK$102 million, up 146.77% year-on-year. Particularly noteworthy is VOBILE GROUP's significant optimization in profitability, with both gross margin and net margin achieving year-on-year improvements to 44.1% and 7% respectively, representing increases of 1.4 and 3.0 percentage points. This reflects the company's continuous enhancement in operational quality and efficiency alongside scale expansion.

The sustained high-growth performance reflects VOBILE GROUP's solid and effective strategy execution with robust growth momentum. From 2018 to 2024, the company achieved steady expansion with a remarkable 65% compound annual growth rate in revenue. Beyond maintaining a solid foundation in its core copyright protection business, the company has extended its technology and services into multiple high-potential sectors including micro-dramas, music, and AIGC content, achieving multi-dimensional growth.

The company's AI sector positioning has consistently aligned with technological evolution and market demands, demonstrating exceptional foresight and execution capabilities. In December 2024 and March 2025, the company successively launched the digital content asset trading platform Vobile MAX and the integrated audio-video creation platform DreamMaker based on diversified AI large models. The synergistic deployment of these two platforms not only strengthens the company's position as a core hub in the digital content industry but also marks its upgrade from a traditional copyright protection service provider to an AI-driven content asset operation platform.

Furthermore, VOBILE GROUP's business expansion in the content industry RWA direction resonates with the global RWA and Web3.0 development wave. The company successfully completed market testing of the Vobile MAX digital content asset trading platform in June this year. The platform now possesses high-concurrency rights confirmation and trading capabilities for handling large-scale RWA assets such as micro-dramas, effectively addressing the liquidity challenges of digital content assets and establishing comprehensive infrastructure covering asset registration, rights confirmation, distribution, and revenue sharing.

**Sustained High Growth with Sustainable Growth Momentum in Both US and Chinese Markets**

VOBILE GROUP's continued high growth demonstrates the ongoing release of SaaS scale effects. Breaking down by business segments, value-added services remain the company's primary revenue source. During the period, this business achieved revenue of HK$846 million, up 33.3% year-on-year, accounting for 58.1% of total revenue. In the first half of 2025, the explosion of AI tools led to a significant increase in derivative content, with IPs managed by the company appearing substantially more frequently in internet derivative content, allowing the company to directly perform rights tracking and revenue sharing for such content under its existing business model.

Subscription services maintained steady growth, achieving revenue of HK$610 million during the period, up 11.8% year-on-year, accounting for 41.9% of total revenue. With the continuous improvement in global attention to copyright, the group's expanding coverage of diversified content, and increasing demand from copyright platform operators, VOBILE GROUP's subscription services are expected to continue their positive development trend.

Geographically, VOBILE GROUP's two core markets both demonstrated strong expansion momentum. During the period, North America achieved revenue of HK$725 million, up 26.8% year-on-year, accounting for approximately 49.8% of total revenue. Meanwhile, China achieved revenue of HK$727 million, up 20.1% year-on-year, accounting for approximately 49.9% of total revenue.

VOBILE actively integrates into national digital cultural economy and digital trade development, serving as a core technology provider in major copyright protection and trading platform projects. Additionally, the company successfully facilitated the overseas expansion of emerging content formats such as micro-dramas, with YouTube platform user coverage reaching nearly 12 million, demonstrating cross-market service capabilities.

From a medium to long-term perspective, VOBILE GROUP possesses sustainable growth momentum in both major markets. The North American market leverages technological leadership and platform services to continuously penetrate high-value customer segments and emerging content categories, while the Chinese market benefits from accelerated digital content infrastructure development, deepening copyright protection policies, and growing overseas expansion demands.

Notably, the company established operations in the Guangdong-Hong Kong-Macao Greater Bay Area Hong Kong-Shenzhen Innovation and Technology Park during the period, further strengthening regional positioning. As a national digital economy development hub and cross-border trade center with concentrated policy and innovation resources, the Greater Bay Area offers VOBILE opportunities for deeper participation in regional copyright ecosystems and digital asset circulation mechanism development, opening broader business opportunities.

**AI-Enabled Content Ecosystem Expansion Drives Multi-Dimensional Business Model Upgrades**

Multimodal and generative artificial intelligence technologies are achieving commercial implementation at unprecedented speed, propelling the digital content industry into a new era of intelligent creation and interaction. The generation and integration capabilities across various media formats including text, images, video, and audio have significantly enhanced, substantially improving cross-modal content creation efficiency and user experiences.

Currently, emerging applications such as generative video, AI composition, immersive interactive entertainment, and intelligent storytelling have gradually crossed the technology validation phase and entered large-scale commercial deployment, not only greatly enriching digital ecosystem content supply but also effectively activating long-tail market commercial value.

Against this backdrop, leveraging its deep accumulation in digital copyright management, content asset operation, and AI-driven tool platforms, VOBILE GROUP demonstrates significant first-mover advantages and business synergy potential. The explosive growth of AI-generated content (AIGC), particularly multimodal content, has not impacted the company's traditional core business but instead brought structural growth opportunities.

Specifically, this trend brings profound benefits through "direct empowerment of value-added business" and "platform ecosystem construction."

First, AI-driven content ecosystem expansion enhances copyright management monetization capabilities. The surge in AI-generated content, especially derivative content, directly generates highly entertaining, high-traffic, high-viewership derivative videos for Hollywood IPs managed by VOBILE. Through its Rights ID business, VOBILE's automated content recognition and revenue sharing technology can efficiently and accurately track AI derivative content distribution across platforms like YouTube and Facebook while executing revenue sharing. Thus, the rights protection segment, traditionally viewed as a "cost center," transforms into a scalable "profit center." Every identified derivative content piece that gains distribution and revenue can generate continuous income for rights holders through revenue sharing mechanisms while bringing technical service revenue to VOBILE GROUP.

In other words, AI content has not weakened VOBILE's business logic but instead transformed its copyright management services from "passive protection" to "proactive operation," becoming indispensable distribution infrastructure in digital content value chains. The company has essentially become a key transaction hub and credit intermediary connecting original creators, secondary creators, platform operators, and end consumers in the AI content era.

Second, VOBILE GROUP is comprehensively embracing AI-native content to construct digital asset circulation loops. While AI derivative content expands VOBILE's existing business marginal returns, the rise of AI-native content drives its evolution toward higher-dimensional digital content asset operation platforms. With advancing generative model capabilities, the proportion of AI-generated videos, music, virtual livestreaming, interactive storytelling, and other native content continues increasing. Such content faces complex ownership, difficult traceability, and missing transaction mechanisms from inception, precisely the pain points that VOBILE GROUP's forward-looking Vobile MAX and DreamMaker platforms address.

The Vobile MAX platform, designed for large-scale AI-generated creative content, provides comprehensive services from rights confirmation to convenient monetization, serving as the "revenue engine" for the AI content era. Its target audience includes not only AI-assisted content but also numerous traditional content producers. The platform is expected to cover more independent creators and small-to-medium content institutions, enabling them to benefit accordingly.

The DreamMaker platform provides creators with one-stop solutions from creative conception to content monetization. As the industry's first platform deeply integrating AI large models with efficient production tools, DreamMaker breakthrough-ly integrates creative video production, intelligent copyright management, and diversified monetization channels seamlessly, enabling independent creators to transform inspiration into tangible works with lower barriers, higher quality, and faster speed while ensuring content compliance and revenue protection. The platform has initially opened to professional creators in the United States, committed to reshaping digital content creation ecosystems and injecting new momentum into the creative economy.

The synergistic operation of both platforms forms a closed loop: DreamMaker serves the "creation-rights confirmation" frontend, while Vobile MAX focuses on the "distribution-trading-circulation" backend, jointly constituting an operational system covering AI content's complete lifecycle. This means VOBILE is no longer merely a copyright protection company but has evolved into an AI-driven digital content asset operator. Its business model has expanded from pure service fees to more imaginative dimensions including transaction commissions, revenue sharing, and asset management.

From a valuation perspective, within the AIGC and digital content sectors, VOBILE GROUP's current price-to-sales ratio of approximately 6.5x is significantly lower than multiple peer companies. For example, Tian Ge Interactive and Meitu both have price-to-sales ratios exceeding 14x, with the former surpassing 60x, reflecting market premium valuations for concept-stage enterprises. In contrast, VOBILE not only maintains more pragmatic valuation levels but has achieved solid profit growth. Additionally, the company's leading positioning in next-generation digital infrastructure including RWA asset platforms (Vobile MAX, DreamMaker) demonstrates increasing scarcity and platform value, showcasing healthier growth quality and valuation enhancement potential.

**Building Technology-Platform-Circulation Ecosystem Loops, Strategic Positioning for RWA Explosion Era**

Real World Asset (RWA) tokenization is transitioning from concept validation to large-scale implementation, with real estate, bonds, commodities, and intellectual property assets accelerating on-chain adoption to improve transaction efficiency, reduce circulation costs, and enhance asset liquidity. Global financial institutions, technology platforms, and regulatory bodies jointly drive this trend, gradually constructing hybrid ecosystems compatible with traditional finance and blockchain technology.

Digital content assets, as excellent targets for real-world asset tokenization with natural digitization attributes and high liquidity potential, have become important development directions in the RWA field. During the earnings conference, VOBILE GROUP indicated its achievement of digital content asset value anchoring by combining characteristic data with revenue data. This method not only demonstrates technological foresight but provides quantifiable valuation models for digital content assetization, greatly enhancing RWA tokenization feasibility and market credibility.

VOBILE GROUP leverages its self-developed VDNA digital fingerprint and watermark technology to construct high-precision, high-reliability content recognition and rights mapping systems. Through the Vobile MAX platform, VOBILE GROUP systematically integrates comprehensive service capabilities for "rights confirmation on-chain - automated rules and revenue sharing - multi-platform distribution - trading and circulation," achieving complete closed loops from content to assets. The platform supports high-frequency, fine-grained lightweight transactions, significantly improving asset liquidity while providing real-time, transparent revenue penetration capabilities for rights holders.

Focusing on digital content RWA, beyond SaaS service fee models, VOBILE GROUP is positioned to gradually participate in multi-dimensional revenue distributions including asset trading commissions, on-chain governance, and ecosystem incentives.

From a capital perspective, VOBILE GROUP is being redefined from a "traditional SaaS service provider" to a "digital asset infrastructure leader in AI and RWA convergence." This identity transformation not only explains its recent strong stock performance but brings broader valuation space. The market increasingly views it as the "picks and shovels" provider in digital content, where regardless of AI technology evolution or content format changes, VOBILE GROUP's core capabilities in rights confirmation, trading, and revenue sharing will continue benefiting.