Ge Long Hui·2025-09-15 06:23Core Viewpoint - Guohai Securities report indicates that Sanqi Interactive Entertainment achieved a net profit attributable to shareholders of 1.4 billion yuan in H1 2025, representing a year-on-year increase of 10.72%, with a net profit of 1.387 billion yuan after deducting non-recurring items, up 8.83% year-on-year [1] Financial Performance - In Q2, the net profit attributable to shareholders reached 851 million yuan, showing a year-on-year growth of 31.24% and a quarter-on-quarter increase of 54.97% [1] - The company's performance in H1 2025 demonstrates strong profitability, suggesting that the current valuation does not fully reflect the recovery momentum and long-term growth potential [1] Product Development and Market Position - The game "Time Explosion" launched on the APP in January 2025, quickly reaching the top of the iOS free chart, while its mini-program version ranked 4th in the WeChat mini-game sales chart [1] - The APP version of "Heroes Have No Flash" also rapidly entered the top five of the iOS sales chart, with its mini-program version topping the WeChat mini-game sales chart [1] - The self-developed game "Douluo Dalu: Hunting Soul World" began public testing in July 2025, receiving over 10 million player reservations before launch and quickly topping the iOS free chart [1] Strategic Initiatives - The company is continuously expanding its self-developed capabilities and actively diversifying its product categories, supported by investments and deep partnerships with several high-quality developers, creating a rich external development reserve [1] - The diverse product matrix is expected to gradually convert into new game launches, continuously providing incremental growth for the company's performance [1] - The report initiates coverage with a "Buy" rating, indicating confidence in the company's future performance [1]