Group 1: Game IP Business Strategy - The company has established a multi-dimensional classic category layout in the game IP sector, successfully launching several recognized IP adaptations such as "Romance of the Three Kingdoms 2017" and "Dynasty Warriors" [2][3] - The core resources of the IP game business are now fully focused on the development and optimization of "Dynasty Warriors: The World," which has obtained an import license and is currently in a critical review phase, with plans for multiple player tests to refine the product experience [3][5][6] - The company aims to transition from single IP operations to a comprehensive system of customized development and independent publishing, with "Dynasty Warriors: The World" expected to be a key growth driver for the IP business [3][6] Group 2: Original IP Development - The original IP game "Star Wings" has performed exceptionally well since its launch in Japan, ranking second in local app store charts and topping the Steam Japan sales chart, with over 80% of revenue coming from overseas [4] - The company plans to deepen its game IP business by solidifying long-term partnerships with international IP holders and accelerating the globalization of original IP through diverse collaborations [4] Group 3: New Game Releases and Performance - The company is focusing on the upcoming release of "Magical Bopi," an innovative pet-catching game, which has completed multiple testing phases and is set for a full platform launch in 2025 [6] - The independent game "Heroic Legend" has received positive reviews and has expanded its storyline with over 300,000 words of new content, indicating strong sales and player engagement [7] Group 4: AI Development and Applications - Since 2021, the company has been exploring AI applications, establishing a comprehensive AI entertainment platform that supports core business areas like gaming and social media [8] - Key AI products include the music social app "Give Mic," which integrates AI technology for enhanced user experience, and the gaming social app "Dai Dai eSports," which is developing AI-driven social features [8] Group 5: Online Entertainment Platform Growth - The online entertainment platform has benefited from the recovery of the PC gaming market, leveraging its strong market share in offline venues like internet cafes and eSports hotels [9][10] - The mobile advertising business has seen significant growth, driven by cross-platform advertising needs and partnerships with major media platforms, capitalizing on the resurgence of the PC gaming market [10]

三七互娱游戏展台。时报财经图库/供图 吴志/制表 板块创多年新高 "没想到游戏市场今年表现这么好。"在接受证券时报记者采访时，有游戏企业高管直言，今年游戏行业 不管是产品表现，还是股价走势，都有些出乎意料。 从去年下半年开始，A股游戏板块热度就不断上升。至今，不论是板块整体还是个股，都已经积累了可 观的涨幅。版号的持续发放，新游戏的亮眼表现，海外市场的有效拓展，都为游戏产业注入了信心。 | | | 部分A股游戏公司2025年上半年经营表现 | | | | | --- | --- | --- | --- | --- | --- | | 证券简称 | 今年涨幅 | 营业收入 | 营收 | 归母净利润 | 净利润 | | | (截至9月19日) | (亿元) | 同比增速 | (亿元) | 同比增速 | | ST华通 | 267.12% | 172.07 | 85.50% | 26.56 | 129.33% | | 巨人网络 | 258.20% | 16.62 | 16.47% | 7.77 | 8.27% | | 吉比特 | 157.88% | 25.18 | 28.49% | 6.45 | 24.50% | | ...

公开数据显示，2017年到2024年，我国游戏市场实际销售收入从2036亿元大幅增长至3258亿元，但其间 游戏板块长期低位徘徊。这种局面在去年下半年迎来"反转"，尤其是今年4月以来，A股游戏板块表现 强势。 9月17日，申万游戏行业指数收盘突破4000点，创2017年以来新高。Wind数据显示，截至9月19日，申 万游戏行业指数今年涨幅接近80%，在申万二级行业指数中名列第三。 部分个股表现十分抢眼。年初至今，ST华通、巨人网络、吉比特、冰川网络等游戏公司涨幅超过 100%，其中，ST华通和巨人网络涨幅超过200%。9月初，ST华通市值超越分众传媒，成为A股传媒板 块市值最高的企业，目前其最新市值超过1400亿元。 板块走出低谷，让部分游戏企业高管颇为感慨。过去几年，恺英网络股价最低时一度逼近2元，市值仅 剩数十亿元；ST华通近期股价一度突破20元，而去年7月一度跌破3元；巨人网络等公司股价也在低位 徘徊近4年。今年游戏板块为何迎来反转？ 多因素推动估值回升 从政策层面看，游戏版号的持续发放，无疑是助力产业发展的"强心针"。据证券时报记者统计，截至8 月份，今年发放的游戏版号已达1119个，同比增长明显。8 ...

（原标题：多股涨超100%！多重利好推动游戏板块价值重估） "没想到游戏市场今年表现这么好。"在接受证券时报记者采访时，有游戏企业高管直言，今年游戏行业不管是产品表现，还是股价走势，都有些 出乎意料。 从去年下半年开始，A股游戏板块热度就不断上升。至今，不论是板块整体还是个股，都已经积累了可观的涨幅。版号的持续发放，新游戏的亮 眼表现，海外市场的有效拓展，都为游戏产业注入了信心。 板块创多年新高 根据伽马数据发布的报告，今年上半年，国内游戏市场实际销售收入1680亿元，同比增长14.08%，国内游戏用户规模达到6.79亿，两项数据均创 历史新高。这种态势也持续到了今年7月，游戏产业的各项纪录仍在被持续刷新。 出海表现亦相当亮眼。上半年，我国自主研发游戏海外市场实际销售收入95亿美元（约合人民币680亿元），同比增长11%。在研究机构Sensor Tower发布的8月份中国手游出海收入榜中，排在前列的不再只有腾讯、网易、米哈游等"老面孔"的产品，更多新厂商的新产品崭露头角。 在具体产品方面，王旭认为，今年上市游戏企业披露的部分10亿元以上高流水收入产品，增强了投资者的信心，特别是对验证手游出海商业模式 和未来前 ...

Core Viewpoint - The gaming industry in China has shown unexpected strong performance in 2023, with significant increases in both product performance and stock prices, driven by factors such as continuous issuance of game licenses, successful new game launches, and effective overseas market expansion [1][2]. Industry Performance - From 2017 to 2024, China's gaming market sales revenue is projected to grow from 203.6 billion yuan to 325.8 billion yuan, with a notable turnaround beginning in the second half of last year [2]. - As of September 17, the Shenwan Gaming Industry Index closed above 4000 points, marking a new high since 2017, with an approximate 80% increase year-to-date, ranking third among Shenwan's secondary industry indices [2]. - Individual stocks have performed exceptionally well, with companies like ST Huatuo and Giant Network seeing increases of over 100%, and ST Huatuo's market capitalization surpassing 140 billion yuan [2]. Factors Driving Recovery - The continuous issuance of game licenses has been a significant factor in boosting industry confidence, with 1119 licenses issued by August, a notable year-on-year increase [2][3]. - The gaming market's actual sales revenue reached 168 billion yuan in the first half of the year, a 14.08% increase year-on-year, with the user base growing to 679 million [3]. - The overseas market for self-developed games generated approximately 6.8 billion yuan in revenue, reflecting an 11% year-on-year growth [3]. Product and Market Dynamics - High-revenue products disclosed by gaming companies have bolstered investor confidence, particularly in validating the business models of mobile games and the growth potential of mini-games [4]. - The successful launch of key games, such as Giant Network's "Supernatural Action Group," has significantly contributed to stock price increases, with the game showing rapid growth in user engagement and revenue [4][6]. - The trend of gaming companies focusing on high-quality content and overseas expansion has become more pronounced, moving away from reliance on low-quality or cloned games [5][7]. Future Outlook - The gaming industry is expected to maintain its positive trajectory due to the deep accumulation of resources and capabilities by domestic gaming companies, which have enhanced their ability to produce new products [6]. - The current growth model may evolve, with a shift from quantity to quality in game releases, emphasizing long-term operational capabilities and market insight [7].

Group 1 - The A-share market opened with mixed performance on September 19, with the Shanghai Composite Index down 0.03%, the Shenzhen Component Index down 0.01%, and the ChiNext Index up 0.08% [1] - Huawei HiSilicon concept stocks, AI PCs, and communication equipment sectors showed active performance, while the film and television, PEEK materials, and robotics sectors weakened [1] - The gaming sector experienced fluctuations after a low opening, with the gaming ETF (159869) down nearly 1%, but it has seen a net inflow of funds for three consecutive days, accumulating 6.82 billion yuan [1] Group 2 - In the first half of 2025, China's self-developed games achieved actual sales revenue of 9.501 billion USD, marking a year-on-year growth of over 11%, indicating a rapid growth trend in the overseas gaming market [1] - The shift from "product export" to "cultural export" in China's gaming industry is highlighted, with deep cultural integration in games like "Black Myth: Wukong" contributing to global popularity [1] - The Chinese gaming industry is receiving more policy support, with the Ministry of Commerce's April announcement emphasizing the development of gaming export businesses and the entire industry chain from IP creation to overseas operations [2] - The gaming sector is experiencing multiple catalysts, including AI, content, and commercialization model transformations, with the gaming ETF (159869) tracking the performance of A-share listed companies in the animation and gaming industry [2]

Competitive Advantages - The company focuses on the core strategy of "focusing on the gaming industry," aiming to create high-quality games that meet market demands, supported by a business system of "R&D, publishing, investment + IP" [2] - The company has established an overseas publishing strategy, leading to a continuous increase in overseas revenue over the past three years [2][4] Overseas Business Performance - In 2023, overseas revenue reached 117 million CNY, accounting for 2.71% of total revenue, with a year-on-year growth of 619.54% [4] - In 2024, overseas revenue is projected to be 375 million CNY, representing 7.32% of total revenue, with a year-on-year growth of 221.48% [4] - In the first half of 2025, overseas revenue was 202 million CNY, making up 7.82% of total revenue, with a year-on-year growth of 59.57% [4] Successful Overseas Products - The game "Monster Alliance" launched on March 25, 2025, quickly rose to Top 2 on the App Store free chart in South Korea [5] - "MU Immortal," launched on May 20, 2025, topped the iOS RPG free chart in multiple countries on its release day [5] - "Party Beast Control," launched on May 22, 2025, achieved first place in iOS downloads in Hong Kong and Taiwan on its launch day [6] Information Service Revenue - Information service revenue includes income from game resource distribution, community services, and promotional services, totaling 657 million CNY in the first half of 2025 [7] Unique Features of Legend Box - Legend Box is a vertical community platform focused on the needs of "Legend" game users, integrating game experience, community interaction, and live streaming [8] New Developments in Legend Box - In July 2025, a licensing agreement was signed for "Legend" and "Legend World," allowing for exclusive development and operation of related products [10] - Over 25 high-quality "Legend" games have been integrated into Legend Box, with plans to introduce over 100 more [10] Shareholder Information - As of September 10, 2025, the total number of shareholders is 53,848, showing a recent overall decrease [10] Arbitration and Financial Impact - The company won an arbitration case against Yumeide, but cannot confirm income from the receivable until the payment situation is clear [11] - The increase in the stock price of Century Huatong will enhance the company's net assets but will not affect current profits [12] Commitment to Shareholder Value - The major shareholder and executives have committed to using dividends for share buybacks from 2024 to 2028, with significant amounts already invested [13]

Group 1: Macro Strategy and Market Overview - The report highlights a gradual convergence of overseas central bank policies, impacting asset allocation strategies [3][28] - In the A-share market, major indices saw significant gains in early September, with the CSI 100 and CSI 500 indices rising by 4.45% and 6.33% respectively [3][28] - The central bank's net cash injection was 196.1 billion yuan, maintaining a loose liquidity environment with DR007 staying below 1.48% [3][28] Group 2: Agricultural Bank of China - The Agricultural Bank of China is expected to benefit from the release of potential in county economies, with greater credit growth opportunities compared to peers [4] - The bank has the lowest non-performing loan ratio among its peers, with a strong ability to manage risks related to real estate exposure [4] - Future profit growth is projected at 1.98%, 3.94%, and 4.63% for 2025-2027, with corresponding BPS values of 7.69, 8.12, and 8.53 yuan [4] Group 3: Unmanned Forklifts Industry - The unmanned forklift market is experiencing rapid growth, with shipments increasing from 2,700 units in 2019 to an estimated 19,500 units in 2023, representing a penetration rate of 1.66% [6] - The market size for unmanned forklifts in China is projected to reach 2.385 billion USD in 2023, accounting for 45% of the global market [6] - Major players in the industry include Linde, Hangcha, and Geek+, with significant advancements in technology and market share [6][10] Group 4: Communication Sector - Runxin Technology - Runxin Technology reported a revenue of 1.358 billion yuan in H1 2025, marking a 16.42% year-on-year increase, with net profit rising by 18.23% [13][34] - The company is focusing on AIoT and automotive electronics, diversifying its revenue sources and enhancing long-term growth potential [34] - The firm has established strong partnerships with leading semiconductor suppliers, which bolsters its competitive edge in the market [34] Group 5: Semiconductor Testing Industry - Weicet Technology - Weicet Technology achieved a revenue of 634 million yuan in H1 2025, reflecting a 47.53% increase, with net profit soaring by 831.03% [36][39] - The company is expanding its testing capacity for high-end and reliable chips, with significant investments in new facilities [37] - The semiconductor market is expected to maintain optimistic growth, driven by advancements in AI and automotive electronics [39] Group 6: Pharmaceutical Sector - China Resources Pharmaceutical - China Resources Pharmaceutical reported a revenue of 131.867 billion yuan in H1 2025, a 2.5% increase, while net profit decreased by 20.3% due to impairment losses [21] - The company is focusing on external growth through acquisitions and innovation in its pharmaceutical business [21] - The firm has successfully launched 21 new products in H1 2025, with a robust pipeline of 476 projects under development [21]

Group 1: Industry Performance - The gaming industry index closed up 2.13% on September 17, with key stocks like Kaiying Network rising by 9.01% and others like Giant Network and Xunyou Technology increasing by over 4% [1] - Year-to-date, the gaming industry index has increased by 82.61%, ranking third among all Shenwan secondary industries, making it one of the best-performing sectors this year [1] - Six gaming stocks have doubled in price compared to the end of last year, with ST Huatuo, Giant Network, and 37 Interactive Entertainment showing significant cumulative increases of 286.19%, 261.23%, and 157.39% respectively [1] Group 2: Market Growth - The gaming market revenue reached 1970.84 billion yuan from January to July 2025, marking a year-on-year growth of 12.58% [2] - Projected revenues for the gaming market from 2022 to 2024 are 2658.84 billion yuan, 3029.64 billion yuan, and 3257.83 billion yuan respectively, indicating robust growth potential [2] Group 3: Esports Development - The esports industry in China generated 127.61 billion yuan in revenue from January to June 2025, reflecting a year-on-year increase of 6.1% [4] - The Chinese esports industry is expanding its influence overseas, particularly in regions like Latin America, alongside traditional markets in East and Southeast Asia [4] Group 4: Supply and User Growth - The steady growth in industry revenue is attributed to the continuous release of new games, with a noticeable reduction in the approval cycle for game licenses [5] - As of June 2025, the number of online game users in China reached 584 million, an increase of 26.92 million from December 2024, representing 52% of the total internet users [7] - The proportion of female gamers has risen to 48%, up by 3.1 percentage points from the end of 2024, contributing to market expansion and innovation [7] Group 5: International Expansion - The overseas business revenue of 20 A-share gaming companies reached 21.823 billion yuan in the first half of 2025, a year-on-year increase of 30.43% [9] - Notably, ST Huatuo, Kunlun Wanwei, and 37 Interactive Entertainment reported overseas revenues exceeding 1 billion yuan, with ST Huatuo achieving 89.58 billion yuan, accounting for 52.06% of its total revenue [10]

Group 1: Industry Performance - The gaming industry index closed up 2.13% on September 17, with key stocks like Kaiying Network rising by 9.01% and others like Giant Network and Xunyou Technology increasing by over 4% [1] - Year-to-date, the gaming industry index has increased by 82.61%, ranking third among all Shenwan secondary industries, making it one of the best-performing sectors this year [1] - Six gaming stocks have doubled in price compared to the end of last year, with ST Huatuo, Giant Network, and G-bits showing significant increases of 286.19%, 261.23%, and 157.39% respectively [1] Group 2: Market Growth - The gaming market revenue showed significant growth, reaching 197.08 billion yuan from January to July 2025, a year-on-year increase of 12.58% [2] - Projected revenues for the gaming market are 265.88 billion yuan in 2022, 302.96 billion yuan in 2023, and 325.78 billion yuan in 2024, indicating robust industry vitality [2] Group 3: Esports Development - The esports industry in China generated 12.76 billion yuan in revenue from January to June 2025, reflecting a year-on-year growth of 6.1% [3] - The Chinese esports industry is expanding its influence overseas, particularly in regions like Latin America, in addition to traditional markets in East and Southeast Asia [3] Group 4: Supply and User Growth - The steady growth in industry revenue is attributed to the continuous release of new games, with a notable increase in the number of game approvals [4] - As of June 2025, the number of online game users in China reached 584 million, an increase of 26.92 million from December 2024, representing 52% of the total internet users [5] - The proportion of female gamers has risen to 48%, up 3.1 percentage points from the end of 2024, contributing to market expansion and innovation [5] Group 5: International Expansion - The gaming industry's international business has become a significant growth point, with 20 A-share gaming companies reporting overseas revenue of 21.82 billion yuan in the first half of 2025, a year-on-year increase of 30.43% [6] - ST Huatuo reported overseas revenue of 8.96 billion yuan, accounting for 52.06% of its total revenue, highlighting its strong international presence [6] Group 6: Institutional Investment - Five gaming stocks received significant QFII holdings by the end of the first half of the year, with Xunyou Technology, ST Zhongqingbao, and Iceberg Network leading in QFII market value [7]