CENTURY HUATONG(SZ:002602) Guohai Securities·2025-09-09 07:31Investment Rating - The report does not provide a specific investment rating for the company ST Huatuo (002602) [1] Core Insights - The company's mid-year performance aligns with the forecast, with all business lines showing positive development trends. For H1 2025, the company achieved a net profit attributable to shareholders of 26.56 billion yuan, which is within the expected range of 24-30 billion yuan [4][6] - The launch of the new game "Benben Kingdom" on September 8, 2025, is anticipated to inject new growth momentum into the domestic market for H2 2025 [5][6] Summary by Relevant Sections Performance Overview - For H1 2025, the company reported operating revenue of 172.07 billion yuan, a year-on-year increase of 85.50%, and a net profit of 26.56 billion yuan, up 129.33% year-on-year. The net profit excluding non-recurring items was 25.86 billion yuan, reflecting a year-on-year increase of 124.43% [6] - In Q2 2025, the company achieved operating revenue of 90.62 billion yuan, a year-on-year increase of 80.73% and a quarter-on-quarter increase of 11.27%. The net profit for Q2 was 13.06 billion yuan, up 157.79% year-on-year but down 3.22% quarter-on-quarter [6] Business Development - The company has seen significant growth driven by successful game releases such as "Whiteout Survival," "Kingshot," and "Endless Winter," which have contributed to its rise to the second position in the "Top 80 Mobile Game Publishers in China H1 2025" ranking [4][6] - The collaboration with Shengqu Games continues to provide a stable revenue stream, ensuring sustained performance growth through high user engagement and consistent income from multiple games [4]