来源：滚动播报 周一热门中概股多数上涨，纳斯达克金龙中国涨0.1%。网易、百度、富途控股涨超2%，阿里、携程、 腾讯音乐涨超1%。蔚来跌超4%，哔哩哔哩跌超3%，小鹏跌超2%。 ...

多家上市公司产品获得版号，其中包括网易的《天下：万象》、世纪华通的《传奇外传》、三七互娱的《超牛英雄》《斗破苍穹：斗帝之路》、吉比特的 《出动吧！库鲁》、哔哩哔哩的《逃离鸭科夫》、恺英网络的《熊猫大作战》、冰川网络的《超能战机》《千机阵》、ST中青宝的《猫岛派对》《萌兽特 攻队》、汤姆猫的《汤姆猫总动员2》等在列。此外，中国移动旗下咪咕互娱的《美职篮冠军王朝》《乒乓巨星对决》《装满它》，阿里巴巴旗下灵犀互娱 《宗师之上》等游戏过审。 8月25日，国家新闻出版署正式公布8月游戏版号审批结果，共166款国产网络游戏和7款进口网络游戏获批，单月总量达173款，刷新年内新高。截至2025年8 月，年内共有超过1100款游戏获批。 在166款国产游戏中，107款移动游戏、39款移动-休闲益智类游戏、17款移动兼客户端、2款客户端、1款主机游戏。 （文章来源：南方都市报） 进口版号方面主要有小明太极和腾讯游戏联合运营发行的《卡厄思梦境》、世纪华通的《大航海时代：起源》、哔哩哔哩《嘟嘟脸恶作剧》等7款游戏。 截至2025年8月，2025年获得版号的游戏达到1119款，较去年同期多出193个。其中，国产游戏版号共计1050个 ...

进口版号方面主要有：进口：哔哩哔哩《嘟嘟脸恶作剧》；腾讯（00700.HK）《卡厄思梦境》；ST华通《大航海时代：起源》等。 今日晚间，国家新闻出版署正式公布2025年8月游戏版号审批结果，共166款国产网络游戏和7款进口网络游戏获批，单月总量达173款， 刷新年内新高。 在166款国产游戏中，17款移动兼客户端、2款客户端、1款PS5、其余146款均为移动游戏（含39款休闲益智类）。 值得关注的是，今年以来，游戏版号发放量维持高位态势，行业供给延续释放。截至目前， 2025年国家新闻出版署累计发放游戏版号已突 破千款，达1119个（含69款进口、1050款国产），较去年同期多出193个。 国产版号方面，涉及的上市公司产品主要有：网易（09999.HK）《天下：万象》；冰川网络（300533.SZ）《超能战机》《千机阵》；三 七互娱（002555.SZ）《超牛英雄》《斗破苍穹：斗帝之路》；吉比特（603444.SH）旗下雷霆游戏《出动吧！库鲁》；ST中青宝 （300052.SZ）《猫岛派对》《萌兽特攻队》；中国移动（600941.SH）旗下咪咕互娱《美职篮冠军王朝》《乒乓巨星对决》《装满 它》；哔哩哔哩（09 ...

Core Insights - The growth logic of the ACG (Anime, Comic, and Game) sector fundamentally conflicts with the internet's demand for scale, as platforms seek broad growth while ACG's commercial value relies on deep engagement within niche communities [23][24]. Group 1: Market Growth and User Engagement - Xiaohongshu has accumulated a significant number of ACG users, with content publication in this category growing by 175% year-on-year, second only to fashion and food [1]. - The general ACG user base is projected to reach 503 million by 2024, nearly half of the total internet users, with the market size expected to reach 597.7 billion yuan [2]. - Major internet companies, including Tencent and Bilibili, are heavily investing in ACG content, with Tencent Video planning to release nearly 90 ACG projects by 2025 [3]. Group 2: Consumer Spending and Demographics - The Z generation, which constitutes a core part of the ACG user base, has a disposable income of 13 trillion yuan, with 95% being ACG users who show a higher willingness to pay for ACG content [4]. - The ACG peripheral market has seen significant growth, with the market size increasing from 5.3 billion yuan in 2016 to 102.4 billion yuan in 2023, representing a compound annual growth rate of 52.7% [7]. Group 3: Content Creation and Monetization Challenges - Bilibili's animation short dramas have shown promising growth, with monthly revenue surpassing 10 million yuan and a year-on-year growth rate of nearly 140% [5]. - Despite the growth in ACG content, Bilibili's IP derivative product revenue has been declining, dropping to 4.7 billion yuan in Q1 2025, marking a 4% year-on-year decrease [12]. - The ACG industry faces a structural contradiction of high traffic but low conversion rates, with many platforms struggling to monetize effectively [17][20]. Group 4: Market Dynamics and Competition - The competition for ACG content is intensifying, with platforms like Douyin and Kuaishou reporting billions of views on ACG topics, indicating a growing interest [3]. - The overall internet user growth is slowing, with the mobile internet monthly active user count reaching 1.235 billion by 2024, leading to a more competitive environment for user acquisition [21]. - The ACG market's potential is significant, but the reliance on niche communities poses challenges for broader market penetration [23][24]. Group 5: Future Outlook and Strategic Implications - The ACG sector's growth may not be sustainable without innovative content and effective monetization strategies, as evidenced by Bilibili's struggles with user growth and revenue generation [13][14]. - The increasing costs of content licensing and the reliance on external IPs for revenue generation are pressing concerns for companies in the ACG space [15][16]. - As the internet landscape evolves, companies may need to adapt their strategies to navigate the complexities of the ACG market while addressing the challenges of user engagement and monetization [22][27].

Core Insights - The National Press and Publication Administration released the approval information for domestic online games in August 2025, with a total of 166 domestic game licenses issued, indicating a growing trend towards multi-platform products [1][2]. Domestic Game Licenses - Out of the 166 domestic game licenses, 163 are for mobile games, 19 for client games, and 1 for console games. Additionally, 17 games received licenses for both mobile and client categories, highlighting the increasing trend of multi-platform products [1]. - A total of 1,050 domestic game licenses have been issued in 2025 as of August, with the monthly approval numbers showing a phase of growth, reaching a new high this month [2]. Imported Game Licenses - A new batch of 7 imported game licenses was also released, with 6 for mobile and 3 for client games. The frequency of issuing imported game licenses has changed from bi-monthly to monthly, maintaining relative stability without significant growth [4]. - Notable imported games include Tencent's "Kaeas Dreamland," developed by the SUPER CREATIVE team under South Korea's Smilegate, which will be co-operated by Tencent Games and Xiaoming Taiji [7]. Notable Games and Developers - Key domestic games approved include titles from major developers such as NetEase, Bilibili, and 37 Interactive Entertainment, with games like "Tianxia: Wanxiang" and "Escape from Duckkov" among the highlights [6]. - For imported games, Tencent's "Kaeas Dreamland" and other titles from companies like Shengqu and Bilibili are noteworthy, showcasing a mix of local and international collaborations [7].

上 市 公 司 传媒 2025 年 08 月 25 日 哔哩哔哩-W (09626) 财务数据及盈利预测 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 22,528 | 26,832 | 29,969 | 32,900 | 35,459 | | 同比增长率（%） | 2.9 | 19 | 12 | 10 | 8 | | 归母净利润（百万元） | -3,425 | -22 | 2,452 | 3,283 | 4,192 | | 同比增长率（%） | 48.8 | 99 | 11,192 | 34 | 28 | | 每股收益（元/股） | -8.29 | -0.05 | 5.83 | 7.80 | 9.96 | | 净资产收益率（%） | -23.78 | -0.16 | 12.16 | 12.14 | 12.06 | | 市盈率 | - | - | 29 | 22 | 17 | | 市净率 | 4.9 | 5.0 | 3.5 | 2.6 | 2.0 | | 注："每股收益 ...

知名港股跌幅榜前十： | 序号 | 代码 | 名称 | 最新价 | 涨跌幅 | 今开 | 最高 | 最低 | 昨收 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 06969 | 思摩尔国际 | 22.200 | -5.37% | 23.500 | 23.880 | 21.600 | 23.460 | | 2 | 09626 | 哔哩哔哩-W | 186.600 | -5.18% | 187.000 | 188.100 | 181.500 | 196.800 | | 3 | 00753 | 中国国航 | 5.190 | -4.95% | 5.460 | 5.470 | 5.060 | 5.460 | | 4 | 00998 | 中信银行 | 7.150 | -2.32% | 7.350 | 7.360 | 7.140 | 7.320 | | 5 | 00728 | 中国电信 | 6.160 | -1.75% | 6.270 | 6.300 | 6.160 | 6.270 | | 6 | 09698 | 万国数据-SW | 31.3 ...

Group 1 - The core viewpoint of the article highlights the rapid growth and potential of the ACG (Anime, Comic, and Game) market in China, particularly focusing on the increasing engagement and spending of the Z generation on second-dimensional content [1][3][28] - In the past year, the fastest-growing categories on Xiaohongshu were ACG and gaming content, with year-on-year growth rates of 175% and 168% respectively, indicating a significant trend in user engagement [1] - The overall market size for the ACG sector is projected to reach 597.7 billion yuan by 2024, with the number of users expected to hit 503 million, nearly half of the total internet users in China [1][28] Group 2 - The Z generation, which constitutes a significant portion of the ACG user base, has a total disposable income of 13 trillion yuan, with 95% of them being ACG users who show a higher willingness to pay compared to the average [3][28] - The ACG content creation sector has established a robust profit model, with the market for comics growing from 300 million yuan in 2016 to 6.8 billion yuan in 2023, reflecting a compound annual growth rate of 56.2% [3][9] - The derivative market related to ACG has also seen substantial growth, with the market size increasing from 5.3 billion yuan in 2016 to 102.4 billion yuan in 2023, representing a compound annual growth rate of 52.7% [9] Group 3 - Platforms like Bilibili have reported significant revenue from ACG short dramas, with a monthly revenue exceeding 10 million yuan and a quarterly growth rate of nearly 140% [4] - Despite the growth in ACG content, Bilibili's derivative product revenue has been declining, with a drop from 5.1 billion yuan in Q1 2023 to 4.7 billion yuan in Q1 2025, indicating challenges in monetization [14][15] - The overall industry faces a structural contradiction of "hot traffic, cold conversion," as many platforms struggle to effectively monetize their ACG content despite high engagement [19][28] Group 4 - The offline retail sector has seen a revival due to ACG culture, with significant sales increases reported in various shopping malls, such as a 150% year-on-year increase in sales at Chengdu Tianfu Hong Mall [10] - The ACG market's growth has also led to increased tourism and event participation, with a notable rise in travel bookings during ACG-related events [10] - Major internet companies are increasingly investing in ACG, with platforms like Taobao and JD.com launching dedicated sections for ACG products, indicating a shift in focus towards this lucrative market [32]

Group 1 - The report highlights that XPeng Motors achieved a record high gross margin in Q2 2025, with a revenue of 18.27 billion yuan, representing a year-on-year increase of 125.3% [5][6] - The gross margin for Q2 was 17.3%, up 3.3 percentage points from the same period in 2024, driven by the launch of high-priced models G6 and G9 [5][6] - The company expects to continue improving its overall gross margin in Q4 2025 with the release of new models and an increase in sales of range-extended vehicles [6][7] Group 2 - Shengnong Development reported a revenue of 8.856 billion yuan in H1 2025, a slight increase of 0.22% year-on-year, while net profit surged by 791.93% to 910 million yuan [11][13] - The company achieved growth in both production and sales, with chicken meat sales increasing by 2.5% and processed meat products by 13.21% [13] - The completion of the acquisition of Sun Valley Holdings has further optimized the supply chain and improved operational efficiency [13][14] Group 3 - Muyuan Foods reported a revenue of 76.463 billion yuan in H1 2025, a year-on-year increase of 34.46%, with net profit soaring by 1169.77% to 10.53 billion yuan [15][16] - The company sold 46.91 million pigs in H1 2025, with production costs decreasing to approximately 11.8 yuan/kg by July [16] - The company aims to reduce its overall debt by 10 billion yuan, having already decreased its total liabilities by 5.6 billion yuan by the end of Q2 2025 [15][16] Group 4 - Yanjin Food reported a revenue of 2.941 billion yuan in H1 2025, a year-on-year increase of 19.58%, with net profit rising by 16.70% to 373 million yuan [18][19] - The company’s revenue from konjac products increased by 155% to 790 million yuan, becoming a key growth driver [19][20] - The company is focusing on optimizing its cost structure and improving profitability through better product mix and channel strategies [20][21] Group 5 - Guocer Materials achieved a revenue of 2.154 billion yuan in H1 2025, a year-on-year increase of 10.29%, with net profit slightly up by 0.38% to 332 million yuan [22][24] - The company’s electronic materials segment saw a revenue increase of 23.65%, while the new energy materials segment grew by 26.36% [24][25] - The company is actively developing new materials and expanding its product offerings to meet the growing demand in various sectors [27][28] Group 6 - Yingliu Technology reported a revenue of 1.384 billion yuan in H1 2025, a year-on-year increase of 9.11%, with net profit rising by 23.91% to 188 million yuan [29][30] - The company’s new material and equipment segment experienced significant growth, with a revenue increase of 74.49% [31] - The company has secured multiple strategic partnerships in the nuclear energy sector, enhancing its order backlog [33][34] Group 7 - Shengquan Group reported a revenue of 5.351 billion yuan in H1 2025, a year-on-year increase of 15.67%, with net profit rising by 51.19% to 501 million yuan [37][38] - The company’s advanced electronic materials and battery materials segments achieved significant revenue growth, driven by increased demand [38][39] - The company is focusing on cost control and efficiency improvements to enhance profitability [39][40]

Group 1 - Diversification is emphasized as crucial in the current market environment, particularly as stock market gains are largely driven by large-cap U.S. tech stocks, suggesting a need to rotate portfolios into under-recognized sectors [1] - Gary Alexander has extensive experience in technology, having worked on Wall Street and in Silicon Valley, and has been an adviser to seed-round startups, indicating a strong understanding of industry trends [1] Group 2 - The article highlights the importance of moving away from recent winners in the stock market to achieve better portfolio balance [1]