瑞银发布研报称，预期阅文集团(00772)下半年表现将有反弹，且IP业务前景完好。目标价由37.2港元升 至40港元，评级"买入"。瑞银维持经调整净利润预测为13.5亿元，因为营收入账方式和内容日程时间的 改变应不会影响全年纯利表现。该行认为投资者的焦点已逐渐转移到知识产权授权及商品业务，这两项 业务作为公司的核心增长动力，前景仍然完好。 ...

瑞银发布研报称，预期阅文集团(00772)下半年表现将有反弹，且IP业务前景完好。目标价由37.2港元升 至40港元，评级"买入"。瑞银维持经调整净利润预测为13.5亿元，因为营收入账方式和内容日程时间的 改变应不会影响全年纯利表现。该行认为投资者的焦点已逐渐转移到知识产权授权及商品业务，这两项 业务作为公司的核心增长动力，前景仍然完好。 ...

Core Viewpoint - UBS report indicates that the performance of Tencent's WeChat Group in the first half of the year was weak, aligning with the lowered expectations from buyers, primarily due to the content scheduling issues from New Classics Media (NCM) [1] - However, a rebound is anticipated in the second half of the year, with a positive outlook for the IP business [1] Financial Summary - UBS raised the target price from HKD 37.2 to HKD 40, maintaining a "Buy" rating [1] - The annual revenue forecast was reduced by 12%, but the adjusted net profit forecast remains at RMB 1.35 billion, as changes in revenue recognition and content scheduling are not expected to impact the annual net profit performance [1] Market Focus - The market has largely factored in the short-term weakness related to NCM, with investor focus shifting towards intellectual property licensing and merchandise businesses, which are seen as the core growth drivers for the company, maintaining a solid outlook [1]