Summary of the Gaming Industry Conference Call Industry Overview - The gaming industry in China has maintained high activity levels since the summer, with a market size of approximately 29 billion yuan in July, reflecting a year-on-year growth of nearly 5% [1][4] - Mobile game revenue showed a slight increase, with several new games performing well, such as "Douluo Dalu: Soul Master World," which generated over 100 million yuan in its first month [1][4] - The market size remained stable in August compared to July, but there was a year-on-year decline, with mobile game revenue decreasing by 4% [1][4] Key Insights - The overall performance of the gaming industry has been positive this year, supported by a relaxation of policies and an acceleration in supply growth [2] - The industry is in an upward trend, with new game launches significantly boosting company performance [2] - The release of 156 game licenses in September, including 145 domestic and 11 imported, indicates a healthy regulatory environment [6][7] Company-Specific Developments - Huatuo's core overseas products have shown strong performance, leading to an 11% month-on-month increase in revenue for Diandian Interactive [8] - Giant Network's game "Supernatural" has exceeded expectations in revenue stability, with plans to launch an overseas version next year [8] - Key products approved include new titles from Tencent, NetEase, and miHoYo, indicating strong competition among major players [6][7] International Market Performance - Chinese self-developed games generated nearly 1.7 billion USD in overseas revenue in July, with a year-on-year growth in single digits [5] - Despite a 10% year-on-year decline in August due to high base effects, some products like KingShow's "Frost Knight" maintained strong growth, with a 20% month-on-month increase [5] Future Trends - The legendary game market is substantial, with annual revenues of 30-40 billion yuan, and more legendary games are expected to enter the market [9] - Future growth will come from expanding partnerships with larger companies, the introduction of 25 key legendary games, and enhancements in PC, live streaming, and item trading functionalities [9] Product Development and AI Initiatives - Kaiying Network is entering a new product cycle, with "Blood of the River and Lake" launched in South Korea and plans for several new titles by 2025-2026 [10] - The AI product EVE is expected to launch by the end of the year, and the AI gaming platform Soon may begin commercialization [10] Performance of Key Companies - Gigabit has consistently outperformed expectations, with "Sword of the Hero" showing strong overseas revenue growth of 14% month-on-month in August [11] - Perfect World and Shenzhou Taiyue have new titles in development, with Perfect World's "Yihuan" showcased at the Tokyo Game Show [12] Overall Market Sentiment - The gaming industry remains strong, with companies performing well even in the traditionally slower month of September [13] - Continued investment opportunities are recommended in companies such as Giant Network, Kaiying Network, ST Huatuo, Perfect World, Gigabit, Shenzhou Taiyue, and Sanqi Interactive [13]

Investment Rating - The report maintains a "Positive" investment rating for the media industry [1] Core Insights - The gaming sector is expected to experience a high prosperity cycle driven by stable game license approvals and upcoming holiday promotions, with a recommendation to increase allocations in gaming stocks [4] - AI applications are gaining momentum with significant investments in infrastructure, suggesting a strong growth trajectory for AI-related companies [5] Summary by Sections Industry Data Overview - "Plants vs. Zombies 3" ranks first in the iOS free game chart, while "Honor of Kings" leads the iOS revenue chart as of September 27, 2025 [11][15] - The domestic client game market revenue in August saw a year-on-year increase of 17% [29] Industry News Overview - Nvidia's investment of $100 billion in OpenAI aims to enhance AI infrastructure, indicating a robust future for AI applications [30] - In September, 156 game licenses were issued, with major companies like Tencent, NetEase, and miHoYo receiving approvals [33] Company Recommendations - The report suggests focusing on companies such as Xindong Company, Kaiying Network, Shenzhou Taiyue, Giant Network, and Tencent Holdings for potential investment opportunities in the gaming sector [4] - For AI applications, companies like Huizhong Technology, Kuaishou, and NetEase Cloud Music are highlighted as key players to watch [5]

Investment Rating - The report recommends a positive investment outlook for the technology sector, specifically highlighting key stocks in electronics, computing, communications, and media [5][10]. Core Insights - The report identifies several companies as "gold stocks" for October 2025, including Luxshare Precision, GigaDevice, Taxu Technology, Meitu, Zhongji Xuchuang, Runze Technology, Kaiying Network, and Giant Network [10][14]. - The analysis emphasizes the importance of AI-driven innovations and market trends, particularly in consumer electronics and data center infrastructure, which are expected to drive growth for the highlighted companies [16][20]. Summary by Category Electronics - **Luxshare Precision**: The company is positioned for steady growth due to its deep integration with core clients and advancements in new materials and technologies. It is capitalizing on the demand for AI computing and data center upgrades, with a focus on high-value products [16]. - **GigaDevice**: The company is experiencing a robust upward trend in its fundamentals, with all storage products in a price increase cycle. It is expanding its market share in NOR Flash and enhancing its product matrix in DRAM [17]. Computing - **Taxu Technology**: As a leader in the tax IT industry, the company is leveraging its dual-driven business model. It is expected to benefit from AI integration, enhancing its SaaS subscription model and expanding its market reach [18]. - **Meitu**: The company has successfully transitioned from a traffic-based model to a subscription model, leveraging its aesthetic expertise and technology to expand its user base and global market presence [19]. Communications - **Zhongji Xuchuang**: The company is a leading global player in optical modules, maintaining stable delivery capabilities through strong industry partnerships. It is advancing in cutting-edge technologies like silicon photonics [20]. - **Runze Technology**: Positioned as a leading third-party IDC and AIDC provider, the company is expected to benefit from the increasing investments in data centers by major internet firms [21]. Media - **Kaiying Network**: The company is set to launch several new games, which are anticipated to drive revenue growth. Its strong product pipeline and AI integration in gaming are expected to enhance user engagement [22]. - **Giant Network**: The company is witnessing significant growth in its gaming titles, with a focus on AI-driven gameplay innovations that are expected to increase user activity and revenue [22]. Profit Forecasts - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for the recommended stocks, indicating expected growth in EPS for 2024 to 2027 across various companies [23].

证券之星消息，9月26日游戏板块较上一交易日下跌4.11%，吉比特领跌。当日上证指数报收于3828.11， 下跌0.65%。深证成指报收于13209.0，下跌1.76%。游戏板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600892 | *ST大晟 | 3.79 | 1.61% | 19.44万 | 7360.36万 | | 300052 | ST中青宝 | 11.92 | -1.65% | 5.00万 | 5987.30万 | | 002602 | ST华通 | 21.58 | -1.78% | 201.89万 | 44.20 Z | | 002919 | 名臣健康 | 14.91 | -1.91% | 2.83万 | 4238.26万 | | 002425 | ST凯文 | 3.88 | -2.02% | 23.51万 | 9134.47万 | ...

Investment Rating - The report maintains a positive investment rating for the gaming sector, specifically recommending companies like Giant Network, Tencent, and others in the industry [2][7]. Core Insights - The gaming sector is expected to benefit significantly from supportive policies and emerging AI applications, with the third-quarter reports anticipated to show strong performance [7]. - Giant Network is highlighted for its steady revenue and profit growth, with new product launches expected to contribute positively in future reporting periods [7]. - The report emphasizes the resilience of the gaming industry amidst economic fluctuations, positioning it as a promising area for investment [7]. Summary by Sections Industry Overview - The media industry saw a 0.69% increase last week, ranking 10th among all sectors, with a year-to-date increase of 37.23%, placing it 4th overall [11]. - The gaming sector, particularly leading companies like ST Huatuo and Giant Network, reached new highs, prompting recommendations to increase holdings in this area [7]. Company Performance - Giant Network's revenue and profit are steadily increasing, with a significant rise in contract liabilities, indicating growth in deferred revenue from games [7]. - The flagship mobile game "Original Journey" has successfully expanded its user base, achieving over 2 million new users in the first half of the year [7]. - The company is actively integrating AI technologies into its gaming products, enhancing user engagement and gameplay experiences [7]. Market Data - The report notes that the gaming sector's valuation remains attractive, with a strong outlook for international expansion and AI integration [7]. - The gaming industry is characterized as one of the most benefited sectors from current market conditions and policy support [7].

Group 1 - The China Securities Index for online consumption (931481) decreased by 1.85% as of September 26, 2025, with mixed performance among constituent stocks [1] - Wanrun Technology (002654) led the gains with an increase of 3.46%, while Jibite (603444) experienced the largest decline at 6.81% [1] - The online consumption ETF (159793) fell by 1.71%, with the latest price at 1.15 yuan, but showed a 2.19% increase over the past week [1] Group 2 - As of August 29, 2025, the top ten weighted stocks in the online consumption index accounted for 51.84% of the total index weight [2] - Tencent Holdings (00700) holds the highest weight at 9.65%, followed by Alibaba-W (09988) at 9.25% and Meituan-W (03690) at 8.37% [4] - Other notable stocks include Kuaishou-W (01024) at 6.05% and JD Health (06618) at 3.98% [4]

Core Insights - The article highlights the stable approval process for domestic game licenses in China, with a significant increase in the number of licenses issued in 2025 compared to the previous year [1][3] - The gaming market in August 2025 showed stable performance, with notable revenue contributions from high-quality products, indicating a positive outlook for game development companies [2][3] Group 1: License Approval and Supply - On September 24, 2025, the National Press and Publication Administration approved 145 domestic games and 11 imported games, indicating a robust supply of game licenses [1] - The total number of domestic game licenses issued in 2025 has reached 1,195, significantly higher than the 959 licenses issued in the same period last year, with an average monthly issuance of 132.8 licenses [1] Group 2: Market Performance - In August 2025, the domestic gaming market generated revenue of 29.263 billion yuan, reflecting a month-on-month growth of 0.61% but a year-on-year decline of 13.01% due to a high base from the previous year [2] - Mobile game revenue was 21.521 billion yuan, with a month-on-month increase of 0.85% and a year-on-year decrease of 4.25%, while client game revenue was 6.563 billion yuan, showing a month-on-month decline of 1.11% but a year-on-year increase of 17.59% [2] Group 3: Investment Outlook - The stable approval rhythm for game licenses and the rich supply of game products lead to a favorable investment outlook for companies with strong content reserves and solid fundamentals [3]

Core Viewpoint - The gaming sector in A-shares has seen significant gains following the approval of multiple domestic and imported game licenses, indicating a positive trend for the industry [1][3]. Group 1: Market Performance - On September 25, several gaming stocks surged over 5%, including Kunlun Wanwei (300418.SZ), Icefire Network (300533.SZ), and Gigabit (603444.SH) [1]. - The gaming sector's valuation recovery is attributed to various factors, including the continuous issuance of game licenses, with 145 domestic games and 11 imported games approved recently [1][3]. - As of September 25, 2025, the A-share gaming sector comprises 24 listed companies, with some stocks achieving remarkable performance this year [7][8]. Group 2: Regulatory Environment - The National Press and Publication Administration has approved a total of 1,275 games in 2025, significantly higher than the 959 games approved in the same period last year, with an average monthly issuance increasing from 88.8 in 2023 to 132.8 in 2025 [3]. Group 3: Financial Performance - The domestic gaming market's actual sales revenue reached 168 billion yuan in the first half of 2025, marking a 14.08% year-on-year increase, setting a historical record [5]. - The A-share gaming sector reported a 22.8% year-on-year revenue growth in the first half of 2025, indicating a strong industry fundamental [5]. Group 4: Company Highlights - ST Huatuo's stock price has increased over 300% this year, making it the highest market cap company in the A-share media sector, with a total market value exceeding 160 billion yuan [9]. - Gigabit's stock rose by 5.67%, with a market value of approximately 47.69 billion yuan, and the company reported a 28.49% year-on-year revenue growth in the first half of 2025 [10][11].

Group 1 - The mobile gaming sector saw an increase of 1.15%, ranking 6th among concept sectors, with 38 stocks rising, including ST Huatuo which hit the daily limit, and Mango Super Media, Kunlun Wanwei, and Ice River Network showing significant gains of 8.47%, 7.40%, and 6.92% respectively [1][2] - The mobile gaming sector attracted a net inflow of 0.54 billion yuan from major funds, with 25 stocks receiving net inflows, and 5 stocks exceeding 0.1 billion yuan in net inflow, led by Giant Network with 1.48 billion yuan [2][3] - The top stocks by net inflow ratio included Xunyou Technology, Shunwang Technology, and Dihun Network, with net inflow ratios of 10.53%, 8.51%, and 8.31% respectively [3][4] Group 2 - The top gainers in the mobile gaming sector included Giant Network, ST Huatuo, and Xinghui Entertainment, with daily price increases of 1.29%, 5.02%, and 5.08% respectively [3][4] - The overall market performance showed a mixed trend, with the Chinese AI sector leading with a 2.36% increase, while the South Korea-China Free Trade Zone concept fell by 1.87% [2] - The trading volume and turnover rates for key stocks in the mobile gaming sector indicated active trading, with notable turnover rates for stocks like Xinghui Entertainment at 21.40% [3][4]

Core Viewpoint - The gaming industry in China is experiencing a significant increase in the issuance of domestic game licenses, with a total of 1,195 licenses granted in the first nine months of the year, surpassing the 959 licenses issued during the same period last year [1][3]. Group 1: License Issuance - In September, 145 domestic games were approved, contributing to a total of 1,195 domestic licenses issued this year, which is significantly higher than the 959 licenses issued in the same period last year [1][3]. - The average monthly issuance of licenses has increased from 88.8 in 2023 and 108.8 in 2024 to 132.8 in the first nine months of this year [1][3]. Group 2: Market Performance - The gaming market in August recorded a revenue of 29.263 billion yuan, showing a month-on-month growth of 0.61%, although it experienced a year-on-year decline of 13.01% due to high revenue from a major game in the previous year [4]. - Mobile game revenue reached 21.521 billion yuan, with a month-on-month increase of 0.85% and a year-on-year decline of 4.25%, while client game revenue was 6.563 billion yuan, showing a month-on-month decrease of 1.11% but a year-on-year increase of 17.59% [4]. Group 3: Key Products and Companies - Tencent's game "Delta Action" saw its daily active users rise to 30 million in September, topping the iOS sales chart, indicating strong profit contributions [4]. - The new game "Valorant: Energy Action" is expected to generate over 300 million yuan in its first month [4]. - Companies such as Tencent, NetEase, and Giant Network are highlighted for their strong product performance and market presence [4][5].