世纪华通：2025 年初步业绩净利超预期；2026 年 SLG + 休闲游戏双引擎驱动

Ac t i o n | 29 Jan 2026 15:33:43 ET │ 14 pages Century Huatong (002602.SZ) Profit Beat on FY25 Prelim. Results; SLG+Casual Dual Engine in 2026E CITI'S TAKE Century Huatong's 2025 preliminary results (link) came in solid, with FY25E revenues expected to +68% yoy to Rmb38bn, implying 4Q25E revenues at ~Rmb10.7bn given strong qoq growth of Century Games partly offset by Shengqu decline. We view the implied 4Q25E reported earnings at Rmb1.19- 2.62bn or core earnings of Rmb1.51-2.04bn as a decent beat factoring ...