世纪华通蝉联A股游戏“营收王”昆仑万维转型布局AI赛道“亏麻了”

Core Insights - The Chinese gaming industry showed strong growth in the first half of 2025, with total revenue reaching 538.41 billion yuan, a year-on-year increase of 22.78% [4][3] - The overall gaming revenue was 414.84 billion yuan, up 21.87% year-on-year, indicating a robust recovery in the sector [4][3] - The report highlights a trend of "the strong getting stronger," with significant disparities in performance among A-share listed gaming companies [2][3] Revenue Performance - 14 out of 23 A-share gaming companies reported year-on-year revenue growth in the first half of 2025 [3] - Century Huatong led the sector with a revenue of 172.07 billion yuan, up 85.50%, and gaming revenue of 163.99 billion yuan, up 95.30% [4][5] - 37 Interactive Entertainment reported a revenue of 84.86 billion yuan, down 8.08%, indicating a decline compared to previous years [4][5] - Kunlun Wanwei's total revenue was 37.33 billion yuan, up 49.23%, but its gaming revenue fell to 2.39 billion yuan, accounting for less than 7% of total revenue [5] Profitability - The net profit of 23 A-share gaming companies totaled 80.27 billion yuan, significantly higher than previous years [11] - Century Huatong became the "profit king" with a net profit of 26.56 billion yuan, doubling year-on-year [11][12] - 6 companies reported net losses, while 9 companies saw a decline in net profit, showing an overall improvement compared to the previous year [11] International Revenue - 15 companies with over 30% of revenue from overseas collectively achieved 179.50 billion yuan in international revenue, a 34.59% increase year-on-year [8][9] - Century Huatong was the top performer in international markets, with overseas revenue reaching 89.58 billion yuan, up 78.49% [9][10] - Star Entertainment reported a remarkable 139.83% increase in overseas revenue, primarily driven by its football business [9] Cost and Expenses - The total operating costs for 23 companies reached 173.68 billion yuan, a year-on-year increase of 22.02% [15] - Century Huatong's operating costs were the highest at 52.49 billion yuan, with sales expenses also increasing significantly [15][16] - Ice Glacier Network managed to reduce its sales expenses by 56.42%, contributing to its turnaround from losses to profits [16] Dividends - Among 23 A-share gaming companies, only 5 announced mid-term cash dividends, lower than the previous year [18][19] - Jibite proposed a cash dividend of 66 yuan per 10 shares, totaling approximately 4.74 billion yuan, marking it as a significant dividend payer in the sector [19][20] Industry Outlook - The Chinese gaming industry is expected to enter a new phase of growth, driven by supportive policies and the expanding international market [21][22]