Core Viewpoint - The article discusses the evolution and success of the gaming company 点点互动 (DianDian Interactive) under the leadership of CEO 陈琦 (Chen Qi), highlighting its significant achievements, particularly with the game 《无尽冬日》 (Endless Winter), and its impact on the gaming industry and the parent company 世纪华通 (Century Huatong) [3][6][32]. Group 1: Company Background and Leadership - 点点互动 faced significant challenges in 2020, including a cash flow crisis and lack of hit games, yet maintained the trust of its chairman, 王佶 (Wang Ji) [3][6]. - 陈琦, with nearly a decade of experience in the gaming industry, has been pivotal in shaping the company's strategy and product development, focusing on overseas markets and self-developed games [5][20]. - The acquisition of 点点互动 by 世纪华通 in 2014 is noted as a significant event in Chinese gaming history, positioning the company for future growth despite initial skepticism [10][12][13]. Group 2: Financial Performance and Market Impact - By 2025, 世纪华通's stock price had increased nearly fivefold from its lowest point, driven by the success of 点点互动's products, particularly 《无尽冬日》 [7][32]. - The market valuation of 点点互动 approached 100 billion yuan, reflecting its substantial contribution to 世纪华通's overall financial health [7][32]. - The projected net profit for 世纪华通 is around 50 billion yuan, with 35-40 billion yuan expected from 点点互动, indicating its critical role in the parent company's financial performance [31]. Group 3: Product Development and Market Strategy - 点点互动's strategy involved a dual approach of overseas game publishing and self-development, with a focus on creating innovative gameplay that appeals to a broader audience [23][27]. - The game 《无尽冬日》 successfully combined casual gameplay with SLG mechanics, attracting a diverse player base and achieving significant revenue [34][37]. - The company adopted a flexible and data-driven approach to product development, allowing for rapid iteration and adaptation to market demands [26][42]. Group 4: Industry Trends and Competitive Landscape - The success of 《无尽冬日》 has led to increased competition in the ice and snow survival genre, with many companies attempting to replicate its model [34][36]. - The article emphasizes the importance of innovation in gameplay and marketing strategies to maintain a competitive edge in a rapidly evolving market [38][47]. - The shift towards lighter, more accessible gaming experiences is highlighted as a potential growth area for the industry, allowing smaller developers to compete with larger firms [47][48].

TOP2又一次换人了。 最近（ 6月1 6日） ， Sensor Tower发布了2025年5月中国手游产品在海外市场收入排行榜TOP30 （以下简称收入榜，仅统计应⽤商店IAP预估值，不包括 ⼴告变现收⼊和中国地区第三方安卓渠道收入） 。 整体来看，榜单TOP10除了第一名依旧由点点互动《Whiteout Survival》（无尽冬日）包揽之外，其余排名都有了较大的变化。 比如，柠檬微趣合成手游《Gossip Harbor》（中文名《浪漫餐厅》），5月收入环比增长8%，同比大涨254%，跃居收入榜TOP2；同一公司旗下的全新合 成类手游《Flambé: Merge & Cook》也有连续两月的收入增长，位居收入榜第12名。 点点互动推出的SLG《Kingshot》同样在5月再创佳绩，上线仅三个月便强势跻身出海手游收入榜第5名；益世界旗下监狱题材SLG新游《Lands of Jail》凭 借差异化题材设定与"SLG+模拟经营"玩法融合，迅速在海外市场打开局面，5月收入再度激增68%。 同时发布的还有中国手游海外收入增长TOP20榜单（以下简称增长榜）。 | | 1112××11日 | | | | | --- ...

最近南方天气阴晴不定，前一秒晴空万里，下一秒暴雨倾盆。但比天气更疯狂的是《率土之滨》直播间——6月20日有一场 席卷全服的"虎符暴雨"！ 作为"一亿补贴开荒节"的重磅环节，官方直播间将狂撒2000万虎符，随机抽选8位"超级锦鲤"，被抽中的幸运儿将获得 18888虎符！在直播过程中，会持续抽取88、388、588、888虎符，助力攻城还有机会获得精美周边和张辽限定手办。手快 有手慢无，这场福利风暴可比天气预警刺激多了！ [2] 6月20日18点 球 最强直播播利 魔法 張 K 85 K 抖音搜索 率土之滨手游 Q1 INFINITE BORDERS INFINITE BORDERS 开荒节的"钞能力"远不止于此。从6月5日至6月30日，玩家登录青春服或正式服开启的S1赛季，达成对应条件即能瓜分7000 万虎符、价值百万的金钞、联名礼盒等奖励。更绝的是，攻占五级地时还可能触发"9999虎符"彩蛋。而且邀请好友组队开 荒，可获得抽奖机会，必得50虎符，配合100%中奖的保底抽奖，网易这波操作让618电商的"满减套路"黯然失色，真正的 福利，就该简单粗暴砸进玩家口袋！ 本次活动在经典服与青春服同步开启，而后者正掀起一 ...

作者 | 任早雨 编辑 | 江江 视觉 | 顾芗 为了逃避工作，陈益终于点开了朋友圈里的《无尽冬日》广告。她早早就知道这款游戏，因为它已 经"病毒式"侵入陈益的各个社交平台。 这款游戏会夹杂在"精装朋友圈"与商务性质的链接转发之中，广告画面里的小人重复地从冰雪堆里救 人，扩大队伍，又不停地升级大熔炉以对抗暴风雪天气。 无限流的游戏情节在难以完成的工作与焦虑的情绪面前，显得格外诱人，尤其当工作总需要摸鱼的时 候。陈益对盐财经说道："总有一刻，你会想点进去看看。" 《无尽冬日》游戏画面 Sensor Tower统计显示，截止至2025年3月底，《无尽冬日》及其海外版《Whiteout Survival》 在全球累 计收入已达到22.5亿美元（超160亿人民币） 。换句话说，这款游戏已经成为近五年上市的手游中，流 水最快突破20亿美元的产品之一。 这不免让人好奇——以一己之力让点点互动拳打网易、脚踢米哈游的《无尽冬日》，表面上看，只是一 款平平无奇，几无操作，连战斗都可以采取2倍速自动模式，且仅于国内发布一年的小游戏，其何以能 够创造远超同行的水流？何以能够超越《原神》《蛋仔派对》等一众名声在外的游戏？玩家们，到底 ...

| 对稳定。感谢您的关注！ | | --- | | 目前已上线的小游戏表现如何？未来在小游戏研发和推 3. | | 广方面的资源投入计划是怎样的？ | | 答:公司已上线的小程序游戏包括《大圣顶住》、《塔防三国 | | 志II》等，由于产品生命周期等原因，其流水表现与刚上线时相 | | 比有一定程度的下滑。未来，公司会根据游戏测试数据表现及市 | | 场环境情况动态调节小游戏的研发和推广节奏。 | | 4. 境外市场方面，《代号 S》和《代号 H》的研发进度分 | | 别处于什么阶段？预计在哪些海外市场重点推广？ | | 答:《代号 S》和《代号 H》尚在测试和调优阶段，预计主要 | | 面向欧美游戏市场。谢谢！ | | 5. 2025 年的销售策略和费用投入计划是怎样的，以保障公 | | 司产品的市场份额和知名度？ | | 答:公司会根据在研产品的研发和调优进度，积极推进新游戏 | | 的上线和推广。同时，公司也会适当关注新品研发，结合市场情 | | 况，对新产品、新方向进行试验和研发。 | | 6. 在游戏行业人才竞争激烈的环境下，公司如何吸引和留 | | 住高端人才？ | | 答:通过合理的激励、授权和 ...

Investment Rating - The report maintains an "Accumulate" rating for the company Shenzhou Taiyue (300002) [1] Core Views - The company has shown stable operation of existing products and is focusing on the performance of several new SLG games set to launch [1] - In 2024, the company achieved a revenue of 6.452 billion yuan, representing a year-on-year growth of 8.22%, while the net profit attributable to shareholders increased by 60.92% to 1.428 billion yuan [3][4] - The first quarter of 2025 saw a decline in revenue to 1.323 billion yuan, down 11.07% year-on-year, and a net profit of 239 million yuan, down 19.09% year-on-year [3][4] Financial Performance - The company plans to distribute a cash dividend of 1 yuan for every 10 shares, totaling approximately 196 million yuan [3] - The core game "Age of Origins" saw a recharge flow increase of 7.26% year-on-year, contributing to the revenue growth in 2024 [4] - The company is expected to see revenue growth of 12.0%, 11.8%, and 10.0% for the years 2025, 2026, and 2027, respectively, with net profits projected at 1.111 billion yuan, 1.257 billion yuan, and 1.457 billion yuan [6][9] Game Development Strategy - The company is deepening its focus on SLG games while also expanding into RPG genres, with two new SLG games, "Stellar Sanctuary" and "Next Agers," currently in commercialization testing [5] - Three additional SLG games are planned for commercialization testing by mid-2026, alongside the development of a sci-fi RPG game [5] Valuation Metrics - The report provides a projected P/E ratio of 16 for 2024, increasing to 20 in 2025, and then decreasing to 15 by 2027 [9]