Group 1 - The National Press and Publication Administration announced the approval of 166 domestic games and 7 imported games in August 2025, marking a new monthly high for domestic game approvals this year [1] - Among the 166 domestic games, 107 are mobile games, 39 are mobile casual puzzle games, 17 are mobile and client games, 1 is a console game (PS5), and 2 are client games [1] - Major companies like NetEase and Bilibili have successfully obtained approvals for their games, indicating strong performance among leading firms in the industry [1] Group 2 - Several A-share game companies reported positive impacts from the issuance of game approvals, with Baotong Technology highlighting the role of approvals in the recovery of the domestic game industry [2] - Tom Cat mentioned that the game industry is experiencing a dual drive of policy support and technological innovation, with 757 domestic and 55 imported game approvals issued in the first half of 2025, reflecting an 18% year-on-year increase [2] - The domestic game market achieved a sales revenue of 168 billion yuan in the first half of 2025, a 14.08% year-on-year growth, with the user base reaching nearly 679 million, marking a historical high [2]

Market Overview - On August 20, A-shares opened lower across the board, with the Shanghai Composite Index down 0.28%, the Shenzhen Component down 0.61%, and the ChiNext Index down 1.14%. By the time of reporting, the Shanghai Composite Index had turned positive, rising by 0.07%. The total trading volume in the Shanghai, Shenzhen, and North markets was 704 billion yuan, a decrease of 63.5 billion yuan compared to the same time the previous day [1]. Gaming Sector Performance - The gaming sector showed strength, with stocks such as Gigabit (603444) hitting the daily limit, and other companies like Xunyou Technology, Kaiying Network, Perfect World, and Giant Network also experiencing gains. This surge was influenced by the announcement of the latest game "Black Myth: Wukong" by Game Science during the opening night of the International Games Expo in Cologne, Germany [2][3]. Key Stock Movements - Notable stock performances included: - Gigabit (603444) at 421.19 yuan, up 10.00% [4] - Xunyou Technology (300467) at 25.58 yuan, up 9.22% [4] - ST Zhongqingbao (300052) at 11.54 yuan, up 4.06% [4] - Perfect World (002624) at 15.82 yuan, up 2.86% [4] - Kaiying Network (002517) at 20.65 yuan, up 2.63% [4] Game Science Developments - Game Science founder Feng Ji expressed on Weibo that after the release of "Black Myth: Wukong," the team is focused on developing a new title in the "Black Myth" series, featuring new heroes, gameplay, visuals, technology, and stories. He indicated that the legend of Wukong will return in a more complete and solid form in the future [5]. - The flagship 3A game "Black Myth: Wukong" was released in August 2024, generating significant buzz and discussions both domestically and internationally, with sales surpassing 10 million copies within four days and reaching 18 million copies globally within two weeks [5].

| 130.280↑+2.970 +2.33% | | 收盘价 08/04 15:59 | | --- | --- | --- | | 133.140 ↑ 2.860 +2.20% | | 盘前价 08/05 04:24 | | 三 24 24 4 5 8 8 目 ♥ 10 | | ● 快捷交 | | 最高价 131.720 | 开盘价 131.500 | 成交量 53.67万 | | 最低价 130.280 | 昨收价 127.310 | 成交额 7011.57 | | 平均价 130.654 | 市盈率 TM 18.61 | 总市值 824.93亿 | | 辰 幅 1.13% | 市盈率(静) 20.35 | 总股本 6.33亿 | | 鱼手率 0.15% | 市净率 4.116 | 流通值 457.06亿 | | 62周最高 141.450 委 比 88.68% | | 流通股 3.51亿 | | 62周最低 74.171 | 量 比 0.85 | 色 主 1股 | | 历史最高 141.449 股息TTM 2.569 | | 换股比率 5.00 | | 方史最低 -1.546 | 股息率ITM 1.9 ...

Industry Overview - In the first half of 2025, China's gaming market achieved actual sales revenue of 168 billion yuan, marking a year-on-year growth of 14.08%, setting a historical record [1] - The number of domestic gaming users reached 679 million, also a historical high [1] - The gaming market's actual sales revenue for the first quarter of 2025 was approximately 857.04 billion yuan, reflecting a significant year-on-year increase of 17.99% [1] - The second quarter's revenue is estimated to be around 823 billion yuan, maintaining above 800 billion yuan for the season [1] Market Performance - In 2024, the actual sales revenue of China's gaming market was 325.78 billion yuan, with a year-on-year growth of 7.53% [1] - The user base for gaming in 2024 was 674 million, both revenue and user numbers being historical highs [1] - From mid-2020 to mid-2024, the semi-annual actual sales revenue fluctuated between 140 billion to 150 billion yuan, indicating a breakthrough in the industry with the current figures approaching 170 billion yuan [1] International Market - In the first half of 2025, the actual sales revenue of Chinese self-developed games in overseas markets reached 9.5 billion USD (approximately 680 billion yuan), with a year-on-year growth of 11% [2] - The primary markets for Chinese games abroad are the United States, Japan, and South Korea, contributing 31.96%, 16.2%, and 7.47% of overseas revenue, respectively [2] Game Categories - The mobile gaming sector showed robust growth, with actual sales revenue of 125.31 billion yuan in the first half of 2025, reflecting a year-on-year increase of 16.55% [2] - The success is attributed to strong performances from MOBA, shooting, and strategy games, along with revenue growth from new shooting and action RPG titles [2] - Conversely, the revenue from the two-dimensional mobile game market declined significantly to 14.58 billion yuan, a year-on-year decrease of 8% due to factors like slowing growth of top games and reduced consumer spending [2] - Mini-games performed exceptionally well, with actual sales revenue of 23.28 billion yuan, marking a year-on-year growth of 40.2% [2] Company Performance - ST Huatuo expects a consolidated revenue of approximately 17 billion yuan for the first half of 2025, a year-on-year increase of about 83.27%, with a projected net profit of 2.4 billion to 3 billion yuan, reflecting a growth of 107.2% to 159% [3] - Youzu Network anticipates a net profit of 40 million to 60 million yuan, a year-on-year increase of 768.75% to 1203.13%, driven by stable operations of games like "Youth Three Kingdoms" [3] - Perfect World expects to turn a profit with a projected net profit of 480 million to 520 million yuan, compared to a loss of 177 million yuan in the same period last year, supported by the upcoming launch of its self-developed game "Zhu Xian World" [3]

Industry Overview - In the first half of 2025, China's gaming market achieved actual sales revenue of 168 billion yuan, marking a year-on-year growth of 14.08%, reaching a historical high [1] - The number of domestic gaming users reached 679 million, also a record high [1] - The gaming market's actual sales revenue for the first quarter of 2025 was approximately 857.04 billion yuan, with a significant year-on-year increase of 17.99% [1] - The second quarter's revenue is estimated to be around 823 billion yuan, maintaining above 800 billion yuan for the season [1] - In 2024, the gaming market's actual sales revenue was 325.78 billion yuan, with a year-on-year growth of 7.53% [1] Overseas Market Performance - In the first half of 2025, the actual sales revenue of Chinese self-developed games in overseas markets reached 9.5 billion USD (approximately 680 billion yuan), reflecting a year-on-year growth of 11% [2] - The primary overseas markets for Chinese games are the United States, Japan, and South Korea, contributing 31.96%, 16.2%, and 7.47% of the overseas revenue, respectively [2] Mobile Gaming Sector - The actual sales revenue of China's mobile gaming market in the first half of 2025 was 125.31 billion yuan, with a year-on-year increase of 16.55% [2] - The growth is attributed to the strong performance of MOBA, shooting, and strategy games, as well as revenue growth from new shooting and action RPG titles [2] - However, the revenue from the two-dimensional mobile game market declined significantly, with a year-on-year decrease of 8%, impacted by slowing growth of leading titles and reduced player spending [2] Mini Games and Other Segments - The mini-game market in China showed remarkable performance, with actual sales revenue of 23.28 billion yuan in the first half of 2025, achieving a year-on-year growth of 40.2% [2] Company Performance - ST Huatuo (002602) expects a consolidated revenue of approximately 17 billion yuan for the first half of 2025, a year-on-year increase of about 83.27%, with a projected net profit of 2.4 to 3 billion yuan, reflecting a growth of 107.2% to 159% [3] - Youzu Network (002174) anticipates a net profit of 40 to 60 million yuan, with a year-on-year increase of 768.75% to 1203.13%, driven by stable revenue from games like "Youth Three Kingdoms" [3] - Perfect World (002624) expects to turn a profit in the first half of 2025, projecting a net profit of 480 to 520 million yuan, compared to a loss of 177 million yuan in the same period last year [3]

Core Insights - The report indicates that the domestic game market in China achieved actual sales revenue of 168 billion yuan in the first half of 2025, marking a year-on-year growth of 14.08%, setting a new record [1] - The user base for games reached nearly 679 million, reflecting a year-on-year increase of 0.72%, also a historical high [1] Market Performance - The growth in market revenue and user base is attributed to several factors: the successful launch of multiple new games, the steady performance of long-standing games, and the strong growth of esports and mini-program games [1] - Self-developed games generated actual sales revenue of 140.45 billion yuan in the domestic market, with a year-on-year increase of 19.29%, driven by popular long-standing products and new releases [3] - The overseas market for self-developed games saw actual sales revenue of 9.50 billion USD, reflecting a year-on-year growth of 11.07%, primarily from long-term product revenues and new releases expected in 2024 [3] Segment Insights - The console game market in China recorded actual sales revenue of 1.03 billion yuan, with a significant year-on-year growth of 29.78%, largely due to the ongoing popularity of the 2024 phenomenon title "Black Myth: Wukong" and the strong sales of new imported console games [5] - The report anticipates continued growth in the Chinese game industry in the second half of 2025, supported by favorable policies, optimized industry ecology, deepened technological innovation, and ongoing global product distribution and corporate globalization efforts [5]

Core Insights - The Chinese gaming market achieved a record actual sales revenue of 168 billion yuan in the first half of 2023, marking a year-on-year growth of 14.08% [1] - The user base for games in China reached approximately 679 million, reflecting a year-on-year increase of 0.72%, also a historical high [1] - The growth in market revenue and user base is attributed to several factors, including the successful launch of new games, the steady performance of established games, and the strong growth of esports and mini-program games [1] Market Performance - The actual sales revenue of the Chinese console gaming market was 1.034 billion yuan, showing a year-on-year increase of 29.78% [2] - The esports gaming market generated actual sales revenue of 80.645 billion yuan, with a year-on-year growth of 16.64% [2] - The revenue from the two-dimensional mobile gaming market was 14.577 billion yuan, experiencing a year-on-year decline of 8% [2] - The domestic casual mobile gaming market achieved actual sales revenue of 16.439 billion yuan, reflecting a year-on-year growth of 2.55% [2] - The domestic mini-program gaming market saw actual sales revenue of 23.276 billion yuan, with a significant year-on-year increase of 40.2% [2] Self-Developed Games - The actual sales revenue from self-developed games in the domestic market reached 140.452 billion yuan, representing a year-on-year growth of 19.29% [1] - The overseas market for self-developed games generated actual sales revenue of 9.501 billion USD, with a year-on-year increase of 11.07% [1]

而2024年全年，我国游戏市场实际销售收入为3257.83亿元，同比增长7.53%；游戏用户规模为6.74亿 人。收入和游戏用户规模两项数据均为历史新高。 实际上，从2020年上半年至2024年上半年，国内游戏市场半年度实际销售收入已在1400亿元至1500亿元 徘徊一段时间。如从2022年上半年至2024年上半年，该数据分别为1477.89亿元、1442.63亿元、1472.67 亿元，基本稳定。今年上半年，该数据逼近1700亿元，意味着我国游戏产业取得了新的突破。 7月31日，中国音像与数字出版协会第一副理事长张毅君发布《2025年1—6月中国游戏产业报告》。报 告显示，2025年上半年，国内游戏市场实际销售收入1680亿元，同比增长14.08%，创下历史新高。同 时，国内游戏用户规模达到6.79亿，同样创历史新高。 今年上半年，我国游戏产业迎来良好开局。伽马数据此前发布的报告显示，今年一季度我国游戏市场实 际销售收入为857.04亿元，同比大幅增长17.99%。据此计算，今年第二季度，我国游戏市场实际销售收 入约823亿元，仍保持在单季800亿元以上。 除了国内市场，我国游戏产业在海外市场也频频取得突破 ...

Core Insights - The Chinese gaming market achieved a record actual sales revenue of 168 billion yuan in the first half of 2023, marking a year-on-year growth of 14.08% [1] - The user base for games reached approximately 679 million, reflecting a 0.72% increase year-on-year, also a historical high [1] Market Performance - The mobile gaming sector generated actual sales revenue of 125.31 billion yuan, accounting for 74.59% of the total market, with a year-on-year growth of 16.55% [1] - The client game market saw actual sales revenue of 35.40 billion yuan, growing by 4.86% year-on-year [1] - The web game market experienced a decline, with actual sales revenue of 2.20 billion yuan, down by 5.87% year-on-year [1] Sub-Sector Highlights - The casual mobile gaming market generated actual sales revenue of 16.44 billion yuan, up by 2.55% year-on-year, with in-app purchases contributing 11.10 billion yuan [2] - The mini-program gaming market showed significant growth, with actual sales revenue of 23.28 billion yuan, a 40.2% increase year-on-year [2] - The console gaming market achieved actual sales revenue of 1.03 billion yuan, growing by 29.78% year-on-year [2] - The esports gaming market reached actual sales revenue of 80.65 billion yuan, reflecting a year-on-year growth of 16.64% [2] Self-Developed Games - The domestic market for self-developed games generated actual sales revenue of 140.45 billion yuan, up by 19.29% year-on-year, driven by popular long-standing products and new releases [2] - The overseas market for self-developed games achieved actual sales revenue of 9.50 billion USD, growing by 11.07% year-on-year [2] International Market Insights - In the overseas market for self-developed mobile games, the United States accounted for 31.96%, Japan for 16.20%, and South Korea for 7.47%, collectively representing 55.63% of the market [3] - Strategy games led the revenue share among the top 100 self-developed mobile games, accounting for 43.33%, with a significant increase compared to the previous year [3] Industry Trends - The gaming industry is characterized by supportive government policies, technological innovation, and a focus on user protection and talent development [3]

Core Insights - The report released at the 22nd China International Digital Interactive Entertainment Expo indicates that the domestic game market achieved actual sales revenue of 168 billion yuan in the first half of 2023, marking a year-on-year growth of 14.08% and setting a new record [1] - The number of game users reached nearly 679 million, reflecting a year-on-year increase of 0.72%, also a historical high [1] - Factors contributing to this growth include the successful launch of several new games, the steady performance of long-standing games, and the strong growth of esports and mini-program games [1] Industry Performance - In the first half of 2023, the actual sales revenue of domestically developed games in the domestic market reached 140.45 billion yuan, with a year-on-year growth of 19.29% [1] - The overseas market for self-developed games generated actual sales revenue of 9.501 billion USD, reflecting a year-on-year increase of 11.07% [1] - The United States, Japan, and South Korea remain the primary overseas target markets, accounting for a combined 55.63% of the revenue from self-developed mobile games [1] Market Segmentation - The mobile game market achieved actual sales revenue of 125.31 billion yuan, with a year-on-year growth of 16.55% [2] - The client game market generated actual sales revenue of 35.40 billion yuan, reflecting a year-on-year increase of 4.86% [2] - The console game market saw actual sales revenue of 1.03 billion yuan, with a significant year-on-year growth of 29.78% [2] - Conversely, the web game market experienced a decline, with actual sales revenue of 2.20 billion yuan, down 5.87% year-on-year [2] Future Outlook - The game industry is expected to continue its upward trend in the second half of 2023, supported by favorable policies, optimized industry ecology, deepened technological innovation, and ongoing global product distribution [2] - The introduction of new anticipated products is expected to further stimulate market growth [2] - The education sector is receiving national policy support for talent cultivation in the gaming industry, marking a new phase of systematic and professional development [3] Technological Advancements - The application of AI technology across the entire industry chain is accelerating, with leading companies like NetEase, Tencent, and Perfect World establishing comprehensive intelligent application systems [3] - The mini-game market is witnessing a surge in popular products, contributing to new growth momentum for the industry [3]