Funko (FNKO) Q1 2025 Earnings Call May 08, 2025 04:30 PM ET Speaker0 Good afternoon, and welcome to Funko's twenty twenty five First Quarter Financial Results Conference Call. At this time, all participants are in listen only mode. Later, we will conduct a question and answer session and instructions will follow at that time. Please be advised that reproduction of this call in whole or in part is not permitted without written authorization from the company. As a reminder, this call is being recorded. I will ...

Group 1 - The gaming industry is gaining recognition as a significant cultural force, highlighted by Game Science's achievement of the "Chinese Youth May Fourth Medal" for "Black Myth: Wukong" [2] - The Ministry of Education has officially included the game art design major in the "Directory of Undergraduate Majors in General Higher Education," indicating the formal entry of gaming into higher education [2][3] - By April 2025, over 500 games are expected to receive licenses, further demonstrating the industry's growing acceptance [2] Group 2 - Historically, gaming faced criticism, especially during the rise of online gaming in internet cafes, leading to a negative societal perception [3][4] - The complexity of educational backgrounds among gaming professionals is evident, with many coming from diverse fields such as computer science, management, and literature [5][7] - The establishment of game design programs is crucial for nurturing talent in the gaming industry, which is increasingly recognized for its economic contribution [7][8] Group 3 - The international trade landscape is shifting, and gaming, as a virtual product, is positioned to fill gaps left by traditional exports [8][9] - In 2024, China's self-developed games' overseas sales grew by 13.39%, significantly outpacing the global market growth of 3.31% [9] - Major markets for Chinese mobile games include the United States, Japan, and South Korea, with respective revenue shares of 31.06%, 17.32%, and 8.89% [9] Group 4 - The gaming industry is becoming a new cultural ambassador for China, enhancing the country's soft power through cultural exports [10][11] - The gaming sector is increasingly seen as a vital part of the economy, with the Ministry of Commerce advocating for the development of the gaming export business [11] - Major gaming companies are implementing self-regulation measures to address societal concerns, such as limiting gaming time for minors [12][13] Group 5 - Leading companies like Tencent, NetEase, and miHoYo are benefiting significantly from the gaming industry's expansion, with Tencent's gaming revenue reaching 197.7 billion yuan in 2024, a 9.9% increase [15] - Tencent's international market revenue for the fourth quarter of 2024 was 16 billion yuan, marking a 15% year-on-year growth [15] - Other companies, such as DotDot Interactive and Lemon Microfun, are also achieving success in the overseas market, with DotDot's "Whiteout Survival" becoming a top-grossing mobile game [18]

Core Insights - The game "Brave Land" officially launched as one of the first 100 games adapted for the HarmonyOS PC system, showcasing the potential for collaboration between domestic games and independent operating systems [1] - The adaptation process involved deep optimization for HarmonyOS's distributed architecture and low-latency rendering, resulting in a 30% improvement in frame rate stability during large-scale battles [2] - The two-year anniversary celebration introduced new content and rewards, including a new map and hero, while also promoting the game through pre-installation in HarmonyOS stores [4] - The collaboration between "Brave Land" and HarmonyOS is seen as a benchmark for domestic game and operating system innovation, potentially paving the way for more developers to engage in similar partnerships [6] - The growth trajectory of "Brave Land" aligns with the development of domestic operating systems, highlighting a dual drive of technological independence and content innovation [7] Group 1 - "Brave Land" is one of the first games to adapt to the HarmonyOS PC system, indicating a significant step for domestic gaming and operating systems [1] - The game achieved a 30% increase in frame rate stability for large-scale battles due to optimizations for HarmonyOS [2] - The two-year anniversary event introduced new gameplay features and rewards, enhancing player engagement [4] Group 2 - The partnership between "Brave Land" and HarmonyOS represents a model for domestic game and operating system collaboration [6] - The evolution of "Brave Land" reflects the broader development of domestic operating systems, emphasizing the importance of technological and content innovation [7]

Core Points - Rockstar Games has announced the delay of Grand Theft Auto VI (GTA 6) to May 26, 2026, from its original release date in Fall 2025 [2][5] - The company expressed gratitude for the fans' support and emphasized the need for additional time to ensure a high-quality game [3][4] - The announcement led to a decline in the stock price of its parent company, Take-Two Interactive, and sparked dissatisfaction among fans who anticipated the game's release as a major event in the gaming industry [5][6] Group 1 - The delay of GTA 6 is seen as a continuation of Rockstar's history of postponing game releases to ensure quality, with every major open-world game from the company having been delayed at least once in the past 20 years [8][55] - The company released a second teaser for GTA 6 four days after the delay announcement, which provided more information about the game's story but did not fully quell the backlash from fans [6][7] - The gaming community has a mixed reaction to the delay, with some understanding the need for quality assurance while others express disappointment [28][39] Group 2 - The delay of GTA 6 may provide breathing room for other game developers planning releases in the latter half of 2025, as they no longer have to compete directly with such a high-profile title [57][58] - The postponement is expected to lead to increased speculation and discussions about GTA 6 in the coming year, which may be frustrating for fans [59]

Group 1 - The game "It Takes Two" developer Hazelight Studios announced that its new cooperative game "A Way Out" has surpassed 4 million copies sold since its release on March 6, indicating strong market performance, especially in China [1] - "A Way Out" achieved 1 million sales within the first two days, significantly faster than its predecessor, which took nearly a month to reach the same milestone [1] - The success of "A Way Out" highlights the enduring appeal of high-quality game IPs and may influence market strategies for game developers and investor expectations for future product lines [1] Group 2 - Xishanju's MMO mobile game "Jianxia Qingyuan Zero" is set to launch a full-platform public test on May 29, featuring innovative gameplay elements such as AI management and customizable character creation [2] - The announcement of the public test date is expected to attract a broader user base and increase market interest in Xishanju's future products, potentially influencing the development strategies of similar MMO mobile games [2] Group 3 - Sensor Tower reported that in April 2025, 33 Chinese mobile game publishers made it to the global revenue ranking, collectively earning $2 billion, which accounts for 38.4% of the total revenue of the top 100 mobile game publishers worldwide [3] - Leading companies such as Tencent, NetEase, and Mihayou continue to dominate the revenue rankings, reflecting the competitive strength of Chinese game publishers in international markets [3] - This performance may prompt investors to pay closer attention to the overseas business prospects of these companies and provide confidence for future international market expansion [3] Group 4 - Valve's Steam platform revealed that "Light and Shadow: Expedition 33" topped the sales chart, outperforming "The Elder Scrolls IV: Oblivion Remastered," indicating strong market interest in specific game genres [4] - In the Chinese market, "Light and Shadow: Expedition 33," "Mingmo: The Feather of Abyss," and "A Way Out" ranked among the top three in sales, showcasing the popularity of these titles [4] - This trend may guide investors to focus on the future product strategies of the game developers and publishers involved, providing insights into the types of games that resonate with consumers [4]

Summary:⚈ TTWO could hit $364.68 by GTA 6 launch if it mirrors GTA 5 gains⚈ Post-launch, stock may rise to $493.19 by mid-2027 with similar momentum⚈ Retail investor influence may amplify price swings around GTA 6 releaseTake-Two Interactive (NASDAQ: TTWO) stock’s 2.89% climb on May 6 session and 1.78% May 7 pre-market rally on the release of the Grand Theft Auto VI (GTA 6) trailer 2 demonstrated the video game’s potential to serve as a powerful bullish catalyst even after Rockstar announcing another delay ...

上个月上市游戏公司陆续公布了2024年的业绩年报，游戏新知统计了63款游戏的年流水、收入及推广销售费用数据。 （注：披露流水的厂商包括研发商、发行商和IP授权方，比如盛天网络。披露流水亦不代表产品的总流水情况，比如中青宝联运的《阴阳师》仅代表自身 渠道的运营数据、冰川网络分开了游戏的海内外版本进行数据披露、星辉娱乐则合并了多地区版本的运营数据。） 统计对象中的新品不算多。其中SLG产品的营收水平依然一骑绝尘，代表性厂商神州泰岳和IGG都出现了营收和利润的同步增长，前者的王牌产品仍在发 力，而后者的2款新品也出现了收入的增长。另外一些像是捕鱼等存量产品也守住了自己的领地。 小游戏作为热门赛道促成了不少爆款。比如在中青宝、掌趣科技、冰川网络的营收结构中，小游戏都成为了主要产品之一。此外依然有富春股份等游戏公 司在财报中表露出对小游戏赛道的看重和投入。 | | | | 2024年游戏流水&收入&推广费用 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 制图:游戏新知(youxixinzhi) | | | | | | | 序号 披 ...

Core Viewpoint - Sanqi Interactive Entertainment has faced continuous pressure on its performance, with its revenue and market value lagging behind ST Huatuo in 2024, losing its position as the leader in the A-share gaming industry [1][4]. Group 1: Financial Performance - In Q1 2025, Sanqi Interactive reported a revenue of 42.43 billion yuan and a net profit attributable to shareholders of 5.49 billion yuan, representing a year-on-year decline of 10.67% and 10.87% respectively [4][11]. - For the full year 2024, the company achieved a revenue of 174.41 billion yuan, marking a new high but with a significant slowdown in growth; net profit remained flat at 26.73 billion yuan [4][11]. - The company's overseas revenue in 2024 was 57.22 billion yuan, a decrease of 1.47% year-on-year, reducing its share of total revenue from 35.1% to 32.81% [4]. Group 2: Market Position and Competition - ST Huatuo's revenue surged by 70% in 2024, surpassing 200 billion yuan for the first time, thus taking the lead in the industry [4]. - Sanqi Interactive's gaming business shows a clear trend of "heavy on user acquisition, light on R&D," with over 90% of its sales expenses attributed to internet traffic costs, amounting to 91.51 billion yuan, which is 14 times its R&D expenses [9]. Group 3: Regulatory Issues - Sanqi Interactive is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, with no conclusive results as of now [10][11]. - The company's stock price has plummeted from a high of 33.94 yuan in June 2023 to below 12 yuan, reflecting a loss of nearly half its market value in less than two years [11]. Group 4: R&D and Employee Trends - The number of R&D personnel at Sanqi Interactive has decreased from 1,654 in 2022 to 1,318 in 2024, a decline of 10.40%, while the proportion of R&D staff in total employees fell from 46.57% to 40.57% [9]. - In contrast, ST Huatuo maintained a stable number of R&D personnel at around 2,200, with an increasing proportion of R&D staff [9].

5月7日，SensorTower微信公众号发布2025年4月中国手游发行商全球收入排行榜。数据显示，4月，共 有33家中国厂商入围全球手游发行商收入榜TOP100，合计收入20亿美元，占本期全球TOP100手游发行 商收入的38.4%。其中，腾讯、点点互动、网易、米哈游和柠檬微趣占据中国手游发行商收入榜前5 名。具体来看，《王者荣耀》4月全球收入增长71%，重回全球手游收入榜首，带动腾讯手游收入提升 10%。点点互动手游《Kingshot》自2月下旬上线以来收入持续高速增长，4月上涨209%，成为继爆款手 游《Whiteout Survival》之后的全新增长点，推动发行商本期收入提升5%。(上证报) ...

智通财经APP获悉，Sensor Tower商店情报平台显示，2025年4月共33个中国厂商入围全球手游发行商收入榜TOP100，合计吸金20亿美元，占本期全球 TOP100手游发行商收入38.4%。腾讯(00700)、点点互动、网易(09999)、米哈游和柠檬微趣依旧占据中国手游发行商收入榜前5名。 《王者荣耀》4月全球收入大幅增长71%，重回全球手游收入榜首，带动腾讯(00700)手游收入提升10%，稳居中国手游发行商收入榜冠军。该游戏的增长 源于多方面的内容更新，包括S39新赛季的开启、B.Duck小黄鸭和三丽鸥等IP联动，以及"五五开黑节"和多款新皮肤的上线。 点点互动4X策略手游《Kingshot》自2月下旬上线以来收入持续高速增长，4月暴涨209%，成为继爆款手游《Whiteout Survival》之后的全新增长点，推动 发行商本期收入提升5%，蝉联收入榜亚军。 4月米哈游《崩坏：星穹铁道》迎来上市2周年庆典，全新3.2版本"走过安眠地的花丛"和"遐蝶"、"那刻夏"等新角色正式上线，4月9日至11日该游戏连续登 顶全球手游畅销榜，本期收入激增192%，并问鼎海外手游收入榜冠军，带领发行商收入上涨 ...