Core Points - A total of 20 stocks received ratings from brokerages, with 6 stocks rated as "Buy" [1] - Among the stocks with target prices, Zhongyou Capital (000617.SZ) has the highest expected price increase of 16.19% based on the latest closing price [1][2] Company Summary - Zhongyou Capital (000617.SZ) received a "Buy" rating from Guotai Junan Securities, with a target price of 10.98 yuan and a closing price of 9.45 yuan, indicating a potential increase of 16.19% [2] - Other stocks rated as "Buy" include Rongsheng Petrochemical (002493.SZ), Jichuan Pharmaceutical (600566.SH), Haibo Innovation (688411.SH), Shiji Performance (002602.SZ), and Zhaoyi Innovation (603986.SH) [2] Industry Summary - The industries with the highest number of stocks receiving attention from brokerages are construction decoration, automotive, and non-ferrous metals [4]

传媒 2025 年 11 月 16 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -12% 0% 12% 24% 36% 48% 2024-11 2025-03 2025-07 传媒 沪深300 相关研究报告 头部游戏出海延续亮眼表现，抽成政策助小程序游戏迎新机，坚定布局游戏 （1）出海：根据 AppMagic，10 月点点互动旗下《Whiteout Survival》和《Kingshot》 稳居中国手游出海收入榜前二，AppMagic 估算两款产品分成后收入合计超 1.3 亿美元，点点互动旗下另一款《Tasty Travels》排名第 19，较上月继续提升，另 外世纪华通股票已于 11 月 12 日撤销其他风险警示，或改善交易流动性，且后续 有望入选指数，迎来增量被动配置资金。（2）小程序游戏：11 月 14 日，微信 宣布将为开发者提供接入苹果"小程序合作伙伴计划"服务，苹果对参与计划的 微信小程序游戏流水仅抽成 15%（而 App 游戏抽成为 30%），或推动更多 iOS 端 App 游戏转向小程序游戏以降低流水分成，提升利润率，2024 年及 2025H1 中国小程序游戏市场规模达 398/ ...

Investment Rating - The report maintains a "Positive" investment rating for the media and internet industry [8]. Core Insights - In Q3 2025, the fund holding market value proportion of the media and internet sector increased by 0.53 percentage points to 2.50%, ranking 11th among 32 industries, up from 15th in Q2 2025 [2][5][20]. - The media and internet sector has transitioned to an "overweight" position, with the actual fund holding market value proportion exceeding the benchmark by 0.20 percentage points for the first time since Q2 2023 [5][25]. - The gaming and internet sub-sectors within media are seeing increased holding intentions, driven by improved industry sentiment and strong performance of new games [6][29]. Summary by Sections Fund Holdings Analysis - The media and internet sector's fund holdings are still relatively low but benefited from the rising attractiveness of gaming and other related industries, with a notable increase in holdings [5][20]. - The sector's benchmark proportion was 2.29% in Q3 2025, while the actual holding proportion was 2.50%, marking a significant shift to an overweight position [25]. Performance Metrics - The media and internet sector recorded a cumulative increase of 26.37% in Q3 2025, ranking 9th among all industries, compared to a 10.77% increase in Q2 2025 [6][14]. - The TMT (Technology, Media, and Telecommunications) sector's fund holding proportion rose significantly by 11.43 percentage points to 40.59% in Q3 2025 [16][17]. Sub-sector Insights - The gaming sub-sector's allocation increased by 0.71 percentage points to 1.68%, while the internet information services sub-sector saw a slight increase of 0.08 percentage points to 0.14% [29]. - The entertainment sector, including gaming and film, saw a rise in holding market value proportion to 1.72%, while the media sector's proportion decreased to 0.64% [29]. Major Holdings - The top eleven heavily held stocks in the media and internet sector include companies like Kaiying Network, Century Huatong, and Giant Network, with significant increases in the number of funds holding these stocks [32][33]. - The top ten stocks by market value in Q3 2025 include Century Huatong (9.341 billion), Fenzhong Media (9.161 billion), and Giant Network (7.854 billion) [32][34]. Hong Kong Market Holdings - In Q3 2025, Hong Kong stock holdings slightly decreased to 19.0%, with Tencent remaining the second-largest holding among funds [32][39].

Core Viewpoint - Century Huatong has transformed from a financially troubled company to a market-favored "game king" due to its successful mobile game "Whiteout Survival," which has generated over 20 billion yuan in revenue by September 2023 [1][12]. Financial Performance - As of November 13, 2025, Century Huatong's stock price reached 19.17 yuan per share, with a total market capitalization of 142.4 billion yuan, making it the highest valued game company in A-shares [2]. - The company's stock price has increased by 272.96% year-to-date as of November 13, 2025, with a total market value increase of 104.1 billion yuan [3]. - For the first three quarters of 2025, Century Huatong reported revenue of 27.22 billion yuan, surpassing the total revenue of the previous year, and a net profit of 4.36 billion yuan, reflecting a year-on-year growth of 141.65% [11]. Business Transformation - Century Huatong transitioned from an automotive parts manufacturer to a gaming company starting in 2014, acquiring several game companies and significantly increasing its goodwill [5][6]. - The company faced financial risks due to its rapid acquisitions, leading to a significant increase in goodwill from 2 billion yuan in 2017 to 22.05 billion yuan in 2020 [7]. Game Success - "Whiteout Survival," developed by Century Huatong's subsidiary, has become a top performer in both domestic and international markets, achieving over 200 million downloads and generating over 3.5 billion USD (approximately 24.8 billion yuan) in global revenue by September 2023 [12][13]. - The game has maintained a leading position in the Chinese mobile game export revenue rankings for 15 consecutive months and topped the global mobile game revenue chart in March 2023 [12]. Regulatory Issues - Century Huatong was previously penalized for financial misconduct, including false reporting of goodwill and revenue recognition, leading to a significant decline in stock price [4][9]. - The company has since corrected its financial statements for 2018 to 2022 and has faced investor lawsuits totaling approximately 73.16 million yuan [9]. Market Position - Century Huatong has positioned itself as a key player in the gaming industry, leveraging its strong IP portfolio and backing from Tencent to enhance its market presence [13].

Core Insights - The article provides a comprehensive overview of the Chinese media industry, highlighting its vast and complex supply chain, which includes upstream, midstream, and downstream sectors [1][2][5]. Industry Overview - The Chinese media industry consists of various sectors, including publishing, film, exhibitions, broadcasting, internet marketing, and gaming, with numerous companies participating in each area [2][10]. - The industry is characterized by a large number of enterprises, with significant representation from companies such as BlueFocus (蓝色光标), Leo Group (利欧股份), and 37 Interactive Entertainment (三七互娱), all of which reported revenues exceeding 17 billion yuan in 2024 [10]. Regional Distribution - The majority of media companies in China are concentrated in Beijing, with over 121,000 registered media enterprises as of October 20, 2025. Guangdong follows with approximately 92,000 registered companies [5][7]. - Major representative companies are also distributed in Shanghai, Zhejiang, and Guangdong, indicating a concentration in the southeastern region of China [7]. Investment Trends - Recent investment activities in the media sector include acquisitions and capital increases in subsidiaries to expand business operations. Notable investments involve various companies across different funding rounds, including strategic investments and angel rounds [11][12].

Core Viewpoint - Century Huatong Group has successfully removed its risk warning status, leading to a significant increase in its stock price and market capitalization, positioning it as the leading gaming company in the A-share market [1][2]. Financial Performance - As of November 13, 2025, Century Huatong's stock price reached 19.17 yuan per share, with a total market value of 1,424 billion yuan, making it the highest valued gaming company among 23 in the A-share market [1]. - The company's stock has seen a remarkable increase of 272.96% year-to-date as of November 13, 2025, with a total market value increase of 1,041 billion yuan, averaging an increase of 3.29 billion yuan per day [1]. - For the first three quarters of 2025, Century Huatong reported revenues of 272.23 billion yuan, surpassing the total revenue for the previous year, and a net profit of 43.57 billion yuan, reflecting a year-on-year growth of 141.65% [8]. Business Transformation and Risks - Century Huatong transitioned from an automotive parts manufacturer to a gaming company, acquiring several game companies, including a significant acquisition of Shengqu Games for 29.8 billion yuan in 2019 [2][3]. - The company faced financial scrutiny due to past financial misconduct, including false reporting of goodwill and revenue recognition, leading to a warning and a fine of 8 million yuan from the China Securities Regulatory Commission [6][7]. - As of September 30, 2025, the company's goodwill stood at 119.81 billion yuan, accounting for 27.71% of total assets, indicating a slight reduction from 30.88% at the end of 2024, but still posing a risk if subsidiary performance declines [8][9]. Market Position and Product Success - The game "Whiteout Survival," developed by its subsidiary, has been a significant contributor to Century Huatong's revenue growth, achieving over 200 million downloads globally and topping revenue charts [8][9]. - The company has also launched new mobile games and holds several classic IPs, enhancing its market presence and competitiveness [9]. - Century Huatong's sales expenses surged to 105.68 billion yuan in the first three quarters of 2025, a year-on-year increase of 103.40%, reflecting its aggressive marketing strategy to maintain a pipeline of successful games [9].

Core Viewpoint - Century Huatong Group has successfully removed its risk warning status, leading to a significant increase in its stock price and market capitalization, positioning it as the leading gaming company in the A-share market [2][3]. Group 1: Stock Performance and Market Position - After the removal of the risk warning, Century Huatong's stock price rose for two consecutive days, closing at 19.17 yuan per share on November 13, 2025, with a total market value of 142.4 billion yuan [2]. - The stock has seen a remarkable increase of 272.96% year-to-date as of November 13, 2025, with a total market value increase of 104.1 billion yuan [2][8]. - Century Huatong has become the largest gaming company by market capitalization among 23 gaming companies listed in A-shares [2]. Group 2: Financial and Regulatory Background - The company faced financial scrutiny due to false financial reporting from 2018 to 2022, leading to its designation as "ST Huatong" on November 8, 2024 [3][7]. - The company was penalized by the China Securities Regulatory Commission (CSRC) for failing to conduct proper goodwill impairment tests and for other financial misreporting, resulting in a fine of 8 million yuan [7][6]. - As of September 30, 2025, Century Huatong's goodwill stood at 11.981 billion yuan, accounting for 27.71% of total assets, a slight decrease from 30.88% at the end of 2024 [11]. Group 3: Business Transformation and Growth - Century Huatong transitioned from an automotive parts manufacturer to a gaming company starting in 2014, acquiring several gaming firms, including a significant acquisition of Shengqu Games for 29.8 billion yuan in 2019 [3][4]. - The company reported a revenue of 92.76 billion yuan for the first half of 2024, a 53.33% increase year-on-year, and a net profit of 11.58 billion yuan, up 33.41% [8]. - For the first three quarters of 2025, Century Huatong's revenue reached 272.23 billion yuan, surpassing the total revenue for the previous year, with a net profit of 43.57 billion yuan, reflecting a year-on-year growth of 141.65% [9]. Group 4: Key Products and Market Strategy - The success of the game "Whiteout Survival" has been a significant driver of Century Huatong's revenue growth, achieving over 200 million downloads globally and ranking first in overseas mobile game revenue [9][10]. - The company has also launched new mobile games and holds several classic IPs, enhancing its market presence and competitiveness [10]. - To maintain growth, Century Huatong's sales expenses surged to 10.568 billion yuan in the first three quarters of 2025, a 103.40% increase year-on-year [11].

Market Overview - The gaming sector experienced a decline of 2.8% on November 14, with Century Huatong leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Top Gainers in Gaming Sector - The top gainers included: - Xunyou Technology (300467) with a closing price of 24.69, up 3.00% [1] - Fuchun Co., Ltd. (300299) with a closing price of 7.06, up 2.02% [1] - Mingchen Health (002919) with a closing price of 21.04, up 1.94% [1] Top Losers in Gaming Sector - The top losers included: - Century Huaman (002602) with a closing price of 18.13, down 5.43% [2] - Kunlun Wanwei (300418) with a closing price of 39.15, down 3.64% [2] - Kaiying Network (002517) with a closing price of 21.08, down 3.30% [2] Capital Flow Analysis - The gaming sector saw a net outflow of 1.557 billion yuan from major funds, while retail investors contributed a net inflow of 1.099 billion yuan [2][3] - Notable capital flows included: - Fuchun Co., Ltd. (300299) with a net outflow of 40.80 million yuan from major funds [3] - Mingchen Health (002919) with a net inflow of 34.46 million yuan from major funds [3] ETF Performance - The gaming ETF (product code: 159869) tracked the China Animation and Gaming Index and experienced a decline of 3.31% over the past five days [5] - The gaming ETF had a price-to-earnings ratio of 35.78 and saw a net inflow of 40.66 million yuan from major funds [5]

Core Viewpoint - Century Huatong is attempting to rebuild market confidence through a significant share buyback plan of up to 1 billion yuan, despite underlying operational risks related to high goodwill and reliance on blockbuster games [2][13]. Group 1: Risk Analysis - The company reported substantial growth in revenue and net profit, with third-quarter revenue surpassing 10 billion yuan for the first time [4]. - However, the company faces a significant risk with goodwill remaining at over 10 billion yuan, primarily due to aggressive acquisitions in recent years [5]. - High goodwill is a concern as it may lead to impairment losses if the performance of key subsidiaries declines, potentially impacting profits dramatically [6]. - The gaming industry is inherently uncertain, where the failure of a single product can trigger a chain reaction of negative outcomes [7]. - Century Huatong's performance is heavily dependent on a single blockbuster game, which poses another major risk [8]. - The primary game, a cash cow for the company, has consistently ranked at the top of China's mobile game revenue charts [9]. - Most of the company's revenue is generated from a few games, raising concerns about sustainability [10]. - The high customer acquisition costs to maintain game popularity may erode profit margins [11]. - New games are performing well but have not yet reached the revenue levels of established blockbuster titles [12]. Group 2: Signal Interpretation - The company plans to repurchase shares through a centralized bidding process, with a total fund allocation between 500 million to 1 billion yuan, at a price with over 50% premium compared to the closing price on the announcement day [13]. - The buyback is intended to reflect confidence in the company's future development and recognition of its value, following the removal of risk warnings [13][14]. - The transition from "ST Huatong" to "Century Huatong" marks a significant identity change for the company [14]. - The buyback signals that management believes the current stock price does not fully reflect the company's value, especially in light of substantial earnings growth [14]. - The repurchased shares will be canceled, reducing registered capital and enhancing earnings per share, benefiting all shareholders [14]. - The ability of Century Huatong to create the next blockbuster and manage the risks associated with high goodwill will be crucial for sustaining stock price growth [14].

Summary of Century Huatong Conference Call Company Overview - Century Huatong has transformed into an internet gaming company through acquisitions of DianDian Interactive and Shengqu Games, and has expanded into the IDC sector [2][3] - The company is controlled by Mr. Wang Ji, who holds approximately 15% of the shares, while Tencent is the second-largest shareholder with about 10% [2][6] Financial Performance - Overall revenue has shown an upward trend, particularly benefiting from the success of "Endless Winter" from 2023 to 2025 [2][7] - The company reported a loss in 2022 due to goodwill impairment but returned to profitability in 2023, with significant profit growth expected in 2024 and 2025 [2][7] - Mobile games and overseas revenue have been increasing, with mobile games becoming a larger share of total revenue since 2022 [7] Industry Dynamics - The domestic gaming market's actual sales revenue reached approximately 168 billion yuan in the first half of 2025, a year-on-year increase of 14.08%, marking the fastest growth in recent years [2][8] - The number of domestic game users reached 679 million, growing by 0.72% year-on-year [2][8] - The SLG (Strategy) mobile games segment has performed strongly overseas, with revenue increasing by 24% to 7.4 billion USD in the first half of the year [4][10] Key Products and Innovations - "Endless Winter" has generated over 1 billion USD in revenue and is expected to top global mobile game revenue charts by March 2025 [2][3] - DianDian Interactive has become one of the top 50 mobile game developers globally as of October 2025 [5] Market Trends - Female players now account for 48% of online game users, up 3.1 percentage points from the end of last year, with the female-oriented game market reaching 8 billion yuan, growing at a rate of 124.1% [4][11] - The issuance of game licenses has normalized, providing a favorable environment for leading companies like Century Huatong [4][12][13] Strategic Positioning - Century Huatong's main business segments include DianDian Interactive focusing on SLG and casual games, and Shengqu Games operating classic MMORPG IPs [2][14] - The company has a strong competitive advantage in the SLG game sector due to substantial financial reserves and operational experience [15] Future Growth Prospects - The product matrix of DianDian Interactive shows a stable performance of head products, with several new titles in the pipeline [16] - The company is also expanding into casual games, which align with market trends, ensuring a solid foundation for future growth [17] Core IP Management - Shengqu Games focuses on core IP management, with plans to license the "Legend" IP, which is expected to provide stable income and profits [18] Strategic Partnerships - Tencent's stake in the company enhances strategic collaboration, particularly in R&D and distribution, which is crucial for DianDian Interactive's growth [19] IDC Business Development - Since 2020, the company has been expanding into the IDC business, particularly in AI and cloud data, diversifying its business portfolio [20]