CMGE(HK:00302) Ge Long Hui A P P·2025-12-12 09:21Core Viewpoint - The strong performance of Zhong Shouyou's stock, which rose by 7.35%, is attributed to the company's accelerated expansion in the mini-game sector and progress in overseas business, capturing investor attention [1] Company Summary - Zhong Shouyou's overseas revenue reached 235 million yuan, accounting for 30.8% of total game revenue, marking a year-on-year growth of 33.2% [1] - The growth is driven by the sustained output of key IP products such as "Xianjian Qixia Chuan" and "Douluo Dalu," as well as the initial release of several emerging lightweight products in overseas markets, injecting new growth momentum into the company [1] Industry Summary - The global mobile gaming market is undergoing structural changes, with rising user acquisition costs leading to the rapid rise of mini-game formats (IAA) based on "free download + ad monetization," becoming a significant growth driver for the industry [1] - Zhong Shouyou has begun to develop multiple IAA products for overseas validation, which feature short launch cycles, low user barriers, and quick ROI recovery, aligning with the current demand for efficient operations and broad reach in the global mobile gaming market [1] - The ability of Zhong Shouyou to establish sustainable competitiveness in the global lightweight gaming market will continue to be a focal point of market attention as more products enter the commercialization validation phase [1]