风险提示：新游上线时间或流水表现不及预期，影视业务计提减值等风险。 2025 年业绩改善显著，看好经典端/手游延续稳定表现持续贡献业绩公司预计2025 年实现归母净利润 7.2-7.6 亿元，同比扭亏为盈；实现扣非归母净利润5.6-6 亿元，同比扭亏为盈，主要受益于新游上线及 海外拓展带来的业绩增量及资产减值损失降低。单Q4 公司实现归母净利润0.5-0.9 亿元（同比扭亏为 盈、环比-66%至-42%），扣非归母净利润0.8-1.2 亿元（同比扭亏为盈、环比-53%至-29%），业绩环比 下滑或系受Q4 计提大额资产减值的一次性影响。分业务看，2025 年公司游戏业务预计实现归母净利润 8.3-8.7 亿元，影视业务预计实现归母净利润2000 万元，我们看好已上线的经典端/手游继续贡献稳定业 绩。 《异环》三测反响热烈，上线或驱动业绩大幅增长，维持"买入"评级《异环》是公司基于虚幻5 引擎开 发的二次元都市题材开放世界游戏，2026.2.4国内开启删档计费测试（三测），反响热烈，截至 2026.2.6，官方预约量超2000万，TapTap 预约量481 万，评分8.9；2026.2.6 B 站上线的薄荷角色 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to significantly improve its performance in 2025, with a projected net profit of 7.2-7.6 billion yuan, marking a turnaround from losses [4] - The upcoming game "异环" (Yihuan) has received positive feedback during its third test phase, with over 20 million official reservations and a high rating of 8.9 on TapTap, indicating strong market interest [3] - The company anticipates that the launch of "异环" will drive substantial revenue growth, potentially exceeding the performance of its previous title "幻塔" (Huan Ta) [3] Financial Summary - The total market capitalization of the company is 379.65 billion yuan, with a circulating market capitalization of 357.69 billion yuan [1] - The company expects to achieve a revenue of 6.836 billion yuan in 2025, representing a year-over-year increase of 22.7% [5] - The projected net profit for 2026 is 2.818 billion yuan, with a significant increase in the net profit margin to 28.0% [5] - The earnings per share (EPS) is expected to rise from 0.38 yuan in 2025 to 1.45 yuan in 2026 [5] - The company’s gross margin is projected to improve to 66.0% in 2026, up from 59.1% in 2025 [5][8]