Core Viewpoint - CITIC Securities maintains a "Buy" rating for ZhiZi City Technology and raises the target price to HKD 14, indicating a 33% upside potential compared to the stock price of HKD 10.64 as of July 30 [1] Group 1: Company Performance - ZhiZi City Technology is a leading player in the global stranger social networking sector, leveraging nearly 20 years of overseas market experience to efficiently implement its "product replication + country replication" strategy [2] - The company expects total revenue for the first half of 2025 to be approximately RMB 31.35 to 32.15 billion, representing a year-on-year growth of 38.0% to 41.5% [2] Group 2: Social Business Growth - The social business revenue for the first half of 2025 is projected to be around RMB 28.00 to 28.60 billion, with a year-on-year increase of 35.4% to 38.3% [3] - The innovative business revenue is expected to be approximately RMB 3.35 to 3.55 billion, showing a year-on-year growth of 65.0% to 74.9% [3] - The company’s late-stage products continue to show growth potential, with strong performance in the general social networking sector [3] Group 3: Innovation and Future Growth - The second growth curve is entering a stable phase, with innovative business performance slightly exceeding expectations [4] - The traffic monetization business is developing steadily, and premium games like Alice's Dream: Merge Games are entering a long-term operational phase, contributing to revenue [4] - The social e-commerce platform HeeSay is rapidly developing, enhancing its leading position through user service upgrades and diversified business ecosystems [4] - CITIC Securities projects the company's net profit attributable to shareholders for 2025-2027 to be RMB 9.51 billion, 12.23 billion, and 15.37 billion, respectively, slightly higher than previous forecasts [4]