2025 年中国手游市场规模达 670 多亿元，同比增长超过 3%；端游市 场增长接近 30%，显示出游戏市场整体的增长态势。 中国游戏用户规模在过去三年持续增长，2023 至 2025 年的增速分别 为 0.61%、0.94%和 1.35%，主要得益于手游品质提升和创新玩法。 中国游戏玩家的 ARPU 值从 2024 年的 480 多元提升至 510 多元，同 比增速超过 6%，表明玩家付费意愿增强。 中国自研手游出海增速在 2024 年和 2025 年分别为 11.1%和 13.2%，世纪华通等公司表现突出，反映了中国游戏在国际市场的竞争 力。 主机游戏市场在 2025 年增速达到 86%，延续高增长态势；《三角龙行 动》等双端爆款带动端游市场增长 15%。 小程序游戏市场在 2025 年增速超过 30%，显示出强劲的增长潜力，为 游戏市场带来新的增长点。 上海市即将推出"沪 10 条"支持电竞产业发展，包括重视 IP 生态、电 竞产业和出海拓展，并提供资金支持，预示着电竞产业将迎来新的发展 机遇。 Q&A 2025 年国内游戏市场的整体情况如何？ 国内游戏市场延续景气，继续提示新游周期下的板块投资 机会 ...

Investment Rating - The report maintains a "Positive" investment rating for the gaming industry [7]. Core Insights - The domestic gaming market in China is projected to achieve an actual sales revenue of CNY 350.79 billion in 2025, reflecting a year-on-year growth of 7.68%. The market size for Q4 2025 is expected to reach CNY 94.76 billion, with a year-on-year increase of 9.24% [2][4]. - A new product cycle is underway as key new games from listed companies are being launched. Notable titles include Gigabit's "Nine Muses of the Wild" and Giant Network's "Famous Generals Kill," which have recently entered testing phases [6][4]. - The report suggests continued attention to investment opportunities within the gaming sector, highlighting companies such as Giant Network, Perfect World, and Tencent [6]. Summary by Sections Market Performance - The gaming market in China has reached a historical high in revenue, with mobile games generating CNY 257.08 billion (up 7.92%) and PC games reaching CNY 78.16 billion (up 14.97%) in 2025. The Q4 market size for mobile games is projected at CNY 67.38 billion (up 3.59%) [9][8]. - The user base for games has shown consistent growth over three years, with increases of 0.61%, 0.94%, and 1.35% from 2023 to 2025 [9]. New Product Cycle - The report emphasizes the impact of new game launches on Average Revenue Per User (ARPU), which is expected to rise from CNY 483.10 in 2024 to CNY 513.26 in 2025, marking a growth of 6.24% [9]. - The overseas market for self-developed mobile games from China is also thriving, with projected revenue growth of 11.14% and 13.16% for 2024 and 2025, respectively [9]. Policy Environment - Recent supportive policies for the gaming industry have been introduced, including initiatives to enhance the esports sector and promote original game development. These measures are expected to foster a more favorable environment for growth [9].

Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Insights - In November, the issuance of game licenses reached a new high, with 184 licenses granted, including 178 domestic and 6 imported games, surpassing the previous record since the resumption of license issuance in 2022 [10][11] - Major self-developed games from leading companies continue to perform well overseas, with Point Point Interactive's "Whiteout Survival" and "Kingshot" ranking first and second in the November overseas mobile game revenue chart [10][11] - A new product cycle is approaching as key new games from listed companies are set to launch, with significant titles scheduled for testing and release in December [6][10] Summary by Sections Game License Issuance - In November, a total of 184 game licenses were issued, setting a new monthly record for domestic licenses, with notable approvals for games from Perfect World, Kaixin, and Bilibili [10][11] - Year-to-date, 1,532 domestic game licenses have been issued, exceeding the total of 1,306 for the entire year of 2024 [10] Overseas Performance - The overseas performance of top self-developed games remains strong, with "Whiteout Survival" achieving over $3.8 billion in cumulative revenue and "Kingshot" exceeding $640 million [10][11] - The casual merge game "Tasty Travels: Merge Game" saw a 10% revenue increase in November, ranking fourth in the global merge game revenue chart [10] Upcoming Game Releases - Key new games from listed companies are set to launch, including Giant Network's "Famous General Kill" on December 19 and G-bits' "Nine Muxi" on December 18 [6][10] - Other notable upcoming titles include Tencent's "Counter-Strike: Future" scheduled for January 13, 2026, with over 25 million pre-registrations [6][10]

Group 1 - The gaming sector experienced fluctuations with the gaming ETF dropping over 1.5%, while stocks like Perfect World and Kingsoft Network saw significant declines [1] - As of November 4, the gaming ETF had a net inflow of 1.842 billion yuan over the past 20 trading days, indicating strong investor interest, with a total product size of 11.291 billion yuan [1] - In Q3 2025, the media sector achieved a total revenue of 127.9 billion yuan, a year-on-year increase of 7%, with the gaming sector showing remarkable performance driven by blockbuster products [1] Group 2 - The domestic gaming market's actual sales revenue in Q3 2025 was 88.03 billion yuan, reflecting a year-on-year decrease of 4.1% but a quarter-on-quarter increase of 7.0% [2] - A-share gaming companies reported a total net profit of 5.59 billion yuan in Q3 2025, marking a year-on-year increase of 76% and a quarter-on-quarter increase of 20% [2] - The gaming sector is expected to benefit from a new game cycle and AI-driven valuation boosts, with the gaming ETF tracking the performance of A-share listed companies in the animation and gaming industry [2]

Group 1 - The gaming sector experienced fluctuations, with the gaming ETF (159869) dropping over 1.5%, while notable stocks like Perfect World and Kingsoft Network saw significant declines [1] - As of November 4, the gaming ETF (159869) attracted a net inflow of 1.842 billion yuan over the past 20 trading days, indicating strong investor interest, with a total product scale of 11.291 billion yuan [1] - In Q3 2025, the media sector generated a total revenue of 127.9 billion yuan, a year-on-year increase of 7%, with the gaming segment showing remarkable performance driven by blockbuster products [1] Group 2 - The domestic gaming market's actual sales revenue in Q3 2025 was 88.03 billion yuan, reflecting a year-on-year decrease of 4.1% but a quarter-on-quarter increase of 7.0% [2] - A-share gaming companies reported a total net profit of 5.59 billion yuan in Q3 2025, marking a year-on-year increase of 76% and a quarter-on-quarter increase of 20% [2] - The gaming sector is expected to benefit from a new game cycle and AI-driven catalysts, with the gaming ETF (159869) tracking the performance of A-share listed companies in the animation and gaming industry [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2025 performance met market expectations, with total revenue of 1.73 billion yuan, a year-on-year increase of 31.4% and a quarter-on-quarter increase of 3.5% [8] - The gaming business revenue for the first three quarters of 2025 increased by 15.5% to 4.48 billion yuan, with a net profit of 720 million yuan and a gross margin of 69.3% [8] - The new game "Yihuan" showed promising results in its second test, with expectations for a third test in Q4 2025 [8] - The film and television business saw a significant revenue increase of 432.9% year-on-year, reaching 920 million yuan [8] - The company is focusing on a "quality over quantity" strategy in its film and television segment, with a shift towards short dramas [8] - The earnings forecast for 2025-2027 is maintained, with expected EPS of 0.40, 0.74, and 0.90 yuan, corresponding to current P/E ratios of 43, 23, and 19 times [8] Financial Summary - Total revenue for 2023 is projected at 7.791 billion yuan, with a year-on-year growth of 1.57% [1] - The net profit attributable to shareholders for 2023 is estimated at 491.48 million yuan, a decrease of 64.31% year-on-year [1] - The company’s total assets are projected to reach 12.135 billion yuan by 2025, with a debt-to-asset ratio of 39.94% [9] - The operating cash flow for 2025 is expected to be 1.127 billion yuan, indicating a recovery in cash generation [9]