AI成本优化成效释放，聚焦AI算力和AIGC产能的深度挖掘

AI成本优化成效释放，聚焦AI算力和AIGC产能的深度挖掘AI cost optimization effectiveness release&In-depth exploration of AI computing power and AIGC capacity 最新动态 ➢优化游戏业务旗舰IP。2025年，集团收入为45亿元，同比减少26.0%。来自游戏及应用服务的收入为33亿元，占集团总收入的73.2%，同比减少16.8%，主要是由于优化旗舰IP以支持其长远发展与持续增长。来自Mynd.ai业务的收入为12亿元，占集团总收入的26.7%，同比减少43.2%，主要是由于25H2出售新加坡早教业务以及行业需求调整周期持续的影响。随着市况趋于稳定，预期客户需求将逐步回升。2025年，公司毛利为31亿元，同比减少20.2%，毛利率同比提升5.1个百分点至70.3%。2025年，公司归母净利润为1.51亿元，同比减少51.4%，这是截至2025年12月31日加密货币减值亏损以及员工优化计划相关的一次性开支的影响所致。剔除两项一次性费用后，2025年公司经调整归母净利润为4.3亿元。 ➢AI成本优化成效释放。公司继“全面拥抱AI”战略后进一步提出“马上AI”战略，全面落实战略转型，在教育、游戏两大核心赛道和诸多AI+战略投资领域均取得积极进展。公司已初步实现AI型组织变革，正迈向成为全球领先的AIGC创作型企业这一宏伟目标。公司持续深化运营优化工作，公司2025年整体经营开支同比下降22.2%，25H2经营利润同比增长47.7%，预计成本优化的成效将在2026年进一步全面释放，为公司长期价值增长奠定坚实基础。 ➢聚焦AI算力和AIGC产能的深度挖掘。公司于近期推出了AI员工矩阵，全面重构内容生产全链路。在教育AIGC领域，公司凭借AI生产中心在产品创新、内容创作与AI融合等方面取得多项突破性进展，打造了以“游戏化学习”为核心的数字化教育生态，为规模化、智能化、沉浸式学习体验奠定了坚实基础。美国上市的子公司Mynd.ai在2025年分类经营开支同比减少21.1%，2025年第四季度经调整EBITDA亏损环比收窄61.8%。在游戏AIGC领域，公司正积极预研AI原生游戏，布局全新的品类赛道，探索以AI为核心运行逻辑的下一代游戏。公司的旗舰IP保持了稳健的盈利能力，游戏及应用服务业务的经营性分类利润率达27.4%，同比提高3.9个百分点，利润规模保持稳定。在AI+战略投资领域，公司聚焦AI算力和AIGC产能的深度挖掘，将持续投资更多AI、AR等前沿领域的优秀企业。 ➢公司注重股东回报。我们预期公司2026年将维持每股1港币分红，对应股息率为11%；公司公告董事会主席刘博士已启动未来12个月内增持公司股份计划，彰显公司长期发展信心。 动向解读 ➢为布局未来发展，达成了多项重磅战略合作。公司与字节跳动旗下的云与AI服务平台－火山引擎达成合作，双方将共同在国内高等教育、职业教育等领域构筑技术+资源+生态的深度合作壁垒，规模化生产新一代AIGC教育资源，打造全球共创共享的创新教育生态。公司与泰国高等教育与科研创新部建立长期合作，在泰国系统性地推动AI驱动的“从学习到就业”(Learn-to-Career)生态体系。在世界银行的支持下，公司与喀麦隆中等教育部签署了合作协议，携手推动喀麦隆全国范围内250所学校的数字化转型。公司的香港子公司创奇思成功引入了国内领先的AI企业中科闻歌的战略投资，转型为中科闻歌于境外市场的独家出海平台与商业化伙伴。这些战略伙伴的大力支持将进一步推动网龙朝着成为全球领先AIGC创作型企业的目标迈进。 ➢MSCI评级提升。公司在环境保护、社会责任、企业治理等可持续发展层面的努力持续得到社会各界的广泛认可，近期公司的MSCI（明晟）ESG评级从BBB进一步提高至A。 策略建议 ➢盈利预测。我们预测公司2026-2028年归母净利润分别为3.23亿元、4.21亿元、5.07亿元，参考同行业公司，考虑公司AI降本成效给予一定估值溢价，给予公司2026年17倍PE，按港币兑人民币汇率为0.88计算，对应目标价11.74港元，给予“买入”评级。 风险提示 ➢游戏业务IP依赖风险；AI转型风险。 Latest News ➢Optimize the flagship IP of the gaming business.In 2025, the Group's revenue was 4.5 billion yuan, a year-on-year decreaseof 26.0%. Revenue from games and application services was 3.3 billion yuan, accounting for 73.2% of the Group's total revenue,a year-on-year decrease of 16.8%, mainly due to optimizing the flagship IP to support its long-term development and sustainablegrowth. Revenue from the Mynd.ai business was 1.2 billion yuan, accounting for 26.7% of the Group's total revenue, a year-on-year decrease of 43.2%, mainly due to the sale of the Singapore early education business in 2H25 and the continued impact ofindustry demand adjustment cycles. With market conditions stabilizing, client demand is expected to gradually recover. In 2025, thecompany's gross profit was 3.1 billion yuan, a year-on-year decrease of 20.2%, while the gross margin increased by 5.1 percentagepoints year-on-year to 70.3%. In 2025, the company's net profit attributable to shareholders was 151 million yuan, a year-on-yeardecrease of 51.4%, due to the impact of cryptocurrency impairment losses and one-time expenses related to the employeeoptimization plan as of December 31, 2025.After excluding two one-time expenses, the company's adjusted profit attributable toowners is 430 million. ➢Release of AI cost optimization results.Following the company's 'fully embrace AI' strategy, it has further proposed the'immediately AI' strategy, fully implementing strategic transformation, and has achieved positive progress in its two core sectors ofeducation and gaming, as well as in various AI+ strategic investment areas. The company has initially realized AI-drivenorganizational transformation and is moving toward the grand goal of becoming a globally leading AIGC creative enterprise. Thecompanycontinues to deepen its operational optimization efforts; in 2025, the company's overall operating expenses are expectedto decrease by 22.2% year-on-year, and operating profit in H2 2025 is projected to increase by 47.7% year-on-year. The results ofcostoptimization are expected to be fully released further in 2026, laying a solid foundation for the company's long-term valuegrowth. ➢Focus on in-depth exploration of AI computing power and AIGC production capacity.The company recently launched an AIemployee matrix, comprehensively restructuring the entire content production chain. In the field of educational AIGC, the companyhas achieved multiple breakthrough advancements in product innovation, content creation, and AI integration through its AIProduction Center, creating a digital education ecosystem centered on "gamified learning" and laying a solid foundation for large-scale, intelligent, and immersive learning experiences. The U.S.-listed subsidiary Mynd.ai reduced its classified operating expensesby 21.1% year-on-year in 2025, and its adjusted EBITDA loss narrowed by 61.8% quarter-on-quarter in Q4 2025. In the gamingAIGC sector, the company is actively conducting preliminary research on AI-native games, deploying entirely new category tracks,and exploring next-generation games with AI as the core operating logic. The company’s flagship IP has maintained robustprofitability, with an o