从经典IP长线运营到新品全球化布局，百奥家庭互动（2100.HK）的增长逻辑

Core Insights - The company reported a revenue of 303 million RMB and a net profit of 5.65 million RMB for the first half of 2025, marking a significant improvement and a turnaround in performance amidst a robust growth trend in the domestic gaming market [1][3] - The overall Chinese gaming market saw actual sales revenue reach 168 billion RMB in the first half of the year, with a year-on-year growth of 14.08%, highlighting the industry's strong recovery and innovation [1] Company Performance - The company's improved performance is attributed to its deep understanding of the longevity of game IPs and innovative operational strategies [3] - The classic IPs have shown resilience through long-term operations, with the "Aoqi Legend" IP generating 45.1% of revenue in the first half of the year, demonstrating effective content iteration and community engagement [5][7] - The "Aobi Island" IP has also shown strong performance, with continuous growth in mobile game revenue and high monthly active users, emphasizing the effectiveness of emotional value supply in female-oriented games [9] Innovation and New Products - The company is not solely reliant on existing IPs but is also focused on developing new games and expanding its global presence, which forms a solid foundation for sustainable growth [14] - The company invested approximately 90 million RMB in R&D in the first half of the year, with several new products expected to launch by the end of the year and into the next [15] - Newly launched games like "Mimimiha" have received positive initial market feedback, indicating potential appeal in gameplay and themes [15][17] Global Expansion - The company is deepening its global strategy by customizing premium products to tap into overseas markets, leveraging its core self-developed IPs [19] - Several products are in the research and testing phase for both domestic and international markets, which is expected to enhance overseas revenue growth and support product innovation through global market feedback [19] Conclusion - The company is building a development framework that supports short-term performance while ensuring long-term growth through ecological long-term operations of old products, breakthroughs in new product categories, and customized global strategies [19]