吉比特 20251010 摘要 2025 年游戏行业月度规模未见显著提升，增速因去年同期高基数效应 有所下降，表明行业整体大行情难以支撑，但新增投放游戏数量为历年 最低，市场以存量运营为主。 上半年游戏素材投放总额下降超 25%，iOS 平台投放占比提升至 66%，反映企业对产品信心增强，倾向于在 iOS 平台获取高价值用户， 单品优质游戏公司有望实现增长和利润率提升。 吉比特进入新一轮自研产品周期，《问界》和《仗剑》等新品上线即盈 利，推广效果显著优于以往产品，表明公司产品质量和市场竞争力显著 提升。 《仗剑》iOS 畅销榜排名稳定，海外市场表现优异，尤其在港澳台地区 常居前十，证明吉比特新品不仅受益于国内竞争格局改善，也具备较强 的海外市场潜力。 吉比特小程序端产品《道友来挖宝》上线后迅速攀升至榜单前列，由于 渠道未被问道系产品覆盖，自来量获客效率更高，初期利润率水平相对 较高。 Q&A 目前游戏板块的整体状态如何？未来趋势如何？ 今年（2025 年）游戏板块的整体上涨，核心在于行业竞争格局的改善。从数 据来看，国内游戏行业月度规模相对平稳，甚至部分月份有小幅下滑。去年 （2024 年）最高点出现在《黑神 ...

Summary of Conference Call Records Industry Overview - The gaming industry is expected to see significant growth in 2025, with an estimated increase of approximately 14% in the first half of the year, and mobile gaming growth at 19%, surpassing the 7.5% growth in 2024 [1][2] - The valuation of the gaming sector has shifted from a range of 15-20 times PE to 20-25 times PE, with leading companies nearing a valuation of 25 times [1][2] Key Points and Arguments - Major companies have exceeded market expectations in product revenue, leading to upward revisions in EPS forecasts for 2025 and 2026, with many companies experiencing growth rates of over 20%, and some even doubling their performance [1][2] - The gaming sector's valuation is expected to transition to 25 times by 2026, driven by clear revenue contributions from single products and sustained high growth [1][5] - The third quarter of 2025 is anticipated to show significant growth, with some companies expected to double their revenue, supported by major product contributions [6][7] Company-Specific Insights - **Giant Network**: The core product "Supernatural Action" is expected to maintain stable revenue post-summer, with Q3 performance projected to at least double compared to Q2. The company is also expected to see close to double growth in 2026, with a valuation of 20-25 times [3][10] - **G-bits**: The company has shown the highest year-on-year growth in Q3, driven by the new game "Sword" and a low base from the previous year. The overseas market performance has also been strong [11][12] - **Century Huatong**: The company has maintained stable revenue levels, with significant contributions from both new and existing products [8][13] Policy and Market Environment - There is a noticeable upward trend in policy support for the gaming industry, with an increase in the number of game approvals and local incentives for game development [4][5] - The market sentiment is optimistic, with a bullish atmosphere contributing to the early transition of valuations towards 2026 [5][6] Emerging Trends - The gaming industry has experienced four significant changes in 2025: improved product quality, increased net profit margins, expanded user demographics, and a shift in business models from project-based to platform-based operations [15] - Companies like Kaiyin Network and Xindong have successfully transitioned to platform-based models, resulting in substantial revenue and profit margin improvements [16][17] Conclusion - The gaming sector is poised for continued growth, with strong performances from leading companies and supportive market conditions. The anticipated changes in valuation and business models suggest a robust future for the industry, with significant opportunities for investment in key players.