友谊时光(06820)发布2025年中期业绩，收益6.23亿元(人民币，下同)，同比增长18.5%;净利润4071.3万 元;每股基本盈利0.02元。 集团报告期内溢利同比增长的主要原因是：(1)新游戏带来的收益增量，其中小游戏《杜拉拉升职记》 及《凌云诺》表现亮眼;(2)报告期内高毛利渠道收入占比提升，带动毛利率增长约5个百分点;(3)报告期 内研发费用率和销售费用率均有所下降。 此外，公司的储备游戏包括《代号：恋人》、《代号：花》、《代号：遗迹》、《代号：MX》等正在 研发测试中。未来，公司将不断深化研运一体化建设，强化底层技术研发能力与精细化运营体系，通过 拓展多渠道发行网络和长线运营机制，完善全生命周期产品管理能力。公司将做好管理制度与绩效机制 的迭代工作，持续完善成本管控。公司将加速推进AI技术应用落地及创新实验，推动全场景流程革新 并力争给玩家带来更多耳目一新的体验。公司将坚定实施全球化发展路线，践行"区域深耕+品类突 破"策略，打造兼具文化特色与全球审美的精品游戏矩阵。 ...

集团报告期内溢利同比增长的主要原因是：(1)新游戏带来的收益增量，其中小游戏《杜拉拉升职记》 及《凌云诺》表现亮眼;(2)报告期内高毛利渠道收入占比提升，带动毛利率增长约5个百分点;(3)报告期 内研发费用率和销售费用率均有所下降。 此外，公司的储备游戏包括《代号：恋人》、《代号：花》、《代号：遗迹》、《代号：MX》等正在 研发测试中。未来，公司将不断深化研运一体化建设，强化底层技术研发能力与精细化运营体系，通过 拓展多渠道发行网络和长线运营机制，完善全生命周期产品管理能力。公司将做好管理制度与绩效机制 的迭代工作，持续完善成本管控。公司将加速推进AI技术应用落地及创新实验，推动全场景流程革新 并力争给玩家带来更多耳目一新的体验。公司将坚定实施全球化发展路线，践行"区域深耕+品类突 破"策略，打造兼具文化特色与全球审美的精品游戏矩阵。 智通财经APP讯，友谊时光(06820)发布2025年中期业绩，收益6.23亿元(人民币，下同)，同比增长 18.5%;净利润4071.3万元;每股基本盈利0.02元。 ...

集团以"AI+游戏"为战略方向，致力于通过技术创新驱动游戏工业化升级与玩家体验革新。集团围绕"技 术赋能创作、智能重塑体验"的核心目标，着重技术研发与场景落地双轮驱动，构建覆盖研发、发行、 运营与企业管理的全链路AI应用体系，聚焦平台化工具开发、数据资产沉淀、智能体创新及AI原生玩 法实验四大领域，从而实现对产品立项、内容策划、研发测试、发行运营、买量投放等各个环节有效赋 能。此外，集团旗下多款游戏已完成华为鸿蒙原生应用开发，正式加入鸿蒙生态，《暴吵萌厨》、《浮 生忆玲珑》亮相华为HDC2025，探索更多技术应用场景合作。 集团始终坚持长线运营策略，积极洞察用户需求，通过高频次的版本迭代、内容更新、运营活动及IP联 动等，为玩家提供细致全面的长线服务，不断拉长产品生命周期，激发产品活力。同时，集团针对不同 地区海外用户的特点，作出差异化、本地化的游戏内容和推广素材，更好地吸引和留住当地玩家。旗下 多款产品除在境内取得良好业绩和口碑外，亦在中国港澳台、韩国、日本、东南亚及北美等地区享有盛 誉。得益于此，旗下《熹妃传》、《浮生为卿歌》、《凌云诺》等已上线多年的产品始终保持良好的流 水表现。 格隆汇8月28日丨友谊 ...

Investment Rating - The report maintains a "Positive" investment rating for the media industry [1] Core Insights - The media industry continues to show high growth potential, particularly in gaming, offline entertainment, and AI applications. The report emphasizes the importance of investing in these sectors to capitalize on ongoing trends [4][5] Industry Data Overview - The game "Delta Force" ranks first on the iOS free chart in mainland China, while "Honor of Kings" holds the top position on the iOS revenue chart as of July 19, 2025 [12][14] - The film "Jurassic World: Rebirth" achieved the highest box office revenue for the week [12] Gaming Sector - The gaming sector is experiencing a new product cycle, with companies like Xindong and Youyi Time reporting positive earnings forecasts for H1 2025, driven by new game launches and improved profit margins [4] - The report recommends focusing on high-potential gaming companies such as Xindong, Giant Network, and Perfect World [4] Online Music Sector - The online music market has significant growth potential, especially among younger users. The report highlights the increasing user base and potential for higher ARPU compared to international platforms like Spotify [4] Concert and Live Events - The concert industry is expected to maintain high growth, with a reported 78% year-on-year increase in box office revenue for large concerts in 2024 [4] Domestic Animation - The domestic animation sector is thriving, with successful releases like "The Legend of Luo Xiaohei 2" and upcoming events such as ChinaJoy 2025 expected to drive consumer engagement and spending [4] AI Applications - Recent advancements in AI, including the release of new models and applications, are anticipated to accelerate commercialization in various sectors, including AI companionship, creation, and marketing [5] Company Performance - The report highlights key companies in the gaming and entertainment sectors, recommending specific stocks based on their performance and market position [4][5]

Core Viewpoint - The company forecasts a profit of 38 to 44 million yuan for the first half of 2025, marking a turnaround from losses, with expected revenue of 600 to 650 million yuan, representing a year-on-year growth of 14% to 24% [1] Group 1: Revenue and Profit Performance - The company anticipates double-digit year-on-year revenue growth for the first half of 2025, with revenue remaining stable compared to the previous period, driven by multiple products generating incremental revenue [1] - The company’s profit forecast for the first half of 2025 indicates a significant recovery, with expected profits between 38 to 44 million yuan, compared to previous losses [1][2] Group 2: Product Performance and Market Strategy - The company is leveraging mini-games to attract new users, with successful launches of mini-program versions of existing products like "Dulala's Promotion" and "Lingyun Nuo," which have seen significant revenue growth and rankings in popular gaming charts [1] - Established products such as "Xi Fei Chuan" and "Fu Sheng" are maintaining stable revenue streams, contributing to a solid profit base [1] - The new game "Violent Chef" launched on May 28 is expected to generate over 10 million yuan in its first month, indicating potential for growth in the casual gaming segment [1][2] Group 3: Financial Metrics and Future Outlook - The company reported an increase in gross margin by approximately 5 percentage points due to a higher proportion of revenue from high-margin channels in the first half of 2025 [2] - The company has successfully reduced R&D and sales expense ratios, attributed to efficiency improvements driven by AI applications, enhancing overall cost management [2] - The company maintains its net profit forecast, with the current stock price reflecting a P/E ratio of 13 for 2025 and 11 for 2026, while raising the target price by 71% to 1.06 HKD, indicating an upward potential of 13% [2]

Core Viewpoint - The company maintains its profit forecast for 友谊时光 (06820) and raises the target price by 71% to HKD 1.06, reflecting a potential upside of 13% based on improved industry valuations and product potential [1] Group 1: Revenue and Profit Forecast - The company expects 1H25 revenue to be between 600-650 million, representing a year-on-year growth of 14%-24%, with profits projected between 38-44 million, indicating a turnaround from losses [1] - The revenue growth is driven by multiple products achieving incremental revenue, particularly from mini-games that attract new users [2] Group 2: Product Performance - Mini-games are revitalizing product performance, with titles like 《杜拉拉升职记》 and 《凌云诺》 achieving significant rankings in popular gaming charts [2] - Established products like 《熹妃传》 and 《浮生》 maintain stable revenue contributions, ensuring a solid profit margin [2] Group 3: Profitability and Cost Management - The company reports an increase in gross margin by approximately 5 percentage points due to a higher proportion of high-margin channel revenue [3] - Cost management is effective, with reductions in R&D and sales expense ratios attributed to AI applications enhancing efficiency and return on investment [3] Group 4: New Game Developments - The new season of 《暴吵萌厨》 launched on July 14, introducing new gameplay and levels, with expectations for user growth and monetization [4] - The company has several games in development, with some already receiving approval, indicating a strong pipeline for future releases [4] - The chairman's commitment to not sell shares in the next 12 months reflects confidence in the company's business and product outlook [4]

Core Viewpoint - The company, Youyi Shiguang, anticipates a revenue of approximately RMB 600 million to 650 million for the six months ending June 30, 2025, representing a year-on-year growth of about 14.1% to 23.6% [1] - The company expects a profit of approximately RMB 38 million to 44 million, marking a turnaround from loss to profit, with a year-on-year increase of about 152.5% to 160.8% [1] Group 1 - The primary reason for the profit growth is attributed to the revenue increment from new games, particularly the mini-games "Dulala Promotion" and "Lingyun Nuo," which performed exceptionally well [1] - The increase in the proportion of high-margin channel revenue contributed to a gross margin growth of approximately 5 percentage points [1] - The company experienced a decrease in both research and development expense ratio and sales expense ratio during the reporting period [1] Group 2 - The mobile game "Chaotic Chef" was launched for public testing on May 28, 2025, quickly topping the charts on various platforms including Apple App Store and Huawei [2] - The game features collaborations with over 30 well-known food and snack brands, enhancing its market presence and engagement [1][2] - The company has several games in development, including "Code: Lover," "Code: Flower," "Code: Relic," and "Code: MX," which are currently undergoing testing [2] Group 3 - The company is committed to continuous innovation and resource optimization, with the board expressing confidence in the long-term development and prospects of the group [2] - The chairman and executive director, Jiang Xiaohuang, has committed not to sell shares in the open market for the next 12 months [2]

Group 1 - The company, Youyi Shiguang (06820.HK), expects to report revenues of approximately RMB 600 million to RMB 650 million for the six months ending June 30, 2025, representing a year-on-year growth of about 14.1% to 23.6% [1] - The company anticipates a profit of approximately RMB 38 million to RMB 44 million, marking a turnaround from losses and a year-on-year increase of about 152.5% to 160.8% [1] - Key drivers for the profit growth include new game revenue contributions, an increase in the proportion of high-margin channel income leading to a gross margin increase of about 5 percentage points, and a reduction in both research and development expenses and sales expenses [1] Group 2 - The new mobile game "Violent Chef" was launched on May 28, 2025, and quickly topped various app store rankings, collaborating with popular snack brands and over 30 food-related brands for promotional activities [1] - The second season of "Violent Chef," titled "Spirit Forest," officially launched on July 14, 2025, introducing new levels and casual gameplay, along with a partnership with Ele.me for a special event [2] - The company has several games in development, including "Code: Lover," "Code: Flower," "Code: Relic," and "Code: MX," which are currently undergoing testing [2]

Core Viewpoint - The company possesses a unique ability to create hit products in the traditional advantageous ancient-style RPG female-oriented game sector, while maintaining a long-term operational strategy, resulting in stable revenue performance from titles like "Floating Life for the Emperor" and "Lingyun Nuo" [1][2] Game Performance - The recent game "Violent Chef" has shown impressive performance, currently ranking first on the iOS free game chart, with plans for increased user acquisition to enhance its long-term development and contribution to revenue and profit [1][3] - The game features a differentiated cooking gameplay combining "Chinese cuisine kitchen party + restaurant casual management," appealing to a broad audience [1][3] Product Pipeline and Market Expansion - The company is actively expanding its product categories, including male-oriented games and overseas markets, with a rich pipeline expected to yield multiple game tests in Q3/Q4 [2][5] - The company has improved its publishing system, focusing on ROI in project initiation and distribution, leading to successful low-cost, high-return games like "Ink Sword Jianghu" and "Lingyun Nuo" [2][5] Cultural and Brand Integration - The company has successfully enhanced market penetration and user engagement through diverse brand collaboration strategies, creating a unique "culture + consumption" ecosystem [2] - Collaborations with cultural landmarks and consumer brands have strengthened the cultural depth of its IPs and increased foot traffic to physical locations [2] Financial Forecast - Revenue is projected to improve gradually, with expected revenues of 1.45 billion and 1.76 billion yuan for 2025 and 2026, respectively, reflecting year-on-year growth of 25% and 21% [5] - Adjusted net profits are forecasted to be 85 million and 175 million yuan for the same years, indicating stable profitability [5]