Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights the focus on the upcoming launch of the game "解限机" and the company's emphasis on AI, collaboration, and internationalization in its office software business [1][8] - The company achieved a total revenue of 2.338 billion yuan in Q1 2025, representing a year-on-year increase of 9.41% but a quarter-on-quarter decrease of 16.28% [8] - The gaming segment showed stable operations with expectations for the performance of "解限机" upon its launch, while the office software segment is seeing growth driven by WPS personal and WPS 365 services [8] Financial Performance Summary - Total revenue projections for the company are as follows: - 2023: 8.547 billion yuan - 2024: 10.318 billion yuan (up 20.91% YoY) - 2025: 11.669 billion yuan (up 13.09% YoY) - 2026: 13.149 billion yuan (up 12.68% YoY) - 2027: 14.721 billion yuan (up 11.96% YoY) [1] - Net profit attributable to the parent company is projected as follows: - 2023: 483.46 million yuan - 2024: 1,551.61 million yuan (up 220.94% YoY) - 2025: 1,866.88 million yuan (up 20.32% YoY) - 2026: 2,303.83 million yuan (up 23.41% YoY) - 2027: 2,734.62 million yuan (up 18.70% YoY) [1] - The report maintains previous earnings forecasts, with expected EPS for 2025-2027 being 1.33, 1.65, and 1.95 yuan respectively, corresponding to current P/E ratios of 25, 20, and 17 times [1][8]

值此鸿蒙PC首发之际，《英勇之地》同步开启了以"西游幻境"为主题的二周年庆典。活动期间，游戏上线了全新地图「女儿国」、全新英雄「齐天大 圣」，并推出类塔科夫玩法「秘境试炼」。玩家可通过参与周年庆限时任务获取周年限定皮肤、高阶装备及高价值稀有道具等奖励。此外，官方还宣布与华 为鸿蒙深度合作，在所有的门店都进行了《英勇之地》的预装，用户可前往鸿蒙线下门店体验。 "我们希望通过周年庆活动，让新老玩家感受到《英勇之地》持续进化的生命力。"项目主策划表示，"无论是鸿蒙PC的技术适配，还是游戏内容的迭代，核 心都是为玩家提供更自由、更畅快的生存竞技体验。" 5月8日，在备受瞩目的鸿蒙电脑技术与生态沟通会上，国产沙盒竞技网游《英勇之地》作为首批适配鸿蒙PC系统的100余款游戏之一正式亮相。这款由国内 团队研发的高自由度生存竞技游戏，不仅完成了对鸿蒙PC系统的全方位技术适配，更在发布会同期开启了二周年庆典活动，以"技术+内容"的双重突破，展 现了国产游戏与自主操作系统协同发展的新可能。 从移动端到PC端：一次深度的鸿蒙生态适配 作为华为鸿蒙PC生态的首发游戏，《英勇之地》团队针对鸿蒙系统的分布式架构、低延迟渲染等特性进行了深 ...