智通财经APP获悉，周四，哔哩哔哩(BILI.US)涨逾5%，报30.05美元。据悉，今年9月10日，哔哩哔哩 首曝了三国题材休闲非对称竞技卡牌新游戏《三国：百将牌》，并定档10月开启测试。招商证券表示， 《三国：百将牌》有望于明年初正式上线贡献增量。公司2024年上线独家代理SLG游戏《三国：谋定天 下》表现优秀，后续多款游戏产品储备有望持续贡献业绩增量。 《三国：百将牌》为非对称策略休闲卡牌游戏，公司管理层预计将成为每日活跃用户(DAU)达百万级别 的大作，2026年春节期间正式推出。另外，《嘟嘟脸恶作剧》为手机动漫RPG，主打可爱角色，预计今 年第四季上线；《逃离鸭科夫》为单人俯视角射击掠夺PC游戏，同样预计今年第四季推出。 ...

《三国：百将牌》为非对称策略休闲卡牌游戏，公司管理层预计将成为每日活跃用户(DAU)达百万级别 的大作，2026年春节期间正式推出。另外，《嘟嘟脸恶作剧》为手机动漫RPG，主打可爱角色，预计今 年第四季上线；《逃离鸭科夫》为单人俯视角射击掠夺PC游戏，同样预计今年第四季推出。 周四，哔哩哔哩(BILI.US)涨逾5%，报30.05美元。据悉，今年9月10日，哔哩哔哩首曝了三国题材休闲 非对称竞技卡牌新游戏《三国：百将牌》，并定档10月开启测试。招商证券表示，《三国：百将牌》有 望于明年初正式上线贡献增量。公司2024年上线独家代理SLG游戏《三国：谋定天下》表现优秀，后续 多款游戏产品储备有望持续贡献业绩增量。 ...

Group 1 - Bilibili (BILI.US) pre-market shares increased by 3.48%, reaching $25.3 [1] - Goldman Sachs reported that Bilibili participated in its Asia-Pacific Leaders Forum, discussing game product lines and release schedules [1] - Management highlighted that "Three Kingdoms: Hundred Generals Card" is expected to become a major title with daily active users (DAU) reaching one million, set to launch during the 2026 Spring Festival [1] Group 2 - "Dudu Face Prank" is a mobile anime RPG featuring cute characters, expected to launch in Q4 of this year [1] - "Escape from Duckkov" is a single-player top-down shooting looter PC game, also anticipated to be released in Q4 of this year [1]

Group 1 - Goldman Sachs reported that Bilibili-W (09626) participated in the Goldman Sachs Asia Pacific Leaders Forum, discussing its game product line and release schedule [1] - The management highlighted that "Three Kingdoms: Hundred Generals Card" is expected to become a major title with daily active users (DAU) reaching millions, set to launch during the 2026 Spring Festival [1] - "Dudu Face Prank" is a mobile anime RPG featuring cute characters, expected to launch in Q4 of this year [1] - "Escape from Duckkov" is a single-player top-down shooting looter PC game, also expected to launch in Q4 of this year [1] Group 2 - Bilibili indicated that the gaming industry advertising performance was robust in the first half of the year, with major game publishers increasing their ad spending on the platform year-on-year [1] - The 3C digital business experienced unexpected growth in Q2, driven by the 618 shopping festival and national subsidies [1] - The home and household goods sector also benefited from subsidies and performed well during the 618 period, with trends expected to continue until the end of the year [1] Group 3 - The company reported a double-digit year-on-year growth in eCPM (average revenue per 1,000 ad impressions) in Q1, attributed to an expanded client base and improved conversion through algorithm optimization [1] - By Q2 of 2025, the proportion of deep conversions is expected to double, with plans to test AI-generated personalized titles and covers in the second half of 2025 to enhance ad click-through rates [1]

Core Viewpoint - Goldman Sachs released a report indicating that Bilibili (09626) participated in the Goldman Sachs Asia-Pacific Leaders Forum, discussing its game product line and release schedule, with expectations for significant user engagement and revenue growth [1] Group 1: Game Product Line and Release Schedule - Bilibili's management expects the game "Three Kingdoms: Hundred Generals Card" to achieve daily active users (DAU) in the millions, set to launch during the 2026 Spring Festival [1] - The mobile anime RPG "Dudu Face Prank" is expected to launch in Q4 of this year, focusing on cute characters [1] - The single-player top-down shooter "Escape from Duckkov" is also anticipated to be released in Q4 of this year [1] Group 2: Advertising and Industry Trends - The gaming industry advertising performance was robust in the first half of the year, with major game publishers increasing their ad spending on Bilibili's platform year-on-year [1] - The 3C digital business experienced unexpected growth in Q2, driven by the 618 shopping festival and national subsidies [1] - Home and household products also benefited from subsidies and performed well during the 618 period, with trends expected to continue until the end of the year [1] Group 3: Advertising Revenue and Optimization - The company's eCPM (average revenue per 1,000 ad impressions) saw double-digit year-on-year growth in Q1, attributed to an expanded client base and improved conversion rates from algorithm optimization [1] - By Q2 of 2025, the proportion of deep conversions is expected to double, with plans to test AI-generated personalized titles and covers in the second half of 2025 to enhance ad click-through rates [1]

Investment Rating - The report maintains a "Recommended" investment rating for the media industry [5] Core Insights - The report highlights the positive outlook for AI applications and cultural exports, with a focus on sub-sectors such as gaming, IP, short dramas, and publishing [39] - The report notes significant growth in the gaming sector, with several companies reporting strong financial performance in their mid-year reports [3][37] - The report emphasizes the importance of recent government policies, including the issuance of game licenses and the "Artificial Intelligence+" action plan, which aims to enhance AI integration across various sectors by 2035 [2][36] Summary by Sections Market Performance - The media industry (Shenwan) saw a weekly increase of 1.05%, ranking 12th among primary industries, while the Hang Seng Technology Index rose by 0.47% [10] - Notable performers included Jishi Media, Wento Holdings, ST Huatuo, and Sanqi Interactive Entertainment, with significant weekly gains [17] Key Industry Data AI Application Data - For the week of August 24-30, estimated iOS downloads for Deepseek, Doubao, Quark, and Tencent Yuanbao were 394,000, 2,102,500, 658,600, and 893,000 respectively, with Doubao leading in downloads [21] Gaming Data - In August, 166 domestic and 7 imported game licenses were issued, with several major titles approved for release [24][25] - The iOS best-selling game rankings featured "Honor of Kings," "Peacekeeper Elite," and "Endless Winter" as the top three titles [23] Film Data - The total box office for the week of August 22-28 reached 977 million yuan, with "Chasing the Wind" leading the box office [32][35] Industry Events and Announcements - The report discusses the launch of various AI models and applications by major companies, including ByteDance's new AI video generation model and Tencent's end-to-end video sound generation model [36] - The report also highlights the successful mid-year financial results of several companies, including Perfect World and Sanqi Interactive Entertainment, showcasing strong revenue growth [37][38]

Core Viewpoint - The issuance of game licenses in August 2025 reached a record high, with 166 domestic games and 7 imported games approved, indicating a stable trend in the normalization of license issuance and ongoing industry recovery [1][2]. Group 1: Game License Issuance - A total of 1,050 domestic games have been approved since the beginning of the year, with 166 games approved in August alone, marking a month-on-month increase of 39 games [2]. - The approved domestic games include titles from well-known companies such as NetEase, Bilibili, and others, showcasing a diverse range of products [2]. - For imported games, 69 have been approved this year, with 7 approved in August, including Tencent's "Kaeas Dreamland" [2]. Group 2: Notable Game Titles - "Kaeas Dreamland," developed by South Korea's Smilegate, is expected to perform well due to its unique gameplay mechanics and high-quality 2D animation [3]. - "Escape from Duckov," developed by Bilibili's "Carbonated Squad," has received positive feedback during its Steam testing phase, with over 200,000 players and a 93% "very positive" rating [4]. - The game combines tactical gameplay with a cute art style, filling a niche in the "light tactical game" market [4].

Investment Rating - The report maintains a "Recommended" rating for the gaming industry, indicating a positive outlook for the sector [3][6]. Core Insights - In August 2025, a total of 173 game licenses were issued, with 166 being domestic and 7 imported, marking a significant increase in the number of licenses issued compared to the same period in 2024 [1][6]. - The report highlights key games that received approval, including titles from major companies such as Tencent, NetEase, and Bilibili, which are expected to contribute positively to their respective revenues [6]. - The issuance of game licenses has been stable and consistent throughout 2025, with a total of 1,050 domestic and 69 imported licenses issued so far this year, reflecting a strong recovery in the gaming market [6]. Industry Overview - The gaming industry is characterized by a total of 160 listed companies, with a total market capitalization of 2,014.6 billion and a circulating market capitalization of 1,832.2 billion [3]. - The absolute performance of the industry has shown a significant increase of 75.8% over the past 12 months, indicating strong growth potential [5]. - The report emphasizes the ongoing success of established games and the potential for new releases to drive revenue growth, particularly for companies like Tencent and Giant Network [6].

Core Insights - The National Press and Publication Administration released a new batch of online game licenses on August 25, totaling 173 licenses, marking a record high for the year [1] - Among the 173 approved games, 166 are domestic and 7 are imported, with notable titles from major companies like Tencent, NetEase, and Bilibili [1][2] - As of August this year, the total number of game licenses issued has exceeded 1,000, reaching 1,119, which includes 1,050 domestic games and 69 imported games [3] Company Highlights - Tencent, NetEase, Bilibili, Lingxi Interactive, 37 Interactive Entertainment, and Kaiying Network received licenses for several key products [1] - Bilibili's self-developed game "Escape from Duckov" has gained significant popularity, with over 300,000 wish list entries on Steam [1] - Tencent and Xiaoming Taiji will jointly operate the domestic version of "Kaeas Dreamland," a new dark fantasy-themed rogue card game developed by Smilegate's team [2] Game Features - "Escape from Duckov" is a PvE single-player game focused on resource accumulation and character growth, differing from other similar games by lacking multiplayer and competitive elements [1] - "Dudu Face Prank" is a collectible card RPG developed by Epid Games, set to launch globally in the second half of 2025, featuring a unique character customization mechanic [2] - "Kaeas Dreamland" combines deep strategy with light-hearted gameplay, showcasing an innovative dark universe fantasy style and a "character collapse" mechanism [2]

Group 1 - The A-share market for online gaming stocks has shown strong performance, with Sanqi Interactive Entertainment hitting the daily limit and reaching a new high since December 2023, while Icefire Network rose over 5% [1] - The gaming ETF from Huatai-PineBridge has increased by over 2%, with a year-to-date gain of 50% [2] - The gaming ETF tracks the CSI Animation and Gaming Index, reflecting the overall performance of A-share listed companies in the animation and gaming industry [3] Group 2 - Sanqi Interactive Entertainment announced a projected revenue of 8.486 billion yuan and a net profit of 1.4 billion yuan for the first half of 2025, representing a year-on-year growth of 10.72%. The company plans to distribute a cash dividend of 2.10 yuan per 10 shares, totaling approximately 462 million yuan [3] - The National Press and Publication Administration approved a record 166 domestic online games on August 25, marking a historical high. In the first eight months of this year, 1,050 domestic game licenses have been issued, significantly higher than the 850 issued during the same period last year [4] - The gaming industry in China continued to grow in July 2025, with the domestic market size reaching 29.084 billion yuan, a year-on-year increase of 4.62%. Mobile gaming grew by 0.92%, while client games saw a 16.56% increase [4]