此外，今年全新上线的4X策略手游《Kingshot》成功复刻爆款路径，稳居全球多个地区iOS游戏免费榜 前列，并跻身数十个地区iOS游戏畅销榜前10名，与《Whiteout Survival》连续第三个月包揽中国手游出 海收入榜冠亚军。 世纪华通方面表示，其持续探索多元赛道，打磨《Tasty Travels: Merge Game》《Truck Star》《High Seas Hero》《Family Farm Adventure》等优势产品，以期形成未来新的增长点。目前，根据英国知名游 戏媒体Pocket Gamer评比，世纪华通旗下Century Games已成功跃升全球TOP50手游发行商第一位。 国内游戏市场方面，《无尽冬日》长期稳居微信小游戏畅销榜和iOS畅销榜TOP5；《龙之谷世界》上线 首日即登顶免费榜，目前仍然保持良好的月度营收；而于8月底上线的《奔奔王国》，已经成功跻身微 信小游戏畅销榜TOP20，并位居iOS游戏畅销榜前列。 （编辑：董曙光 审核：吴可仲 校对：颜京宁） 中经记者 李哲 北京报道 10月30日，世纪华通（002602.SZ）公告披露，其在2025年前三季度实现营收272.2 ...

与此同时，公司持续探索多元赛道，打磨《Tasty Travels: Merge Game》《Truck Star》《High Seas Hero》《Family Farm Adventure》等优势产品，以期形成未来新的增长点。目前，根据英国知名游戏媒 体Pocket Gamer评比，公司旗下Century Games已成功跃升全球TOP50手游发行商第一位。 中证报中证网讯（王珞）10月30日晚间，世纪华通（002602）发布2025年三季报。第三季度，公司实现 营收100.16亿元，同比增长60.19%；实现净利润17.01亿元，同比增长163.78%；扣非后净利润17.07亿 元，同比增长171.27%。公司实现季度营收"十连升"，单季营收首次突破百亿元规模，展示出强劲增长 态势。 国内游戏方面，公司手游产品增长动能强劲，《无尽冬日》长期稳居微信小游戏畅销榜和iOS畅销榜 TOP5；《龙之谷世界》上线首日即登顶免费榜，目前仍然保持良好的月度营收；而刚刚于8月底上线的 《奔奔王国》，已经成功跻身微信小游戏畅销榜TOP20、iOS游戏畅销榜前列。 在长青端游上，《冒险岛》《永恒之塔》《传奇世界》《龙之谷》《 ...

Investment Rating - The report maintains an "Overweight" rating for the internet media industry, indicating a positive outlook compared to the overall market performance [10]. Core Insights - The AI value reassessment is ongoing, with significant emphasis on self-reliance in core technologies such as models and chips in China, and the upcoming earnings reports from major US tech companies are crucial for global AI investment narratives [2][10]. - The competition for entry points in the AI application market is intensifying, which is seen as key for monetizing AI applications at scale [2]. - The gaming sector has adjusted to previously high expectations, with notable valuation opportunities emerging, particularly for companies like Huatuo and Bilibili [2]. Summary by Sections AI Applications - The report highlights the strategic moves by companies like OpenAI and ByteDance in expanding their AI capabilities into e-commerce and video platforms, indicating a trend towards monetization through quality data accumulation [2]. - Key recommendations include Tencent (AI advertising, WeChat agent, AI gaming), Alibaba (cloud computing, e-commerce), Baidu (cloud services, autonomous driving), Kuaishou (AI advertising), Bilibili (AI advertising, video podcasting), and Meitu (AI design) [2]. Gaming Sector - The gaming sector is noted for its resilience, with Huatuo's games showing strong performance in the mobile gaming rankings, and the company is well-positioned for future growth with ample cash flow [2]. - Bilibili is highlighted for its potential in AI video and gaming, with recent game releases performing well [2]. Other Key Companies - The report discusses the fluctuating stock price of Pop Mart, indicating differing views on the lifecycle of its IP, while also noting the potential for sales growth in North America [2]. - Mango TV is in a bottoming phase but is expected to see operational improvements driven by content supply and advertising revenue [2]. - Other recommended companies include NetEase Cloud Music, Damai Entertainment, and Shanghai Film, with a focus on high-dividend stocks like Focus Media and Yangtze Media [2]. Valuation Table - A detailed valuation table is provided, showing market capitalizations and revenue projections for key companies, with Tencent Holdings valued at 53.258 billion RMB and projected revenues increasing from 6.603 billion RMB in 2024 to 8.280 billion RMB in 2026 [4].

Core Insights - The gaming sector showed slight fluctuations after a strong opening on October 14, with the gaming ETF (159869) experiencing a peak increase of over 2% and currently showing a minor rise. [1] - As of October 13, the gaming ETF (159869) has seen a net inflow of 1.404 billion yuan over the past five trading days, indicating strong investor interest, with the product's scale reaching 10.748 billion yuan. [1] Market Size and Performance - According to Zheshang Securities, the Chinese gaming market is expected to maintain a high level in Q3 2025, although it may see a year-on-year decline due to a high base effect. [2] - The projected market sizes for July and August 2025 are 29.1 billion yuan and 29.3 billion yuan, reflecting year-on-year changes of +4.62% and -13.01%, respectively. The significant decline in August is attributed to the high base set by the game "Black Myth: Wukong" in August 2024. [1][2] - If the gaming market size in September 2025 remains relatively stable, the estimated market size for Q3 2025 would be approximately 87.4 billion yuan, showing a year-on-year growth of +0.8% and a quarter-on-quarter increase of +6.2%. [1] Factors Influencing Market Trends - The sustained high level of the gaming market in Q3 2025 is attributed to factors such as the "lipstick effect" from slowing economic growth, which boosts discretionary spending, and the release of multiple blockbuster games in the first half of 2025. [2] - Notable blockbuster games include "Endless Winter" and "Bouncing Kingdom" from ST Huatuo, "Supernatural Action Group" from Giant Network, and "Delta Action" from Tencent Holdings. [2] - The gaming market is expected to experience a slight quarter-on-quarter decline but a year-on-year increase in Q4 2025, driven by a significant rise in the number of blockbuster games compared to 2024. [2] Investment Opportunities - The gaming sector is undergoing transformations in AI, content, and commercialization models, presenting multiple catalysts for growth. [2] - The gaming ETF (159869) tracks the CSI Animation and Gaming Index, reflecting the overall performance of A-share listed companies in the animation and gaming industry, highlighting potential investment opportunities. [2]

Core Insights - Chinese gaming stocks have experienced a significant increase, with major companies like Tencent, NetEase, and Century Huatong seeing stock price growth of 64%, 72%, and 303% respectively since the beginning of the year [1] - The overall market sentiment towards gaming stocks has improved, driven by favorable policies and a recovering economic environment [5][10] Industry Growth Factors - The gaming industry's profitability has improved due to supportive government policies, such as multiple initiatives in Shanghai and Shenzhen aimed at boosting the gaming sector [5] - The approval process for game licenses has become more stable, allowing companies to plan product development and release schedules more effectively [5] - Public perception of the gaming industry has shifted positively, recognizing its contributions to technology, education, and cultural confidence, exemplified by the success of the game "Black Myth: Wukong" [7] Financial Performance - The first half of 2025 has been described as the best financial reporting season for the industry in years, with over 80% of companies reporting profits and top companies achieving record revenue and profit levels [8][10] - Century Huatong's market capitalization has tripled, surpassing 150 billion [8] Market Outlook - Investors are optimistic about the future growth potential of the gaming industry, particularly in global markets, which is seen as a key driver for stock price increases [13][19] - The gaming sector is exploring new markets and technologies, with significant growth opportunities identified in shooting games, mini-games, and single-player games [17][18] Global Expansion - Chinese gaming companies are increasingly focusing on global markets, with many launching products simultaneously worldwide rather than treating overseas markets as secondary [20] - Companies like Century Huatong have successfully penetrated international markets, contributing to their stock price increases [21] - Collaborations between Chinese and global firms are becoming more common, enhancing the global presence of Chinese gaming companies [23][28] Technological Advancements - Major companies are investing in AI and other technologies to improve game development processes, which is expected to yield significant results [30][32] - The market for gaming-related merchandise is also growing, with projections indicating substantial revenue potential in the coming years [34][35]

Investment Rating - The report maintains a "Positive" investment rating for the gaming industry [7]. Core Insights - The issuance of game licenses in September, with approvals for companies like Kaiying, Giant Network, and Point Point, indicates a positive trend in the new game cycle and overall industry prosperity. The performance of several new games, such as Giant Network's "Supernatural Action Group" and G-bits' "Staff Sword Legend," is expected to drive the product cycle and industry sentiment upward. The combination of new game cycles, favorable policies, and AI catalysis suggests that the gaming sector still has upward valuation potential, warranting continued attention to investment opportunities in this area [2][4][6]. Summary by Sections Game License Issuance - In September, a total of 156 game licenses were issued, including 145 domestic and 11 imported games. This brings the total number of domestic game licenses issued this year to 1,195, nearing the annual total of 1,306 from 2024 [6][9]. Market Performance - The gaming market in China showed a month-on-month growth, with August revenues reaching 29.263 billion yuan, a 0.61% increase from the previous month. The mobile gaming market accounted for 21.541 billion yuan, reflecting a 0.85% month-on-month growth [9]. New Game Launches - Several new games are set to launch or have recently launched, including Kaiying's "The Legend of the Adventure" and Heartbeat's "Yise," which quickly topped the iOS and TapTap charts. The report highlights a rich pipeline of upcoming games from major developers, indicating potential for revenue growth [6][9].

Core Insights - The game "Kingshot" (domestic name "奔奔王国") is expanding its strong performance from overseas to the domestic market, indicating a strategic shift towards local engagement [1][3]. Group 1: Game Launch and Performance - The domestic version of "奔奔王国" initially launched on WeChat Mini Games on August 28, after receiving its game license in late July, leading to a significant stock price increase for Century Huatong [3]. - The game achieved a stable position in the WeChat Mini Games sales chart, reaching the top 25, with a peak ranking of 19 during mid-September [7][9]. - The app version was quietly launched on September 7, just 11 days after the Mini Games version, quickly climbing to the 16th position in the iOS free games chart [10]. Group 2: User Engagement and Revenue - The iOS version saw initial downloads of less than 200 on the first day, but surged to over 30,000 the next day, maintaining an average of over 24,000 downloads per day, totaling approximately 340,000 downloads in two weeks [12]. - Daily revenue for the iOS version started at 73,000 yuan, growing to an estimated 380,000 yuan, with total revenue reaching 3.14 million yuan in the first two weeks [15][17]. - The revenue per download (RPD) for the iOS version has reached 9.3 yuan, indicating a solid monetization strategy [17]. Group 3: Market Position and Future Outlook - "Kingshot" is positioned as a strong contender in the market, with its revenue performance second only to "Whiteout Survival," which has generated 18.02 billion yuan since its launch [21][26]. - Century Huatong reported a significant revenue increase of 85.5% year-on-year, with game business revenue soaring by 93.06%, highlighting the success of both "Kingshot" and "Whiteout Survival" [28]. - The company is expected to continue its strong market performance, with further growth anticipated as "奔奔王国" has yet to fully unleash its potential in the domestic market [31].

Investment Rating - The report maintains a "Positive" investment rating for the media industry [1] Core Insights - The report emphasizes the ongoing investment opportunities in gaming, AI applications, and content innovation, highlighting the potential for significant revenue growth in these sectors [3][4] Industry Data Overview - The game "元气唤灵师" ranks first in the iOS free game chart, while "三角洲行动" tops the iOS revenue chart as of September 20, 2025 [10][14] - The film "731" achieved the highest box office revenue of 9.98 billion CNY for the week [25] Industry News Summary - Continuous advancements in AI applications and content innovation are expected to enhance the entertainment consumption landscape [29] - OpenAI is reportedly expanding its AI hardware initiatives, which may accelerate the commercialization of AI applications across various sectors [3][4] Company Highlights - Heartbeat Company is set to launch its self-developed RPG game "伊瑟" on September 25, 2025, with over one million pre-registrations, indicating strong market interest [3] - The collaboration between Heartbeat Company and the "黄油小熊" IP has led to a significant rise in the rankings of "心动小镇" in the iPhone game sales chart [3] Recommendations - The report suggests continued investment in the gaming sector, particularly in companies like Heartbeat Company, Giant Network, and Tencent, due to their promising new releases and established franchises [3][4]

Investment Rating - The investment rating for the media industry is "Outperform the Market" (maintained) [1] Core Viewpoints - The media industry is experiencing a recovery in net profits, driven by a low base effect from the previous year and a significant decrease in expenses [2][18] - The gaming sector is showing strong growth due to a new product cycle, while the film and television sector is expected to see a bottom reversal supported by policy changes [5][60] Summary by Sections 1. Performance Review: Significant Recovery in Net Profit - In the first half of 2025, the A-share media sector achieved a total revenue of 254.9 billion yuan and a net profit of 21.8 billion yuan, representing year-on-year growth of 4.06% and 28.70% respectively [2][18] - The gross margin increased by 0.9 percentage points to 32.90%, and the net margin improved by 1.7 percentage points to 8.65% [19][29] 2. Q2 Performance Continues Upward Trend - In Q2 2025, the media sector reported revenues of 129.1 billion yuan and a net profit of 10.7 billion yuan, with year-on-year growth of 2.59% and 19.53% respectively [3][49] - The gaming sector's net profit saw a significant improvement, driven by new game launches [3][74] 3. Subsector Performance: Gaming Sector Achieves High Growth - The gaming sector generated revenues of 27.7 billion yuan and a net profit of 4.6 billion yuan in Q2 2025, with year-on-year growth of 22.40% and 104.47% respectively [4][74] - The film and television sector faced challenges, with revenues declining by 21.7% and net profit turning negative [4][60] 4. Investment Recommendations: Focus on Gaming and Film Sectors - The report recommends focusing on gaming companies benefiting from a strong new product cycle and film companies poised for recovery due to favorable policies [5][60] - Specific stock recommendations include Giant Network, Bilibili, Mango Excellent Media, and Light Media [5][60]

Investment Rating - The report maintains an "Overweight" rating for the industry [1]. Core Insights - The performance of A-share game companies in H1 2025 is strong, driven by two innovative game categories: "Micro Horror Search and Fight" and "Overseas SLG" [2]. - "Micro Horror Search and Fight" is expected to become a long-lasting game with a high profit margin, enhancing the performance of companies like Giant Network [2]. - The overseas SLG market is entering a new expansion cycle, with leading companies showing significant advantages [2]. Summary by Sections 1. Micro Horror Search and Fight: Long-lasting Games with High DAU - The "Search and Fight" category creates a loop of investment, risk, and return, making players addicted through high failure penalties and strong victory rewards [10]. - The game "Supernatural Action Group" targets the casual social and female-oriented segment, with no current competitors in the market, indicating potential for sustained growth [2][20]. - The female gaming market is projected to reach 8 billion yuan in 2024, growing by 124.1% year-on-year, highlighting the increasing importance of female players [11]. 2. Overseas SLG: New Expansion Cycle in the Industry - The overseas SLG mobile game market is expected to reach $124.64 billion in 2024 and $73.08 billion in H1 2025, with year-on-year growth of 17% and 25% respectively [43]. - Chinese companies are projected to generate $185.57 billion in overseas revenue in 2024, with strategy games accounting for 41.38% of the top 100 games [43]. - SLG games have high user value, with the average revenue per download (RPD) for 4X SLG being 8-9 times higher than the overall mobile game level [44]. 3. Major Companies - Giant Network is expected to benefit significantly from "Supernatural Action Group," which could lead to a "Davis Double" effect, enhancing both revenue and valuation [71].