Jingshu’s Substack on Net Dragon (0777.HK)

主要经营地 中国香港

详细生意模式 Net Dragon Websoft Holdings Limited (0777.HK) was re-entered at approximately 50% discount from its Q3 2025 peak after being delisted from the Shanghai/Shenzhen-Hong Kong Connect, presenting a liquidi

护城河 🟡中：需进一步评估竞争格局与护城河来源

估值水平 EV/EBITDA 8.9x

EV/Market Cap EV $5.0B / MC $4.2B

网络观点 0777.HK (re-entered): Re-entered post-HK connect delisting at ~50% discount from Q3 '25 peak. 2B HKD net cash vs 4.7B HKD mkt cap. Gaming div projects 600M+ HKD FCF. Mgmt commits 600M HKD shareholder returns in '26 via div/buyback = <8yr payback. 11.

AI观点 基于pitch数据分析，Net Dragon（0777.HK）当前市值$4.2B，EV $5.0B。Net Dragon Websoft Holdings Limited (0777.HK) was re-entered at approximately 50% discount from its Q3 2025 peak after being delisted from the Shangha