拆解26家A股游戏公司半年报：复苏中藏分化，AI路径与存量挖潜成胜负手

Industry Overview - The domestic gaming industry shows strong recovery momentum, with 11 out of 26 listed companies reporting both revenue and profit growth in the first half of 2025, while 7 companies experienced declines in both metrics [2] - The actual sales revenue of the domestic gaming market reached 168 billion yuan, a year-on-year increase of 14.08%, with the user base growing to nearly 679 million, marking historical highs [2] - A total of 766 domestic online games received approval for release in the first half of 2025, a 21.97% increase compared to 628 games in the same period of 2024 [2] Company Performance - Perfect World achieved a net profit of 503 million yuan in the first half of 2025, turning around from losses, driven by game revenue contributions and successful titles like "Zhu Xian World" [4] - Ice Age Network also turned a profit, with a significant reduction in sales expenses attributed to a shift in investment strategy towards refined operations [4] - G-bits reported an increase in net profit due to a major restructuring of its product lineup, focusing on core self-developed products and high-quality agency products [5] Market Challenges - Not all companies benefited from the industry's growth; for instance, Changqu Technology reported a net profit decline of 65.58% due to the lifecycle of older products and a lack of new releases [6] - Shenzhou Taiyue's revenue fell by 12.05%, primarily due to a 16.41% drop in gaming revenue, as its existing titles transitioned to a stable growth phase [6] AI Integration - Leading gaming companies are increasingly integrating AI technology across the entire game development and distribution chain, enhancing production efficiency and creating competitive advantages [7] - Companies like Sanqi Interactive Entertainment and Youzu Network are leveraging AI for art asset generation and game testing, significantly improving operational efficiency [7][8] - The application of AI is transforming player engagement, allowing players to become creators and enhancing the gaming experience [9] Future Outlook - The ability of companies to balance short-term profitability with long-term technological investments will be crucial for sustainable competitive advantage in the gaming industry [10]