Ge Long Hui·2025-05-23 18:26Core Insights - The company maintains a "Buy" rating with a target price adjustment to HKD 178, reflecting steady financial performance and a thriving community ecosystem [1] - Revenue forecasts for 2025-2027 have been slightly increased, with expected revenues of CNY 30.46 billion, CNY 33.42 billion, and CNY 36.48 billion respectively [1] - The company reported a significant increase in profit margins, with Q1 2025 revenue reaching CNY 7 billion, a year-on-year increase of 24% [1] User Engagement - The company achieved a record high of 368 million Monthly Active Users (MAU) in Q1 2025, representing a year-on-year growth of 7.8% [2] - Daily Active Users (DAU) reached 107 million, up 4.5% year-on-year, with an average user age of 26 years [2] - Average daily user engagement time was 108 minutes, with 32 million monthly paying users, both setting new records [2] Revenue Growth - Value-added services revenue for Q1 2025 was CNY 2.807 billion, a year-on-year increase of 11%, driven by growth in live streaming and other services [3] - Advertising revenue reached CNY 1.998 billion, up 20% year-on-year, with a 30% increase in performance-based advertising [3] - Mobile gaming revenue surged to CNY 1.731 billion, a 76% increase, largely due to the success of the exclusive game "Three Kingdoms: Strategize" [3]