ROYALFLUSH INFO(SZ:300033) Shenwan Hongyuan Securities·2025-08-24 13:13Investment Rating - The report maintains a "Buy" rating for the company [2][7][18] Core Views - The company reported a total revenue of 1.779 billion yuan for the first half of 2025, representing a year-on-year growth of 28%, and a net profit attributable to shareholders of 502 million yuan, with a year-on-year increase of 38% [7][8] - The revenue for Q2 2025 was 1.031 billion yuan, showing a year-on-year growth of 34%, while the net profit for the same period was 381 million yuan, up 47% year-on-year [7][8] - The growth in advertising and internet promotion services was particularly strong, with revenue reaching 640 million yuan, a year-on-year increase of 83%, driven by an active capital market and enhanced user engagement [7][8][9] - The company’s cash flow growth outpaced revenue growth, with Q2 2025 operating cash inflow increasing by 68% year-on-year, indicating potential for larger profit releases in the future [7][9][10] - The report highlights a significant increase in contract liabilities, suggesting that these may convert into revenue, further indicating profit potential [7][9][10] Financial Data and Profit Forecast - The projected total revenue for 2025 is 5.078 billion yuan, with a year-on-year growth rate of 21.3%, and net profit is expected to reach 2.286 billion yuan, reflecting a growth rate of 25.4% [6][18] - The company’s gross margin is forecasted to remain high, with estimates around 90% for the coming years [6][18] - The report anticipates continued growth in the capital market and improvements in AI capabilities, which will enhance the usability of the company's products and open up new growth opportunities [7][18]