阜博集团2025年第三季度投资者交流会
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会议摘要
The Investor Communication Meeting of Fubo Group in the third quarter of 2025 revealed that the company achieved a significant increase in revenue in the Chinese and American markets through the application of AI technology in video and audio content creation, as well as enhanced copyright protection measures. The total revenue reached 800 million Hong Kong dollars, an increase of 27% year-on-year. Monthly recurring revenue increased by 28%, and the customer retention rate was as high as 99.3%. The company has collaborated with institutions such as Immortal Studio to promote the development of innovative platforms, and has signed a contract with the Hong Kong SAR government, demonstrating its leading position in the digital cultural field. In the face of the challenge of AI-generated content, the company ensures continued growth through technological innovation and optimization of business models, while also fully repaying high-interest debts and further improving its financial condition. In the future, the company will open up its copyright library and explore monetizing value-added services, expecting revenue growth from the landing of services in the Chinese and American markets in the 2025 report.
会议速览
Countdown and disclaimer statement reading process arrangement before the meeting.The conference secretary started the meeting using a countdown method, followed by reading a disclaimer emphasizing the risks and uncertainties of forward-looking statements, reminding participants not to overly rely on such statements. The disclaimer stated that it only applies to the current time point and there is no obligation to update it.
Fubo Group's Q3 performance shines: double-digit revenue growth, both Chinese and American markets hit new highs.In the third quarter of 2025, the company achieved a year-on-year revenue growth of 27%, with a scale exceeding 800 million Hong Kong dollars, reaching a new quarterly high. The Chinese and American regions achieved revenue growth of 22% and 33% respectively, with the growth rate in the American region increasing by 6 percentage points compared to the first half of the year. Monthly recurring revenue (M22) increased by 28%, with a customer retention rate as high as 99.3%, demonstrating the high quality and stability of the company's business. These achievements have strengthened the company's confidence in achieving its annual goals and laid a solid foundation for future investments and innovations.
AI multimodal development and copyright protection: Third quarter business progress and future prospects.The business progress report focuses on the application of AI large models in the multimodal field, especially the innovation of video and audio content. From the trend of AI pseudo continuation to AI empowering IP creation, and then to the iteration of multimodal technology, the importance of copyright protection is highlighted. With more creators joining, the commercial model will face transformation, and the rapid development of AI technology will lead a new creative ecosystem.
Exploration of copyright rule adjustments and commercialization paths triggered by multimodal technology.The dialogue discussed the application of multimodal technology on social media platforms and the resulting adjustments to copyright rules, including changes to the safe harbor principle and the red flag principle. It emphasized the adjustments to rules caused by pressure from copyright holders, as well as the impact of AI technology on platform organizational structure, foreshadowing the rapid implementation of commercialization paths and industry reforms.
AI-generated content drives the growth rate of active assets by over 200%, significantly increasing revenue.The growth rate of active assets related to AI exceeded 200%, reaching 4.69 million by the end of the third quarter, with AI-generated content accounting for 9.1%, totaling nearly 430,000. This significantly boosted revenue growth, especially benefiting the United States region.
Breakthroughs in AI music recognition technology and advances in commercial applications.With the development of multimodal technology, the audio field, especially music production, has shown significant progress. Based on the acquisition of a leading global music recognition technology company, the team has developed a high-precision AI music recognition model that can effectively identify AI-generated songs, even if the audio has been compressed and encoded. This technology has been established in collaboration with top music distributors to provide services for music platforms. As multimodal technology matures, the scale production and commercialization of music content will drive the evolution of patterns, ushering in a new chapter in AI music recognition.
Explanation of Max Platform's music work registration and copyright management servicesThe Max platform has opened a music registration service, especially targeting AI-generated content. By comparing with globally renowned registration databases to determine similarity, it provides creators with rights confirmation and blockchain evidence services, helping music works enter the monetization network. Ordinary users can log in to the Mobile Max website to use this feature. Music artists are welcome to join and promote Max services together.
Exclusive copyright technology services for RedFruit's short plays have shown significant effectiveness, with a substantial improvement in their ability to handle infringement cases.As the exclusive copyright technology service provider for Hongguo short dramas, we have solidified our cooperative relationships and greatly reduced the cost of content retrieval for micro-dramas. We process over 6 million pieces of unauthorized infringement data on a daily basis, with 95% successfully taken down, significantly increasing our efficiency in dealing with infringements.
Quarterly Business Expansion Update: Hong Kong Signing, Florida Collaboration, and Digital Trade Deployment.The company signed a contract with the Hong Kong Special Administrative Region government to become the only key cultural and technological enterprise, receiving significant support; collaborated with the University of Florida to promote the research and development of the AI learning tool Dream Maker; showcased Chinese brands at the Fourth Global Digital Trade Expo and actively positioned itself in the digital service trade sector.
Analysis of the proportion and impact of AI in short video creation.Discussed the increase of AI's presence in short video content creation, from 9% to 30%, as well as how AI tools significantly increase content production quantity. Emphasized the importance of AI in content storytelling, and pointed out that AI's inclusion has led to a significant increase in global short video derivative content, particularly in the US market, with notable revenue growth. Additionally, analyzed the displacement effect of AI on non-AI content, and explained the company's sustained advantages in content rights and competitive barriers to maintain long-term benefits.
In-depth analysis of the collaboration between Dream Maker and Max platforms and the promotion of innovative business opportunities.Discussed the promotion of Dream Maker and Max platforms in the North American market, the collaboration with Immortal Studio involves two innovative businesses: firstly, Dream Maker cooperates with Studio as a production tool to improve the efficiency of content dissemination; secondly, Max and Dream Maker jointly serve the music industry while exploring financing models represented by RW to support continuous content production budgets.
Exploring the Growth of AI Audio Business and Asset Statistical MethodsDiscussed the growth potential and revenue contribution of AI audio business, pointed out that the current audio assets are not included in the total active assets statistics, emphasized the difference in profitability between audio and video, and outlined the future asset disclosure plans.
HSBC Bank's high-yield debt repayment situation and its financial impactThe discussion concluded that all high-interest debts of HSBC Bank have been fully paid off, which is expected to result in positive cash flow in Q4. Interest expenses for the 26-year period will significantly decrease, reducing the financial burden on the company and positively impacting profits.
Discussion on copyright protection and value-added service upgrades under the attention of IP infringement.The conversation revolved around the issue of IP infringement, emphasizing the importance of increasing investment in copyright protection and improving the penetration rate of value-added services. Mentioning technological upgrades such as fingerprinting, watermarking, and facial recognition technology to address the challenge of fragmented dissemination. It was pointed out that large-scale IP faces challenges in the form of 42 shapes and should adopt a dual strategy of legal and copyright protection. It is expected that significant progress will be made in the landing of services in the Chinese and American markets in the future, and it is encouraged to pay attention to enterprise micro-push notifications to receive more information.
要点回答
Q：What forward-looking statements might management make at this meeting?
A：At this meeting, management may make forward-looking statements regarding anticipated intentions, estimates, and future strategies, including industry trends and the impact of public health events. However, these forward-looking statements are not guarantees of future events or performance, and are subject to risks, uncertainties, and other factors described in regulatory filings. Therefore, attendees are reminded not to rely excessively on them.
Q：How was the situation of the Richbo Group's investor communication meeting in the third quarter of 2025?
A：In the third quarter of 2025, the Fubo Group continued its development strategy from the semi-annual report, seized key development opportunities in the wave of AI applications, achieved a year-on-year revenue growth of 27%, with revenue reaching a new high of 800 million Hong Kong dollars for the quarter, and maintained a trend of increasing operating profit through improving operational efficiency. Both the Chinese and American business sectors achieved significant growth.
Q：What is the situation of the company's monthly regular income growth (M22) and the characteristics of high-quality income?
A：In the three months ending September 30th, the company's monthly recurring revenue increased by 28%, reflecting the high-quality characteristics of the company's revenue structure. The stability and predictability of recurring revenue have strengthened the company's ability to resist risks and laid the foundation for future investments and innovation. At the same time, the high customer retention rate of 99.3% indicates the strong long-term cooperative relationship between the company and its customers.
Q：How is the development of large AI models and progress in the multimodal field progressing?
A：The three development stages of AI in the field of video and audio content are content creation based on the AI pseudo-true writing trend, AI empowerment of diversified creation and innovation of IP, and the entry of more creators and changes in business models. Among them, the release of Plastic Rabbit demonstrates innovative creation using AI's well-known IP image portraits, sparking attention to discussions on property rights, copyrights, and IIP. In addition, advancements in multimodal capabilities will bring more creators into the mix and transform traditional business models in the new ecosystem.
Q：What are the needs of Sora Rabbit for new communication methods and business models on social media platforms?
A：Sora Rabbit's ability to generate videos through multimodal means not only brings a new way of communication, but may also lead to the creation of a new social media platform. The demand for a business model for this platform has become more urgent. Sora Rabbit's proposed commercialization strategy is to obtain authorization without requiring upfront payment, and to enable the IP holder to profit through a revenue sharing model.
Q：How do social media platforms apply the safe harbor principle when users upload content? What is the Red Flag principle, and how does it impact content moderation on social media platforms?
A：The Safe Harbor principle allows social media platforms to consider themselves unaware if they have not received notification from users, promoting more diverse content upload and dissemination. Platforms such as YouTube, Douyin, and Kuaishou have all rapidly developed under this principle. The Red Flag principle states that when there is obvious infringement or unauthorized use of content on a platform, the website cannot claim ignorance. For example, under pressure from copyright holders or the law, the Solotu platform adjusted its rules from ignoring to managing content, indicating that platforms need to take action against suspected infringing content.
Q：What are the developments in AI applications and organizational adjustments on YouTube?
A：YouTube announced an organizational restructuring last week, emphasizing the embrace of AI technology. As an important platform for user-generated creative content under the new rules of SolTu, it will quickly adapt to AI development in a multimodal context, and make significant progress through the excellent AI products within the Google system.
Q：How is the growth of active assets related to AI management in the company?
A：In the third quarter data, the company's managed AI active assets increased from 4.29 million on June 30 to 4.69 million on September 30, with a quarter-on-quarter growth rate of 9.2%. Among them, the proportion of assets related to AI-generated content has significantly increased, from 3% to 9.1%, totaling nearly 430,000, with a growth rate far exceeding the overall active asset growth rate.
Q：How is the progress in AI music generation?
A：AI music generation has achieved preliminary results, with the quality and completeness of AI-generated music improving as the cost of computing power decreases and technology matures, so much so that commercial returns are possible. The company has initially applied its AI capabilities in the field of music and has enhanced its accuracy in recognizing AI audio content through the acquisition of Tax, a global leader in music recognition technology.
Q：How can companies use AI technology to solve music copyright and recognition issues?
A：The company has developed a model for music recognition business by combining Tax's technology and six months of research and development results. This model can analyze audio files uploaded or received through API interfaces and can judge whether a song is generated by AI by training a large amount of AI-generated songs and real songs. This detector can maintain high reliability detection even if the audio is compressed, speeded up, or pitch-adjusted.
Q：What is the current application status and development trend of AI music judgment ability in the field of music?
A：Currently, we have established partnerships with top music distributors to distribute music content through API calls. As multimodal technology continues to scale and commercialize music content, we will evolve corresponding business models based on AI music judgment capabilities to enhance efficiency in copyright management and content authentication.
Q：How does the music registration service on the Max platform work?
A：The Max platform has already opened music registration services, using multimodal AI technology to compare and determine the similarity of video and audio content. For creators who wish to participate in monetization services, we will provide rights confirmation services through signing agreements and will upload relevant information to the Ethereum blockchain, completing the process from rights confirmation to evidence storage.
Q：How is the progress of the Max platform in the Chinese market at present, especially in terms of cooperation with the Hongguo short film? What achievements have been made?
A：As the exclusive copyright technical service provider for Hongguo short films, we handle a large amount of content from its newly released micro-dramas every day. After three months of debugging, we have reduced the search cost of micro-dramas and far outperformed other suppliers in industry evaluations, achieving an effect of returning tens of times more infringement cases. Currently, thousands of new contents are launched every month, with an average of over 6 million violations processed daily, and 95% of which can be taken down.
Q：What progress has the company made in its international expansion?
A：In October, the company signed a contract with the Hong Kong Special Administrative Region Government to become one of the key enterprises, and received strong support from government departments in the fields of digital culture, entertainment, and digital assets. In Florida, USA, the company is working with the University of Florida to promote the research and implementation of the maker platform, which has been designated as the tool for students to learn and create AI. At the same time, at the 4th Global Digital Trade Expo, the company actively laid out and promoted the development of digital service trade in the Hangzhou, Zhejiang region.
Q：How to define the substantial impact of AI on content storytelling in content creation?
A：We selected cases where AI tools are deeply involved in content creation, for example, not only transitioning scenes, but also engaging in creative activities such as riding a bicycle. For AI content creation with this high level of involvement, the proportion is approximately 9.1%. However, if AI only performs simple transitions between scenes, we use algorithmic logic to determine its directional impact on the content. The proportion of this part is even higher.
Q：Has the addition of AI in content creation significantly increased the output of active assets?
A：Yes, the application of AI technology has transformed the original manual workshop mode into automated production, resulting in a rapid increase in daily content creation from 100,000 items to 150,000 or even 200,000 items. Although the source of income does not distinguish between content generated by hand or AI, overall benefits have been derived from the increase in output brought about by AI technology, especially in the US market where there has been a significant increase in the production of short video content, leading to a growth of over thirty percent.
Q：Does the collaboration with Immortal represent a new business venture for the company Dream Maker and the Max platform?
A：Yes, the collaboration with Immortal actually involves two innovative business advancements. Firstly, through the capabilities of Dream Maker and Max products, especially with the introduction of co-founders with influential experience in Hollywood, targeting primarily the North American market, serving professional content producers, improving copyright management, registration efficiency, and expanding the scope and depth of content dissemination. Secondly, Fu Bo and Immortal jointly promote the company's financing of nearly 1 billion US dollars, aiming to utilize funding channels that are more suitable for new forms of content production, address ongoing financing needs, and activate the production capacity of content creators.
Q：Can the AI audio business generate a substantial income volume this year, and have AI infringing audio content been included in the active assets?
A：Whether the AI audio business can generate a significant revenue volume this year, and whether AI infringing audio content is included in active assets, requires further understanding of the specific business data and financial processing methods of the company before an accurate answer can be given. This portion of the content was not explicitly mentioned in the dialogue provided.
Q：Now that Fu Bo's Verbal has been launched in music registration capability, will it be specifically targeted towards AI music content?
A：We will not individually assign a label to AI music content, and Verbal's music registration capabilities are open to all types of music content. However, the scale and distribution form of AI participation in music creation have changed significantly. Currently, we are still in the process of product development and testing, so specific numbers cannot be disclosed.
Q：How does Pax's income growth compare to last year's as of September 30th of this year?
A：After Pax completes the acquisition integration, the revenue growth rate is more than doubled, mainly driven by fee-based API calls in protection mode. With the expansion of scale, there will be substantial room for growth.
Q：Has the high-interest debt owed to HSBC Bank been mostly repaid? How much balance is remaining and what impact does it have on finances?
A：In 2022, we did indeed generate high-yield USD bonds from HSBC Bank, and they have now been fully repaid. After repayment, the positive cash flow impact will be reflected in Q4, particularly contributing to a significant reduction in annual interest expenses for 2026. Starting from 2026, the financial burden will be lightened, and profits will also be positively affected.
Q：With the increasing attention to IP infringement, have the upstream copyright holders significantly increased the authorized quantity of IP to Fu Bo?
A：In the copyright protection business, we have observed that more and more IP rights holders, including well-known Japanese anime copyright holders, are strengthening their focus on copyright protection and increasing investment to address infringement issues. The communication frequency between the internal customer manager role and the copyright holders has significantly increased, not only limited to the authorization of TV series, but also involving the monitoring and protection of image rights. At the same time, the company is upgrading its identification capabilities beyond fingerprint technology and watermark technology, such as facial recognition.
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