新力量NewForce总第4863期

Group 1: Company Research - China Overseas Development - In H1 2025, the company achieved contract sales of approximately CNY 120.15 billion, a year-on-year decrease of 19.0%, ranking second in the industry[5] - The average selling price increased by 1% to CNY 23,500 per square meter, with a market share of 2.72%[5] - The company acquired land worth CNY 40.37 billion, with 86% of new land in first-tier and strong second-tier cities, leading the industry in land acquisition[6] - Revenue decreased by 4.3% to CNY 83.22 billion, with a gross margin of 17.4%, down 4.7 percentage points year-on-year[7] - The target price is set at HKD 19.35, with a buy rating, reflecting a potential upside of 35.4% from the current stock price of HKD 14.30[11] Group 2: Company Research - NetDragon - In H1 2025, NetDragon's revenue was CNY 2.38 billion, down 28% year-on-year, with a gross profit of CNY 1.7 billion, a decrease of 24.7%[17] - The gaming business generated revenue of CNY 1.74 billion, down 18% year-on-year, but showed signs of stabilization with a 11% increase in MAU for "Magic Domain"[18] - The company announced an interim dividend of HKD 0.5 per share and plans to return at least HKD 600 million to shareholders through dividends and buybacks over the next year[17] - The target price is adjusted to HKD 20.24, maintaining a buy rating, indicating a potential upside of 71% from the last closing price of HKD 11.14[20]