家乡互动发布截至2025年6月30日的六个月中期业绩。公司总收益为7.26亿元人民币，同比下降 13.12%。然而，公司股东应占溢利为3739.5万元，同比增长33.51%，每股基本盈利为3.05分。收益下降 的主要原因是自主开发手机游戏收入同比减少30.6%，这主要是由于商业化策略调整在短期内影响了部 分玩家的付费意愿。 ...

ST中青宝公告，2025年上半年营业收入9794.64万元，同比下降19.19%。归属于上市公司股东的净亏损 2464.58万元，同比收窄1.45%。公司计划不派发现金红利，不送红股，不以公积金转增股本。 ...

Core Insights - The company reported a total revenue of 688 million yuan for the first half of 2025, with a net profit attributable to shareholders of 50.16 million yuan, marking a significant increase of 989.31% compared to the same period last year [1] - The company has achieved two consecutive years of profit growth, with a net profit increase of 45.55 million yuan year-on-year [1] Financial Performance - The latest operating cash flow showed a net outflow of 90.44 million yuan [1] - The asset-liability ratio stands at 22.85%, a decrease of 5.13 percentage points from the previous quarter and a decrease of 5.87 percentage points from the same period last year [3] - The gross profit margin is reported at 39.69%, an increase of 3.08 percentage points, achieving two consecutive quarters of growth [3] - The return on equity (ROE) is at 1.13%, up by 1.03 percentage points compared to the same period last year [3] - The diluted earnings per share (EPS) is 0.06 yuan, an increase of 0.05 yuan, representing a year-on-year growth of 1053.85% [3] - The total asset turnover ratio remains stable at 0.12 times, with a year-on-year increase of 4.17% [3] Shareholder Structure - The number of shareholders is reported at 52,900, with the top ten shareholders holding a total of 318 million shares, accounting for 34.06% of the total share capital [3] - The largest shareholder is Shanghai Jiayou Enterprise Management Partnership (Limited Partnership) with a holding of 11.49% [3]

Investment Rating - The report maintains a "Buy" rating for Electronic Arts (EA) with a target price of $179.80 [5][13]. Core Insights - EA reported FY26Q1 net revenue of $1.67 billion, exceeding consensus expectations by 7.4% and showing a year-over-year increase of 0.7% [1][5]. - The net bookings revenue reached $1.3 billion, surpassing consensus expectations by 4% and reflecting a year-over-year growth of 2.9%, primarily driven by stable growth in core products like the global football and rugby series [1][5]. - Despite an increase in new game release investments leading to a decline in net profit margin by 4.9 percentage points to 12%, the company achieved a net profit of $201 million, exceeding expectations by 51.6% [1][5]. Financial Performance - FY26Q1 net bookings revenue was $1.3 billion, higher than the previous guidance of $1.23 billion, with game net bookings revenue at $214 million, up 27.4% year-over-year, driven by the new title "Split Fiction" [2]. - Real-time service net bookings revenue was $1.08 billion, down 0.9% year-over-year, mainly due to stable growth in the "FC" and rugby series, partially offset by a decline in "Apex Legends" [2]. - The core game series saw a modest single-digit year-over-year growth in "FC" series net bookings, with "FC Online" achieving double-digit growth and "FC Mobile" reaching a record high with over 50 million installations [2]. Upcoming Releases - EA released the first trailer for "Battlefield 6" on July 24, with over 7 million views by July 29, and the full game is expected to launch within FY26 on platforms including PS5, Xbox X|S, and PC [3]. - The core football game "FC 26" is anticipated to be released on September 26 across all platforms, including the Switch 2, focusing on enhancing player experience with competitive and realistic gameplay modes [3]. Earnings Forecast and Valuation - The report slightly lowers the FY26-28E net revenue estimates by 1%, 0.8%, and 0.8% to $7.19 billion, $8.11 billion, and $8.36 billion respectively, primarily due to pressure on net bookings revenue from the rugby series [4][11]. - The FY26-28E net profit estimates are also reduced by 4.7%, 2.3%, and 2.6% to $910 million, $1.38 billion, and $1.43 billion respectively, attributed to increased promotional costs for "Battlefield 6" [4][11]. - The valuation is based on a PE of 33 times for FY27, aligning with the average of comparable companies, resulting in a target price of $179.80, down from a previous estimate of $184.60 [4][13].

Industry Overview - In 2024, the actual sales revenue of China's gaming market is projected to be 325.783 billion yuan, representing a year-on-year growth of 7.53% [1] - The number of gaming users in China is expected to reach 674 million, with a year-on-year increase of 0.94% [1] - The actual sales revenue from domestically developed games is estimated at 260.736 billion yuan, showing a year-on-year growth of 1.70% [1] Company Performance - Century Huatong (002602) reported a total revenue of 22.620 billion yuan in 2024, marking a year-on-year increase of 70.27%, and a net profit of 1.213 billion yuan, up 131.51% [3] - In Q1 2025, Century Huatong achieved a revenue of 8.145 billion yuan, a growth of 91.12%, and a net profit of 1.350 billion yuan, increasing by 107.20% [3] - 37 Interactive Entertainment (002555) reported a total revenue of 17.441 billion yuan in 2024, with a year-on-year growth of 5.40%, and a net profit of 2.673 billion yuan, up 0.54% [4] - Perfect World (002624) experienced a significant decline in 2024, with total revenue of 5.570 billion yuan, down 28.50%, and a net loss of 1.288 billion yuan [2] - In Q1 2025, Perfect World reported a revenue of 2.023 billion yuan, a year-on-year increase of 52.22%, and a net profit of 302 million yuan, recovering from a loss in the previous year [3] Market Position - Century Huatong and 37 Interactive Entertainment remain the leading gaming companies in the A-share market, while Perfect World has become the only loss-making major gaming company [1][2] - Over half of the A-share gaming companies reported a decline in performance last year, highlighting a challenging environment for the industry [1]