@前瞻经济学人APP 图表2:2025年中国游戏产业上市公司汇总 转自：前瞻产业研究院 行业主要上市公司：腾讯控股(00700.HK);网易(09999.HK);哔哩哔哩(09626.HK);友谊时光(06820.HK);中 手游(00302.HK);ST天润(002113.SZ);惠程科技(002168.SZ);游族网络(002174.SZ);天娱数科(002354.SZ);凯 撒文化(002425.SZ);恺英网络(002517.SZ);三七互娱(002555.SZ);巨人网络(002558.SZ);世纪华通 (002602.SZ);完美世界(002624.SZ);宝通科技(300031.SZ);星辉娱乐(300043.SZ);三五互联(300051.SZ);中青 宝(300052.SZ);顺网科技(300113.SZ);富春股份(300299.SZ);掌趣科技(300315.SZ);昆仑万维(300418.SZ);汤 姆猫(300459.SZ);迅游科技(300467.SZ);盛天网络(300494.SZ);盛讯达(300518.SZ);冰川网络(300533.SZ);大 晟文化(600892.SH); ...

这一奖项旨在表彰产品、设计、广告、渠道、技术、创意等任一维度具有突破性表现的品牌，而这次的"骁龙主题馆"，高通则携手运营商、手机、PC及XR 等终端厂商、顶尖游戏工作室、游戏技术厂商和发行商、电商等75家行业重量级合作伙伴，呈现出一场融合前沿技术创新、潮流游戏装备和沉浸数字娱乐体 验的夏日盛宴，形成跨界创新的惊艳瞬间。 这已是成立40年、植根中国发展30年的高通第六次打造"骁龙主题馆"了。骁龙一直是数字娱乐新潮装备的开拓者，也是新趣体验的赋能者。从智能手机、平 板、PC、手持游戏设备，到XR和汽车，高通持续推出面向不同终端的骁龙平台，为多品类终端带来顶级性能和体验，全面助力数字娱乐体验升级与生态繁 荣。 今年的ChinaJoy骁龙主题馆内，骁龙赋能的各类智能终端——智能手机、平板、AI PC、智能汽车、游戏掌机等设备也带来了跨端协同游戏体验，推动多设 备无缝互联成为现实。玩家也在骁龙展台亲自体验了它们的出色性能。 在第一财经2025年度品牌力量评选中，高通旗下的骁龙成功斩获"品牌力量·年度Aha瞬间"奖。 在第一财经2025年度品牌力量评选中，全球科技创新企业高通旗下的骁龙，依托在终端侧AI、高性能低功耗计算 ...

Investment Rating - The report maintains an "Outperform" rating for the company [5][26]. Core Insights - The company's revenue for Q2 2025 reached $5.3 billion, representing a year-over-year growth of 38%, driven primarily by strong performance in e-commerce and digital financial services [9][26]. - The adjusted EBITDA for the quarter was $828 million, with a corresponding profit margin of 16% [9]. - The e-commerce segment saw revenue of $3.8 billion, up 34% year-over-year, with GMV growth of 28% [12][26]. - Digital financial services generated $883 million in revenue, a 70% increase year-over-year, with a stable non-performing loan rate of 1.0% [16][26]. - The digital entertainment segment reported revenue of $559 million, a 28% increase year-over-year, with an expected annual revenue growth of over 30% [19][26]. Summary by Sections Overall Performance - The company reported a total revenue of $5.3 billion for Q2 2025, with a net profit of $410 million and a net profit margin of 8% [9][26]. E-commerce Business - E-commerce revenue was $3.8 billion, with a GMV growth of 28% year-over-year. The platform's monetization rate improved from 10.3% to 11.1% [12][26]. - The adjusted EBITDA for the e-commerce segment was $228 million, with a profit margin of 6.0% [12][26]. Digital Financial Services - Digital financial services achieved revenue of $883 million, a 70% increase year-over-year, with an adjusted EBITDA of $255 million and a profit margin of 29% [16][26]. - The total receivables reached $6.9 billion, a 90% increase year-over-year, with over 4 million new first-time borrowers added in the quarter [16][26]. Digital Entertainment - The digital entertainment segment generated $559 million in revenue, with a 23% increase in revenue streams. The number of paying users reached 61.8 million, an 18% year-over-year increase [19][26]. - The company expects the annual revenue growth for digital entertainment to exceed 30% [19][26]. Financial Forecasts - Revenue forecasts for 2025-2027 have been adjusted to $21.6 billion, $26.4 billion, and $30.4 billion, respectively, with corresponding net profit forecasts of $1.8 billion, $2.9 billion, and $3.8 billion [26].

Group 1 - The gaming ETF (516010) has risen over 2% during trading, driven by improvements in the industry fundamentals and technological innovations [1] - Guosen Securities indicates that the media and gaming industries are showing signs of bottoming out, with the gaming sector needing to focus on product cycles and performance [1] - The media sector is benefiting from increased advertising spending due to economic recovery, while the film and television content sector is expected to see improvements on the supply side [1] Group 2 - The ChinaJoy exhibition has seen high attendance, with 743 participating companies and a foreign investment ratio of 31.8%, reflecting the industry's enthusiasm [1] - The mobile game "Whiteout Survival" has maintained its position at the top of the revenue charts, indicating sustained high industry sentiment [1] - Overall, the media and gaming industries are showing positive signals in terms of performance recovery, technological innovation, and market enthusiasm [1] Group 3 - The gaming ETF (516010) tracks the animation and gaming index (930901), which selects listed companies involved in game development and operation, animation production, and related businesses [1] - This index reflects the overall performance of listed companies in the digital entertainment industry, highlighting the growth potential and innovative vitality of the animation and gaming sector [1] - Investors without stock accounts can consider the Guotai Zhongzheng Animation and Gaming ETF Connect C (012729) and A (012728) [1]

Core Viewpoint - Derlin Holdings has entered into a subscription agreement with Pangu Software Pte Ltd, agreeing to invest a total of $1 million for 1,041 ordinary shares, with an option for an additional $1 million for the same number of shares, aiming to strengthen its strategic position in the digital entertainment and Web3 sectors [1] Group 1: Investment Details - The investment will result in Derlin Holdings acquiring approximately 2.0% equity in Pangu, assuming no further issuance or repurchase of shares [1] - The fund managed by Derlin Holdings holds about 11.7% interest in the Cayman Islands private equity fund [1] Group 2: Pangu Overview - Pangu is a Singapore-registered tech company focused on developing decentralized Web3 gaming platforms, utilizing blockchain and AI technologies to enhance user engagement and digital asset ownership [2] - Pangu operates the MetaCene Universe, which has launched four Web3 titles, including the flagship MMORPG Metacene, recognized for its innovative Web3 gaming features [2] Group 3: Strategic Alignment - The investment aligns with Derlin Holdings' long-term vision and recent business plans in digital finance, virtual assets, and real-world asset tokenization [2] - The company is executing a three-phase plan to develop a comprehensive digital finance ecosystem, with the investment expected to capture new business development and collaboration opportunities in the merging fields of virtual assets and decentralized finance [3] Group 4: Synergy with RWA Tokenization - Derlin Holdings plans to tokenize real-world assets (RWA) and distribute digital rights to qualified shareholders, with the investment expected to leverage Pangu's platform for potential integration with RWA and digital asset management [3] - The investment is anticipated to enhance the company's competitive advantage in virtual assets, expanding its regulatory license scope to cover various virtual asset activities [3] Group 5: Strategic Value and Market Leadership - The investment is expected to position Derlin Holdings to participate in the rapid development of Web3 technologies and business models, which are strategically significant for its digital finance development plan [4] - By establishing a partnership with Pangu, the company aims to seize opportunities in digital entertainment and drive the integration of traditional finance with blockchain-driven asset models, creating long-term value for shareholders and clients [4]

Group 1 - The company, Derin Holdings (01709.HK), announced a subscription agreement with Pangu Software Pte Ltd, involving a conditional investment of USD 1 million for 1,041 ordinary shares, with an additional option to subscribe for another 1,041 shares for the same amount [1] - The investment aims to strengthen the company's strategic position in the digital entertainment and Web3 sectors [1] - Upon completion of the investment, the fund will hold approximately 2.0% equity in Pangu, assuming no further issuance or repurchase of shares by Pangu [1]

Core Viewpoint - The 2025 ChinaJoy and the China International Digital Entertainment Industry Conference (CDEC) highlight the advancements in the digital entertainment industry, with Qualcomm showcasing its technological innovations and ecosystem development in mobile gaming and AI integration [1][3]. Group 1: Technological Innovations - Qualcomm's Snapdragon 8 Gen 2 mobile platform features over 40% improvements in CPU, GPU, and NPU performance, enhancing mobile gaming and multitasking capabilities [3]. - The platform supports over 180 terminal designs from brands like Honor, OPPO, vivo, and Xiaomi, providing top-tier experiences in mobile gaming, social media, and multimedia [3]. - The integration of the seventh-generation Snapdragon Elite Gaming suite brings PC-level gaming experiences to mobile devices, improving graphics and frame rates [3]. Group 2: AI and 5G Integration - Qualcomm is actively promoting the deployment of generative AI on the device side, exemplified by the Xiaomi AI glasses that utilize Qualcomm chips for real-time AI interactions [5]. - The Snapdragon AR1+ platform has been reduced in size by 26% and offers lower power consumption, supporting small language models for AI smart glasses [5]. - The acceleration of 5G-A network commercialization, combined with AI and spatial computing, opens new possibilities for digital entertainment [5]. Group 3: Ecosystem Development - Qualcomm has built a comprehensive digital entertainment ecosystem across multiple devices, including smartphones, PCs, XR, and automotive applications [6]. - Over 30 flagship Android smartphones based on the Snapdragon 8 Gen 2 and fourth-generation Snapdragon 8s platforms were showcased, enhancing user experiences [6]. - The collaboration with 75 partners resulted in over 100 terminal demonstrations and more than 50 multi-terminal game titles, showcasing the strength of Qualcomm's ecosystem [6]. Group 4: Interactive Experiences - The Snapdragon theme pavilion at ChinaJoy features multi-dimensional interactive scenarios, including the upgraded "Snapdragon XR Fantasy Journey" that offers ultra-8K resolution and low-latency immersive experiences [7]. - Online and offline engagement strategies, such as social media campaigns and promotional events, have attracted significant user participation [7]. - Qualcomm aims to innovate and collaborate with partners to create a new chapter in digital entertainment and consumption [7].

Core Insights - The 2025 ChinaJoy event in Shanghai features Qualcomm's sixth "Snapdragon Theme Pavilion," showcasing cutting-edge technology and digital entertainment experiences with 75 industry partners [1][3] - Qualcomm aims to provide a comprehensive digital entertainment experience, presenting over 100 devices across 10 categories and more than 50 multi-device game titles [3][4] - The Snapdragon 8 Gen 2 processor enhances gaming performance and efficiency, supporting advanced technologies like AI image motion engine and super-resolution [4] Group 1 - Qualcomm's Snapdragon Theme Pavilion is designed to deliver an immersive digital entertainment experience, featuring a variety of mobile games and cross-device applications [3][5] - The pavilion includes 15 XR devices covering AR, VR, and MR, providing multi-dimensional interactive experiences [4] - The "Snapdragon Gear Library" showcases a robust digital entertainment ecosystem with over 30 flagship Android smartphones and AI PCs [4] Group 2 - Qualcomm emphasizes its leadership in connectivity, AI on-device capabilities, and high-performance low-power computing to enhance cross-device experiences [4] - The event includes interactive gaming sessions and opportunities for fans to engage with professional esports players [4] - Qualcomm reaffirms its commitment to technological innovation and industry collaboration to shape the future of digital entertainment [5]

Core Insights - The 2025 ChinaJoy event showcases the growth and innovation in the digital entertainment industry, with a focus on high-quality development and digital consumption [1][2][4] Industry Overview - The Chinese gaming market is projected to reach a sales revenue of 325.78 billion yuan in 2024, marking a year-on-year growth of 7.53%, with mobile games accounting for 238.22 billion yuan, over 70% of the total [4] - The user base for Chinese gaming has reached 674 million, a historical high, while the global gaming market is expected to generate total revenues of $182.7 billion in 2024, with mobile games holding a 55% share [4] Regional Performance - Shanghai's gaming sales revenue is expected to hit 155.8 billion yuan in 2024, reflecting a 7.8% year-on-year increase, and the esports industry in Shanghai is projected to generate 6.13 billion yuan, accounting for 46.9% of the national esports revenue [6] Technological Innovations - Qualcomm's Snapdragon 8 Gen 2 is highlighted as a performance benchmark, featuring a 45% increase in single-core and multi-core performance, a 40% enhancement in GPU performance, and a 45% boost in AI capabilities [7] - The Snapdragon Elite Gaming features have been upgraded to enhance gaming experiences, integrating advanced technologies for improved graphics and performance [7][11] Ecosystem Development - Qualcomm is building a comprehensive ecosystem by collaborating with upstream and downstream partners, integrating leading mobile technology into various devices, including smartphones, PCs, and XR headsets [13] - Partnerships with companies like NetEase and Tencent have led to significant advancements in gaming experiences, including the introduction of AI capabilities in mobile games [14] Esports Growth - The Chinese esports market is expected to exceed 300 billion yuan by 2026, with the esports industry generating 27.57 billion yuan in 2024, reflecting a 4.62% year-on-year growth [15][18] - Qualcomm's Snapdragon Pro Series has become a leading mobile esports event, attracting millions of viewers and showcasing the potential of mobile esports [18]

Core Points - The 22nd ChinaJoy will open in Shanghai on August 1, 2025, featuring 11 exhibition halls and a total exhibition area of 110,000 square meters [1] - The event will showcase hundreds of companies and over a thousand of the year's latest outstanding products in key digital entertainment sectors, including gaming, animation, internet film and television, music, esports, trendy toys, and new entertainment [1] - The total expected attendance for the four-day event is projected to reach several hundred thousand visitors [1]