Core Viewpoint - The company's 1H25 performance is in line with expectations, with an increase in dividend and buyback ratio to 61% [1][2] Financial Performance - Revenue decreased by 1% to HKD 2.721 billion in 1H25; net profit attributable to shareholders was HKD 322 million, with Non-IFRS net profit at HKD 332 million, meeting expectations [1] - The company announced an interim and special dividend totaling HKD 0.139 per share, representing about 50% of 1H25 net profit, with share buybacks accounting for approximately 11% of net profit [1][2] - Non-IFRS net profit for 1H25 was HKD 323 million, aligning with expectations; gross margin increased by 4 percentage points, while sales expense ratio rose by 5 percentage points, and adjusted net profit margin decreased by 0.5 percentage points [2] Product Development and Market Strategy - The new game "Fate War," which combines SLG and simulation elements, launched in early August, generating HKD 20 million in revenue within the first three weeks; the company plans to release a new version on September 30, focusing on technical updates and user experience improvements [1] - The core older product "Lords Mobile" saw a 14% revenue decline in 1H25, attributed to its maturity; the company plans to adjust gameplay by the end of the year, with potential impacts on user acquisition costs and retention [2] - Revenue for "Doomsday" and "Viking Rise" grew by 6% and 18% respectively, with a slight decline in revenue from the previous half [2] - The company is engaging in collaboration events, such as the partnership with the movie "Godzilla" and a planned collaboration with "Attack on Titan," which may enhance user acquisition and monetization [2] Valuation and Forecast - The company maintains its profit forecast and an outperform rating for the industry, with the current stock price corresponding to 8.6/8.4 times the Non-IFRS net profit for 2025/2026; the target price has been raised by 26% to HKD 5.23, reflecting a valuation premium from the new product's initial performance [3]

Market Overview - The Hong Kong stock market showed a rebound today, with the Hang Seng Index closing at 25,081.63 points, up 0.69% or 171 points, and a total turnover of HKD 2,457.48 million [1] - The Hang Seng China Enterprises Index rose by 0.55% to 8,981.73 points, while the Hang Seng Tech Index increased by 0.26% to 5,546.73 points [1] Blue-Chip Performance - Wharf Real Estate Investment Company (01997) saw a rise of 4.9%, closing at HKD 25.7, contributing 3.17 points to the Hang Seng Index [2] - Sands China (01928) increased by 5.01% to HKD 20.54, contributing 3.74 points, while Xiaomi Group (01810) fell by 3.98%, dragging the index down by 61.48 points [2] Sector Highlights - Major tech stocks had mixed performances, with Alibaba rising over 2% and Baidu up 1.64%, while Xiaomi dropped nearly 4% [3] - The brain-computer interface sector saw significant gains, with Nanjing Panda Electronics (600775) surging 19% [4][5] - The gaming sector experienced a broad rally, with Sands China and other gaming stocks rising due to positive forecasts for Macau's gaming revenue [5][6] Investment Trends - Apple announced an additional USD 100 billion investment in the U.S., bringing its total investment commitment to USD 600 billion over four years, which is expected to boost related stocks [4] - The brain-computer interface industry is projected to grow rapidly, with the Chinese government aiming for breakthroughs in key technologies by 2027 [5] - Morgan Stanley raised its forecast for Macau's gaming revenue growth from 5% to 10% for the year, indicating a positive outlook for the sector [6] Notable Stock Movements - Caocao Travel (02643) surged 18.11% after signing a strategic cooperation memorandum with a financial institution [8] - IGG (00799) climbed 15.51% following the success of its new mobile game in the U.S. market [9] - Unified Enterprise China (00220) rose 4% after reporting a 10.6% increase in revenue for the first half of the year [11] - Delin Holdings (01709) fell 8.96% due to a share placement announcement at a discount [12]

Core Viewpoint - IGG's stock has surged nearly 15% and has accumulated over 30% increase this week, driven by the successful launch of its new mobile game "Fate War" [1] Group 1: Stock Performance - IGG's stock price reached 5.48 HKD, with a trading volume of 97.24 million HKD [1] - The stock has shown a significant increase of 14.88% at the time of reporting [1] Group 2: Game Launch and Performance - "Fate War" entered the Top 3 of the iOS mobile game download chart in the U.S. on August 6, achieving its highest ranking [1] - The game also ranked 199th on the U.S. iOS mobile game sales chart [1] - Officially launched on August 4, "Fate War" combines fantasy and apocalyptic themes, allowing players to build kingdoms amidst disasters and monsters [1] - The game is also available on Steam, with mixed player reviews [1]