Core Viewpoint - The article discusses the evolution and success of the gaming company 点点互动 (DianDian Interactive) under the leadership of CEO 陈琦 (Chen Qi), highlighting its significant achievements, particularly with the game 《无尽冬日》 (Endless Winter), and its impact on the gaming industry and the parent company 世纪华通 (Century Huatong) [3][6][32]. Group 1: Company Background and Leadership - 点点互动 faced significant challenges in 2020, including a cash flow crisis and lack of hit games, yet maintained the trust of its chairman, 王佶 (Wang Ji) [3][6]. - 陈琦, with nearly a decade of experience in the gaming industry, has been pivotal in shaping the company's strategy and product development, focusing on overseas markets and self-developed games [5][20]. - The acquisition of 点点互动 by 世纪华通 in 2014 is noted as a significant event in Chinese gaming history, positioning the company for future growth despite initial skepticism [10][12][13]. Group 2: Financial Performance and Market Impact - By 2025, 世纪华通's stock price had increased nearly fivefold from its lowest point, driven by the success of 点点互动's products, particularly 《无尽冬日》 [7][32]. - The market valuation of 点点互动 approached 100 billion yuan, reflecting its substantial contribution to 世纪华通's overall financial health [7][32]. - The projected net profit for 世纪华通 is around 50 billion yuan, with 35-40 billion yuan expected from 点点互动, indicating its critical role in the parent company's financial performance [31]. Group 3: Product Development and Market Strategy - 点点互动's strategy involved a dual approach of overseas game publishing and self-development, with a focus on creating innovative gameplay that appeals to a broader audience [23][27]. - The game 《无尽冬日》 successfully combined casual gameplay with SLG mechanics, attracting a diverse player base and achieving significant revenue [34][37]. - The company adopted a flexible and data-driven approach to product development, allowing for rapid iteration and adaptation to market demands [26][42]. Group 4: Industry Trends and Competitive Landscape - The success of 《无尽冬日》 has led to increased competition in the ice and snow survival genre, with many companies attempting to replicate its model [34][36]. - The article emphasizes the importance of innovation in gameplay and marketing strategies to maintain a competitive edge in a rapidly evolving market [38][47]. - The shift towards lighter, more accessible gaming experiences is highlighted as a potential growth area for the industry, allowing smaller developers to compete with larger firms [47][48].

Group 1 - The article highlights significant changes in the revenue rankings of mobile games, with "Whiteout Survival" by 点点互动 maintaining the top position, while "Gossip Harbor" by 柠檬微趣 surged to second place with an 8% month-over-month increase and a 254% year-over-year increase [2][8] - 柠檬微趣's new game "Flambé: Merge & Cook" has also shown continuous revenue growth, ranking 12th in the revenue list [2] - 点点互动's SLG game "Kingshot" achieved remarkable success, ranking 5th in the overseas mobile game revenue list just three months after its launch [2][37] Group 2 - The international version of "Delta Force" saw a 36% year-over-year revenue increase and a 108% month-over-month increase, reaching nearly $30 million in revenue [5][25] - "Gossip Harbor" and "Seaside Escape" have shown strong performance, with "Gossip Harbor" achieving an estimated monthly revenue of $36 million and "Seaside Escape" exceeding $16 million [10] - The new game "Lands of Jail" by 益世界 has quickly gained traction in the overseas market, with a 68% revenue increase in May, marking its entry into the revenue rankings [39][41] Group 3 - The female-oriented gaming market is expanding, with 柠檬微趣 leading the charge through successful titles like "Gossip Harbor" and "Seaside Escape," which leverage narrative-driven gameplay and classic mechanics [7][21] - The article notes that the SLG genre is evolving, with new titles like "Kingshot" and "Lands of Jail" demonstrating the potential for innovation and market disruption [35][39] - The competitive landscape is intensifying, with established titles maintaining their positions while new entrants are emerging, emphasizing the need for continuous innovation in game development [42]

Core Viewpoint - The article discusses the success of the mobile game "Endless Winter," developed by Point Interactive, which has outperformed major competitors in the mobile gaming industry, achieving significant revenue milestones and user engagement metrics [4][6][34]. Group 1: Game Performance and Revenue - "Endless Winter" has generated a total revenue of $2.25 billion (over 160 billion RMB) globally since its launch, making it one of the fastest mobile games to surpass $2 billion in revenue within five years [5][34]. - The game ranked first in the overseas revenue chart for Chinese mobile games, surpassing established titles from companies like MiHoYo, Tencent, and NetEase [4][34]. - In April 2025, the iOS version of "Endless Winter" achieved a monthly revenue of 380 million RMB, maintaining its position as the top-grossing mobile game in the overseas market [34]. Group 2: Marketing and User Acquisition Strategies - The game employs aggressive advertising strategies, frequently appearing in casual games and short video platforms to capture potential users during their fragmented time [10][11]. - Point Interactive has invested heavily in user acquisition, with marketing expenses reaching 7.46 billion RMB in 2024, a significant increase from 3.37 billion RMB in 2023 [21][36]. - The game utilizes a dual approach of offering players the option to either spend money or watch ads, effectively drawing in users from casual gaming backgrounds [8][10]. Group 3: Game Mechanics and User Engagement - "Endless Winter" initially presents itself as a casual simulation game but transitions into a strategy game (SLG) as players progress, which has led to high user retention rates [27][28]. - The game has a monthly retention rate of 8%, exceeding the typical 3.2% for SLG games, attributed to the time investment required for town building and social features [28][34]. - Players often feel compelled to spend money to remain competitive, leading to perceptions of the game being "pay-to-win" [38]. Group 4: Financial Impact on Parent Company - The parent company, Century Huatong, reported a record revenue of 22.62 billion RMB in 2024, a 70.27% increase year-over-year, largely driven by the success of "Endless Winter" [35][36]. - Point Interactive's revenue for 2024 was approximately 15 billion RMB, contributing 70% to the overall revenue of Century Huatong [36][37]. - The success of "Endless Winter" has positioned Point Interactive among the top 50 global mobile app publishers, ranking 19th in 2024 [34].

Investment Rating - The report maintains an "Accumulate" rating for the company Shenzhou Taiyue (300002) [1] Core Views - The company has shown stable operation of existing products and is focusing on the performance of several new SLG games set to launch [1] - In 2024, the company achieved a revenue of 6.452 billion yuan, representing a year-on-year growth of 8.22%, while the net profit attributable to shareholders increased by 60.92% to 1.428 billion yuan [3][4] - The first quarter of 2025 saw a decline in revenue to 1.323 billion yuan, down 11.07% year-on-year, and a net profit of 239 million yuan, down 19.09% year-on-year [3][4] Financial Performance - The company plans to distribute a cash dividend of 1 yuan for every 10 shares, totaling approximately 196 million yuan [3] - The core game "Age of Origins" saw a recharge flow increase of 7.26% year-on-year, contributing to the revenue growth in 2024 [4] - The company is expected to see revenue growth of 12.0%, 11.8%, and 10.0% for the years 2025, 2026, and 2027, respectively, with net profits projected at 1.111 billion yuan, 1.257 billion yuan, and 1.457 billion yuan [6][9] Game Development Strategy - The company is deepening its focus on SLG games while also expanding into RPG genres, with two new SLG games, "Stellar Sanctuary" and "Next Agers," currently in commercialization testing [5] - Three additional SLG games are planned for commercialization testing by mid-2026, alongside the development of a sci-fi RPG game [5] Valuation Metrics - The report provides a projected P/E ratio of 16 for 2024, increasing to 20 in 2025, and then decreasing to 15 by 2027 [9]

适合上班摸鱼的时候玩的游戏现在并不好找，要兼顾轻松和趣味，且在碎片化时间内进行游玩享受，大 部分人可能第一时间就排除了SLG游戏，毕竟传统的SLG都需要一直盯着战场进行各项操作，可以说是 最不适合摸鱼玩的游戏品类了。然而，作为SLG新秀的《三国：谋定天下》却打破了这一品类的传统印 象。 随着4月底的到来，五一劳动节假期已然开启降临倒计时。作为国家法定节假日，劳动节五天小长假成 为众多上班人员的期盼，都想从忙碌的工作状态中脱离。长假意味着需要调休，本周作为放假的前一 周，周日将会作为调休日宣告继续上班，这意味着本周上班的天数达到了6天。 虽然上完六天班就可以迎来五一小长假，但这并不妨碍上班人对于工作日增加一天的坏心情。有放假在 前头挂着，不少人已经开始"军心涣散"，上班摸鱼的心已然开始跳动起来，想着玩游戏来调整心情。 【上班摸鱼也能玩SLG？颠覆传统印象】 《三国：谋定天下》以降肝降氪的设计，带给玩家们更加闲适的游戏体验。传统的SLG需要在翻地、征 兵等资源获取和管理上花费心思，而在三谋中，只需要一套优秀的武将和战法阵容搭配，就可以享受谋 取天下征战沙场的快乐。三谋游戏内设置的自动铺路、练兵所升级、土地开发等玩 ...