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深扒A股游戏公司中报:“盈利王”易主 押注AI有人亏麻了
Nan Fang Du Shi Bao· 2025-09-05 14:05
游戏行业上半年复苏"含金量"几何?伴随着上周世纪华通、恺英网络、完美世界等公司财报的陆续公布,A股上市游戏公司2025年上半年成绩 单正式揭晓。从财报数据来看,我国游戏行业今年上半年整体走强,在营收、利润、出海等领域取得较强增长。 紧随其后的是三七互娱,该公司今年上半年营收84.86亿元,其中游戏收入84.15亿元。相较于世纪华通的高歌猛进,三七互娱的的营收出现了 一定程度下滑。受此影响,两者之间的营收从前些年的旗鼓相当,在今年上半年拉开了较大差距。同时,二者依然断层领先其他公司。 在营收排名前三的昆仑万维,该公司上半年营收37.33亿元,同比增长49.23%,但公司主业为广告、短剧、搜索及海外社交网络等,游戏业务 营收已下降至2.39亿元,营收占比不到7%。若单论游戏业务营收的话,"千年老三"完美世界依然是上半年的季军。由于旗下上半年上线的《诛 仙世界》带来良好业绩增量,公司上半年游戏营收同比涨9.67%,达到29.06亿元。同时,伴随着影视等业务的复苏,公司整体营收实现了 33.74%的增长,达到了36.91亿元。 实际上,根据中国音像与数字出版协会指导、由伽马数据编写的《2025年1-6月中国游戏产业报 ...
存量竞争下,谁最赚钱,谁在掉队?|拆解游戏公司半年报
Guo Ji Jin Rong Bao· 2025-09-05 13:09
游戏市场半年报披露正式落下帷幕。 "国内游戏厂商在游戏精品化和游戏出海上全面进击,不再如过去那样靠山寨、换皮来广种薄收,而是深耕研发。"互联网产业分析师张书乐对记者表示。 "得爆款者,得天下" 今年上半年,国内游戏行业展现出强劲的复苏势头。据《2025年1—6月中国游戏产业报告》,今年1—6月,国内游戏市场实际销售收入1680亿元,同比增 长14.08%,再创新高;游戏用户规模近6.79亿,同比增长0.72%,亦为历史新高点。 同时,今年来,游戏版号发放量维持高位态势。今年上半年,累计已有766款国产网络游戏拿到版号,对比2024年同期的628款,同比增长21.97%。 但需注意的是,游戏市场整体已步入存量竞争是不争的事实:一方面,马太效应愈强,手握爆款产品、常青游戏的公司捷报频传;另一方面,部分公司营 收压力加剧,盈利能力遭遇挑战……据不完全统计,A股及港股游戏上市公司中,营利双降的公司共有10家;同时还有多家上市公司面临营收同比下滑, 或者"增收不增利"。 | | | | A股游戏上市公司业绩 | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 公司名 ...
存量竞争下 谁最赚钱 谁在掉队?|拆解游戏公司半年报
Guo Ji Jin Rong Bao· 2025-09-05 12:46
"国内游戏厂商在游戏精品化和游戏出海上全面进击,不再如过去那样靠山寨、换皮来广种薄收,而是深耕研发。"互联网产业分析师张书乐对记者表示。 "得爆款者,得天下" 游戏市场半年报披露正式落下帷幕。 今年上半年,国内游戏行业展现出强劲的复苏势头。据《2025年1—6月中国游戏产业报告》,今年1—6月,国内游戏市场实际销售收入1680亿元,同比增 长14.08%,再创新高;游戏用户规模近6.79亿,同比增长0.72%,亦为历史新高点。 同时,今年来,游戏版号发放量维持高位态势。今年上半年,累计已有766款国产网络游戏拿到版号,对比2024年同期的628款,同比增长21.97%。 但需注意的是,游戏市场整体已步入存量竞争是不争的事实:一方面,马太效应愈强,手握爆款产品、常青游戏的公司捷报频传;另一方面,部分公司营 收压力加剧,盈利能力遭遇挑战……据不完全统计,A股及港股游戏上市公司中,营利双降的公司共有10家;同时还有多家上市公司面临营收同比下滑, 或者"增收不增利"。 | | | | A股游戏上市公司业绩一览 | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 公 ...
游戏板块9月5日涨3.31%,巨人网络领涨,主力资金净流入2.46亿元
证券之星消息,9月5日游戏板块较上一交易日上涨3.31%,巨人网络领涨。当日上证指数报收于3812.51,上涨1.24%。深证成指报收于12590.56, 上涨3.89%。游戏板块个股涨跌见下表: | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002558 | 巨人网络 | 38.39 | 9.25% | 53.08万 | | 19.41 Z | | 002605 | 姚记科技 | 29.18 | 6.07% | 33.29万 | | 9.62亿 | | 300043 | 星辉娱乐 | 5.30 | 5.58% | 102.59万 | | 5.30亿 | | 002624 | 完美世界 | 15.85 | 5.46% | 70.74万 | | 10.95亿 | | 002602 | ST华通 | 16.54 | 5.02% | 167.36万 | | 26.93亿 | | 300031 | 宝通科技 | 25.31 | 4.11% | 16.70万 | | 4.17亿 | | ...
A股游戏公司半年报:爆款产品带动业绩增长,AI赋能游戏研运全链路
Cai Jing Wang· 2025-09-05 06:12
近日,A股游戏公司陆续交出了自己上半年"成绩单",从业绩来看,26家游戏上市公司中,营利双增的 公司共有11家。 从营收来看,世纪华通、三七互娱、昆仑万维位居前三,世纪华通和三七互娱分别以营收172亿元和营 收84.86亿元领跑。 从上半年的成绩单中可以看到,世纪华通和三七互娱领跑。财报显示,世纪华通上半年实现营业收入 172亿元,同比增长85.5%;归属于上市公司股东的净利润为26.56亿元,同比增长129.33%;扣非后归母 净利润为25.86亿元,同比增长124.43%;经营性现金流已达39.18亿元,保持了107.4%的高速增长。值 得一提的是,世纪华通季度营收已实现同比"九连升"。 各家游戏公司除了爆款产品外,AI也成为了A股游戏公司的发力点,世纪华通已深度布局AI技术在游戏 研发、运营等各个环节的应用。三七互娱从战略层面高度重视大数据与人工智能技术的布局与应用。三 七互娱已构建以AI能力底座为核心、涵盖智能化产品层与业务应用层的AI架构,形成游戏研运全链路 AI赋能体系,全面提升公司游戏研运工业化水平。 政策层面,上半年游戏版号持续发放,在各家游戏公司公布半年报之际,8月游戏版号也发放,数量再 创 ...
三七互娱(002555):25年中报点评:产品储备丰富,期待自研产品周期到来
Orient Securities· 2025-09-05 05:06
产品储备丰富,期待自研产品周期到来 ——三七互娱(002555.SZ)25 年中报点评 核心观点 ⚫ 我们预期 26 年公司在自研项目品类多元化有所优化,随着储备项目上线,自研游戏 占比得以提升从而优化毛利率。我们预测公司 25~27 年归母净利润为 27.63/32.26/36.56 亿(25~26 前值为 30.12/35.39 亿,因根据游戏上线进度、投放 数据调整收入、毛利率、费率,从而调整盈利预测),我们根据可比公司 25 年调整 后平均 P/E22X,给予公司目标价 27.50 元,维持"增持"评级。 盈利预测与投资建议 风险提示 流水不达预期风险;政策风险;买量成本提升风险;研发风险;投资收益风险 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 16,547 | 17,441 | 17,087 | 18,097 | 18,646 | | 同比增长 (%) | 0.9% | 5.4% | -2.0% | 5.9% | 3.0% | | 营 ...
“黄金坑”后AI产业链重回升势,AI小宽基人工智能ETF(515980)反弹上涨超3%,成分股均胜电子领涨,新易盛、中际旭创等跟涨
Sou Hu Cai Jing· 2025-09-05 05:01
Core Viewpoint - The "2025-2026 Action Plan for Stable Growth in the Electronic Information Manufacturing Industry" emphasizes the promotion of artificial intelligence (AI) terminals towards higher levels of intelligent innovation and encourages local innovation applications in AI terminals [1] Group 1: Market Performance - As of September 5, 2025, the CSI Artificial Intelligence Industry Index (931071) rose by 3.70%, with constituent stocks such as Jingsheng Electronics (600699) increasing by 7.73% and Xinyi Sheng (300502) by 7.07% [1] - The AI ETF (515980) also saw an increase of 3.36%, with a cumulative rise of 9.76% over the past two weeks as of September 4, 2025 [1] - The AI ETF had a turnover rate of 11.52% and a half-day trading volume of 749 million yuan, indicating active market trading [1] Group 2: Future Outlook - The fund manager of Huafu AI ETF (515980) stated that new productivity and technological innovation will be the core market themes for a considerable time, supported by national policies and an upward industry cycle [2] - Despite some segments experiencing significant gains this year, there may be short-term technical corrections and profit-taking pressures due to crowded trading sentiment [2] - The high prosperity of the industry provides opportunities for investors to accumulate shares at lower valuations, especially in the context of a favorable cycle for industry performance [2] Group 3: Index and Stock Selection - The CSI Artificial Intelligence Industry Index has optimized stock selection and weighting based on AI business purity and growth indicators, favoring sectors like optical modules and ASIC chips [5] - The index achieved a return of 56.55% since the beginning of 2025, outperforming other AI indices such as the Sci-Tech Innovation AI (43.95%) and CS AI (44.47%) indices [5] - Investors can also consider the Huafu AI ETF linked funds (Class A 008020, Class C 008021) to capture investment opportunities driven by AI technology [5]
游戏板块短线拉升,巨人网络涨超7%
Xin Lang Cai Jing· 2025-09-05 03:18
游戏板块短线拉升,巨人网络涨超7%,姚记科技涨超5%,三七互娱、恺英网络、吉比特纷纷拉升。 ...
拆解26家A股游戏公司半年报:复苏中藏分化 AI路径与存量挖潜成胜负手
Mei Ri Jing Ji Xin Wen· 2025-09-04 14:41
Core Insights - The domestic gaming industry in China is showing strong recovery, with 11 out of 26 listed companies reporting both revenue and profit growth in the first half of 2025, while 7 companies experienced declines [1] - The actual sales revenue of the domestic gaming market reached 168 billion yuan, a year-on-year increase of 14.08%, with the user base growing to nearly 679 million, marking historical highs [1] - Policy support has played a significant role in this recovery, with 766 domestic online games receiving approval in the first half of 2025, a 21.97% increase compared to the same period in 2024 [1] Group 1: Company Performance - Perfect World achieved a net profit of 503 million yuan in the first half of 2025, turning losses into profits, driven by game revenue contributions [3] - Icefire Network also turned losses into profits, with a significant reduction in sales expenses attributed to a shift in investment strategy towards refined operations [3] - G-bits reported an increase in net profit due to a major restructuring of its product lineup, focusing on core self-developed products and high-quality agency products [4] Group 2: Market Challenges - Not all companies benefited from the industry's growth; for instance, Zhangqu Technology reported a net profit of 48 million yuan, a decline of 65.58% due to the lifecycle of older products [5] - Shenzhou Taiyue's revenue fell by 12.05%, with a significant drop in game revenue attributed to the stabilization of previously high-growth titles [5] Group 3: AI Integration - Major gaming companies are increasingly integrating AI technology across the entire game development and distribution chain, enhancing production efficiency and creating competitive advantages [6][7] - 37 Interactive Entertainment reported that over 80% of its 2D art assets were generated using AI, significantly boosting production capabilities [6] - Century Huatong is focusing on computational power and has seen rapid growth in revenue and profit from its AI-related projects [7] Group 4: Future Outlook - The industry is shifting from scale expansion to deep integration of technology and content, with a focus on balancing short-term profitability and long-term technological investments [8][9] - Analysts emphasize the importance of technological upgrades, including AI applications, to enhance market competitiveness and drive sustainable value [8][9]
当前时点如何看游戏板块
2025-09-04 14:36
当前时点如何看游戏板块 202509004 ST 华通的"Wild Survival"8 月全球流水超 2 亿美元,环比增长 17%,海外 iOS 和 Google Play 平台贡献超 1.5 亿美元,环比增长 21%。其他产品如"King Shot"和"Tasty Travels"也表现出强劲的 增长势头。 巨人网络的"超自然"自 2025 年上半年以来表现突出,8 月份国内 iOS 端流水环比增长 73%。吉比特的"仗剑传说"海外市场表现优异, 港澳台地区 8 月环比增长 62%,日本地区同比增长 116%。 心动公司上半年业绩由老游戏推动,下半年老游戏依然亮眼。"心动小 镇"通过周年庆及 IP 联动版本,7 月份单月达到年内新高。计划 9 月底 上线伊瑟的国内港澳台和日韩地区版本。 完美世界《P5X 女神异闻录》7 月在日本地区表现超预期,推动整体流 水环比增长显著,7 月份海外流水体量为 1.4 亿至 1.5 亿人民币,8 月 份约为 8,000 万人民币,总体超过 2 亿人民币。 2025 年二季度 25 家主要 A 股游戏公司合计营收 279 亿元,同比增长 23%,环比增长 4%,远高于同期国 ...