{ "schema_version": "seed.company-research-rolling-update.v1", "company": { "name_zh": "阜博集团", "name_en": "Vobile Group Limited", "ticker": "03738.HK" }, "as_of": "2026-08-26T10:25:00+08:00", "market_data_cutoff": "2026-08-25", "stale_after": "2026-08-28T23:59:59+08:00", "stale_trigger": "2026H1 results announcement or any new convertible-bond funding announcement, whichever occurs first", "next_expected_event": { "event": "2026H1 results publication and dividend decision", "date": "2026-08-28", "status": "confirmed_future", "source_ids": [ "ROLL_FUBO_BOARD_20260813" ] }, "base_artifact_audit": { "base_as_of": "2026-07-27T18:45:00+08:00", "base_market_data_cutoff": "2026-07-27", "legacy_report_market_anchor": "2026-08-07", "lifecycle_fields_missing_from_base_json": [ "stale_after", "next_expected_event", "change_log" ], "handling": "The base combined artifact remains a frozen pre-results snapshot. This rolling layer supersedes its current reading layer without inventing H1 actuals." }, "timeline_range": { "start": "2026-08-26", "end": "2027-04-30", "policy": "minimum 12-week active window plus the convertible-bond hard gate and FY2026 reporting windows", "horizon_start": "2026-08-26", "minimum_12_week_end": "2026-11-18", "extended_through": "2027-04-30", "timezone_default": "Asia/Shanghai", "method": "Company-direct results, debt, filing and monthly-return checks cover at least 12 weeks; the axis then continues to the next preliminary annual-results and annual-report regulatory windows. Exact dates are used only when confirmed by a primary source." }, "result_availability": { "formal_2026_h1_results": "not_published_at_cutoff", "hkex_title_search_checked_at": "2026-08-26T10:25:00+08:00", "do_not_infer": [ "absolute H1 revenue", "gross margin", "IFRS or adjusted profit", "operating cash flow", "receivables and contract assets", "capitalised development costs", "basic or diluted EPS", "interim dividend" ] }, "frozen_pre_event_baseline": { "published_at": "2026-05-19", "source_id": "F03", "assurance": "preliminary_unaudited_operating_update", "metrics": { "q1_revenue_yoy_approx_percent": 21, "q1_mrr_yoy_approx_percent": 29, "active_assets_approx_million": 5.24, "ai_asset_share_percent": 16.6 }, "reported_claim_boundary": "Active assets and AI-asset share are company-defined KPI presentation claims, not audited financial-statement line items.", "actual_validation_status": "pending_formal_results" }, "share_supply_and_debt": { "as_of": "2026-07-31", "issued_shares_excluding_treasury": 2592865836, "treasury_shares": 1445000, "options_outstanding": 165325000, "convertible_bond_principal_hkd_million": 1458, "conversion_price_hkd": 5.87, "potential_conversion_shares": 248381602, "monthly_change": "none", "funding_resolution_status": "unresolved", "maturity_date": "2026-09-27", "source_ids": [ "ROLL_FUBO_JULY_RETURN_20260806" ] }, "market_state": { "price_date": "2026-08-25", "close_hkd": 2.48, "open_hkd": 2.375, "high_hkd": 2.48, "low_hkd": 2.34, "volume_shares": 15496000, "change_vs_2026_08_07_close_percent": -3.12, "change_vs_2026_07_27_close_percent": 3.77, "source_tier": "B-", "interpretation_boundary": "Price is market-state evidence, not proof of debt-service capacity, business quality or intrinsic value." }, "event_status_changes": [ { "event": "Vobile 2026H1 results", "prior_status": "expected_tba", "current_status": "confirmed_future", "outcome": "Board meeting is scheduled for August 28; H1 actuals remain unpublished.", "source_ids": [ "ROLL_FUBO_BOARD_20260813", "ROLL_HKEX_INDEX_20260826" ] }, { "event": "July 2026 share and convertible-bond supply check", "prior_status": "expected", "current_status": "completed_no_change", "outcome": "Issued shares, treasury shares, options, convertible-bond principal and conversion price were unchanged during July.", "source_ids": [ "ROLL_FUBO_JULY_RETURN_20260806" ] }, { "event": "2026 convertible-bond maturity", "prior_status": "confirmed_future", "current_status": "confirmed_future_hard_gate", "outcome": "HK$1,458m principal remains outstanding at a HK$5.87 conversion price; funding, refinancing, conversion or extension outcome is unresolved.", "source_ids": [ "F04", "ROLL_FUBO_JULY_RETURN_20260806" ] } ], "forward_timeline": [ { "event_id": "VOBILE_H1_2026", "event_type": "earnings_release", "event": "Vobile 2026H1 formal results and dividend decision", "scheduled_at_original": "2026-08-28 date only", "scheduled_at_current": "2026-08-28 date only", "event_timezone": "Asia/Hong_Kong", "beijing_time": "2026-08-28 date only", "date_status": "confirmed", "status": "confirmed_future", "directness": "company_direct", "importance": "high", "source_ids": [ "ROLL_FUBO_BOARD_20260813" ], "source_gap": "Release clock time and actual filing remained unavailable at the cutoff.", "baseline_snapshot_at": "2026-05-19", "pre_event_questions": [ "What are absolute revenue, MRR, gross margin, the IFRS-adjusted bridge, CFO, receivables, capitalised development, net debt, diluted EPS and dividend?", "Does H1 reconcile to the frozen Q1 growth baseline?" ], "actual": {}, "post_event_review": { "status": "pending", "market_windows": [ "T+1", "T+5", "T+20" ] }, "next_check": "On filing: capture announcement time, append actuals and preserve the frozen baseline.", "last_checked_at": "2026-08-26T10:25:00+08:00", "key_metrics": [ "What are absolute revenue, MRR, gross margin, the IFRS-adjusted bridge, CFO, receivables, capitalised development, net debt, diluted EPS and dividend?", "Does H1 reconcile to the frozen Q1 growth baseline?" ], "actual_results": null, "next_check_at": "On filing: capture announcement time, append actuals and preserve the frozen baseline." }, { "event_id": "VOBILE_AUG_MONTHLY_RETURN", "event_type": "filing_due", "event": "Vobile August monthly return", "scheduled_at_original": "After 2026-08-31 month-end", "scheduled_at_current": "By the fifth Hong Kong business day after 2026-08-31", "event_timezone": "Asia/Hong_Kong", "beijing_time": "Date-only statutory window in Asia/Shanghai", "date_status": "tba", "status": "TBA", "directness": "company_direct", "importance": "high", "source_ids": [ "ROLL_FUBO_JULY_RETURN_20260806", "ROLL_HKEX_MONTHLY_RETURN_RULE_1325B" ], "source_gap": "The rule provides an outer deadline but the issuer has not announced an exact filing date.", "pre_event_questions": [ "Did issued shares, treasury shares, options, CB principal, conversion price or public-float disclosures change before maturity?" ], "actual": {}, "post_event_review": { "status": "pending" }, "next_check": "Check HKEX title search each Hong Kong business day until filed.", "last_checked_at": "2026-08-26T10:25:00+08:00", "key_metrics": [ "Did issued shares, treasury shares, options, CB principal, conversion price or public-float disclosures change before maturity?" ], "actual_results": null, "next_check_at": "Check HKEX title search each Hong Kong business day until filed." }, { "event_id": "VOBILE_CB_MATURITY", "event_type": "other", "event": "Vobile 2026 convertible-bond maturity", "scheduled_at_original": "2026-09-27 date only", "scheduled_at_current": "2026-09-27 date only", "event_timezone": "Asia/Hong_Kong", "beijing_time": "2026-09-27 date only", "date_status": "confirmed", "status": "confirmed_future_hard_gate", "directness": "company_direct", "importance": "high", "source_ids": [ "F04", "ROLL_FUBO_JULY_RETURN_20260806" ], "source_gap": "Funding source, refinancing terms, covenants and actual redemption, conversion or extension outcome were undisclosed at the cutoff.", "baseline_snapshot_at": "2026-07-31", "pre_event_questions": [ "Was principal repaid, refinanced, converted, extended or otherwise settled?", "What cash cost, covenant and fully diluted per-share effect resulted?" ], "actual": {}, "post_event_review": { "status": "pending" }, "next_check": "On any funding announcement and again on 2026-09-28.", "last_checked_at": "2026-08-26T10:25:00+08:00", "key_metrics": [ "Was principal repaid, refinanced, converted, extended or otherwise settled?", "What cash cost, covenant and fully diluted per-share effect resulted?" ], "actual_results": null, "next_check_at": "On any funding announcement and again on 2026-09-28." }, { "event_id": "VOBILE_INTERIM_REPORT_2026", "event_type": "filing_due", "event": "Vobile 2026 interim report", "scheduled_at_original": "H1 period ended 2026-06-30", "scheduled_at_current": "By 2026-09-30 regulatory outer deadline", "event_timezone": "Asia/Hong_Kong", "beijing_time": "By 2026-09-30 date only", "date_status": "tba", "status": "TBA", "directness": "company_direct", "importance": "high", "source_ids": [ "ROLL_FUBO_BOARD_20260813", "ROLL_HKEX_PERIODIC_REPORTING_RULES" ], "source_gap": "No company-confirmed publication date is available; 2026-09-30 is an HKEX outer deadline.", "pre_event_questions": [ "Do full notes change receivables, contract assets, development-cost capitalisation, debt, commitments, contingencies or diluted shares?" ], "actual": {}, "post_event_review": { "status": "pending" }, "next_check": "On publication or 2026-09-30 at the latest.", "last_checked_at": "2026-08-26T10:25:00+08:00", "key_metrics": [ "Do full notes change receivables, contract assets, development-cost capitalisation, debt, commitments, contingencies or diluted shares?" ], "actual_results": null, "next_check_at": "On publication or 2026-09-30 at the latest." }, { "event_id": "VOBILE_SEP_MONTHLY_RETURN", "event_type": "filing_due", "event": "Vobile September monthly return", "scheduled_at_original": "After 2026-09-30 month-end", "scheduled_at_current": "By the fifth Hong Kong business day after 2026-09-30", "event_timezone": "Asia/Hong_Kong", "beijing_time": "Date-only statutory window in Asia/Shanghai", "date_status": "tba", "status": "TBA", "directness": "company_direct", "importance": "high", "source_ids": [ "ROLL_HKEX_MONTHLY_RETURN_RULE_1325B" ], "source_gap": "Exact filing date and Hong Kong holiday-adjusted deadline are not pre-announced.", "pre_event_questions": [ "Does the post-maturity return show CB cancellation, conversion or continued outstanding principal, and did shares or options change?" ], "actual": {}, "post_event_review": { "status": "pending" }, "next_check": "Check HKEX title search after 2026-09-30 until filed.", "last_checked_at": "2026-08-26T10:25:00+08:00", "key_metrics": [ "Does the post-maturity return show CB cancellation, conversion or continued outstanding principal, and did shares or options change?" ], "actual_results": null, "next_check_at": "Check HKEX title search after 2026-09-30 until filed." }, { "event_id": "VOBILE_OCT_MONTHLY_RETURN", "event_type": "filing_due", "event": "Vobile October monthly return", "scheduled_at_original": "After 2026-10-31 month-end", "scheduled_at_current": "By the fifth Hong Kong business day after 2026-10-31", "event_timezone": "Asia/Hong_Kong", "beijing_time": "Date-only statutory window in Asia/Shanghai", "date_status": "tba", "status": "TBA", "directness": "company_direct", "importance": "medium", "source_ids": [ "ROLL_HKEX_MONTHLY_RETURN_RULE_1325B" ], "source_gap": "Exact filing date and Hong Kong holiday-adjusted deadline are not pre-announced.", "pre_event_questions": [ "Has any delayed CB settlement, share issue, treasury-share use, option movement or replacement financing changed the capital bridge?" ], "actual": {}, "post_event_review": { "status": "pending" }, "next_check": "Check HKEX title search after 2026-10-31 until filed.", "last_checked_at": "2026-08-26T10:25:00+08:00", "key_metrics": [ "Has any delayed CB settlement, share issue, treasury-share use, option movement or replacement financing changed the capital bridge?" ], "actual_results": null, "next_check_at": "Check HKEX title search after 2026-10-31 until filed." }, { "event_id": "VOBILE_Q3_2026", "event_type": "business_update", "event": "Possible Vobile 2026 Q3 voluntary operating update", "scheduled_at_original": "TBA", "scheduled_at_current": "TBA", "event_timezone": "Asia/Hong_Kong", "beijing_time": "TBA date only", "date_status": "tba", "status": "TBA", "directness": "company_direct_unconfirmed", "importance": "medium", "source_ids": [ "ROLL_HKEX_INDEX_20260826" ], "source_gap": "The company had not committed to either occurrence or timing at the cutoff; no single-day estimate is used.", "pre_event_questions": [ "If published, do revenue, MRR, active assets, AI-asset share and cash-quality indicators remain consistent with H1?" ], "actual": {}, "post_event_review": { "status": "pending" }, "next_check": "Recheck HKEX filings through the minimum horizon ending 2026-11-18.", "last_checked_at": "2026-08-26T10:25:00+08:00", "key_metrics": [ "If published, do revenue, MRR, active assets, AI-asset share and cash-quality indicators remain consistent with H1?" ], "actual_results": null, "next_check_at": "Recheck HKEX filings through the minimum horizon ending 2026-11-18." }, { "event_id": "VOBILE_FY2026_RESULTS", "event_type": "filing_due", "event": "Vobile FY2026 preliminary annual results", "scheduled_at_original": "FY2026 period ends 2026-12-31", "scheduled_at_current": "By 2027-03-31 regulatory outer deadline", "event_timezone": "Asia/Hong_Kong", "beijing_time": "By 2027-03-31 date only", "date_status": "tba", "status": "TBA", "directness": "company_direct", "importance": "high", "source_ids": [ "ROLL_HKEX_PERIODIC_REPORTING_RULES" ], "source_gap": "No company-confirmed board or release date; this is only the HKEX three-month outer deadline.", "pre_event_questions": [ "Did revenue and MRR growth convert to gross profit, CFO and owner earnings?", "What is the post-CB net debt and fully diluted share count?" ], "actual": {}, "post_event_review": { "status": "pending" }, "next_check": "When a board-meeting notice appears; otherwise by 2027-03-31.", "last_checked_at": "2026-08-26T10:25:00+08:00", "key_metrics": [ "Did revenue and MRR growth convert to gross profit, CFO and owner earnings?", "What is the post-CB net debt and fully diluted share count?" ], "actual_results": null, "next_check_at": "When a board-meeting notice appears; otherwise by 2027-03-31." }, { "event_id": "VOBILE_FY2026_ANNUAL_REPORT", "event_type": "filing_due", "event": "Vobile FY2026 annual report", "scheduled_at_original": "FY2026 period ends 2026-12-31", "scheduled_at_current": "By 2027-04-30 regulatory outer deadline", "event_timezone": "Asia/Hong_Kong", "beijing_time": "By 2027-04-30 date only", "date_status": "tba", "status": "TBA", "directness": "company_direct", "importance": "high", "source_ids": [ "ROLL_HKEX_PERIODIC_REPORTING_RULES" ], "source_gap": "No company-confirmed publication date; this is only the HKEX four-month outer deadline.", "pre_event_questions": [ "Do audited notes alter receivable quality, development-cost capitalisation, owner earnings, debt covenants, commitments or diluted shares?" ], "actual": {}, "post_event_review": { "status": "pending" }, "next_check": "On publication or 2027-04-30 at the latest.", "last_checked_at": "2026-08-26T10:25:00+08:00", "key_metrics": [ "Do audited notes alter receivable quality, development-cost capitalisation, owner earnings, debt covenants, commitments or diluted shares?" ], "actual_results": null, "next_check_at": "On publication or 2027-04-30 at the latest." } ], "source_gaps": [ "Formal 2026H1 results and interim-report notes were not published at the cutoff.", "No disclosed absolute Q1 revenue, gross margin, profit, operating cash flow or EPS was available in the Q1 update.", "The September 27 convertible-bond funding source, refinancing cost, covenant package and per-share outcome remain undisclosed.", "Maintenance versus growth development spending and customer/asset cohort economics remain unavailable.", "A 2026 Q3 voluntary operating update was not committed or dated by the company at the cutoff; it remains TBA rather than an estimated single day." ], "change_log": [ { "at": "2026-08-26T10:25:00+08:00", "change": "Audited lifecycle fields, froze the Q1 pre-event baseline, confirmed the August 28 results date, recorded the July share and convertible-bond state, refreshed market state through August 25, and extended the debt/reporting timeline.", "authoring_boundary": "No H1 financial actuals or buy/sell recommendation were added." }, { "at": "2026-08-26T10:25:00+08:00", "change": "Expanded the forward axis through the 2026-11-18 minimum horizon and onward to the FY2026 annual-report outer window on 2027-04-30; added original timezone, Beijing display, date status, source gaps, pre-event questions, actual placeholders and next checks.", "authoring_boundary": "The Q3 voluntary update remains TBA, while monthly-return and periodic-report dates are regulatory windows rather than company promises." } ] }