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]

Investment Rating - The report maintains a "Positive" investment rating for the gaming industry [7] Core Insights - The Chinese gaming market continues to experience rapid growth, with a market size of 27.351 billion yuan in April 2025, reflecting a year-on-year increase of 21.93% and a month-on-month increase of 2.47% [2][4] - Long-standing products such as "Honor of Kings," "Naruto," and "Honkai: Star Rail" have shown stable growth, contributing to the industry's high growth rate [2] - The overseas performance of self-developed games is impressive, with a 9.62% year-on-year increase in actual sales revenue from overseas markets, amounting to 1.554 billion USD in April 2025 [9] - The new game product cycle for listed gaming companies is underway, with several new titles performing well in May, indicating a positive outlook for the gaming sector [9] - The gaming sector's valuation remains relatively low, with potential for upward elasticity, suggesting continued investment opportunities in the gaming sector [9] Summary by Sections Market Performance - The Chinese gaming market size reached 27.351 billion yuan in April 2025, with mobile gaming accounting for 20.424 billion yuan, showing a year-on-year growth of 28.41% [9] - Key growth drivers include seasonal events and updates for existing games, which have significantly boosted their revenue [9] Overseas Expansion - The overseas market for self-developed games generated 1.554 billion USD in April 2025, with notable contributions from long-term products [9] - "Honkai: Star Rail" and "Kingshot" ranked among the top revenue-generating games in overseas markets [9] New Game Launches - Several new games from listed companies have shown promising performance, with titles like "Staff Sword Legend" and "Supernatural Action Group" gaining traction in the market [9] - Major gaming companies have a rich pipeline of upcoming products, indicating a robust new game cycle [9] Valuation and Investment Opportunities - The gaming sector's valuation is positioned for potential recovery, driven by stable policies and the introduction of new games [9] - Recommended stocks for investment include Giant Network, Kaiying Network, G-bits, Perfect World, and Yaoji Technology [9]

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].

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]

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Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights the continuous innovation in AI applications across social, publishing, and e-commerce sectors, with significant advancements in AI models and their commercial potential [4] - The gaming sector is experiencing a surge with new game launches and IP releases, suggesting a positive outlook for related companies [5] - The report emphasizes the importance of AI in enhancing productivity and efficiency in various industries, particularly in content creation and consumer engagement [4][5] Industry Data Overview - The mobile game "暴吵萌厨" ranked first in the iOS free chart, while "王者荣耀" topped the iOS revenue chart as of May 31, 2025 [12][17] - The film "水饺皇后" achieved the highest box office revenue for the week, indicating strong performance in the cinema sector [27] - The report notes that the A-share media sector outperformed major indices, suggesting robust market conditions [9] Industry News Summary - AI continues to evolve with breakthroughs in generative content creation (AIGC), enhancing user engagement and content diversity [32] - The gaming industry is set to benefit from multiple new game launches and IP expansions, with companies like 心动公司 and 吉比特 being highlighted as key players [5][9] - The report discusses the increasing popularity of AI-driven applications, such as AI music and publishing tools, which are expected to drive further commercialization [4][32]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights the continuous innovation in AI applications across various sectors such as social media, publishing, and e-commerce, with significant advancements in AI models and their commercial viability [4][32] - The gaming sector is experiencing a surge with new game launches and IP products, indicating potential revenue growth for companies involved [5][12] - The report suggests a focus on AI applications and their commercialization, recommending specific companies for investment based on their market positioning and product offerings [4][5] Industry Data Overview - The mobile game "暴吵萌厨" ranked first in the iOS free games chart in mainland China, while "王者荣耀" topped the iOS revenue chart [12][17] - The film "水饺皇后" achieved the highest box office revenue for the week, indicating strong performance in the film sector [27] - The report notes that the A-share media sector outperformed major indices, suggesting a positive market trend [9] Industry News Summary - AI technology continues to evolve, with breakthroughs in generative AI and applications in various fields, including gaming and entertainment [32] - The report emphasizes the importance of new game releases and IP product launches as key drivers for revenue growth in the gaming sector [5][12] - The report also discusses the performance of various media products, including TV dramas and variety shows, highlighting their market share and audience engagement [28][29][30]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights the continuous iteration of multimodal AI and the acceleration of IP industry capitalization, driven by advancements in AI applications and new consumption trends [4][5] - Major model vendors are strengthening collaborations, leading to innovations in voice models, social applications, and agents, which are expected to enhance AI application penetration and commercialization [4] - The report suggests continued investment in AI-related companies and sectors, including AI virtual companionship, AI animation/film/short dramas, AI e-commerce/advertising, and AI education [4] Industry Data Overview - The game "Brave Land" ranked first on the iOS free chart, while "Honor of Kings" topped the iOS revenue chart as of May 24, 2025 [12][16] - The film "Dumpling Queen" achieved a weekly box office of 0.51 billion, with a cumulative box office of 3.79 billion [27] - The report notes that the A-share media sector outperformed major indices in the 21st week of 2025, with the gaming sector showing strong performance [9] Industry News Summary - The report discusses the launch of the "AI Virtual Human Podcast" feature by ShengTian Network, which aims to enhance user experience in podcast creation [4][33] - The AI comic drama business of Zhongwen Online has shown significant growth, with plans to produce 300 works in 2024 [35] - Tencent Cloud has launched a new intelligent agent development platform, marking a significant upgrade in its AI infrastructure [36] Company Recommendations - Key recommendations include Tencent Holdings and Kuaishou-W for major models/agents, with Alibaba-W and Kunlun Wanwei as beneficiaries [4] - For AI virtual companionship, recommended companies include ShengTian Network and NetEase Cloud Music, with beneficiaries like Tom Cat and Shifeng Culture [4] - In the AI animation/film/short drama sector, Shanghai Film is a key recommendation, with beneficiaries including Guomai Culture and Huace Film [4]

Group 1 - The new entry "Dao You Lai Wa Bao" by G-bits has ranked 40th in the weekly chart of WeChat mini-games, indicating a successful launch in the market [1][5] - The game is based on the gameplay and materials from the online game "Wen Dao" and its mobile version, aiming to recall users who have left these platforms [5] - "Dao You Lai Wa Bao" incorporates various mini-game mechanics, such as a treasure map system for obtaining rewards based on progress, enhancing user engagement [5] Group 2 - The top ten mini-games include titles like "Zombie Shooting," "Endless Winter," and "Three Kingdoms: Ice Age," showcasing a diverse range of genres [2] - "Hero Adventure Team" has seen a significant rise, moving up 9 ranks to 27th, indicating strong user interest in nostalgic themes [4][9] - The overall performance of the mini-game market remains stable, with three new entries in the top fifty and six in the lower fifty, reflecting consistent user engagement [3][4]

证券代码：603444 证券简称：吉比特 公告编号： 2025-027 1 未全部退出，经基金管理人提议并经持有坚果核力基金三分之二（原为"二分之 一"）以上表决权的合伙人（须包括厦门金圆投资集团有限公司及厦门市思明区 产业投资有限公司）同意，可以延长 2 年经营期限。 延长期内，基金管理人不收取管理费，执行事务合伙人不收取执行合伙企业 事务报酬。 2025 年 5 月 20 日，坚果核力基金已完成上述事项的工商变更登记手续， 并取得新的《营业执照》。 厦门吉比特网络技术股份有限公司 关于参与投资基金的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、投资基金概述 2019 年 2 月 22 日，厦门吉比特网络技术股份有限公司（以下简称"公司"） 全资子公司厦门吉相股权投资有限公司（以下简称"吉相资本"）与其他合伙人 共同发起设立厦门坚果核力创业投资合伙企业（有限合伙）（以下简称"坚果核 力基金"），吉相资本作为有限合伙人认缴 6,000 万元，占坚果核力基金总认缴出 资额的 37.15%；2020 年 1 月 2 ...