Vobile Group (3738) H2 2025 earnings summary

Executive summary

• Achieved total revenue of $369M (HK$2,872 million) in 2025, up 20% year-over-year, driven by AI strategy and diversified services in both US and Chinese Mainland markets.

• Adjusted EBITDA reached $70M (HK$542 million), a 24% increase year-over-year, reflecting scale efficiencies.

• Adjusted net profit grew 29% year-over-year to $30M (HK$232 million), maintaining a high-quality growth trajectory.

• AI and cloud-powered rights identification technology, along with the PEX acquisition, expanded client base and service offerings.

• Major strategic focus on AI-driven content protection, monetization, and platform expansion.

Financial highlights

• Gross profit margin improved to 44.8% in 2025 from 43.8% in 2024, with gross profit rising to $165M (HK$1,286 million).

• Subscription services revenue reached $157M (HK$1,224 million), with a customer retention rate of 98.2%.

• Value-added services revenue increased to $212M (HK$1,649 million), up 27% year-over-year.

• Adjusted net profit margin was 8.1% in 2025; profit margin improved to 7.4%.

• No dividend declared for 2025.

Outlook and guidance

• Continued investment in AI, Web3, and digital asset trading platforms to support future growth.

• Focus on expanding monetization opportunities through performance-based models and asset tokenization.

• Expansion of platform services to small and medium-sized creators and new business models.