「不氪金」是游戏宣传口径中常常会用到的包装话术，但近年来好像有更多游戏都想要来真的了。 尤其在今年，不少游戏对待抽卡系统的态度出现了更明显的转变：二次元游戏《二重螺旋》高调宣布删除角色和武器抽卡内容、MMO《幻塔》计划推出0 氪金的跃迁服、SLG《率土之滨》也推出了不花钱抽卡的青春服...... 这种转变并非没有缘由。Sensor Tower的数据显示，国内RPG类抽卡手游的市场规模已经出现3年的持续下滑，在去年更是从品类第一的位置掉了下来。尽 管「抽卡」作为长年来的商业化定式依然奏效，但在某些品类上的表现似乎却逐渐乏力。 眼看传统抽卡系统的效果不如从前，越来越多游戏自然也开始尝试新的方案。 说起「抽卡」机制，日本GungHo的《智龙迷城》称得上是代表性产品之一。《智龙迷城》上线13年之后仍不时登顶日本iOS畅销榜榜首。就连这样的常青 树，在制作IP新作的时候删去了抽卡内容。 今年5月底，GungHo在海外市场推出了IP新作《智龙迷城0》。游戏延续了三消+RPG的玩法，除了支持横屏操作、设计了团队技能等内容调整之外没有太 多的变动。游戏最大的改革在于取消了抽卡系统，玩家取而代之需要在攻略地下城的过程中收集素材 ...

Core Viewpoint - The company anticipates significant growth in both revenue and net profit for the first half of 2025, driven by strong performance from key games and improvements in profit margins [1][2]. Group 1: Financial Performance - The company expects 1H25 revenue to be no less than 3.05 billion yuan, representing a year-on-year increase of over 37% [1]. - Net profit for 1H25 is projected to be no less than 790 million yuan, reflecting a year-on-year increase of over 215% [1]. - The performance exceeds both the company's and market expectations, with the market previously estimating net profit at 500 million yuan [1]. Group 2: Game Performance and Releases - The revenue growth in 1H25 is primarily attributed to the success of games such as "Ragnarok M: Beginning," "Heart Town," and "Torchlight," which have driven revenue increases and improved gross margins [1]. - In 2H25, profit growth is expected to come from the anniversary celebration of "Heart Town," which is anticipated to enhance commercialization, and the upcoming release of "Iser" on September 25 [1]. - The company has a strong pipeline for 2026, with the first round of testing for the open-world MMORPG "Ragnarok RO: Eternal Love" set to begin in December 2025 [1]. Group 3: TapTap Platform Development - TapTap's revenue and profit showed steady growth in 1H25, driven by improvements in advertising algorithms and increased user engagement [2]. - The company plans to focus on significant updates for games and the development of a PC version of TapTap, which has already gained a user base [2]. - Future initiatives include enhancing the small game platform and utilizing AI for game development [2]. Group 4: Profit Forecast and Valuation - The company has raised its net profit forecasts for 2025 and 2026 by 66% and 81% respectively, now expecting 1.65 billion yuan and 1.95 billion yuan [2]. - The target price has been increased by 49% to 82.5 HKD, reflecting an upward potential of 45% based on the adjusted profit forecasts and new game expectations [2].