2025.11. 10 本文字数：1455，阅读时长大约3分钟 作者 | 第一财经 刘晓洁 11月10日晚间，A股市值第一的游戏厂商世纪华通（002602.SZ）发布公告称，公司关于撤销其他 风险警示的申请已获得深圳证券交易所审核同意。 尽管去年被"ST"，世纪华通的股价却在过去一年中一路走高，近期有所回调，不过年内累计涨幅仍 超过200%。在公告《行政处罚决定书》时，世纪华通的股价停留在5.13元每股，总市值382.3亿 元，但到"摘帽"公告时，世纪华通的股价已来到17.61元/股，总市值1308亿元，目前位列A股游戏 厂商市值第一。 支撑其市值与股价的，是公司旗下爆款游戏带来的业绩爆发。刚刚发布的三季度财报显示，世纪华通 单季度营收首次突破百亿大关，达到100.2亿元，同比增长60.2%；归母净利润为17亿元，同比增 长163.8%。 今年前三季度，世纪华通累计营收达272.2亿元，超越去年全年。事实上，世纪华通在2024年就已 呈现高增长态势，全年营收226.2亿元，同比增长70.3%；归母净利润12.1亿元，增幅达131.5%。 世纪华通旗下点点互动的《Whiteout Survival》是这一年出海 ...

11月7日，ST华通公告称，申请撤销其他风险警示。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 11月10日晚，ST华通（维权）（002602.SZ）公告称，公司股票交易将于2025年11月11日停牌一天，12 日复牌，并撤销其他风险警示，股票简称由"ST华通"变更为"世纪华通"，证券代码仍为"002602"，撤销 其他风险警示后，公司股票交易的日涨跌幅限制由5%变为10%。 公司对照《深圳证券交易所股票上市规则（2025年修订）》逐项排查，不存在9.8.1条所列示的其他风险 警示的情形，同时也符合9.8.8条关于申请撤销其他风险警示的条件。 根据最新财报显示，2025年第三季度，公司营收首次突破百亿大关，实现季度营收"十连升"，净利润同 步刷新纪录；2025年前三季度达成营收272.23亿元、净利润43.57亿元、经营性现金流62.78亿元——核 心财务数据不仅超越2024年全年水平，更创下历史新高，展现出强劲且可持续的发展态势。而对比去年 同期，公司市值也由382亿元提升至1308亿元（截至2025年11月10日收盘）。 截至11月10日收盘，ST华通跌3.72%，报17.6 ...

此次《游戏出海服务手册》的发布，是徐汇区近年来持续优化营商环境、大力扶持游戏及数字文创产业 发展的一个缩影和阶段性成果。作为上海中心城区中科技资源丰富、文化氛围浓郁、创新活力强劲的区 域，徐汇区早已将游戏产业视为区域经济转型升级的重要抓手。 发布会现场，包括莉莉丝、椰岛等多家扎根徐汇的游戏企业代表，对《游戏出海服务手册》和"6+1"的 发布表示欢迎。 11月5日，在徐汇区文化和旅游局指导下，徐汇区游戏产业服务中心联合Enjoy出海，共同主办了徐汇区 《游戏出海服务手册》（下简称《服务手册》）发布暨产业分享交流会。 这是徐汇区整合区域资源优势，精准赋能游戏企业开拓国际市场、打造全球化发展新引擎的关键一步， 标志着徐汇区在推动数字文化产业高质量发展、服务上海建设全球电竞之都和国际数字之都的征程上的 又一里程碑。 本次发布的《游戏出海服务手册》提出了"6+1"的概念，分别为六国（美国、日本、韩国、俄罗斯、印 尼、越南）和工具手册（从零到一玩转出海）。在编写过程中，团队基于对游戏企业出海过程中面临的 现实挑战进行了深入调研，多次征询行业专家与游戏企业的意见，最终形成的系统性、实操性解决方 案。 《服务手册》内容显示， ...

Core Viewpoint - Century Huatong is set to lift its stock risk warning and resume trading on November 12, 2023, following a year of recovery from regulatory penalties related to financial misstatements [3][4]. Group 1: Stock and Regulatory Changes - Century Huatong will be suspended for one day on November 11, 2023, and will resume trading on November 12, 2023, with its stock name changing from "ST Huatong" back to "Century Huatong" [3]. - The removal of risk warnings will increase the daily trading limit from 5% to 10% [3]. - The company had previously faced penalties from the China Securities Regulatory Commission for issues including improper goodwill impairment testing and fictitious software copyright transaction revenues [3]. Group 2: Financial Performance - Century Huatong's stock price has increased significantly, from 5.13 CNY per share at the time of the penalty announcement to 17.61 CNY per share at the time of the delisting of risk warnings, resulting in a market capitalization increase from 38.23 billion CNY to 130.8 billion CNY [4]. - The company reported a record quarterly revenue of 10.02 billion CNY for Q3, a year-on-year increase of 60.2%, with a net profit of 1.7 billion CNY, up 163.8% [4]. - For the first three quarters of the year, total revenue reached 27.22 billion CNY, surpassing the total revenue for the previous year [4]. Group 3: Game Performance - The game "Whiteout Survival," developed by Century Huatong's subsidiary, has generated over 3.5 billion USD (approximately 24.9 billion CNY) in global revenue, leading the overseas mobile game revenue charts for 15 consecutive months [5]. - Another game, "Kingshot," has also performed well, accumulating over 400 million USD (approximately 2.8 billion CNY) in revenue since its launch in February [5]. - According to SensorTower, Century Huatong's subsidiary ranks second in global revenue among Chinese mobile game publishers, only behind Tencent [6].

Group 1 - The company ST Huadong (002602.SZ) has received approval from the Shenzhen Stock Exchange for its application to revoke other risk warnings [1] - The company's stock will be suspended for one day on November 11, 2025, and will resume trading on November 12, 2025 [1] - The stock's name will change from "ST Huadong" to "Century Huadong," while the stock code will remain "002602" [1] - Following the revocation of other risk warnings, the daily price fluctuation limit for the company's stock will increase from 5% to 10% [1]

Core Viewpoint - Century Huatong has successfully applied to revoke its other risk warnings, which has been approved by the Shenzhen Stock Exchange, marking a significant improvement in the company's governance and risk control levels [1][2]. Group 1: Company Announcement - Century Huatong announced on November 10 that its application to revoke other risk warnings has been approved by the Shenzhen Stock Exchange [1]. - The company confirmed compliance with the conditions for revoking the risk warnings after a self-inspection on November 7 [1]. - The stock will be suspended for one day on November 11, 2025, and will resume trading on November 12, 2025, with the stock name changing from "ST Huatong" back to "Century Huatong" [1]. - Following the revocation, the daily price fluctuation limit for the stock will increase from 5% to 10% [1]. Group 2: Financial Performance - In Q3 2025, Century Huatong's revenue exceeded 10 billion yuan for the first time, achieving a record net profit [2]. - For the first three quarters of 2025, the company reported revenue of 27.223 billion yuan, net profit of 4.357 billion yuan, and operating cash flow of 6.278 billion yuan, surpassing the total figures for 2024 and setting a historical high [2]. - The company's market capitalization increased from 38.2 billion yuan to 130.8 billion yuan compared to the same period last year, as of the close on November 10, 2025 [2].

Investment Rating - The report maintains a "Buy" rating for the media industry, indicating a positive outlook for the sector [6][34]. Core Insights - The media industry saw a slight increase of 0.16% in the week from November 1 to November 7, 2025, ranking 18th among various industries. Notable performers included China Film, Jishi Media, and Chinese Media, with Baidu Group-SW and NetEase-S showing strong weekly gains in the Hang Seng Technology Index [10][16]. - The report emphasizes the potential in AI applications and cultural exports, particularly focusing on sub-sectors such as gaming, IP, short dramas, and publishing [4][34]. Summary by Sections Market Performance - The media industry experienced a weekly increase of 0.16%, while the Shanghai Composite Index rose by 1.08% and the Shenzhen Component Index by 0.19%. The gaming sector saw a decline of 0.29%, while the film and television sector increased by 2.49% [10][12]. Key Industry Data - **AI Applications**: In October, the top five AI applications globally were ChatGPT, Doubao, Quark, Baidu Cloud, and Gemini. Doubao led domestic applications with a monthly active user (MAU) count of 159.41 million, reflecting a 6.28% month-over-month growth [20][21]. - **Gaming**: The iOS gaming sales chart for November 6, 2025, was topped by "Honkai: Star Rail," followed by "Honor of Kings" and "Delta Force." The report also noted the upcoming release of seven new games between November 13 and November 15 [23][25]. - **Film**: The total box office for the week was 207 million yuan, with "Improv Murder" leading at 42.11 million yuan, accounting for 20.3% of the weekly total. Upcoming films include "Demon Slayer: Infinity Castle Chapter" and "Now You See Me 3" [27][28][31]. Investment Recommendations - The report suggests focusing on themes such as AI applications and cultural exports, with specific attention to companies like Giant Network, Kaiying Network, and Perfect World among others [4][34].

Core Points - ST Huatuo (002602) announced that its stock will be suspended for trading on November 11, 2025, and will resume trading on November 12, 2025 [1] - The company will remove other risk warnings, changing its stock name from "ST Huatuo" to "Century Huatuo," while the stock code remains "002602" [1] - Following the removal of risk warnings, the daily price fluctuation limit for the company's stock will increase from 5% to 10% [1]

Core Insights - The number and scale of offline gaming-themed events have significantly increased this year, showcasing broad economic and social impacts, with attendance at events like ChinaJoy exceeding 400,000 and participation from nearly 800 companies across various sectors [1][3][31] - Game exhibitions have evolved into comprehensive economic ecosystems, driving new productivity through technology releases, cross-industry collaborations, and consumer engagement, with major players like Xbox, Nintendo, and Tencent showcasing a plethora of products [3][5][25] - The integration of advanced technologies such as AI, XR, and cloud computing into gaming exhibitions highlights their role as platforms for future digital innovations, with events like ChinaJoy introducing next-generation entertainment experiences [5][25][28] Industry Trends - Game exhibitions are becoming vital platforms for non-gaming companies to penetrate Gen Z culture, with traditional brands successfully launching gaming IP collaborations to attract younger consumers [7][25] - The rise of independent games is notable, with the number of showcased indie titles at events like BW tripling compared to four years ago, reflecting a diverse and vibrant gaming ecosystem [3][5] - The global gaming market is projected to reach $188.8 billion in 2025, with a 3.4% year-on-year growth, indicating a robust demand for gaming products and experiences [31][33] Economic Impact - Game exhibitions are pivotal in driving local economies, with events like ChinaJoy generating approximately 661 million yuan in surrounding service consumption, and the Cologne Game Show transforming the city into an immersive entertainment space [33][34] - The synergy between gaming and urban economies is evident, as gaming events stimulate related sectors such as hospitality and transportation, creating significant multiplier effects [33][34] - The cultural significance of gaming is growing, with events fostering community engagement and youth culture, as seen in the popularity of esports and gaming-related activities [35][38] International Dynamics - Chinese gaming companies are increasingly participating in international exhibitions, with nearly 110 firms attending the Tokyo Game Show in 2025, marking a significant rise from previous years [12][28] - The differentiation between domestic and international gaming events is becoming more pronounced, with overseas shows like Gamescom emphasizing high internationalization and technological foresight, while domestic events focus on user experience and market conversion [28][30] - The evolution of gaming exhibitions from product showcases to cross-industry platforms reflects the growing importance of gaming as a cultural and economic driver in the digital age [29][30]

胡璇 腾讯研究院高级研究员 吕嘉怡 腾讯研究院助理研究员 今年，游戏主题线下活动的数量与规模显著提升，释放出广泛的经济与社会影响力。 参观人次突破40万 的ChinaJoy现场聚集十余个领域的近800家企业，老凤祥、雅迪等传统品牌穿上"二次元"新衣，连接年轻 市场；2025年王者荣耀十周年庆城市派对点燃京城商圈，KPL梦之队快闪店联名商品供不应求；在多达 4100个的东京电玩展 （ Tokyo Game Show,TGS ） 展位中，不同国籍文化背景的玩家们在国产游戏展台 前驻足，体会着相通的情感语言；在德国科隆，来自128个国家和地区的35.7万名游戏爱好者汇聚一堂， 在河畔公园住上欧洲最大的游戏迷露营地，享受科隆城市文化节音乐之夜。从上海到科隆，从室内展馆 到开放公园，这些分布在世界各地的火爆场景，正是游戏经济蓬勃发展的生动切片。 游戏展会众生相： 大家都在"玩"什么？ 游戏展会已不再是游戏行业与爱好者的闭门聚会，而恰似一个包罗万象、驱动新质生产力的微缩经济 体：在这里，技术发布引领着千亿规模的硬件市场走向；跨界融合催生出全新的消费场景与品牌增长 极；玩家的热情则直接转化为门票、周边与城市文旅的消费动力， ...