> **来源：[研报客](https://pc.yanbaoke.cn)** # Newborn Town (09911.HK) 2026 Interim Results Summary ## Core Content Newborn Town Inc. (09911.HK) has reported strong performance in the first half of 2026, with revenue reaching **US\$607 million**, a **37.0% YoY increase**, and profit attributable to shareholders rising by **45.8%**. The company's **social networking business** generated **US\$539 million** (+36.5% YoY), while its **innovative business** contributed **US\$68.17 million** (+41.2% YoY). The **blended gross margin** improved to **57.8%** (+2.0ppt YoY), with the social networking segment achieving a record **57.2%** (+3.6ppt YoY). ## Main Points - **Global Expansion**: Newborn Town continues to expand globally using its **"product replication + country replication"** strategy. - **SUGO** has achieved **non-MENA revenue contribution of nearly 50%**, with **Latin America** showing strong potential due to its **large population and cultural homogeneity**. - **TopTop** is maturing in high-ARPU markets like **Japan, North America, and Europe**, contributing to **revenue and margin growth** that supports **new-market investments**. - **Earnings Mix Improvement**: - The **gross margin** increase is attributed to a **product mix shift**, with **TopTop** and **SUGO** driving significant growth (around **30%+** and **60%+** YoY, respectively). - **Selling, General, and Administrative (S&M) expenses** increased in line with **user-acquisition costs** for overseas expansion, but **management** noted that the **S&M ratio has declined from its Q1 peak**, indicating cost control. - **AI Integration**: - AI is being used to enhance **social networking operations**, including **Boomix** for **social-matching precision**, **Siyu AI platform** for **data analysis and reporting**, and **KIVI design platform** for **content enrichment**. - **Short drama** is a new growth driver, with **AI-assisted launch efficiency improving by over 60%**, and **AI-produced short dramas now accounting for over 50% of total capacity**. - **Content genres** are broadening, and AI is playing a critical role in **product development and monetization**. - **Investment Thesis**: - The company's **core strategy** remains **"Global replication + AI-driven efficiency"**. - It continues to develop a **pipeline of games and social products**, maintaining its **growth trajectory**. ## Key Financial Highlights ### Revenue and Profit Growth | Metric | 2025 (A) | 2026 (E) | 2027 (E) | 2028 (E) | |--------|---------|---------|---------|---------| | Revenue (RMB, mn) | 6,889.0 | 8,821.1 | 10,178.7 | 11,528.1 | | YoY growth | 35.3% | 28.0% | 15.4% | 13.3% | | Net Profit (RMB, mn) | 963.7 | 1,294.0 | 1,475.2 | 1,678.0 | | YoY growth | 22.3% | 34.3% | 14.0% | 13.8% | ### Gross Margin - **Blended gross margin** rose to **57.8%** (+2.0ppt YoY). - **Social networking business** reached a **record 57.2%** (+3.6ppt YoY). ### Operating and Net Profit Margins - **Operating margin** increased to **14.3%**. - **Net profit margin** rose to **14.7%**. - **Adjusted EBITDA profit margin** improved to **18.6%**. ## Financial Ratios | Ratio | 2025 (A) | 2026 (E) | 2027 (E) | 2028 (E) | |-------|---------|---------|---------|---------| | Gross margin | 55.8% | 57.6% | 58.0% | 57.5% | | Operating margin | 12.8% | 14.3% | 14.1% | 14.2% | | Net profit margin | 14.0% | 14.7% | 14.5% | 14.6% | | Adjusted EBITDA profit margin | 17.7% | 18.6% | 18.3% | 17.8% | | Return on Equity (ROE) | 45.6% | 39.7% | 31.3% | 26.3% | | Return on Asset (ROA) | 24.2% | 26.3% | 23.6% | 21.5% | | Current ratio | 246.5% | 317.7% | 415.9% | 628.2% | | Quick ratio | 238.0% | 308.2% | 405.7% | 615.0% | | Cash ratio | 183.3% | 207.9% | 210.4% | 283.8% | | Net Debt-to-Equity ratio | -99.4% | -74.5% | -56.4% | -47.5% | ## Stock Rating and Target Price - **Stock Rating**: **BUY** (unchanged from previous rating). - **Target Price**: **HK\$11.30** (unchanged from previous target). - **Current Price**: **HK\$8.835**. - **52-Week Range**: **HK\$6.940 – 14.090**. - **Market Cap (HKD, bn)**: **HK\$12.4**. ## Risk Factors - **Regulatory tightening** in MENA and emerging markets. - **Deceleration** in social-segment MAU growth. - **Volatility** in global user-acquisition costs. - **Uncertainty** around the **AI short-drama monetization model**. - **Changes** in **app-store revenue-sharing policies**. - **Geopolitical risks** affecting Middle East operations. ## Company Update - The **stock rating** remains **BUY**. - The **target price** is **HK\$11.30**. - The company continues to **develop a pipeline of games and social products**. - The **"product replication + country replication"** model is central to its **global expansion strategy**. ## Conclusion Newborn Town is leveraging **global expansion** and **AI integration** to drive **revenue growth** and **earnings mix improvement**. While **regulatory and market risks** remain, the company is on track to maintain its **"Buy" rating** and **target price** of **HK\$11.30**. Its **product mix shift**, **AI-driven efficiency**, and **strategic market entry** are key factors supporting its **long-term growth prospects**.