Ge Long Hui·2025-09-15 07:41Group 1 - The core viewpoint of the report indicates that Fenzhong Media is expected to benefit from the integration acquisition of New潮 Group, increased advertising budgets from instant retail companies for offline channels, and a stable recovery of the macro economy [1] - For the first half of 2025, the net profit attributable to the parent company is projected to be 2.665 billion yuan, representing a year-on-year increase of 6.87% [1] - In Q2, the net profit attributable to the parent company is expected to be 1.53 billion yuan, showing a year-on-year increase of 5.25% and a quarter-on-quarter increase of 34.75% [1] Group 2 - The company anticipates a growth trend in single-point efficiency, although the performance impact of the New潮 integration and the incremental business contribution from the "碰一碰" initiative have not been included in the current estimates [1] - The report maintains a "buy" rating, excluding the revenue and profit increments from the acquisition and the "碰一碰" initiative due to the uncertainty of the charging model [1]