MOBILE GROUP (03738) Q1 performance accelerates across the board: revenue increased by 44% quarter-on-quarter, with AI assets accounting for nearly 17% of the total.

VOBILE GROUP (03738) The revenue in Q1 2026 increased by about 21% year-on-year, a significant increase of 44% compared to Q4 2025. This marks the company's complete digestion of the short-term impact of Q4 2025 under the drive of the AI wave, entering a phase of accelerated growth. Among them, the revenue from mainland China business increased by about 22% compared to the same period in 2025; the Monthly Recurring Revenue (MRR) increased by about 29% compared to the same period in 2025. On the asset side, the company manages 5.24 million active assets, a year-on-year growth of 32%, and a net increase of 387,000 assets quarter-on-quarter. Among them, the number of active AI-related assets reached 870,000, accounting for nearly 17% of the total active assets, up from about 12% at the end of 2025. The incremental structure of AI active assets has undergone a fundamental change. Unlike the previous focus on AI secondary creation, the main source of incremental growth this quarter is AI animated dramas, AI live-action dramas, and other AI native content. The production cost per unit length of these types of content is much lower than traditional live-action filming, but their monetization capability on streaming platforms is almost the same as traditional content. The MRR increased by 29% year-on-year, consistently higher than the overall revenue growth, indicating that the proportion of sustainable revenue is structurally expanding. In addition, as a new business line that the company has been cultivating in recent years, the DreamMaker platform has now been opened to professional creators. The platform contributed nearly HK$30 million in revenue in the first quarter, which has almost reached the level of the entire year of 2025. Furthermore, the platform is expected to expand its computing power cooperation layout overseas in the second half of the year, which is expected to achieve a significant increase in the second half of the year. At the same time, the company's inaugural product in the RWA field (worth tens of millions of dollars) has completed the compliance process and is expected to be officially launched in Hong Kong in June of this year.