[Table_Info1] [Table_Title] 证券研究报告 / 公司点评报告 25H1 业绩增长超预期，新游储备丰富 [Table_Summary] 事件： 公司发布 2025 年半年度报告。2025 年上半年，公司实现营收 84.86 亿 元，同比减少 8.08%；归母净利润达 14.00 亿元，同比增长 10.72%；扣 非归母净利润 13.87 亿元，同比增长 8.83%；2025 年二季度实现营收 42.43 亿元，同比减少 5.33%；归母净利润 8.51 亿元，同比增长 31.24%。 点评： 25 年 H1 公司归母净利润增长略超市场预期，主因销售费用减少。 25H1 公司收入端略降，主因上半年主要运营处于引入期小游戏《英雄 没有闪》、《时光大爆炸》，过往主要游戏产品《寻到大千》等已逐步进 入成熟平台期；25Q2 公司收入降幅较 25Q1 收窄。25H1 公司销售费用 同比下降 17.73%，系成熟期游戏流量投放费用减少所致。 新品储备丰富覆盖多品类。公司目前已储备二十余款新游，其中 10 款 为 SLG 产品，包括日式 Q 版 MMORPG《代号 MLK》、写实三国 SLG《代号正奇 ...

传媒/游戏Ⅱ 顺网科技（300113.SZ） Q2 业绩超预期，端游高景气及算力云/CJ 共驱成长 投资评级：买入（维持） | 日期 | 2025/8/21 | | --- | --- | | 当前股价(元) | 22.70 | | 一年最高最低(元) | 24.88/9.80 | | 总市值(亿元) | 155.17 | | 流通市值(亿元) | 117.63 | | 总股本(亿股) | 6.84 | | 流通股本(亿股) | 5.18 | | 近 3 个月换手率(%) | 267.29 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 160% 2024-08 2024-12 2025-04 顺网科技 沪深300 相关研究报告 《2025Q1 延续高增长，算力云、AI 业务商业化或加速—公司信息更新报 告》-2025.5.5 《端游及电竞复苏带动业绩回暖，算 力云/AI 驱动成长—公司信息更新报 告》-2025.4.18 《Q3 延续高增长，关注电竞及 AI 算 力云业务进展—公司信息更新报告》 -2024.10.30 方光照（分析师） fangguangzhao@kysec.cn ...

Group 1: Xiaomi Group - The company reported a revenue of approximately 116 billion yuan in Q2 2025, representing a year-on-year growth of 30.5% and a quarter-on-quarter growth of 4.2% [3][4] - Adjusted net profit for Q2 2025 was approximately 10.8 billion yuan, a year-on-year increase of 75.4% and a quarter-on-quarter increase of 1.5% [3][4] - The gross margin for Q2 2025 was approximately 22.5% [3] - The revenue from IoT and lifestyle products reached approximately 38.7 billion yuan, a year-on-year increase of 44.7% [5] - The smart electric vehicle revenue was approximately 20.6 billion yuan, showing a year-on-year growth of 230.3% [6] - Internet service revenue reached 9.1 billion yuan, a year-on-year increase of 10% [6] Group 2: Gigabit Technology - The company achieved a revenue of 2.518 billion yuan in H1 2025, with a year-on-year growth of 28.49% [9][10] - In Q2 2025, the revenue was 1.382 billion yuan, representing a year-on-year increase of 33.89% and a quarter-on-quarter increase of 21.71% [9][11] - The net profit for Q2 2025 was 361 million yuan, a year-on-year increase of 36.64% [9][11] Group 3: Highlan Co., Ltd. - The company established a wholly-owned subsidiary in Singapore to expand its global industrial layout [16] - In 2024, high-power density thermal management products accounted for 47.47% of total revenue [17] - The company signed a procurement contract for the Saudi flexible direct current project worth 361 million yuan [17] Group 4: Xinli Tai Pharmaceutical - The company reported a revenue of 2.131 billion yuan in H1 2025, with a year-on-year growth of 4.32% [23][25] - The net profit for Q2 2025 was 165 million yuan, a year-on-year increase of 14.55% [25] - The gross margin for Q2 2025 was 75.31%, an increase of 4.55 percentage points year-on-year [25] Group 5: Express Delivery Industry - In July 2025, the express delivery industry experienced a business volume growth of 15.1% year-on-year [28][29] - The average revenue per package in July 2025 was 7.36 yuan, a year-on-year decrease of 5.33% [28] - Major companies like YTO Express and SF Express saw varying growth rates in business volume, with SF Express experiencing a significant decline in revenue per package [30] Group 6: Jiangyin Bank - The bank reported a revenue growth of 10.45% year-on-year in H1 2025 [31][32] - Non-interest income increased by 30.26%, primarily driven by investment income [32] - The non-performing loan ratio was stable at 0.86% [33] Group 7: AI Demand and Semiconductor Industry - Demand for AI continues to grow, while consumer electronics orders are becoming more conservative [34] - In July 2025, Taiwan's IC design companies reported a revenue decline, with MediaTek's revenue down 23.4% month-on-month [34][35] - The semiconductor industry is experiencing mixed performance, with some companies reporting significant year-on-year growth [35] Group 8: Used Car Industry - The used car business remains highly prosperous, with significant growth in financial technology services [44] - The company reported a revenue of 5.452 billion yuan in H1 2025, a year-on-year increase of 22% [44]

吉比特（603444.SH） 上半年三款新游上线，《杖剑传说》境外表现优异 证券研究报告 | 半年报点评 gszqdatemark 2025 08 20 年 月 日 业绩概览：公司发布 2025 年半年报，2025H1 公司实现营业收入 25.18 亿， 同比增长 28.49%；实现归母净利润 6.45 亿，同比增长 24.50%；实现扣非归 母净利润 6.48 亿，同比增长 40.02%。 2025H1 三款自研游戏上线，贡献利润增量。新游戏方面，公司代理的国风 题材 RPG 游戏《封神幻想世界》于 2024 年 10 月上线，在 2025H1 贡献增量 营业收入和利润。2025H1，公司新推出了 3 款自研游戏。2025 年 1 月，放置 修仙游戏《问剑长生》上线，该游戏持续更新版本，推出新的主线剧情，并与 修仙小说 IP《道诡异仙》、经典动画《哪吒传奇》联动。2025H1 该游戏在 App Store 游戏畅销榜平均排名第 63 名，最高至第 14 名。2025 年 5 月，日式幻 想题材放置 MMORPG 游戏《杖剑传说》和回合制 MMORPG 游戏《道友来挖 宝》上线。《杖剑传说》上线以来表现亮眼， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant revenue growth in H1 2025, with revenue of 2.518 billion yuan, up 28.49% year-on-year, and a net profit of 645 million yuan, up 24.50% year-on-year. The growth was primarily driven by the strong performance of new games such as "Wanjian Changsheng" and "Zhangjian Chuanqi" [3][4] - The company plans to continue its high dividend policy, proposing a cash dividend of 66 yuan per 10 shares, resulting in a payout ratio of 73% [3] - The forecast for net profit for 2025-2027 has been raised, with expected figures of 1.499 billion, 1.928 billion, and 2.312 billion yuan respectively, corresponding to EPS of 20.81, 26.77, and 32.10 yuan [3][4] Financial Summary - In H1 2025, the gross margin was 92.3%, an increase of 4.1 percentage points year-on-year, attributed to a higher proportion of self-developed games [4] - The company’s operating expenses for H1 2025 were 33.2% for sales, 8.2% for management, and 14.2% for R&D, with sales expenses increasing due to marketing investments in new games [4] - The company’s new games have shown strong performance in both domestic and overseas markets, with "Zhangjian Chuanqi" ranking high on various charts and "Wanjian Changsheng" achieving over one million registered users in its first week [5] Financial Projections - Revenue projections for 2025-2027 are 5.193 billion, 6.241 billion, and 6.780 billion yuan, with year-on-year growth rates of 40.5%, 20.2%, and 8.6% respectively [6][8] - The projected net profit for 2025-2027 is 1.499 billion, 1.928 billion, and 2.312 billion yuan, with corresponding year-on-year growth rates of 58.7%, 28.6%, and 19.9% [6][8] - The company’s gross margin is expected to remain strong at around 92% for the next few years, indicating robust profitability [6][8]

Group 1 - The report highlights the resilience at the bottom of the cycle, with the successful advancement of the Alashan Phase II project for Boyuan Chemical [4][7] - In H1 2025, the company achieved revenue of 5.92 billion yuan, a year-on-year decrease of 16%, and a net profit of 740 million yuan, down 39% year-on-year [4][5] - The core product prices and gross margins for soda ash declined, but the increase in production and sales volume helped mitigate the impact of price drops [5][6] Group 2 - The company has successfully acquired multiple electronic gas projects, enhancing its position in the electronic gas market [9][10] - In H1 2025, the company reported revenue of 1.114 billion yuan, a year-on-year increase of 14.56%, while net profit decreased by 13.44% [9][10] - The gross margin for H1 2025 was 26.37%, down 3.69 percentage points year-on-year, but operating cash flow increased significantly by 84.34% [10] Group 3 - 361 Degrees reported H1 2025 revenue of 5.7 billion yuan, an increase of 11% year-on-year, with a net profit of 860 million yuan, also up 8.6% [12][13] - The e-commerce segment saw significant growth, with revenue reaching 1.82 billion yuan, a 45% increase year-on-year [13][14] - The company opened 49 new stores, enhancing its retail presence and brand image [15] Group 4 - Tencent Holdings reported Q2 2025 revenue of 184.5 billion yuan, a year-on-year increase of 15%, with a net profit of 55.6 billion yuan, up 17% [17][18] - The gaming segment experienced a robust 22% year-on-year growth, with significant contributions from both domestic and international markets [18][19] - The marketing services business grew by 20% year-on-year, driven by strong demand for advertising within the WeChat ecosystem [19] Group 5 - The report indicates that the chromium salt industry is experiencing significant growth, with Zhihua Co. achieving H1 2025 revenue of 2.19 billion yuan, a 10.2% increase year-on-year [29][30] - The company’s gross margin improved to 28.81%, up 3.16 percentage points year-on-year, reflecting effective cost management [29][30] - The effective release of production capacity contributed to a notable increase in sales volume, particularly in chromium oxide and alloy additives [32][33] Group 6 - Yonghe Co. reported H1 2025 revenue of 2.445 billion yuan, a 12.39% increase year-on-year, with a net profit of 271 million yuan, up 140.82% [35][36] - The refrigerant segment benefited from favorable supply-demand dynamics, leading to a 26.02% increase in revenue [37] - The company is actively pursuing the development of fourth-generation refrigerants and high-end fluorinated fine chemicals [39] Group 7 - The coal industry showed signs of improvement, with July 2025 coal production at 380 million tons, a year-on-year decrease of 3.8% [40][41] - The report notes that the overall coal production growth rate has slowed due to adverse weather conditions and regulatory checks [42] - The performance of major coal companies varied, with some showing production increases while others faced declines [42]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][21][25] Core Views - The company's core business remains stable with rapid progress in AI applications and data operations. In the first half of 2025, the company reported a revenue of 1.41 billion yuan, a slight increase of 0.09% year-on-year, while net profit grew significantly by 156.3% to 380 million yuan, aided by investment income from Haikan Co., Ltd. [1][4][9] Financial Performance - In the first half of 2025, the company's revenue was 1.41 billion yuan, with online gaming, online social, technology information, and digital operations generating revenues of 705 million, 70 million, 250 million, and 380 million yuan respectively, showing year-on-year changes of +9.0%, -52.5%, -9.5%, and +14.0% [1][9] - The gross profit margin for the first half of 2025 was 55.7%, down 7.1 percentage points year-on-year, with digital culture and digital technology margins at 59.1% and 37.6%, respectively [2][12] - The overall expense ratio decreased by 5.5 percentage points to 25.6%, with sales, management, financial, and R&D expense ratios at 11.7%, 6.8%, 0.01%, and 7.2% respectively [2][12] Business Focus - The company is focusing on the "Culture + Technology" main channel, utilizing AI technology to optimize its layout in gaming, sports, and cultural tourism. It has developed AI algorithms to enhance gaming experiences and is advancing the construction of an intelligent service platform [3][20] - In the digital technology sector, the company has achieved an 86.7% coverage rate for its provincial media integration network and is upgrading its computing infrastructure [3][20] - The data operation sector has seen significant business expansion, with the Zhejiang Big Data Trading Center launching new zones and participating in the establishment of the Zhejiang Data Business Alliance [3][20] Investment Recommendations - The report maintains a positive outlook on the company's advantages in the digital economy and AIGC era, projecting net profits of 630 million, 740 million, and 820 million yuan for 2025-2027, with diluted EPS of 0.50, 0.58, and 0.64 yuan respectively [4][21]

Investment Rating - The industry investment rating is "Outperform the Market" [5][45]. Core Viewpoints - In Q2 2025, the SW Media Industry Index rose by 8.56%, with significant improvement in fund activity and a fluctuating increase in valuation (PE-TTM), outperforming the average level of the past seven years [2][13][15]. - The fund's heavy allocation in the media industry remains low but has shown signs of recovery, with the gaming and advertising sectors receiving market attention and maintaining an overweight position [3][4]. Summary by Sections 1. Fund Activity and Valuation - The SW Media Industry Index closed at 726.87 points on June 30, 2025, up from 669.54 points at the beginning of the quarter, indicating an 8.56% increase [13]. - The average daily trading volume during Q2 2025 was 669.28 billion yuan, an increase of 88.44 billion yuan from the previous quarter and 413.17 billion yuan year-on-year [13]. - As of July 29, 2025, the PE-TTM for the SW Media Industry was 28.82 times, a 10.86% increase compared to the average over the past seven years [15]. 2. Fund Heavy Allocation Recovery - The allocation ratio for the SW Media Industry in Q2 2025 was 1.76%, with a fund heavy allocation ratio of 1.40%, indicating a low allocation but a recovery from the previous quarter [17]. - The low allocation ratio decreased to 0.36%, showing improvement compared to the previous quarter [20]. 3. Concentration of Fund Holdings - The top 10 heavy allocation stocks accounted for 85.34% of the total heavy allocation market value in the SW Media Industry, indicating a significant concentration of holdings [39]. - The gaming sector dominated the top ten heavy allocation stocks, with seven out of ten being gaming companies [23]. 4. Investment Recommendations - The report suggests focusing on leading companies in the gaming and advertising sectors, particularly those with rich game license reserves and AI application layouts [42].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][11] Core Views - The company is expected to see significant growth driven by new and existing games, as well as the TapTap platform, with a projected revenue of at least 3.05 billion yuan for H1 2025, representing a year-on-year increase of approximately 37% [4][8] - Net profit is anticipated to be no less than 790 million yuan, reflecting a year-on-year growth of around 215%, exceeding previous expectations [4][8] - The performance boost is attributed to successful self-developed games and improvements in the TapTap platform's advertising algorithms and user engagement [4][5] Financial Summary and Valuation Metrics - Revenue projections for 2025 are set at 6.466 billion yuan, with a year-on-year growth of 29% [7] - Net profit for 2025 is estimated at 1.71 billion yuan, showing a year-on-year increase of 110.7% [7] - The company’s gross margin is expected to improve to 71% in 2025, while the net margin is projected at 26.4% [7] - Earnings per share (EPS) for 2025 is forecasted at 3.5 yuan, with a price-to-earnings (P/E) ratio of 15.0 times [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company is expected to achieve a significant turnaround in profitability in the first half of 2025, with a forecasted net profit attributable to shareholders of 480-520 million yuan and a non-GAAP net profit of 290-330 million yuan, marking a year-on-year recovery [3] - The core gaming business is projected to perform steadily, with a non-GAAP net profit of 320-360 million yuan expected in the first half of 2025, driven by the new game "Zhu Xian World" and continued growth in esports revenue [3] - The upcoming release of the supernatural urban open-world RPG "Yihuan" is anticipated to contribute significantly to the company's revenue growth, with positive market feedback from recent tests [3] Financial Summary - The company forecasts revenues of 6,862 million yuan in 2025, a year-on-year increase of 23.2%, and net profits of 788 million yuan, representing a year-on-year growth of 161.2% [4][6] - The gross margin is expected to be 60.6% in 2025, with a net margin of 11.5% [4] - Earnings per share (EPS) are projected to be 0.41 yuan in 2025, with a price-to-earnings (P/E) ratio of 35.8 times [4][6] Product Pipeline - The product pipeline is clear, with "Yihuan" expected to accelerate its launch, potentially driving rapid revenue growth [3] - The sequel to the "Zhu Xian" IP, "Zhu Xian 2," is scheduled for public release on August 7, further solidifying the company's position in the MMORPG segment [3]