Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The gaming industry is experiencing high prosperity, with user sentiment and consumption demand resonating with game supply release. In Q1 2025, China's gaming market size reached 85.704 billion yuan, a year-on-year increase of 17.99%. In April 2025, the market size was 27.351 billion yuan, showing a year-on-year growth of 21.93% and a month-on-month increase of 2.47% [4] - The trend of "self-consumption" is driving rapid growth in demand for genres such as ACG (Anime, Comic, Game), party games, and female-oriented games. The number of game licenses issued in 2024 was 1,416, a year-on-year increase of 32%, with an average of 118 licenses issued monthly [4] - New games launched in 2025 have shown impressive performance, providing related companies with earnings elasticity. For instance, "Kingshot" from Century Huatong achieved a revenue of over 75 million USD within three months of its launch [5] - The Zhejiang provincial government has introduced measures to support the internationalization of the gaming industry, which is expected to enhance the global competitiveness of domestic gaming products and drive overall industry growth [5] Summary by Sections Market Performance - In Q1 2025, the gaming market size was 85.704 billion yuan, with a year-on-year growth of 17.99% [4] - In April 2025, the market size was 27.351 billion yuan, reflecting a year-on-year increase of 21.93% and a month-on-month growth of 2.47% [4] Game Supply and Demand - The number of game licenses issued in 2024 was 1,416, a 32% increase year-on-year, with an average of 118 licenses issued monthly [4] - The demand for genres such as ACG, party games, and female-oriented games is rapidly increasing due to the "self-consumption" trend [4] New Game Launches - New games like "暴吵萌厨" and "伊瑟" have performed well, maintaining high rankings in the iOS game charts [5] - "Kingshot" from Century Huatong achieved a revenue of over 75 million USD within three months of its launch, indicating strong market performance [5] Policy Support - The Zhejiang provincial government has issued measures to support the gaming industry's internationalization, which is expected to enhance competitiveness and drive growth [5]