智通财经APP获悉，中金发布研报称，维持金山软件(03888)跑赢行业评级。考虑游戏业务短期增长存在 不确定性，下调目标价13%至39港元。考虑到办公业务A/H估值差异随市值上行加大，将集团化折扣率 由40%上调至50%;鉴于游戏业务短期承压，将游戏业务市盈率倍数由10倍下调至8倍，将游戏业务净利 率由20%下调至15%，对应44倍2026年市盈率。 金山软件2025年第三季业绩低于市场预期，主要因游戏业务表现不及预期。收入24.19亿元，同比下降 17%;经营利润2.77亿元，同比下滑75.8%。中金指，基于对游戏业务短期更为审慎的假设，下调2025及 2026年收入6.9%和5.6%，分别至96.2亿元及109.1亿元;考虑金山云配售相关的一次性收益，上调2025年 净利润预测27.1%至17.9亿元;由于收入下调及AI战略相关投入增加，下调2026年净利润预测34.7%至11.2 亿元。 ...

金山软件2025年第三季业绩低于市场预期，主要因游戏业务表现不及预期。收入24.19亿元，同比下降 17%;经营利润2.77亿元，同比下滑75.8%。中金指，基于对游戏业务短期更为审慎的假设，下调2025及 2026年收入6.9%和5.6%，分别至96.2亿元及109.1亿元;考虑金山云配售相关的一次性收益，上调2025年 净利润预测27.1%至17.9亿元;由于收入下调及AI战略相关投入增加，下调2026年净利润预测34.7%至11.2 亿元。 中金发布研报称，维持金山软件(03888)跑赢行业评级。考虑游戏业务短期增长存在不确定性，下调目 标价13%至39港元。考虑到办公业务A/H估值差异随市值上行加大，将集团化折扣率由40%上调至50%; 鉴于游戏业务短期承压，将游戏业务市盈率倍数由10倍下调至8倍，将游戏业务净利率由20%下调至 15%，对应44倍2026年市盈率。 ...

格隆汇11月24日｜中金发表报告指，金山软件第三季业绩低于市场预期，主要因游戏业务表现不及预 期。收入24.19亿元，按年下降17%；经营利润2.77亿元，按年下滑75.8%。中金指，基于对游戏业务短 期更为审慎的假设，下调2025及2026年收入6.9%和5.6%，分别至96.2亿元及109.1亿元；考虑金山云配 售相关的一次性收益，上调2025年净利润预测27.1%至17.9亿元；由于收入下调及AI战略相关投入增 加，下调2026年净利润预测34.7%至11.2亿元。该行维持对其"跑赢行业"评级，考虑游戏业务短期增长 存在不确定性，下调目标价13%至39港元。 ...

网易(NTES.US)涨超2.2%，报136.36美元。消息面上，网易第三季度总营收284亿元，同比增长8.2%； 净利润86亿元持平上季度，同比增长32.3%；毛利率从上年同期的62.8%提升至64.1%。期内游戏业务收 入达233亿元，占总营收的82%，同比增长11.8%。(格隆汇) ...

该行将其评级由"持有"上调至"买入"，目标价由41.7港元降至40港元，因经过长达九个月的调整后，股 价的风险回报比变得更具吸引力。 中银国际发表报告指，金山软件第三季业绩逊预期，营收较预期低8%至11%，净利润较预期低26%至 55%，主要因为游戏业务疲弱，办公软件业务营收增长26%，部分抵销有关影响。该行认为，尽管金山 软件游戏业务持续正常化，但游戏产品线仍显疲软。该行相信金山软件自2025年中以来股价下跌27%已 基本反映此下行风险，市场可能忽略办公软件与云端业务的潜在增长动能。 ...

Core Viewpoint - The report from China Merchants Securities International indicates an optimistic outlook for Bilibili, with an upgrade in non-GAAP net profit forecasts and a "Buy" rating for its US stock, driven by strong revenue growth and effective cost control [1]. Financial Performance - Bilibili's revenue in Q3 increased by 5% year-on-year, meeting expectations [1]. - Non-GAAP operating profit and net profit exceeded expectations by 6% and 22%, respectively, attributed to better-than-expected cost control and efficiency improvements driven by AI [1]. Advertising and Gaming Segments - The advertising business is expected to perform strongly, with projected year-on-year revenue growth of 22% in Q4 and 19% in the following year, supported by rich content and a young user base [1]. - The gaming segment is anticipated to recover sequentially due to new popular products [1]. Long-term Outlook - The company is viewed positively for its ability to operate classic products and adapt to the preferences of younger users [1]. - The forecast for revenue growth is set at 13% and 9% for the next two years, with non-GAAP net profits expected to reach 2.5 billion and 3.5 billion yuan, respectively [1]. Investment Rating - China Merchants Securities International has assigned a "Buy" rating for Bilibili's US stock with a target price of $30 and a target price of 234 HKD for its H-shares [1].

Core Viewpoint - Bilibili's Q3 2025 financial results show a revenue increase of 5% year-on-year, with significant growth in adjusted net profit and user engagement metrics [1] Revenue Summary - Total revenue for Q3 2025 reached 7.69 billion yuan, marking a 5% increase compared to the previous year [1] - Advertising revenue amounted to 2.57 billion yuan, reflecting a 23% year-on-year growth [1] - Revenue from value-added services was 3.02 billion yuan, with a notable increase in the number of premium members [1] - IP derivatives and other business revenue totaled 580 million yuan [1] User Engagement Metrics - Daily active users averaged 117 million, up 9% year-on-year [1] - Monthly active users reached 376 million, representing an 8% increase [1] - Daily usage time increased to 112 minutes, a rise of 6 minutes compared to the previous year [1] - Monthly paying users exceeded 35 million, showing a 17% growth [1] Content and Creator Performance - The number of creators with over 10,000 followers grew by over 20% year-on-year [1] - Nearly 2.5 million creators earned income through various channels, with an average income increase of 22% year-on-year [1] - The gaming segment generated 1.51 billion yuan in revenue, bolstered by the successful launch of the self-developed game "Escape from Duckkov," which sold over 3 million copies globally [1]

Core Viewpoint - New Xunda, established in December 2006 and listed on the Shenzhen Stock Exchange in June 2016, is a diversified internet enterprise with significant influence in the e-commerce service industry [1] Group 1: Business Overview - The company operates in multiple sectors, including gaming, live e-commerce, internet advertising agency, and direct internet sales [1] - It is categorized under the Shenwan industry classification of commerce and trade retail - internet e-commerce - e-commerce services, and is associated with concepts such as margin financing, small-cap stocks, Guangdong-Hong Kong-Macau nuclear fusion, superconducting concepts, and nuclear power [1] Group 2: Financial Performance - For Q3 2025, New Xunda reported revenue of 104 million, ranking 8th among 8 companies in the industry, with the industry leader, Ruoyuchen, generating 2.138 billion [2] - The company's net profit for the same period was -31.96 million, placing it 7th in the industry, while the top performer, Ruoyuchen, had a net profit of 105 million [2] Group 3: Financial Ratios - As of Q3 2025, New Xunda's debt-to-asset ratio was 11.30%, down from 11.80% year-on-year, and below the industry average of 17.59% [3] - The company's gross profit margin for Q3 2025 was 15.60%, a decrease from 17.61% year-on-year, and also lower than the industry average of 33.86% [3] Group 4: Executive Compensation - The chairman, Wu Chenghua, received a salary of 1.9338 million in 2024, an increase of 71,200 from the previous year [4] - The general manager, Yang Liening, has a salary of 993,600 in 2024 [4] Group 5: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 8.95% to 14,100, while the average number of circulating A-shares held per account increased by 9.83% [5]

Core Viewpoint - The company Shifeng Culture (SZ 002862) announced its board meeting and discussed its Q3 2025 report, revealing its revenue composition for the first half of 2025 [1] Group 1: Company Financials - For the first half of 2025, Shifeng Culture's revenue breakdown is as follows: toy self-manufacturing accounts for 47.93%, gaming business for 35.58%, toy trading for 11.65%, solar energy for 4.69%, and other businesses for 0.15% [1] - As of the report, Shifeng Culture has a market capitalization of 3.1 billion yuan [1] Group 2: Board Meeting - The fourth session of the thirteenth board meeting was held on October 27, 2025, in Shantou City, Guangdong Province, combining on-site and remote voting methods [1] - The meeting reviewed the proposal regarding the Q3 2025 report among other documents [1]

Core Viewpoint - The stock price of Xunzhida has shown a positive trend recently, with a notable increase in trading volume and market capitalization, indicating potential investor interest and confidence in the company's performance [1][2]. Company Overview - Xunzhida Technology Group Co., Ltd. is based in Shenzhen, Guangdong Province, and was established on December 28, 2006, with its public listing on June 24, 2016 [2]. - The company's main business segments include e-commerce direct sales (99.27% of revenue), live e-commerce (0.54%), game operations (0.14%), and other mineral product trading (0.04%) [2]. - As of June 30, the number of shareholders increased to 15,500, a rise of 21.59%, while the average circulating shares per person decreased by 17.76% [2]. Financial Performance - For the first half of 2025, Xunzhida reported revenue of 86.65 million yuan, reflecting a year-on-year growth of 42.35%, while the net profit attributable to shareholders was -13.57 million yuan, an increase of 83.24% compared to the previous year [2]. - Since its A-share listing, the company has distributed a total of 58.54 million yuan in dividends, with 9.26 million yuan distributed over the past three years [3]. Stock Performance - Year-to-date, Xunzhida's stock price has increased by 7.52%, with a 10.84% rise over the last five trading days, although it has seen a slight decline of 0.37% over the past 20 days and a 7.77% drop over the last 60 days [2]. - As of October 23, the stock price was 13.29 yuan per share, with a trading volume of 45.70 million yuan and a turnover rate of 1.75%, leading to a total market capitalization of 2.65 billion yuan [1]. Capital Flow - On October 23, the net inflow of main funds was 2.19 million yuan, with large orders accounting for 25.84% of purchases and 21.06% of sales [1].