本报（chinatimes.net.cn）记者于玉金 北京报道 随着A股突破4000点，游戏股在2026年首个交易日迎来"开门红"。其中，三七互娱涨停，世纪华通、巨 人网络等公司也跟涨。消息面上，微信小游戏从今年1月1日升级了IAP（应用内购买）小游戏的激励政 策。 2025年，国内小程序游戏市场收入535.35亿元，同比大幅增长34.39%，在整体游戏市场收入中的占比提 升至15%，已然成为国内游戏行业不可忽视的核心增长赛道。对于微信此次提升激励政策，世纪华通方 面人士在接受《华夏时报》记者采访时表示，（微信小游戏）新的激励措施能够直接降低开发者前期风 险、提升长线收益，为精品IAP小游戏提供更友好的生存土壤，助力行业从流量驱动向内容驱动转型。 游戏股"开门红" 1月5日，游戏股在新一年的首个交易日迎来大涨。其中，三七互娱10分钟内涨停，世纪华通股价收涨 8.15%，恺英网络收涨6.63%、巨人网络收涨2.98%。 而从消息面看，微信小游戏自今年1月1日起升级了IAP小游戏的激励政策。也就是自2026年起，在微信 小游戏平台首发的新游将享受"新游期"与"成长期"的双重激励，综合激励比例超过100%，其中单款 ...

12月18日，由中国音像与数字出版协会游戏出版工作委员会主办，Unity中国与抖音小游戏联合承办的"团结、破局、增长：2025小游戏新增长峰会" 在上 海圆满举办，多位行业一线从业者到场分享，覆盖小游戏技术、平台、投放、产品等多个核心领域。 Unity中国团结引擎产品负责人路平分享了原生能力升级与工具链建设的阶段性成果，团结引擎已支撑超过1500款小游戏上线，覆盖品类从休闲延伸至 SLG、MMO、MOBA等更复杂形态，同时推进原生化能力建设与一次开发多平台部署，覆盖微信、抖音、快手等多个宿主平台，为大体量项目前置消化 底层复杂度，降低研发风险。 Unity中国软件工程师司天语围绕试玩广告的制作与投放展开分享，指出试玩广告需满足包体体积5MB内、加载3秒内等约束，在此背景下，团结引擎推出 Playable Ads平台，通过工程化方式实现制作流程标准化，将Wasm体积压缩至约1.48MB，最终包体约4.37MB，后续版本还将优化资产管理、H5聚合打包 及海外平台支持。 Unity中国技术总监顾申华介绍了宿主平台相关情况，该平台作为小游戏的超级容器，整合前端SDK、后端能力与管理控制台，降低开发者接入、调试和 长期 ...

相比2024有黑猴横空出世，市场发展迎来历史性的变革，2025此前更多被视作平缓发展的小年。 一方面新品端，虽然下半年有了《超自然行动组》和《我的花园世界》这样的黑马，但很难稳定保持TOP 10的水准，整体能够冒头的很少。而去年FPS市 场新品一个接一个如雨后春笋般往外冒，战术博弈、战术经济、英雄射击，从国内打到国际市场，腾讯网易寸步不让。SLG赛道，《三国谋定天下》带来 的降肝减负冲击，包括《无尽冬日》从小游戏到手游的搅局，激发《三国志战略版》和《率土之滨》重新龙争虎斗。 另一方面如果按季度来看，上半年都是同比下滑，而直到下半年特别是Q4同比大增才拉高了全年增长，要知道去年下半年有《三角洲行动》这样的扛鼎 之作。 此外整体战略上，2025年也是延续了去年变革的跨端发行、小游戏保持增长之路。 12月19日发布的《2025年中国游戏产业报告》却给了出人意料的数据：2025年，国内游戏市场实际销售收入3507.89亿元，同比增长7.68%；用户规模6.83 亿，同比增长1.35%。同为历史新高点。 大DAU产品长期的跨赛道鲸吞趋势 如果说收入增长可以归结于某些产品的发力，2025年收入和用户实现双重增速超过202 ...

Group 1: Industry Overview - The gaming industry has shown mixed results in 2025, with leading companies like Tencent, NetEase, and MiHoYo performing well, while others face significant losses [1] - Companies such as Zhongyou Mobile, ShengTian Network, and Tom Cat Culture have reported substantial financial challenges, indicating a competitive and volatile market environment [1] Group 2: Zhongyou Mobile - Zhongyou Mobile reported a revenue of 763 million yuan in the first half of the year, but faced an adjusted net loss of 638 million yuan due to high marketing costs for new game launches and one-time severance expenses [3] - The company saw a 33.2% increase in overseas revenue, which now accounts for over 30% of total income, indicating potential growth areas [3] - The success of mini-games like "Chunqiu Xuankong" has emerged as a new growth point, with over 100 million in revenue within three months [3] Group 3: ShengTian Network - ShengTian Network's revenue for Q3 was 305 million yuan, a slight decline year-on-year, with a net loss of 21.59 million yuan, exacerbated by the expiration of a key IP contract [5] - The company has heavily relied on a single IP for profits, leading to significant goodwill impairment of over 47.5 million yuan [5] - Future prospects are uncertain, with new game releases and AI applications not yet proving to be profitable [5] Group 4: Tom Cat Culture - Tom Cat Culture reported approximately 697 million yuan in revenue for the first three quarters, a nearly 20% decline, and a net loss of 43.93 million yuan [7] - The company's revenue model is heavily dependent on advertising, which constitutes over 72% of income, making it vulnerable in a post-traffic dividend era [7] - The shift towards AI products has not yet established a stable revenue model, raising concerns about the company's strategic direction [7] Group 5: Dianhun Network - Dianhun Network anticipates a loss of 7.5 to 11 million yuan for the first half of 2025, a significant decline from a profit of nearly 60 million yuan in the same period last year [9] - The decline is attributed to a lack of new successful products and reduced government subsidies [9] - The company's future hinges on the continued operation and updates of its flagship IP, "Dream Three Kingdoms," amid doubts about its innovation capabilities [9] Group 6: ST Zhongqingbao - ST Zhongqingbao reported revenue of 97.94 million yuan in the first half of the year, down 19%, with a net loss of 2.464 million yuan [11] - The company is struggling with a dual challenge of declining traditional gaming revenue and low-margin new businesses like cloud computing [11] - Market sentiment is cautious regarding the company's ability to successfully transition into a diversified tech company [11]

Core Insights - The A-share gaming sector has shown mixed performance in Q3 2025, with leading companies like Century Huatong, 37 Interactive Entertainment, and Perfect World reporting significant revenue and profit growth despite a declining overall market [1][2]. Group 1: Company Performance - Century Huatong reported a revenue of 27.223 billion yuan and a net profit of 4.357 billion yuan for the first three quarters, marking a 141.65% year-on-year increase in net profit [1]. - 37 Interactive Entertainment achieved a revenue of 12.461 billion yuan and a net profit of 2.345 billion yuan, with a net profit growth of 23.57% [2]. - Perfect World generated a revenue of 5.417 billion yuan, with a net profit of 666 million yuan, indicating a turnaround from losses in the previous year [3]. Group 2: Market Trends - The Chinese gaming market's actual sales revenue in Q3 2025 was 88.026 billion yuan, reflecting a year-on-year decline of 4.08% [1]. - The mini-game market is experiencing significant growth, with a 40.2% year-on-year increase in revenue, projected to exceed 60 billion yuan in 2025 [2]. - The esports sector continues to grow for Perfect World, with stable revenue from key products like "Counter-Strike: Global Offensive" and "DOTA 2" [3].

Summary of G-bits Conference Call Company Overview - G-bits has demonstrated strong performance in the gaming sector, particularly in the idle game market, with key titles such as "Wandao" and "Yinian Xiaoyao" being major profit sources, providing support for the company's stock price increase [2][3][7] Core Insights and Arguments - The newly launched games "Wanjian" and "Zhangjian" in 2025 have shown impressive results, with "Zhangjian" generating 424 million yuan in revenue within 33 days, significantly enhancing the company's valuation. The expected profit for Q3 is projected to reach 500-600 million yuan, marking a substantial year-on-year growth [2][10] - G-bits is highly regarded in the market due to its straightforward business model and commitment to shareholder returns through strong cash flow and dividends, attracting interest from TMT and consumer funds [2][7] - "Wandao," which has been active for nearly 10 years, continues to thrive due to its unique theme and the company's operational capabilities. "Yinian Xiaoyao," launched in 2021, also shows long-term sustainability, contributing to G-bits' high valuation [2][8] Additional Important Content - G-bits has a robust product pipeline and operational highlights, utilizing an integrated research and operation model, particularly excelling in idle games. The company also benefits from investments in other gaming companies, such as Xindong [4][5] - The company's stock price has seen significant growth from 2021 to 2023, driven by the ongoing success of "Yinian Xiaoyao" and the recent launches of "Wanjian" and "Zhangjian" [6] - The gaming industry is currently driven by earnings per share (EPS) rather than valuation premiums, indicating a strong growth outlook with high safety margins [13] - G-bits is expanding into different gaming genres, including Rogue-like and mini-games, and is optimistic about the upcoming SLG title "Jiumu Zhi Yan," despite lower profit retention from agency products [14] Future Outlook - G-bits is expected to maintain strong growth in the coming quarters, supported by new product cycles and community engagement initiatives. The company’s performance is projected to double from over 900 million yuan in 2024 to nearly 1.7 billion yuan in 2025, with a PE ratio of 20-25 times, indicating no significant valuation premium [11][15]

Core Insights - Alibaba is expanding its gaming strategy by launching a new mini-game platform called "Yidian Interactive," which aims to integrate H5 games and mini-programs into a comprehensive internet gaming platform [1][3][4] - The move reflects a shift in the gaming industry towards lightweight mini-games, which are gaining traction due to their low entry barriers, high penetration, and strong monetization potential [3][8] - The new platform is positioned as both an incubator for small to medium game developers and a bridge connecting Alibaba's traffic with gaming content [3][4] Company Strategy - Yidian Interactive is designed to fill the gap in Alibaba's gaming portfolio, especially after the independence of Lingxi Interactive, which focuses on mid-to-heavy games [3][12] - The platform will leverage Alibaba's existing user base from Taobao and Tmall, integrating gaming with e-commerce to create a seamless experience for users [9][10] - The leadership of Yidian Interactive is under Wu Qian, who has a successful track record in managing game IPs, indicating a strategic focus on lightweight, socially engaging games [5][9] Market Context - The mini-game market is becoming increasingly competitive, with platforms like WeChat and Douyin reporting significant user engagement and revenue growth [8][9] - Mini-games are no longer seen as secondary products; they are emerging as serious contenders in the gaming market, with some achieving revenues comparable to major titles [8][9] - The gaming landscape is evolving, with rising development costs for mid-to-heavy games and intense competition for licenses, making the mini-game sector an attractive opportunity for major players [8][10] Competitive Advantage - Alibaba's unique advantage lies in its ability to create a natural ecosystem that connects gaming, content, and e-commerce, which is difficult for competitors to replicate [9][10] - The integration of gaming with shopping experiences, such as using game points for discounts, could enhance user engagement and monetization [9][10] - The dual strategy of focusing on both mid-to-heavy games through Lingxi Interactive and lightweight games through Yidian Interactive aims to establish a comprehensive gaming ecosystem for Alibaba [11][12] Future Outlook - The success of Yidian Interactive will depend on its ability to overcome social sharing challenges, as Alibaba's core platforms are primarily shopping-oriented rather than socially driven [10] - The ongoing development of both business lines suggests that Alibaba is committed to carving out a significant position in the gaming industry, potentially challenging the dominance of Tencent and NetEase [12]

Core Viewpoint - North Latitude Technology emphasizes its commitment to high-quality mobile games and is actively expanding its product offerings in the rapidly growing mini-game sector [2] Group 1: Company Strategy - The company adheres to the concept of boutique games, focusing on product commercialization and refined operational capabilities [2] - North Latitude Technology has launched mini-program games such as "Super Simple Dungeon" and "Flying Light" to capitalize on the mini-game growth trend [2] - The company plans to continue focusing on the mini-game segment in the future [2]

Core Viewpoint - The A-share gaming landscape has changed in the first half of the year, with Century Huatong leading significantly in revenue, followed by 37 Interactive Entertainment and Perfect World returning to the top three [3][5]. Revenue Performance - Century Huatong achieved revenue of 17.207 billion yuan, a year-on-year increase of 85.5%, far surpassing 37 Interactive Entertainment's revenue of 8.486 billion yuan [3]. - Perfect World reported revenue of 3.691 billion yuan, up 33.74%, primarily driven by a surge in film and television revenue, which reached 767 million yuan (up 756.35%) [3]. - Only Century Huatong and Perfect World maintained high growth among the top five gaming companies, while 37 Interactive Entertainment and Shenzhou Taiyue experienced revenue declines [3]. Profitability Analysis - Century Huatong emerged as the most profitable gaming stock in A-shares, with a net profit exceeding 2.6 billion yuan, the only company in the sector to surpass 2 billion yuan in net profit [4]. - 37 Interactive Entertainment ranked second with a net profit exceeding 1 billion yuan, while Heiying Network, Giant Network, and Gibit each reported net profits exceeding 600 million yuan [4]. - Century Huatong's net profit surged by 129%, while Gibit and Heiying Network also saw significant increases [4]. Market Capitalization - Century Huatong's market capitalization exceeded 140 billion yuan, reclaiming its position as the top gaming stock, followed by Giant Network at over 80 billion yuan and Heiying Network at over 50 billion yuan [4]. - 37 Interactive Entertainment fell to fourth place in market capitalization [4]. Overseas Revenue Insights - Century Huatong's overseas revenue reached 8.958 billion yuan, leading significantly, while 37 Interactive Entertainment and Shenzhou Taiyue each exceeded 2 billion yuan [7]. - Heiying Network and Perfect World had overseas revenues around 200 million yuan, indicating a reliance on the domestic market [7]. Product Development Focus - The leading A-share gaming companies are focusing on high-quality IP development to mitigate market risks and enhance user attraction [10]. - The SLG (strategy game) genre remains a core focus, with 37 Interactive Entertainment having 10 SLG products in development [11]. - The trend of launching both APP and mini-program versions simultaneously is becoming mainstream in the industry, with companies like Shenzhou Taiyue adapting to market demands [12].

Tencent Holdings Q2 2025 Earnings Call Summary Company Overview - **Company**: Tencent Holdings - **Date**: Q2 2025 Earnings Call Key Financial Metrics - Total revenue increased by 15% year-on-year to **184 billion RMB** [2][3] - Gross profit rose by 22% to **105 billion RMB** [2][3] - Non-IFRS operating profit surged by 80% to **69 billion RMB** [2][3] - Non-IFRS net profit attributable to shareholders grew by 10% to **63 billion RMB** [2][3] - Basic net profit, excluding contributions from associates, increased by 20% [3] Gaming Business Highlights - Domestic gaming revenue grew by 17%, driven by long-standing games like **Dota 2** and **Honor of Kings** [2][5] - International gaming revenue increased by 35% (33% at constant currency), supported by titles from **Supercell**, **PUBG Mobile**, and **Awakening of the Song** [2][5] - **Valorant** achieved record average daily active users in China, with **Valorant Mobile** set to launch soon [5] Social Network and Digital Content Developments - Combined monthly active users of **WeChat** reached **1.4 billion** [2][6] - Mini-programs became a crucial platform connecting users with businesses, with mini-game revenue up by 20% [2][6] - Music streaming service **PNE** solidified its leadership, with subscription revenue up by 17% and total subscribers reaching **124 million** [6] Financial Technology and Commercial Services - Financial technology and commercial services revenue rose by 10% to **56 billion RMB** [4][12] - Growth in financial technology services driven by commercial payment and consumer loan services [4][12] - Cloud services revenue accelerated due to increased demand for AI-related GPU and API token services [4][12] Advertising Revenue Growth - Advertising revenue increased by 20%, attributed to improved click-through rates from AI technology deployment [4][11] - AI-driven advertising strategies enhanced return on investment for advertisers [4][11] AI Technology Integration - AI technology upgraded advertising capabilities, improving click rates and conversion rates [2][7] - Large language model features added to mini-programs for smarter customer responses and personalized recommendations [2][7] - AI tools applied in gaming to enhance content creation speed and scale [7] Business Segment Performance - Value-added services (VAST) accounted for 50% of total revenue, with social networks at 18%, domestic games at 22%, and international games at 10% [8] - Marketing services contributed 19% and financial technology and commercial services 30% to total revenue [8] Future Outlook - Continued exploration of AI commercialization opportunities, despite challenges in user payment models in China [4][17] - Anticipated sustained growth in advertising revenue, with AI expected to enhance targeting and conversion rates [11][20] - Ongoing investment in AI and cloud services to meet increasing external enterprise demand [20] Additional Insights - The gaming business is evolving towards a platform model, reducing revenue volatility [21] - Government anti-inflation measures may reduce competition but could accelerate industry consolidation, requiring strategic adjustments [22] - Commercial payment trends show improvement, with transaction volumes growing despite declining average transaction sizes [23] Conclusion Tencent Holdings demonstrated robust growth across various segments in Q2 2025, leveraging AI technology to enhance advertising and gaming experiences while maintaining a strong financial performance. The company is well-positioned for future growth, particularly in the realms of AI and cloud services.