PWRD(SZ:002624) Xin Lang Cai Jing·2025-08-28 06:37Core Viewpoint - The company is expected to turn profitable in the first half of 2025, with the product "Yihuan" showing strong quality and progress, which will effectively contribute to the company's performance elasticity in 2026 [1] Financial Performance - In the first half of 2025, the company reported revenue of 3.691 billion yuan, a year-on-year increase of 33.7%, and a net profit attributable to shareholders of 503 million yuan, with a non-recurring profit of 318 million yuan, aligning with previous performance forecasts [3] - The second quarter of 2025 saw a single-quarter revenue of 1.668 billion yuan, a year-on-year increase of 16.57%, and a net profit of 201 million yuan, marking a turnaround from losses [3] - The gaming business revenue for the first half of 2025 was 2.906 billion yuan, a year-on-year increase of 9.7%, with a gross margin increase of 2.38 percentage points to 68.9% [3] Product Development and Expectations - The company anticipates continued contributions from "Zhu Xian World," "Persona: Night Shadow," and "Zhu Xian 2" in the second half of 2025, with "Yihuan" expected to enter its third round of testing in Q4 [4] - "Zhu Xian World" launched its first major update since its release in July, and "Persona: Night Shadow" reached the third position on the iOS game sales chart in Japan, maintaining a stable position in the top 60 [4] - The new mobile game "Zhu Xian 2" was launched on August 7, 2025, and is expected to contribute to revenue growth [4] - The product "Yihuan" underwent its second domestic test at the end of June, with positive player feedback and significant online discussions, indicating strong market interest [4] Investment Outlook - The company maintains a "Buy" rating, with EPS forecasts for 2025, 2026, and 2027 adjusted to 0.41, 0.89, and 1.02 yuan respectively, reflecting slight upward revisions based on product stability and personnel adjustments [2] - The target price for the company is set at 20.38 yuan, up from the previous forecast of 18.99 yuan, based on a 23x PE ratio for 2026 [2]