传媒 分析师：乔琪 登记编码：S0730520090001 qiaoqi@ccnew.com 021-50586985 传媒板块 2025H1 业绩综述：业绩增长显 著，子板块分化明显 ——传媒行业分析报告 证券研究报告-行业分析报告 强于大市(上调) 传媒相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 -3% 9% 21% 33% 46% 58% 70% 82% 2024.09 2025.01 2025.05 2025.09 传媒 沪深300 相关报告 《传媒行业月报：关注中报披露进展，看好游 戏、IP、出版方向》 2025-08-19 《传媒行业分析报告：传媒板块 2025Q2 基金 持仓分析：持仓比例环比回升，游戏、广告营 销板块关注度高》 2025-08-14 《传媒行业月报：中报季将至，持续看好游戏、 出版、IP 方向》 2025-07-22 联系人：李智 投资要点： 影视板块虽然 Q2 整体回落但 Q3 有望企稳回升，建议关注影片排 片定档以及上映影片催化下票房的变化趋势，国庆档期临近，《志 愿军：浴血和平》《刺杀小说家 2》《三国的星空第一部》等影片定 档，建议关注影片表现及背后内容 ...

资金流入比率方面，慈星股份、芒果超媒、光线传媒等流入比率居前，主力资金净流入率分别为19.45%、14.34%、14.21%。（数据宝） （原标题：网络游戏概念涨1.93%，主力资金净流入37股） 截至9月10日收盘，网络游戏概念上涨1.93%，位居概念板块涨幅第6，板块内，51股上涨，巨人网络、卧龙新能、ST凯文等涨停，协创数据、星 辉娱乐、方正科技等涨幅居前，分别上涨11.29%、9.25%、9.11%。跌幅居前的有东方明珠、恺英网络、三七互娱等，分别下跌3.40%、2.79%、 2.37%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 短剧游戏 | 2.61 | 硅能源 | -1.73 | | 赛马概念 | 2.40 石墨电极 | | -1.51 | | 足球概念 | 2.25 有机硅概念 | | -1.27 | | 云游戏 | 2.10 PEEK材料 | | -1.25 | | AI PC | 1.95 钠离子电池 | | -1.11 | | 网络游戏 | 1.93 | 草甘膦 | -1.11 | ...

Group 1 - The cloud gaming sector saw a rise of 2.10%, ranking fourth among concept sectors, with 20 stocks increasing in value, including Giant Network and ST Kevin reaching their daily limit up [1][2] - Notable gainers in the cloud gaming sector included Xihua Entertainment, which rose by 11.29%, followed by ST Zhongqingbao at 4.16% [1][2] - The sector experienced a net inflow of 111 million yuan from main funds, with Perfect World leading the inflow at 165 million yuan [2][3] Group 2 - The top stocks by net inflow ratio included Perfect World at 11.84%, followed by Sheng Tian Network at 11.12% and He Sheng New Materials at 10.80% [3][4] - The trading volume and turnover rates for key stocks in the cloud gaming sector were significant, with Xihua Entertainment showing a turnover rate of 16.91% [3][4] - Decliners in the sector included Oriental Pearl and Sanqi Interactive Entertainment, which fell by 3.40% and 2.37% respectively [1][4]

（文章来源：每日经济新闻） 每经AI快讯，9月10日，游戏概念股震荡拉升，星辉娱乐涨近10%，巨人网络涨超7%，昆仑万维、完美 世界、盛天网络跟涨。 ...

资料显示，完美世界股份有限公司位于北京市朝阳区望京东路1号院4号楼完美世界A座，成立日期1999 年8月27日，上市日期2011年10月28日，公司主营业务涉及网络游戏的研发、发行和运营；电影的制 作、发行及衍生业务；电视剧的制作、发行及衍生业务；艺人经纪服务及相关服务业务。 完美世界所属申万行业为：传媒-游戏Ⅱ-游戏Ⅲ。所属概念板块包括：元宇宙概念、虚拟数字人、IP概 念（谷子经济）、中盘、人工智能等。 9月5日，完美世界盘中上涨2.06%，截至09:54，报15.34元/股，成交1.56亿元，换手率0.57%，总市值 297.59亿元。 截至6月30日，完美世界股东户数10.21万，较上期减少11.69%；人均流通股17893股，较上期增加 13.24%。2025年1月-6月，完美世界实现营业收入36.91亿元，同比增长33.74%；归母净利润5.03亿元， 同比增长384.52%。 分红方面，完美世界A股上市后累计派现55.43亿元。近三年，累计派现19.76亿元。 资金流向方面，主力资金净流入554.55万元，特大单买入940.13万元，占比6.01%，卖出168.00万元，占 比1.07%；大单买入 ...

Core Insights - The Chinese gaming industry showed strong growth in the first half of 2025, with total revenue reaching 168 billion yuan, a year-on-year increase of 14.08% [1][3] - A total of 23 A-share listed gaming companies reported a combined revenue of 53.84 billion yuan, up 22.78% year-on-year, with gaming revenue specifically increasing by 21.87% to 41.48 billion yuan [3][4] - The market is witnessing a polarization where leading companies are outperforming others, indicating a "stronger getting stronger" trend [2][8] Revenue Performance - Century Huatong led the A-share gaming companies with a revenue of 17.207 billion yuan, a remarkable increase of 85.50%, and gaming revenue of 16.399 billion yuan, up 93.60% [4][6] - 14 out of 23 companies reported revenue growth, with 10 companies seeing an increase in gaming revenue [3][4] - Companies like Kunlun Wanwei and Perfect World also showed significant growth, with Kunlun's revenue at 3.733 billion yuan (up 49.23%) and Perfect World's gaming revenue at 2.906 billion yuan (up 9.67%) [7][8] Profitability Trends - The net profit for 23 A-share gaming companies reached 8.027 billion yuan, significantly higher than the previous year's 4.758 billion yuan [14][15] - Century Huatong's net profit surged to 2.656 billion yuan, marking a 129.33% increase, while Perfect World returned to profitability with a net profit of 503 million yuan [15][17] - However, several companies, including Kunlun Wanwei, reported substantial losses, with a net profit decline of 110.90%, resulting in a loss of 859 million yuan [19][18] International Revenue - The overseas revenue for 15 companies with over 30% gaming revenue share reached 17.950 billion yuan, a 34.59% increase year-on-year [11][12] - Century Huatong was the standout performer with overseas revenue of 8.958 billion yuan, up 78.49%, primarily driven by successful game titles [12][13] - Other companies like Star Shine Entertainment also reported significant growth in overseas revenue, with a 139.83% increase [13][14] Cost and Investment Trends - The overall operating costs for the 23 companies increased by 22.02% to 17.368 billion yuan, while sales expenses rose by 18.84% to 17.847 billion yuan [24][25] - Research and development investment saw a modest increase of 2.36%, totaling 5.427 billion yuan, indicating a continued focus on marketing over R&D [24][26] - Companies like Century Huatong and Kunlun Wanwei experienced the highest increases in operating costs, with Century Huatong's costs reaching 5.249 billion yuan [23][25] Dividend Distribution - Among the 23 A-share gaming companies, only 5 announced mid-term cash dividends, with Jibite leading with a proposed dividend of 6.6 yuan per 10 shares [27][28] - Sanqi Interactive Entertainment has maintained a consistent dividend policy, proposing a cash dividend of 2.10 yuan per 10 shares for the eighth consecutive year [27]

Core Insights - The domestic gaming industry in China has shown a strong recovery in the first half of the year, with actual sales revenue reaching 168 billion yuan, a year-on-year increase of 14.08% [1] - The number of gaming users has also reached a historical high of 679 million, growing by 0.72% year-on-year [1] - The issuance of gaming licenses remains high, with 766 domestic online games approved in the first half of the year, a 21.97% increase compared to the same period in 2024 [2] Industry Performance - The gaming market is entering a phase of stock competition, with a significant disparity between companies holding popular products and those facing revenue pressures [2] - Among A-share and Hong Kong-listed gaming companies, 10 reported declines in both revenue and profit, while several others faced revenue declines or "increased revenue without increased profit" [2] Company Performance - Century Huatong leads the A-share gaming companies with a revenue of 17.2 billion yuan, up 85.5%, and a net profit of 2.656 billion yuan, up 129.33% [7] - Tencent and NetEase continue to dominate the market, with Tencent's domestic gaming revenue at 83.3 billion yuan and NetEase's at 51.6 billion yuan in the first half of the year [5] - 37 Interactive Entertainment reported a revenue decline of 8.08% to 8.486 billion yuan, but its net profit increased by 10.72% to 1.4 billion yuan [9][10] - Perfect World achieved a revenue of 3.691 billion yuan, a 33.74% increase, and turned a profit with a net profit of 503 million yuan [15][17] - Kunlun Wanwei's revenue reached 3.733 billion yuan, a 49.23% increase, but it reported a net loss of 856 million yuan [14] - G-bits reported a revenue of 2.518 billion yuan, up 28.49%, and a net profit of 645 million yuan, up 24.5% [18] Market Trends - The gaming industry is shifting towards high-quality game development and international expansion, moving away from imitation and low-quality products [4] - Companies are focusing on cost reduction and efficiency improvements to enhance profitability amid rising sales costs and market competition [18]

Industry Overview - The domestic gaming industry in China showed a strong recovery in the first half of the year, with actual sales revenue reaching 168 billion yuan, a year-on-year increase of 14.08%, marking a new high [1] - The number of gaming users reached nearly 679 million, a year-on-year growth of 0.72%, also a historical peak [1] - The issuance of gaming licenses remained high, with 766 domestic online games receiving licenses in the first half of the year, a 21.97% increase compared to the same period in 2024 [2] Market Competition - The gaming market has entered a phase of stock competition, with a growing disparity between companies holding popular products and those facing revenue pressures [2] - Among A-share and Hong Kong-listed gaming companies, 10 reported declines in both revenue and profit, while several others faced year-on-year revenue declines or "increased revenue without increased profit" [2] Company Performance - Century Huatong led the A-share gaming companies with a revenue of 17.2 billion yuan, up 85.5% year-on-year, and a net profit of 2.656 billion yuan, up 129.33% [7] - Tencent and NetEase continued to dominate the gaming market, with Tencent's domestic gaming revenue reaching 83.3 billion yuan and NetEase's gaming revenue at 51.6 billion yuan in the first half of the year [6] - 37 Interactive Entertainment reported a revenue of 8.486 billion yuan, down 8.08% year-on-year, but its net profit increased by 10.72% to 1.4 billion yuan [11] - Perfect World achieved a revenue of 3.691 billion yuan, up 33.74%, and turned a profit with a net profit of 503 million yuan [17] Cost Management and Strategy - Companies are focusing on cost management and efficiency improvements to counteract rising sales costs and the peak of user acquisition benefits [3][17] - Perfect World and G-bits have implemented strategies to reduce costs significantly, with G-bits' sales expenses halving, contributing to their profitability [17][18] - The gaming industry is shifting towards high-quality game development and international expansion, moving away from the previous reliance on imitation and low-quality games [4] Challenges and Future Outlook - Companies face challenges in product lifecycle management, with several major titles reaching maturity and new releases not yet stabilizing [13][15] - The need for continuous innovation and the development of new hit games is critical for maintaining market position and profitability [15][18]

Market Overview - On September 5, the gaming sector rose by 3.31%, led by Giant Network, while the Shanghai Composite Index closed at 3812.51, up 1.24% [1] - The Shenzhen Component Index closed at 12590.56, increasing by 3.89% [1] Individual Stock Performance - Giant Network (002558) closed at 38.39, with a gain of 9.25% and a trading volume of 530,800 shares [1] - Yaoji Technology (002605) closed at 29.18, up 6.07%, with a trading volume of 332,900 shares [1] - Star Shine Entertainment (300043) closed at 5.30, increasing by 5.58%, with a trading volume of 1,025,900 shares [1] - Perfect World (002624) closed at 15.85, up 5.46%, with a trading volume of 707,400 shares [1] - ST Huaton (002602) closed at 16.54, gaining 5.02%, with a trading volume of 1,673,600 shares [1] - Other notable performers include Baotong Technology (300031) and Kaiying Network (002517), both showing gains of 4.11% [1] Capital Flow Analysis - The gaming sector saw a net inflow of 246 million yuan from institutional investors, while retail investors experienced a net outflow of 200 million yuan [2] - Major stocks like Three Seven Interactive (002555) had a net inflow of 2.35 billion yuan from institutional investors, despite a net outflow from retail investors [3] - Yaoji Technology (002605) also saw significant institutional inflow of 152 million yuan, with retail outflows of 78 million yuan [3] ETF Performance - The Gaming ETF (product code: 159869) tracking the China Animation and Gaming Index saw a slight decline of 0.88% over the past five days, with a net inflow of 445,000 yuan [5] - The Food and Beverage ETF (product code: 515170) had a minor increase of 0.33%, with a net outflow of 2.34 million yuan [5]

Core Insights - The total box office for the summer season of 2025 reached 11.966 billion yuan, marking a year-on-year increase of 2.76%, with total audience attendance hitting 321 million, up 12.75% compared to the previous year, making it the second highest in the last five years for summer attendance [1] - Domestic films accounted for 76.21% of the box office during this period, with 19 films surpassing 100 million yuan in box office revenue [1] - Guangdong province maintained its position as the "first box office" in the country for the third consecutive year, achieving a summer box office of 1.599 billion yuan, a 7.6% increase year-on-year, and audience attendance exceeding 41.62 million, up approximately 17% [1] Industry Initiatives - The Guangdong Film Bureau organized various film exhibition activities, including the "Guangdong Art Film Exhibition - Touching Theater" and the 2025 Guangdong-Hong Kong-Macao Greater Bay Area Animation Film Week, alongside a summer movie subsidy program providing 12 million yuan to enhance audience engagement [2] - The province is promoting a "movie+" consumption model, integrating film with tourism, food, and sports, and launched activities like "Follow the Movie to the Market," which included the release of 56 tourism routes and electronic guides [2] Policy Support - Guangdong introduced the "Several Policy Measures for Promoting High-Quality Development of the Guangdong Film Industry" (referred to as "15 Policies"), which supports all aspects of film production, including creation, screening, and distribution, receiving positive feedback from the industry [3] - Following the implementation of these policies, several major film companies have established operations in Guangdong, and numerous film projects reflecting Lingnan culture and contemporary themes have been initiated [3]