Group 1 - The company achieved total revenue of HKD 2.72 billion in the first half of the year, remaining stable compared to the same period last year, demonstrating resilience in a challenging macroeconomic environment and a highly competitive gaming industry [1] - The company's profit performance improved due to the comprehensive application of AI technology and optimization in the distribution process, leading to effective cost and expense control, with a reduction in the proportion of R&D and administrative expenses [1] - The company recorded a profit attributable to equity shareholders of approximately HKD 322 million for the first half of 2025 [1] Group 2 - The company is actively exploring non-SLG (Simulation Game) tracks while leveraging a strategy of "long-term operation + continuous innovation" to build a well-structured product portfolio [1] - The flagship product, "King of Glory," remains a benchmark in the SLG market and continues to show strong vitality years after its launch, ranking 14th in the "Evergreen List of Chinese Games Going Overseas" [1] - New main products such as "Doomsday: Last Survivors" and "Viking Rise" have become key revenue contributors, while the newly launched "Tycoon Master" has performed well in the non-SLG market [1] Group 3 - The company is in a critical adjustment phase, continuously refining new game products while maintaining a diversified product matrix that mitigates the lifecycle risks of single products [2] - The company has established a mature global operational system that effectively acquires users and maximizes commercial value through an integrated research and operation network covering major global markets [2] - The company is expected to achieve stable performance growth, with a target price of HKD 4.77 based on a 9x PE valuation for 2026, indicating a potential upside of 24.6% [2]