GTHT issued a research report stating that MAOYAN ENT (01896) recorded total revenue of RMB 2.47 billion in the first half of this year, representing a year-on-year increase of 13.9%. The gross margin was 37.9%, down 15.4 percentage points compared to the same period last year, primarily due to increased costs in content production, marketing and distribution, and internet infrastructure. The company's profit for the period was RMB 180 million, down 37.3% year-on-year.

The firm forecasts MAOYAN ENT's earnings per share for 2025 to 2027 to be RMB 0.25, RMB 0.42, and RMB 0.54 respectively. Using the average of price-to-earnings ratio and price-to-sales ratio valuation methods, the company's 2025 target price corresponds to HK$9.43. This marks the first coverage of the stock, with an "Overweight" rating assigned.