“A股游戏王”ST华通市值突破千亿 行业“价值洼地”待发掘

Core Insights - Century Huatong (ST华通) reported a significant revenue increase of 85.5% year-on-year, reaching 17.207 billion yuan, with a net profit growth of 129.33% to 2.656 billion yuan in the first half of 2025 [2] - The company is transitioning from a "game manufacturer" to a "technology-driven entertainment enterprise," marking a critical step in its evolution [3] - The overseas SLG (strategy game) segment, particularly through the success of titles like "Whiteout Survival," has become a core revenue driver, contributing to a 93.06% increase in internet game revenue [4] Revenue Growth - The company's internet game business generated 16.433 billion yuan in revenue, with mobile games accounting for 88.69% of this total [4] - The dual success of "Whiteout Survival" and "Kingshot" has established a strong revenue-driving model, with both games dominating the Chinese mobile game export income rankings [4][5] Market Positioning - Century Huatong's domestic market strategy focuses on differentiated branding through its subsidiary, Didi Interactive, which has seen its main product "Endless Winter" consistently rank in the iOS top 10 [6] - The company is also leveraging classic IPs for long-term operations, with successful titles like "MapleStory" and "Eternal Tower" continuing to generate steady revenue [6] Industry Dynamics - The gaming industry is currently in a phase of "stock game + incremental breakthrough," with increasing competition in both SLG and casual gaming sectors [7] - Major competitors like Tencent and NetEase are intensifying their investments in new game development, while smaller firms are seeking differentiation through niche themes [7] Technological Integration - The company is actively involved in AI-driven projects, with significant advancements in its Shanghai data center, which has contributed to stable revenue growth [9] - AI tools have enhanced production efficiency in game development, improving art production processes by 60% to 80% [9] Future Outlook - The company's future actions in new product iterations and technology commercialization will be critical in influencing its market valuation [10]