Core Viewpoint - The report from Zhongyou Securities highlights that Yidian Tianxia's e-commerce business is driving performance growth, while non-recurring factors are affecting short-term profitability [1] Financial Performance - In the first half of 2025, the company achieved internet marketing revenue of 1.728 billion yuan, a year-on-year increase of 59.68% [1] - E-commerce business revenue reached 544 million yuan, reflecting a year-on-year growth of 102.22% [1] - Revenue from applications/agency and other clients was 1.184 billion yuan, with a year-on-year increase of 45.60% [1] Strategic Initiatives - The company continues to increase R&D investment, accelerating its evolution towards a full-chain "AI+" model [1] - Cyberklick, a subsidiary, has become the first-level agent for AppLovin in Greater China and received official advertising service provider certification from Snapchat in July [1] Market Outlook - With the ongoing trend of overseas expansion, the company is expected to benefit from its advantages in channels and customer resources, leading to long-term performance gains [1] - Based on the closing price on September 26, the company is assigned price-to-earnings ratios of 55, 44, and 36 times [1] - The report initiates coverage with a "Buy" rating [1]
研报掘金丨中邮证券：首予易点天下“买入”评级，加速向全链路“AI+”演进