Zhitong Finance App learned that Fangzheng Securities released a research report stating that it maintains the “recommended” rating of Fubo Group (03738). The estimated revenue for 2023-25 is 20/28/3.7 billion yuan, corresponding to a net profit of 11/2.1/34 billion yuan (the original net profit for 2023/24 was 0.49/135 million yuan), mainly due to its increased profit and accelerated progress. On August 28, the company released its 2023 interim report. In the first half of the year, the company achieved revenue of HK$1 billion, an increase of 80.3% over the previous year, net profit of HK$29 million, an increase of 23.3%, and adjusted net profit of HK$58 million, an increase of 16.06% over the previous year.

According to the report, the business of all divisions of the company is growing steadily and healthily. After the Particle Merger was completed, it maintained high growth by region and business. Among them, the Chinese market revenue was HK$560 million, an increase of 148.2%, and the US market revenue was HK$440 million, or 34.2%; subscription service revenue mainly came from copyright protection services for large content customers, API service services for platform customers, and subscription service fees collected by Particles. Revenue increased 131.4% year-on-year to HK$467 million. Value-added services helped customers to validate and monetize their rights on the platform, and received separate accounts for content posted on China's IPTV and PTT platforms. 51.8% reached HK$536 million. Furthermore, by the end of the reporting period, the company had 216 content customers and 137 platform customers. In-depth cooperation was reached with Volcano Engine during the period, while also actively exploring business applications in the fields of web 3.0 and AIGC. The bank expects that the company's capabilities in digital authorization will help it expand in related cutting-edge fields.