三七互娱2025年中报简析：净利润同比增长10.72%

Core Viewpoint - The financial report of 37 Interactive Entertainment (002555) for the first half of 2025 shows a mixed performance, with net profit increasing by 10.72% year-on-year, while total revenue decreased by 8.08% [1] Financial Performance Summary - Total revenue for the first half of 2025 was 8.486 billion yuan, down 8.08% from 9.232 billion yuan in the same period of 2024 [1] - Net profit attributable to shareholders reached 1.4 billion yuan, an increase of 10.72% compared to 1.265 billion yuan in 2024 [1] - Gross margin stood at 76.71%, a decrease of 3.67% year-on-year, while net margin improved to 16.51%, up 20.51% [1] - Total expenses (selling, administrative, and financial) amounted to 4.62 billion yuan, accounting for 54.44% of revenue, down 9.94% from the previous year [1] - Earnings per share (EPS) increased to 0.64 yuan, a rise of 12.28% from 0.57 yuan [1] Cash Flow and Financial Position - Cash and cash equivalents increased significantly by 166.00%, attributed to a net inflow from investment activities [8] - Operating cash flow decreased by 17.65%, due to a reduction in cash received from sales and services [5] - The company’s net assets per share rose to 5.88 yuan, reflecting a 3.06% increase [1] Changes in Key Financial Items - Prepayments increased by 68.44% due to new game launches and increased prepayments for internet traffic and game copyrights [3] - Accounts payable rose by 66.06%, indicating an increase in supplier payments settled through bank acceptance bills [3] - Operating income decreased by 8.08% due to the lifecycle stage of game products, with new games in the introduction phase contributing less than mature titles from the previous year [3] Expense Management - Selling expenses decreased by 17.73% as previously growing games entered maturity, leading to reduced marketing spend [4] - Financial expenses fell by 15.91% due to increased foreign exchange gains compared to the previous year [5] Investment and Fund Holdings - The company’s return on invested capital (ROIC) was reported at 16.28%, indicating strong capital returns [9] - Various ETFs have increased their holdings in 37 Interactive Entertainment, with the largest being the Huaxia CSI Animation Game ETF, which holds 36.9369 million shares [12]