相关机构表示，政策端，6月版号数量创近年新高，共158款游戏获批，共147款国产网络游戏、11款进 口网络游戏获批，供给端改善提振市场信心。国信证券指出，传媒板块25年Q1业绩拐点显现，中长期 受益于AI应用与IP潮玩的高景气。游戏板块在版号常态化发放下新品表现良好，5月国内游戏市场收入 同比增长10%，移动游戏增长12%。 AI技术持续赋能，东方证券指出，在AI助力下，投放素材生成速度加快，老游戏版更速度加速使得老 游戏留存和生命周期延长，同时大模型推理成本指数级下降推动AI+游戏逐步进入落地期。 暑期是游戏行业流量与付费的高峰期，用户活跃度显著提升，高频数据推动估值修复。同时恰逢中腰部 公司的新游周期，集中释放储备项目，市场反映良好，带动基本面持续向好，游戏板块估值仍具有向上 弹性。 游戏ETF（516010）跟踪中证动漫游戏指数（930901）。此外，游戏ETF（516010）覆盖动画、漫画、 游戏研发及硬件设备全产业链，同时重仓巨人网络、恺英网络、三七互娱等绩优龙头公司。巨人网络 《超自然行动组》7月4日版本更新，成功跻身 iOS 畅销榜前十，三七互娱《斗罗大陆：猎魂世界》锁 定7月11日公测档期；恺 ...

7月7日，游戏板块反复活跃，游戏ETF（159869）早盘表现较为震荡，现小幅微跌，持仓股涨跌互现， 冰川网络、神州泰岳、星辉娱乐等领涨，吉比特、恺英网络、巨人网络等跌幅居前。游戏板块正迎 来"基本面持续改善+政策面边际宽松+值修复空间显著+AI技术创新驱动"四重逻辑加持，临近暑期档， 游戏板块回暖复苏动能强劲。 上市游戏公司多款新游表现强势，暑期档游戏赛道有望持续高景气度，AI+游戏持续迎积极进展。巨人 网络《超自然行动组》7月4日的版本更新和新时装上架带动游戏进入iOS畅销榜Top10；吉比特新游 《杖剑传说》5月29日上线以来排名稳定在Top30，小游戏《道友来挖宝》5月发布以来排名迅速提升， 6月获得微信小游戏畅销榜第5名。 AI+游戏方面，恺英投资的全球首款3D-AI智能陪伴应用EVE近期开启内测，计划2025年内上线；公司 开发的AI游戏全流程开发平台《SOON》预计7月30日开放。展望后续，重点游戏厂商储备丰富，三七 互娱《斗罗大陆：猎魂世界》定档7.11上线；恺英网络有《盗墓笔记：启程》《斗罗大陆诛邪传说》 《三国：天下归心》等多款自研产品待上线；完美世界《异环》6月底开启二测。 新游周期或带 ...

丨证券研究报告丨 [Table_Summary] 中国游戏市场保持较高速增长态势，多款新游表现贡献增量。《Kingshot》等自研游戏出海表现 亮眼，游戏出海仍具有较高景气度。上市游戏公司新游产品周期陆续开启，6 月吉比特《杖剑 传说》、巨人网络《超自然行动组》等多款新游表现持续强势。6 月游戏行业支持政策陆续推出， 版号发放创近年新高，再次释放积极信号。恺英网络等 AI+游戏布局亦迎积极进展。展望后续， 暑期新游周期或带动游戏板块基本面持续向好。新游周期、政策趋势及 AI 催化共同作用下，游 戏板块估值仍具有向上弹性，建议继续关注游戏板块相关投资机会。 分析师及联系人 [Table_Author] 行业研究丨点评报告丨媒体Ⅱ [Table_Title] 游戏产业跟踪（12）：新游表现持续强势，暑期 档游戏赛道有望延续高景气 报告要点 高超 杨云祺 SAC：S0490516080001 SAC：S0490524090002 SFC：BUX177 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 游戏产业跟踪（2] 12）：新游表现持续强势 ...

mil Taxas 什么地方能同时看到《黑神话：悟空》和《流浪地球》的Moss，能在Molly和Labubu边上看到《少 年歌行》，楼上看完《庆余年》，楼下去看《王者荣耀》，《繁花》的周边铺子逛完边上就是《长月烬 明》的十几套孤品戏服大展？ 5月28日，CPOP群像展在杭州东巢艺术公园开展。 CPOP是Chinese pop culture，即中国流行文化。"这次集结了二十大现象级IP，都是统计得出2023年 与2024年出海表现杰出的IP。"工作人员介绍说，活动将持续至6月10日，于每日12:00-21:00开展。 and the state of the state of the state of the state of the states of the states of the states of the states of the states of the states of the seems of the seems of the se 3 - 3 = 88 = C P 611111 CDOB e C-POP GOES GLOan Chinese POP CH = 1 9 11 conti ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 5.118 billion yuan in 2024, representing a year-on-year increase of 19.16%, and a net profit attributable to shareholders of 1.628 billion yuan, up 11.41% year-on-year. The growth was primarily driven by the robust performance of mobile gaming, which generated 4.055 billion yuan in revenue (up 13.39% year-on-year), and a significant increase in information services revenue, which reached 941 million yuan (up 41.62% year-on-year) [3][4] - In Q1 2025, the company reported a revenue of 1.353 billion yuan, reflecting a year-on-year increase of 3.46% and a quarter-on-quarter increase of 13.62%. The net profit attributable to shareholders was 518 million yuan, up 21.57% year-on-year and 48.71% quarter-on-quarter, driven by effective cost control measures [3][4] - The company has a strong pipeline of new games, including titles like "Dragon Valley World" and "Douluo Continent: The Legend of Exorcism," which have performed well since their launch. The expansion of the product line is expected to continue driving growth [4][5] Financial Summary - The company forecasts revenues of 6.342 billion yuan, 7.086 billion yuan, and 7.876 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 23.9%, 11.7%, and 11.1% [7] - The net profit attributable to shareholders is projected to be 2.167 billion yuan, 2.401 billion yuan, and 2.649 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 33.1%, 10.8%, and 10.3% [7] - The company's earnings per share (EPS) are expected to be 1.01 yuan, 1.12 yuan, and 1.24 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 16.5, 14.9, and 13.5 [7]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant price increase over the next 6-12 months [6]. Core Insights - The company reported a revenue of 5.12 billion yuan for 2024, representing a year-on-year growth of 19.2%, and a net profit of 1.63 billion yuan, up 11.4% year-on-year. For Q1 2025, revenue was 1.35 billion yuan, a 3.5% increase year-on-year, with a net profit of 520 million yuan, reflecting a 21.6% year-on-year growth [2][6]. - The company has a strong product pipeline, with several new games set to launch, including "Digimon: Source Code" and "Tomb Raider: Journey" [5]. - The integration of AI technologies is enhancing the company's capabilities in game development, with applications in animation and story generation [5]. Revenue Analysis - The company's revenue for 2024 was driven by significant growth in mobile gaming and information services, with mobile game revenue reaching 4.06 billion yuan, up 13.4% year-on-year, and information services revenue at 940 million yuan, up 41.6% year-on-year [3]. - The Q4 2024 revenue was 1.19 billion yuan, showing a decline due to the natural decline of older products, while Q1 2025 saw a recovery with new game contributions [3]. Profitability Analysis - The company's net profit margin improved in Q1 2025, attributed to a rise in gross margin and reductions in management and R&D expense ratios [4]. - The net profit margin for Q1 2025 was 29.3%, an increase of 5.7 percentage points year-on-year, driven by changes in revenue structure [4]. Financial Forecast - The company is expected to receive a non-operating income of 224.5 million yuan from a legal arbitration case, which will positively impact the net profit forecasts for 2025-2027, with projected net profits of 2.18 billion yuan, 2.36 billion yuan, and 2.63 billion yuan respectively [6].