金吾财讯 | 阅文集团(00772)股价走高，截至发稿，涨4.18%，报43.36港元，成交额1.56亿港元。中信建投证券指出，25H1 公司营收为32 亿元（24H1 为42 亿元），其中在线业务收入同比增长2.3%至19.9 亿元，主要得益于自有平台产品的收入增长；IP 运营及其他收入同比下降46.4%至12 亿元，主要受影视剧项目天然的开发周期及排期影响，上半年新丽传媒并无新影视剧上线所致；25H1 公司净利润比增长68.5%至8.5 亿元，经调整净利润为5.1 亿元，24H1 为7.0 亿元，主要受新丽传媒的影视剧项目在今年排期不均的影响。该机构表示，阅文IP在精品影视和动漫画领域持续展现出强劲实力，同时短剧和IP衍生品等新赛道也取得了突破性进展。短剧爆款率显著提升，IP衍生品业务的GMV更是达到了4.8亿元，接近去年全年水平，实现了跨越式发展。该机构预计公司25-26年营收分别为77.8、83.6亿元，对应增速分别为-4%、8%；25-26年调整后净利润分别为13.4、14.9亿元。
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