Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company achieved revenue of 1.136 billion yuan in Q1 2025, representing a year-on-year increase of 22.47% and a quarter-on-quarter increase of 29.44%. The net profit attributable to shareholders was 283 million yuan, up 11.82% year-on-year, while the net profit excluding non-recurring items was 275 million yuan, up 38.71% year-on-year. This marks the first quarter of positive revenue growth since 2023 [2][4] - The new game "Wen Jian Chang Sheng" contributed over 360 million yuan in revenue increment, with other core products like "Wen Dao" and "Yi Nian Xiao Yao" also showing quarter-on-quarter revenue growth. The report emphasizes the importance of monitoring the revenue trends of core products and the progress of new game launches [5][7] Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 1.136 billion yuan, a year-on-year increase of 22.47% and a quarter-on-quarter increase of 29.44%. The net profit attributable to shareholders was 283 million yuan, reflecting an 11.82% year-on-year increase, while the net profit excluding non-recurring items was 275 million yuan, up 38.71% year-on-year [2][4] - The company’s revenue returned to positive growth for the first time in 2023 [4] Game Performance - The new game "Wen Jian Chang Sheng" significantly contributed to revenue, generating 363 million yuan in Q1 2025. The revenue from "Wen Dao" was 321 million yuan, down 16.3% year-on-year but up 34.9% quarter-on-quarter. "Wen Dao Mobile" generated 441 million yuan, down 15.9% year-on-year and down 4.3% quarter-on-quarter [5][6] - The report highlights the need to focus on the revenue trends of core products and the testing and launch schedules of new games [7] Investment and Expenses - The company increased its marketing expenses due to the launch of "Wen Jian Chang Sheng," with sales expenses rising to 360 million yuan, an increase of 66 million yuan year-on-year and 165 million yuan quarter-on-quarter. The sales expense ratio increased by 9.5 percentage points to 31.7% [6] - The report notes that the overall investment return on marketing spending remains good, with stable year-on-year sales expense ratios [6]

编者按： 卫生巾行业的集中式崩塌，正令女性深陷 "难以购得放心卫生巾"的恐慌之中。 当央视镜头聚焦卫生巾产业链暗角，废弃原料堆积如山的画面正击穿公众信任 的最后防线。这场以女性健康为代价的资本狂欢，暴露的是无良厂商的逐利本 性。在月经贫困尚未消除的当下，劣质卫生巾的泛滥正演变为对女性健康的隐 秘剥夺。当基本生理需求沦为商业修罗场的牺牲品，我们亟需重构从政策规制 到市场监督的全链条防护体系，让守护女性健康不再停留于空洞的口号。 来源|极速财讯 01 触目惊心的行业黑 幕：从 生产废料 到 贴身用品 除了被整包丢弃的垃圾，现场还有大量卫生巾和纸尿裤散落一地，环境脏乱至极。在2025年央视315晚 会上，镜头记录下了梁山希希纸制品有限公司（以下简称 " 梁山希希纸制品 " ）库房中令人震惊的一 幕：几百平方米的空间里，一大半被这些生产废料占据，现场估计至少有上百吨的货物。 央视315晚会揭露了梁山希希纸制品销售劣质卫生巾和婴儿纸尿裤的丑闻，涉及数量巨大。该公司以 260-1400元/吨的价格收购本应销毁的残次品，经过简单分拣，就以 " 二等品 " 的名义倒卖，再次流 入卫生用品生产环节，售价飙升至7000-8000 ...