CMB International: Initial "Strong Buy" Rating for Hui Liang Technology (01860.HK), Performance Driven by Product Iteration

According to the Wise Financial APP, CMB Securities has released a research report stating that Hui Liang Technology (01860.HK) has Mintegral as its absolute core business, and the continuous iteration of its products constitutes the core engine of revenue and profit growth. The company will strengthen the basic plate of IAA (advertisement monetization) and deepen the high-value business of IAP (in-app purchases), relying on the flywheel effect to drive sustained performance growth. Taking into account the company's accelerated expansion of IAP business and the deepening implementation of AI empowerment, the bank is optimistic about the performance growth brought about by the continuous iteration of the Mintegral platform's intelligent bidding system. It is giving a "strong buy" rating for the first time.