Industry Overview - In November 2025, the National Press and Publication Administration approved a total of 178 domestic online games, including titles from Baidu Duoku and Qunyou Technology [1] - The approval of 6 imported online games was also announced, indicating a continued interest in both domestic and international gaming content [1] - The gaming industry is currently experiencing high market sentiment, with an increase in user ARPU (Average Revenue Per User) contributing to steady market growth [1] Policy Impact - Recent policies such as "Several Policy Measures to Expand Service Consumption" and "Guiding Opinions on Vigorously Developing Digital Consumption" are favorable for industry development [1] - The integration of AI multimodal functions is significantly contributing to cost reduction and efficiency improvements for gaming companies [1] Company Insights - Giant Network focuses on high-quality game development and player-centric approaches, successfully launching multiple titles in both PC and mobile gaming markets, particularly excelling in MMORPG and multiplayer casual competitive genres [1] - Century Huatong has established a complete ecosystem for its gaming business, encompassing research and development, global distribution, and operations, with subsidiaries like Diandian Interactive and Shengqu Games [1]