"高抽成"模式走向终结 撰文/ 孟会缘 编辑/ 陈邓新 排版/ Annalee 近日，苹果和腾讯自2024年开始的"抽成之争"迎来终局——苹果将对腾讯APP内小游戏的内购项目抽成15%，低于苹果App Store通常实行的30%比例。 要知道在达成这项协议之前，腾讯正通过微信生态的特性设计支付跳转路径，以此绕开苹果iOS平台的内购抽成政策。即说，如"游戏公司给手机厂商打 工"之类的论调，有望得到较大程度地缓解。 当然，这一消息对于不少游戏开发者而言，更大意义在于它释放了一个相当积极的信号。 长期以来，高额的抽成比例一直是压在游戏公司心头的一块大石，不论是iOS端30%的抽成，还是华为、OPPO等安卓渠道50%的抽成，都让游戏开发者在 盈利之路上步履维艰。 如今这15%的新抽成比例方案横空出世，终于为游戏行业带来一丝转机与希望。因为这不仅意味着游戏公司在收益分配上将获得更大的自主权，更预示着 整个行业生态都将迎来全面的优化与重塑。 其实在苹果和腾讯的"抽成之战"止戈之前，或许有人也关注到了游戏圈的另一件大事：部分网易游戏在OPPO渠道停服，原因是与网易的合作终止。 网易和OPPO之间的拉锯进程也不短，据相关报道 ...

Company Summary - Ice Glacier Network reported a revenue of 1.876 billion yuan for the first three quarters, a year-on-year decrease of 5.39% [1] - The net profit for the same period was 502 million yuan, marking a turnaround from losses [1] - In Q3, the revenue was 619 million yuan, down 20.29% year-on-year, while net profit increased by 244.58% to 166 million yuan [1] - The net cash flow from operating activities reached 590 million yuan, a significant increase of 369.48% year-on-year [1] - The company has optimized its investment strategy, focusing on return rates rather than just expanding the quantity of investments [1] - Sales expenses for the first three quarters were 911 million yuan, a decrease of 52.31% compared to the previous year [1] - Future performance will rely on the development and operational performance of new products, with increased investment in core R&D [1] Industry Summary - The gaming industry has shown signs of recovery, with record-high sales revenue and user numbers in the first half of 2025 [2] - The issuance of game licenses has normalized, leading to a rapid development pace in the domestic gaming sector [2] - Smaller game companies are focusing on product diversification and targeting younger users to differentiate from mainstream competitors [2] - Ice Glacier Network has a relatively low market share compared to major gaming firms, but the shift in competition from "full-scale competition" to "niche market focus" creates opportunities for mid-sized companies [2] - Analysts are optimistic about the industry's future, expecting continued growth in Q3 and new game releases during key holiday periods to drive performance [2] - The integration of AI technology is anticipated to transform the industry, with potential new growth areas in emotionally engaging and user-generated content games [2]

Group 1: Market Performance - The ChiNext Index surged past 3200 points, reaching a new three-year high with an annual increase of over 50% [1] - The ChiNext ETF (Guangfa) rose by 2.13%, marking its fourth consecutive increase, with significant gains in constituent stocks such as Kunlun Wanwei (up 10.99%) and Aosheng Technology (up 9.49%) [3] Group 2: Energy Storage Sector - The U.S. is expected to see a new installed capacity of 5.5 GW/18.8 GWh in new energy storage for the first half of 2025, reflecting a year-on-year growth of 35%-40% [1] - European and emerging markets are projected to experience growth rates of 1-2 times in the energy storage sector [1] - Citic Securities highlights that the acceleration of electricity reform will transform energy storage from a cost item to a profit item, with improved capacity compensation mechanisms providing a profit "safety net" [1] Group 3: Photovoltaic Industry - The photovoltaic industry is currently at the bottom of the cycle, with recent government actions aimed at capacity integration and price regulation in the silicon material segment [1] - The industry is expected to enter a phase of high-quality development, with technological upgrades and market structure optimization becoming core competitive factors [1] Group 4: Gaming Industry - In September, 156 games were approved, including 145 domestic and 11 imported titles, marking the third month this year with over 150 game approvals [2] - The gaming sector is experiencing a dual increase in supply and demand, leading to an overall rise in gaming hours and market expansion [2] - The trend indicates a more favorable competitive landscape, with major companies focusing on long-lasting games and mid-sized companies targeting niche markets [2] Group 5: ETF Overview - The ChiNext ETF (Guangfa) closely tracks the ChiNext Index, consisting of 100 stocks with high market capitalization and liquidity, focusing on strategic emerging industries [4]

Group 1 - The core viewpoint of the news is the significant increase in the China Securities Media Index, driven by the approval of a large number of games, indicating a robust gaming market [1][2] - As of September 2025, the China Securities Media Index (399971) rose by 2.39%, with notable increases in stocks such as Kunlun Wanwei (300418) up 10.72% and Perfect World (002624) up 5.56% [1] - In September, a total of 156 games were approved, including 145 domestic and 11 imported titles, marking the third month this year with over 150 game approvals [1] Group 2 - CITIC Securities highlights that the current gaming market's growth is driven by both supply and demand, leading to increased gaming hours and market expansion [2] - The competitive landscape is becoming less intense, with leading companies focusing on evergreen games and mid-sized companies targeting niche markets [2] - The shift in marketing strategies towards content-driven approaches and changes in distribution channels are reducing sales and channel sharing pressures, benefiting gaming communities and live streaming platforms [2] Group 3 - As of August 29, 2025, the top ten weighted stocks in the China Securities Media Index accounted for 50.47% of the index, with companies like Focus Media (002027) and Giant Network (002558) among the leaders [3]

Group 1 - The gaming sector is experiencing growth, with the approval of 145 domestic games and 11 imported games in September 2025, indicating a positive regulatory environment [4][5] - Major gaming companies like Tencent and NetEase received approvals for new games, which is expected to enhance their product lines in the ACG and social gaming sectors [5] - In the first half of 2025, 23 A-share gaming companies reported total revenue of 53.841 billion yuan, a year-on-year increase of 22.78%, with net profits reaching 8.027 billion yuan, significantly higher than previous years [5][6] Group 2 - The overseas revenue from self-developed games exceeded 9.5 billion USD in the first half of 2025, showing a growth of over 11%, highlighting the global expansion of Chinese gaming companies [6] - 32 Chinese companies ranked in the global top 100 mobile game publishers, collectively generating 2.04 billion USD, which accounted for 35.1% of the total revenue of the top 100 publishers [6] - The gaming industry is expected to maintain high prosperity due to three driving factors: AI empowerment, high growth from overseas markets, and favorable supply-side policies [6][7] Group 3 - The media sector is witnessing a rise in AI applications, which is expected to reshape the industry landscape and enhance cultural confidence through content output [7] - The gaming sector is anticipated to see continued high demand and supply resonance, with a focus on companies that show high growth potential in their upcoming quarterly reports [7]

Group 1 - The gaming ETF (516010) experienced a decline of over 3%, with a net inflow exceeding 500 million yuan in the past five days, indicating strong capital interest in the gaming sector [1] - Huafu Securities highlights that AI significantly enhances the game planning process, improving efficiency across the entire chain from creative generation to interactive design, gameplay optimization, and storyline production [1] - The gaming ETF tracks the anime and gaming index (930901), which selects listed companies involved in anime production, game development, platform operation, and related industries to reflect the overall performance of the anime and gaming sector [1] Group 2 - AI-generated content can quickly produce frameworks for worldviews, tasks, and dialogues, while NPC interactions enable open dialogues and scene adaptations, as demonstrated by AI characters in games like "Nirvana in Fire" and "Maggie's Garden" [1] - The index focuses on innovation and growth within the anime and gaming fields, covering the entire industry chain from content creation to distribution channels, showcasing significant industry representation and market vitality [1] - AI is utilized in storyline production, as seen in "Endless Winter," where a large amount of AI-generated content is optimized by humans, greatly enhancing content production efficiency [1]

Core Viewpoint - The company reported strong revenue and profit growth driven by the success of its self-developed game "Supernatural Action Team" and the ongoing expansion of its core IP "Journey" [1][2] Financial Performance - For the first half of 2025, the company achieved revenue of 1.662 billion yuan, a year-on-year increase of 16.47% - The net profit attributable to shareholders was 777 million yuan, up 8.27% year-on-year - The net profit excluding non-recurring gains and losses was 807 million yuan, a decrease of 8.79% year-on-year [1] User Growth and Product Performance - The launch of "Original Journey" led to significant user growth, with 5.86 million new users in the first month and over 20 million new users in the first half of 2025 - The average monthly revenue from "Original Journey" remained stable at 100 million yuan - "Supernatural Action Team" achieved a milestone of over 1 million concurrent users in July and ranked in the top 4 of the iOS best-seller list, with over 3 billion views of related videos [2] AI Integration and Innovation - The company is integrating AI into its core gaming business, with "Space Kill" launching a new mode "Endgame Duel" in 2025, featuring a mixed competition mechanism with AI - "Original Journey" has fully integrated the AI NPC "Little Sister" to enhance user experience through strategic assistance and emotional companionship [2] Revenue and Profit Forecast - Projected revenues for 2025, 2026, and 2027 are 4.739 billion yuan, 6.563 billion yuan, and 7.618 billion yuan respectively - Projected net profits for the same years are 2.298 billion yuan, 3.187 billion yuan, and 3.551 billion yuan respectively - The company's price-to-earnings ratios for 2025, 2026, and 2027 are estimated at 26.6, 19.2, and 17.2 times respectively [3] Investment Outlook - The company is expected to benefit from its strong IP development and operational capabilities, as well as a high-quality user base - The initial coverage rating is "Buy" based on the positive outlook for revenue and profit growth [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][12] Core Views - The company achieved a significant quarter-on-quarter revenue increase in Q2, driven by new game releases, indicating strong performance momentum [4][5] - The company's H1 revenue reached 1.662 billion yuan, a year-on-year increase of 16.47%, with a net profit of 777 million yuan, up 8.27% year-on-year [4] - The contract liabilities reached 889 million yuan by the end of Q2, reflecting a 79% year-on-year increase, indicating ongoing strong game performance [4][5] Financial Summary - For 2025, the company is projected to achieve a net profit of 2.293 billion yuan, with a year-on-year growth of 60.9% [4][9] - The revenue forecast for 2025 is set at 4.688 billion yuan, representing a 60.4% increase compared to the previous year [4][9] - The company's gross margin is expected to be 90.5% in 2025, with a net margin of 48.9% [9] Game Performance - The game "Supernatural Action Group" has shown exponential growth in user scale and revenue, ranking in the top 5 of iOS free games and top 4 in iOS revenue charts [5][6] - The game "Original Journey" has expanded its user base significantly, with over 20 million new users in the first half of the year [5] AI Integration - The company is exploring AI integration in gaming, enhancing user engagement and driving revenue growth through innovative gameplay [6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that exceeds the market benchmark by over 20% in the next 6-12 months [4][8]. Core Insights - The company reported a revenue of 1.662 billion yuan for the first half of 2025, representing a year-over-year increase of 16.47%, and a net profit attributable to shareholders of 777 million yuan, up 8.27% year-over-year [1][4]. - The flagship mobile game "Original Journey" has seen significant user growth, with 5.86 million new users in its first month and over 20 million new users in the first half of 2025 [1][2]. - The game "Supernatural Action Group" has exceeded expectations, achieving a peak of over 1 million concurrent users and ranking in the top 4 of the iOS game sales chart [2]. Financial Performance - In Q2 2025, the company achieved a revenue of 938 million yuan, a year-over-year increase of 28.42%, and a net profit of 429 million yuan, up 17.49% year-over-year [1][4]. - The report forecasts net profits for 2025, 2026, and 2027 to be 2.289 billion yuan, 3.088 billion yuan, and 3.631 billion yuan respectively, with year-over-year growth rates of 60.6%, 34.9%, and 17.6% [2][3]. User Engagement and Innovation - The company has successfully integrated AI into its gaming experience, enhancing user interaction and engagement through innovative gameplay mechanics [2]. - The game "Original Journey" has fully integrated AI NPCs, improving user experience through strategic assistance and emotional companionship [2]. Market Position and Future Outlook - The company is well-positioned in the gaming industry, with a strong pipeline of new products and ongoing user engagement strategies [2][3]. - The report emphasizes the importance of monitoring the commercial performance of new titles, particularly "Supernatural Action Group," as user growth continues to accelerate [2].

Core Insights - The company reported a revenue of 1.662 billion yuan for the first half of 2025, representing a year-over-year increase of 16.47% [1] - The net profit attributable to shareholders was 777 million yuan, with a year-over-year growth of 8.27% [1] - The company’s flagship mobile games, "Original Journey" and "Ball Battle," have established a solid user base, with "Original Journey" achieving 5.86 million new users in its first month post-launch [1] Financial Performance - In Q2, the company achieved a revenue of 938 million yuan, marking a year-over-year increase of 28.42% [1] - The net profit attributable to shareholders for Q2 was 429 million yuan, reflecting a year-over-year growth of 17.49% [1] - The non-recurring net profit for Q2 was 444 million yuan, showing a year-over-year decline of 7.40% [1] Game Performance and User Growth - "Original Journey" has seen a total of over 20 million new users in the first half of 2025, with a stable monthly revenue of 100 million yuan [1] - "Ball Battle" has experienced significant user growth, with over 11 million new users in the first half of 2025 and over 1 million monthly active users for its mini-program [1] - "Supernatural Action Group" has exceeded expectations, achieving a milestone of over 1 million concurrent users and ranking in the top 4 of the iOS game sales chart [2] Product Development and Innovation - The game "Supernatural Action Group" has shown exponential growth in user base and revenue, with significant improvements in rankings from June to July [2] - The company is innovating game interactions through AI, with "Space Kill" introducing a new mode that combines users with AI entities for competitive gameplay [2] - The "Original Journey" IP has made significant progress in AI integration, enhancing user experience through intelligent NPCs [2] Profit Forecast - The company projects net profits attributable to shareholders of 2.289 billion yuan, 3.088 billion yuan, and 3.631 billion yuan for 2025, 2026, and 2027, respectively, with year-over-year growth rates of 60.6%, 34.9%, and 17.6% [2]