世纪华通上半年营收172亿元，爆款《无尽冬日》仍是业绩支柱

Core Insights - Century Huatong reported a significant revenue increase of 85.5% year-on-year, reaching 17.2 billion yuan, with a net profit growth of 129.33% to 2.656 billion yuan [2] - The company's mobile game revenue surged by 114.83% to 14.575 billion yuan, accounting for 84.7% of total revenue, with a gross margin of 72.7% [2] - The success of the game "Whiteout Survival" contributed to the strong performance, achieving over 2.8 billion USD in global revenue [2] - New game "Kingshot" also performed well, ranking second in the overseas mobile game revenue chart [3] - The company is focusing on core IP operations and has launched several new titles based on classic IPs, achieving strong initial rankings [4] - AI technology is a key focus for the company, with significant investments leading to efficiency improvements in content production [4][5] - R&D expenses increased by 24.73% to 1.024 billion yuan, while sales expenses rose by 121.72% to 6.564 billion yuan [5][6] Revenue and Profit Performance - Total revenue for the first half of 2025 was 17.2 billion yuan, marking an 85.5% increase year-on-year [2] - Net profit attributable to shareholders reached 2.656 billion yuan, up 129.33% from the previous year [2] - Operating cash flow increased by 107.4% to 3.918 billion yuan [2] Game Performance - Mobile game revenue reached 14.575 billion yuan, with a gross margin of 72.7%, an increase of 5.49 percentage points year-on-year [2] - "Whiteout Survival" has been a standout title, maintaining the top position in overseas mobile game revenue with cumulative earnings exceeding 2.8 billion USD [2] - "Kingshot," a new 4X strategy game, has gained popularity and ranked second in the overseas mobile game revenue chart [3] - Domestic game "Endless Winter" remains in the top 10 of iOS game sales [3] AI and R&D Investments - The company has launched the "Shulong AI" sub-brand, focusing on AI integration in game development and operations [4] - AI tools have improved efficiency in art production by 60% to 80% and enhanced content generation processes [4] - R&D expenses increased to 1.024 billion yuan, reflecting a 24.73% year-on-year growth [5] - Sales expenses also saw a significant rise, reaching 6.564 billion yuan, up 121.72% [6]