Core Viewpoint - The company is expected to see significant revenue growth in the first half of 2025, driven by user growth in its social business and accelerated performance in its innovative business segment [1][2]. Group 1: Revenue and Profit Forecast - The company forecasts a 39.5% year-on-year increase in revenue for 1H25, reaching 3.17 billion yuan, with social business revenue growing by 36.7% to 2.83 billion yuan and innovative business revenue increasing by 68.5% to 340 million yuan [1]. - The expected net profit attributable to the parent company for 1H25 is 500 million yuan, with Non-IFRS net profit projected at 570 million yuan [1]. Group 2: User Growth and Market Expansion - The company's social business maintained rapid growth, with 2Q25 monthly active users (MAU) reaching 33.85 million, reflecting a 3% quarter-on-quarter increase and a 19% year-on-year increase [1]. - The company continues to expand into new products and markets, with significant user growth in YoHo, SUGO, and TopTop, and strong performance in Turkey and Saudi Arabia, as well as rapid growth in small base, high ARPU markets in Europe and the US [1][2]. Group 3: Innovative Business Growth - The innovative business is expected to see a year-on-year increase of 65.0%-74.9% in 1H25, reaching 340-360 million yuan, driven by rapid development in traffic monetization and social e-commerce [2]. - The innovative business accounted for only 9% of total revenue in 2024 but has a significantly higher gross margin than the social business, indicating potential positive contributions to overall profitability as commercialization progresses [2]. Group 4: Profitability and Valuation - The company has slightly raised its profit expectations for the year due to improved operating profit margins, with a focus on the second half of the year being a peak season for revenue [2]. - The company maintains its revenue forecasts for 2025 and 2026, while increasing Non-IFRS net profit estimates by 2% and 1% to 1.09 billion yuan and 1.26 billion yuan, respectively [2].