Core Viewpoint - Company reported a decline in revenue for the first half of 2025, but a significant increase in net profit, indicating improved profitability despite revenue challenges [1][2] Financial Performance - For the first half of 2025, the company achieved revenue of 8.486 billion yuan, a year-on-year decrease of 8.08%, while net profit attributable to shareholders was 1.4 billion yuan, an increase of 10.72% [1] - In Q2 2025, the company reported revenue of 4.243 billion yuan, down 5.33% year-on-year, but net profit increased by 31.24% to 851 million yuan [1][2] - The company announced a cash dividend of 2.10 yuan per share, totaling 926 million yuan for the first half of 2025, representing 66% of net profit [1] Cost Management and Profitability - The significant improvement in Q2 2025 net profit was attributed to a reduction in sales expenses, which decreased by 19.3% to 1.99 billion yuan [1] - The sales expense ratio fell by 8.1 percentage points to 46.9%, primarily due to the transition of key games into maturity, leading to reduced marketing spend [1] - AI-driven advertising has enhanced the efficiency of user acquisition, with AI advertising accounting for 50% of total ad spend, improving efficiency by 70% [1] Product Performance and Future Outlook - The decline in Q2 revenue was influenced by the introduction of new games, which are still in the launch phase, compared to stable revenue from mature games in the previous year [2] - The company is set to launch its self-developed game "Douluo Dalu: Hunting World," which has already topped the iOS free chart, expected to contribute to revenue in Q3 [2] - The company has a rich product pipeline, with a focus on the release schedule of new games, including various genres such as SLG and MMORPG [2] Investment Outlook - Projections for 2025-2027 indicate revenues of 18.838 billion, 20.322 billion, and 21.546 billion yuan, with net profits of 2.931 billion, 3.334 billion, and 3.819 billion yuan respectively [2] - The company is expected to maintain a "buy" rating due to its recovering user acquisition costs and promising new game performance [2]

| 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 16,547 | 17,441 | 18,838 | 20,322 | 21,546 | | 增长率 yoy（%） | 0.9 | 5.4 | 8.0 | 7.9 | 6.0 | | 归母净利润（百万元） | 2,659 | 2,673 | 2,931 | 3,334 | 3,819 | | 增长率 yoy（%） | -10.0 | 0.5 | 9.7 | 13.7 | 14.5 | | ROE（%） | 20.6 | 20.5 | 19.3 | 18.9 | 18.5 | | EPS 最新摊薄（元） | 1.20 | 1.21 | 1.33 | 1.51 | 1.73 | | P/E（倍） | 13.0 | 12.9 | 11.8 | 10.4 | 9.0 | | P/B（倍） | 2.7 | 2.7 | 2.3 | 2.0 | 1.7 | 资料来源：公司财报，长城证券产业金融研究院 事件：三七互娱发布 25 ...