[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 ...

Group 1 - The company announced a cash dividend plan for Q1 2025, proposing a distribution of 2.10 yuan per 10 shares, totaling approximately 462 million yuan (before tax) [2] - The mid-year cash dividend plan for 2025 includes a maximum total distribution of 1.5 billion yuan (before tax) across three periods, with each period not exceeding 500 million yuan [2] - In Q1 2025, the company's revenue was 4.243 billion yuan, and net profit attributable to shareholders was 549 million yuan, reflecting year-on-year declines of 10.67% and 10.87% respectively [2] Group 2 - The company has a rich product pipeline in various genres such as MMORPG, SLG, card games, and simulation management, with titles like "Douluo Dalu: Hunting Soul World" and "Zhui Xu" [3] - The product portfolio includes diverse themes ranging from Western fantasy to Eastern mythology, and the company is actively advancing the launch of several mobile games that have received domestic game licenses [3]