高盛发表研究报告指，网易第三季业绩逊于预期，但结构性增长仍然不变。网易专注于丰富现有常青游 戏组合，并搭配少量优质新游戏的策略，已开始展现成效。该行相信，网易将能充分发挥其研发实力， 强化海外业务增长；维持网易美股评级160美元，H股目标价250港元。 ...

该行微调对其2025至27年收入预测，以反映广告及其他收入优于预期，上调今年非通用会计准则(non- GAAP)盈测5%。该行对B站维持建设性看法，因广告增长具上行空间(属同业中最快之一)；及受惠经营 杠杆及成本控制具纪律，毛利率如期扩张，经营利润率迈向介乎15%至20%中期目标水平。 高盛发表报告指，哔哩哔哩正在维持具质素内容生态，具强劲用户连结，以及通过更佳广告转化及AI 技术以将流量变现，以及明年新游戏产品管线有望带动业务潜在上行。该行维持对其"买入"评级，H股 目标价由234港元升至240港元，美股目标价由30美元升至30.8美元。 ...

Core Viewpoint - Bilibili's Q3 revenue grew by 5% year-on-year to 7.69 billion yuan, exceeding CICC's expectation of 7.61 billion yuan, driven by strong advertising revenue growth and better-than-expected gross margin performance [1] Revenue and Profit Performance - Non-GAAP net profit for Bilibili reached 787 million yuan, surpassing CICC's forecast of 563 million yuan, primarily benefiting from rapid growth in advertising revenue and improved gross margin [1] - The strong growth momentum in advertising business significantly enhanced gross margin [1] Future Outlook - CICC noted the expansion of Bilibili's new game product line and is monitoring the launch timing and growth potential of these new games [1] - The company maintains high-quality content and community atmosphere to promote a healthy commercialization cycle [1] Profit Forecast Adjustments - Based on the improving gross margin trend, CICC raised Bilibili's net profit forecasts for 2025 and 2026 by 7.8% and 2.3%, respectively, to 2.44 billion yuan and 3.06 billion yuan [1] - Target prices for Bilibili's US and H shares were increased by 7.4% and 7.8%, respectively, to $29 and 220 HKD, while maintaining an "outperform" rating [1]

公告称，盈转亏主要由于报告期内就我们若干现有游戏作出的无形资产减值亏损拨备;我们于2025年3月 以商业化方式推出的新游戏的无形资产摊销;及员工成本增加所致。 火岩控股(01909)发布截至2025年6月30日止6个月业绩，该集团取得收入7291.9万港元，同比增加 15.75%;公司拥有人应占亏损1824.2万港元，去年同期则取得利润676.6万港元;每股亏损9.5港仙。 ...

Core Viewpoint - Fire Rock Holdings (01909.HK) reported a revenue of approximately HKD 72.9 million for the six months ending June 30, 2025, representing a year-on-year increase of about 15.7%. However, the company incurred a loss of approximately HKD 6.7 million during the same period, compared to a profit of approximately HKD 14.1 million for the six months ending June 30, 2024. The board does not recommend the payment of an interim dividend for the period ending June 30, 2025 [1]. Financial Performance - Revenue for the six months ending June 30, 2025, was approximately HKD 72.9 million, reflecting a year-on-year growth of about 15.7% [1]. - The company reported a loss of approximately HKD 6.7 million for the period, a significant decline from a profit of approximately HKD 14.1 million in the same period the previous year [1]. Dividend Policy - The board of Fire Rock Holdings does not recommend the payment of an interim dividend for the six months ending June 30, 2025, consistent with the previous year where no dividend was paid [1]. Reasons for Profit Decline - The decrease in profit attributable to owners of the company is primarily due to: 1. Impairment losses on intangible assets related to several existing games during the reporting period 2. Amortization of intangible assets for a new game launched commercially in March 2025 3. Increased employee costs [1].

Core Viewpoint - The company, Hangzhou Dihun Network Technology Co., Ltd., is forecasting a significant loss for the first half of 2025, with net profit expected to be between -11 million and -7.5 million yuan, indicating a decline compared to the previous year [2][4]. Group 1: Performance Forecast - The performance forecast period is from January 1, 2025, to June 30, 2025 [3]. - The expected net profit attributable to the parent company is projected to be between -11 million and -7.5 million yuan, which represents a loss compared to the same period last year [4]. - The expected net profit after deducting non-recurring gains and losses is projected to be between -18 million and -12 million yuan [2][4]. Group 2: Previous Year’s Performance - In the same period last year, the total profit was 67.9955 million yuan, with a net profit attributable to the parent company of 59.3069 million yuan [5]. - The net profit attributable to the parent company after deducting non-recurring gains and losses was 40.8106 million yuan [5]. - The earnings per share for the previous year was 0.25 yuan [6]. Group 3: Reasons for Performance Decline - The decline in performance is primarily due to a decrease in revenue from some older games and underperformance in the promotion of new games launched during the reporting period [7]. - Non-operating gains and losses also impacted performance, with other income amounting to 2.5875 million yuan, a decrease of 16.7224 million yuan compared to the previous period, mainly due to a significant reduction in government subsidies received [7].

Group 1 - The company expects a net profit attributable to shareholders of the parent company for the first half of 2025 to be between -11 million yuan and -7.5 million yuan, indicating a loss compared to the same period last year [1][2] - The expected net profit attributable to shareholders of the parent company, after deducting non-recurring gains and losses, is projected to be between -18 million yuan and -12 million yuan [1][2] - In the same period last year, the total profit was 67.9955 million yuan, with a net profit attributable to shareholders of the parent company of 59.3069 million yuan [2] Group 2 - The decline in performance is primarily due to a decrease in revenue from some older games and underwhelming promotional effects for newly launched games [2] - Non-operating gains and losses have also impacted performance, with other income amounting to 2.5875 million yuan, a decrease of 16.7224 million yuan compared to the previous period, mainly due to a significant reduction in government subsidies received [2]