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]

Core Insights - The game "Brave Land" officially launched as one of the first 100 games adapted for the HarmonyOS PC system, showcasing the potential for collaboration between domestic games and independent operating systems [1] - The adaptation process involved deep optimization for HarmonyOS's distributed architecture and low-latency rendering, resulting in a 30% improvement in frame rate stability during large-scale battles [2] - The two-year anniversary celebration introduced new content and rewards, including a new map and hero, while also promoting the game through pre-installation in HarmonyOS stores [4] - The collaboration between "Brave Land" and HarmonyOS is seen as a benchmark for domestic game and operating system innovation, potentially paving the way for more developers to engage in similar partnerships [6] - The growth trajectory of "Brave Land" aligns with the development of domestic operating systems, highlighting a dual drive of technological independence and content innovation [7] Group 1 - "Brave Land" is one of the first games to adapt to the HarmonyOS PC system, indicating a significant step for domestic gaming and operating systems [1] - The game achieved a 30% increase in frame rate stability for large-scale battles due to optimizations for HarmonyOS [2] - The two-year anniversary event introduced new gameplay features and rewards, enhancing player engagement [4] Group 2 - The partnership between "Brave Land" and HarmonyOS represents a model for domestic game and operating system collaboration [6] - The evolution of "Brave Land" reflects the broader development of domestic operating systems, emphasizing the importance of technological and content innovation [7]