公开数据显示，2017年到2024年，我国游戏市场实际销售收入从2036亿元大幅增长至3258亿元，但其间 游戏板块长期低位徘徊。这种局面在去年下半年迎来"反转"，尤其是今年4月以来，A股游戏板块表现 强势。 9月17日，申万游戏行业指数收盘突破4000点，创2017年以来新高。Wind数据显示，截至9月19日，申 万游戏行业指数今年涨幅接近80%，在申万二级行业指数中名列第三。 部分个股表现十分抢眼。年初至今，ST华通、巨人网络、吉比特、冰川网络等游戏公司涨幅超过 100%，其中，ST华通和巨人网络涨幅超过200%。9月初，ST华通市值超越分众传媒，成为A股传媒板 块市值最高的企业，目前其最新市值超过1400亿元。 板块走出低谷，让部分游戏企业高管颇为感慨。过去几年，恺英网络股价最低时一度逼近2元，市值仅 剩数十亿元；ST华通近期股价一度突破20元，而去年7月一度跌破3元；巨人网络等公司股价也在低位 徘徊近4年。今年游戏板块为何迎来反转？ 多因素推动估值回升 从政策层面看，游戏版号的持续发放，无疑是助力产业发展的"强心针"。据证券时报记者统计，截至8 月份，今年发放的游戏版号已达1119个，同比增长明显。8 ...

Group 1 - The National Press and Publication Administration announced the approval of 166 domestic games and 7 imported games in August 2025, marking a new monthly high for domestic game approvals this year [1] - Among the 166 domestic games, 107 are mobile games, 39 are mobile casual puzzle games, 17 are mobile and client games, 1 is a console game (PS5), and 2 are client games [1] - Major companies like NetEase and Bilibili have successfully obtained approvals for their games, indicating strong performance among leading firms in the industry [1] Group 2 - Several A-share game companies reported positive impacts from the issuance of game approvals, with Baotong Technology highlighting the role of approvals in the recovery of the domestic game industry [2] - Tom Cat mentioned that the game industry is experiencing a dual drive of policy support and technological innovation, with 757 domestic and 55 imported game approvals issued in the first half of 2025, reflecting an 18% year-on-year increase [2] - The domestic game market achieved a sales revenue of 168 billion yuan in the first half of 2025, a 14.08% year-on-year growth, with the user base reaching nearly 679 million, marking a historical high [2]

Core Viewpoint - The National Press and Publication Administration has approved a total of 173 games in August 2025, setting a new record for the year, with 166 domestic and 7 imported games approved, indicating a sustained high level of game license issuance in the industry [1][2]. Group 1: Domestic Game Approvals - Among the 166 domestic games, there are 17 mobile and client games, 2 client games, 1 PS5 game, and 146 mobile games, including 39 casual puzzle games [2]. - The cumulative number of game licenses issued in 2025 has surpassed 1,119, which includes 1,050 domestic and 69 imported games, representing an increase of 193 licenses compared to the same period last year [2]. Group 2: Listed Companies Involved - Key products from listed companies include NetEase's "Tianxia: Wanxiang," Icefire Network's "Super Energy Fighter" and "Qianji Array," and 37 Interactive Entertainment's "Super Cow Hero" and "Doupo Cangqiong: Dou Di Road" [2]. - Other notable companies with approved games include G-bits, ST Zhongqingbao, China Mobile's Migu Interactive Entertainment, Bilibili, Kying Network, Alibaba's Lingxi Interactive Entertainment, ST Huatuo, and Tom Cat [2]. Group 3: Imported Game Approvals - The imported games approved include Bilibili's "Dudu Face Prank," Tencent's "Kaeas Dreamland," and ST Huatuo's "Age of Discovery: Origin" [3].

Game Launch Overview - In July 2025, a total of 11 new key mobile games were launched, including titles from Tencent Games, KuLo Games, and others [1] Game Performance Analysis - "Douluo Continent: Soul Hunting World" has established strong competitiveness in the MMORPG sector through its open world, IP fidelity, and multi-soul combat system. It is the first 3D realistic MMO RPG mobile game based on the Douluo IP developed by 37 Interactive Entertainment [2] - The game features unique innovations such as an open world, multi-soul combat design, and deep character development, along with multiple branching storylines and a sect social system. It achieved significant success, topping the iOS free charts in multiple regions and maintaining the number one position in China for four consecutive days [2] - On July 12, the game reached a peak daily download of 113,776 times. As of August 15, the corrected total revenue for the iOS mobile version was $4,643,377, with a peak daily revenue of $323,467 on July 20. Initial revenue growth has stabilized after a decline [2] Investment Outlook - The number of game licenses issued in July 2025 remains high, with a continuous release of industry product reserves and a stabilizing market environment, indicating promising performance for new games. There is a recommendation to focus on quality game developers with innovative capabilities and effective IP adaptation and fidelity [2]

Core Viewpoint - The gaming sector has experienced a significant surge, driven by strong earnings reports and favorable market conditions, indicating robust growth potential for companies in this industry [1][3][8]. Group 1: Company Performance - On August 5, gaming stocks in Hong Kong saw a collective surge, with Xindong Company experiencing a peak increase of over 26%, closing with a 24.76% rise, marking a year-to-date increase of 186.06% [3]. - Xindong Company projected a revenue of at least 3.05 billion yuan for the first half of 2025, representing a 37% year-on-year increase, and a net profit of at least 790 million yuan, reflecting a substantial growth of approximately 215% [3][5]. - The growth in Xindong Company's performance is attributed to the strong performance of self-developed games and the continuous optimization of the TapTap platform, which has led to increased revenue and profit [5]. Group 2: Industry Growth - According to the "China Game Industry Report," the actual sales revenue of China's domestic gaming market reached 168 billion yuan in the first half of 2025, a year-on-year increase of 14.08%, marking a historical high [8][9]. - The user base in the gaming sector reached 679 million, with a slight year-on-year growth of 0.72%, also a historical peak [8]. - The growth in the gaming market is supported by the successful launch of new games, the steady performance of established titles, and the strong momentum in esports and mini-program games [8]. Group 3: Policy and Market Environment - In the first seven months of the year, 884 domestic game licenses were issued, with a consistent monthly release of over 100 licenses, contributing to a stable policy environment for the gaming industry [9]. - The report indicates that the gaming industry is entering a new development phase characterized by content refinement, AI industrialization, and systematic globalization, with multiple driving factors for growth [9][10]. - Analysts expect the gaming market to maintain its growth momentum, supported by a rich game reserve and expanding profit margins [10].

Group 1: Game Releases and Updates - The domestic 3A game "Mingmo: Yuanshu Zhi Yu" was globally released on July 24, developed by Chengdu Lingze Technology and published by 505 Games, with Bilibili Games as a co-publisher. The game is based on ancient Shu civilization and is a Cthulhu-themed ARPG [1] - The game faced controversy on its release day due to issues such as identical content in deluxe and standard editions, price discrepancies in different regions, and optimization problems, leading to a significant player backlash. The official response included an apology and a commitment to adjust prices and resolve optimization issues, resulting in the game's Steam rating improving from below 20% to 34% [1] - Tencent's TiMi Studio Group launched the PC beta test for "Honor of Kings World" on July 24, following a pre-download on July 23. This game is a derivative work of the popular Honor of Kings IP and has garnered significant market attention [3] Group 2: Industry Developments - Shanghai Qutong Network Technology Co., Ltd. released the simulation game "Mimimi Ha" on July 24, which combines floating island construction, pet raising, and cross-platform social features [5] - The National Press and Publication Administration announced the approval of 134 new games in July, including 127 domestic and 7 imported titles. A total of 884 domestic game licenses have been issued this year, indicating a phase of growth in the approval numbers, with June marking a record high [14] - Recent executive changes occurred at companies associated with Paper Games, with Yao Runhao resigning as the legal representative of multiple companies, while Yao Fei took over several positions, including legal representative and director [13]

Core Viewpoint - The approval of domestic and imported games in China has reached a record high in June 2025, indicating a recovery in the gaming industry with a total of 158 new games approved, surpassing previous months' records [3][5]. Group 1: Game Approval Statistics - In June 2025, a total of 158 games received approval, including 147 domestic and 11 imported games [1][3]. - For the first half of 2025, 812 games were approved, the highest in five years, with 757 domestic and 55 imported games [5]. - The average monthly approval rate for games in the first half of 2025 was 135, an increase from 115 in the same period last year [5]. Group 2: Major Game Releases and Issues - Tencent received 7 game approvals in the first half of 2025, including 4 imported and 3 domestic games [5][8]. - Notable games include "Honor of Kings World," which has high expectations with over 860,000 reservations and a score of 8.1 on Taptap [6]. - "Star Resonance," another Tencent game, faced significant issues at launch, including server instability and negative reviews, leading to a score drop to 4.0 on Taptap [6]. Group 3: Competitor Activities - NetEase secured 6 game approvals, including 3 imported and 3 domestic titles, with "The Last Home of Ice and Fire" receiving mixed reviews [10][12]. - Kyeing Network emerged as a significant player, holding over 10 game approvals and signing licensing agreements for popular IPs [12][14]. - Other companies like Perfect World and 37 Interactive Entertainment are also in the process of developing multiple games, with "Eternal Ring" generating high anticipation [15]. Group 4: Market Performance - The gaming industry in China is showing signs of recovery, with sales revenue exceeding 1.4 trillion yuan in the first five months of 2025, a year-on-year increase of 16.99% [17]. - Stock prices of gaming companies have generally risen, with 21 out of 26 companies seeing increases, and some experiencing significant gains of over 80% [17][18].

Core Insights - The National Press and Publication Administration released the approval information for domestic online games in June 2025, with a total of 147 domestic game licenses issued, marking a new monthly high for the year [1][3] - The number of imported game licenses has increased from bi-monthly approvals last year to monthly approvals this year [3] Domestic Game Licenses - Out of the 147 domestic licenses, 145 are mobile games, with 61 categorized as mobile-casual puzzle games, 9 as client games, and 1 as a web game. Additionally, 7 games received both mobile and client licenses [1] - A total of 757 domestic game licenses have been issued so far this year, indicating a consistent upward trend in monthly approvals [1] Notable Game Titles - Notable domestic titles include: - MiniPlay's "Chuxin Fishing" - Kying's "Soul Master Battle of Douluo Continent" - Guangzhou Gud's "Beast Era" - Tencent's "CF IP New Work: Crossfire: Rainbow" and "Tactical Squad: Dawn Offensive" [5][6][8] - The imported game licenses include: - Tencent's "Crossfire: Rainbow" - NetEase's "No Master Star Abyss" - Kingsoft's "Goose Duck Kill" [5] Game Development Details - Tencent's "Crossfire: Rainbow" is a new product under the CF IP, developed in collaboration with Tianmei Linlang and Tencent Interactive Entertainment K1 [6] - "Tactical Squad: Dawn Offensive" is a client game based on the tactical shooting game "Squad," featuring enhancements in server stability, gameplay experience, and content richness [8]

Group 1 - The gaming market has shown significant recovery over the past year, with a notable increase in the number of game approvals [1][6] - In June, the National Press and Publication Administration approved 147 domestic game licenses and 11 imported game licenses, marking a recent high in the number of approvals [1][6] - For the first half of 2025, the number of domestic game licenses reached 757, with a consistent monthly increase in approvals [5][6] Group 2 - In 2024, a total of 1,416 new game licenses were issued, including 1,306 domestic and 110 imported licenses, returning to the approval levels seen in 2020 [6] - The Chinese gaming market size reached 280.5 billion yuan in May, reflecting a year-on-year growth of approximately 9.9% [6] - Tencent's games, such as "Honor of Kings" and "Crossfire: Gunfight King," achieved record quarterly revenues, contributing to the overall market growth [6][7] Group 3 - The approval speed for game licenses has accelerated, providing strong support for manufacturers to launch new products [7] - Despite the increase in the number of licenses, competition in the gaming market has intensified, emphasizing the importance of quality in addition to quantity [7]

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected increase of over 10% in the industry index relative to the broader market in the next six months [28]. Core Insights - In May 2025, a total of 14 new key mobile games were launched, with standout performances from "杖剑传说" and "胜利女神：新的希望" [2][10]. - "杖剑传说" achieved a peak daily download of 110,436 on May 30, 2025, and generated total iOS revenue of $5,210,438 by June 15, 2025, with a peak daily revenue of $478,432 on June 4, 2025 [3][16]. - "胜利女神：新的希望" reached first place on the App Store free chart on its launch day and accumulated total iOS revenue of $4,576,093 by June 15, 2025, with a peak daily revenue of $643,782 on June 12, 2025 [4][21]. Summary by Sections New Game Releases - In May 2025, 14 new mobile games were launched, including titles from various publishers such as "落日山丘" by 胖布丁游戏 and "热血美职篮" by 腾讯游戏 [2][10]. Game Performance - "杖剑传说" stands out with its unique battle strategy and art style, achieving significant market penetration and high revenue [3][13]. - "胜利女神：新的希望" received positive feedback in the domestic market, optimizing gameplay and community engagement, leading to high download rates [4][19]. Investment Recommendations - The report suggests focusing on high-quality game developers with innovative capabilities and a rich portfolio of overseas products, as the market environment stabilizes and new game performances are expected to improve [26].