Core Viewpoint - The Zhejiang Provincial Department of Commerce and 17 other departments have jointly issued measures to support the overseas expansion of the gaming industry, focusing on enhancing industry capabilities, platform support, ecological optimization, and resource assurance [1] Group 1: Measures Overview - The measures include 20 specific actions aimed at supporting the gaming industry's overseas expansion and empowering the construction of a strong digital trade province [1] - The initiative encourages collaboration between gaming companies and smart terminal manufacturers to promote the joint overseas expansion of gaming content with AR/VR devices [1][6] Group 2: Policy Highlights - This is the first systematic policy document specifically targeting the overseas expansion of the gaming industry in Zhejiang [2] - Previous policies, while not focused solely on gaming, have provided some support for digital trade and cultural service exports [2] - The measures cover various aspects of the gaming industry, including internationalization, regulatory innovation, and the integration of cultural and technological advancements [3] Group 3: Challenges Faced - The gaming industry faces challenges such as cultural and legal differences, high localization costs, and a lack of localized talent [4][5] - Technical standards and underlying technologies are often constrained by foreign dependencies, complicating the overseas expansion process [5] - Issues with online public opinion and frequent piracy pose additional risks for gaming companies attempting to enter international markets [5] Group 4: Future Prospects - The collaboration between gaming and smart terminal industries is expected to enhance the immersive experience of games and open new application scenarios in education, tourism, and healthcare [6] - The policy encourages global promotion of gaming content, particularly in Asia-Pacific, Europe, and regions involved in the Belt and Road Initiative, to enhance the international influence of Chinese original games [6]

Core Viewpoint - The company, Hangzhou Dihun Network Technology Co., Ltd., reported a significant decline in revenue and net profit for the year 2024, primarily driven by the performance of its flagship game "Dream Three Kingdoms" which has been operational for over 15 years [1][3][5]. Financial Performance - In 2024, the company achieved operating revenue of 550 million yuan, a year-on-year decrease of 18.71% - The net profit attributable to the parent company was 30.58 million yuan and 5.30 million yuan, reflecting declines of 46.2% and 91.1% respectively [1][3]. Game Performance Metrics - Revenue from "Dream Three Kingdoms" accounted for 65.27% of total revenue - The game experienced a decline in key performance indicators over the past three years: - Revenue in 2024 was 359.26 million yuan, down 18.46% from 2023 - Total transaction amount decreased by 38.47% to 308.06 million yuan in 2024 - Monthly active users fell to 566,400, a decrease of 3.90% [2][3][8]. Revenue Recognition and Accounting Practices - The company recognizes revenue based on the consumption of virtual items and the lifecycle of paying players, which aligns with the accounting standards [4][5]. - The average revenue per user (ARPU) in 2024 was 45.32 yuan, down 35.98% from the previous year [2][3]. Business Model and Cost Structure - The company operates under four business models: self-operated, authorized, joint operation, and agency operation - Despite a decline in revenue, operating costs increased by 12.35% due to rising costs associated with mobile game licensing and operational expenses [5][8]. Cost Composition - The main components of operating costs in 2024 included: - Employee compensation: 78.91 million yuan, up 12.31% - Revenue sharing and licensing fees: 32.15 million yuan, up 48.46% - Server rental fees: 16.81 million yuan, down 10.63% [8][9]. Future Game Development and Risks - The company has several new game products in the pipeline, with various stages of licensing and release planned for 2025 - However, there are risks associated with the timely launch and performance of these new titles, influenced by market conditions and development timelines [4][5][6].

Group 1 - The core viewpoint of the articles highlights the strong support from various Chinese provinces for the gaming industry to expand internationally, aiming to enhance the global influence of domestic games [1][5] - Zhejiang Province's measures, effective from July 10, 2025, focus on promoting Chinese culture abroad and improving international communication capabilities [1] - Shenzhen's plan emphasizes the development of digital trade and the establishment of public service platforms to support game companies in overseas expansion [1] - Guangdong's policies aim to create an industry cluster for game exports and encourage small and medium enterprises to participate in international markets [1] Group 2 - Data indicates that China's self-developed games are projected to generate overseas sales revenue of $18.557 billion in 2024, reflecting a year-on-year growth of 13.39% [1] - In May 2025, 33 Chinese game publishers ranked among the top 100 global mobile game publishers, collectively earning $2.02 billion, which accounts for 36.6% of the total revenue of the top 100 [3][4] - From January to May 2025, Chinese game publishers achieved a total global mobile game revenue of $10.25 billion, maintaining a revenue share of over 36% [4] Group 3 - The A-share gaming industry index has shown a year-to-date increase of 20.46%, ranking 6th among 124 secondary industry indices [5] - Companies like Glacier Network have seen significant stock price increases, with a year-to-date rise of over 42% [5] - The overall trend in the gaming sector is positive, with several indices reflecting upward movements due to supportive policies and industry growth [5][7]

6月11日，当上市的钟声在科创板敲响，影石创新（Insta360）这家成长于深圳的智能影像公司，迎来了 属于它的高光时刻——开盘大涨近三倍，市值一度冲破700亿，将"A股智能影像第一股"的名号稳稳地 攥在手中。 聚光灯下，创始人刘靖康——圈内人更习惯称他"JK"——成为中国又一位身价百亿的90后科技公司掌门 人。 面对外界涌来的祝贺与喧嚣，1991年出生的刘靖康却显得十分平静。在影石创新位于深圳的总部办公楼 内，刘靖康接受了南都湾财社记者采访，其反复提及的，是责任、承诺和对未来的审慎。 时间拨回至十多年前，这位来自广东梅州，在中山长大的年轻人，还是南京大学里一位声名鹊起的"技 术帝"。他曾因觉得好玩，通过分析新闻采访中电话按键音的频谱，"破译"了周鸿祎的手机号并成功拨 通，引得周鸿祎和李开复在微博上隔空"争抢"。但这位技术天才最终拒绝了所有大厂的橄榄枝，一头扎 进了"大学生创业"和"硬件创业"这两个公认的"地狱级"赛道。 他自己也承认，"消费电子是死得特别多的一种类型"。然而，近十年过去，刘靖康和他的影石 Insta360，却在尸横遍野的硬件战场上，杀出了一条另类的成功之路。 然而，对于这一切成就和上市后的狂 ...

" 和年轻人 「 共创 」 ，一加卷的不止是性能。 " 作者丨 雪银 编辑丨 相辉 "最出乎意料的是，有的学生用户会用一加手机打8个小时的游戏，我们突然意识到，年轻人需要的不是只 能高性能输出半小时的手机，而是能扛住五六个小时激战的'性能猛兽'。"谭皓在回答雷峰网提问时难掩激 动。 6月9日，一加中国区品牌总经理刘宝有和 OPPO 游戏中心负责人谭皓在成都里堂茶巷与媒体分享时表 示：一加员工每到一个城市都会和当地的大学生"混"在一起，以此精准捕捉当代年轻人的真实需求与偏 好。 2023年，一加全面回归年轻市场。为了在年轻群体中刷"存在感"，一加下足了"苦功"。去年，一加正式 切入游戏赛道，凭借"性能"优势与"圈层"营销，成功圈粉了一批年轻的"游戏党"。 在前不久于成都收官的首届"一加杯"和平精英高校赛总决赛中，一加与年轻人交朋友的决心得到进一步印 证。一加与高校创新推出了"荣誉奖励、职业成长、社会实践"的一站式激励体系——参赛选手不仅能获 得"加学分""进大厂"等福利，总决赛中的优秀选手还可获得 PEL 青训试训资格与一加实习机会，一加与 大学生之间的链接更加紧密。 此外，一加的线下运营同样亮眼：一加每月会在 ...

6月9日，一加中国区品牌总经理刘宝有和 OPPO 游戏中心负责人谭皓在成都里堂茶巷与媒体分享时表 示：一加员工每到一个城市都会和当地的大学生"混"在一起，以此精准捕捉当代年轻人的真实需求与偏 好。 " 和年轻人 「 共创 」 ，一加卷的不止是性能。 " 作者丨 雪银 编辑丨 相辉 "最出乎意料的是，有的学生用户会用一加手机打8个小时的游戏，我们突然意识到，年轻人需要的不是只 能高性能输出半小时的手机，而是能扛住五六个小时激战的'性能猛兽'。"谭皓在回答雷峰网提问时难掩激 动。 2023年，一加全面回归年轻市场。为了在年轻群体中刷"存在感"，一加下足了"苦功"。去年，一加正式 切入游戏赛道，凭借"性能"优势与"圈层"营销，成功圈粉了一批年轻的"游戏党"。 在前不久于成都收官的首届"一加杯"和平精英高校赛总决赛中，一加与年轻人交朋友的决心得到进一步印 证。一加与高校创新推出了"荣誉奖励、职业成长、社会实践"的一站式激励体系——参赛选手不仅能获 得"加学分""进大厂"等福利，总决赛中的优秀选手还可获得 PEL 青训试训资格与一加实习机会，一加与 大学生之间的链接更加紧密。 此外，一加的线下运营同样亮眼：一加每月会在 ...

如果说2003 年网络游戏被正式列入国家 863 计划后的十多年，是中国游戏厂商起步发展的十年；那 2015年游戏游艺设备生产和销售解禁、《关于改进移动游戏出版服务管理的通知》与《移动游戏内容管 理规范》宣布发布，则是中国游戏产业全面崛起的又一里程碑式节点。 在2015年后的十年间，中国游戏产业年营收经历了从1407亿元到3257亿元的翻倍增长，移动游戏大发 展、游戏出海开疆拓土、经典IP的文化与商业价值塑造，均可在2015年找到增长加速的原始动力。 在这样的背景下，南方财经全媒体集团数字娱乐课题组策划"中国游戏产业10年纪事"专题，从游戏出 海、产业趋势、企业成长、长青产品、明星游戏人等多个维度，总览中国游戏产业在十年间的发展历 程，展现中国游戏公司与从业者的专业能力、市场潜力和文化创造力，探讨产业在下一个10年的发展路 径。 编者按： 在本专题的首篇——出海篇，我们聚焦国产游戏如何在出海浪潮和自我升级的推动下，取得全球市场成 功，并探讨在市场格局趋于固化的大背景下，游戏出海如何实现长线运营，形成更稳定可持续的商业价 值与影响力。 南方财经记者 吴立洋 上海报道 2025年，有望成为中国游戏出海深入践行长期 ...

Core Viewpoint - Suzhou Green Harmonic Drive Technology Co., Ltd. announced a cash dividend distribution of 0.1 CNY per share, totaling 18,321,273.5 CNY, approved at the 2024 annual shareholders' meeting on May 20, 2025 [1]. Dividend Distribution Plan - The cash dividend of 0.1 CNY per share will be distributed based on a total share capital of 183,212,735 shares [1]. - The dividend distribution will be executed through China Securities Depository and Clearing Corporation Limited, Shanghai Branch [1]. Relevant Dates - The key dates for the dividend distribution include the record date, ex-dividend date, and payment date, which are specified but not detailed in the document [1]. Taxation Details - For individual shareholders holding shares for over one year, the cash dividend is exempt from personal income tax, resulting in a net payout of 0.1 CNY per share [1]. - For shares held for less than one year, the tax rates vary based on the holding period, with a maximum effective tax rate of 20% for shares held for one month or less [1]. - Qualified Foreign Institutional Investors (QFII) will also have a 10% withholding tax applied, leading to a net dividend of 0.09 CNY per share [1]. Contact Information - For inquiries regarding the equity distribution, shareholders can contact the company's securities department [1].

继续看好游戏板块！投资逻辑再更新 20250612 摘要 2025 年前四个月游戏行业整体收入受益于低基数效应、长线运营和新 品驱动，呈现加速增长态势，海外市场表现尤为亮眼，一季度增速约 18%，4 月维持大个位数增长，多家公司业绩超出预期。 政策端对游戏行业支持力度加大，多地推出扶持政策，版号发放稳定， 每月国产版号约 100 个，季度发放进口版号，为国内外上市公司业绩增 长提供良好环境。 游戏行业整体估值中枢有望从 15-20 倍提升至 20-25 倍，前提是行业景 气度持续及增量资金流入，消费领域估值提升亦可能带动游戏板块估值。 世纪华通受益于《Whiteout Survival》及国内版本《无尽冬日》的卓 越表现，海外月均流水达 1.5 亿美金，国内月流水约 1.1 亿美金，Q1 新 游《King's Shot》流水亦达 3,000-4,000 万美金，全年业绩预期乐观。 巨人网络老游戏流水稳定，新游《超燃行动组》内测数据不断攀升，5 月流水达 2000-3,000 万，买量增加后预计流水将进一步提升。 吉比特存量产品《问道》及《一念逍遥》维稳，Q1 新游《问道长生》 贡献增量，新品《仗剑传说》及《九 ...

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