国金证券：25Q3游戏行业利润加速释放 看好后续丰富产品储备继续驱动增长

Core Insights - The gaming industry is experiencing significant growth, with Q3 2025 revenue reaching 30.36 billion yuan, a year-on-year increase of 28.61%, outpacing the overall media industry's growth of 8.20% [1][2] - Net profit attributable to the parent company for the gaming sector is 5.78 billion yuan, reflecting a remarkable year-on-year growth of 111.65%, also surpassing the media industry's profit growth of 59.35% [1][2] - The gaming industry's revenue and profit growth rates have shown a consistent upward trend on a quarterly basis [2] Financial Performance - The overall gross margin of the gaming industry has been on the rise since Q4 2024, significantly exceeding the average gross margin of the media industry [2] - The net profit margin for the gaming sector has also been improving since Q2 2024, despite a temporary decline in Q4 2024 due to one-time impairment impacts [2] - Operating cash flow for the gaming industry has remained stable since 2021, with a substantial year-on-year increase in 2025, surpassing the total operating cash flow for the entire year of 2014 by Q3 2025 [2] Market Dynamics - The Chinese gaming market maintained a high level of prosperity, with actual sales revenue reaching 88.026 billion yuan in Q3 2025, reflecting a quarter-on-quarter growth of 6.96% [3] - As of October 2025, a total of 1,441 game licenses have been issued, exceeding the total for the entire year of 2024, indicating a robust pipeline of new products that is expected to continue driving industry growth [3]