Ultrapower(SZ:300002) Xin Lang Cai Jing·2025-10-31 08:47Core Viewpoint - The company has shown a narrowing decline in revenue and net profit in Q3 2025, with strong performance from evergreen games like "Age of Origins" and "War and Order," and promising expectations for new games [1][2][3] Financial Performance - In Q3 2025, the company achieved revenue of 1.384 billion yuan, a year-on-year decrease of 5.29% - The net profit attributable to shareholders was 215 million yuan, down 53.55% year-on-year - The non-GAAP net profit attributable to shareholders was 208 million yuan, a decline of 3.20% year-on-year, indicating a smaller drop compared to revenue [2] - For the first three quarters of 2025, the cumulative revenue was 4.068 billion yuan, down 9.86% year-on-year, with a net profit of 724 million yuan, down 33.77% year-on-year [2] Game Performance - Evergreen games "Age of Origins" and "War and Order" have maintained stable performance, with "Age of Origins" undergoing frequent updates and events to enhance player engagement [3] - "War and Order" has also seen multiple updates to improve user experience, showcasing the company's long-term operational capabilities [3] - The new game "Stellar Sanctuary" has been launched, combining simulation management and SLG gameplay, with expectations for strong future performance [3] Future Outlook - The company anticipates steady revenue from its evergreen games and is optimistic about the performance of new releases [2][3] - EPS estimates for 2025-2027 are projected at 0.61, 0.84, and 1.01 yuan respectively, with a target price of 16.47 yuan based on a 27x dynamic PE for 2025 [2]