Group 1 - MiHoYo has taken measures against over 260 leakers of unreleased game content for "Genshin Impact" and "Honkai: Star Rail" to protect its intellectual property and maintain operational integrity [1] - The company aims to enhance player engagement and monetization by preventing leaks that could diminish the excitement and anticipation for new content [1] - The gaming industry is experiencing a decline in the popularity of the two-dimensional genre, with a reported 8% decrease in actual sales revenue for the mobile game market in the first half of 2025 [4][5] Group 2 - MiHoYo has been positioned as the fourth largest mobile game publisher in China for over six months, with its revenue growth stagnating compared to competitors like Tencent and NetEase [2][3] - The company has seen a significant revenue increase of 28% due to the successful launch of version 3.4 for "Honkai: Star Rail," which led to a 325% revenue surge in July 2025 [10][11] - Despite the success of "Honkai: Star Rail," MiHoYo's other titles have not reached the heights of "Genshin Impact," indicating a need for innovation and diversification in its game offerings [8][18] Group 3 - MiHoYo is exploring new game development opportunities, with 6-7 projects in the pipeline that cover various popular genres, including a new title featuring auto-chess mechanics [17][18] - The company is facing increased competition in the gaming market, with emerging players like Point Interactive gaining traction and challenging established giants [22] - To maintain its position, MiHoYo must adapt its strategies and potentially expand beyond the two-dimensional genre to achieve sustainable growth [22]

Core Viewpoint - The A-share market has been rising steadily, with active trading and several sectors showing significant gains, particularly the gaming industry, which has seen a remarkable increase in stock prices and revenue growth for companies like ST华通 [1][4]. Company Overview - ST华通, officially known as Zhejiang Century Huatong Group Co., Ltd., was established in 2005 and listed on the Shenzhen Stock Exchange in July 2011. Initially focused on automotive parts, the company transitioned to the internet gaming industry in 2014 and acquired Shengqu Games in 2019 for 29.8 billion yuan [4]. - The company's main business segments now include internet gaming, automotive parts manufacturing, and AI cloud data, with internet gaming accounting for over 95% of its revenue [4]. Financial Performance - In the first half of 2025, ST华通 reported revenue of 18.9 billion yuan, a year-on-year increase of 45.24%, and a net profit of 931.3 million yuan, up 1951.5%. The non-GAAP net profit surged by 5644.93% [4]. - The significant growth in ST华通's performance is attributed to its successful overseas gaming business, with its game "Whiteout Survival" generating over 2.8 billion USD in global revenue [4][5]. Market Trends - The global gaming market is experiencing a resurgence, with the combined market size expected to exceed 1200 billion USD by 2028. The mobile gaming in-app purchase revenue is projected to grow by 4% in 2024 and 6% in 2025, reaching 854 billion USD [8][10]. - The overseas mobile gaming market continues to thrive, with 34% of the top 100 global mobile game publishers' revenue coming from Chinese companies, totaling 1.95 billion USD [10]. Policy Support - The Chinese government is actively supporting the gaming industry's expansion overseas, with policies aimed at developing gaming export businesses and streamlining approval processes for game launches [10][11]. Legal and Compliance Issues - Despite the strong performance, ST华通 faces legal challenges due to past false statements regarding goodwill and software copyright, leading to multiple civil disputes and regulatory scrutiny [12][14]. - The company received a warning from the Zhejiang Securities Regulatory Bureau for false reporting in its annual reports from 2018 to 2022, which has raised concerns about its ability to remove risk warnings [14].