KAIYUAN SECURITIES·2025-11-17 06:44Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a significant increase in Q3 performance, with revenue reaching 76.85 million yuan (up 5% year-on-year and quarter-on-quarter), and a net profit of 4.70 million yuan (turning profitable year-on-year and up 115% quarter-on-quarter) [4] - The growth in revenue is driven by an increase in advertising revenue, which reached 25.70 million yuan (up 23% year-on-year and 5% quarter-on-quarter), and an increase in value-added services [4] - The company is optimistic about the ongoing commercialization and growth in gaming, projecting net profits of 10.24 million yuan, 20.86 million yuan, and 28.50 million yuan for 2025-2027, respectively [4] Financial Summary - For 2025, the estimated revenue is 30,277 million yuan, with a year-on-year growth of 12.8% [6] - The estimated net profit for 2025 is 1,024 million yuan, reflecting a significant year-on-year increase of 176% [6] - The gross margin is projected to reach 36.7% in 2025, up from 24.2% in 2023 [6] User Engagement and Community Growth - The company achieved a record high in user engagement, with Daily Active Users (DAU) at 117 million (up 10% year-on-year) and Monthly Active Users (MAU) at 376 million (up 8% year-on-year) [5] - The average daily usage time reached 112 minutes, indicating strong user retention and engagement [5] - The number of paying users exceeded 35 million, with a year-on-year increase of 17% [5]