盛天网络（300494）：游戏出海进展良好，看好AI+社交打开新空间

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Views - The company reported a revenue of 633 million yuan for the first half of 2025, representing a year-on-year growth of 17.23%. The net profit attributable to the parent company reached 52.30 million yuan, a significant increase of 1186.02% year-on-year, marking a turnaround to profitability [2][4]. - The company's overseas gaming operations have entered a new phase, with expectations for new game launches in the second half of the year to contribute to performance growth. The integration of AI and social features is progressing positively, with plans to open up AI virtual character creation, which is expected to further expand market opportunities [2][4]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 318 million yuan, a year-on-year increase of 11.09%. The net profit attributable to the parent company was 26.87 million yuan, with a non-recurring net profit of 26.08 million yuan, indicating a return to profitability [2][4]. - The gaming overseas business revenue grew significantly, leading to a 41.61% year-on-year increase in gaming operation revenue to 92 million yuan in H1 2025. The gross margin for gaming operations improved by 41.70 percentage points to 54.38% [10]. Product Development - The company is focusing on new game launches, including a new action game based on "Dynasty Warriors 8," which is currently in the review stage and expected to be released within the year. Additionally, the independent game "Huo Xia Chuan" is set to launch a DLC version soon [10]. - The company is expanding its core media agency qualifications, resulting in a significant increase in advertising revenue, which grew by 71.45% year-on-year to 247 million yuan in H1 2025, accounting for 39.10% of total revenue [10]. AI and Social Features - The company is continuously iterating on AI functionalities for its social products, with plans to launch AI virtual character creation features. This includes roles such as AI companions and AI therapists, aimed at providing various services [10]. Cost Management - Management expenses showed slight optimization, with a year-on-year decrease of 39.17% in Q2 2025, resulting in a management expense ratio of 3.57% [10]. Profit Forecast - The company forecasts net profits of 152 million yuan and 202 million yuan for 2025 and 2026, respectively, with corresponding EPS of 0.31 yuan and 0.41 yuan [10].