Core Viewpoint - Jefferies reported that the revenue of China Literature Group decreased by 23.9% year-on-year to 3.2 billion yuan, which is 1.4% and 3.5% higher than market and Jefferies' expectations respectively, mainly due to better-than-expected performance in IP operations and other revenues excluding New Classics Media [1] Group 1: Financial Performance - The Non-IFRS profit performance exceeded expectations due to a favorable gross margin and strict cost control [1] - Management emphasized leveraging its rich and popular IP reserves to seize opportunities in IP derivative products and licensing business [1] Group 2: Future Outlook - Jefferies reiterated its previous view on New Classics Media, believing that revenue from the drama business will be released in the second half of the year [1] - AI technology is expected to empower operational and author sides, optimizing user experience [1] Group 3: Investment Rating - Jefferies maintains a "Buy" rating, raising the target price from 35 HKD to 36 HKD [1]
大行评级｜杰富瑞：上调阅文集团目标价至36港元 维持“买入”评级