国泰海通证券研究指出，8月25日，国家新闻出版署官网发布2025年8月国产网络游戏审批信息，共166 款游戏获批，创历史新高；同时下发新一批进口网络游戏审批信息，包括7款游戏。游戏行业三季度景 气度持续，看好产业长期健康发展。根据游戏工委数据，2025年7月我国游戏行业继续正增长，国内市 场规模达290.84亿元，同比增长4.62%，其中移动端同比增长0.92%，客户端同比增长16.56%，游戏消费 积极。具体来看，腾讯《三角洲行动》在7月日活达到2000万、《无畏契约》手游8月19日上线带动用户 热情，巨人网络《超自然行动组》、吉比特《杖剑传说》均在7-8月取得亮眼成绩。政策鼓励、供给丰 富，看好游戏行业在三季度暑期旺季下的表现，并对游戏行业的长期发展保持积极判断。 ...

投资建议： 版号审批节奏稳定，游戏产品供给丰富，我们看好具备优质内容储备、基本面扎实的公司。 报告导读： 8 月国产游戏版号下发 166 个，创下历史新高，多家上市公司有产品获批， 在政策支持、供给丰富的背景下，持续看好行业发展。 事件： 8月25日，国家新闻出版署官网发布2025年8月国产网络游戏审批信息，共166款游戏获批，创历史新高；同时下发新一批进口网络游戏审批信息，包 括7款游戏。 国产版号数量创历史新高，A、H股多家上市公司有产品获批。 8月批次国产游戏版号共166款，创下历史新高，今年以来8个月已经发放国产版号共1050 个，远高于去年同期的850个，月均发放数量从2023年的88.8个、2024年的108.8个，增长到今年1-8月的131个。具体产品来看，本月国产版号中包括网 易《天下：万象》、灵犀互娱（阿里）《宗师之上》、哔哩哔哩《逃离鸭科夫》《三国：百将牌》、三七互娱《超牛英雄》《斗破苍穹：斗帝之路》、恺英网 络《熊猫大作战》、ST华通《传奇外传》、雷霆（吉比特）《出动吧！库鲁》、冰川网络《超能战机》、汤姆猫《汤姆猫总动员2》、友谊时光《花与绯 想》。同日发放进口游戏版号7款，其中包括腾讯 ...

股票研究 /[Table_Date] 2025.08.26 国产游戏版号数量新高，看好政策鼓励、供给优质的游戏行业 [Table_Industry] 传播文化业 [Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 陈筱(分析师) | 021-38675863 | chenxiao@gtht.com | S0880515040003 | | 杨昊(分析师) | 021-38032025 | yanghao4@gtht.com | S0880524020001 | 本报告导读： 8 月国产游戏版号下发 166 个，创下历史新高，多家上市公司有产品获批，在政策 支持、供给丰富的背景下，持续看好行业发展。 投资要点： [Table_Report] 相关报告 传播文化业《迈入景气周期，关注产业趋势与产 品潜力》2025.08.25 传播文化业《DeepSeek 发布 V3.1 模型，可灵 25Q2 营收超 2.5 亿元》2025.08.23 传播文化业《点点互动表现持续强劲，3 款游戏 同时上榜 ...

Group 1 - The core viewpoint is that the approval of domestic game licenses has reached a historical high, with 166 games approved in August, contributing to a total of 1,050 licenses issued in the first eight months of the year, significantly higher than the 850 licenses in the same period last year [1][2] - The monthly average of domestic game licenses issued has increased from 88.8 in 2023 and 108.8 in 2024 to 131 in the first eight months of 2025, indicating a stable approval rhythm and a rich supply of game products [2] - Notable approved products include titles from major companies such as NetEase, Bilibili, and Tencent, showcasing a diverse range of offerings in the market [2] Group 2 - The gaming industry continues to show positive growth, with the domestic market size reaching 29.084 billion yuan in July 2025, a year-on-year increase of 4.62%, driven by strong performance in both mobile and client games [3] - The industry is expected to perform well in the third quarter, particularly during the summer peak season, supported by favorable policies and abundant supply [3] - Key games contributing to user engagement include Tencent's "Triangular Action" and the recently launched mobile game "Valorant," indicating a healthy consumer interest in gaming [3]

Core Insights - The 2025 Cologne International Game Show opened on August 20 in Germany, featuring a record number of exhibitors and showcasing the latest works from game manufacturers worldwide [1][2] - The event will run until August 24, attracting over 1,500 exhibitors and expanding the exhibition area to 233,000 square meters, covering various segments including interactive gaming experiences, COSPLAY performances, independent games, card games, artist zones, campus recruitment, and gaming merchandise sales [1] - This year, 50 Chinese companies are participating, an increase of over 10 from the previous year, with showcased works characterized by new releases, cutting-edge technology, and Chinese elements [1] - The exposure and influence of Chinese games in Europe have significantly increased, as reflected in market data and participation in the exhibition [2] - Germany, as Europe's largest and the fifth-largest gaming market globally, has approximately 37.5 million gamers, with four Chinese-developed products expected to enter the top ten mobile game downloads in Germany in 2024 [2] - The Cologne International Game Show, founded in 2009, is co-hosted by the German Games Industry Association and Koelnmesse, and is recognized as one of the three major game exhibitions globally alongside the E3 and Tokyo Game Show [2]

Industry Trends - Amazon's report indicates that the number of global PC and console gamers reached 1.43 billion in Q1 2025, a 19% increase from Q1 2023 [2] - In five European countries and Japan, the growth rate of PC and console gamers is outpacing that of mobile gamers, with Japan's growth rate being four times that of mobile gaming [2] Company Updates - Xindong Network forecasts a revenue of 3.05 billion RMB for the first half of 2025, representing a 37% year-on-year increase, with net profit expected to exceed 790 million RMB, a 215% surge [3] - The strong performance is attributed to self-developed products like "Ragnarok M: Original Server" and "Torchlight: Infinite," which have driven revenue and gross profit to new highs [3] - Xiaohongshu's "RED LAND" event in Shanghai showcased popular IPs and marked the platform's first large-scale offline event in the gaming sector [4] - Bilibili has launched a feature allowing users to link their Steam accounts, enhancing user engagement within its community [6] - The Kuro Carnival held in Guangzhou featured interactive gaming zones and exhibitions, covering over 24,000 square meters [7] - Zhongyou Mobile announced the detention of its former studio head for serious job-related crimes, impacting the development of the game "Xianjian World" [8] - Nexon has unveiled a new single-player game titled "Woochi the Wayfarer," based on a classic Korean novel [9]

Core Viewpoint - The gaming sector is experiencing a strong performance, with multiple stocks showing significant gains and the gaming ETF (516010) rising over 6%, indicating a potential golden development period for the industry [1]. Industry Performance - The gaming ETF (516010) has seen a year-to-date increase of over 27% as of June 30, with its latest scale reaching 2.053 billion, an increase of 555 million this year [5]. - The top ten holdings in the gaming ETF include stocks like Kaiying Network and Giant Network, which have hit the daily limit, while others like 37 Interactive Entertainment and Perfect World have risen over 6% [3]. Regulatory Environment - In June, the National Press and Publication Administration approved 147 domestic game licenses and 11 imported game licenses, marking the highest number of approvals in recent years [3]. - As of now, a total of 812 game licenses have been issued for 2025, with domestic games dominating at 757 licenses compared to 55 for imported games [4]. - A new policy from the Zhejiang Provincial Government, effective July 10, 2025, aims to support the international expansion of the gaming industry, reflecting strong governmental support for the sector [4]. Market Outlook - Analysts from CITIC Securities express optimism about the performance of new games during the summer, supported by high-frequency data exceeding expectations and ongoing policies promoting international expansion [5]. - The domestic gaming market is projected to reach a size of 857.04 billion in Q1 2025, with a year-on-year growth of 17.99% [5]. - The application of AI technology in the gaming industry is becoming clearer, with expectations for more AI-native games to emerge, potentially leading to a revaluation of the gaming sector [6].

Core Viewpoint - Duoyi is a non-typical game company that has been operating in Guangzhou for over 18 years, known for its unique positioning and controversies, despite a decline in its previous glory in the mobile gaming market [1][3]. Group 1: Company Background and Historical Performance - Duoyi initially thrived during the PC gaming era, generating a net profit of 1 billion yuan annually from titles like "Fantasy World" and "Dream World," ranking among the top five game companies in China [1]. - The company has a strong financial foundation, with the 2019 release "Fantasy World: The Legend of the Wandering" generating nearly 600 million yuan in revenue on iOS last year [1]. - Despite past successes, Duoyi has struggled to keep pace with the mobile gaming market, leading to a perception of the company as "living off its past" [3]. Group 2: Recent Developments and New Releases - In recent years, Duoyi has attempted to diversify its game offerings, exploring genres such as roguelike, SLG, simulation, sports, and action-adventure, with limited success [3]. - The company has recently announced new titles, including "Dream World: Long Wind and Sword Record," which features familiar elements from the IP but has received mixed reactions regarding its graphics [3][5]. - Upcoming games include the roguelike "Narrow Path Heroes," which incorporates a chase mechanic and random map generation, and the SLG "Wang Yu Xing Shi," set to launch on June 6 [9][13]. Group 3: Financial Performance and Market Position - "Fantasy World: The Legend of the Wandering" remains the company's main revenue driver, contributing over 7 billion yuan on iOS, although its revenue has been declining since 2021 [23]. - Other titles that previously performed well have seen significant revenue drops, with only "Dream World 3" maintaining a stable income [25]. - Duoyi's market presence has diminished, as evidenced by its absence from the "2024 Hurun China 500" list, following a previous valuation of 27 billion yuan in 2023 [25][26].