Group 1 - The National Press and Publication Administration announced the approval of 166 domestic games and 7 imported games in August 2025, marking a new monthly high for domestic game approvals this year [1] - Among the 166 domestic games, 107 are mobile games, 39 are mobile casual puzzle games, 17 are mobile and client games, 1 is a console game (PS5), and 2 are client games [1] - Major companies like NetEase and Bilibili have successfully obtained approvals for their games, indicating strong performance among leading firms in the industry [1] Group 2 - Several A-share game companies reported positive impacts from the issuance of game approvals, with Baotong Technology highlighting the role of approvals in the recovery of the domestic game industry [2] - Tom Cat mentioned that the game industry is experiencing a dual drive of policy support and technological innovation, with 757 domestic and 55 imported game approvals issued in the first half of 2025, reflecting an 18% year-on-year increase [2] - The domestic game market achieved a sales revenue of 168 billion yuan in the first half of 2025, a 14.08% year-on-year growth, with the user base reaching nearly 679 million, marking a historical high [2]

Core Insights - The Chinese animation and gaming industry is experiencing significant growth, with the market expected to exceed 270 billion yuan in 2024, making China the largest market globally for the "二次元" (2D) culture [2] - Major events like ChinaJoy and BiliBili World are becoming increasingly competitive, with cities vying for the rights to host these exhibitions, reflecting the rising commercial value of the industry [2] - The "痛" (pain) culture, characterized by the decoration of personal items with anime and gaming merchandise, is driving consumer interest and economic value, as evidenced by the rapid ticket sales for events like BW 2025 [4] Industry Trends - The rise of "痛" culture is linked to the continuous upgrade of domestic gaming companies, which are now focusing on creating a full IP value chain around popular games [4][5] - Companies like叠纸游戏 and米哈游 are successfully launching high-quality merchandise and achieving significant sales, indicating a strong market for IP-related products [4][5] - The trend of cross-industry collaborations is growing, with more consumer brands seeking partnerships with gaming and entertainment companies to tap into the lucrative market of IP merchandise [5] Event Dynamics - Major gaming companies are leveraging events like ChinaJoy to showcase their products, with companies like世纪华通 and网易游戏 presenting a diverse range of games and attracting large crowds [6][7] - The immersive experience provided at these events is crucial for gathering player feedback and enhancing marketing strategies, as players increasingly value firsthand experiences over traditional marketing [8] - The focus on high-quality, boutique games is reshaping the industry, with player reviews and word-of-mouth becoming critical for the success of new game launches [8]

Core Viewpoint - Century Huatong Group Co., Ltd. reported a significant increase in revenue and profit for the first half of 2025, with net profit expected to double year-on-year [1][2]. Financial Performance - The company anticipates consolidated revenue of approximately 17 billion, representing a year-on-year growth of about 83.27% [1]. - The expected net profit attributable to shareholders ranges from 2.4 billion to 3 billion, indicating a year-on-year increase of 107.20% to 159.00% [2]. - The forecasted net profit after deducting non-recurring gains and losses is between 2.39 billion and 2.7 billion, reflecting a growth of 107.41% to 134.31% year-on-year [2]. - Basic earnings per share are projected to be between 0.33 and 0.42, compared to 0.16 in the same period last year [2]. Subsidiary Performance - The subsidiary "DianDian Interactive" has shown strong performance, with both domestic and overseas revenues continuing to grow steadily [1]. - The flagship product "Whiteout Survival" maintained its position as the top-grossing mobile game in China for overseas markets in June [2]. - Another new title, "Kingshot," saw a 56% revenue increase in June after doubling its income in May, ranking among the top three Chinese mobile games in overseas revenue for the month [2]. Strategic Developments - The subsidiary "Shengqu Games" is focusing on core IP operations, successfully revitalizing older IPs and launching new titles that have performed well in the market [3]. - Shengqu Games is advancing the development of multi-platform versions of core IPs and has launched new games in various genres, including a non-MMO title [3]. - The company is integrating AI technology into its gaming business, with applications in code development, customer service, and game quality testing [4]. - A global AI gaming and application innovation competition initiated by Century Huatong is currently in the evaluation phase, aimed at discovering new technological talents [4].

Core Insights - The article discusses the tumultuous history of the game "Uncharted Waters Online" (大航海时代OL), highlighting its significant impact and the challenges it faced due to multiple changes in its operating rights and management issues [1][3][10]. Group 1: Game History and Impact - "Uncharted Waters Online" was first introduced in 2004 and achieved a record of 400,000 concurrent users during its initial launch [7][10]. - The game has gone through three closures and three relaunches, earning the title of "the online game with the most closures in Chinese history" [3][14]. - The IP has been influential in China, ranking second in popularity among Koei's titles, following the "Romance of the Three Kingdoms" series [2]. Group 2: Operational Challenges - The game has faced significant operational challenges, including a lack of understanding from Japanese developers regarding the needs of overseas players, leading to repeated crises in its management [7][22]. - The first operator, Shengxuanming, lost the rights due to various disputes, including profit-sharing disagreements and management issues, which led to a loss of player trust [10][11]. - Subsequent operators also struggled, with user data loss and server shutdowns occurring multiple times, resulting in a two-year hiatus before the game was relaunched by Tianxi Network [12][14]. Group 3: Game Design and Player Experience - The game features a complex economic system and over 50 character classes, which can be challenging for players unfamiliar with its mechanics [20][22]. - The design philosophy of Japanese developers often disregards the preferences and expectations of international players, leading to a disconnect between the game and its audience [15][17]. - The article emphasizes that successful operation requires collaboration among developers, operators, and players, which has historically been lacking in the case of "Uncharted Waters Online" [22][31]. Group 4: Future Prospects - New projects based on the "Uncharted Waters" IP are emerging, including "Uncharted Waters: Sea Overlord" and "Uncharted Waters: Legend," with varying degrees of development and potential for success [25][29]. - The article suggests that the current environment for game development in China is more mature, with better collaboration between developers and local companies, which may lead to more stable operations for future titles [31][33].