Core Insights - Perfect World has launched the mobile game "Persona 5: The Phantom X" (P5X), which has received positive initial performance, particularly in the Japanese market, despite ongoing internal challenges related to anti-corruption investigations [1][32]. Group 1: Game Launch Performance - P5X was officially launched on June 26, 2023, in 102 countries and regions, achieving over 200,000 pre-registrations prior to launch [1]. - On the day before launch, P5X reached the top 20 in the iOS free game charts across 67 regions, including Japan and the US, and topped the Steam download charts [2]. - The game accumulated approximately 1.81 million downloads within the first ten days, with the highest contributions from the US (36.64%), Japan (24.47%), and Brazil (5.4%) [9]. Group 2: Revenue Trends - The first-day revenue for the Japanese server was approximately 5.03 million, peaking at 9.62 million on the second day, before stabilizing around 2.6 million [9]. - The total estimated revenue for both the Japanese and international servers is around 75.8 million, with the Japanese server contributing 73.44% of this total [11]. - The game has shown a significant decline in daily downloads and revenue after the initial surge, particularly in the international market [7][9]. Group 3: Company Financials and Challenges - Perfect World reported a revenue of 7.79 billion in 2023, a decrease of 7.91% year-on-year, with a net profit of 491 million, down 69.21% [20]. - For 2024, the company anticipates a further decline in revenue to 5.57 billion, representing a 28.5% decrease, and a net loss of 1.29 billion [21]. - The company has faced increased competition in the gaming market, leading to a decline in long-standing product revenues and a need for better market foresight [20][22]. Group 4: Strategic Adjustments - In response to financial challenges, Perfect World has focused on evaluating ongoing projects and has made decisions to halt underperforming titles [22]. - The company has reduced its workforce significantly, with a decrease of 1,849 employees by the end of 2024 [24]. - Perfect World is also increasing its overseas revenue share, which currently stands at less than 15%, with P5X and other upcoming titles expected to play a crucial role in this strategy [24][32].

Core View - Company is expected to report 2Q25 results in late August 2025, forecasting an 11% YoY topline growth and a 16% YoY increase in pure online game revenue, which is slightly below consensus estimates [1][3] - Anticipated strong performance in PC games with a 67% YoY growth to RMB7.6 billion, while mobile game revenue is expected to remain flat YoY at RMB14.8 billion [1][3] - Adjusted net profit is projected to rise 28% YoY to RMB10.0 billion, exceeding consensus by 4%, with a forecasted 20% YoY growth in adjusted profit for 2025 to RMB40.3 billion [1][2] Revenue Forecast - Total revenue for 2Q25 is modeled to increase by 11% YoY to RMB28.2 billion, which is 1% below consensus [3] - Pure online game revenue is expected to jump 16% YoY to RMB22.4 billion, also 2% below consensus [3] - Cash revenue is forecasted to grow 17% YoY to RMB20.6 billion [1][3] Game Pipeline and Growth Drivers - The company is expected to experience a relatively light game pipeline in 2025, with key launches including "Marvel Mystic Mayhem" and "Supervive" [2] - Sustainable profitable growth is anticipated due to stable existing game franchises, channel optimizations, and a structural shift in game revenue mix [2] - The company is expected to achieve a gross profit margin (GPM) of 63.8% and an adjusted net profit margin (NPM) of 35.4%, both exceeding market expectations [3] Valuation and Target Price - The company maintains a BUY rating with an increased target price of US$150.0/HK$236.0, based on various valuation components including adjusted EPADS and stakes in Youdao and Cloud Music [4]

Core Insights - The summer game release schedule for 2025 is less competitive compared to previous years, with fewer standout titles expected to dominate the market [1] - A significant trend in the gaming industry for 2024 is a reduction in R&D spending, with approximately 67.6% of listed game companies cutting their development budgets by an average of 20.79% year-on-year [1] - Despite the reduced competition, there are still several promising titles in the 2025 summer lineup that have the potential to become hits [1] Industry Trends - The gaming industry is experiencing a "development contraction" trend, leading to reduced R&D expenditures among companies [1] - The impact of this contraction on the market is expected to have a delayed effect, suggesting that the current lineup may still yield successful titles despite the overall trend [1] Upcoming Titles - Notable titles for the 2025 summer release include: - "解限机" by 西山居, which has already shown strong performance with over 130,000 concurrent players on its launch day [5] - "远光84" by 莉莉丝, which aims to innovate within the shooting genre with new gameplay mechanics [10] - "碳碳岛" by 腾讯游戏, a low-carbon environmental management game that emphasizes educational elements [12] - "明末:渊虚之羽" by 灵泽科技, anticipated to be a leading title in the single-player market [19] Market Dynamics - The competitive landscape is shifting, with major companies like 腾讯 and 网易 adopting more conservative strategies in their game releases for 2025 [16][24] - The industry is witnessing a potential stagnation in gameplay innovation, as companies focus on refining existing concepts rather than introducing groundbreaking new ideas [47] - There is a growing interest in exploring new game genres and mechanics, particularly in response to the evolving demands of players and the influence of AI technology [47]

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 | 指数名称 | | 收盘 | 涨跌幅(%) | | --- | --- | --- | --- | | 道琼斯 | | 30,772.79 | -0.67 | | 标普 | 500 | 3,801.78 | -0.45 | | 纳斯达克 | | 11,247.58 | -0.15 | | 德国 | DAX | 12,756.32 | -1.16 | | 富时 | 100 | 7,156.37 | -0.74 | | 日经 | 225 | 26,643.39 | 0.62 | | 恒生指数 | | 24,148.07 | 1.09 | 资料来源：Wind,中原证券 资料来源：Wind,中原证券 -7% -2% 4% 10% 16% 22% 28% 34% 2024.07 2024.11 2025.03 2025.07 上证指数 深证成指 | 国内市场表现 | | | | | | --- | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅 ...

Company Performance - Roblox closed at $104.94, down 2.62% from the previous trading session, underperforming the S&P 500 which lost 0.07% [1] - Over the past month, Roblox shares gained 15.35%, outperforming the Consumer Discretionary sector's gain of 5.29% and the S&P 500's gain of 3.94% [1] Earnings Projections - Roblox is set to release earnings on July 31, 2025, with projected EPS of -$0.36, indicating a 12.50% decline from the same quarter last year [2] - Revenue is expected to reach $1.22 billion, reflecting a 27.52% increase compared to the equivalent quarter last year [2] Annual Estimates - For the annual period, Zacks Consensus Estimates predict earnings of -$1.38 per share and revenue of $5.43 billion, representing increases of 4.17% and 24.22% respectively from the previous year [3] Analyst Sentiment - Changes in analyst estimates for Roblox are crucial as they reflect near-term business trends, with upward revisions indicating positive sentiment towards the company's operations [3] Zacks Rank and Performance - The Zacks Rank system, which evaluates estimate changes, currently ranks Roblox as 2 (Buy), with a 2% increase in the consensus EPS estimate over the last 30 days [5] - Historically, 1 ranked stocks in the Zacks Rank system have yielded an average annual return of +25% since 1988 [5] Industry Context - The Gaming industry, part of the Consumer Discretionary sector, holds a Zacks Industry Rank of 67, placing it in the top 28% of over 250 industries [6] - Strongly rated industries, particularly those in the top 50%, tend to outperform weaker ones by a factor of 2 to 1 [6]

2025.07. 08 据红星新闻，7月8日上午，四川泸州市中级人民法院第十四审判庭座无虚席，备受关注的29名原告 诉被告童某荣、财付通支付科技有限公司、广州网易计算机系统有限公司一案二审开庭，庭审一直持 续到8日13时许结束，法庭宣布休庭。 ▲童敏生前照片 此前，泸州市江阳区人民法院一审判决，驳回原告李某学等29人的诉讼请求、驳回第三人李某华的 诉讼请求。随后，29名原告提出上诉。 据了解，29名原告称被童某荣的女儿童敏诈骗了几千万元。 童敏 是四川泸州人，生前曾任泸州某知名民办学校校长。在担任校长期间，童敏欺骗丈夫、父母及 其他亲朋好友，谎称其供职的名校要建设幼儿园、培训学校或后勤配送公司等项目，有投资入股的机 会，以要求签订保密投资协议的方式，欺骗29人将巨额资金交付至其手上， 其涉案款项不少被用于 网络游戏充值。童敏生前因涉嫌合同诈骗案被立案，于2021年5月跳江自杀身亡，此案撤销。 童某 荣是童敏的父亲，也是其遗产继承人。 在二审庭审中， 上诉人撤回对财付通支付科技有限公司的一审起诉和上诉，主要诉请广州网易公司 返还童敏游戏充值款项给童某荣，然后由童某荣还给受害人。 本文字数：1079，阅读时长大约 ...

Core Viewpoint - Crédit Agricole Assurances is launching an accelerated bookbuilding offering to sell its entire stake in FDJ United, which amounts to approximately 3.3% of the company's share capital and 4.5% of its voting rights [1][2]. Group 1: Company Overview - Crédit Agricole Assurances currently holds 6,110,156 shares of FDJ United, an international gaming operator, and has been a shareholder since its IPO in November 2019 [2]. - The company has supported FDJ United's development, including its recent acquisition of Kindred [2]. - Following the completion of the placement, Crédit Agricole Assurances will no longer hold any shares in FDJ United [2]. Group 2: Offering Details - The placement will commence immediately after the announcement, with final terms to be determined post-bookbuilding process [3]. - Settlement of the placement is expected to occur on 11 July 2025 [3]. - The shares of FDJ United are listed on the regulated market of Euronext in Paris [3]. Group 3: Regulatory and Market Context - The offering is directed exclusively at institutional investors and does not constitute a public offering in any jurisdiction, including France [4][7]. - Crédit Agricole Corporate and Investment Bank and Morgan Stanley Europe SE are acting as Global Coordinators and Bookrunners for the placement [4].

Company Performance - Roblox shares have increased by 15.4% over the past month, reaching a new 52-week high of $108, and have gained 86.2% since the start of the year, outperforming the Zacks Consumer Discretionary sector (11.7%) and the Zacks Gaming industry (14.1%) [1] - The company has consistently beaten earnings estimates, reporting an EPS of -$0.32 against a consensus estimate of -$0.41 in its last earnings report [2] Financial Projections - For the current fiscal year, Roblox is expected to post earnings of -$1.38 per share on revenues of $5.43 billion, reflecting a 4.17% change in EPS and a 24.22% change in revenues [3] - In the next fiscal year, the company is projected to earn -$1.14 per share on revenues of $6.52 billion, indicating year-over-year changes of 17.03% in EPS and 20.17% in revenues [3] Valuation Metrics - Roblox has a Value Score of F, while its Growth and Momentum Scores are A and B, respectively, resulting in a VGM Score of B [6] - The company currently holds a Zacks Rank of 2 (Buy), supported by a solid earnings estimate revision trend, suggesting potential for further stock price appreciation [7] Industry Comparison - The Gaming industry is positioned in the top 28% of all industries, indicating favorable conditions for both Roblox and its peers, such as Electronic Arts Inc. (EA), which also has a Zacks Rank of 2 (Buy) [10] - Electronic Arts Inc. is expected to post earnings of $8.22 per share on revenues of $7.88 billion for the current fiscal year, having beaten consensus estimates by 38.74% last quarter [9]

New York City casino bidders have released projections suggesting their resorts could be among the most lucrative in the world https://t.co/H3TaSwpjyo ...

Core Viewpoint - Lottery.com Inc. has rebranded as SEGG Media Corporation, marking a significant corporate transformation and signaling a new era of growth in sports, media, and ethical gaming [3][4] Group 1: Corporate Transformation - The rebranding represents a definitive closure of legacy issues and positions SEGG Media for future growth [4] - SEGG Media is now structured to operate as a global sports and entertainment conglomerate [4] Group 2: Strategic Architecture - SEGG Media operates through three synergistic verticals: Sports, Entertainment, and Lottery, designed for global expansion and long-term shareholder value [5][10] - The company aims to create a fan-first business model that integrates immersive media and technology-driven experiences [6] Group 3: Content and Engagement - SEGG Media plans to redefine audience connections through original content, influencer campaigns, and innovative storytelling [7] - The company will focus on acquiring and revitalizing trophy assets, such as sports clubs and race teams, to unlock their value [7] Group 4: Financial Strategy - The company has stabilized its operations and balance sheet, appointed world-class leadership, and secured a $300 million equity line of credit [11] - Future plans include revenue-focused execution, responsible credit use, and strategic acquisitions to enhance market capitalization [15] Group 5: Future Outlook - SEGG Media is poised for major updates and aims to compete with larger entities by leveraging technology and ethical values [12]