【机构调研记录】长安基金调研世纪华通

Group 1 - The core viewpoint of the article highlights the recent research conducted by Chang'an Fund on Century Huatong, indicating that the company's games launched in 2023 are achieving record highs and have not yet reached their lifecycle peak [1] - Century Huatong's game "Kingshot" is breaking overseas records previously set by "Whiteout Survival," suggesting a larger overseas market with more users [1] - The company has released at least 20 products since 2023, driven by data, with approximately two-thirds of total profits coming from "DianDian" [1] Group 2 - The research indicates that the overlap of users in overseas markets is about 20%, and the increase in R&D expenses is due to the expansion of the DianDian team, with minimal impact from currency conversion [1] - The article notes that third-party data is only for reference, and the company's revenue is based on real financial data [1] - The casual gaming sector is described as having a long and stable lifecycle, which, while less profitable than SLG, is still significant for the company [1] Group 3 - The adjustment of the mini-program commission is expected to impact the company's revenue by approximately 2 percentage points, but it is anticipated to enhance user retention and payment rates [1]