Mobvista, Inc. (1860) AI Stock Analysis

• Market Cap: HK$28.29B
• Dividend Yield: N/A
• Average Volume (3M): 22.97M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.91
• Revenue Growth: 43.92%
• EPS Growth: -196.81%
• Country: HK
• Employees: 711
• Sector: Communication Services
• Sector Strength: 97
• Industry: Advertising Agencies
• EPS (TTM): 0.12
• Shares Outstanding: 1,574,154,200
• 10 Day Avg. Volume: 18,799,904
• 30 Day Avg. Volume: 22,970,511
• PEG Ratio: -3.87
• Price to Book (P/B): 7.62
• Price to Sales (P/S): 1.09
• P/FCF Ratio: 7.48
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: HK$24.63
• Price Target Upside: 56.88% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 65 Neutral
• Price Target: HK$20.50 ▲(30.57% Upside)

The score is driven primarily by mixed fundamentals: rapid revenue growth and stable operating efficiency are offset by weaker profitability, declining equity, and zero operating cash flow in 2024. Technicals are constructive with a strong uptrend, but near-overbought signals add risk. Valuation is a meaningful drag due to the negative P/E and lack of dividend yield data.

Positive Factors

Strong revenue growth

A 43% y/y revenue increase indicates durable demand for Mobvista's ad tech and analytics offerings. Sustained top-line growth supports scale advantages, reinvestment in product development and sales, and the ability to absorb marketing spend while expanding customer relationships over the medium term.

Stable operating margins

Stable EBIT/EBITDA margins and a slight gross margin improvement point to consistent operational efficiency and cost control in core ad-serving and analytics operations. This supports sustainable profitability potential even as the company scales and faces cyclical ad market pressures.

Manageable leverage

A moderate debt-to-equity profile and a healthy equity ratio provide financial flexibility for strategic investments or M&A without immediate solvency strain. This balance reduces refinancing risk and supports capitalization for product roadmap execution over the next several quarters.

Negative Factors

Weak operating cash generation

Zero operating cash flow is a structural concern: if core operations do not convert earnings into cash consistently, the company may need external financing for working capital, capex, or growth initiatives. This undermines resilience to industry downturns and limits reinvestment capacity.

Declining net profit margin

A falling net margin driven by rising operating costs erodes the financial payoff from revenue growth. Persistently higher expenses can compress returns, reduce free cash flow potential, and force difficult trade-offs between marketing, R&D and profitability over the medium term.

Eroding shareholder equity and ROE

A shrinking equity base and lower ROE signal weakening returns to shareholders and reduced cushion against losses. Over time this can constrain strategic flexibility, limit dividend or buyback capacity, and raise funding costs if equity rebuilding becomes necessary.

Mobvista, Inc. Business Overview & Revenue Model

Company Description

Mobvista Inc. operates as a technology service company worldwide. It offers marketing technology tools, including advertising technology platforms, which include Mintegral and Nativex serving advertising transactions; data analytics tools, such as GameAnalytics; and cloud computing tools, including SaaS tools (SpotMax) that helps customers to optimize cloud computing resource cost, as well as Reyun Data, a platform that focuses on the monitoring of mobile advertising delivery and data analysis. The company was founded in 2013 and is headquartered in Guangzhou, the People's Republic of China. Mobvista Inc. is a subsidiary of Seamless Technology Limited.

How the Company Makes Money

Mobvista generates revenue primarily through its mobile advertising services, where it earns money by facilitating ad placements for its clients on various mobile platforms. Key revenue streams include cost-per-install (CPI) and cost-per-click (CPC) models, where clients pay for user acquisitions and interactions with their ads. Additionally, Mobvista monetizes through its data analytics services, charging clients for insights and performance metrics that help optimize their marketing campaigns. Significant partnerships with mobile platforms and app developers enhance its offerings and expand its market reach, contributing to its overall earnings.

Mobvista, Inc. Financial Statement Overview

Summary

Mobvista, Inc. exhibits robust revenue growth and operational efficiency, yet faces challenges in profitability and cash flow consistency. The balance sheet is stable with manageable leverage, but declining equity suggests potential financial constraints.

Income Statement

Mobvista, Inc. has shown strong revenue growth with a 43% increase from 2023 to 2024. Gross profit margin slightly improved, indicating better cost management. However, net profit margin declined due to higher operational expenses, impacting profitability. EBIT and EBITDA margins are stable, reflecting consistent operational efficiency.

Balance Sheet

The debt-to-equity ratio is moderate, indicating manageable leverage levels. However, the decline in stockholders' equity reflects potential challenges in maintaining financial flexibility. Return on equity has decreased, affecting shareholder returns. The equity ratio suggests a healthy balance between debt and equity.

Cash Flow

Cash flow metrics reveal instability, with zero operating cash flow in 2024, impacting liquidity. Free cash flow has fluctuated, indicating inconsistent cash generation. The operating cash flow to net income ratio is unavailable, posing challenges in assessing cash efficiency.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.92B	1.51B	1.05B	894.40M	755.41M	516.15M
Gross Profit	409.44M	316.35M	217.29M	177.03M	121.92M	82.14M
EBITDA	113.40M	62.95M	104.51M	-30.01M	2.71M	7.36M
Net Income	-25.67M	15.74M	21.80M	14.99M	-24.96M	-5.21M
Balance Sheet
Total Assets	886.00M	814.66M	691.55M	602.07M	746.97M	497.61M
Cash, Cash Equivalents and Short-Term Investments	210.79M	188.54M	185.37M	137.28M	172.52M	93.58M
Total Debt	87.27M	128.02M	127.66M	87.46M	93.62M	68.01M
Total Liabilities	656.12M	592.34M	432.44M	354.04M	387.61M	229.80M
Stockholders Equity	222.80M	215.25M	250.09M	235.40M	336.80M	267.80M
Cash Flow
Free Cash Flow	0.00	219.29M	30.08M	17.58M	-12.84M	-20.11M
Operating Cash Flow	0.00	284.59M	108.00M	97.89M	42.48M	15.56M
Investing Cash Flow	0.00	-81.17M	-75.47M	-99.71M	18.18M	-29.62M
Financing Cash Flow	0.00	-185.53M	5.29M	-54.23M	61.14M	-14.30M

Mobvista, Inc. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 15.70
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1860, the sentiment is Positive. The current price of 15.7 is below the 20-day moving average (MA) of 16.33, below the 50-day MA of 16.33, and above the 200-day MA of 12.10, indicating a bullish trend. The MACD of 0.80 indicates Negative momentum. The RSI at 60.00 is Neutral, neither overbought nor oversold. The STOCH value of 70.94 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:1860.

Mobvista, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
1948	67 Neutral	HK$3.15B	24.64	8.02%	0.94%	40.20%	26.39%
1860	65 Neutral	HK$28.29B	-139.25	-11.77%	―	43.92%	-196.81%
1762	61 Neutral	HK$1.55B	606.67	0.45%	―	35.73%	-88.89%
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
6113	58 Neutral	HK$760.00M	39.26	23.44%	1.90%	3.04%	-22.93%
2422	56 Neutral	HK$1.29B	-19.33	-16.52%	―	10.61%	-1448.48%
1640	40 Underperform	HK$1.93B	-22.80	-33.53%	―	309.32%	-205.04%

Mobvista, Inc. Corporate Events

Mobvista’s US$30 Million Convertible Bonds Fully Converted Into Equity

Mobvista Inc. has announced that PAGAC III Munich Holding (Cayman) Limited has exercised its conversion rights in full over Mobvista’s outstanding US$30 million convertible bonds, together with approximately US$3.9 million in unpaid interest. At a conversion price of HK$5.54 per share, the company will issue and allot 47,460,016 new shares to the bondholder, ranking equally with existing shares, once the required internal and regulatory procedures are completed. The move converts debt into equity, reducing Mobvista’s financial liabilities while increasing its share capital and potentially altering its shareholder structure, with implications for existing shareholders’ dilution and the company’s capital structure flexibility.

The most recent analyst rating on (HK:1860) stock is a Hold with a HK$17.00 price target. To see the full list of analyst forecasts on Mobvista, Inc. stock, see the HK:1860 Stock Forecast page.

Mobvista Reports Strong Q3 2025 Financial Results Driven by Mintegral’s Growth

Mobvista Inc. announced robust financial performance for the third quarter of 2025, with a 27.6% year-over-year revenue increase, driven primarily by its programmatic advertising platform, Mintegral. The platform’s smart bidding products, which account for over 80% of Mintegral’s revenue, have significantly contributed to this growth by enhancing advertising effectiveness and gaining advertiser trust. The company also reported a 126% increase in adjusted net profit, reflecting improved profitability in its core business operations.

The most recent analyst rating on (HK:1860) stock is a Hold with a HK$20.50 price target. To see the full list of analyst forecasts on Mobvista, Inc. stock, see the HK:1860 Stock Forecast page.

Mobvista Inc. Schedules Board Meeting for Quarterly Results

Mobvista Inc. has announced that its Board of Directors will hold a meeting on November 21, 2025, to consider and approve the company’s third quarterly results for the period ending September 30, 2025. This announcement indicates the company’s ongoing commitment to transparency and regular financial reporting, which is crucial for maintaining investor confidence and market positioning.

The most recent analyst rating on (HK:1860) stock is a Hold with a HK$20.50 price target. To see the full list of analyst forecasts on Mobvista, Inc. stock, see the HK:1860 Stock Forecast page.