南方财经记者郑玮 实习生王硕 广州报道 《明末：渊虚之羽》《黑神话：悟空》《苏丹的游戏》《七日世界》《永劫无间》《英勇之地》《猛兽派对》《吾今有世家》……最近，登录STEAM平台 的游戏玩家何为（化名）在平台热销游戏TOP100榜单中看到了多款国产游戏的身影。在这个全球知名的游戏平台上，在线峰值玩家人数超过3720万人。 "可以明显感觉到，这几年在海外平台能看到的国产游戏越来越多了。特别是小游戏，国内有很多独立游戏工作室在做。"何为告诉南方财经全媒体记者。何 为的感受在数据层面也得到验证：《2024年中国游戏出海研究报告》统计数据显示，2024年中国自主研发游戏在海外市场的实际销售收入达到185.57亿美 元，同比增长13.39%。 朝向这片颇具潜力的蓝海，嗅到风口的省份已经开始落地新的支持政策。据南方财经全媒体记者不完全统计，2025年以来，国家发展改革委、工信部、商务 部等多部委均发布政策提到发展游戏出海业务、支持网络出版企业开展国际交流与合作等，同期浙江、广东等游戏产业集聚省份也先后出台新政，推出多类 措施支持游戏产业出海开拓新市场。 其中，组团式合作出海成为多地政策的引导方向。多位受访企业及产业协会负 ...

Group 1 - The A-share gaming sector experienced a rise after a low opening, with the gaming ETF (159869) increasing by nearly 1% [1] - The Ministry of Commerce announced key cultural export enterprises and projects for 2025-2026, with popular games like "Genshin Impact" and "Arknights" included [1] - A total of 16 game titles were selected as key export projects, accounting for over 13% of the total, with nearly half of these games coming from Shanghai-based companies [1] Group 2 - The gaming industry is seen as a new avenue for cultural export, effectively immersing overseas players in Chinese culture through entertainment [2] - The selected games include influential titles like "Genshin Impact" and "Mobile Legends: Bang Bang," as well as games targeting female players and casual games like "Balloon Battle" [2] - This initiative represents a new phase in cultural export through gaming, with companies expected to focus more on cultural dissemination in future overseas expansions [2]

Core Insights - AGS has been recognized as one of the Best and Brightest Companies to Work For® in the Nation and in Atlanta for the ninth consecutive year, highlighting its strong workplace culture and employee satisfaction [2][3][5] Company Recognition - The awards are based on an independent research-driven assessment of company practices and employee survey results, evaluating areas such as compensation, benefits, engagement, retention, and overall workplace well-being [3][4] - AGS received high marks for its focus on benefits, wellness, community involvement, and workplace creativity, surpassing the Best and Brightest benchmark [3] Employee Experience - The recognition reflects how employees feel about the company, indicating a consistent alignment with AGS's values over the years [4] - AGS's Metro Atlanta offices play a crucial role in its innovation and culture, contributing to both local and national recognition [4] Company Operations - AGS operates across multiple locations in the U.S., including Las Vegas, Reno, Scottsdale, Austin, and Oklahoma City, and has a global presence with teams in six countries outside the U.S. [4][6] - The company focuses on creating diverse gaming experiences and has established itself as a leading commercial gaming supplier [6]

Core Insights - GameStop Corp. (GME) is transitioning from a traditional retail model to a digital-centric approach, with a market capitalization of approximately $15.66 billion, driven by speculative interest and transformation efforts [1][4] - Boyd Gaming Corporation (BYD) operates in the casino and hospitality sector with a market cap of around $6.13 billion, reflecting steady growth as travel and leisure trends rebound [2][3] GameStop (GME) Analysis - GameStop has a loyal retail investor base and is seeing increased interest from institutional investors, which may stabilize its stock price and attract long-term capital [4] - The company is diversifying into higher-margin categories like collectibles and enhancing its digital capabilities, focusing on e-commerce and user experience [5][6] - GameStop is restructuring internationally, exiting lower-performing markets to concentrate on core operations [7] - Traditional revenue streams are under pressure, with declines in hardware and software sales due to shifting consumer preferences towards digital downloads and subscription models [8] - The Zacks Consensus Estimate for GME's fiscal 2025 sales suggests an 11.1% year-over-year decline, while EPS is expected to grow by 42.4% [13] Boyd Gaming (BYD) Analysis - Boyd's strategy emphasizes operational efficiency, margin expansion, and digital transformation, with strong adjusted EBITDA margins across its portfolio [9] - The company has entered the online gaming market through a partnership with FanDuel, enhancing its presence in sports betting and iGaming [10] - Boyd is executing long-term development projects, including significant investments in property enhancements and new resorts, while maintaining capital discipline [11] - The Zacks Consensus Estimate for BYD's fiscal 2025 sales indicates a 0.6% year-over-year increase, but EPS is expected to decline by 2.4% [14] Stock Performance Comparison - Over the past six months, GME shares have surged by 20.5%, while BYD has seen a modest gain of 2% [15][16] - GameStop trades at a forward P/E ratio of 74.49, significantly above the industry average of 31.17, indicating higher growth expectations and investor risk [17] - Boyd trades at a lower P/E ratio of 11.56, appealing to value-oriented investors [17] Investment Outlook - GameStop is positioned as a compelling investment for growth-oriented investors due to its digital transformation and rising institutional interest [19] - Boyd offers a conservative investment trajectory with strong fundamentals, making it attractive for income-focused or risk-averse investors [20]

GameStop TodayGMEGameStop$32.02 -2.99 (-8.55%) 52-Week Range$18.73▼$48.00P/E Ratio178.00Price Target$11.50Add to WatchlistAs dubious as it may seem, GameStop’s NYSE: GME shift to Bitcoin (CRYPTOCURRENCY: BTC) could pay off over time. Evidently, the gaming resale industry is dead money; investing in BTC provides a path forward, but it will be a long road to travel. The most recent news is that the company made its first purchases, about 4,700 Bitcoins for $512.6 million. Get GameStop alerts:At this pace, as ...

Financial Data and Key Metrics Changes - The company reported strong growth in Q1, with significant improvements in gross margins, particularly in the Gaming Components and Systems segment, which reached the highest levels in two years [39][41] - The overall revenue growth is expected to continue, with a focus on maintaining low expenses to achieve higher EBITDA margins [58][62] Business Line Data and Key Metrics Changes - The components business experienced notable year-over-year growth, driven by the GPU launch cycle, while peripherals also saw growth, primarily due to the Fanatec acquisition [6][44] - The peripherals segment showed strong double-digit growth throughout 2024, although growth slowed slightly in Q1 compared to previous quarters [42][44] Market Data and Key Metrics Changes - The gaming market continues to expand, with younger demographics spending more time gaming, which supports the company's growth [10][24] - The acquisition of Fanatec is expected to enhance market share in the racing sim products sector, which has a total addressable market exceeding $1 billion [45][52] Company Strategy and Development Direction - The company is focusing on customization and AI integration in its products, aiming to enhance customer experience and product offerings [27][30] - The leadership transition to Tee La is anticipated to bring a stronger emphasis on customization and AI, leveraging her extensive experience within the company [26][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience to macroeconomic volatility, citing the ongoing GPU cycle as a significant tailwind [23][24] - The company is well-positioned to navigate tariff uncertainties, having already moved much of its production outside of China [16][19] Other Important Information - The company has a low net debt position and is focusing on growing revenue without significantly increasing expenses, which is expected to improve margins [62][63] - The integration of Fanatec into the company's systems has been completed, and there are plans to expand its market reach beyond direct-to-consumer sales [52][53] Q&A Session Summary Question: What impact have tariffs had on the business? - The company has minimized direct shipments from China, with only 19% of US products coming from there, and expects this to decrease to mid-single digits by year-end [16][17] Question: How does the company view its competitive position regarding sourcing? - The company believes it is in a better position than competitors due to its proactive measures in moving production out of China [20][21] Question: How resilient is the business to macroeconomic conditions? - Management noted that economic uncertainty often leads consumers to spend more time gaming at home, which can positively impact peripheral sales [24][25] Question: What changes can be expected under the new CEO? - Tee La is expected to emphasize customization and AI integration, building on her long-standing role within the company [26][28] Question: What is the outlook for the GPU cycle? - The GPU cycle is a significant driver for new PC builds, and the current launch is expected to spur additional revenue as demand exceeds supply [31][34] Question: How does the company plan to achieve higher EBITDA margins? - The strategy involves growing revenue while controlling expenses, particularly by focusing on higher-margin peripheral products [58][60]

Core Insights - BetMGM has entered into a partnership with the Las Vegas Aces, becoming the exclusive online casino and sportsbook partner for the WNBA team through the 2027 season, marking its first major collaboration with a women's professional sports franchise [1][2][3] - The partnership includes various promotional activities, such as signage at the Michelob ULTRA Arena, sponsorship on Aces' social media, and exclusive experiences for BetMGM players [1][2] - BetMGM will also serve as an authorized gaming partner of the WNBA, gaining commercial inventory on nationally televised games and the rights to co-branded content [2][3] Partnership Details - The "BetMGM Steals for Meals" program will donate $50 to The Just One Project for every steal made by the Aces during home games, aimed at supporting food-insecure families [3][4] - BetMGM plans to launch a WNBA-branded online slot game, which will be the first-ever WNBA online casino game, available exclusively on its platform [2][3] Market Growth - BetMGM reported a 133% year-over-year growth in betting on the WNBA during the 2024 season, reflecting the increasing popularity of women's sports [4] - The WNBA has seen significant growth in fan engagement, and BetMGM aims to leverage this momentum by expanding its betting markets and enhancing fan experiences [5] Company Background - BetMGM is a leading sports betting and gaming entertainment company, formed through a partnership between MGM Resorts International and Entain Plc, and has exclusive access to MGM's U.S. sports betting and online gaming operations [7] - The Las Vegas Aces have achieved notable success, including back-to-back WNBA Championships in 2022 and 2023, and have established a strong fan base, selling out their season ticket allotment in 2024 [8][9]

Company Poised to Execute on Five-Year Growth Plan Across Lottery, Sports and Entertainment VerticalsFORT WORTH, Texas, May 28, 2025 (GLOBE NEWSWIRE) -- Lottery.com Inc. (Nasdaq: LTRY, LTRYW) (“Lottery.com” or the “Company”), a leading technology company in digital lottery, sports and entertainment, announces that its registration statement on Form S-1 has been declared effective by the U.S. Securities and Exchange Commission as of May 14, 2025. This milestone unlocks access to a previously announced $100 m ...

Core Viewpoint - SharpLink Gaming has transformed from a struggling online marketing company to a potential leading publicly-traded Ethereum proxy, following a significant stock surge of 1,067% after announcing a $425 million private placement to adopt Ethereum as its primary treasury reserve asset [1] Financial Performance - SharpLink's revenues have decreased by 31%, from $5.0 million to $3.4 million over the past 12 months, underperforming the S&P 500's growth rate of 5.5% [2] - Quarterly revenues have dropped by 24.0%, from $0.976 million a year ago to $0.742 million in the most recent quarter [2] Profitability Metrics - The company reported an Operating Income of -$4.0 million, resulting in an Operating Margin of -116.8%, compared to 13.2% for the S&P 500 [3] - SharpLink's Operating Cash Flow (OCF) was -$4.0 million, yielding an OCF Margin of -117%, while the S&P 500 has an OCF Margin of 14.9% [3] - The Net Income of -$3.2 million indicates a Net Income Margin of -94.1%, contrasting with the S&P 500's 11.6% [3] Strategic Transformation - The $425 million raise positions SharpLink as a publicly-traded Ethereum vehicle, akin to MicroStrategy's role as a Bitcoin proxy, with a more integrated approach through leadership from Joseph Lubin and backing from major crypto venture capital firms [4] - The focus on sports betting and iGaming industries may benefit from blockchain integration, particularly with support from the Ethereum ecosystem [4]

作 者丨吴立洋,实习生隆欣玲 编 辑丨肖潇 研究员注意到，社交，是当前未成年人在游戏体验中非常重视的一环，通过游戏与朋友、同学 共同娱乐，乃至在游戏外的时间相互分享，已成为推动未成年人尝试游戏的重要因素。但另一 方面， 由于互联网本身内容繁杂、参与者众多的特殊情况，社会经验相对较浅的未成年人在 游戏中进行社交时，也可能面临不良信息骚扰、个人信息泄露、点击外部风险链接等安全问 题。 在《移动互联网未成年人模式建设指南》（以下简称《指南》）中，也就社交相关功能提出了 具体且明确的要求，包括游戏厂商在内的互联网服务提供者有义务保护未成年人用户在使用过 程中不受不良信息的影响，并在受到社交相关负面威胁时给予便捷救济。 在今年升级的5.0测评指标中，未成年人在游戏过程中的社交保护机制建设成为了课题组新增 的重点关注方向。 测评结果： 本次测评中，2 0款游戏AP P平均分为7 8 . 3 0分，其中得分最高是9 5分的《王者荣 耀》和《我的世界》，得分最低为6 8分的《云海之下》与《开心消消乐》。 本次测评，研究员模拟未成年人的实际游戏流程，在未成年人可游玩时间段内，对测评手游的 防沉迷机制进行实测，分别从受测手游防沉 ...