近日，由中国互联网协会主办的中国互联网企业综合实力指数(2025)发布会在北京隆重召开，会上正式揭晓"2025年中国互联网综合实力前百家企业"名 单。网龙凭借稳健的业务发展与突出的行业影响，与腾讯、阿里巴巴、百度等企业共同上榜，连续13年荣登中国"互联网综合实力前百强"榜单！（下图为 连续13年入选榜单的企业名单，按名称首字排序） | 6 | 百度公司 | 北京市 | | --- | --- | --- | | 7 | 网龙网络控股有限公司 | 福建省 | | 8 | 网易公司 | 浙江省 | | 9 | 京东集团股份有限公司 | 北京市 | | 10 | 美团公司 | 北京市 | 权威评价：多维衡量企业综合实力 2025年中国互联网综合实力企业评价指标体系选取代表企业规模、盈利能力、创新能力、成长能力、风险防控能力、社会责任和企业信用等7大维度的20 类核心指标，综合行业发展态势和专家意见对指标设置权重，加权计算生成综合得分作为企业的最终得分，对候选的互联网企业进行排序，取前100名企 业作为2025年中国互联网综合实力前百家企业。 自2013年以来，中国互联网协会已连续13年开展中国互联网企业综合实力指数 ...

Group 1 - The core viewpoint of the report highlights the robust growth of NetDragon's gaming business, particularly the strong long-term operational capabilities of the "Magic Domain" IP series, supported by AI production centers that enhance cost efficiency and gaming experience [1] - The company is expected to achieve revenue of 4.86 billion, 5.31 billion, and 5.84 billion CNY, and net profits of 450 million, 650 million, and 830 million CNY for the years 2025 to 2027 [1] - The report assigns a target price of 16.7 HKD for 2025, based on a valuation of 18x PE, and initiates coverage with a "Buy" rating [1] Group 2 - The company is strategically investing in multiple lines within AI technology and the broader entertainment sector, including a partnership with Zhongke Wenge to develop AI models and applications outside mainland China [2] - In 2023, NetDragon invested 20 million USD in Rokid and signed a five-year strategic cooperation agreement to enhance the interaction between high-quality education and gaming with Rokid's hardware ecosystem [2] - The company is positioning itself in the group broadcasting sector by holding a 46% stake in Hangzhou ShuaiKu Network Technology, which is a leading international MCN agency with over 700 million fans and significant monthly engagement [2]

Core Viewpoint - The company, NetDragon, has announced a shareholder return plan of over HKD 600 million, instilling significant confidence in the market while continuing to create value for shareholders through its AI-driven strategies in both education and gaming sectors [1][7]. Financial Performance - For the first half of 2025, NetDragon reported revenue of HKD 2.38 billion, with a gross profit of HKD 1.66 billion and a gross margin of 69.5%, reflecting a year-on-year increase of 2.9 percentage points [1]. - Operating expenses decreased by 15.6% year-on-year to HKD 1.35 billion, showcasing the initial effectiveness of AI in cost optimization and efficiency enhancement [1]. AI Strategy and Implementation - The company is pursuing a dual strategy of "AI + Education" and "AI + Gaming," leveraging technological innovation and ecosystem collaboration to seize new growth opportunities globally [1][2]. - AI has improved overall efficiency in the gaming sector by approximately 15%, with significant advancements in AI production centers enhancing content generation and collaboration across different game teams [2][3]. Market Expansion and Product Development - NetDragon has launched a new product, "Code MY," which has received positive feedback during its small-scale testing phase, and plans to expand its flagship IP "Magic Domain" into new language versions for overseas markets [3][4]. - The company is actively expanding its AI applications in education, having started AI research as early as 2017, and is now integrating AI into educational content and hardware to enhance market competitiveness [3][4]. Global Partnerships and Collaborations - NetDragon is focusing on key AI technology service projects and vocational education, collaborating with international entities such as the Thai Ministry of Higher Education and the World Bank to enhance digital education and equity [4][5]. Long-term Investment Value - The company emphasizes long-term growth and has a strong commitment to ESG principles, which positions it favorably in the current market environment [7]. - Despite short-term performance fluctuations, NetDragon maintains a high dividend yield, proposing a dividend of HKD 0.50 per share for the first half of 2025, representing a year-on-year increase of 25% [7][8]. Shareholder Return Initiatives - The recent announcement of a shareholder return plan, which includes dividends and buybacks, aims to reassure long-term investors and reflects the company's confidence in its future prospects [8].