KINGNET(SZ:002517) Yong Xing Zheng Quan·2025-09-08 09:57Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The mobile gaming business experienced a slight decline, while the information services segment showed significant growth. The company's information services revenue increased by 65.33% year-on-year, reaching 657 million yuan, while mobile gaming revenue decreased by 10.14% to 1.883 billion yuan [2] - The company's overseas revenue also saw substantial growth, amounting to approximately 202 million yuan, a year-on-year increase of 59.57%, driven by strong performances of games like "Monster League" and "MU Immortal" in international markets [3] Summary by Sections Financial Performance - For the first half of 2025, the company reported total revenue of 2.58 billion yuan, a 0.9% increase year-on-year, and a net profit attributable to shareholders of 950 million yuan, up 17.4% year-on-year. The net profit excluding non-recurring items was 939 million yuan, reflecting a 17.2% increase [1] Revenue Breakdown - The mobile gaming segment generated 1.883 billion yuan, down 10.14% year-on-year, while the information services segment generated 657 million yuan, up 65.33% year-on-year. The gross margin for the information services segment improved by 1.84 percentage points [2] Investment Proposals - The report forecasts net profits for the company to be approximately 1.967 billion yuan, 2.332 billion yuan, and 2.694 billion yuan for 2025, 2026, and 2027 respectively. The corresponding price-to-earnings ratios are projected to be 23.79, 20.07, and 17.37 based on the closing price of 21.90 yuan per share on September 4 [4][6]