公司预告净利润同增超过215% 机构：中金公司 研究员：张雪晴/余歆瑶 1）"游戏大版本更新"新功能（重视长青游戏单个大版本更新服务，仿照新游戏上线为产品提供完整服 务流程，推出新版本预告/前瞻直播/新版本预约/新版本预约排行榜等功能）；2）TapTapPC 桌面版（当 前已具有一定用户规模）。 未来关注：TapTap 小游戏平台、AI 制作游戏（vibe coding，聚焦制作游戏的第一步和最后一步）。 盈利预测与估值 2H25：我们估计环比利润增量来自于：1）《心动小镇》暑期周年庆提升商业化水平，买量ROI 相对可 控；2）《伊瑟》增量流水及部分利润贡献（国际服6 月上线后整体表现好于市场预期，国服及港澳台 服等于9/25上线，关注公测用户表现）。 考虑TapTap盈利水平提升、游戏表现好于预期，上调25/26 年归母净利润预期66%/81%至16.5/19.5 亿 元，对应当前股价25/26 年15/13x P/E。维持跑赢行业评级，综合考虑盈利预测调整和新游预期逐步消 化，上调目标价49%至82.5 港元（25/26 年22/18x P/E）。上行空间45%。 风险 26 年已有核心产品接续：开放世界 ...

Core Viewpoint - The company has raised its profit forecasts significantly for 2025 and 2026, reflecting better-than-expected performance from TapTap and game titles, leading to an upgraded target price and a maintained outperform rating [1][2]. Group 1: Profit Forecasts - The company has increased its net profit expectations for 2025 and 2026 by 66% and 81% respectively, reaching 1.65 billion and 1.95 billion yuan, corresponding to P/E ratios of 15x and 13x [1]. - The company anticipates a revenue of no less than 3.05 billion yuan for the first half of 2025, representing a year-on-year growth of over 37% [2]. - The net profit for the same period is expected to be no less than 790 million yuan, showing a year-on-year increase of over 215% [2]. Group 2: Game Performance - The solid performance in the first half of 2025 is attributed to titles such as "Ragnarok M: Beginners' Server," "Heart Town," and "Torchlight," which have driven revenue growth and improved gross margins [3]. - The second half of 2025 is expected to see profit growth from the anniversary celebration of "Heart Town" and the launch of "Iser" on September 25, with the international version performing better than market expectations [3]. Group 3: TapTap Growth - TapTap has shown steady revenue growth in the first half of 2025, driven by improvements in advertising algorithms and increased user engagement [4]. - The company plans to focus on significant updates for games and the development of a PC version of TapTap, which has already garnered a user base [4]. - Future initiatives include enhancing the TapTap mini-game platform and exploring AI-driven game development [4].