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Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 7.791 billion yuan in 2023, a year-on-year increase of 1.57%, but the net profit attributable to shareholders was 491 million yuan, a decrease of 64.31% year-on-year [5][6]. - The company is entering a key new game launch cycle in 2024, which is expected to bring performance growth [5][8]. - The company plans to distribute a cash dividend of 0.46 yuan per share, totaling approximately 873 million yuan [7]. Summary by Sections Financial Performance - In 2023, the company's gaming business generated revenue of 6.669 billion yuan, a year-on-year decrease of 7.91%. Mobile games accounted for 4.086 billion yuan (down 19.25%), while PC games generated 2.212 billion yuan (up 16.24%) [6]. - The company reported a net profit of 490 million yuan from its gaming business, down 69.21% year-on-year, with a non-recurring net profit of 456 million yuan, down 57.74% [6]. - In Q4 2023, the company achieved revenue of 1.595 billion yuan, a year-on-year decrease of 18.57%, with a net loss attributable to shareholders of 123 million yuan [5][6]. Business Segments - The film and television business saw revenue of 1.034 billion yuan in 2023, a significant increase of 222% year-on-year, although it still reported a net loss due to credit impairment losses [7]. - The company is focusing on the launch of several new self-developed games starting in Q2 2024, which are expected to enhance revenue [8]. Future Outlook - The company anticipates a gradual increase in revenue due to the upcoming launches of new games, with projected net profits of 950 million yuan and 1.19 billion yuan for 2024 and 2025, respectively [8].