1月8日，游戏板块午盘涨幅略有收窄，游戏ETF（159869）现涨近1%。持仓股中，国脉文化、 游族网 络、完美世界、姚记科技等涨幅靠前，仅迅游科技逆势下跌。截至1月7日，该ETF规模已达137.07亿 元，为投资者布局A股游戏龙头提供了便捷工具。 《无尽冬日》与《使命召唤手游》海外收入激增，彰显了中国厂商在长线运营与内容更新上的卓越能 力，此事件表明通过节日营销与IP联动能有效挖掘用户价值，对具备全球发行网络的头部游戏板块估值 形成有力支撑。整体来看，国产手游在全球市场持续领跑，有力提振了市场对游戏行业出海前景与文化 输出的信心。 游戏板块具备AI、内容、商业化模式变革多点催化，游戏ETF（159869）跟踪中证动漫游戏指数，反映 动漫游戏产业A股上市公司股票的整体表现，关注游戏ETF（159869）布局机会。 消息面上，1月7日，数据平台Sensor Tower 发布了2025年12月中国手游产品在海外市场的收入与下载量 排行榜单。在收入方面，点点互动旗下的生存策略手游《无尽冬日》得益于12月下旬推出的圣诞主题活 动而收入激增，稳居出海手游收入榜榜首。数据显示，截至2025年12月，该游戏的全球累计收入已 ...

刚刚，Sensor Tower商店情报平台发布2025年12月中国手游产品在海外市场收入及下载量排行榜，报告 仅统计应⽤商店IAP预估值，不包括⼴告变现收⼊和中国地区第三方安卓渠道收入。 12月出海手游收入榜 点点互动王牌力作 《Whiteout Survival》12月下旬推出圣诞主题活动，多重联动玩法和海量福利层层解 锁，强势点燃全球玩家消费热情，助力游戏稳坐出海手游收入榜冠军宝座。Sensor Tower 最新数据显 示，截至2025年12月《Whiteout Survival》全球累计收入突破40亿美元，再创出海手游商业价值新高 度。 柠檬微趣《Gossip Harbor》本月收入再度上涨7%，创历史新高，摘得出海手游收入榜亚军。12月双档 活动轮番上阵：圣诞主题"Once Upon a Snowglobe"碰撞新年狂欢"End-of-Year Errands"，以创新玩法与 丰厚奖励持续激活玩家热情，稳坐全球合成手游赛道头把交椅。 12月《使命召唤手游》以密集更新引爆海外市场：11日游戏开启六周年庆典，同步上线第11赛季"全球 行动"，引入备受期待的新模式"DMZ: 禁区"；12日重磅推出与《街头霸 ...

Core Insights - The company reported a revenue decline of 18.9% in the first half of 2025, totaling 686 million yuan, but achieved a net profit of 32.95 million yuan, marking a turnaround from losses [1] - Operating cash flow showed a significant increase of 71.2%, reaching 57.86 million yuan, indicating improved cash management [1] - The company's strategic transformation over the past five years is reflected in its financial performance, with a focus on enhancing player experience over maximizing advertising revenue [1][2] Financial Performance - Revenue decreased primarily due to the lifecycle stage of the game "Honor All-Stars" and a deliberate reduction in advertising slots [1] - Cost control measures and improved profit margins from new products contributed to the profit increase [1] - Sales and marketing expenses rose by 39.4% to 108.4 million yuan, driven by increased promotion for "Kara Bichu" and new game launches [1][2] Product Development - R&D expenses fell by 68.2% to 48.7 million yuan, attributed to the completion of "Kara Bichu" development and enhanced efficiency from AI technology [2] - "Kara Bichu" saw a 9.9% increase in monthly active users and a 74.8% increase in revenue, with significant improvements in payment rates [2] - The game’s unique positioning in the market, combining "anime" and "shooting" elements, has created a competitive edge [2] Market Strategy - The company is focusing on expanding into the Middle East, establishing a regional headquarters in Riyadh and forming partnerships with local gaming platforms [3] - "Kara Bichu" was included in the Saudi Esports World Cup, enhancing its global visibility [3] - The international launch of the PC version has attracted a loyal user base in Japan and the West, maintaining a strong presence on Steam [3] Challenges and Future Outlook - Despite current successes, the company faces challenges in the mobile gaming market, where competition is fierce [3] - There are concerns regarding user retention and content updates, as evidenced by a significant drop in online player numbers [3] - The management acknowledges the risks associated with strategic adjustments and is optimistic about the upcoming mobile version launch, which is expected to drive new growth [3][4] Industry Trends - The performance of "Kara Bichu" will be crucial in determining the company's ability to navigate its transformation phase [4] - The gaming industry is shifting towards a focus on quality, efficiency, and globalization, moving away from previous growth models [4] - The transition from PC to mobile gaming typically expands the user base, attracting non-traditional players [4]

Group 1 - The Cologne International Game Show, the largest gaming exhibition globally, is currently being held in Cologne, Germany, with over 1,500 exhibitors from 72 countries, marking an 11% increase from last year [1] - More than 50 Chinese gaming companies are participating, including Tencent, MiHoYo, and others, representing a 32% growth compared to the previous year [1] - Notable Chinese games such as "Honor of Kings World," "Delta Action," and "Arknights: End of the World" have released new promotional materials at the event [1] Group 2 - Tencent's subsidiary, Salors, showcased "Destiny Trigger," introducing new breakthroughs in tactical shooting games [2] - Tencent's international gaming brand, Level Infinite, presented four products, including "Dying Light: The Beast" and "PUBG MOBILE" at the exhibition [2] - The event attracted game developers and technical teams from around the world, with Tencent's AI creative solution, VISVISE, making its debut [2]

Core Viewpoint - Tencent's Q1 performance exceeded expectations, with revenue of 1800.22 billion RMB, a 13% year-on-year increase, and adjusted net profit up 11% [2][25]. Group 1: AI Strategy and Investment - Tencent's CEO highlighted that AI capabilities have significantly contributed to advertising effectiveness and gaming, with increased investments in AI applications within the WeChat ecosystem [2][3]. - The company believes that existing high-quality revenue will help absorb additional costs from AI investments, maintaining financial stability [3]. - AI's impact is observed in three areas: advertising targeting, user engagement, and game participation [7][9]. Group 2: User Engagement and Product Development - The "Yuanbao" AI feature is in its early stages, with initial user interactions showing promise for increased usage as users engage more with the AI [5][33]. - The company plans to enhance the integration of WeChat's capabilities with "Yuanbao" to improve user experience and retention [6][34]. - User interaction with AI assistants is increasing, indicating a growing acceptance and value recognition among users [44]. Group 3: Gaming Performance - Tencent's domestic gaming business showed strong performance in Q1, benefiting from a low base in the previous year, with long-term growth potential in both domestic and international markets [11][35]. - AI is being explored in large multiplayer games, focusing on enhancing player experience and retention through features like guidance for new players and cheat prevention [13][39]. - The company is strategically positioning itself in the first-person shooter (FPS) genre, which is expected to grow in popularity among Chinese players [40][57]. Group 4: Financial Performance and Projections - Tencent's total revenue for Q1 was 1800 billion RMB, with a gross profit of 1005 billion RMB, reflecting a 20% increase in gross profit year-on-year [25][26]. - The company anticipates that the gap between revenue growth and operating profit growth will narrow, with a typical lag of one to two years for new product investments to yield returns [16][56]. - Operating expenses increased due to higher marketing costs for AI applications, but the overall ratio of sales and marketing expenses to revenue decreased [27][28]. Group 5: Advertising Revenue Growth - Tencent's marketing services revenue grew by 20% to 320 billion RMB, driven by increased user engagement and AI enhancements in advertising platforms [21]. - AI has the potential to significantly improve advertising click-through rates, with some ads seeing increases from 1.0% to 3.0% [15][59]. - The company is focused on integrating advertising with transaction capabilities to enhance the effectiveness and revenue potential of its advertising business [32][63].

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]

Investment Rating - The report maintains a "Buy" rating for the media industry [7][23]. Core Views - In Q1 2025, the increase in AI applications is driving online marketing, while the empowerment of offline applications is a new focus for existing businesses. Key areas of interest include cinema chains and digital exhibitions as representative scenarios for AI application [6][20]. - The report highlights three investment dimensions: 1. Focus on large companies' AI capital expenditures and their impact on the supply chain (e.g., Alibaba, ByteDance, Tencent) 2. Attention to offline application scenarios empowered by AI, such as cinema chains and digital exhibitions 3. Investment in media sectors expected to recover in 2025 [6][7]. Summary by Sections Industry Overview and Dynamics - The media industry has shown varied performance, with the media sector down by 3.3% over the past month, while the Shanghai Composite Index increased by 1.7% [3][15]. - The report notes significant movements in the market, with top gainers including Jin Yi Film and Hubei Broadcasting, while Bilibili saw a notable decline [15][16]. Key Recommendations - Specific stocks recommended include: - Fengyu Zhu (603466) for its collaboration with the "Three-Body" sci-fi IP - Yaoyi Technology (002605) benefiting from AI-enabled marketing - Mango Super Media (300413) for its AI customer service initiatives [7][12]. - Other notable mentions include Wanda Film (002739) and Huace Film (300133) for their potential in the cinema and content sectors [7][12]. Market Performance - The report indicates that the cinema sector is in a recovery phase, with companies like Wanda Film and Hengdian Film expected to benefit from this trend [20][28]. - The digital marketing sector is also highlighted, with companies like BlueFocus (300058) and Zhejiang Wenlian (600986) positioned to gain from increased AI-driven marketing efforts [20][19]. Game Industry Progress - The report discusses the performance of mobile games in overseas markets, with notable titles achieving significant revenue milestones [22].

巨头转身的缩影。 文丨高洪浩 编辑丨黄俊杰 腾讯游戏部门曾经有一套运作了近 10 年的 "必胜公式"——把电脑上广为流行的游戏玩法搬到手机上，配 上知名 IP，用不错的工程能力做出一款水准线之上的游戏，再用微信、QQ 这些渠道推给尽可能多的玩 家，数千万人每天打开的全民游戏就此诞生。 不过最近几年，公式没有那么灵验了。在 2018 年的《和平精英》（吃鸡）、2019 年的《Call of Duty:Mobile》（《使命召唤手游》海外版）之后，腾讯也试过几次大投入，都没有再诞生过用户量、收入 同等级别的全民游戏。其他公司的运气也没能更好。过去四年，数十上百个的二次元大制作游戏在中国立 项，至今没有第二个《原神》。 对于腾讯天美 J3 工作室的负责人姚远，转折点十分具体：2023 年 8 月，他带着 新的射击游戏 《三角洲 行动》来到德国的科隆游戏展。 会场内外，无论是从业者、玩家还是媒体，几乎没人谈论手游。疫情期间，海外手机游戏大增长，中国游 戏厂商原本期待着将自己的成功经验复制到全球。但随着疫情结束，海外消费者回归丰富的线下生活。 "你以为你拥有全世界最大的玩家群体，结果好像还是没有挤进主流。" 姚远说。 ...