VOBILE GROUP (03738) makes its move in Southeast Asias computing infrastructure: establishing a 50MW NVIDIA cluster, transitioning from computing power positioning to performance realization, and creating an AI film Token factory.

On September 3, VOBILE GROUP (03738, hereinafter referred to as Vobile) announced a voluntary announcement, placing it at the forefront of the global AI infrastructure competition. The announcement indicated that its subsidiary has formally signed a strategic cooperation and commercial agreement with Brunei's national telecommunications operator UNN, securing a 25 megawatt (MW) AI computing power cluster based on NVIDIA computing cores, utilizing liquid cooling and high power density technology, along with an additional option for 25 MW of capacity expansion. This is not a typical overseas data center expansion. In the context where global computing power supply remains tight and the ability to acquire high-end overseas GPUs is becoming a core competitive barrier for AI companies, Vobile's entry into Brunei's national digital infrastructure blueprint with a "sovereign-level cooperation" stance is essentially a strategic response to the proposition that computing power is like oil. More critically, this AI factory is not an isolated computing power leasing business but directly serves the content generation and copyright monetization full chain of its DreamMaker platformlocking in computing power solves the production material issue, while the closed product loop opens up monetization pathways. The debut of DreamMaker in the semi-annual financial report, achieving tens of millions of dollars in revenue, provides initial verification of the commercial viability of this token factory model. Positioning scarce resources: Sovereign-level cooperation locks in a total of 50 MW of NVIDIA core clusters to build a computing power moat. In the AI industry landscape of 2026, computing power has evolved from a mere IT infrastructure procurement to a core cost item and capacity bottleneck that determines the unit economic model of AI application enterprises. As large models evolve towards complex tasks such as Agent collaboration, the token consumption per task is rising exponentially, and the mismatch in global high-end computing power supply and demand continues to intensify. The ability to acquire computing power is directly influencing the profitability levels and the pace of scaling expansion for AI companies. Vobiles strategic cooperation with Brunei's UNN accurately captures the rhythm of global AI infrastructure expansion. The agreement specifies that Vobile will acquire 25 MW of liquid-cooled, high power density data center capacity in Brunei for the construction of an AI factory based on NVIDIA computing cores, which includes an additional 25 MW expansion space. UNN, as Brunei's only national comprehensive telecommunications network operator, undertakes the infrastructure mission of the "Digital Brunei 2030" strategy. This endorsement from the "national team" means that against a backdrop of increasingly prominent national sovereignty clouds and data localization demands, Vobile will gain significant advantages in GPU procurement prioritization, electricity allocation guarantees, and cross-border data compliance that far exceed those of purely commercial IDC operations. With NVIDIA's new generation architecture being fully adopted and liquid cooling technology becoming a necessity for high-power intelligent computing centers, the 25 MW high-performance computing power cluster is not only a physical "token manufacturing factory" but also a solid computing power moat constructed for the global market. More profoundly, this cooperation marks Vobiles transition from a consumer of computing power to an operator of computing power infrastructure. Compared to before, the establishment of the Brunei AI factory signifies the company's upgrade from "renting third-party computing power" to "owning its core production line"the cost structure of computing power shifts from variable costs to fixed asset amortization, and the marginal cost curve will significantly decline as utilization rates increase. As the scale of creators on the DreamMaker platform expands and token consumption surges, the capacity utilization of its owned computing power cluster will rise rapidly, thereby lowering the unit token production cost and establishing a competitive cost advantage and production capacity barrier that rivals find difficult to surpass. In the AI film sector where computing power equals productivity, Vobile has taken the lead in positioning itself at the upstream end of the most scarce "production tools." Streamlining the value chain: DreamMakers closed-loop integration into copyright compliance allows AI-generated assets to go directly from rights confirmation to monetization. If the computing power factory is the "engine" for producing tokens, then the DreamMaker platform is the "monetization hub" that transforms computing power into commercial value. Currently, the AI application sector is facing the pain point of transitioning from "token consumption" to "token return," and Vobile's unique advantage lies in the fact that its AI factory is not an isolated computing power leasing business but deeply integrates underlying computing power resources with its own rights confirmation and monetization ecosystem, forming a value closed loop from content production to content monetization and finally to commercial settlement. The announcement pointed out that this AI factory will fully support the expansion of the DreamMaker platform and related services, precisely targeting film production studios, independent producers, and content creators. In the era of explosive AIGC (AI-Generated Content), content creators not only need efficient generation tools but also urgently require solutions for copyright ownership and compliance issues surrounding AI-generated assets. Leveraging its years of expertise in copyright protection technology, Vobile has seamlessly integrated a copyright compliance mechanism into the DreamMaker platform, successfully bridging the entire chain from AI generationrights confirmationcommercial monetization. This "computing power + application + compliance" trinity model ensures that every token produced by the AI factory injects high-quality compliant content assets into the DreamMaker platform; each authorization and monetization of content assets, in turn, supports the operation of the computing power factory. This closed-loop ecosystem grants Vobile significant bargaining power in the token economy, truly achieving a leap from selling computing power to selling compliant high-added-value intelligent outputs. Most importantly, Vobile has seamlessly embedded the copyright rights confirmation and compliance mechanisms into the generation process of DreamMaker. Every frame of AI-generated content completes copyright proof at the moment of production and automatically integrates into the Vobile MAX global distribution and monetization network, truly achieving the design of "generation equals rights confirmation, rights confirmation equals monetization" in a full closed loop. This not only enhances user engagement but also allows Vobile to optimize computing power scheduling and content distribution strategies based on real transaction data, forming a positive flywheel of creationrights confirmationmonetizationre-creation. At this critical turning point where the AI content industry moves from chaotic growth to normative value, Vobile is becoming the core hub connecting creators, copyright holders, and global distribution channels, thanks to the compliance infrastructure built by the DreamMaker platform. This not only validates the commercial viability of its token factory model but also lays a solid value chain foundation for the companys long-term growth in the AI era. Realizing growth expectations: AI debut achieves tens of millions of dollars in revenue, with profits doubling to validate the token factory business model. The capital markets assessment of the value of AI enterprises is shifting from concept narratives to performance realization. The strategic significance of Vobile's announcement lies in the fact that its token factory model has surpassed the concept validation stage and entered the realization period for large-scale commercial deployment. The recently disclosed half-year financial report for 2026 provides key notes: the groups net profit for the period was HK$195 million, a year-on-year increase of 92.7%. Of particular note is that AI-related revenue driven by the DreamMaker platform has first generated and reached tens of millions of dollars. This figure not only validates overseas clients willingness to pay for the generation equals rights confirmation, rights confirmation equals monetization one-stop solution but also signifies that the company has successfully established a complete commercial closed loop of computing power consumption content generation compliance monetization. With the establishment of the AI factory in Brunei and the global expansion of the DreamMaker platform, Vobile is poised to enter a period of strong performance realization. Against the macro backdrop of exponential increases in AI inference demand, the company will quickly seize the overseas high-value token market through the synergy of high-cost performance domestic large models and overseas computing power nodes. The company anticipates that performance will accelerate in the second half of the year, with expected revenue growth rates rising from an initial forecast of 20% to 35%. Even more critical is the fundamental improvement in profit structure. The token output based on its own computing power cluster and platform ecosystem has extremely high marginal profit elasticity. After the initial 25 MW computing power cluster in Brunei goes into production, the computing power cost will shift from externally variable procurement to the amortization of internal fixed assets and the unit production cost of tokens will significantly decrease as the capacity utilization rate increases. As the first batch of clusters gradually reaches full capacity and the subsequent 25 MW expansion progresses, operational leverage will be rapidly released, and the initial investment in computing power infrastructure will yield substantial free cash flow from the large-scale growth in token consumption. In summary, Vobile's overseas layout is far from a simple overseas data center expansion; it is a key battle to reshape its core competitiveness and profit model in the AI era. By positioning itself in scarce computing power resources, streamlining copyright compliance monetization channels, and validating its commercial closed loop with tens of millions of dollars in revenue, Vobile is fully entering a new growth cycle characterized by high quality and high profitability based on the token factory. As the AI wave sweeps through the global content industry, this scarce asset that combines computing power infrastructure with compliance monetization capabilities is just beginning to see the unveiling of its valuation reassessment. Looking at the global capital market, the U.S. software sector has recently performed particularly wellthe IGV index saw a monthly increase of over 16% in August, and Snowflake's year-to-date increase approached 40%. The market is pricing the commercialization of AI with real money. In contrast, the AI application software and infrastructure assets in the Hong Kong stock market have notably lagged in attention during this round of market activity. With Vobile's establishment of the computing power cluster in Brunei and achieving tens of millions of dollars in AI revenue validating its shovel stock business model, the scarce Hong Kong AI asset that combines scarce computing power positioning with compliance monetization closed loop is expected to catch up in future market activities.