哔哩哔哩-W(09626)再涨超5%，近六个交易日累涨25%。截至发稿，涨5.08%，报219.2港元，成交额 5.84亿港元。 高盛同时表示，广告按行业趋势及增长动能方面，哔哩哔哩指上半年游戏行业广告表现稳健，主要游戏 发行商于公司平台投放按年增长，小游戏亦有市占。3C数码业务受618购物节与国家补贴带动，第二季 增长超预期；家居及家品亦受益于补贴及618期间表现理想，趋势可望延续至年底。 消息面上，9月10日，B站策略竞技卡牌新游《三国百将牌》首曝。同时，官方宣布，游戏已开启预 约，10月即将开启首轮"牌一把"公开测试。高盛近日指出，哔哩哔哩参与了该行的高盛亚太领袖论坛， 就游戏产品线与发行时程方面，公司指《三国百将牌》为非对称策略休闲卡牌游戏，管理层预计将成为 每日活跃用户(DAU)达百万级别的大作，2026年春节期间正式推出。 ...

通过天眼查大数据分析，浙江世纪华通集团股份有限公司共对外投资了17家企业，参与招投标项目5 次；知识产权方面有商标信息99条，专利信息30条；此外企业还拥有行政许可5个。责任编辑：钟离 ST华通半年报数据显示，2025年1-6月营业总收入为172.07亿元，较去年同期增长85.50%，净利润为 26.56亿，较去年同期增长129.33%，每股收益0.37元，净资产收益率为10.15%，每股经营现金流量为 0.5258元，销售毛利率为69.50%，所处行业为游戏。 资料显示，ST华通成立于2005年，位于浙江省绍兴市上虞区曹娥街道越爱路66号5幢，是一家以从事主 要分为互联网游戏、汽车零部件制造和云数据三个板块为主的企业。企业注册资本74.28亿人民币，法 人代表为谢斐。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company achieved revenue of 7.338 billion yuan in Q2 2025, representing a year-over-year increase of 19.8%, and adjusted net profit of 561 million yuan, marking a return to profitability [6] - The gross margin for Q2 was 36.5%, an increase of 6.5 percentage points year-over-year [6] - Mobile game revenue reached 1.61 billion yuan, up 60% year-over-year; value-added services revenue was 2.84 billion yuan, up 11% year-over-year; advertising revenue exceeded expectations at 2.45 billion yuan, up 20% year-over-year; while IP derivatives and other income decreased by 15% year-over-year to 440 million yuan [6][7] - The core user base is growing healthily, with daily active users (DAU) reaching 108 million, up 6% year-over-year, and monthly active users (MAU) at 365 million, up 8% year-over-year [8] - The company expects revenues of 30.08 billion yuan, 33.12 billion yuan, and 36.15 billion yuan for 2025, 2026, and 2027 respectively, with adjusted net profits of 2.11 billion yuan, 2.96 billion yuan, and 3.89 billion yuan for the same years [9] Financial Summary - Total revenue for 2024 is projected at 26.832 billion yuan, with a year-over-year growth of 19.1% [12] - Adjusted net profit for 2025 is expected to be 2.114 billion yuan, a significant increase from a loss of 22 million yuan in 2024 [12] - The company’s gross margin is projected to improve from 32.7% in 2024 to 39.7% in 2027 [14] - The earnings per share (EPS) is forecasted to rise from -0.05 yuan in 2024 to 9.42 yuan in 2027 [15]

Core Viewpoint - Zulong Entertainment (09990) has shown a significant increase in stock price, rising over 6% following the release of its mid-year performance announcement for 2025, indicating strong revenue growth and improved financial health [1] Financial Performance - For the first half of 2025, Zulong Entertainment reported a revenue of 634.3 million yuan, representing a year-on-year growth of 44.4% [1] - This marks the third consecutive increase in revenue, following growth rates of 25.6% in 2024 and 55.5% in 2023 [1] - The adjusted net loss has been reduced by 93.6% compared to the same period last year, reflecting ongoing improvements in operational performance [1] Reasons for Performance Improvement - The company attributes its performance improvement primarily to the successful launches of games such as "Dragon Tribe: Cassel's Gate" and "Treading the Wind," which are set to release in the second half of 2024 and the first half of 2025, respectively [1] - Additionally, the stable performance of the game "In the Name of Shining" has contributed to the positive results [1] Future Plans - Zulong Entertainment plans to diversify its game portfolio by launching seven different types of game products globally between the second half of 2025 and 2027 [1]

Group 1 - The core viewpoint of the article highlights that NetEase's Q2 2025 financial results showed a revenue of 27.9 billion (up 9% year-on-year), which was 2% lower than Bloomberg's expectations, primarily due to gaming impacts [1] - The gaming and related value-added services revenue totaled 22.8 billion (up 14% year-on-year), also 2% below Bloomberg's expectations, mainly due to declines in titles like "Nirvana in Fire" and "Party of Eggs" [2] - The company expects Q3 2025 mobile gaming performance to improve, driven by strong summer releases and a favorable comparison to last year's high base [2] Group 2 - Online music revenue for Q2 2025 was 1.97 billion (down 4% year-on-year), below Bloomberg's expectations, mainly due to declines in the social entertainment segment [3] - The core online music business is anticipated to maintain a high growth rate of 15% in Q3 2025, supported by an improved music library and increasing monthly active users (MAU) and payment rates [3] - The company has adjusted its net profit forecasts for 2025-2027 to 36.3 billion, 39 billion, and 43.3 billion respectively, based on improved gross margin and reduced sales expense rates [3]

Core Insights - Bilibili (B站) reported a total revenue of 7.34 billion RMB for Q2 2025, marking a 20% year-on-year increase, with a gross profit of 2.68 billion RMB, up 46% [2] - The company achieved a net profit of 218 million RMB and an adjusted net profit of 560 million RMB, indicating a turnaround from previous losses [2] - Bilibili's growth is attributed to its focus on quality content and community engagement, which are seen as competitive advantages in the current internet environment [2] Revenue Breakdown - The revenue growth was driven by three main business segments: - Value-added services generated 2.84 billion RMB, a year-on-year increase of 11% - Advertising revenue rose by 20% to 2.45 billion RMB - Mobile gaming revenue surged by 60% to 1.61 billion RMB - IP derivatives and other businesses saw a decline of 15% to 440 million RMB [2][3] Game Performance - The mobile game "Three Kingdoms: Strategize the World" (《三谋》) significantly contributed to the gaming revenue, achieving over 1 billion RMB in revenue within its first month of launch [3] - The game has consistently ranked in the top three of the iOS sales charts with each new season release, indicating strong user engagement [4] User Metrics - Bilibili reported an average daily active user count of 109 million, a 7% increase year-on-year, and a monthly active user count of 363 million, up 8% [4] - The number of monthly paying users reached 31 million, reflecting a 9% growth, while the average daily usage time per user increased by 6 minutes to 105 minutes [4]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is expected to see continued growth in Q3, driven by the successful performance of its evergreen game "Party of Egg" and the upcoming releases of new titles such as "Destiny Stars" and "Diablo II" [3][9] - The company's net profit forecasts for 2025, 2026, and 2027 are adjusted to 36.3 billion, 39 billion, and 43.3 billion CNY respectively, reflecting an increase in gross margin and a decrease in sales expense ratio [3] Financial Summary - The company's revenue for 2023 is projected at 103.468 billion CNY, with a year-on-year growth of 7.23%. This is expected to increase to 105.295 billion CNY in 2024, with a growth rate of 1.77% [4] - Operating profit is forecasted to rise from 27.709 billion CNY in 2023 to 29.584 billion CNY in 2024, reflecting a significant year-on-year growth of 41.17% in 2023 [4] - The net profit attributable to the parent company is expected to grow from 29.417 billion CNY in 2023 to 29.698 billion CNY in 2024, with a growth rate of 44.64% in 2023 [4] - The earnings per share (EPS) is projected to increase from 9.29 CNY in 2023 to 9.37 CNY in 2024 [4] - The gross margin is expected to improve from 60.95% in 2023 to 62.50% in 2024, while the net margin is projected to be 28.43% in 2023 and 28.20% in 2024 [4] - The price-to-earnings (P/E) ratio is forecasted to decrease from 20 in 2023 to 20 in 2024, and the price-to-book (P/B) ratio is expected to decline from 5 to 4 during the same period [4]

Core Viewpoint - Tencent Holdings reported strong financial performance in the second quarter, exceeding revenue and net profit estimates, indicating robust growth in its core business segments [1][2]. Group 1: Financial Performance - In the second quarter, Tencent's revenue reached RMB 184.5 billion, representing a year-on-year growth of 15%, surpassing the estimated RMB 178.9 billion [1]. - The net profit for the second quarter was RMB 55.6 billion, showing a year-on-year increase of 17%, exceeding the forecast of RMB 50.8 billion [1]. Group 2: Gaming Revenue - Tencent's domestic gaming revenue in the second quarter amounted to RMB 40.4 billion, reflecting a year-on-year growth of 17% [2]. - The growth in gaming revenue was driven by the recent release of "Delta Action" and the continued success of established titles such as "Honor of Kings," "Valorant," and "Peacekeeper Elite" [2].

Core Viewpoint - NetEase (NTES.US) is expected to report improved performance in its upcoming earnings release, with projected revenue and adjusted EBIT growth of 12% and 29% year-over-year, respectively, reaching 28.5 billion and 10.4 billion RMB [1] Group 1: Financial Performance - The anticipated game revenue for NetEase is expected to increase by 17.9% year-over-year [1] - The company's total revenue is projected to be 28.5 billion RMB, while adjusted EBIT is expected to be 10.4 billion RMB [1] Group 2: Game Performance - Key games contributing to revenue include "逆水寒" (Nirvana in Fire) and "蛋仔派对" (Egg Party), which are performing steadily, while "巅峰极速" (Peak Speed) is recovering growth [1] - New games such as "第五人格" (Identity V) and upcoming titles are expected to maintain strong performance [1] Group 3: Future Product Line - NetEase's product line for the second half of the year includes RPG game "漫威秘法狂潮" (Marvel's Secret Magic), ARPG "暗黑II重置版" (Diablo II Resurrected), and FPS game "无主星渊" (Borderlands) [1] - Approximately 21 new games have recently passed regulatory approval, which is believed to further drive company growth [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has exceeded market expectations with its 2025H1 performance, forecasting revenue of at least 30.50 billion yuan, a year-on-year increase of approximately 37%, and a net profit of at least 7.90 billion yuan, a year-on-year increase of about 215% [8] - The growth in revenue is primarily driven by the strong performance of self-developed games and the steady growth of the TapTap platform, with improvements in game gross margins and user engagement [8] - The company has revised its profit forecasts upwards, expecting net profits of 1.69 billion yuan, 1.94 billion yuan, and 2.05 billion yuan for 2025-2027, respectively, reflecting a positive outlook on new game releases and the TapTap platform's value [8] Financial Summary - Total revenue is projected to grow from 5,012 million yuan in 2024 to 7,800 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 2.87% [1] - The net profit is expected to increase significantly from 811.53 million yuan in 2024 to 2,047.56 million yuan in 2027, indicating a strong growth trajectory [1] - The earnings per share (EPS) is forecasted to rise from 1.65 yuan in 2024 to 4.15 yuan in 2027, reflecting improved profitability [1] - The price-to-earnings (P/E) ratio is projected to decrease from 40.94 in 2024 to 16.23 in 2027, suggesting an attractive valuation as earnings grow [1]