证券研究报告 | 2025年09月16日 传媒行业中期业绩回顾与展望 游戏新品周期持续，把握影视与AI应用底部机会 请务必阅读正文之后的免责声明及其项下所有内容 2025年Q2业绩延续Q1趋势持续向上。1）25年Q2A股传媒板块上市公司共计实现营业收入1291亿元、归母净利润107亿元，同比分别增长2.59%、19.53%，归母净利润在经历了24年Q1以来 的连续4个季度下滑后显著转正向上；营收亦从24年Q3以来的持续下滑后拐点温和向上；主要得益于游戏板块在新游带动下净利润同比大幅改善、出版行业所得税优惠延续之后净利润同 比转正；2）毛利率稳中有升，同比提升0.62个百分点至32.49%；净利率同比提升1.35个百分点至8.44%；管理费用率保持稳定，管理费用率7.10%、与上年基本一致；销售费用率同比提 升0.91个百分点至13.45%；3）增速上来看，游戏、出版实现正增长，分别同比增长104.47%、5.66%，其他行业同比均有不同程度下滑。 子行业表现：游戏行业实现高增长，关注影视板块底部反转可能。1）25年Q2A股传媒游戏板块上市公司共计实现营业收入277亿元、归母净利润46亿元，同比分别增长22.4 ...

证券研究报告·行业报告·传媒互联网 增持（维持） 2025年出圈品类详解： 微恐搜打撤、融合玩法SLG 证券分析师 ：张良卫 执业证书编号：S0600516070001 联系邮箱：zhanglw@dwzq.com.cn 请务必阅读正文之后的免责声明部分 2025年9月15日 投资要点 资料来源：东吴证券研究所 2 ➢ 2025H1 A股游戏厂商业绩表现亮眼，除行业景气度、竞争格局影响外，我们观察到两大品类创新——"微恐搜打撤"与"出海SLG"带来 对应厂商的业绩与估值上修： ➢ "微恐搜打撤"：潜在长青游戏爆款，长生命周期+高利润率带来强业绩弹性与估值弹性。"搜打撤"的"投资-风险-回报"闭环，通过高 失败惩罚机制、强胜利奖励机制的刺激，让玩家上瘾，核心玩法在于"搜"（物资搜集）与"打"（局内对抗）。从细分品类发展来看，有 以射击、ARPG等作为"打"核心玩法承接的《三角洲行动》《暗区突围》《雾影猎人》等，也有以微恐题材社交休闲玩法作为"搜"核心 玩法承接的《超自然行动组》。我们看好《超自然行动组》切中休闲社交、女性向"搜打撤"的细分赛道，截止2025年9月，市场暂无竞品， 看好游戏持续迭代玩法，用户规模稳步 ...

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。 9月16日，游戏板块午盘略有震荡，游戏ETF（159869）现小幅微涨。持仓股中，星辉娱乐现涨超15%，富春股份、奥飞娱乐、恺英网络、华 立科技、天舟文化等跟涨。游戏行业近期表现强势，主要受益于新品发布预期及行业回暖。数据显示，2025年上半年游戏板块平均净利润同比 大幅增长118.64%，头部公司盈利韧性凸显，为板块上涨提供基本面支撑。 消息面上，多家上市公司推出优质产品，恺英网络上半年信息服务收入达6.57亿元，同比增长65%；完美世界《异环》预计Q4开启付费测试； 巨人网络《超自然行动组》8月成绩突出，畅销榜排名较7月提升显著；吉比特《杖剑传说》8-9月国内畅销榜维持40名以内，中国港澳台稳居 畅销榜前五；小程序游戏《道友来挖宝》稳居微信小程序畅销榜前五；点点《Kingshot》海外持续爬升，国内版本《奔奔王国》分别于8月28 日和9月9日上线国内微信小程序版本和APP版本。 国信证券指出，游戏市场1-7月营收持续较快增长 ...

9月10日，游戏板块午盘持续冲高，游戏ETF（159869）现已涨近3%，板块反弹上攻趋势显著。游戏ETF（159869）已连续两日获得资金净流 入，"吸金"达2.42亿元，备受资金青睐。 暑期结束后，展望Q4和2026年，游戏行业增长动能充足。9月多款游戏保持强势表现：9月5日巨人网络《超自然行动组》逍遥时装「绣春逍 影」上线带动游戏进入iOS畅销榜Top12，在暑假结束后延续强势表现，9月12日新时装捉妖奇妙夜已开启预热；吉比特《杖剑传说》8月以来 仍维持在iOS畅销榜Top20-40，表现稳健，《问道》IP加持的小游戏《道友来挖宝》仍稳居微信小游戏畅销榜Top5左右；点点互动《奔奔王 国》已进入小游戏畅销榜Top25，暑期游戏流水驱动游戏公司Q3业绩有望加速增长，新游强势表现或带动游戏公司业绩持续向上。 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。 每日经济新闻 ...

Group 1 - The report highlights investment opportunities in AI applications, particularly in the midstream data services and downstream sectors like AI+Media, AI+IT software, and AI+Healthcare, which show structural growth potential [3][4] - The domestic AI application market is shifting towards a focus on fundamentals, emphasizing actual returns, with potential catalysts for growth including new model releases and decreasing computing costs [4][3] - The report indicates that the overall market trend for domestic AI applications is weaker than computing power, but there are still structural opportunities in individual stocks [4] Group 2 - The report on Xingfa Group indicates a stable performance in Q2 2025, with revenue reaching 14.62 billion yuan, a year-on-year increase of 9.07%, despite a decline in net profit [6][7] - The company has a strong position in the phosphate market, with high prices maintained and a significant increase in revenue from mining operations [8][9] - The acquisition of a 50% stake in Qiaogou Mining is expected to enhance the company's phosphate resource advantages, increasing its total mining rights to 58 million tons [12][13] Group 3 - The report on General Motors shows that the company is advancing mixed-ownership reforms, with a significant increase in revenue to 4 billion yuan in H1 2025, despite a sharp decline in net profit due to international trade barriers [16][17] - The company is expanding its international presence with projects in Thailand and Cambodia, which are expected to enhance its competitive edge in the global market [19] Group 4 - The report on Stanley indicates a dual increase in volume and profit, with revenue of 6.39 billion yuan in H1 2025, a year-on-year increase of 12.66%, driven by phosphate exports [21][22] - The company is focusing on optimizing its product structure and expanding its online retail presence, which has seen significant growth [23][24] Group 5 - The report on New Mile shows a significant decline in revenue to 1.588 billion yuan in H1 2025, primarily due to the impact of medical insurance and centralized procurement policies [28][29] - The company anticipates a recovery in growth in the second half of 2025, supported by strategic restructuring and operational efficiency improvements [30] Group 6 - The report on Hualu Hengsheng indicates a decline in revenue to 15.764 billion yuan in H1 2025, with a focus on innovation and cost reduction to navigate a challenging market environment [31][32] - The company is actively pursuing new projects to enhance production efficiency and market competitiveness [37]

Core Viewpoint - The gaming industry in A-shares and Hong Kong stocks has shown significant revenue growth, with A-share gaming companies reporting a 22% year-on-year increase in gaming business revenue and Hong Kong gaming companies reporting a 16% increase, indicating overall profit improvement for manufacturers [1] Group 1: Revenue Growth Drivers - The performance of new and evergreen games has driven revenue growth, with successful new releases such as Tencent's "Delta Action" and Xindong's "Fantasy Land M: Original Server" contributing to revenue increases in Southeast Asia and the Greater China region [2] - Flagship evergreen games from Tencent and NetEase have also seen growth, with several mid-sized manufacturers experiencing a rebound in older games [2] Group 2: Marketing and AI Strategies - Marketing strategies vary among manufacturers due to product cycle differences, with increased marketing investments noted for new game versions, while some companies have reduced sales expense ratios due to AI-driven efficiency improvements [3] - AI applications in gaming focus on enhancing user engagement through AI NPCs and UGC creation, while company-level applications aim to improve efficiency in art, coding, and customer service [3] Group 3: Future Outlook - The outlook for A-share gaming companies in Q3 is optimistic, with new game releases expected to significantly contribute to profits, exemplified by Giant Network's "Supernatural" and JiBit's "Staff Sword Legend" [4] - Continued focus on the sustainability of new games and the value of evergreen games, alongside global expansion efforts, is anticipated to drive demand [4]

Summary of the Conference Call Company and Industry Overview - The conference call discusses Century Huatong and its subsidiary, Diandian Interactive, focusing on the SLG (Simulation and Strategy Game) market, which holds over 14% of the global market share and is expected to grow at approximately 20% year-on-year from 2024 to the first half of 2025 [2][4]. Key Points and Arguments - Diandian Interactive is a leader in the SLG gaming industry, with its flagship game "Frosty Apocalypse" generating annual revenue between 20 billion to 25 billion RMB, while another title, "Bouncing Kingdom," is projected to reach 10 million USD in overseas monthly revenue by August [2][4]. - The combined annual revenue from these two products is expected to exceed 35 billion RMB [2][4]. - The SLG gaming sector has evolved from gameplay iteration to user diversification, with user acquisition becoming a primary growth driver since 2020, despite traditional SLG games facing challenges in user acquisition and retention [2][6]. - Diandian Interactive has innovated with the "SLG+X" formula, merging simulation management with SLG elements, utilizing cartoon art styles and apocalyptic themes to reduce user acquisition costs and enhance retention [2][10]. Development Trends and Innovations - The SLG market has seen significant innovations since 2014, with key titles introducing new gameplay mechanics. However, since 2020, the industry has relied more on user acquisition innovations rather than gameplay innovation [8][9]. - Traditional SLG games have struggled with user retention due to core gameplay being less engaging initially, leading to lower early retention rates [8][9]. - The introduction of casual elements and secondary gameplay has helped some companies improve user acquisition costs, but retention remains a challenge [9]. Future Outlook - Diandian Interactive is currently in a growth phase, with expectations of sustained revenue growth and profit increases over the next 1 to 3 years [7][11]. - The company is benefiting from a favorable cycle in both product and category, with its successful titles in long-term operation, indicating potential for continued revenue growth [3][11]. - The innovative approach of combining SLG with simulation management is expected to yield further success, as evidenced by the performance of "Endless Winter" and other titles [10][11]. Additional Important Insights - The SLG market primarily attracts middle-aged males interested in historical military themes, but the introduction of more diverse gameplay and themes is broadening the user base [5][6]. - The high payment characteristics of SLG games, with monthly spending typically ranging from 600 to 800 RMB, indicate a high user value, albeit with high acquisition costs [6]. This summary encapsulates the key insights from the conference call regarding Century Huatong and the SLG gaming industry, highlighting growth opportunities, challenges, and innovative strategies.

Core Viewpoint - The launch of the SLG game "Kingshot" in the domestic market as "Bengben Kingdom" has generated significant attention, with expectations for its performance following its successful overseas debut [1][13]. Group 1: Game Performance and Market Impact - "Kingshot" achieved remarkable success in the overseas market, ranking in the Top 10 of the iOS bestsellers in the US within three months of its launch [1]. - By July 2025, global cumulative revenue for "Kingshot" is projected to exceed $200 million (approximately 1.5 billion RMB) [1]. - The game ranked second in the SensorTower's July revenue chart for overseas mobile games, alongside another title from the same developer, "Endless Winter" [1]. Group 2: Game Features and Mechanics - "Bengben Kingdom" retains the core gameplay framework of "Endless Winter" while introducing a simplified tower defense element inspired by "Thronefall" [1][5]. - Players assume the role of a medieval lord, managing resources and defending against enemy attacks through strategic building and character control [2][5]. - The game features a seamless transition between the mini-program and app versions, maintaining consistent visual and UI design [5]. Group 3: Strategic Launch and User Acquisition - The decision to launch the mini-game version first is based on the proven market potential of SLG games on mini-game platforms, which have seen a 180% growth this year [14][16]. - The overlap of users between heavy SLG games and mini-game platforms is low, providing a new user acquisition opportunity [16]. - The mini-game version allows for rapid user feedback and adjustments before the app version launch, enhancing overall product quality [19]. Group 4: Financial Performance and Future Outlook - Century Huatong reported a revenue of 17.2 billion RMB for the first half of the year, a year-on-year increase of 85.5%, with net profit rising by 129.33% [23][24]. - The successful performance of "Kingshot" and "Endless Winter" is expected to drive further revenue growth for Century Huatong, positioning "Bengben Kingdom" as a potential new growth driver [25]. - The success of the mini-game strategy with "Endless Winter" has reinforced confidence in this approach for future titles [19][22].

Core Insights - Century Huatuo has shown remarkable performance in the gaming industry in 2025, with a revenue of 17.2 billion yuan, representing a year-on-year increase of 85.5%, and a net profit of 2.656 billion yuan, up 129.33% [1] - The company has achieved a non-deductible net profit of 2.586 billion yuan, reflecting a growth of 124.43%, and operating cash flow has surged by 107.4% to 3.918 billion yuan, indicating strong financial health [1] - Century Huatuo's revenue has consistently increased for nine consecutive quarters, validating its dual-driven strategy of "global layout + core IP cultivation" [1] Century Games Performance - Century Games has distinguished itself with its self-research capabilities and innovative "SLG+X" model, leading to the successful launch of popular games like "Whiteout Survival" and "Kingshot" [2] - "Whiteout Survival" combines survival themes with SLG gameplay, while "Kingshot" merges medieval kingdom settings with tower defense and SLG strategy elements, both achieving top rankings in the July 2025 mobile game revenue chart [2] Domestic Market Strength - Diandian Interactive has solidified its position in the ice and snow-themed game sector with the success of "Endless Winter," which has consistently ranked high on popular game charts [4] - The launch of "Bengben Kingdom" has further diversified Diandian Interactive's product offerings, expanding its audience in the domestic market [4] - Shengqu Games has also reported stable revenue growth, leveraging classic IPs like "Legend of Blood" and "Dragon Valley" through content iteration and user engagement strategies [4] Technological Advancements - Century Huatuo has made significant strides in technology application, particularly in AI, enhancing game development and operational efficiency [6] - The company has implemented AI tools to improve art resource creation, optimize game content generation, and enhance quality control and customer service [6] - Clear strategic positioning and resource allocation among subsidiaries have ensured collaborative growth across various business segments [6]

Core Insights - Century Huatong (ST华通) reported a significant revenue increase of 85.5% year-on-year, reaching 17.207 billion yuan, with a net profit growth of 129.33% to 2.656 billion yuan in the first half of 2025 [2] - The company is transitioning from a "game manufacturer" to a "technology-driven entertainment enterprise," marking a critical step in its evolution [3] - The overseas SLG (strategy game) segment, particularly through the success of titles like "Whiteout Survival," has become a core revenue driver, contributing to a 93.06% increase in internet game revenue [4] Revenue Growth - The company's internet game business generated 16.433 billion yuan in revenue, with mobile games accounting for 88.69% of this total [4] - The dual success of "Whiteout Survival" and "Kingshot" has established a strong revenue-driving model, with both games dominating the Chinese mobile game export income rankings [4][5] Market Positioning - Century Huatong's domestic market strategy focuses on differentiated branding through its subsidiary, Didi Interactive, which has seen its main product "Endless Winter" consistently rank in the iOS top 10 [6] - The company is also leveraging classic IPs for long-term operations, with successful titles like "MapleStory" and "Eternal Tower" continuing to generate steady revenue [6] Industry Dynamics - The gaming industry is currently in a phase of "stock game + incremental breakthrough," with increasing competition in both SLG and casual gaming sectors [7] - Major competitors like Tencent and NetEase are intensifying their investments in new game development, while smaller firms are seeking differentiation through niche themes [7] Technological Integration - The company is actively involved in AI-driven projects, with significant advancements in its Shanghai data center, which has contributed to stable revenue growth [9] - AI tools have enhanced production efficiency in game development, improving art production processes by 60% to 80% [9] Future Outlook - The company's future actions in new product iterations and technology commercialization will be critical in influencing its market valuation [10]