展望2026年，世纪华通对游戏板块这一核心主营业务已明确了清晰目标：出海端，在巩固策略游戏品类 地位外，重点发力休闲游戏品类，打造新的增长极；国内端，将深化经典产品的精细化运营，同时集中 资源打造《饥困荒野》《彩虹岛：经典》《永恒之塔：经典》等重点新项目，为"业绩基本盘"注入全新 的动能。 面对AI技术带来的行业与社会变革，世纪华通董事长王佶提出"全员AI"号召，成立集团AI发展和管理 委员会，加速推进公司多个自研AI平台的搭建与升级，推动AI技术全面渗透业务各核心环节，有效提 升产品开发效率与运营精准度，助力业务持续增长。 在投资回报层面，最近两个月，世纪华通已经累计回购股份超过13亿元，用资金投入彰显对企业未来发 展的信心。 （文章来源：新华财经） 新华财经上海1月29日电（记者高少华）世纪华通（002602.SZ）29日晚披露2025年度业绩预增公告显 示，2025年公司合并营业收入约380亿元，同比增长约68%；预计实现归母净利润区间为55.5亿元至69.8 亿元，同比增长预估区间为357%至475%；预计扣非后净利润区间为58.0亿元至63.3亿元，同比增长预 估区间为253%至285%；经营性现金 ...

"利润率这个问题很难给出一个准确的数值。利润率是一个动态变化的指标，每个月都会有所不同。"世 纪华通（维权）（002602.sz）在1月7日的投资者交流会上，回答机构关心的主要游戏产品利润率情况 时表示，"利润率的核心影响因素有两个：一是产品的生命周期，不同生命周期的产品，利润率水平差 异很大；二是投放的比例，投放比例的高低，会直接影响当期的利润率。" 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：新财观V "烧钱换量"似乎仍是主流游戏厂商的固定打法。 《产业资本》按2024年推广费用96%的占比推算，去年前三季度，世纪华通用于投放买流量的推广费用 约101亿元。 事实上，大手笔的投放也给世纪华通带来近年少见的爆款——《无尽冬日》（Whiteout Survival）已成 为全球收入领先的SLG手游，是小游戏及SLG赛道的爆款产品。 国服APP版《无尽冬日》一上线仅一周便冲入iOS畅销榜TOP10，后续还曾冲上iOS畅销榜第二，仅次于 《王者荣耀》。 然而，重金买量的裹挟下，目前《无尽冬日》被指存在虚假宣传引流与"暴力逼氪"，疑似安排"游戏 托"诱导消费等问题。 这意味着，1 ...

Core Insights - The mini-game market in China has become a focal point in the gaming industry, with significant growth and revenue data attracting numerous developers, but the market dynamics are shifting as competition intensifies and growth rates slow down [1][27] - By 2025, the domestic mini-game market is projected to generate revenue of 53.535 billion yuan, with a year-on-year growth rate of 34.39%, although this represents a slowdown compared to previous explosive growth [1][27] - Major companies are increasingly dominating the market, with over 70% of listed gaming companies investing heavily in mini-games, raising the industry entry barriers to the level of native apps [1][27] Platform Development - WeChat mini-games remain the largest platform in China, with over 400,000 developers and more than 300 teams generating over 10 million yuan in quarterly revenue [2][28] - The active user base on WeChat mini-games has surpassed 500 million, with a 10% increase in user online time expected in 2025 compared to 2024 [2][28] - Douyin mini-games have also seen remarkable growth, with revenue increasing by 100% and active user numbers rising by 120% in 2025 [4][30] Product Trends - WeChat mini-games have successfully explored heavy game genres, with several SLG, RPG, and card games achieving stable growth [4][30] - Douyin's unique short video ecosystem enhances content distribution, significantly impacting player engagement and revenue generation [6][31] - The revenue scale of WeChat and Douyin mini-games is expected to account for over 90% of the total domestic mini-game market [6][31] Manufacturer Segmentation - The mini-game market has seen a clear tiered structure, with large companies dominating the first tier, including over 70% of listed gaming firms [11][33] - Companies like Sanqi Interactive and Diandian Interactive lead the first tier, leveraging strong operational capabilities to produce multiple blockbuster games [13][35] - The second tier consists of niche market leaders that have emerged from the mini-game sector, maintaining high hit rates through rapid product iteration [15][37] Competitive Landscape - The competition in the mini-game market has evolved from a focus on traffic to a comprehensive strength competition involving product quality, traffic acquisition, long-term operations, and technological reserves [20][42] - The demand for higher quality mini-games is pushing developers to innovate and differentiate their products, moving towards a model that closely resembles native apps [21][43] - AI technology is becoming a critical competitive barrier, significantly enhancing the efficiency of game development, marketing, and customer service [25][47] Market Evolution - The mini-game industry is transitioning from rapid growth to a phase of meticulous cultivation, indicating that future opportunities will favor those who focus on quality content and technological mastery [26][48] - The market's slowdown is not a sign of diminishing returns but rather a necessary evolution towards sustainable growth and high-quality development [26][48]

Core Viewpoint - The company is initiating coverage on Century Huatong with a "Buy" rating and a target price of 24.52 yuan, based on a 21X PE for 2026 [1] Group 1: Business Strengths - The core business advantage lies in its subsidiary, Diandian Interactive, which is a leader in the SLG game sector, particularly excelling in overseas markets with popular titles like "Whiteout Survival" and "Kingshot" [1][2] - The company has established a mature methodology for producing hit games, which includes strategies for user acquisition, modular gameplay reuse, and phased payment designs, enhancing the success rate of new projects [2] - The SLG genre is characterized by long life cycles and low post-launch operational costs, making it a highly profitable and sticky category, which is expected to drive sustained revenue growth [2] Group 2: IP Development and Collaboration - In 2023, the company secured a five-year cooperation agreement with a Korean copyright holder for the "Legend" IP, allowing for exclusive rights in mainland China, which is expected to contribute to revenue growth [3] - The collaboration with Tencent provides not only traffic and distribution support but also facilitates the continuous launch of hit products, further solidifying the company's position in the MMO sector [3] Group 3: Market Perspective - The company believes that the successful validation of the SLG genre serves as a core moat for navigating industry cycles, with head products consistently generating stable cash flow [4] - The competitive landscape for user acquisition is becoming more rational, and as SLG products enter the profit realization phase, the company's revenue and overall profitability are expected to improve [4] - Diandian Interactive's ability to innovate within the SLG genre and expand into casual gaming is anticipated to create a "dual-driven" growth pattern [4] Group 4: Financial Projections and Valuation - The company forecasts net profits attributable to shareholders of 57.55 billion, 86.06 billion, and 106.35 billion yuan for the years 2025 to 2027, respectively [5] - Comparable companies in the gaming sector have an average PE of 20.7X for 2026, and given the company's strong positioning in the X+SLG sector, a target valuation of 180.726 billion yuan is set, with a target price of 24.52 yuan [5]

Core Insights - The overseas market for Chinese self-developed games is showing strong growth, with actual sales revenue reaching $9.501 billion in the first half of 2025, a year-on-year increase of 11.07% [1] - Major companies like Tencent and NetEase are experiencing significant revenue growth in international markets, with Tencent's international market revenue increasing by 43% and NetEase's deferred revenue growing by 25.3% to 19.47 billion yuan [3] - By 2025, the overseas revenue of Chinese self-developed games is expected to exceed $20 billion, indicating a robust demand for Chinese games abroad [3] Group 1: Leading Companies in Overseas Markets - Century Huatong has been identified as the leading company in overseas markets, outperforming competitors like Tencent and miHoYo [5] - The 2025 Global Mobile Game Publishers Top 50 list includes nine Chinese companies, highlighting the competitive landscape [6] - Century Huatong's success is attributed to several hit mobile games, including "Endless Winter" and "Truck Star," which are popular in emerging markets [9] Group 2: Game Genres and Player Demographics - Strategy games (SLG) remain a popular genre for Chinese games in overseas markets, appealing to players in regions like the Middle East [9] - Casual games from companies like Haipi Games and Lemon Microfun are targeting light players, particularly women, who play during downtime [11][13] - The overseas player base for SLG games is often described as a "silent group," primarily playing for social interaction rather than gameplay depth [9] Group 3: Trends in the Overseas Market - The overseas market for second-dimensional (2D) games is growing, with companies like miHoYo maintaining a loyal player base despite a decline in spending willingness [15] - The success of games like "恋与深空" (Love and Deep Space) indicates a rising trend among young female players, driven by social media engagement [20] - The emergence of martial arts-themed games, such as "燕云十六声" (Yanyun Sixteen Sounds), suggests a potential new direction for Chinese games in international markets, capitalizing on the popularity of Chinese culture [25][26] Group 4: Future Directions and Challenges - The gaming industry is transitioning from a broad approach to a more refined competition focused on quality, culture, and gameplay [33] - Companies must balance global adaptation with local expression to leverage cultural advantages into sustainable competitive advantages [33]

Core Insights - The overseas market remains a key focus for the Chinese gaming industry, with actual sales revenue from self-developed games reaching $9.501 billion in the first half of 2025, marking an 11.07% year-on-year growth [1] - Major companies like Tencent and NetEase have reported significant revenue growth from international markets, with Tencent's international market revenue increasing by 43% and NetEase's deferred revenue growing by 25.3% to 19.47 billion yuan [3] - The trend indicates that by 2025, the overseas revenue from Chinese self-developed games is expected to exceed $20 billion, highlighting the increasing demand for Chinese games abroad [3] Group 1 - Tencent is recognized as a leading player in the overseas market, but Century Huatong has been named the "first factory" for overseas expansion in 2025 [4] - The "Top 50 Global Mobile Game Publishers" list includes nine Chinese companies, showcasing the competitive landscape and the presence of Chinese firms in the global market [5] - Century Huatong's success is attributed to several hit mobile games, particularly in the SLG genre, which remains popular in emerging markets [8] Group 2 - Companies like Haipi Games and Lemon Microfun are capitalizing on casual gaming trends, targeting light players, particularly women, with games that are easy to pick up and play [10][12] - The second dimension of gaming, particularly in the overseas market, is still developing, with companies like MiHoYo maintaining a loyal player base despite not being as dominant as in previous years [16] - The success of games like "Yanyun Sixteen Sounds" on platforms like Steam indicates a growing interest in Chinese martial arts games, suggesting a potential new direction for Chinese games in international markets [30][32] Group 3 - The overseas gaming market is evolving, with trends showing a shift towards quality, culture, and gameplay, moving away from a more crude approach [37] - The combination of martial arts themes, immersive experiences in second-dimensional games, and detailed narratives in female-oriented games are shaping the new landscape of Chinese games abroad [37] - Future challenges for companies will include balancing global adaptation with local expression while leveraging cultural advantages for sustained commercial competitiveness [37]

Investment Rating - The report maintains a "Positive" investment rating for the gaming industry [7]. Core Insights - The domestic gaming market in China is projected to achieve an actual sales revenue of CNY 350.79 billion in 2025, reflecting a year-on-year growth of 7.68%. The market size for Q4 2025 is expected to reach CNY 94.76 billion, with a year-on-year increase of 9.24% [2][4]. - A new product cycle is underway as key new games from listed companies are being launched. Notable titles include Gigabit's "Nine Muses of the Wild" and Giant Network's "Famous Generals Kill," which have recently entered testing phases [6][4]. - The report suggests continued attention to investment opportunities within the gaming sector, highlighting companies such as Giant Network, Perfect World, and Tencent [6]. Summary by Sections Market Performance - The gaming market in China has reached a historical high in revenue, with mobile games generating CNY 257.08 billion (up 7.92%) and PC games reaching CNY 78.16 billion (up 14.97%) in 2025. The Q4 market size for mobile games is projected at CNY 67.38 billion (up 3.59%) [9][8]. - The user base for games has shown consistent growth over three years, with increases of 0.61%, 0.94%, and 1.35% from 2023 to 2025 [9]. New Product Cycle - The report emphasizes the impact of new game launches on Average Revenue Per User (ARPU), which is expected to rise from CNY 483.10 in 2024 to CNY 513.26 in 2025, marking a growth of 6.24% [9]. - The overseas market for self-developed mobile games from China is also thriving, with projected revenue growth of 11.14% and 13.16% for 2024 and 2025, respectively [9]. Policy Environment - Recent supportive policies for the gaming industry have been introduced, including initiatives to enhance the esports sector and promote original game development. These measures are expected to foster a more favorable environment for growth [9].

Core Insights - Century Huatong has won four significant industry awards at the 10th Golden Glove Awards, including "Annual Influential Game Company Award" and "Annual Excellent Overseas Company Award" for its subsidiary Century Games, along with product awards for "Annual Wind and Cloud Mini Game Award" for "Bun Bun Kingdom" and "Annual Wind and Cloud Mobile Game Award" for "Dragon Valley World" [1][10] Group 1: Awards and Recognition - The Golden Glove Awards are recognized as one of the most influential comprehensive awards in China's TMT sector, with a strong expert review panel and evaluation process, establishing its authority as an industry benchmark [3][13] - Century Huatong's achievements reflect not only individual product success but also a demonstration of systematic competitiveness and strategic foresight in a highly competitive environment [3][13] - The company has consistently excelled in the awards over the years, indicating sustained industry recognition [1][10] Group 2: Product Performance - "Bun Bun Kingdom," awarded "Annual Wind and Cloud Mini Game Award," launched on August 28, 2025, and has quickly gained market recognition due to its innovative gameplay and strong user retention, maintaining a top position in the mini-game sales rankings [5][15] - "Dragon Valley World," awarded "Annual Wind and Cloud Mobile Game Award," successfully transformed classic content into a mobile format, achieving strong initial performance by topping the iOS free chart and entering the top 10 in sales [7][17] - Both products exemplify the company's strategic focus on lightweight and high-quality gaming, showcasing its ability to cater to a broad user base and manage diverse product development and operations [3][10] Group 3: Global Expansion and Market Impact - Century Games, recognized as "Annual Excellent Overseas Company," is a key player in the company's global strategy, with hit overseas products like "Whiteout Survival" and "Kingshot" dominating the Chinese mobile game overseas revenue rankings [9][18] - The company has successfully created a healthy product ecosystem with various titles like "Family Farm Adventure" and "Tasty Travels: Merge Game" gaining popularity in overseas markets, reflecting a "flagship leading, diversified approach" [9][18] - Century Games has risen to the top position among global mobile game publishers according to Pocket Gamer, achieving record growth in its ranking [9][18] Group 4: Corporate Strength and Future Outlook - The "Annual Influential Game Company Award" acknowledges Century Huatong's significant position in the domestic gaming industry, evaluating its R&D capabilities, industry contributions, and social responsibilities [10][19] - The company has established a multi-layered, systematic advantage and aims to continue its commitment to R&D innovation, global operations, and industry responsibility, ensuring quality content production and steady growth [10][19]

Group 1 - The report highlights a significant recovery in the media sector, with the CITIC Media Index rising by 26.42% in 2025, outperforming the CSI 300 by 13.24 percentage points [11][7] - The media sector's revenue for the first three quarters of 2025 reached 416.07 billion yuan, a year-on-year increase of 4.98%, while net profit attributable to shareholders rose by 40.23% [18][7] - Public funds have significantly increased their holdings in the media sector, with a total market value of 59.39 billion yuan, marking a 63.43% increase from the previous quarter [36][7] Group 2 - The gaming sector is experiencing high demand and supply, with a market size of 256.03 billion yuan in the first three quarters of 2025, reflecting a year-on-year increase of 7.11% [41][7] - The film industry has seen fluctuating box office performance, with total box office revenue of 44.56 billion yuan from January to October 2025, a year-on-year increase of 16.07% [65][7] - The advertising sector has shown moderate growth, with outdoor advertising spending reaching 191.66 billion yuan, a year-on-year increase of 6% [78][7] Group 3 - The policy environment for the media industry has improved significantly, with a more stable regulatory framework and supportive policies emerging [7][3] - AI applications are accelerating in the media sector, with advancements in AI models enhancing their capabilities and driving growth in gaming, film, advertising, and publishing [7][3] - The publishing sector has faced challenges, with total revenue declining by 7.10% to 97.60 billion yuan in the first three quarters of 2025, although net profit increased by 15.43% [87][7]

Core Viewpoint - Century Huatong has transformed from a financially troubled company to a market-favored "game king" due to its successful mobile game "Whiteout Survival," which has generated over 20 billion yuan in revenue by September 2023 [1][12]. Financial Performance - As of November 13, 2025, Century Huatong's stock price reached 19.17 yuan per share, with a total market capitalization of 142.4 billion yuan, making it the highest valued game company in A-shares [2]. - The company's stock price has increased by 272.96% year-to-date as of November 13, 2025, with a total market value increase of 104.1 billion yuan [3]. - For the first three quarters of 2025, Century Huatong reported revenue of 27.22 billion yuan, surpassing the total revenue of the previous year, and a net profit of 4.36 billion yuan, reflecting a year-on-year growth of 141.65% [11]. Business Transformation - Century Huatong transitioned from an automotive parts manufacturer to a gaming company starting in 2014, acquiring several game companies and significantly increasing its goodwill [5][6]. - The company faced financial risks due to its rapid acquisitions, leading to a significant increase in goodwill from 2 billion yuan in 2017 to 22.05 billion yuan in 2020 [7]. Game Success - "Whiteout Survival," developed by Century Huatong's subsidiary, has become a top performer in both domestic and international markets, achieving over 200 million downloads and generating over 3.5 billion USD (approximately 24.8 billion yuan) in global revenue by September 2023 [12][13]. - The game has maintained a leading position in the Chinese mobile game export revenue rankings for 15 consecutive months and topped the global mobile game revenue chart in March 2023 [12]. Regulatory Issues - Century Huatong was previously penalized for financial misconduct, including false reporting of goodwill and revenue recognition, leading to a significant decline in stock price [4][9]. - The company has since corrected its financial statements for 2018 to 2022 and has faced investor lawsuits totaling approximately 73.16 million yuan [9]. Market Position - Century Huatong has positioned itself as a key player in the gaming industry, leveraging its strong IP portfolio and backing from Tencent to enhance its market presence [13].