25H1传媒业绩向上，游戏表现亮眼

Investment Rating - The report maintains an "Overweight" rating for the media industry [2] Core Insights - The media industry showed overall recovery in H1 2025, driven by increased supply and improved quality of gaming and film products. The industry achieved a revenue of CNY 268.37 billion, a year-on-year increase of 3.3%, and a net profit of CNY 22.17 billion, up 39.3% [6][15] - The gaming sector experienced significant growth in Q2 2025, with revenues reaching CNY 28.1 billion, a 22.0% year-on-year increase, and net profit soaring by 97.3% to CNY 4.59 billion [7][20] - The internet sector faced profit pressure due to increased R&D investments, with Q2 2025 revenues at CNY 23.0 billion, a 1.24% increase, but net profit declining by 12.2% [8][16] - The marketing sector showed signs of recovery, with Q2 2025 revenues increasing by 8.7% year-on-year to CNY 51.56 billion [9] - The film industry saw a cumulative box office of CNY 29.233 billion in H1 2025, a 22.92% increase, although Q2 performance was weaker [10] Summary by Sections Media Industry - The media industry achieved a revenue of CNY 268.37 billion in H1 2025, with a net profit of CNY 22.17 billion, reflecting a 39.3% increase [6][15] - The positive trend is attributed to improved content quality and quantity, along with a favorable policy environment [6] Gaming Sector - The gaming sector's revenue in H1 2025 was CNY 55.0 billion, a 21.7% increase, with net profit rising by 68.6% to CNY 8.01 billion [20] - Q2 2025 saw revenues of CNY 28.1 billion, with net profit increasing by 97.3% [7][20] - The growth was driven by new product launches and strong performance from existing titles [20] Internet Sector - The internet sector reported revenues of CNY 23.0 billion in Q2 2025, a slight increase of 1.24%, but net profit fell by 12.2% [8][16] - Increased R&D investments were a significant factor in the profit decline [8] Marketing Sector - The marketing sector's revenue in Q2 2025 was CNY 51.56 billion, reflecting an 8.7% year-on-year increase [9] Film Industry - The film industry recorded a box office of CNY 29.233 billion in H1 2025, a 22.92% increase, although Q2 performance was weaker [10]