近日，专注亚洲及中东游戏市场分析机构Niko Partners在接受thegamebusiness Podcast采访时发出了一个令人难以置信的言论，那就是即便是到了2025年， 依然有一些海外游戏厂商以及开发者仍然对中国市场充满畏惧。那么，这种畏惧的背后到底是出于什么原因呢？ 根据Niko Partners的CEO的话来看，海外厂商和开发者对中国市场的畏惧主要来源于，他们认为自己无法在中国市场取得成功。一方面，中国庞大的游戏 市场令他们感觉这是一个巨大的金矿；另一方面，他们感觉自己被排除在外，很难真正理解中国市场的规模和范围。 根据Niko Partners的市场研究报告显示，到2024年底，中国将拥有7.22亿游戏玩家，而这个数字是比美国人口的两倍都还要多。此外，2024年，中国视频 游戏市场价值492亿美元，同比增长3.6%。预计到2025年将升至507亿美元，并在2029年达到548亿美元。更重要的是，随着游戏市场的规模越来越大，中 国玩家的平均收入也在增加。综合以上几点，可以看出中国游戏市场是一个极具吸引力的市场。 对于海外厂商来说，他们的拿手好戏主机游戏在中国似乎才刚刚进入开始环节，所以这也是他们 ...

Core Insights - The event "潮玩总动员•2025成都文创产业（粤港澳大湾区）合作对接会" highlights the collaboration between Chengdu's cultural IP and creative design resources with the manufacturing capabilities of the Guangdong-Hong Kong-Macao Greater Bay Area [2][20] - Chengdu's consumer market is thriving, with significant growth in tourism and retail, making it a key player in the潮玩 (trendy toys) industry [3][5] Group 1: Event Overview - The high-level meeting gathered top minds from China's潮玩 industry, showcasing Chengdu's cultural depth and digital creative vitality [2] - Over 20 projects were signed at the event, with a total investment exceeding 10 billion yuan, and the establishment of the "Chengdu-Greater Bay Area潮玩 Collaborative Innovation Development Alliance" [2] Group 2: Market Dynamics - Chengdu serves as a major consumption hub, attracting tourists and leading in various consumer rankings, with 28.6 million visitors and a tourism expenditure of 29.35 billion yuan during the "Golden Week" [3][5] - The city surpassed 1 trillion yuan in total consumption in 2023, becoming the second provincial capital to achieve this milestone [5] Group 3: Youth Engagement - Chengdu is a magnet for young people, fostering a vibrant market for潮玩 and creative design industries, with significant contributions from local gaming and animation companies [7][8] - The city has hosted nearly 80 large concerts in the first eight months of the year, generating around 4 billion yuan in consumption, indicating a strong cultural engagement among youth [8] Group 4: Industry Ecosystem - Chengdu's潮玩 industry benefits from a rich cultural heritage, including major cultural IPs like "Pandas" and "Three Kingdoms," and successful digital content like "Honor of Kings" [13] - The city has established 42 industrial parks, attracting over 900 digital creative enterprises, which enhances the ecosystem for潮玩 development [16] Group 5: Economic Performance - In the first half of 2025, Chengdu's cultural industry achieved an added value of 187.2 billion yuan, reflecting a year-on-year growth of 7.4% [20] - The event signifies a significant step in Chengdu's efforts to develop its潮玩 industry, showcasing its commitment to enhancing its digital creative sector [20]

Investment Rating - The report maintains a "Buy" rating for several companies in the media sector, including Giant Network, Kying Network, and others [4][9][6]. Core Insights - The media industry experienced a weekly decline of 3.83%, ranking 31st among industries, while the Shanghai Composite Index rose by 0.37% [2][12]. - Key performers in the media sector included Visual China and Mingchen Health, with notable weekly gains [19][20]. - The report highlights strong growth in AI applications and cultural exports, particularly in gaming, IP, short dramas, and publishing [4]. Market Performance - The media industry saw a decline of 3.83% from October 4 to October 10, 2025, with the gaming sector down 4.88% and the film sector down 7.51% [12][19]. - The total box office for the National Day holiday in 2025 was 1.835 billion yuan, a 24% year-on-year decrease, with an average ticket price of 36.6 yuan [40][44]. Key Data and Trends - In September 2025, the top five AI applications globally by monthly active users (MAU) were ChatGPT, Quark, Doubao, Baidu Cloud, and DeepSeek [23][24]. - The gaming sector had 32 Chinese companies in the global top 100 mobile game publishers, generating a total revenue of 1.95 billion USD, accounting for 36.1% of the monthly global revenue [30][32]. - The top three films during the National Day holiday were "Volunteer Army: Blood and Peace," "731," and "Assassination Novelist 2," with box office earnings of 4.51 billion yuan, 3.45 billion yuan, and 2.95 billion yuan, respectively [40][44]. Investment Recommendations - The report suggests focusing on themes such as AI applications and cultural exports, with specific attention to gaming and publishing sectors [4]. - Recommended companies include Giant Network, Kying Network, and Meitu [4][9].

Investment Rating - The report maintains a positive outlook on the internet and gaming sectors, indicating a "Look Favorably" rating for the industry [5]. Core Insights - The gaming sector is recommended due to its resilience against US-China trade tensions and software export restrictions, with A-share gaming stocks expected to see increased capital inflow as restrictions are lifted [5]. - Current 2026 PE ratios are below 20x, with growth driven by younger demographics and overseas markets, supporting performance and valuation increases this year [5]. - AI applications are anticipated to further enhance valuations, with key companies like Tencent and Century Huatong showing strong performance metrics [5]. Summary by Sections Gaming Sector - Key recommendations include Tencent Holdings, with a DAU surpassing 30 million, and Century Huatong, which leads in overseas mobile game revenue [5]. - Other notable mentions are Giant Network and Kyeing Network, with significant growth in user engagement and revenue projections [5]. AI Video Opportunities - The launch of Sora2 by OpenAI is highlighted, emphasizing the importance of data accumulation in AI video competition [5]. - Companies like Bilibili and Kuaishou are identified as key players in the AI video space, with innovative applications and competitive pricing strategies [5]. Market Dynamics - The report notes that while trade tensions may cause short-term disruptions, advancements in domestic models and chips provide a strong foundation for growth in Hong Kong's internet and AI sectors [5]. - The competitive landscape in instant retail is expected to shift, impacting profitability expectations for internet companies [5]. Consumer Trends - The report identifies a trend towards "small happiness" consumption, with companies like NetEase Cloud Music and Pop Mart being highlighted for their defensive attributes in uncertain market conditions [5].

Core Viewpoint - The mobile game "Goose Goose Duck," developed by Jinshan Shiyou, has officially launched its new testing phase in China, achieving 6 million pre-registrations and is a deeply localized version rather than a simple PC port [1][2]. Group 1: Company Strategy and Development - Jinshan Shiyou, an independent game company from Jinshan Group, aims to find its position in the competitive gaming industry, focusing on international and trendy content [2]. - The company has undergone restructuring, forming two game divisions: Xishanju and Jinshan Shiyou, with the latter focusing on internationalization [2]. - The choice of "Goose Goose Duck" as a key IP project is strategic, leveraging its previous success in the PC market to reduce market education costs [3][4]. Group 2: Localization and Collaboration - Jinshan Shiyou engaged in a "code-level cooperation" with Gaggle Studio to obtain original code and art resources for deep localization, which increases initial investment but lays a foundation for long-term operations [4]. - The company has spent nearly three years developing the mobile version and planning related content, which is why the game is only now entering large-scale testing [4]. Group 3: Commercialization and Growth Strategy - The commercialization strategy consists of three phases: focusing on game operations to achieve a million daily active users (DAU), developing derivative content like variety shows, and expanding into offline scenes and merchandise [5]. - Jinshan Shiyou will assess the health of the "Goose Goose Duck" IP using various metrics, including social spread index and content reproduction volume, to expand its influence sustainably [5]. - The shift from product operation to IP operation is a trend among game manufacturers, and for mid-sized companies like Jinshan Shiyou, this approach may provide a pathway to breakthrough amid competition [5].

Company Overview - Perfect World (SZ 002624) announced its sixth board meeting on October 10, 2025, discussing the amendment of the company's articles of association [1] - As of the report, Perfect World's market capitalization is 34.6 billion yuan [1] Revenue Composition - For the first half of 2025, Perfect World's revenue composition is as follows: - Games account for 78.74% - Film and television production accounts for 20.79% - Other businesses account for 0.48% [1]

完美世界股份有限公司 董事、高级管理人员所持本公司股份及其变动管理制度 第一章 总 则 第一条 为加强完美世界股份有限公司（以下简称"公司"）董事和高级管理 人员所持本公司股份及其变动的管理，根据《中华人民共和国公司法》（以下简 称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《深 圳证券交易所股票上市规则》（以下简称"《股票上市规则》"）、《上市公司董 事和高级管理人员所持本公司股份及其变动管理规则》《深圳证券交易所上市公 司自律监管指引第10号—股份变动管理》《深圳证券交易所上市公司自律监管指 引第18号—股东及董事、高级管理人员减持股份》等有关法律法规、规范性文件， 以及《完美世界股份有限公司章程》（以下简称"《公司章程》"）的规定，结合 公司实际情况，制定本制度。 第二章 董事、高级管理人员股份的申报及锁定安排 第三条 公司董事会秘书负责管理公司董事、高级管理人员的身份及所持本 公司股份的数据和信息，统一为以上人员办理个人信息的网上申报，每季度检查 董事、高级管理人员买卖本公司股票的披露情况。发现违法违规的，应当及时向 中国证监会、深圳证券交易所报告。 第四条 公司董事、高级管 ...

完美世界股份有限公司 对外提供财务资助管理办法 第一章 总 则 第一条 为规范完美世界股份有限公司（以下简称"公司"）对外提供财务资 助行为及相关信息披露工作，防范经营风险，确保公司经营稳健，根据《中华人 民共和国证券法》《上市公司信息披露管理办法》《深圳证券交易所股票上市规 则》（以下简称"《上市规则》"）《深圳证券交易所上市公司自律监管指引第 1 号—主板上市公司规范运作》及《完美世界股份有限公司章程》（以下简称"《公 司章程》"）的相关规定，特制定本办法。 第二条 本办法所称对外提供财务资助，是指公司及全资、控股子公司有偿 或者无偿对外提供资金、委托贷款等行为，但下列情况除外： （一）公司以对外提供借款、贷款等融资业务为主营业务； （二）资助对象为公司合并报表范围内且持股比例超过 50%的控股子公司， 且该控股子公司其他股东中不包含公司的控股股东、实际控制人及其关联人； （三）中国证监会或者深圳证券交易所认定的其他情形。 第三条 公司应当充分保护股东的合法权益，对外提供财务资助应当遵循平 等、自愿的原则。公司应当充分披露所采取的风险防范措施，包括被资助对象或 者其他第三方是否就财务资助事项提供担保等。由 ...

完美世界股份有限公司 对外担保管理制度 第一章 总 则 第一条 为规范完美世界股份有限公司（以下简称"公司"）对外担保行为， 有效控制公司对外担保风险，保护公司、股东和其他利益相关者的合法权益，根 据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证 券法》（以下简称"《证券法》"）、《中华人民共和国担保法》《深圳证券交易 所股票上市规则》（以下简称"《上市规则》"）、《上市公司监管指引第 8 号— 上市公司资金往来、对外担保的监管要求》等法律、行政法规和规范性文件及《完 美世界股份有限公司章程》（以下简称"《公司章程》"）的相关规定，制定本制 度。 第二条 本制度所称对外担保是指公司为他人提供的担保，包括公司对控股 子公司的担保。 第三条 公司控股子公司为公司合并报表范围以外的主体提供担保的，视同 公司提供担保，公司应按照本制度规定执行。 第四条 公司对外担保实行统一管理，未经公司董事会或股东会批准，公司 及子公司、分支机构不得对外提供担保。 第五条 董事会秘书应当详细记录董事会会议以及股东会审议担保事项的 讨论及表决情况并应严格按照《上市规则》的有关规定及时履行信息披露义务。 第二章 ...

完美世界股份有限公司 关联交易管理制度 第一章 总 则 第一条 为保证完美世界股份有限公司（以下简称"公司"）与关联人之间的 关联交易符合公平、公正、公开的原则，确保公司的关联交易行为不损害公司和 非关联股东的合法权益，根据《中华人民共和国公司法》《中华人民共和国证券 法》《深圳证券交易所股票上市规则》（以下简称"《上市规则》"）等有关法律、 法规、规范性文件及《完美世界股份有限公司章程》（以下简称"《公司章程》"） 的有关规定，制定本制度。 第二条 公司与关联人之间的关联交易行为除遵守本制度的有关规定外，还 需遵守有关法律、法规、规范性文件和《公司章程》的其他规定。 第二章 关联人和关联关系 第三条 公司关联人包括关联法人和关联自然人。 第四条 具有以下情形之一的法人或者其他组织，为公司的关联法人： （一）直接或间接地控制公司的法人或者其他组织； （二）由前项所述法人直接或间接控制的除公司及其控股子公司以外的法人 或者其他组织； （三）由本制度第五条所列公司的关联自然人直接或间接控制的，或担任董 事（不含同为双方的独立董事）、高级管理人员的，除公司及其控股子公司以外 的法人或者其他组织； （四）持有公司 5 ...