创新产品加速布局，本地化市场做深打透 机构：天风证券 研究员：吴立 多元化产品组合促增长，AI 深度赋能价值凸显根据公司2025 中期业绩公告，公司2025H1 营业收入达 31.81 亿元，同比+40.0%。 其中社交业务（主要为包括MICO、YoHo、TopTop 和SUGO 在内的泛人群社交业务和包括HeeSay、 Blued 和Finka 在内的多元人群社交业务）收入约28.34 亿元，同比+37.0%。其中SUGO持续深挖用户需 求、丰富产品功能和变现场景，并结合区域特点增加优质内容供给，期内收入同比增长超100%，利润 增长超150%。TopTop社区生态进一步获丰富，在中东北非的优势地位不断巩固，同时积极开拓新市 场，期内收入同比增长超100%，利润增长超100%。MICO、YoHo 两款产品为公司稳定贡献收入及利 润；创新业务收入约为3.47 亿元，同比+70.5%，主要系公司的流量变现、社交电商等业务的稳步发 展，以及公司研发的精品游戏亦贡献了收入。自去年首次贡献收入后，精品游戏业务正式开启盈利回收 期，以《Alice's Dream: MergeGames》为代表的旗舰游戏进入长线运营阶段 ...

Core Viewpoint - Tianfeng Securities has upgraded the rating of ZhiZi City Technology (09911) to "Buy" based on its diversified product matrix and significant AI-driven business growth, projecting continued revenue and profit growth in the coming years [1] Group 1: Financial Performance - For the first half of 2025, ZhiZi City Technology reported a revenue of 3.181 billion yuan, a year-on-year increase of 40.0% [1] - The social business segment generated approximately 2.834 billion yuan, reflecting a year-on-year growth of 37.0% [1] - The adjusted EBITDA for the first half of 2025 reached 650 million yuan, representing a year-on-year increase of 44.0% [2] Group 2: Product and Market Development - The company has seen over 100% revenue growth in the SUGO product, driven by enhanced user engagement and content supply [1] - The flagship game, "Alice's Dream: MergeGames," has entered a long-term operational phase, marking the beginning of its profitability recovery period [2] - The company has launched an AI creative content community, Aippy, which allows users to generate interactive content using natural language [3] Group 3: Strategic Expansion - ZhiZi City Technology is actively expanding its market presence in the Middle East and North Africa, with a reported business scale growth of over 60% in these regions [3] - The establishment of regional headquarters in Riyadh and a global headquarters in Hong Kong signifies the company's commitment to its globalization strategy [3] - The company is focusing on deepening the integration of AI technology with business scenarios to enhance its market development efforts [3]

Core Viewpoint - The report from Tianfeng Securities highlights the diversified product matrix of Zhibo City Technology (09911) and the significant impact of AI technology on its business, suggesting that the company's performance is expected to continue growing in the future [1] Group 1: Financial Performance - For the first half of 2025, the company's revenue reached 3.181 billion yuan, representing a year-on-year increase of 40.0% [1] - The adjusted EBITDA for the first half of 2025 was 650 million yuan, reflecting a year-on-year growth of 44.0% [2] - Revenue forecasts for FY2025-FY2027 have been revised to 6.91 billion, 8.55 billion, and 10.25 billion yuan, respectively, while net profit forecasts have been adjusted to 1.018 billion, 1.291 billion, and 1.551 billion yuan [1] Group 2: Business Segments - The social business segment generated approximately 2.834 billion yuan in revenue, with a year-on-year increase of 37.0% [1] - The innovative business segment achieved revenue of about 347 million yuan, marking a year-on-year growth of 70.5% [1] - The flagship game, "Alice's Dream: MergeGames," has entered a long-term operational phase, contributing to the profitability of the premium game business [2] Group 3: Market Expansion and Strategy - The company is actively exploring new opportunities in social entertainment, with significant growth in the core products in the Middle East and North Africa, where business scale increased by over 60% year-on-year [3] - The establishment of regional headquarters in Riyadh and a global headquarters in Hong Kong signifies the company's commitment to strengthening its presence in the Middle East and advancing its global strategy [3] - The company is leveraging AI technology to enhance its product offerings and localize operations, which is expected to bolster its growth in key markets [2][3]