金吾财讯 | 阅文集团(00772)早盘股价强势，午后维持高位，截至发稿，报44.44港元，涨18.76%，成交额14.39亿港元。消息面上， 近日，阅文与腾讯旗下旗舰游戏王者荣耀达成“国创内容战略合作计划”。双方将探索在国创内容领域的合作可能，由阅文集团旗下阅文好物出品联动专属周边产品目前已在官方旗舰店及《王者荣耀》官方商城陆续开放预售。此外，阅文平台畅销玄幻小说《诡秘之主》也将与《王者荣耀》联动，推出小说相关专属游戏皮肤。
申万宏源表示，公司25H1 实现营收31.9 亿元（受版权运营业务确认方式影响有波动，需更关注利润），调整后归母净利润5.1 亿元，超彭博一致预期（为4.8 亿元）。新丽上半年无项目上线；剔除新丽的25H1 调整后归母净利润为5.45 亿元，同比增长36%，推测自有版权运营业务贡献主要增量。短期看点：阅文下半年IP 项目更丰富。长期看点：IP 商业化+网文出海。考虑到公司IP 业务进展积极，该机构上调25-27 年调整后归母净利润为13.76/14.95/17.02 亿元（原预测为12.80/14.16/15.56 亿元），维持买入评级。
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