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。 ...

公司最新资产负债率为22.85%，较上季度资产负债率减少5.13个百分点，较去年同期资产负债率减少5.87个百分点。 公司最新毛利率为39.69%，较上季度毛利率增加3.08个百分点，实现2个季度连续上涨。最新ROE为1.13%，较去年同期ROE增加1.03个百分点。 公司摊薄每股收益为0.06元，较去年同报告期摊薄每股收益增加0.05元，实现2年连续上涨，同比较去年同期上涨1053.85%。 2025年8月26日，游族网络(002174.SZ)发布2025年中报。 公司营业总收入为6.88亿元。归母净利润为5015.53万元，较去年同报告期归母净利润增加4555.10万元，实现2年连续上涨，同比较去年同期上涨989.31%。 经营活动现金净流入为-9044.07万元。 公司最新总资产周转率为0.12次，较去年同期总资产周转率持平，同比较去年同期上涨4.17%。 公司股东户数为5.29万户，前十大股东持股数量为3.18亿股，占总股本比例为34.06%，前十大股东持股情况如下： | 序号 | 股东名称 | 持股 | | --- | --- | --- | | l | 上海加游企业管理合伙企业(有限合伙) | 1 ...

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]