智通财经网·2025-09-08 02:22Core Viewpoint - The gaming industry is experiencing a significant boost due to stable approval of game licenses, a recovery in monthly market conditions, and accelerated AI implementation, forming a triple driving force for the sector [1][3]. Group 1: Industry Overview - In August 2025, a total of 166 domestic games were approved, marking a new monthly high for the year, with 107 mobile games, 39 casual puzzle games, and 1 PS5 game included [1]. - The actual sales revenue of China's gaming market in July 2025 reached 29.084 billion yuan, with a month-on-month increase of 8.14% and a year-on-year increase of 4.62% [1]. - The mobile gaming sector generated 21.36 billion yuan in July, reflecting a month-on-month growth of 6.36% and a year-on-year growth of 0.92% [1]. Group 2: Company Performance - Giant Network (002558.SZ) reported a revenue of 1.662 billion yuan in H1 2025, up 16.47% year-on-year, with a mobile gaming revenue growth of 21.56% and a gross margin of 91.92% [2]. - 37 Interactive Entertainment (002555.SZ) achieved a revenue of 8.486 billion yuan and a net profit of 1.4 billion yuan in H1 2025, with a focus on a diversified and global operational framework [2]. - Kaiying Network (002517.SZ) recorded a revenue of 2.578 billion yuan and a net profit of 950 million yuan in H1 2025, continuing its strategy of long-cycle products and IP reserves [2]. Group 3: Investment Recommendations - The normalization of game license approvals and the release of new products during the summer season are expected to support performance in the short term [3]. - AI technology is anticipated to reshape research and operations, leading to cost reduction and content upgrades in the mid-term [3]. - Long-term growth opportunities are expected from the expansion of gaming products overseas [3].