证 券 研 究 报 告 浙数文化（600633）2025 年半年报点评 推荐（维持） 游戏主业稳健，AI 布局多点开花，看好 IP 谷 子潮玩探索及数据要素业务进展 事项： 公司发布 2025 年半年报。2025 年上半年公司营业收入实现 14.14 亿元， YOY+0.09%；归母净利润实现 3.77 亿元，YOY+156.26%；扣非归母净利润实 现 2.03 亿元，YOY+0.14%；经营活动现金流净额实现 2.51 亿元，去年为-0.96 亿元，同比实现扭亏。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 3,097 | 3,329 | 3,835 | 4,286 | | 同比增速(%) | 0.6% | 7.5% | 15.2% | 11.7% | | 归母净利润(百万) | 512 | 683 | 734 | 854 | | 同比增速(%) | -22.8% | 33.6% | 7.4% | 16.4% | | 每 ...

Group 1 - The company's revenue for the first half of 2025 was 1.41 billion, with a year-on-year growth of 0.09% [1] - The net profit attributable to shareholders reached 380 million, representing a year-on-year increase of 156.3% [1] - The second quarter revenue was 710 million, showing a year-on-year decline of 3.7%, while net profit dropped by 23.9% to 230 million [1] Group 2 - The company focuses on the "culture + technology" main track, utilizing AI technology to optimize its operations in gaming, sports, and cultural tourism [2] - The digital technology sector achieved an 86.7% coverage rate for its integrated media network and was listed in the 2025 Hangzhou quasi-unicorn list [2] - The data operation sector saw significant business expansion, launching new zones and participating in the Zhejiang Data Business Alliance [2]