The Zhitong Finance App learned that in early trading on October 14, when the stock price of Duibar (01753) was at its peak, the volume surged 48%. This is not a simple disclosure of results, but a confirmation of an inflection point in profits.
The current surge stemmed from a voluntary announcement from the morning company: Daiba's AI skit business recorded net profit for three consecutive months in July, August, and September. The number of new broadcasts on the entire network exceeded 45.8 billion in the third quarter, more than nine times the total of 5 billion in the first half of the year.
Let's take a look at two sets of hard data:
In terms of broadcast volume, 6.8 billion in July, 12.6 billion in August, and 26.4 billion in September, the month-on-month growth rate exceeded 100% for three consecutive months, totaling 45.8 billion times the total for the first half of the year; the 100 million hit series increased from July 22 to September 32, with a maximum sales rate of 5.7%, while the industry average breaking 100 million rate was only about 0.47%, which is more than 10 times the industry average.
In terms of profit, net profit was recorded for three consecutive months in July, August, and September.
In the August mid-term report, the management of Duiba said “economies of scale will gradually show”, and the judgment will be implemented in less than two months.
While the number of broadcasts increased 9 times, it was also profitable, indicating that this is not an increase in the amount of money spent, but that the cost structure optimization under the AI full-link production model is working: about 80% of the production process is generated with one click through the workflow platform, and the monthly production capacity of one person stably reaches 3 70-minute long dramas. Self-developed screenwriter agents increase efficiency by about 5 times, capacity expansion no longer depends on linear personnel growth, and marginal costs are systematically reduced.
In fact, the market's perception of redeeming bars is still limited to “a company that makes points SaaS crosses borders to do short dramas.” But what the three-quarter report revealed is a more clear position: the AI-Native content platform. Its core competency is not a hit drama, but an AI workflow platform and self-developed agent matrix covering the entire process of “screenplay-production-distribution-commercialization”.
This system changes content production from “personal talent driven” to “systematic and replicable”, and then continuously iterates through a closed loop of “production-distribution-feedback-optimization” data. The 5.7% explosion rate is not luck; it is an output of the system's ability.
More importantly, this set of capabilities is being replicated in two directions: on the overseas side, local dramas have already been distributed on TikTok and YouTube, and the self-developed overseas theater app is scheduled to be launched in the fourth quarter; on the WeChat Green Bubble side, according to Guoxin Securities management exchange minutes on October 12, the company has already launched and supported video channels, heating up and growing significantly.
If the market is still using the old framework of “loss-making SaaS companies” to price bars, the fundamentals of trading bars have changed the track.
In terms of net assets, as of the 2026 interim report, Duiba's net assets are about 1.09 yuan (about HK$1.2) per share. The current stock price corresponds to less than 0.6 times the PB — the stock price is lower than the net assets per share, which means that the market has not paid any premium for the AI skit business.
In terms of peer valuation, A-share skit concept stocks generally enjoy high valuations. Chinese online PS is about 11 times, Kunlun World Wide PS is about 10 times, and Palm Reading Technology PS is about 3 times; while based on 2026 annual revenue of 1.2 billion yuan and current market value of about HK$1 billion, PS is less than 1 times. Even according to the most conservative estimate of PS 2 times, the corresponding market value is about HK$2.4 billion, and there is still room to double the current one.
In terms of profit expectations, according to Guoxin Securities exchange records, the first half of 2026 was suppressed by investment in skit infrastructure and business development, and the group's gross profit margin was 17.1% and net profit margin -5.8%; however, based on the monthly revenue exceeding 100 million yuan in June 2026 and the latest announcement of the AI short drama business profit confirmation for the third quarter, it is expected that Duiba's revenue for the second half of 2026 will not be less than 800 million yuan, and the annual revenue will not be less than 1.2 billion yuan.
In other words, it is now using “broken net + PS less than 1 times” to buy an AI content platform that has been profitable for three consecutive months and is expected to redeem profits with single-digit PE in 2027 — the concept period has passed, the performance period has just arrived, but the valuation is still at the starting point.
In summary, the story of Daeba went from the concept of “the first share in an AI skit” to a “three-month continuous profit” report. The sharp rise in stock prices on October 14 was the market's first confirmation of an inflection point in profit. But the real revaluation is probably just beginning.
When the market switched from “conceptual hype” to “performance pricing,” an AI content platform with PB less than 0.6 times, PS less than 1 times, continuous profits, and overseas and green bubble channels were expanding and monetized in the second half of the year, the return of value was only a matter of time.