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Chinese mobile advertising technology company operating the Mintegral platform for mobile app user-acquisition and ad monetization.
Chinese mobile advertising technology company operating the Mintegral platform for mobile app user-acquisition and ad monetization.
Operates as an intermediary: advertisers pay for app installs and ad views, apps with ad space are paid by the platform, and Mobvista keeps the difference. Chinese game and app makers promoting products overseas are an important client group, and Apple's 2021 privacy changes limited the tracking that targeting depends on.
In one line: China's AppLovin/Unity Ads for mobile app advertising.
Moat: narrow (network effects, data, scale). A global programmatic ad-exchange network connecting app developers and advertisers, with scale-driven data advantages.
Headquarters: Beijing/Xiamen, China · Founded: 2013 · Employees: 690
Size Mobvista Incorporation (1860.HK) is a Hong Kong Information Technology company (Packaged Software) with a market value of $2.05B, the 410th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$10.02 on 6 Nov 2026.
Performance Over six months the shares fell 43.0%, against +5.8% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 25.6% over the last twelve months (peer median +12.0%); the operating margin is 4.0% (peer median -0.5%).
Valuation It trades at 19.6× forward earnings against a peer median of 31.1× (4th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +32%, so the hurdle is -33 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 26.5 points above its cost of capital (6.6% WACC).
Next results Next results expected around 23 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$17.7B | HK$16.0B | HK$11.8B | HK$8.25B | HK$7.00B |
| Revenue growth | — | +36% | +43% | +18% | — |
| Gross profit | HK$3.76B | HK$3.38B | HK$2.47B | HK$1.70B | HK$1.39B |
| EBITDA | HK$1.27B | HK$1.32B | HK$879M | HK$715M | HK$131M |
| Net income | HK$591M | HK$480M | HK$123M | HK$171M | HK$117M |
| Free cash flow | n/a | HK$1.67B | HK$2.21B | HK$812M | HK$759M |
| Capital expenditure | n/a | HK$424M | HK$510M | HK$610M | HK$629M |
| Total debt | HK$177M | HK$185M | HK$994M | HK$997M | HK$683M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Mobvista Incorporation 1860.HK | $2.05B | -43% | +26% | 4% | 19.6× | -1.1% |
| AppLovin APP | $131B | -16% | +29% | 78% | 20.0× | 28.2% |
| Unity Software U | $22.7B | +83% | +14% | -14% | 49.4× | 33.5% |
| Digital Turbine APPS | $1.26B | +200% | +19% | 10% | 14.7× | 33.1% |
| PubMatic PUBM | $811M | +82% | -1% | -5% | 360.6× | 7.8% |
| Magnite MGNI | $3.93B | +94% | +8% | 16% | 20.9× | 31.9% |
| Criteo CRTO | $756M | -6% | -7% | 8% | 4.1× | -19.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 1860.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -20.2% | +8.4% | 2nd lowest of 21 |
| 6-month return | -43.0% | +5.8% | 2nd lowest of 21 |
| Distance from 52-week high | -51.5% | -31.3% | 2nd lowest of 21 |
| Revenue growth (TTM) | +25.6% | +12.0% | 6th highest of 21 |
| Operating margin | 4.0% | -0.5% | 9th highest of 21 |
| Forward P/E | 19.6× | 31.1× | 4th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -1.1% | 17.9% | 4th least demanding of 16 |
| Growth delivered (Del g) | +31.9% | +10.8% | highest of 15 |
| Hurdle (Req g minus delivered) | -32.9 pp | +8.0 pp | least demanding of 15 |
| ROIC minus cost of capital | +26.5 pp | -11.9 pp | 3rd highest of 18 |
| EV / EBITDA | 11.3× | 8.8× | 4th most expensive of 8 |
| Net debt / EBITDA | -1.4× | -0.8× | 3rd least indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Mobvista Incorporation 1860.HK | Hong Kong | $2.05B | -43% | +26% | 4% | 19.6× | -1.1% | +31.9% |
| Zhejiang Digital Culture Technology 600633.SS | China | $2.06B | -15% | +14% | 10% | 20.8× | 15.4% | -2.8% |
| UCloud Technology 688158.SS | China | $2.08B | -34% | +26% | 2% | 499.0× | n/a | n/a |
| Embracer EMBRAC-B.ST | Sweden | $2.08B | +37% | -31% | -43% | 16.4× | -9.8% | +12.0% |
| Amplitude AMPL | United States | $2.09B | +161% | +18% | -27% | 109.2× | 36.9% | +27.4% |
| Zhejiang Jinke Tom Culture Industry 300459.SZ | China | $2.01B | -9% | -10% | -108% | n/a | 43.2% | -12.5% |
| Justsystems 4686.T | Japan | $2.01B | +33% | +10% | 44% | n/a | -6.3% | +4.6% |
| Tianyu Digital Technology 002354.SZ | China | $2.00B | +31% | +8% | -2% | 135.3× | 25.9% | +15.8% |
| Five9 FIVN | United States | $2.10B | +27% | +9% | 6% | 8.1× | 17.9% | +21.4% |
| Pitney Bowes PBI | United States | $2.11B | -1% | -4% | 25% | 9.6× | -5.4% | -11.8% |
| DoubleVerify DV | United States | $2.12B | +23% | +7% | 14% | 21.3× | 9.7% | +25.1% |
| Pine Labs PINELABS.NS | India | $1.98B | -19% | +50% | 7% | 79.2× | n/a | n/a |
| iReader Technology 603533.SS | China | $1.98B | +20% | +14% | -2% | 91.2× | 37.2% | +9.5% |
| Aisino 600271.SS | China | $1.96B | -16% | -12% | -24% | 26.2× | n/a | n/a |
| Ourpalm 300315.SZ | China | $1.96B | -3% | -5% | -65% | 125.6× | 55.8% | -17.0% |
| Karooooo KARO | United States | $1.95B | +25% | +32% | 25% | 24.1× | 10.4% | +17.7% |
| Planisware Societe anonyme PLNW.PA | France | $1.94B | +46% | +8% | 31% | 28.2× | 12.3% | +16.8% |
| Ethos Technologies LIFE | United States | $2.18B | +13% | +112% | -16% | 33.9× | 24.1% | n/a |
| SeeWay.ai 002405.SZ | China | $2.18B | -32% | +22% | -29% | n/a | n/a | n/a |
| Pony AI 2026.HK | Hong Kong | $1.93B | -56% | +67% | -214% | n/a | n/a | n/a |
| China TransInfo Technology 002373.SZ | China | $1.89B | -11% | +16% | 1% | 39.7× | 22.0% | -2.7% |