开源证券认为，游戏行业依然在经历供需共振下高景气周期，三季报或进一步验证高景气度，且此轮景 气周期长度或超市场预期，板块当前估值性价比依然突出，调整后建议加大游戏配置力度。游戏板块具 备AI、内容、商业化模式变革多点催化，游戏ETF（159869）跟踪中证动漫游戏指数，反映动漫游戏产 业A股上市公司股票的整体表现，关注游戏ETF（159869）布局机会。 （文章来源：每日经济新闻） 9月29日，游戏板块早盘表现略微震荡，游戏ETF（159869）翻红后持续上扬，现涨近1%。Wind数据显 示，截至9月26日，近10个交易日累计获得资金净流入达16.72亿元，备受资金青睐，产品规模突破100 亿元，创成立以来新高，助力投资者一键布局A股游戏龙头。 今年以来，游戏板块呈现出显著的复苏态势，数据显示，2025年1-9月，国家新闻出版署累计发放游戏 版号达到1275个（包括国产和进口游戏），其中国产版号数量维持高位，进口版号延续"一月一批"的审 批节奏。8月单月发放版号166款，创下2022年4月版号重启以来的新高。此外，国家层面明确提出支持 游戏出海业务，构建从IP打造到制作、发行、海外运营的完整产业链。 ...

事件：2025年8 月21 日，顺网科技发布2025 年半年度报告。25H1 公司实现营业收入10.10 亿元，同比 增长25.09%；实现归母净利润1.62 亿元，同比增长69.22%，业绩表现亮眼；扣非后净利润为1.40 亿 元，同比增长54.21%。公司25Q2 单季度表现整体稳健，营业收入实现4.32 亿元，同比增长9.3%，增速 受到正常季节性淡旺季影响波动；25Q2 归母净利润达8,804.79 万元，同比大幅增长109.61%；扣非归母 净利润为7,633.06 万元，同比增长93.2%，主营业务盈利质量较高。毛利率方面，2025Q2 为46.16%，同 比提升6.47pcts，环比25Q1 提升12.85pcts。25Q2 归母净利率达到20.37%，同比大幅提升9.75pcts，环比 提升7.66 pcts，盈利能力进一步增强，业绩表现较为亮眼。 点评： 25H1 网络广告与增值业务高增受益于游戏产品周期向好，端游市场向好带来的产品上线前广告投放预 算增加。25H1 公司网络广告及增值业务收入达8 亿元，同比增长30.99%，增速高于公司整体营收增速 25.09%。增长核心受益于游戏行业整体 ...

Core Viewpoint - The company, Friendship Time (6820.HK), has issued a positive profit forecast for the first half of 2025, reflecting a strong recovery in the gaming industry and confidence from both the company and its major shareholders [1][2]. Industry Summary - The gaming industry in China experienced a growth rate of nearly 15% in the first half of 2025, with actual sales revenue reaching 168 billion yuan, a year-on-year increase of 14.08% [2]. - The number of gaming users in China reached approximately 679 million, marking a historical high with a growth of 0.72% [2]. - Self-developed games generated overseas sales revenue of $9.501 billion, reflecting a year-on-year increase of 11.07%, indicating ongoing global competitiveness of Chinese gaming companies [2]. Company Performance Summary - Friendship Time expects revenue for the first half of 2025 to be between 600 million to 650 million yuan, representing a year-on-year growth of 14.1% to 23.6% [2]. - The company anticipates a profit of approximately 38 million to 44 million yuan, marking a turnaround from losses with a year-on-year increase of 152.5% to 160.8% [2]. - The growth is primarily driven by the strong performance of mini-games such as "Dulala's Promotion" and "Lingyun Nuo," along with an increase in high-margin channel revenue contributing to a gross margin increase of about 5 percentage points [2]. Game Highlights - The new game "Chaotic Chef Party" launched on May 28, 2025, quickly topped various app store charts and features collaborations with over 30 well-known food brands [3]. - The game has also initiated a second phase of the "Chef Creator" incentive program to support content creators [3]. - "Dulala's Promotion," another key product, has received positive feedback in both domestic and international markets, particularly in South Korea, where it reached the iOS game sales chart's Top 30 [4]. Shareholder Returns - The company has a strong commitment to shareholder returns, having distributed over 750 million yuan in cash dividends since its IPO, exceeding the net proceeds from its initial public offering [5]. - The company has repurchased approximately 3.7% of its total issued share capital as part of its share incentive plan [5]. - The chairman and major shareholder has committed not to sell any shares in the open market for 12 months starting from July 17, 2025, to reinforce confidence in the company's long-term prospects [5].

Core Insights - The gaming companies in Shanghai appear to be recovering, signaling a potential new phase for the industry [1][26] Group 1: Company Performance - Eagle's new game "Pom Pom" has achieved significant success, ranking Top 3 in China and Top 10 globally on Steam with an 88% approval rating [1][2][3] - Paper Games has seen a remarkable turnaround, with its flagship store topping the sales chart on Tmall during the "618" shopping festival [5][6] - The game "Love and Deep Space" has shown strong performance, with projected revenue exceeding 6 billion yuan across all platforms in 2024 [6][7] - Heartbeat Games has reported a nearly 70% year-on-year revenue increase, reaching 3.3 billion yuan in 2024, driven by successful titles [10][12] Group 2: Industry Trends - The gaming industry in Shanghai is experiencing a collective improvement, which may indicate the beginning of a recovery cycle [26] - Despite the positive trends, many companies remain cautious regarding project launches and hiring, with a significant oversupply of talent in the job market [24][25] - The past two years saw a wave of layoffs and project cancellations across the industry, but the current signs of recovery suggest a potential shift in the market dynamics [23][26]