Core Viewpoint - CICC maintains IGG's earnings forecast and outperform industry rating, raising the target price by 26% to HKD 5.23, reflecting a valuation premium due to the strong initial performance of new products [1] Group 1: Financial Performance - For 1H25, IGG reported a revenue decline of 1% to HKD 2.721 billion, with a net profit of HKD 322 million and Non-IFRS net profit of HKD 332 million, aligning with CICC's expectations [2] - The company announced an interim dividend and special dividend totaling HKD 0.139 per share, representing approximately 50% of 1H25 net profit, with share buybacks accounting for about 11% of net profit [2][5] - The Non-IFRS net profit for 1H25 was HKD 323 million, with a gross margin increase of 4 percentage points and a sales expense ratio increase of 5 percentage points, while the adjusted net profit margin decreased by 0.5 percentage points [5] Group 2: New Product Launch - The new SLG game "Fate War" launched in early August generated HKD 20 million in revenue within the first three weeks, with a focus on user acquisition and revenue performance post-version updates [3] - The company plans to release a new version on September 30, which will include technical updates for low-performance devices and streamlined daily operations to enhance user engagement in core gameplay [3] Group 3: Existing Product Performance - The core existing products performed in line with expectations, with "Lords Mobile" experiencing a 14% revenue decline in 1H25, attributed to its maturity phase [4] - Revenue for "Doomsday" and "Viking Rise" grew by 6% and 18% year-on-year, respectively, with slight quarter-on-quarter declines, meeting expectations [4] - The company is planning gameplay adjustments for "Lords Mobile" by the end of the year and has initiated collaborations with films and other franchises to enhance user engagement and revenue [4]

公司SLG+模拟经营新品《Fate War》于8月初上线，公司表示首三周流水金额达到2,000万港元。展望未 来，该行建议关注游戏版本迭代及对应的获客情况。公司于业绩会上表示，将于9月30日推出新版本， 优化重点为：1)技术更新使游戏适配部分低性能设备;2)减少日常操作流程，推动用户将更多时长放在社 交、战斗等核心玩法。公司亦表示将于新版本上线后进行大规模用户获取投放。该行认为，公司新版本 的两项优化均有助于更广泛的用户群获取，该行建议关注后续游戏的用户数量及留存表现。 老产品整体表现稳定，关注玩法调整及联动活动进展 智通财经APP获悉，中金发布研报称，维持IGG(00799)盈利预测及跑赢行业评级，当前股价对应8.6/8.4 倍2025/2026年Non-IFRS净利润。考虑到新产品初期优异表现带来的估值溢价，上调目标价26%至5.23 港元，对应10.0/9.8倍2025/2026年Non-IFRS P/E，上行空间16%。 中金主要观点如下： 1H25业绩基本符合该行的预期，分红+回购比例提升至61% 公司公布1H25业绩：收入同降1%至27.21亿港元;归母净利润3.22亿港元，Non-IFRS净利润 ...