Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][7]. Core Views - The company's revenue has been under pressure due to adjustments in the digital marketing segment, with a significant year-on-year decline of 24.64% in the first half of 2025 [7]. - The gaming business remains resilient, with a slight revenue decline of 6% year-on-year, indicating strong player engagement [7]. - The company is strategically investing in the collectible card market, particularly focusing on sports cards, to diversify its entertainment offerings [7]. - Future revenue projections for 2025-2027 are estimated at 33.86 billion, 36.40 billion, and 38.47 billion respectively, with corresponding net profits of 5.54 billion, 6.35 billion, and 6.97 billion [7]. Financial Data Summary - The company reported total revenue of 14.38 billion in the first half of 2025, with a net profit of 2.56 billion [1][7]. - The digital marketing segment's revenue fell to 5.2 billion, accounting for 36% of total revenue, down from 46% in the previous year [7]. - The gaming segment's revenue increased its share to 33% of total revenue, while the card business accounted for 30% [7]. - The projected earnings per share (EPS) for 2025 is 1.33, with a price-to-earnings (PE) ratio of 21.4 [2][10]. Valuation Metrics - The current stock price is 28.41 yuan, with a market capitalization of 11.9 billion [3]. - The company has a return on equity (ROE) of 14.2% and a debt-to-asset ratio of 28.2% [3][10]. - The estimated price-to-book (PB) ratio for 2025 is 2.9, indicating a favorable valuation compared to historical levels [2][10].