Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report emphasizes that the upcoming game "九牧之野" (Nine Warriors) is expected to drive significant revenue growth due to its innovative gameplay and strong player interest, with a public test scheduled for December 18, 2025 [4][12] - The company anticipates substantial increases in net profit for the years 2025 to 2027, projecting net profits of 16.32 billion, 19.28 billion, and 23.12 billion yuan respectively, with corresponding EPS of 22.65, 26.77, and 32.10 yuan [4][48] Financial Summary - The company's revenue is projected to recover from 3.696 billion yuan in 2024 to 5.855 billion yuan in 2025, reflecting a year-on-year growth of 58.4% [6] - The gross margin is expected to improve from 87.9% in 2024 to 93.6% in 2025, indicating enhanced profitability [6] - The net profit margin is projected to increase from 25.6% in 2024 to 27.9% in 2025, showcasing operational efficiency [6] - The company's P/E ratio is forecasted to decrease from 34.3 in 2024 to 19.9 in 2025, suggesting a more attractive valuation as earnings grow [6] Game Development Insights - "九牧之野" is designed to cater to a broad audience with its 三国 (Three Kingdoms) theme and innovative SLG+RTS gameplay, which combines strategic planning with real-time combat [5][12] - The game aims to reduce player fatigue and spending through mechanisms like "前 200 抽橙卡不重复" (first 200 draws guarantee no duplicates), which is expected to enhance player retention and engagement [5][24] - The report highlights the game's strong pre-launch performance, with over 100,000 pre-registrations within a short period, indicating positive market reception [4][37] Market Positioning - The company is positioned to compete effectively in the SLG market, with "九牧之野" expected to join the ranks of top-performing games like "万国觉醒" (Rise of Kingdoms) and "三国志·战略版" (Three Kingdoms: Strategy Edition) [45][46] - The report notes that the game's innovative features and strong marketing strategies, including partnerships with popular streamers, are likely to drive its success upon launch [37][43]

嘿，各位美食爱好者注意啦！小龙虾消费旺季已经火热来袭，市场那是相当热闹。在湖北潜江小龙虾交易中心，一派繁忙景象。批发商魏晓涛的日销量从两 三千斤一下子猛增到三五万斤，价格更是从上市初的42 - 43元/斤降到了13元/斤左右。另一位批发商黄茂华日销2万多斤，价格也略有下降。而批发商谢军日 销3万斤，其中90%都来自线上销售。整个交易中心日交易量约2000吨，小龙虾被销往全国600多个城市。湖南益阳南县日上市量约2500吨，主要销往北京、 广州等50多个城市。武汉白沙洲大市场日均销售量180吨，销售范围覆盖全国各地，最远都到黑龙江了。 在《三国：谋定天下》中，玩家就如同指挥千军万马的统帅，要应对各种复杂的局势。游戏有着"降肝减氪"的特点，让玩家不用花费大量时间和金钱就能尽 情享受游戏乐趣。比如在攻城方面，有预约攻城功能，就像小龙虾市场的供应和需求有预期一样，玩家可以提前规划好攻城时间，系统会自动安排，等时间 一到，就可以查看精彩的战报。 再看看价格走势，全国批发价格从1 - 4月最高达70元/公斤，到5月降至38元/公斤，而且预计还会继续下降。武汉白沙洲市场3月日均批发价111.31元/kg ，4 月就降到了6 ...