中国游戏产业正在海外市场迎来一轮新的增长浪潮。根据中国音数协游戏工委发布的《2024年1-6月中国游戏产业报告》，2025年上半年，中国自研游戏 的海外实际销售收入达到95.01亿美元，同比增长超过11%。这一增速重新回到了2021年出海高峰期水平，中国游戏企业在国际竞争中依然具备强劲的动 能。正在全球更大范围内获得认可，逐渐从"走出去"迈向"走进去"。 传统出海优势区域如北美、日韩、西欧等虽然仍是收入贡献的主力，但竞争也日趋激烈，买量成本攀升、本地化要求加深、政策不确定性增加，都促使更 多中国企业将目光转向尚未被充分开发的新兴市场。 据SensorTower数据显示，2025上半年传统出海市场存量状态加剧，中东、拉美、东南亚等新兴市场仍然在崛起，从这里，厂商或许能找到更多的增量机 会。 越南：下载量跃居第一，东南亚最大黑马 在整个行业增速放缓的背景下，越南以一种高调的方式进入了全球游戏界的视野。在越南游戏展"GameVerse"上，越南游戏开发者联盟VGDA主席Nguyen Quyet宣布，2024年越南的移动游戏下载量已经冲到全球第一，甚至超过了中国。 当然，这一下载量并非主要来自本土自研产品。据越南广播 ...

Core Insights - Apple's CEO Tim Cook's visit to a gaming experience room in Guangzhou highlighted the city's growing prominence in the gaming industry [1][3] - The game "Mingchao" developed by Guangzhou's Kuro Technology topped the iOS free game charts in 42 countries upon its release in 2024, generating 600 million yuan in its first month [3][4] - Guangzhou's gaming industry generated 140.67 billion yuan in revenue in 2024, accounting for 43.2% of China's total gaming revenue, with overseas markets contributing 19.058 billion yuan [4][5] Industry Performance - In 2023-2024, nine gaming companies from Guangzhou were listed among the "Key Cultural Export Enterprises," showcasing the city's leadership in the gaming sector [5] - Sensor Tower reported that 33 Chinese companies made it to the global mobile game publisher revenue list TOP100, collectively earning 2 billion USD, which is 38.4% of the total revenue of the top 100 [5] - 37 Interactive Entertainment, a pioneer in overseas gaming, achieved overseas revenue of 5.722 billion yuan in 2024, nearly one-third of its total revenue [5][9] Successful Game Titles - "Mingchao" reached over 30 million downloads globally by June 2023, receiving public praise from Tim Cook [9] - "Identity V," developed by NetEase, gained significant traction in the global market and was selected as an esports event for the 2026 Asian Games [10] - The mini-game "Mushroom Hero Legend" generated nearly 400 million yuan in a single month in Japan and South Korea in early 2024, exemplifying the success of smaller titles [12] Industry Ecosystem - Guangzhou's gaming industry is supported by a dense network of nearly 150 companies in the Tianhe district, fostering collaboration and resource sharing [14][16] - The local government has implemented supportive policies, including a dedicated gaming eSports industrial park and a service center for overseas expansion, enhancing the industry's growth [20][18] - The commitment to high-quality game development is evident in the significant investment in R&D, with Kuro Technology spending over 300 million yuan on "Mingchao" [20][21] Future Outlook - The integration of AI technology in game development is becoming a trend, with companies exploring AI applications to enhance game design and player experience [21][22] - The gaming industry in Guangzhou is expected to continue thriving due to its established ecosystem, supportive policies, and dedication to quality [23]

3 月 25 日，广州一间游戏体验室内，苹果公司首席执行官蒂姆 ・ 库克的出现打破了行业的平静。 01 低调的全球玩家 作为特邀嘉宾，他坐在屏幕前，提前体验了广州库洛科技有限公司开发的游戏《鸣潮》 Mac 版本及 2.2 版本。 试玩结束后，库克在其微博上特意 @ 库洛科技，留下 " 享受无与伦比的沉浸式游戏体验 " 的评价，这一互动瞬间将这家广州本土游戏企业推向了公 众视野的焦点。 外界更多关注互联网行业的其他赛道时，这片土壤上的游戏企业早已悄悄布局全球，用产品力拿下了中国游戏出海的 " 头把交椅 " 。 很多人不知道的是，这款游戏在 2024 年上线之初就等登顶全球 42 个国家和地区的 iOS 游戏免费榜中位列榜首，首月海外流水更是达到了 6 亿 元。 有外国网友表示，"中国正在充分利用西方游戏开发的衰退，我对此感到非常兴奋。" 在广州，这样的游戏企业并非孤例。广州市游戏行业协会的数据显示， 2024 年广州游戏企业海外营收达 190.58 亿元，占广东省游戏出海总营收的 45% ，其中策略类游戏（ SLG ）在全球市场的占有率稳居前三。 翻开 2024 年游戏产业的成绩单，广州游戏产业营收规模达到惊人 ...

Core Viewpoint - The A-share gaming sector has shown resilience with multiple stocks experiencing significant gains, indicating a positive market sentiment towards the industry [1][2]. Group 1: Stock Performance - Giant Network (002558.SZ) saw a rise of over 9%, while Shenzhou Taiyue (300002.SZ) and G-bits (603444.SH) increased by over 4% [1]. - As of September 3, the Wind gaming concept index has recorded a year-to-date increase of 37.96%, with four companies, including ST Huatuo and Giant Network, seeing their stock prices double [3][10]. - ST Huatuo led the revenue rankings among 35 listed companies with 17.207 billion yuan, a year-on-year increase of 85.5% [4][6]. Group 2: Company Financials - In the first half of 2025, ST Huatuo, Sanqi Interactive Entertainment, and Kunlun Wanwei reported the highest revenues, with ST Huatuo's net profit reaching 2.656 billion yuan [4][6]. - 20 out of 35 listed companies reported an increase in net profit, with nine companies achieving over 100% growth [7]. - Notable performers include Tuowei Information and Sheng Tian Network, with net profit growth rates of 2262.83% and 1186.02%, respectively [7]. Group 3: Product Performance and Strategy - ST Huatuo's success is attributed to its popular games like "Whiteout Survival" and "Kingshot," which have performed well in both domestic and international markets [4][5]. - Sanqi Interactive Entertainment has focused on a diversified strategy, launching multiple successful games, including "Time Explosion" and "Heroes Have No Flash," which have achieved high rankings in app stores [5][6]. - Kunlun Wanwei has emphasized AI technology, with significant growth in overseas revenue, which accounted for 92.17% of its total revenue [6][11]. Group 4: Market Trends - The gaming sector's growth is partly driven by the broader market trends and the integration of AI technologies within gaming [11][12]. - The overall positive sentiment in the gaming sector is reflected in the substantial stock price increases following the release of quarterly financial reports [10][11].

Core Viewpoint - Company reported a decline in revenue for the first half of 2025, but a significant increase in net profit, indicating improved profitability despite revenue challenges [1][2] Financial Performance - For the first half of 2025, the company achieved revenue of 8.486 billion yuan, a year-on-year decrease of 8.08%, while net profit attributable to shareholders was 1.4 billion yuan, an increase of 10.72% [1] - In Q2 2025, the company reported revenue of 4.243 billion yuan, down 5.33% year-on-year, but net profit increased by 31.24% to 851 million yuan [1][2] - The company announced a cash dividend of 2.10 yuan per share, totaling 926 million yuan for the first half of 2025, representing 66% of net profit [1] Cost Management and Profitability - The significant improvement in Q2 2025 net profit was attributed to a reduction in sales expenses, which decreased by 19.3% to 1.99 billion yuan [1] - The sales expense ratio fell by 8.1 percentage points to 46.9%, primarily due to the transition of key games into maturity, leading to reduced marketing spend [1] - AI-driven advertising has enhanced the efficiency of user acquisition, with AI advertising accounting for 50% of total ad spend, improving efficiency by 70% [1] Product Performance and Future Outlook - The decline in Q2 revenue was influenced by the introduction of new games, which are still in the launch phase, compared to stable revenue from mature games in the previous year [2] - The company is set to launch its self-developed game "Douluo Dalu: Hunting World," which has already topped the iOS free chart, expected to contribute to revenue in Q3 [2] - The company has a rich product pipeline, with a focus on the release schedule of new games, including various genres such as SLG and MMORPG [2] Investment Outlook - Projections for 2025-2027 indicate revenues of 18.838 billion, 20.322 billion, and 21.546 billion yuan, with net profits of 2.931 billion, 3.334 billion, and 3.819 billion yuan respectively [2] - The company is expected to maintain a "buy" rating due to its recovering user acquisition costs and promising new game performance [2]

| 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 16,547 | 17,441 | 18,838 | 20,322 | 21,546 | | 增长率 yoy（%） | 0.9 | 5.4 | 8.0 | 7.9 | 6.0 | | 归母净利润（百万元） | 2,659 | 2,673 | 2,931 | 3,334 | 3,819 | | 增长率 yoy（%） | -10.0 | 0.5 | 9.7 | 13.7 | 14.5 | | ROE（%） | 20.6 | 20.5 | 19.3 | 18.9 | 18.5 | | EPS 最新摊薄（元） | 1.20 | 1.21 | 1.33 | 1.51 | 1.73 | | P/E（倍） | 13.0 | 12.9 | 11.8 | 10.4 | 9.0 | | P/B（倍） | 2.7 | 2.7 | 2.3 | 2.0 | 1.7 | 资料来源：公司财报，长城证券产业金融研究院 事件：三七互娱发布 25 ...

人民财讯9月3日电，近日，三七互娱自主研发的"小七大模型"通过国家网信办生成式人工智能服务备 案，正式获得面向公众开放运营的资质，其也是广东省首批通过备案的游戏垂类大模型之一。 ...

证券之星消息，9月3日游戏板块较上一交易日上涨2.13%，文投控股领涨。当日上证指数报收于 3813.56，下跌1.16%。深证成指报收于12472.0，下跌0.65%。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) | | --- | --- | --- | --- | --- | --- | | 600715 | 文投控股 | 3.23 | 9.86% | 259.97万 | 8.30亿 | | 002558 | 巨人网络 | 36.05 | 9.54% | 68.93万 | 24.57亿 | | 300002 | 神州泰岳 | 13.58 | 4.86% | 144.41万 | 19.53亿 | | 603444 | 吉比特 | 470.48 | 4.20% | - 2.57万 | 12.07亿 | | 300467 | 迅游科技 | 23.46 | 3.71% | 13.12万 | 3.09亿 | | 002602 | ST华通 | 16.58 | 3.62% | 189.95万 | 31.34亿 | | 600892 | *ST大晟 | 3. ...

A股游戏板块盘初走强，个股方面，巨人网络涨超9%，恺英网络、神州泰岳、三七互娱、吉比特、完 美世界等跟涨，游戏ETF（159869）现涨近3.5%持续冲高。 2025年以来，多层次、系统性政策支持为游戏产业健康发展注入确定性。3月印发的《提振消费专项行 动方案》，明确提出促进游戏、电竞及其周边衍生品消费。4月份，商务部发文要推动从IP打造到游戏 制作、发行以及海外运营的全产业链布局。北京、上海、广东、浙江、海南、四川等地纷纷出台系列支 持游戏产业发展的政策，为游戏企业的创新发展提供有力支持。 值得一提的是，游戏行业虽然仍由创新主导，但在新的大热玩法爆发之前，长青游戏与经典IP仍然是一 家游戏公司的"压舱石"。在政策利好推动下，强化长线运营能力与加大新品供给成为企业增长双引擎。 头部公司凭借经典IP和持续内容更新，构建起稳健业绩基本盘；新品布局方面，主要企业加快测试与上 线节奏。 国泰海通证券认为，游戏行业迈入景气周期，关注行业趋势与产品潜力。游戏板块具备AI、内容、商 业化模式变革多点催化，游戏ETF（159869）跟踪中证动漫游戏指数，反映动漫游戏产业A股上市公司 股票的整体表现，关注游戏ETF（15986 ...

游戏板块盘初走高，巨人网络涨超8%，神州泰岳涨超6%，吉比特、三七互娱、昆仑万维、姚记科技纷 纷上扬。 ...