A股游戏板块午后异动，电魂网络涨超7.5%，富春股份涨超6%，巨人网络、汤姆猫、冰川网络等均涨 超3%。 ...

Summary of the Gaming Industry Conference Call Industry Overview - The gaming industry is currently undervalued, with an average valuation of 15-18 times earnings, significantly lower than new consumption companies which are valued at 25-30 times earnings [1][2][4] - The industry experienced a growth rate of 20% in April, driven by leading companies maintaining and innovating existing games, while smaller companies are breaking through in niche segments [1][2][8] Key Players and Performance - Leading companies such as Tencent, NetEase, and miHoYo have achieved growth through long-term operations of existing games like "Honor of Kings," "Peacekeeper Elite," and "Genshin Impact" [1][5] - Smaller companies like Gigabit, Electric Soul, and Century Huatong are innovating in niche areas, with titles like "Endless Winter" and "King's Raid" showing significant revenue growth [1][6][7] Market Dynamics - The gaming industry is showing potential to be part of the new consumption sector, with a recovery in growth rates and active exploration of AI applications and product innovations [8] - Upcoming months will see the launch of multiple new products, particularly during the summer season, which is expected to boost user engagement and spending [9] Competitive Landscape - The competitive landscape is stabilizing, with companies focusing on their strengths; Tencent leads in FPS games, while smaller companies excel in OSG and female-oriented games [3][12][13] - The industry is entering a new product cycle, with many companies launching new titles, leading to a more favorable competitive environment compared to previous years [35] New Product Launches - Notable upcoming products include "Supernatural Action Group" by Giant Network, "King's Raid" by Century Huatong, and "Wildman 2" by Electric Soul, all expected to perform well [14][16][17] - Tencent is set to release "Valorant Mobile" and "Honor of Kings World," while NetEase has several new titles lined up [17][18] Financial Outlook - The average valuation of the gaming sector remains attractive compared to other new consumption sectors, with core companies valued at 15-20 times earnings [10][35] - Companies like Giant Network, Gigabit, and Electric Soul are highlighted as having significant potential due to new product launches and market dynamics [39] Regulatory Environment - The regulatory environment for the gaming industry has improved, with an increase in the number of game approvals and supportive policies from local governments [24] Investment Recommendations - Current market conditions present a favorable opportunity for investment in the gaming sector, particularly in companies with new product launches and strong growth potential [25][26][39]

Core Viewpoint - The gaming sector in A-shares has experienced a significant rally, driven by various factors including market sentiment, policy support, and valuation improvements [2][4]. Group 1: Market Performance - As of the latest update, several A-share gaming companies have seen substantial gains, with Zhangqu Technology rising by 13.15%, Giant Network by 7.06%, and G-bits by 6.57% [2]. - In the Hong Kong market, NetDragon increased by 6.68%, and Tencent Holdings also showed strength [3]. Group 2: Industry Growth - According to Gamma Data's report, the Chinese gaming market reached a size of 27.351 billion yuan in April 2025, marking a year-on-year growth of 21.93% and a month-on-month increase of 2.47% [4]. - The client game market specifically accounted for 5.799 billion yuan, with a month-on-month growth of 3.75% and a year-on-year growth of 2.78% [5]. - The mobile gaming market size was 20.424 billion yuan, showing a year-on-year increase of 28.41% and a month-on-month growth of 3.07% [5]. Group 3: Policy and Supply Improvements - The National Press and Publication Administration recently approved 130 domestic games and 14 imported games, signaling a continued friendly policy environment [5]. - By the end of May 2025, 654 domestic game licenses and 44 imported game licenses had been issued, significantly improving the supply side of the gaming industry [5]. Group 4: Valuation Insights - Analysts noted that the current dynamic PE for leading A-share gaming companies ranges from 11 to 17 times, which is still at historical low levels [5]. - The presence of high dividend yields among some leading companies suggests that the gaming sector may offer a compelling combination of growth and dividend potential [5]. Group 5: Technological Advancements - The rapid development of AI technology is seen as a crucial factor for cost reduction and efficiency improvement in the gaming industry, potentially enhancing long-term value [6]. - The integration of AI in gaming is expected to improve user experience and commercial viability, leading to a resurgence in sector growth [6].

Market Overview - The A-share market opened lower on June 3 but turned positive, with the Shanghai Composite Index up 0.18%, the Shenzhen Component Index up 0.22%, and the ChiNext Index up 0.64% [1] - The Hong Kong stock market indices also rose, with Li Auto increasing over 5% and other stocks like Horizon Robotics, Tencent Music, and NetEase following suit [1][2] Digital Currency Sector - Digital currency concept stocks surged, with companies like Cuiwei Co., Hengbao Co., Hailian Jinhui, and Yuyin Co. hitting the daily limit, while Sifang Jingchuang rose nearly 13% [3][4] - The Hong Kong government has officially enacted the "Stablecoin Ordinance," which establishes a licensing system for issuers of fiat-backed stablecoins, marking a significant step in the digital asset sector [5] Online Gaming Sector - Online gaming stocks experienced a notable rise, with companies like Zhangqu Technology increasing over 16%, and both Dihun Network and Giant Network hitting the daily limit [6] - In May, 130 domestic online games received approval, breaking the previous record, with a total of 144 licenses issued, indicating a healthy growth trend in the gaming industry [8] - The gaming market is projected to grow by 21.93% year-on-year to 27.351 billion yuan by April 2025, driven by long-term product revenue growth and new seasonal activities [8] Football Concept Stocks - The football concept sector saw a significant rise, with Jinling Sports hitting the daily limit and other stocks like Gongchuang Turf, Kangliyuan, and Shuangxiang Co. also increasing in value [9] - The recent popularity of the Jiangsu Province's first city football league, dubbed "Su Super," has contributed to the surge in football-related stocks [9]

Group 1 - The gaming sector experienced a strong rally, with companies like Giant Network and Electric Soul Network hitting the daily limit, and Changqu Technology rising over 14% [1] - The approval of 130 domestic and 14 imported games in May marks a record high for monthly approvals in nearly two years, indicating a recovery in the industry [3] - Major companies such as Perfect World and Century Huatong have products that received approval, with Perfect World's "Yihuan" currently in development and expected to enter testing soon [3] Group 2 - The gaming market in China is projected to reach 27.351 billion yuan by April 2025, with a year-on-year growth of 21.93%, driven by mobile games and overseas revenue [3] - Long-term revenue growth is supported by established products like "Honor of Kings" and "Genshin Impact," highlighting the industry's healthy development trend [3] - Wanlian Securities suggests that the high volume of game approvals and diverse product types indicate a stable recovery in the industry, recommending attention to leading companies with strong product pipelines and R&D capabilities [4]

A股游戏板块快速走强，巨人网络涨停，掌趣科技大涨14%，电魂网络涨超8%，浙数文化涨超6%，吉 比特、完美世界涨超5%。 ...

Core Viewpoint - The recent significant increase in the stock price of Youzu Interactive (游族网络) is noteworthy, with a rise of 84.97% from a low of 7.65 CNY to a peak of 14.15 CNY, despite the company facing operational challenges and a decline in revenue and profit [4][5]. Company Performance - In 2024, Youzu Interactive reported a revenue of 1.434 billion CNY, a decrease of 11.75% from 1.625 billion CNY in the previous year [5]. - The net profit attributable to shareholders was -386 million CNY, a staggering decline of 522.46% year-on-year [5]. - The company's operating costs increased to 911 million CNY, up 16.80% compared to the previous year, primarily due to rising advertising expenses and game distribution costs [6]. Cost and Expense Analysis - Despite the increase in operating costs, Youzu Interactive managed to reduce its sales expenses by 19.03% to 132 million CNY, management expenses by 15.90% to 257 million CNY, and financial expenses by 16.61% to 22 million CNY [7]. - Research and development (R&D) expenses saw a significant drop of 26.33%, falling from 242 million CNY to 178 million CNY, with a reduction in R&D personnel by 32.72% [7]. Market Context - The domestic gaming market achieved a record high in 2024, with actual sales revenue reaching 325.783 billion CNY, a growth of 7.53% year-on-year, and a user base of 674 million, up 0.94% [8]. - The competitive landscape is characterized by a concentration of resources among leading companies, with Tencent, NetEase, and miHoYo dominating the market [8]. Industry Trends - The issuance of new game licenses increased significantly, with 1,416 licenses granted in 2024, marking a 32% rise from the previous year [8]. - The small program gaming market is experiencing rapid growth, with a revenue increase of 99.18% to 39.836 billion CNY [8]. Other Companies' Performance - Other gaming companies like Iceberg Network and Electric Soul Network also reported varied performance, with Iceberg Network's revenue at 2.788 billion CNY, up 32.04%, while Electric Soul Network's revenue fell to 550 million CNY, down 18.71% [9][10]. - Electric Soul Network's reliance on a single game for 65.27% of its revenue highlights the risks associated with concentrated revenue streams [10].

Core Viewpoint - The 21st China International Animation Festival has commenced in Hangzhou, running from May 29 to June 2, marking the beginning of a new 20-year phase for the festival, which has become the largest and most influential animation event in China since its inception in 2005 [8]. Group 1: Event Overview - The festival aims to promote the theme "Together to Create National Animation 'Destined People'" and focuses on integrating animation with technology, tourism, and public welfare [8]. - The main venue at Baima Lake International Convention Center features various activities and exhibitions, with a goal of reaching a broad audience through the "Six Full" objectives [8]. Group 2: Exhibition Highlights - The main venue includes six exhibition areas showcasing nearly 350 domestic and international animation and gaming companies, featuring over 2,000 IPs and licensed merchandise [10]. - Notable events include the 30th anniversary celebration of the popular IP "Big Head Son" and various interactive experiences from companies like Electric Soul Network, which is showcasing its classic IP "Dream Three Kingdoms" [10][11]. Group 3: Interactive Experiences - Interactive experiences are a key focus, with companies like Zhongnan Cartoon and Youku Animation offering immersive activities and popular IPs for attendees to engage with [11]. - The HTS International Trendy Toy Design Exhibition is also featured, highlighting innovative designs and collaborations from various original IPs [12]. Group 4: Cross-Industry Collaborations - The festival continues its tradition of cross-industry collaborations, with new participants from public safety and emergency management sectors, enhancing the educational aspect of the event [13]. - The Hangzhou Public Security and Fire Department are introducing new interactive experiences aimed at safety education, including a game that rewards participants with creative merchandise [13][14]. Group 5: Practical Information - Attendees are encouraged to use public transportation due to high traffic around the main venue, with special shuttle services and free parking options available [15][16][17]. - Tickets can be purchased in advance through various online platforms, as there will be no on-site ticket sales [17].

Group 1 - The esports sector saw a rise of 3.30%, ranking second among concept sectors, with 31 stocks increasing in value, including Youzu Interactive which hit the daily limit, and others like Thunder Tech and Tianjian Co., which rose by 9.80%, 8.14%, and 7.56% respectively [1][2] - The esports concept attracted a net inflow of 438 million yuan from main funds today, with 19 stocks receiving net inflows, and 8 stocks seeing inflows exceeding 30 million yuan. Youzu Interactive led with a net inflow of 109 million yuan, followed by Dihun Network, Shengtian Network, and Giant Network with inflows of 53.63 million yuan, 38.94 million yuan, and 37.25 million yuan respectively [2][3] - In terms of fund inflow ratios, Dihun Network, Youzu Interactive, and Shunwang Technology had the highest net inflow rates at 15.34%, 13.70%, and 10.44% respectively [3] Group 2 - The esports concept was among the top gainers today, with a notable performance compared to other sectors such as controlled nuclear fusion which rose by 5.14%, while sectors like generic drug consistency evaluation and innovative drugs saw declines of -1.55% and -1.53% respectively [2] - The trading volume and turnover rates for leading stocks in the esports sector were significant, with Youzu Interactive achieving a turnover rate of 6.93% and Dihun Network at 6.99% [3][4]

A股游戏板块走强，昆仑万维涨超4%，游族网络涨近3%，电魂网络、星辉娱乐等跟涨。 ...