机构：中金公司 研究员：张雪晴/余歆瑶 公司预告1H25 期内利润3,800~4,400 万元，同比扭亏为盈公司预期1H25 实现收入6~6.5 亿元，同比增长 14%~24%；期内利润3,800~4,400 万元，同比扭亏为盈。业绩预告符合我们预期。 关注要点 费用端看，公司表示1H25 研发费用率和销售费用率均有所下降。我们判断主要系AI 应用推动提效降 本，实现更好的ROI 人效比，推动整体费用优化。 《萌厨》新赛季开启，储备产品多样。年内新游方面，《暴吵萌厨》S2 赛季"精灵之森"于7 月14 日开 启，推出全新赛季关卡及休闲玩法。我们建议关注：1）新品牌联动表现；2）用户规模积累及商业化程 度；3）多端布局进展。储备游戏方面，公司当前有《代号：恋人》《代号：花》《代号：遗迹》《代 号：MX》等多款产品正在研发测试中，其中部分产品已有版号。此外，公司董事长承诺自业绩预告发 布日起未来12 个月内不会通过公开市场出售所持股份，我们认为亦彰显公司对当前业务及产品信心。 盈利预测与估值 维持归母净利润预测不变，当前股价对应2025/2026 年P/E分别为13/11倍。考虑到公司大DAU产品潜力 及行业估值 ...

智通财经APP获悉，中金发布研报称，维持友谊时光(06820)归母净利润预测不变，当前股价对应 2025/2026年P/E分别为13/11倍。考虑到公司大DAU产品潜力及行业估值中枢上移，上调目标价71%至 1.06港元，对应目标P/E2025/2026年分别为15/12.5倍，上行空间13%，维持"跑赢行业"评级。公司预期 1H25实现收入6-6.5亿元，同比增长14%-24%;期内利润3800-4400万元，同比扭亏为盈。业绩预告符合该 行预期。 中金主要观点如下： 预告1H25收入双位数同增，环比基本持平，多产品实现流水增量 小游戏推动产品焕新力：公司抓住小游戏渠道挖掘新增用户，通过原APP端产品《杜拉拉升职记》《凌 云诺》等推出小程序版本实现流水新增量。其中，《杜拉拉》自2024年下半年月流水开始攀升，近半年 基本位居微信小游戏畅销榜百名以内(最高进入Top50)、抖音小游戏畅销榜80名以内(最高进入Top30)。 毛利率方面，公司表示1H25高毛利渠道收入占比提升，带动毛利率增长约5个百分点。费用端看，公司 表示1H25研发费用率和销售费用率均有所下降。该行判断主要系AI应用推动提效降本，实现更好的 ...

智通财经APP讯，友谊时光(06820)发布公告，集团预期截至2025年6月30日止六个月取得收益约人民币6 亿元至6.50亿元，同比增长约14.1%至23.6%;报告期内取得溢利约人民币3800万元至4400万元，扭亏为 盈，同比增长约152.5%至160.8%。 集团报告期内溢利同比增长的主要原因是：新游戏带来的收益增量，其中小游戏《杜拉拉升职记》及 《凌云诺》表现亮眼;报告期内高毛利渠道收入占比提升，带动毛利率增长约5个百分点;及报告期内研 发费用率和销售费用率均有所下降。 新游戏方面，欢乐厨房派对手游《暴吵萌厨》于2025年5月28日公测上线，迅速登顶苹果App Store、华 为、小米、VIVO、Tap Tap等各渠道排行榜。公测首日，《暴吵萌厨》携手童年零食顶流"旺仔小馒 头"和中国美术学院带来联动内容。同时，游戏以"以厨之名"为主题，跨圈联动超过30家美食、零食、 茶饮品牌，其中包括卫龙辣条、绝味鸭脖、和府捞面、洽洽食品、小杨生煎等知名消费品牌，碰撞出更 多有趣的活动和生态。 于2025年7月14日，《暴吵萌厨》S2赛季"精灵之森"正式开启，推出全新赛季关卡及休闲玩法。期间游 戏与饿了么开展异业 ...

新游戏方面，欢乐厨房派对手游《暴吵萌厨》于2025年5月28日公测上线，迅速登顶苹果AppStore、华 为、小米、VIVO、TapTap等各渠道排行榜。公测首日，《暴吵萌厨》携手童年零食顶流「旺仔小馒 头」和中国美术学院带来联动内容。同时，游戏以「以厨之名」为主题，跨圈联动超过30家美食、零 食、茶饮品牌，其中包括卫龙辣条、绝味鸭脖、和府捞面、洽洽食品、小杨生煎等知名消费品牌，碰撞 出更多有趣的活动和生态。 于2025年7月14日，《暴吵萌厨》S2赛季「精灵之森」正式开启，推出全新赛季关卡及休闲玩法。期间 游戏与饿了麽开展异业合作，饿了麽17吃货节「暴吵萌厨」专场活动同步开启。 格隆汇7月17日丨友谊时光(06820.HK)公布，，根据集团截至2025年6月30日止六个月未经审核综合管理 帐目的初步评估及目前可得数据，集团预期报告期内录得收益约人民币6.00亿元至6.50亿元，同比增长 约14.1%至23.6%；报告期内录得溢利约人民币3,800万元至4,400万元，扭亏为盈，同比增长约152.5%至 160.8%。 集团报告期内溢利同比增长的主要原因是：(1)新游戏带来的收益增量，其中小游戏《杜拉拉升职记 ...

Group 1 - The company has authorized its chairman to decide on the disposal of 52.9 million shares of Friendship Time (06820.HK) held by its wholly-owned subsidiary, Aisi Xi (Hong Kong) Limited, based on market conditions and stock performance [1] - As of now, Aisi Xi has fully sold its holdings of 52.9 million shares of Friendship Time, with the transaction amount impacting the company's financials [1] - The disposed financial asset is classified as "trading financial assets" in the company's financial statements, measured at fair value with changes recorded in the current profit and loss [2] Group 2 - The disposal is expected to positively impact the company's net profit for 2025, with the estimated effect amounting to approximately 183.76% of the audited net profit attributable to shareholders of the listed company [2] - The investment income generated from this disposal, after deducting related fees and taxes, will have a favorable influence on the company's net profit for 2025 [2] - The company will process this transaction according to relevant accounting standards, with final figures to be confirmed in the annual audit report [2]

Core Viewpoint - The company possesses a unique ability to create hit products in the traditional advantageous ancient-style RPG female-oriented game sector, while maintaining a long-term operational strategy, resulting in stable revenue performance from titles like "Floating Life for the Emperor" and "Lingyun Nuo" [1][2] Game Performance - The recent game "Violent Chef" has shown impressive performance, currently ranking first on the iOS free game chart, with plans for increased user acquisition to enhance its long-term development and contribution to revenue and profit [1][3] - The game features a differentiated cooking gameplay combining "Chinese cuisine kitchen party + restaurant casual management," appealing to a broad audience [1][3] Product Pipeline and Market Expansion - The company is actively expanding its product categories, including male-oriented games and overseas markets, with a rich pipeline expected to yield multiple game tests in Q3/Q4 [2][5] - The company has improved its publishing system, focusing on ROI in project initiation and distribution, leading to successful low-cost, high-return games like "Ink Sword Jianghu" and "Lingyun Nuo" [2][5] Cultural and Brand Integration - The company has successfully enhanced market penetration and user engagement through diverse brand collaboration strategies, creating a unique "culture + consumption" ecosystem [2] - Collaborations with cultural landmarks and consumer brands have strengthened the cultural depth of its IPs and increased foot traffic to physical locations [2] Financial Forecast - Revenue is projected to improve gradually, with expected revenues of 1.45 billion and 1.76 billion yuan for 2025 and 2026, respectively, reflecting year-on-year growth of 25% and 21% [5] - Adjusted net profits are forecasted to be 85 million and 175 million yuan for the same years, indicating stable profitability [5]

Core Viewpoint - The article highlights the enduring appeal of party games as a social necessity, emphasizing the success of "Friendship Time" and its new game "Chaotic Cooking" as a key driver for stock performance and market interest [1][12]. Company Summary - "Friendship Time" (6820.HK) has seen a significant stock increase of 27.27%, reaching 1.12 HKD, marking a 100% rise this year, outperforming the Hang Seng Index [1][3]. - The launch of "Chaotic Cooking" has been pivotal, with the game achieving over 800 million pre-registrations and topping the free game charts shortly after its release [8][12]. - The game targets a younger demographic, particularly female players, with its cute characters and engaging social features, marking a strategic shift for the company [12][14]. Industry Summary - The party game sector has gained popularity, with user spending, downloads, and active users all increasing, particularly with a revenue growth of 84.4% in 2023 [13]. - "Chaotic Cooking" combines fast-paced competitive elements with slower simulation gameplay, appealing to a broad audience and enhancing social interaction among players [6][14]. - Despite the competitive landscape with established titles like "Egg Party" and "Dream Star," there remains room for new entrants like "Chaotic Cooking" to carve out market space through unique gameplay and cultural integration [14].

Core Viewpoint - The mobile game "Cooking Party" developed by Friendship Time has officially launched its public beta, generating significant interest in the capital market due to its strong user engagement and market performance [1][11]. Group 1: Game Features and Mechanics - "Cooking Party" features a unique multiplayer cooperation mode, immersive cooking experiences, and a variety of character configurations, quickly gaining attention in the gaming community [3][6]. - The game incorporates a competitive "chaotic" mode where players must quickly switch ingredients and manage cooking times, enhancing the excitement and unpredictability of gameplay [3][4]. - In addition to cooking competitions, the game introduces simulation management gameplay, allowing players to upgrade from chefs to restaurant managers, thus diversifying the gaming experience [4][6]. Group 2: Target Audience and Market Positioning - The game targets a female audience while also appealing to a broader demographic through its engaging characters and gameplay, creating a "breaking the circle" effect [6][12]. - The integration of food culture and regional culinary elements strengthens the game's cultural relevance and enhances player engagement [6][9]. Group 3: Marketing and Collaborations - On its first day of public testing, "Cooking Party" announced collaborations with popular brands and institutions, enhancing its appeal through special in-game events and unique content [7][9]. - The game plans to collaborate with over 30 food and beverage brands, creating a diverse ecosystem of activities and brand interactions [7][9]. Group 4: Performance Metrics and Future Outlook - The game has shown promising metrics, with over one million users on its first day and a high level of engagement reflected in its rankings across various platforms [1][11]. - The party game genre has seen significant growth, with a reported 84.4% increase in user spending in 2023, indicating a strong market potential for "Cooking Party" [12][11]. - The game has received a score of 8.0 on TapTap, with over 800,000 pre-registrations, validating its market potential and sustainability [12][11]. Group 5: Technological Innovations - The game utilizes AI to enhance player experience by optimizing level interactions and providing feedback for game balance, showcasing the company's commitment to technological advancement [14][16]. - Future updates will include new seasons, user-generated content, and continuous iteration based on player feedback, ensuring the game remains fresh and engaging [14][16].

Investment Rating - The report does not provide a specific investment rating for the company [7] Core Insights - The launch of the new game "暴吵萌厨" on May 28, 2025, has shown strong performance, topping download charts across multiple platforms during its pre-download phase [1][2] - The game has received positive market feedback, ranking first on the iOS free chart for three consecutive days and third overall, indicating strong player engagement and social sharing [2] - The company has a strategic focus on expanding its portfolio with various mini-games and is actively developing multiple projects for both domestic and overseas markets [3] Financial Review and Commentary - The company has experienced fluctuating revenues over the past four years, with revenues recorded at 1.62 billion, 1.52 billion, 1.06 billion, and 1.16 billion respectively for the years 2021 to 2024, showing a recovery in 2024 with a 10.1% year-on-year increase [4] - Net profits have also varied, with figures of 275 million, 25 million, -138 million, and -49 million for the same years, indicating a significant reduction in losses in 2024 [4] Outlook for 2025 - The successful launch of "暴吵萌厨" sets a positive tone for the company's fiscal year 2025, with expectations for revenue growth and profitability improvement if the company can leverage its strengths in product development and market expansion [5] - The company is focusing on diversifying its product matrix with female-oriented games and mini-games, aiming to enhance its competitive position in the gaming market [5]

Financial Performance - The company reported a revenue of $500 million for the fiscal year 2023, representing a 20% increase compared to the previous year[1]. - Total revenue for 2023 was RMB 1,056,033 thousand, a decrease of 30.8% compared to 2022[11]. - Gross profit for 2023 was RMB 702,405 thousand, down 32.7% from RMB 1,044,114 thousand in 2022[11]. - The company reported a net loss of RMB 138,120 thousand for 2023, compared to a profit of RMB 25,111 thousand in 2022[11]. - The total revenue for the year ended December 31, 2024, was approximately RMB 1,162.8 million, representing a year-on-year growth of about 10.1%[20]. - The net loss for the year was approximately RMB 48.9 million, narrowing by about 64.6% compared to the previous year[20]. - Adjusted net loss for the year was approximately RMB 42.8 million, narrowing by about 67.8% year-on-year[20]. - Game revenue accounted for 99.9% of total revenue in 2024, amounting to RMB 1,162.1 million, which is a 10.1% increase from RMB 1,055.4 million in 2023[54]. - Gross profit for the year ended December 31, 2024, was RMB 813.5 million, a 15.8% increase from RMB 702.4 million in 2023, with a gross margin of 70.0%, up 3.5 percentage points from 66.5%[58]. User Growth and Market Expansion - User data showed a growth of 1 million active users, reaching a total of 10 million active users by the end of Q4 2023[1]. - Market expansion plans include entering three new international markets by Q3 2024, aiming for a 15% increase in user base[1]. - The company aims to deepen its market presence in both female-oriented and male-oriented gaming segments, targeting diverse user groups[13]. - Revenue from mainland China reached RMB 897.5 million, accounting for 77.2% of total game revenue, up from 68.3% in 2023, representing a 24.6% year-on-year increase[55]. Product Development and Innovation - New product launches included two major game titles, which are projected to contribute an additional $50 million in revenue in 2024[1]. - The company plans to launch multiple new games in 2024, including "墨劍江湖" and several lightweight games, to expand its product matrix[13]. - The launch of "Floating Life Memories" in January 2024 and "Ink Sword Jianghu" in July 2024 contributed significantly to revenue growth, with a sequential revenue increase of approximately 20.7% in the first half and 21.0% in the second half of 2024[20]. - The company is focusing on integrating AI technology across its development, publishing, and operations processes to enhance efficiency and user experience[14]. - The company is focusing on the development of an AI productivity engine to automate various aspects of game production, significantly reducing labor costs and production cycles[44]. Financial Strategy and Shareholder Value - The board approved a share buyback program worth $20 million to enhance shareholder value[1]. - The company has adopted a dividend policy, considering factors such as operating performance, cash flow, and future prospects when determining dividend levels[141]. - The board does not recommend the payment of dividends for the year ending December 31, 2024, consistent with the previous year[164]. Corporate Governance and Management - The company has a strong management team with over 20 years of experience in the gaming industry, including key figures like Mr. Sun Bo, who is the Executive Director and Vice President[92]. - The company has established a strong governance structure with independent directors responsible for monitoring the board and providing independent advice[96]. - The board consists of 6 members, including 3 executive directors and 3 independent non-executive directors[112]. - The company has established a risk management and internal control system to manage risks associated with achieving business objectives, ensuring reasonable assurance against significant misstatements or losses[144]. Corporate Social Responsibility - The company has strengthened its commitment to corporate social responsibility, ensuring user data protection and actively participating in educational support initiatives in remote areas[17]. - The company has implemented environmental protection measures and encourages employees to conserve resources[169]. - The board is committed to integrating environmental, social, and governance (ESG) principles into business operations, overseeing related risks and opportunities[147]. Strategic Focus and Future Outlook - The company continues to focus on a "premium, diversified, and global" strategy, enhancing user engagement through frequent updates and localized content[21]. - The company aims to deepen its strategic layout in the coming year, focusing on innovation, technology integration, and industry ecosystem collaboration[17]. - The company plans to continue its global development strategy, focusing on regional depth and category breakthroughs in game offerings[51].