Summary of Key Points from the Equity Research Report on the Gaming Sector Industry Overview - The gaming sector in China is expected to perform strongly in the second half of 2025, with the Wind Internet Games Index rising 17% since June 2025, compared to a 7% increase in the CSI 300 index [2][10] - The sector is currently trading at a 2026 estimated average price-to-earnings (PE) ratio of 16x, slightly below the historical average of 17x [2][28] Core Insights 1. **Gaming Consumption Growth**: Domestic mobile gaming revenue reached RMB125.3 billion in the first half of 2025, marking a year-on-year increase of 16.6% [2][10] 2. **Product Releases**: A-share gaming companies are planning to increase product releases in the second half of 2025, which is expected to drive sustained earnings growth [2][10] 3. **Profit Margin Optimization**: Game developers are optimizing channel costs, which may lead to wider profit margins [2][10] Company-Specific Highlights Perfect World (002624 CH) - Current Price: RMB15.91, Target Price: RMB20.90, Rating: Buy - The game 'NTE' is anticipated to be a major success in the ACG category, with expected gross billing of approximately RMB5 billion in the first year post-launch, contributing to 73% of the company's net profit in 2026 [4][10] - Projected net profit growth of 143% year-on-year in 2026 [4][10] Ultrapower (300002 CH) - Current Price: RMB13.49, Target Price: RMB15.60, Rating: Buy - Key products 'Staller Sanctuary' and 'Next Agers' are expected to see large-scale commercialization starting in Q3 2025, contributing to a projected CAGR of 17% in net profit from 2025 to 2027 [5][10] Kingnet Network (002517 CH) - Current Price: RMB19.76, Target Price: RMB25.20, Rating: Buy - Expected net profit CAGR of 18% from 2025 to 2027, with a target PE multiple of 21x [9][10] Sanqi Entertainment (002555 CH) - Current Price: RMB17.40, Target Price: RMB23.80, Rating: Buy - Projected net profit CAGR of 10% from 2025 to 2027 [9][10] Key Product Tracking 1. **Game Exports**: Overseas revenue of Chinese games grew 11% year-on-year to USD9.5 billion in 1H25 [3][10] - Diandian Interactive's 'Whiteout Survival' ranked No. 1 in overseas revenue for the first half of 2025 [3][10] 2. **Commercial Promotions**: Giant Network's 'Chao Zi Ran Xíng Dong Zu' launched in July, achieving a peak iOS ranking of No. 11 [3][10] 3. **Beta Tests**: Perfect World's 'NTE' completed its second beta test in June, showing significant performance improvements [3][10] Market Trends and Risks - The gaming sector is experiencing rapid growth, particularly in overseas markets, with leading games performing well [8][10] - Risks include delayed game launches, regulatory changes, and potential operational challenges in overseas markets [9][10] Conclusion - The gaming sector in China is poised for strong growth in the latter half of 2025, driven by robust consumption trends, new product launches, and improved profit margins. Key companies like Perfect World and Ultrapower are well-positioned to capitalize on these trends, with favorable ratings and target prices indicating potential upside for investors [2][10]

Core Insights - The report highlights that in 2024, the total salary of A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 754,300 yuan, and over 21% of secretaries earning more than 1 million yuan [1] Industry Overview - In the gaming industry, the total salary for secretaries amounted to 29.3042 million yuan, with an average annual salary of 1.221 million yuan [2] - The majority of gaming industry secretaries hold a master's degree, accounting for 62.5%, while those with a bachelor's degree make up 37.5% [2] - Most gaming industry secretaries are over 40 years old, with the youngest being 32 years old [2] Salary Analysis - 33.33% of listed companies have secretaries earning over 1 million yuan, including companies like Sanqi Interactive Entertainment and Giant Network [3] - The highest-paid secretary in the gaming industry is Ye Wei from Sanqi Interactive Entertainment, with a salary of 4.9866 million yuan, which is 4.1 times the industry average [3] - The lowest-paid secretary is Yu Ziwei from Xunyou Technology, earning 177,400 yuan, only 14.5% of the industry average [3] Performance Metrics - Sanqi Interactive Entertainment reported a revenue of 17.441 billion yuan in 2024, a year-on-year increase of 5.4%, with a net profit of 2.673 billion yuan, up 0.54% [3] - Kunlun Wanwei's secretary, Lü Jie, saw the highest salary increase to 653,100 yuan, a 40.69% rise from the previous year, despite the company reporting a net loss of 1.595 billion yuan [4] - Zhejiang Data Culture's secretary, Liang Nan, experienced the largest salary decrease to 1.3758 million yuan, down 25.99%, while the company reported a slight revenue increase but a net profit decline [4] Regulatory Insights - In 2024, four listed companies in the gaming industry had secretaries penalized for regulatory violations, including companies like Tom Cat and ST Kevin [4]

专题：专题|2024年度A股CFO数据报告：美的集团钟铮年薪946万，比亚迪周亚琳896万 作为上市公司核心管理层关键成员，财务总监CFO的地位与作用至关重要。新浪财经《2024年度A股 CFO数据报告》显示，2024年A股上市公司财务总监CFO群体薪酬规模合计达42.70亿元，平均年薪为 81.48万元。 分行业来看，游戏行业CFO薪酬总额2952.74万元，平均薪酬128.38万元，同比增长2.78%。 按学历来看，游戏行业CFO学历以本科为主，占比56.52%，其次为硕士，占比39.13%，大专仅1人，为 汤姆猫CFO秦海娟。 按年龄来看，游戏行业CFO年龄普遍超过40岁，年龄最小的为恺英网络CFO黄振锋，1990年生，年仅35 岁。 游戏行业，三七互娱CFO叶威薪酬最高，达498.66万元，约是行业平均薪酬的3.9倍，相当于日薪1.99万 元；上年为455.84万元，同比增长9.4%。富春股份CFO林梅薪酬最低，仅48.44万元，比行业平均薪酬 低62.27%。 迅游科技CFO阳旭宇薪酬涨幅最高，年薪81.95万元，上年为63.50万元，同比增长29.1%。姚记科技CFO 梁美锋薪酬降幅最大，年薪10 ...

金融界8月6日消息，上证指数低开高走，中证文化产业指数 (中证文化，H30068)报1950.60点。 数据统计显示，中证文化产业指数近一个月上涨5.93%，近三个月上涨7.78%，年至今上涨15.81%。 据了解，中证文化产业指数选取涉及新闻出版发行服务、广播电视电影服务、文化艺术服务、文化信息 传播服务、文化创意和设计服务、文化休闲娱乐服务、工艺美术品的生产、文化产品生产的辅助生产、 文化用品的生产、文化专用设备生产等业务的上市公司证券作为指数样本，以反映文化产业相关上市公 司证券的整体表现。该指数以2012年06月29日为基日，以1000.0点为基点。 从中证文化产业指数持仓的市场板块来看，深圳证券交易所占比77.36%、上海证券交易所占比 22.64%。 从中证文化产业指数持仓样本的行业来看，通信服务占比95.28%、可选消费占比3.08%、工业占比 1.65%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行 ...

风险提示：投资有风险，入市需谨慎。游戏行业竞争激烈，产品上线节奏和玩家偏好变化可能对公司业 绩产生影响。 截至2025年8月5日15时，三七互娱股价报17.18元，较前一交易日上涨1.72%。当日成交量为855023手， 成交金额达14.74亿元。 在投资者回报方面，公司近三个会计年度累计现金分红57.78亿元，近三次回购总金额超过7亿元。2025 年1月已完成约1亿元的回购股份注销手续。 三七互娱属于游戏行业板块，是一家专注于互动娱乐业务的公司。公司主要从事手机游戏和网页游戏的 研发、发行和运营，同时布局影视、动漫、音乐、VR/AR等领域。 公司近期在互动平台披露，已储备超过二十款重点游戏产品，涵盖MMORPG、SLG、卡牌、模拟经营 等类型。其中包括《时光杂货店》《时光大爆炸》《英雄没有闪》等代理发行产品。公司2025年半年报 预计将于8月26日披露。 ...

Core Viewpoint - The company is actively expanding its self-research capabilities and diversifying its product offerings with a global perspective, while also forming deep partnerships with quality developers to enhance its product supply chain [1] Group 1: Product Development - The company is continuously expanding its self-research capabilities and exploring various product categories [1] - It has developed multiple high-quality self-researched products, indicating a strong focus on quality [1] - The company aims to provide the best gaming quality and product experience for players [1] Group 2: Strategic Partnerships - The company is forming deep partnerships with several quality developers through investment and business support [1] - This strategy has led to a rich external research reserve, enhancing the company's product offerings [1] - The company has successfully launched several quality products such as "Time Grocery Store," "Time Explosion," and "Heroes Without Flash" through its agency [1] Group 3: Business Growth - The company is building a robust product supply chain that continuously enriches its quality product offerings [1] - This solid supply system is driving the company's steady business development [1]

（编辑 王雪儿） 证券日报网讯 三七互娱8月5日在互动平台回答投资者提问时表示，公司一直以来高度重视投资者的利 益，积极进行现金分红和回购公司股份。公司近年来股东回报持续提升，近三个会计年度累计现金分红 金额达57.78亿元，近三次回购总金额超过7亿元，并于2025年1月完成了约1亿元的回购股份注销手续。 未来公司将持续注重提升投资者回报，后续如有回购、分红相关计划，将严格按照相关法律法规规定及 时履行信息披露义务。 ...

（编辑 王雪儿） 证券日报网讯 三七互娱8月5日在互动平台回答投资者提问时表示，公司已在《2024年年度报告》披露 储备产品情况，公司聚焦MMORPG、SLG、卡牌、模拟经营等赛道已储备超过二十款重点产品，后续 会在半年度报告等定期报告中更新相关信息。公司目前已预约的2025年半年报披露日为2025年8月26 日，公司将依据深交所的相关规定披露定期报告相关公告。公司持续关注市场动态和玩家需求，在保证 产品质量的前提下，合理规划每款产品上线节奏，积极推进储备产品上线。关于产品信息可关注公司于 指定信息披露媒体刊登的公告及官方新闻进行了解。公司对未来充满信心，会继续提升竞争力，提升经 营质量，提高市场对企业内在价值的认可，提振投资者信心。 ...

Investment Rating - The industry investment rating is "Outperform the Market" [5][45]. Core Viewpoints - In Q2 2025, the SW Media Industry Index rose by 8.56%, with significant improvement in fund activity and a fluctuating increase in valuation (PE-TTM), outperforming the average level of the past seven years [2][13][15]. - The fund's heavy allocation in the media industry remains low but has shown signs of recovery, with the gaming and advertising sectors receiving market attention and maintaining an overweight position [3][4]. Summary by Sections 1. Fund Activity and Valuation - The SW Media Industry Index closed at 726.87 points on June 30, 2025, up from 669.54 points at the beginning of the quarter, indicating an 8.56% increase [13]. - The average daily trading volume during Q2 2025 was 669.28 billion yuan, an increase of 88.44 billion yuan from the previous quarter and 413.17 billion yuan year-on-year [13]. - As of July 29, 2025, the PE-TTM for the SW Media Industry was 28.82 times, a 10.86% increase compared to the average over the past seven years [15]. 2. Fund Heavy Allocation Recovery - The allocation ratio for the SW Media Industry in Q2 2025 was 1.76%, with a fund heavy allocation ratio of 1.40%, indicating a low allocation but a recovery from the previous quarter [17]. - The low allocation ratio decreased to 0.36%, showing improvement compared to the previous quarter [20]. 3. Concentration of Fund Holdings - The top 10 heavy allocation stocks accounted for 85.34% of the total heavy allocation market value in the SW Media Industry, indicating a significant concentration of holdings [39]. - The gaming sector dominated the top ten heavy allocation stocks, with seven out of ten being gaming companies [23]. 4. Investment Recommendations - The report suggests focusing on leading companies in the gaming and advertising sectors, particularly those with rich game license reserves and AI application layouts [42].

Core Viewpoint - The company has a strong pipeline of over twenty key products in various gaming genres and is focused on enhancing profit growth and valuation through strategic product launches [1] Group 1: Product Pipeline - The company has disclosed in its 2024 annual report that it has over twenty key products in development, focusing on MMORPG, SLG, card games, and simulation management genres [1] - The company plans to update information on product launches in its semi-annual reports, with the next report scheduled for August 26, 2025 [1] Group 2: Market Strategy - The company is committed to monitoring market trends and player demands while ensuring product quality [1] - The company aims to rationally plan the launch schedule for each product and actively promote the release of its reserve products [1] Group 3: Future Outlook - The company expresses confidence in its future, focusing on enhancing competitiveness and operational quality to improve market recognition of its intrinsic value [1] - The company aims to boost investor confidence through its strategic initiatives [1]