Mintegral 营收延续增长，开发者规模大幅攀升上半年广告平台Mintegral 营收8.97 亿美元（同比+49%， 环比+7%），其中游戏品类6.62 亿美元（同比+52%，环比+10%），非游品类营收2.36 亿美元（同比 +41%），游戏品类基本盘持续增长，多垂类战略彰显成效。2022 至2025 H1，集成Mintegral Ads SDK 开发者数量于2 万-增至11 万+，开发者规模大幅攀升。截至2025H1，Mintegral 已帮助1 万余家广告 主、10 万余款应用高效获客，日均广告请求超3,000 亿次。Mintegral 平台飞轮效应持续释放，有望持续 驱动公司成长。 AI 多领域深度布局，竞价策略模型持续迭代营销技术产品领域，公司以LLM/AIGC 重构服务为核心， 助力客户广告内容制作、活动创建，引入Stable Diffusion 等图像生成及处理模型，自动化创意平台 Playturbo 支持AI 配音/翻译/极速生图等功能；日常研发及运营方面，上半年公司推出新一代Autopilot 系统MaxAgent，突破RAG 知识运用局限，有效解决复杂场景问题；广告技术方面，AI 赋 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][11]. Core Insights - The company experienced significant revenue growth in H1 2025, with revenue reaching $940 million, a year-on-year increase of 47%, and net profit of $32 million, a year-on-year increase of 340% [4]. - The gross margin improved to 21.44%, up by 0.88 percentage points, while the net margin increased to 3.44%, up by 2.29 percentage points [4]. - The growth is attributed to the continuous iteration of the AI-driven smart bidding system and the strengthening of the company's flywheel effect, which enhances economies of scale [4]. - Revenue forecasts for 2025-2027 have been revised upwards, with expected revenues of $2.38 billion, $2.93 billion, and $3.57 billion respectively [4]. - The company is expected to maintain a strong contribution to revenue growth through its Mintegral platform, which has seen a significant increase in developer participation [5]. Financial Summary and Valuation Metrics - Revenue for 2023 is projected at $1.054 billion, with a year-on-year growth of 17.9%, and is expected to reach $2.381 billion in 2025, reflecting a growth of 57.9% [7]. - Net profit is forecasted to increase from $25 million in 2023 to $124 million in 2025, representing a year-on-year growth of 607.5% [7]. - The company’s gross margin is expected to improve from 20.6% in 2023 to 23.6% in 2025, while the net margin is projected to rise from 2.3% to 5.2% over the same period [7]. - The price-to-earnings (P/E) ratio is expected to decrease from 132.5 in 2023 to 26.3 in 2025, indicating a more attractive valuation as earnings grow [7].