Group 1 - Tencent's game "Dark Zone Breakthrough: Infinite" officially launched its domestic server, filling a gap in the hardcore military online game segment and enhancing Tencent's shooting game portfolio [1] - The game adopts a free-to-play model and emphasizes "extraction-style shooting" gameplay, which may increase the revenue share from online games for Tencent [1] - The successful operation of this game could positively influence investors' assessment of Tencent's "studio group" technical synergy [1] Group 2 - Century Huatong reported a net profit of 1.213 billion yuan for 2024, a year-on-year increase of 131.51%, with revenue reaching 22.62 billion yuan [2] - In Q1 2025, the company achieved revenue of 8.145 billion yuan, a 91.12% year-on-year growth, and a net profit of 1.35 billion yuan, up 107.2% [2] - The strong performance in financial metrics suggests potential stock price strength, while long-term performance will depend on new product market performance and AI technology commercialization [2] Group 3 - Sanqi Interactive Entertainment reported Q1 2025 revenue of approximately 4.243 billion yuan, a decrease of 10.67% year-on-year, and a net profit of about 549 million yuan, down 10.87% [3] - The basic earnings per share were 0.25 yuan, reflecting a 10.71% year-on-year decline [3] - The short-term decline in performance may suppress stock price, while long-term trends will depend on product pipeline execution and industry recovery [3]

Core Viewpoint - Shenzhou Taiyue reported a strong financial performance for the year 2024, with total revenue of 6.452 billion yuan, an 8.22% increase year-on-year, and a net profit of 1.428 billion yuan, soaring by 60.92% compared to the previous year, attributed to effective marketing strategies and cost optimization [1][2]. Financial Performance - Total revenue for 2024 reached 6.452 billion yuan, up from 5.962 billion yuan in 2023, marking an 8.22% increase [2]. - Net profit attributable to shareholders was 1.428 billion yuan, a significant rise of 60.92% from 887 million yuan in 2023 [2]. - The net profit excluding non-recurring gains was 1.147 billion yuan, reflecting a 38.29% increase from 829 million yuan in 2023 [2]. - Operating cash flow for the year was 1.648 billion yuan, up 52.83% from 1.078 billion yuan in 2023 [2]. - Basic earnings per share increased to 0.7311 yuan, a 60.68% rise from 0.4550 yuan in 2023 [2]. Asset and Equity Growth - Total assets at the end of 2024 were 8.132 billion yuan, a 19.54% increase from 6.803 billion yuan at the end of 2023 [2]. - Net assets attributable to shareholders rose to 7.011 billion yuan, up 21.63% from 5.764 billion yuan in 2023 [2]. R&D Personnel and Structure - The number of R&D personnel was 1,142, slightly down from 1,156 in 2023, with a notable increase in senior personnel aged 40-50 from 115 to 201, a 74.78% rise [3]. - R&D personnel accounted for 26.18% of the total workforce, down from 28.31% in 2023 [3]. Subsidiary Performance - Shellwood Games, a wholly-owned subsidiary, achieved revenue of 4.662 billion yuan in 2024, with over 90% of income coming from overseas and Hong Kong, Macau, and Taiwan [1][3]. - Operating profit for Shellwood Games reached 1.765 billion yuan, marking a historical high in both revenue and profit, continuing a seven-year trend of growth [1][3]. Game Performance and Market Position - Shellwood Games' titles, "Age of Origins" and "War and Order," contributed significantly to revenue, with "Age of Origins" generating 3.454 billion yuan and "War and Order" 1.062 billion yuan [10][12]. - "Age of Origins" ranked 5th among Chinese game publishers in overseas revenue, while "War and Order" ranked 9th globally [5][14]. - The marketing strategy for these games has led to a reduction in promotional expenses by nearly 40% for "Age of Origins" and over 18% for "War and Order" [10]. Future Product Development - Shellwood Games is advancing two new SLG titles, "Stellar Sanctuary" and "Next Agers," expected to launch in late 2024 and early 2025, respectively [14][15]. - The company is focusing on enhancing its product pipeline, with several SLG products scheduled for commercialization testing by the end of 2025 [15].

据了解，中旭未来(贪玩游戏)于此前一直保持对世纪华通的战略性投资，旨在通过资本合作深化双方在 游戏研发、发行及IP运营等领域的协同效应。 随着世纪华通2024年全年及2025年第一季度财报的发布，公开数据显示，世纪华通2025年一季度揽得 81.45亿元，2024年营收226.2亿元，双登历史最高。尤其值得注意的是，世纪华通一季度已实现营收 81.45亿元，同比增长91.12%；归母净利润13.5亿元，同比增长107.2%；扣非后净利润13.46亿元，同比 增长107.95%；经营性现金流12.91亿元，同比增长48%。 港股上市游戏公司中旭未来(贪玩游戏)(09890)对A股上市公司浙江世纪华通集团(002602.SZ)的战略投资 迎来阶段性成果。 2025年4月28日，世纪华通同时发布2024年全年及2025年第一季度财报，得益于世纪华通2025年第一季 度的业绩表现亮眼，其股价于2025年4月29日强势涨停，为中旭未来(贪玩游戏)带来可观的投资收益， 进一步巩固了其在游戏行业的战略布局。 战略投资成效显现 中旭未来(贪玩游戏)与世纪华通的合作不仅限于资本层面，双方在游戏内容开发、技术共享及市场拓展 等方 ...

Core Insights - Century Huatong and 37 Interactive Entertainment are the top two revenue earners in the A-share gaming industry for 2024, both exceeding 10 billion yuan in revenue [1][2] - Century Huatong reported a revenue increase of 70.3% to 22.62 billion yuan and a net profit increase of 131.5% to 1.21 billion yuan for 2024 [1][2] - 37 Interactive Entertainment achieved a revenue of 17.44 billion yuan, a growth of 5.4%, with a net profit of 2.67 billion yuan, up 0.5% [2][3] Company Performance - Century Huatong's internet gaming business generated 20.97 billion yuan in revenue, an 85.9% increase, with its subsidiary, Point Interactive, contributing approximately 15 billion yuan, a 155% increase [2][4] - The game "Whiteout Survival" from Point Interactive has been a significant revenue driver, ranking first in China's mobile game overseas revenue for 10 consecutive months [1][2] - 37 Interactive Entertainment's growth is attributed to its overseas and mini-game businesses, with notable titles contributing to its revenue [3][4] Market Position - Shenzhou Taiyue ranks third in A-share gaming revenue with 6.45 billion yuan, an 8.22% increase, and a net profit of 1.43 billion yuan, up 60.92% [3][4] - Perfect World faced a decline in revenue to 5.57 billion yuan, a decrease of 28.5%, and reported a net loss of 1.288 billion yuan [4][5] - Humming Network achieved a revenue of 5.12 billion yuan, a growth of 19.2%, with a net profit of 1.63 billion yuan, up 11.4% [5][6] Industry Trends - The gaming industry's overseas expansion has been a key growth factor for major companies, with government support for developing overseas gaming businesses [6] - Recent government initiatives aim to enhance the gaming industry's global competitiveness, indicating potential for a new product cycle [6]

Core Viewpoint - Century Huatong has achieved record-breaking performance in 2024, with significant revenue growth and strong profitability, solidifying its position as the leading gaming company in A-shares [1][3]. Financial Performance - In 2024, Century Huatong reported revenue of 22.62 billion yuan, a year-on-year increase of 70.27%, and a net profit attributable to shareholders of 1.213 billion yuan, up 131.51% [1][2]. - The company's operating cash flow reached 5.046 billion yuan, reflecting a growth of 62.67% [1]. - For Q1 2025, revenue was 8.145 billion yuan, a 91.12% increase year-on-year, with net profit attributable to shareholders at 1.35 billion yuan, up 107.2% [2]. Business Growth Drivers - The company’s overseas revenue reached 11.367 billion yuan in 2024, marking a 52.3% increase, driven by successful titles like "Whiteout Survival" [3]. - Domestic operations also thrived, with significant growth in established IPs and new game launches, such as "Dragon Valley" and "Adventure Island" [5]. AI Integration and Innovation - Century Huatong is actively integrating AI into its game development and operations, enhancing production efficiency by 60%-80% [6]. - The company has initiated the "Dragon Cup" global AI game and application competition to foster innovation in AI technology [6]. ESG Commitment - The company has invested 6.21 million yuan in public welfare initiatives, focusing on areas like youth online protection and rural revitalization [8]. - Century Huatong has engaged in various community support activities, demonstrating its commitment to social responsibility [8].

Core Insights - The company reported strong financial performance in 2024, with revenue reaching 5.118 billion yuan, a year-on-year increase of 19.16%, and net profit attributable to shareholders at 1.628 billion yuan, up 11.41% [1] - The company continues to reward shareholders through cash dividends and share buybacks, totaling 426 million yuan, which represents 26.18% of the net profit for the year [1] - The company is focusing on game development and expansion into international markets, launching several new titles that have performed well [2][3] Financial Performance - In Q1 2025, the company achieved revenue of 1.352 billion yuan, a growth of 3.46% year-on-year, and net profit of 518 million yuan, up 21.57% [1] - The company’s operating expenses in sales, management, and R&D decreased by 3.2 percentage points, 0.8 percentage points, and 1.0 percentage points respectively [1] - Forecasts for net profit growth from 2025 to 2027 are 25.32%, 18.98%, and 17.86%, with projected profits of 2.041 billion yuan, 2.428 billion yuan, and 2.862 billion yuan respectively [4] Product Development and Market Expansion - The company launched the card strategy game "Nazarick King" in 2024, achieving over 1 million pre-registrations domestically and ranking high on various charts [2] - The overseas revenue for the company reached 375 million yuan in 2024, marking a significant increase of 221.48% [2] - The company is integrating AI into game development, enhancing efficiency and creating new market opportunities [3] Strategic Initiatives - The company is committed to its core strategy of focusing on the gaming industry and has introduced multiple new products to accelerate its international presence [2] - The development of AI models aims to streamline the game development process and improve collaboration [3] - The company has invested in AI firm Tyrell AI Limited, increasing its stake to over 16%, further expanding its footprint in the AI sector [3]

Group 1 - Tencent's game "Path of Exile: Ascendancy" is officially named as the Chinese version of "Path of Exile 2" [1] - Players can continue using their items from "Path of Exile" in "Path of Exile: Ascendancy" after data migration is completed [1] - Successful operation of "Path of Exile: Ascendancy" could strengthen Tencent's influence among core gamers and become a new long-term revenue growth point [1] Group 2 - Eagle Horn Network announced the start of a closed beta test for its new game "Arknights: End of the World" from April 28 to May 11 [2] - The test is a small-scale, non-billing, and data-wiping closed test limited to mobile devices [2] - If "Arknights: End of the World" performs well, it may enhance the value of the "Arknights" series and boost Eagle Horn Network's valuation [2] Group 3 - Teyon and NACON announced the independent new game "RoboCop: Rogue City" will be released on July 17 [3] - The game will introduce new weapons and flashback elements, and it is an independent title that does not require the original game to play [3] - The competitive nature of the gaming industry means that the market performance of new games is uncertain, which could put pressure on the related companies if expectations are not met [3]

Summary of Key Points from the Conference Call of Kaiying Network Company Overview - **Company**: Kaiying Network - **Date**: April 28, 2025 Financial Performance - Total assets increased by 21.42% year-on-year to 8.026 billion CNY, and net assets attributable to shareholders grew by 24.86% to 6.548 billion CNY in 2024 [2][4] - In Q1 2025, revenue reached 1.353 billion CNY, a year-on-year increase of 3.46%, with net profit attributable to shareholders at 518 million CNY, up 21.57% [2][5] - For the full year 2024, revenue was 5.118 billion CNY, a 19.16% increase, and net profit was 1.628 billion CNY, up 11.41% [4] Market Expansion - Overseas revenue surged by 221.48% to 375 million CNY, accounting for 7.32% of total revenue [2][7] - Successful launches in Hong Kong, Macau, and Southeast Asia, with games like "Xianjian Qixia Zhuan" and "Tenshi no Sensou" performing well [2][7][8] IP Strategy - The company has accumulated numerous IP licenses, including "Mobile Suit Gundam" and is focusing on developing original IPs [2][9] - A strategic partnership with Shanghai Film was established to develop a game based on the classic IP "Black Cat Sheriff," set to launch in 2025 [2][17] AI Technology Investment - Increased investment in AI technology, establishing a subsidiary for independent operations and collaborating with Fudan University to integrate AI elements into games [2][3][10][37] - AI applications aim to enhance game design, numerical systems, and art optimization, improving R&D efficiency and product innovation [3][10][39] Product Development and Innovation - The company employs a dual strategy of maintaining a base with nostalgic products while exploring new categories like card games and RPGs [4][23] - Launched 22 new products before the Spring Festival, diversifying into various game genres [4][23] Shareholder Commitment - Management has committed to not selling shares for five years and will reinvest dividends into the company, reflecting confidence in future growth [4][13][15] Challenges and Risks - The impact of tariffs on business is minimal, as the primary markets are in regions where digital products are not significantly affected [2][32] - The company is cautious about the execution of favorable rulings from the International Chamber of Commerce, pending domestic court approval [4][21] Future Outlook - The company anticipates continued revenue and profit growth from "Dragon Valley World," which launched in February 2025 [2][19][20] - Future growth drivers include nostalgic and innovative game products, alongside a growing platform business [4][31] Conclusion - Kaiying Network is positioned for growth through strategic IP development, international market expansion, and technological innovation, while maintaining a strong commitment to shareholder value and cautious risk management.

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's existing games are operating steadily while awaiting the launch of new games [1] - The gaming business shows robust performance with a strong pipeline of new games [8] - The computer business is experiencing significant growth driven by innovations in AI and ICT [8] Financial Performance Summary - Total revenue for 2023 is projected at 5,962 million, with a year-on-year growth of 24.06% [1] - Net profit attributable to the parent company for 2023 is expected to be 887.18 million, reflecting a year-on-year increase of 63.84% [1] - Earnings per share (EPS) for 2023 is estimated at 0.45 yuan [1] Revenue and Profit Forecast - Revenue is expected to reach 6,452 million in 2024, with a year-on-year growth of 8.22% [1] - The net profit for 2024 is projected at 1,427.67 million, indicating a year-on-year increase of 60.92% [1] - EPS for 2024 is forecasted to be 0.73 yuan [1] Game Business Insights - The gaming segment achieved revenue of 46.62 billion in 2024, with a year-on-year growth of 3.66% and a gross margin of 72.70% [8] - Key games such as "Age of Origins" and "War and Order" continue to perform well, contributing significantly to revenue [8] - New games like "Stellar Sanctuary" and "Next Agers" are set to launch in 2025, with expectations for substantial contributions to revenue [8] Computer Business Performance - The computer and other businesses generated revenue of 17.90 billion in 2024, reflecting a year-on-year increase of 22.21% [8] - AI/ICT operations accounted for 14.78 billion, growing by 20.53% year-on-year [8] - The company is actively integrating AI into various business lines, enhancing service offerings [8] Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 19.49, 17.96, and 16.66 respectively [1] - The company maintains a strong financial position with a net asset value per share of 3.70 yuan [6]

4月28日，A股早盘探底回升，截至午间收盘，沪指跌0.03%，深证成指跌0.43%，创业板指跌0.55%。 热门板块 1、银行板块拉升 银行股再度拉升，工商银行续创历史新高，重庆银行涨超7%，青岛银行、江苏银行、上海银行等跟 涨。 点评：中信证券表示，短期看，中美贸易摩擦对市场预期仍有影响，在此背景下低波板块具有配置价 值；中期看，在宏观"审慎"和"走弱"的两种假设情形下，银行板块相对于大部分行业而言，基本面具备 相对稳健特征，相对价值显著，建议积极增配。 2、AI应用方向反弹 AI应用方向展开反弹，游戏股领涨，天娱数科、掌阅科技等涨停，盛天网络、完美世界、昆仑万维等 跟涨。 招商证券指出，后续A股整体下行风险可控，叠加后续随着业绩披露期结束，再度进入业绩真空期，以 及在经济整体稳定，流动性充裕背景下，市场风险偏好有望持续提升。 盘面上，银行股强势拉升，工商银行续创历史新高；钢铁板块走强，首钢股份领涨；AI应用方向展开 反弹，游戏股领涨，天娱数科涨停；算力产业链反弹，鸿博股份2连板；此外，互联网电商、半导体等 板块涨幅居前。下跌方面，大消费股全线大跌，有友食品、国光连锁、安记食品等多股跌停，地产、医 药、汽车 ...