Core Insights - Multiple positive factors are driving the performance growth of A-share gaming companies [1] - The majority of disclosed financial reports from gaming companies show revenue growth [1] Industry Summary - As of August 28, several A-share companies, including Sanqi Interactive Entertainment, Perfect World, Gigabit Network, Giant Network, Youzu Interactive, and Shenzhou Taiyue, have released their semi-annual reports for 2025, with most reporting performance growth [1] - The Chinese gaming industry has shown a steady growth trend in the first half of the year [1] - According to the China Audio-Video and Digital Publishing Association's Game Publishing Working Committee, the actual sales revenue of the domestic gaming market reached 168 billion yuan in the first half of 2025, representing a year-on-year increase of 14.08% [1] - The gaming user base in China has reached nearly 679 million, with a year-on-year growth of 0.72%, both figures hitting historical highs [1]

Core Insights - The A-share gaming companies have shown significant performance growth in the first half of 2025, driven by multiple positive factors [1][2][3] - The domestic gaming market in China reached a sales revenue of 168 billion yuan, marking a year-on-year growth of 14.08% [1] - The continuous issuance of game licenses has positively impacted the industry, with 166 domestic games receiving licenses in August, the highest monthly number this year [1] Financial Performance - Jiubang Network reported a revenue of 1.662 billion yuan, a year-on-year increase of 16.47%, and a net profit of 777 million yuan, up 8.27% [2] - Perfect World achieved a revenue of 3.69 billion yuan, with a year-on-year growth of 33.74%, and a net profit of 503 million yuan, soaring by 384.52% [1] - Jibite's revenue reached 2.518 billion yuan, reflecting a growth of 28.49%, and a net profit of 645 million yuan, up 24.50% [1] Market Trends - ST Huatuo is expected to report a revenue of approximately 17 billion yuan, a year-on-year increase of about 83.27%, with net profit projections between 2.4 billion to 3 billion yuan, reflecting a growth of 107% to 159% [3] - Major gaming companies are significantly increasing their investments in AI, which is enhancing operational efficiency [3][4] AI Integration - Youzu Network has developed an integrated AI platform that improves the quality and efficiency of various game development processes, including art assets and localization [3] - 37 Interactive Entertainment reported that over 80% of its 2D art assets are generated with AI assistance, producing over 500,000 images quarterly [4] - Perfect World has fully integrated AI tools into its development pipeline, significantly enhancing research and development efficiency through the use of AIGC [4]

Industry Overview - The A-share gaming companies have shown performance growth, with several companies reporting positive financial results for the first half of 2025 [1][2] - The domestic gaming market achieved a sales revenue of 168 billion yuan in the first half of 2025, marking a year-on-year growth of 14.08% [1] - The number of gaming users reached approximately 679 million, a year-on-year increase of 0.72%, both figures hitting historical highs [1] Company Performance - Jiubite reported a revenue of 2.518 billion yuan, up 28.49% year-on-year, and a net profit of 645 million yuan, an increase of 24.50% [1] - Perfect World achieved a revenue of 3.69 billion yuan, a year-on-year growth of 33.74%, with net profit soaring by 384.52% to 503 million yuan [1] - Giant Network's revenue was 1.662 billion yuan, reflecting a year-on-year increase of 16.47%, and a net profit of 777 million yuan, up 8.27% [2] - ST Huatuo projected a revenue of approximately 17 billion yuan for the first half of 2025, a growth of about 83.27%, with net profit expected to rise between 24 million to 30 million yuan, an increase of 107% to 159% [3] AI Integration - Major gaming companies are significantly increasing their investments in AI, which is enhancing operational efficiency [3][4] - Youzu Network has developed an integrated AI platform that improves the quality and efficiency of various game development processes, including art assets and localization [3] - 37 Interactive Entertainment reported that over 80% of its 2D art assets are generated with AI assistance, producing over 500,000 images quarterly [4] - Perfect World has fully integrated AI tools into its development pipeline, significantly boosting research and development efficiency through the use of AIGC (Artificial Intelligence Generated Content) [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company achieved revenue of 4.243 billion yuan in Q2 2025, a year-on-year decrease of 5.33%, while the net profit attributable to shareholders was 851 million yuan, an increase of 31.24% year-on-year [2][4] - The company has a rich product and IP reserve, with several new games expected to launch in early 2025, contributing to stable performance in Q2 [2][12] - The company’s overseas revenue for H1 2025 was 2.724 billion yuan, accounting for 32.1% of total revenue, despite a year-on-year decrease of 6.0% [12] Summary by Sections Financial Performance - In H1 2025, the company reported total revenue of 8.486 billion yuan, a year-on-year decrease of 8.08%, and a net profit of 1.4 billion yuan, an increase of 10.72% year-on-year [4] - Q2 2025 saw a net profit of 851 million yuan, with a net profit margin of 20.1% [12] Product Development - The company has multiple new games set to launch, including "Time Explosion" and "Heroes Don't Flash," which are expected to perform well in the market [12] - The company’s self-developed MMO "Douluo Dalu: Hunting World" began public testing in July 2025, with plans for gradual revenue contribution [12] Cost Management - Q2 2025 saw a reduction in sales expenses to 1.992 billion yuan, a decrease of 4.8% year-on-year, leading to a sales expense ratio of 46.9%, the lowest since 2022 [12] - The gross profit margin slightly decreased to 76.1% due to an increase in agency product proportion, but the net profit margin improved significantly [12] Shareholder Returns - The company plans to distribute a cash dividend of 2.1 yuan for every 10 shares, maintaining a high dividend payout ratio of approximately 66% of net profit for H1 2025 [12]

证券代码：002555 证券简称：三七互娱 公告编号：2025-047 2、自权益分派方案披露至实施期间，公司股本总额未发生变化。 3、本次实施的分派方案与公司第七届董事会第二次会议审议通过的权益分派方案一致。 4、本次实施的分派方案距离董事会审议通过的时间未超过两个月。 二、权益分派方案 三七互娱网络科技集团股份有限公司 2025 年半年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 特别提示： 1、三七互娱网络科技集团股份有限公司（以下简称"公司"）实施的 2025 年半年度权 益分派方案为：按分配比例不变的方式，以分红派息股权登记日实际发行在外的总股本剔除 上市公司回购专用证券账户的股份为基数，向全体股东每10股派送现金股利2.10元（含税）； 本次分配不派送红股，不以资本公积转增股本。 2、按总股本折算的每 10 股现金分红为 2.088096 元（结果保留小数点后六位数，最后 一位直接截取，不四舍五入）。本次权益分派实施后的除权除息价格=股权登记日收盘价 -0.2088096 元/股。 公司于 2025 年 5 月 12 日召开 ...

Core Viewpoint - The company announced a cash dividend distribution plan for the first half of 2025, proposing to distribute 2.10 RMB per 10 shares to all shareholders, with specific tax implications for different types of investors [1]. Group 1: Dividend Distribution Plan - The cash dividend distribution is set at 2.10 RMB per 10 shares, which includes tax [1]. - The total number of shares eligible for the dividend is 2,199,698,134 shares, leading to a total cash dividend amount of approximately 461.94 million RMB [1]. - The record date for the dividend distribution is September 3, 2025, and the ex-dividend date is September 4, 2025 [1]. Group 2: Shareholder Eligibility and Tax Implications - The dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shenzhen Branch as of the record date [1]. - Different tax rates apply for various categories of investors, with specific provisions for Hong Kong investors and domestic investors holding different types of shares [1]. - The company will not withhold individual income tax at the time of distribution, but it will be calculated based on the holding period when shares are sold [1]. Group 3: Financial Adjustments and Calculations - The total share capital of the company is 2,212,237,681 shares, with 12,539,547 shares in the repurchase account excluded from the dividend distribution [1]. - The adjusted ex-dividend price will be calculated as the closing price on the record date minus 0.2088096 RMB per share [1]. - The cash dividend per 10 shares after adjustments is approximately 2.088096 RMB, calculated based on the total cash dividend amount divided by the total share capital [1].

Core Viewpoint - The article highlights the emergence of a new industrial hub in Pazhou, Guangzhou, focusing on the integration of exhibition, e-commerce, and digital economy, with a particular emphasis on the gaming industry represented by 37 Interactive Entertainment's new headquarters [1]. Group 1: Company Overview - 37 Interactive Entertainment, a leading gaming company based in Guangzhou, has established its headquarters in Pazhou, marking a new phase in its business development [1]. - The company is led by Vice President Zhu Huaimin, who oversees the technology and strategy centers, and has been with the company since 2010 [1][6]. Group 2: Game Development Insights - Zhu Huaimin discusses the concept of "hit games," emphasizing that their creation involves multiple dimensions, including cultural expression and technological innovation [7]. - The company maintains a pipeline of at least twenty games in development or preparation for release, showcasing a strong creative foundation [8][10]. Group 3: AI Integration - 37 Interactive Entertainment views gaming as an optimal application for AI technology, having developed its own vertical AI model named "Xiao Qi" and integrated AI capabilities across various operational areas [11][12]. - The company reports that by Q1 2025, AI-generated video content will account for nearly 80% of domestic releases and 70% of international releases, with over 85% of AI-generated 2D images [12]. Group 4: Strategic Location Benefits - The decision to move to Pazhou is influenced by the area's high density of industries and talent, which facilitates business interactions and collaborations across various sectors, including e-commerce and AI [18][22]. - The local government has provided targeted support for the gaming and AI sectors, aligning the company's strategic goals with regional development initiatives [22].

Core Viewpoint - The company reported a decline in revenue for the first half of 2025, but an increase in net profit, indicating a strong performance in profit management despite revenue challenges [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved operating revenue of 8.486 billion, a year-on-year decrease of 8.08%, while net profit attributable to shareholders was 1.4 billion, an increase of 10.72% [1]. - For Q2 2025, the company reported operating revenue of 4.243 billion, a year-on-year decrease of 5.33%, but net profit attributable to shareholders rose to 0.851 billion, an increase of 31.24% [1]. - The company's sales expenses in H1 2025 were 4.410 billion, down 17.73% year-on-year, with a sales expense ratio of 52.0%, a decrease of 6.1 percentage points [2]. Group 2: New Game Launches - The company launched several new games in H1 2025, including "Time Explosion" and "Heroes Without Flash," with "Time Explosion" reaching the top of the App Store free chart in January [1]. - The revenue recognition for new games has a lag, which contributed to the slight decline in H1 revenue, but the company has a strong pipeline of upcoming titles [1]. Group 3: Cost Management and Efficiency - The reduction in sales expenses has effectively offset revenue fluctuations, leading to significant profit growth in H1 2025 [2]. - AI has played a crucial role in cost reduction and efficiency improvement, with over 70% of game advertisement materials generated by AI and 50% of total ad placements being AI-driven, enhancing ad efficiency by 70% [2]. Group 4: Investment Outlook - The company is expected to continue its stable performance with new game launches contributing to revenue growth, projecting net profits of 2.944 billion, 3.125 billion, and 3.401 billion for 2025-2027, with corresponding PE ratios of 15x, 14x, and 13x [2].

Core Viewpoint - The issuance of game licenses in August 2025 reached a record high, with 166 domestic games and 7 imported games approved, indicating a stable trend in the normalization of license issuance and ongoing industry recovery [1][2]. Group 1: Game License Issuance - A total of 1,050 domestic games have been approved since the beginning of the year, with 166 games approved in August alone, marking a month-on-month increase of 39 games [2]. - The approved domestic games include titles from well-known companies such as NetEase, Bilibili, and others, showcasing a diverse range of products [2]. - For imported games, 69 have been approved this year, with 7 approved in August, including Tencent's "Kaeas Dreamland" [2]. Group 2: Notable Game Titles - "Kaeas Dreamland," developed by South Korea's Smilegate, is expected to perform well due to its unique gameplay mechanics and high-quality 2D animation [3]. - "Escape from Duckov," developed by Bilibili's "Carbonated Squad," has received positive feedback during its Steam testing phase, with over 200,000 players and a 93% "very positive" rating [4]. - The game combines tactical gameplay with a cute art style, filling a niche in the "light tactical game" market [4].

受此提振，三七互娱昨日封板后今日仍涨超5%，领涨游戏板块。游戏ETF(159869)现仍涨近1%，游戏板块近期回暖趋势显著，游戏 ETF(159869)今日或冲击"六连阳"，此外游戏ETF(159869)已连续4个交易日获资金净流入，累计"吸金"达3.11亿元，备受资金青睐。国泰海通证 券认为，国产游戏版号数量新高，看好政策鼓励、供给优质的游戏行业。 三七互娱（002555）近日披露2025年半年度报告，上半年实现营收84.86亿元，同比下降8.08%，净利润14.00亿元，同比增长10.72%，在营收 短期调整的背景下，盈利水平实现稳步提升，体现出强劲的成本控制与运营效率。三七互娱亮眼财报的表现，离不开新游推出以及AI产业链 的发展。随着国内游戏版号发放逐渐稳定，公司新开发游戏产品得以按计划及时上线，为业绩贡献增量。同时，AI技术已深度渗透至公司游 戏研发、测试、运营等全产业链环节，不仅有效实现研发与运营端的降本增效，更推动公司游戏研运工业化水平迈向新台阶，为长期发展筑牢 技术护城河。 ...