历史新高之后，世纪华通还能给市场什么惊喜？

Core Viewpoint - The article discusses the impressive financial performance of Century Huatong Group Co., Ltd. (ST Huatong) in Q3 2025, driven primarily by its subsidiary, Diandian Interactive, but raises concerns about the sustainability of this growth and the potential limitations in future revenue generation [2][6]. Financial Performance - In the first three quarters of 2025, Century Huatong achieved a revenue of 27.223 billion yuan, a year-on-year increase of 75.31%, and a net profit attributable to shareholders of 4.357 billion yuan, up 141.65% [2]. - For Q3 alone, the company reported a revenue of 10.016 billion yuan, reflecting a 60.19% year-on-year growth, and a net profit of 1.701 billion yuan, which is a 163.78% increase [2]. Contribution of Diandian Interactive - Diandian Interactive was the main contributor to the revenue and profit, with key products like "Endless Winter" and "Bouncing Kingdom" performing exceptionally well globally [2]. - In August, three games from Diandian Interactive achieved their highest monthly revenue ever, with "Whiteout Survival" and "Kingshot" leading the overseas mobile game revenue rankings [3]. Market Reaction and Future Prospects - Despite the record financial results, the market's reaction has been less enthusiastic, possibly due to concerns over the sustainability of revenue from new titles like "Kingshot" and "Tasty Travels: Merge Game" [6]. - The article suggests that while "Endless Winter" has shown stable performance, the newer titles have not yet matched its revenue success [6]. User Engagement and Monetization - The article highlights a disparity in user engagement and monetization between "Endless Winter" and "Kingshot," with "Kingshot" having a higher average revenue per paying user (ARPPU) but lower overall user retention [7]. - The monetization strategy employed by Diandian Interactive, which focuses on aggressive user acquisition, may have a limited lifecycle, raising questions about long-term profitability [8]. Valuation and Future Growth - Current estimates place Diandian Interactive's valuation at approximately 130.5 billion yuan, with market expectations for Century Huatong and Diandian Interactive to reach around 200 billion yuan in valuation, translating to a price-to-earnings ratio (PE) of 20-25 times [8]. - The article concludes that for Century Huatong to achieve further growth, it must develop another blockbuster product akin to "Endless Winter" after the removal of its ST designation [8].