公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 4,185 | 3,696 | 5,294 | 6,286 | 7,362 | | 同比增长 (%) | -19.0% | -11.7% | 43.2% | 18.7% | 17.1% | | 营业利润(百万元) | 1,706 | 1,283 | 2,002 | 2,360 | 2,569 | | 同比增长 (%) | -26.5% | -24.8% | 56.1% | 17.9% | 8.9% | | 归属母公司净利润(百万元) | 1,125 | 945 | 1,508 | 1,779 | 1,936 | | 同比增长 (%) | -23.0% | -16.0% | 59.6% | 17.9% | 8.8% | | 每股收益（元） | 15.62 | 13.12 | 20.94 | 24.70 | 26.87 | | 毛利率(%) | 88.5% | 87.9% | 92.9% | 89.6% | ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 565.66 [1][5]. Core Views - The company reported strong H1 performance with revenue of RMB 2.518 billion, a year-on-year increase of 28.49%, and a net profit of RMB 645 million, up 24.50% year-on-year. The growth is attributed to new game contributions [1]. - The company plans to distribute a cash dividend of RMB 66 per 10 shares, totaling approximately RMB 474 million, which represents 73.46% of H1 net profit [1]. - The outlook for the company's domestic game business remains positive, with expectations for continued stable growth and new developments in overseas game operations [1]. Summary by Sections H1 Performance - In H1 2025, the company achieved revenue of RMB 2.518 billion, a year-on-year increase of 28.49%, and a net profit of RMB 645 million, up 24.50% year-on-year. The Q2 results showed revenue of RMB 1.382 billion, a year-on-year increase of 33.89% and a quarter-on-quarter increase of 21.71% [1]. Game Performance - The newly launched game "杖剑传说" generated RMB 424 million in revenue in Q2 2025. The game "问剑长生" also showed strong performance with Q2 revenue of RMB 203 million, reflecting a 42.9% quarter-on-quarter increase [2]. - The company's overseas game revenue in H1 2025 was RMB 201 million, a year-on-year decrease of 21.01%, primarily due to declines in revenue from "飞吧龙骑士" and "一念逍遥" [3]. Financial Metrics - The gross margin for H1 2025 was 92.31%, an increase of 4.10 percentage points year-on-year, attributed to reduced costs from external developers [4]. - The company has adjusted its net profit forecasts for 2025-2027, increasing the estimates to RMB 1.63 billion, RMB 1.82 billion, and RMB 1.93 billion respectively, reflecting a significant upward revision [5]. Valuation - The target price has been adjusted to RMB 565.66 based on a price-to-earnings (PE) ratio of 25 times for 2025, up from a previous target of RMB 376.94 [5].

Core Insights - The company's performance exceeded expectations in Q1 2025, driven by the new game "Wen Jian Chang Sheng," which launched on January 2, 2025, contributing significantly to revenue growth [1] - The company's total revenue for Q1 2025 was 1.136 billion yuan, a year-on-year increase of 22.5%, while net profit attributable to shareholders was 283 million yuan, up 11.8% [1] - The company anticipates that the revenue recognition pace for new games will be better than expected, particularly for "Wen Jian Chang Sheng" [1] Revenue and Profit Analysis - Q1 2025 revenue was 1.136 billion yuan, with a net profit of 283 million yuan, and a non-deductible net profit of 275 million yuan, which surpassed the expected 200 million yuan, marking a 38.7% year-on-year increase [1] - Marketing expenses increased to 31.7% of revenue, while R&D expenses decreased to 15.9%, and management expenses were at 9.7%, aligning with expectations [1] Game Performance - The core game "Wen Dao" saw a monthly average revenue of 110 million yuan, down 16.2% year-on-year, while the mobile version generated 147 million yuan, down 15.8% [2] - The new game "Wen Jian Chang Sheng" achieved a monthly average revenue of 121 million yuan in Q1 2025, totaling 363 million yuan [2] - The overseas gaming business reported a total revenue of 117 million yuan in Q1 2025, a decrease of 15.95% year-on-year [2] Future Game Releases - The self-developed game "Zhang Jian Chuan Shuo" is expected to launch in H1 2025, while the agency-operated game "Jiu Mu Zhi Ye" is anticipated to launch in H2 2025 in mainland China [2] Profit Forecast and Valuation - The company projects net profit growth of 7.86%, 11.87%, and 12.33% for 2025-2027, reaching 1.019 billion yuan, 1.140 billion yuan, and 1.281 billion yuan respectively [2] - The current stock price corresponds to a PE ratio of 15X, 14X, and 12X for 2025-2027 [2]