| | | | A股游戏公司2025年Q1业绩情况表(4位:亿元) | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券简称 | 营业收入 | 营收同比增长率 | 净利润 | 净利润同比增长率 | | | | (亿元) | | (亿元) | | | 002602.SZ | ST 卡通 | 81.45 | 91.12% | 13.5 | 107.20% | | 002555.SZ | 三七互娱 | 42.43 | -10.67% | 5.49 | -10.87% | | 002624.SZ | 完美世界 | 20.23 | 52.22% | 3.02 | 1115.29% | | 002517.SZ | 恺英网络 | 13.53 | 3.46% | 5.18 | 21.57% | | 300002.SZ | 神州泰岳 | 13.23 | -11.07% | 2.39 | -19.09% | | 603444.SH | 吉比特 | 11.36 | 22.47% | 2.83 | 11.82% | | 300031.SZ | 宝通科技 | 7.59 | -9 ...

丨证券研究报告丨 %% %% [Table_Author] 高超 杨云祺 SAC：S0490516080001 SAC：S0490524090002 SFC：BUX177 请阅读最后评级说明和重要声明 %% %% 公司研究丨点评报告丨三七互娱（002555.SZ） [Table_Title] 25Q1 多款新游表现亮眼，投放阶段性影响业 绩，关注投放回收及储备游戏进展 报告要点 [Table_Summary] 三七互娱发布 2025 年一季报，公司 25Q1 实现营收 42.43 亿元（同比-10.67%/环比+3.45%）， 实现归母净利润 5.49 亿元（同比-10.87%/环比-29.19%），实现扣非净利润 5.36 亿元（同比- 12.90%/环比-24.90%）。25Q1《时光大爆炸》《英雄没有闪》等多款新游表现亮眼推动收入环 比增长，存量游戏流水自然回落及较高基数致收入同比下滑。新游投放推动费用增加致业绩下 滑，后续关注前期投放的回收情况。公司后续产品储备丰富，关注重点新游测试及上线进展。 分析师及联系人 research.95579.com 1 三七互娱（002555.SZ） cjzqdt11 ...

南方财经全媒体记者吴立洋实习生隆欣玲上海报道 本周，国内游戏业迎来多项政策利好，引发广泛关注。 具体来看，国务院出台方案明确支持游戏出海，布局从IP打造到运营的全产业链；教育部宣布将"游戏 艺术设计"专业首次列入本科专业目录，中国传媒大学等三所高校获批设置该专业；国家新闻出版署公 布了4月游戏版号审批信息，共127款新游戏获批。 国内游戏方面，多家企业发布财报及新动向。吉比特2025年Q1营业收入11.36亿元，同比增长22.47%； 巨人网络2024年净利润增长31%，小游戏业务增长显著；冰川网络2024年净利润亏损2.47亿元，同比下 降约190%，主因海外买量投入高企；在2024年业绩下滑后，完美世界、游族网络2025年一季度营收、 利润重回增长；腾讯Spark2025游戏发布会公布46款游戏动态，其中包括24款游戏新品；儒意景秀与 NBA中国达成合作，计划开发两款手机游戏，拓展体育游戏赛道；网易游戏全球投资与合作部总裁朱 原离职，李日强接任。 海外及合规监管方面，欧盟委员会对苹果和Meta因违反《数字市场法案》罚款7亿欧元，其中苹果因限 制第三方支付渠道被罚5亿欧元，Epic Games发声指控其不正 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company achieved revenue of 1.136 billion yuan in Q1 2025, representing a year-on-year increase of 22.47% and a quarter-on-quarter increase of 29.44%. The net profit attributable to shareholders was 283 million yuan, up 11.82% year-on-year, while the net profit excluding non-recurring items was 275 million yuan, up 38.71% year-on-year. This marks the first quarter of positive revenue growth since 2023 [2][4] - The new game "Wen Jian Chang Sheng" contributed over 360 million yuan in revenue increment, with other core products like "Wen Dao" and "Yi Nian Xiao Yao" also showing quarter-on-quarter revenue growth. The report emphasizes the importance of monitoring the revenue trends of core products and the progress of new game launches [5][7] Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 1.136 billion yuan, a year-on-year increase of 22.47% and a quarter-on-quarter increase of 29.44%. The net profit attributable to shareholders was 283 million yuan, reflecting an 11.82% year-on-year increase, while the net profit excluding non-recurring items was 275 million yuan, up 38.71% year-on-year [2][4] - The company’s revenue returned to positive growth for the first time in 2023 [4] Game Performance - The new game "Wen Jian Chang Sheng" significantly contributed to revenue, generating 363 million yuan in Q1 2025. The revenue from "Wen Dao" was 321 million yuan, down 16.3% year-on-year but up 34.9% quarter-on-quarter. "Wen Dao Mobile" generated 441 million yuan, down 15.9% year-on-year and down 4.3% quarter-on-quarter [5][6] - The report highlights the need to focus on the revenue trends of core products and the testing and launch schedules of new games [7] Investment and Expenses - The company increased its marketing expenses due to the launch of "Wen Jian Chang Sheng," with sales expenses rising to 360 million yuan, an increase of 66 million yuan year-on-year and 165 million yuan quarter-on-quarter. The sales expense ratio increased by 9.5 percentage points to 31.7% [6] - The report notes that the overall investment return on marketing spending remains good, with stable year-on-year sales expense ratios [6]

" 谁能在存量市场的「大逃杀」里找出一条新路？ " 作者丨胡家铭 编辑丨董子博 4月21日，国家新闻出版署公布了4月国产网络游戏审批信息，还包括新一批进口游戏审批信息，此次合计 127款游戏过审。 在本月获批版号的国产游戏中，"休闲益智"类游戏产品的比例有所下降，为46款，占本月版号数量的 39%。 从游戏平台来看，本次版号发放移动游戏仍占绝对多数，达110余款。国产游戏中的纯端游只有厦门泊游 《海之乐章：回归》、成都星奕《山门与幻境》2款；PC手机"双跨"产品4款，包括网易雷火《极限战 场》、完美世界《迷失》、深圳凉屋《魂坠深境》、腾讯（萨罗斯网络）《命运扳机》 大厂和上市公司方面，腾讯代理的《流放之路：降临》（即流浪之路2）获批，目前预约人数超过200万。 此前《流浪之路2》上线抢先体验版时，Steam同时在线人数峰值即突破57万人。 此外，腾讯的《命运扳机》，是去年9月面向海外测试的游戏《FateTrigger：TheNovita》的国服版本， 其"二次元+射击"的游戏类型，此前业内并无类似竞品。 值得注意的是，腾讯此前已经在战术射击、"搜打撤"等射击游戏子品类多有布局，《命运扳机》无疑对腾 讯的射击游 ...