Investment Rating - The investment rating for the company is maintained as "Buy" [1] Core Views - The company reported a revenue of 8.486 billion RMB for H1 2025, a year-over-year decrease of 8.08%, while the net profit attributable to shareholders was 1.4 billion RMB, an increase of 10.72% year-over-year [1] - The second quarter showed significant improvement with a revenue of 4.243 billion RMB, down 5.33% year-over-year but with a net profit of 0.851 billion RMB, up 31.24% year-over-year [1] - The company plans to distribute a cash dividend of 2.10 RMB per 10 shares, totaling 0.924 billion RMB, which represents approximately 66% of the net profit for the period [1] - The company is optimistic about its product operational capabilities and overseas expansion potential, maintaining a "Buy" rating [1] Revenue and Product Performance - The mobile gaming business generated 8.239 billion RMB in H1 2025, a decline of 8.03% year-over-year, with the highest monthly revenue from global releases reaching approximately 2.2 billion RMB [2] - New products launched in early 2025, such as "Time Explosion" and "Heroes Don't Flash," performed well, while long-term products continued to contribute to revenue [2] - Overseas revenue was 2.724 billion RMB, down 6.01% year-over-year, accounting for 32.10% of total revenue [2] Product and IP Development - The company has a rich reserve of products and IPs, including adaptations of popular titles like "Douluo Dalu" and "Doupocangqiong" [3] - The self-developed game "Douluo Dalu: Hunting Soul World" has entered public testing, aligning with the company's strategy of product excellence [3] - The company is enhancing its AI capabilities, building a comprehensive AI-enabled ecosystem centered around its self-developed industry model "Xiao Qi" [3] Financial Metrics and Profitability - The gross margin for H1 2025 was 76.71%, a decrease of 2.92 percentage points year-over-year, influenced by increased operating costs [4] - The sales expense ratio decreased by 6.09 percentage points to 51.97%, as previous growth-phase games entered maturity, leading to reduced traffic investment [4] - The net profit margin increased by 2.81 percentage points year-over-year to 16.51% due to reduced sales expenses [4] Profit Forecast and Valuation - The company forecasts net profits of 2.831 billion RMB, 3.137 billion RMB, and 3.429 billion RMB for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.28 RMB, 1.42 RMB, and 1.55 RMB [5] - The target price is adjusted to 23.04 RMB based on an 18x PE valuation for 2025, up from a previous target of 19.33 RMB [5]

AI是年度报告提及的重点。 4月18日晚，游戏大厂三七互娱发布了2024年年度报告，除常规的业绩数据外，也披露了对外股权投资和公司战略布局，AI是报告提及的重点。 在业绩方面， 2024年三七互娱实现营收174.41亿元，同比增长5.4%；归属于上市公司股东的净利润为26.73亿元，同比增长0.54%。 | | 2024 年 | 2023 年 | 本年比上年增减 | 2022 年 | | --- | --- | --- | --- | --- | | 营业收入(元) | 17, 440, 957, 495. 58 | 16.546.871.737.85 | 5.40% | 16. 406. 034. 152. | | 归属于上市公司股东的净利 | 2.673.021,327.30 | 2.658.570. 193. 44 | 0. 54% | 2,954,377,452. | | 润(元) | | | | | | 归属于上市公司股东的扣除 非经常性损益的净利润 (元) | 2,591,270,839.95 | 2, 497, 299, 725. 79 | 3.76% | 2,883, 122, 221. | ...

政策转向，游戏行业的上市潮要来了吗？ 2024年年末，中国内地资本市场冲来了一轮炒股热潮。国庆假期后的第一个交易日，沪深两市开盘仅20 分钟成交额就突破万亿元，刷新了此前的记录。触乐曾以此为契机，报道过A股游戏公司近几年的动 向。 要知道，这些游戏公司出现在A股市场，本身就有一段极为曲折的历史。近10年里，内地游戏公司想要 上市，往往会面临来自舆论、监管等多方面的压力。直到2025年，监管部门出台了新的文化产业支持政 策，才为游戏公司重新打开了上市的大门。 可以说，这是场"姗姗来迟的IPO盛宴"。它对游戏厂商意味着什么？有哪些厂商可能会回归或者登陆A 股？这又会对行业产生怎样的影响？这篇文章讨论的就是这个。 曲折 游戏公司在国内上市，一直是条充满波折的路。 2010年，深圳中青宝互动网络公司（中青宝）登陆A股，成为首家国内上市游戏公司。此后几年，一批 游戏公司尝试通过创业板或主板IPO融资。掌趣科技、电魂网络等在2012—2016年间相继上市，让市场 对游戏板块充满期待。 但好景不长，2016年，监管部门收紧了对游戏等娱乐类公司的上市审核。2016年6月，吉比特公司IPO 过会，成为最后⼀家成功登陆A股的游戏 ...