机构：光大证券 研究员：付天姿/杨朋沛 Dream:MergeGames》。24 年该游戏流水同比增长超过60%，24 年5 月流水近千万美金；公司计划将该 游戏的成功经验迁移到新产品，打造长生命周期爆款。2）社交电商是公司在"社交+"场景下的重要探 索。从垂直深耕阶段收购蓝城兄弟旗下蓝城大健康，到拓圈发展阶段的荷尔先生，用户群体不断丰富。 3）赤子城科技通过自研布局AIAgent 并推出AI 内容社区Aippy，积极探索AI 驱动的下一代社交娱乐形 态；短剧业务已初见成果，初步面向东南亚与美洲市场。 盈利预测、估值与评级：赤子城科技作为中国非游戏厂商出海收入榜前10 名的公司，通过精细的本地 化运营，凭借成功的"产品+国家"复制战略，实现了对新兴社交娱乐市场（尤其是中东北非地区和泛东 南亚地区）的广泛布局；此外，公司通过创新业务实现收入来源多元化，短中期收入&利润增长确定性 较高。我们预计25-27 年公司实现营业收入69.0/84.1/97.0 亿元人民币，实现归母净利润9.5/12.4/14.9 亿 元，同比增速分别为97.0%/31.3%/19.7%。公司作为出海社交龙头企业，首次覆盖，给予目标价14 ...

Core Viewpoint - The company "月之暗面" is set to launch its first content community product, Kimi, which is currently in a limited testing phase and expected to officially launch by the end of the month. This product represents a significant step in the company's AI strategy, aiming to enhance user retention and open new avenues for monetization [1][5]. Summary by Sections Product Development - Kimi's content community feature has been in development for six months and is designed to resemble traditional content platforms with an information flow model [1]. - The product includes a community entry point, core interaction features such as category browsing, user comments, and an integrated smart interaction function [1][4]. User Engagement - Users can follow various categories within the community, which are diverse in nature, and engage through comments and interactions with Kimi [2][4]. - Current user permissions are limited, allowing only content sharing from conversations with Kimi, while full user-generated content (UGC) publishing is not yet available [1]. Market Context - The shift towards a content community aims to address the challenges faced by pure tool-based AI assistants, which struggle with user retention and face intense competition from major internet companies like ByteDance and Tencent [5]. - By creating a content community, 月之暗面 seeks to transform single interaction scenarios into ongoing content consumption experiences, enhancing user engagement and creating more monetization opportunities [5]. Talent Dynamics - Recent reports indicate a wave of talent departures within the company, including key product managers, which reflects ongoing strategic adjustments [6]. - The company previously underwent a significant strategic shift in September 2024, halting updates on two overseas product lines to focus resources on Kimi Chat, leading to further personnel changes [6]. Industry Trends - The talent movement within the AI sector indicates a transition from technical exploration to commercial implementation, with leading companies narrowing their focus on core products [6]. - The emergence of new startups in the AI field, driven by talent flow, suggests a trend towards more specialized applications of AI technology [6].