公司核心老产品长线运营较为稳健，《Age of Origins》和《War and Order》 上线均超 6 年，累计流水均突破 10 亿美元。其中，《Age of Origins》海外 表现稳健，25H1 在美国、日本市场仍位列中国出海移动游戏收入前十，预 计将持续贡献稳定流水。新产品方面，公司于 25 年元旦前后于海外先后开 展了《Stellar Sanctuary》和《Next Agers》两款新游的商业化测试，其中 《Stellar Sanctuary》为模拟经营+SLG 的科幻题材游戏，即将在 App Store 上线，《Next Agers》则是一款融合肉鸽生存+塔防+SLG+4X 玩法的创新 策略手游，目前这两款新游已获得国产游戏版号。我们认为，在出海 SLG 3.0 时代融合玩法愈热的背景下，这两款新游或将打开公司单产品流水空间， 贡献业绩新增量。 AI 应用 avavox 语音智能体推出，云业务新品赋能云智一体化 公司 AI 应用布局持续深化，子公司鼎富智能于 7 月发布语音智能体 avavox， 覆盖通知、回访、营销等多类场景，可 30 秒生成机器人，同时具备拟人音 色和主动思考能力。商 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 19.13 [1][5]. Core Views - The company is expected to see high growth in revenue from new products such as "Stellar Sanctuary" and "Next Agers," which are set to launch soon and will be promoted aggressively [2][5]. - The subsidiary Dingfu Intelligent has launched avavox, an AI Voice Agent, which is anticipated to be a key driver for the company's AI initiatives [3]. - The cloud business has introduced new products like UltraTalk and UltraUI, enhancing the integration of cloud and AI capabilities across various industries [4]. Summary by Sections New Products and Revenue Growth - The company is launching two new games, "Stellar Sanctuary" and "Next Agers," which are expected to contribute significantly to revenue growth in the upcoming periods [2]. - "Stellar Sanctuary" is a sci-fi themed simulation game, while "Next Agers" combines various gameplay styles, indicating a strategic move towards innovative gaming experiences [2]. AI Applications - The avavox AI Voice Agent is designed for versatility across industries, allowing users to create voice bots easily without coding [3]. - The business model for avavox is based on a pay-per-call system, which is expected to address the needs of small and medium enterprises [3]. Cloud Business Developments - The introduction of UltraTalk and UltraUI signifies the company's commitment to enhancing its cloud services, providing comprehensive solutions for data processing and AI applications [4]. - The company is adopting a "SI + ISV" model to deepen the integration of cloud and AI technologies, aiming for commercialization across multiple sectors [4]. Financial Projections - The company has adjusted its profit forecasts, projecting a net profit of RMB 1.15 billion for 2025, with significant increases in 2026 and 2027 [5][11]. - The expected revenue growth rates are 14.98% for 2025, 28.15% for 2026, and 10.37% for 2027, reflecting strong performance from new product launches [11][12].