中手游（0302.HK）：获“年度品牌价值奖”，IP筑底与多元协同构筑行业竞争力

Core Insights - The gaming economy is projected to exceed 1.2 trillion yuan by 2025, with brand differentiation, user loyalty, and long-term value creation becoming key metrics for assessing core competitiveness [1] - Zhongjiu Mobile has been awarded the "Annual Brand Value Award" by Gelonghui, reflecting its strategic alignment with the high-quality development trends in the gaming industry [1] Industry Overview - The gaming industry has seen stable growth this year, supported by policy optimization and an ample supply of game licenses, with actual sales revenue reaching 350.79 billion yuan, a year-on-year increase of 7.68%, and a user base surpassing 683 million [3] - The rise of quality IP has become a core carrier connecting cultural essence and commercial value, forming the foundation of Zhongjiu Mobile's brand value [6] Company Strategy - Zhongjiu Mobile's brand value enhancement is attributed to its focus on core IP, global expansion, and technological innovation, which has provided solid support for its recognition in the capital market [4] - The company has achieved a significant increase in IP licensing revenue, reaching 33.1 million yuan in the first half of the year, a year-on-year surge of 134.8%, showcasing the strong vitality and commercial potential of classic IPs [6] IP Ecosystem - The company has developed a multi-dimensional ecosystem around its IPs, including content creation, experiential scenarios, and cultural derivatives, enhancing its brand value [6] - Zhongjiu Mobile's IP advantages in recognition and fan base provide a natural competitive edge in game development and commercialization, which is central to its ongoing brand value increase [7] Global Expansion - In the first half of the year, Zhongjiu Mobile's overseas business revenue reached 235 million yuan, a year-on-year increase of 33.2%, with its share of total revenue rising from 14.1% to 30.8% [9] - The company has successfully launched several titles in overseas markets, demonstrating the broad appeal of its domestic IPs [9] Monetization Strategies - Zhongjiu Mobile is diversifying its revenue streams by developing multiple IAA (advertising monetization) products, which are currently being tested in overseas markets [10] - The rise of mini-games has become another significant growth point for the company's brand value, with its self-developed mini-game "Spring and Autumn Mysteries" generating over 100 million yuan in revenue within three months [10] Technological Innovation - The company is leveraging its IP advantages to advance the RWA (Real World Asset) blockchain initiative and develop a decentralized esports platform, aligning with regulatory trends and opening new avenues for IP value realization [11] - The application of AIGC technology is enhancing game development efficiency, improving product iteration speed and market responsiveness [11] Conclusion - In the context of the gaming industry's high-quality development and the expanding gaming economy, Zhongjiu Mobile's IP-centric brand moat continues to deepen, with collaborative growth in overseas business and mini-game sectors forming a clear value logic and growth resilience [13] - Despite short-term performance adjustments, the company is expected to gradually restore profitability as new games launch and cost-reduction measures take effect, revealing its long-term investment value [13]