Core Viewpoint - The company is expected to turn a profit in the first half of 2025, with a projected net profit attributable to shareholders of 480 to 520 million yuan, compared to a loss of 177 million yuan in the first half of 2024, driven by the upcoming launch of "Zhuxian World" and growth in esports revenue [1] Group 1: Financial Performance - The company anticipates a net profit of 1.8 to 2.2 million yuan for Q2 2025, with a non-recurring net profit of 1.3 to 1.7 million yuan [1] - The gaming business is projected to generate a net profit of 4.8 to 5.2 million yuan in the first half of 2025, with a non-recurring net profit of 3.2 to 3.6 million yuan [1] - The film and television business is expected to have a non-recurring net profit of approximately 20 million yuan in the first half of 2025 [1] Group 2: Product Development and Market Performance - The MMORPG "Zhuxian World" launched in December 2024, with a new version released on July 9, 2025, expected to enhance user engagement [2] - The self-developed game "P5X" has performed well in overseas markets, ranking in the top 50 iOS games in 10 regions shortly after its release, with a peak daily revenue of 9.62 million yuan [2] - The supernatural urban open-world RPG "Yihuan" has entered its second testing phase, with over 4.7 million pre-registrations, and is set for overseas testing [3] Group 3: Profit Forecast and Valuation - The company has raised its net profit forecast for 2025 to 740 million yuan, an increase of 14.65% from the previous estimate of 640 million yuan [4] - The target price for the company's stock has been adjusted to 16.10 yuan, based on a 22x PE valuation for 2026 [4] - The company maintains a "buy" rating based on the promising pipeline of upcoming products [4]