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]

丨证券研究报告丨 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 公司研究丨点评报告丨三七互娱（002555.SZ） [Table_Title] 游戏流水稳健叠加投放优化带动利润释放，业绩 表现高于预期 报告要点 [Table_Summary] 公司 25Q2 实现营收 42.43 亿元（同比-5.33%）， 实现归母净利润 8.51 亿元（同比+31.24%）， 实现扣非净利润 8.51 亿元（同比+29.16%）。2025 年初公司《时光大爆炸》《英雄没有闪》等 多款产品陆续上线，二季度表现稳定，多款产品稳居小游戏头部。公司 Q2 上新较少且流量投 放优化，带动 Q2 业绩释放。公司产品及 IP 储备丰富，关注重点新游测试及上线进展。 分析师及联系人 [Table_Author] 高超 杨云祺 SAC：S0490516080001 SAC：S0490524090002 SFC：BUX177 1 三七互娱（002555.SZ） cjzqdt11111 [Table_Title 游戏流水稳健叠加投放优化带动 2] 利润释放，业 绩表现高于预期 [Table_Summ ...

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 ...

证券代码：002555 证券简称：三七互娱 公告编号：2025-047 三七互娱网络科技集团股份有限公司 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： 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。 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 2024 年度股东大会，审议通过了《关于 2025 年中期分红 规划的议案》，授权董事会全权办理 2025 年度中期利润分配相关事宜。公司于 2025 年 8 月 25 日召开第七届董事会第二次会议，审议通过 2025 年半年度权益分派方案，现将权益分 派事宜公告如下： 一、董事会审议通过权益分派方案情况 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 2.1 ...

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].

事件 公司发布2025 年中期报告：2025 年上半年年公司实现营业收入84.86亿元，同比下降8.08%；归母 净利润14.00 亿元，同比上升10.72%；扣非归母净利润13.87 亿元，同比上升8.83%。其中，2025Q2 单 季度公司实现营业收入42.43 亿元，同比下降5.33%；归母净利润8.51 亿元，同比上升31.24%；扣非归 母净利润8.51 亿元， 同比上升29.16%。 新游上线表现亮眼，关注后续确认收入节奏 2025 年上半年，公司上线《时光大爆炸》《英雄没有闪》 等多款产品。《时光大爆炸》1 月登顶App Store免费榜第一，后续小程序版本在微信小游戏畅销榜最高 排名第4。由于新游收入确认存在滞后，公司H1 收入同比略降。同时，公司储备有《代号MLK》《奇 谋三国》《赘婿》《代号XSSLG》等多款产品，关注后续的收入确认节奏以及新游的开发、上线情 况。 控制费用减投放，推动利润端释放 公司2025H1 销售费用44.10 亿元，同比下降17.73%，销售费用率为 52.0%，同比下降6.1pct。销售费用的下降主要因为《寻道大千》《霸业》等游戏本期进入成熟期，流 量投放减少。我 ...

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。 ...

Market Performance - Global markets continued to rise last week, with MSCI Global up by 1.5%, MSCI Developed up by 1.5%, and MSCI Emerging up by 1.3%[3] - The US stock market's earnings expectations for 2025 were revised upward, with the S&P 500 EPS forecast increased from 268 to 269[4] Economic Expectations - Global economic expectations were adjusted upward, with the Citigroup Economic Surprise Index for the US rising due to dovish signals from the Fed[4] - The issuance of new special bonds by local governments reached 2392.7 billion CNY, a year-on-year increase of 76.7%[19] Industry Insights - In the home appliance sector, TCL Electronics reported a total revenue of 54.777 billion HKD for H1 2025, a year-on-year increase of 20.4%[15] - The gaming industry saw a record high of 166 domestic game approvals in August, with a total of 1050 approvals in the first eight months of 2025, significantly higher than the previous year's 850[31] Investment Recommendations - In the home appliance sector, recommended stocks include Stone Technology and Ecovacs for their strong performance and growth potential[14] - For the construction industry, low valuation high-dividend companies such as China State Construction and China Railway Construction are recommended due to their expected benefits from PPP policy catalysts[39]