第二届上海国际光影节于9月19日正式拉开帷幕。游族网络在开幕当晚亮相主会场，独具特色的大型光 影互动装置设计融合了东方美学与未来视效，吸引众多观众驻足合照。 来自游族网络旗下游戏《少年三国志2》《少年三国志》《绯色回响》《少年西游记2》的超高人气角色 coser也齐聚现场，并送出游族限定礼品。 游族网络表示，未来将持续践行"科技传颂文明"之使命，充分发挥公司在科技、IP文化与资源整合方面 的优势，积极履行社会责任，为公众带来更丰富的数字文化创新体验。 ...

游族网络作为全球化的互动娱乐科技公司，将游戏中的虚拟角色带入现实，融合了东方美学与未来 视效，为观众带来了一场跨越虚实的视觉盛宴。 中证报中证网讯（王珞）第二届上海国际光影节于9月19日盛大启幕，本届活动共设立主会场和16 个分会场。游族网络打造了巨型光影互动装置，并携旗下《少年三国志》《少年三国志2》《绯色回 响》《少年西游记2》等人气游戏角色coser空降主会场，与观众零距离互动，现场人气火爆。 ...

Core Viewpoint - YOOZOO Network reported strong financial performance in the first half of 2025, with significant growth in revenue and net profit, driven by AI integration, long-term product development, and overseas expansion [1] Financial Performance - In the first half of 2025, YOOZOO Network achieved operating revenue of 688 million yuan and net profit of 50.16 million yuan, marking a year-on-year increase of 989.31% [1] - The company's non-recurring net profit was 13.74 million yuan, reflecting a growth of 0.85% year-on-year [1] AI Integration - The AI industry in China is projected to exceed 700 billion yuan by 2024, with a growth rate of over 20% annually [2] - YOOZOO Network has established an AI Innovation Institute to promote deep integration of AI in gaming [2] - The company launched the AI companion product "Xiao Youjiang," providing personalized services and enhancing player interaction [2][4] - YOOZOO Network's "YOOZOO.AI" platform supports various game development processes, significantly improving efficiency in testing and localization [3] Product Development - YOOZOO Network is focused on extending the lifecycle of classic games through resource integration and AI technology [8] - The company has successfully maintained stable revenue from its existing products, with notable performance from "Sh少年三国志" series, generating over 50 million yuan in revenue during the reporting period [8][10] Overseas Expansion - In the first half of 2025, YOOZOO Network's overseas revenue reached 444 million yuan, accounting for 64.47% of total revenue, marking a year-on-year increase of 11.12% [14] - The company has maintained a competitive edge in global markets, with a gross margin of 51.56% from overseas operations [14] - YOOZOO Network's global product lineup includes successful titles like "War and Eternity," which saw a 225% increase in revenue [16]

Core Viewpoint - The company reported a slight decline in revenue but a significant increase in net profit, indicating effective cost management and strong performance in its self-developed games [1][2] Financial Performance - The company achieved a revenue of 688 million yuan, a year-on-year decrease of 1.93% [1] - Net profit attributable to shareholders reached 50.16 million yuan, a substantial increase of 989.31% [1] - The net profit after deducting non-recurring gains was 13.74 million yuan, a slight increase of 0.85% year-on-year [1] Business Structure - Revenue from PC games was 199 million yuan, accounting for 29.07% of total revenue, while mobile games generated 485 million yuan, making up 70.86% [1] - The proportion of mobile game revenue increased by 2.87 percentage points compared to the same period last year [1] - Domestic revenue was 241 million yuan (35.20% of total), while overseas revenue reached 444 million yuan (64.80%), with overseas revenue share increasing from 60.16% to 64.80% year-on-year [1] Game Performance - The company emphasized the success of its self-developed card games, particularly the American cartoon SLG game "War and Eternity," which saw a revenue increase of 225% [2] - Other titles like "Youth Three Kingdoms" and "Game of Thrones: Winter is Coming" also contributed to stable revenue through frequent content updates [2] - The "Youth Three Kingdoms" mini-program generated over 50 million yuan in revenue, with active user growth of 41% quarter-on-quarter [2] Cost Management - The company achieved a year-on-year decrease in operating expenses through refined cost control and targeted advertising [2] - The reduction in promotional expenses and improved organizational efficiency contributed to lower overall operating costs [2] Non-Recurring Gains - Non-recurring gains contributed significantly to net profit, with estimates of 25 to 50 million yuan from financial asset valuation changes and fund dividends [2] AI Integration - The company utilized AI to enhance global operations and player experience, supporting various aspects of game development and marketing [3] - The "YOOZOO.AI" platform improved operational efficiency across the game development and distribution process [3] - AI tools significantly increased testing efficiency and reduced localization costs by 80% [3] Industry Overview - The Chinese gaming industry saw a recovery in the first half of 2025, with actual sales revenue reaching 168 billion yuan, a year-on-year increase of 14.08% [4] - Chinese self-developed games generated 9.5 billion USD (approximately 68 billion yuan) in overseas sales, reflecting an 11% year-on-year growth [4]

Core Viewpoint - Youzu Interactive (002174.SZ) reported a strong performance in the first half of 2025, with significant revenue growth and profitability improvements [1] Financial Performance - The company achieved an operating revenue of 688 million yuan in the first half of the year [1] - Net profit attributable to shareholders reached 50.1553 million yuan, marking a year-on-year increase of 989.31% [1] - The non-recurring net profit was reported at 13.7433 million yuan [1] Operational Strategy - Youzu Interactive focuses on refined operations, maintaining stable revenue streams from popular titles such as "少年三国志" series, "少年西游记" series, and "Game of Thrones: Winter is Coming" [1] - The company has expanded into emerging channels like WeChat mini-programs, significantly enhancing the value of classic IPs [1] - The mini-program for "少年三国志" generated over 50 million yuan in revenue, with active user growth increasing by 41% quarter-on-quarter [1] Product Development - Youzu Interactive is diversifying its product line, actively launching over ten new titles including "少年三国志3", "援军来了", "代号: Ball", and "大皇帝H5" [1] - The company is also developing "我的三体：2277", an "AI native game" that incorporates AI tools for user-generated content creation [1]

Core Viewpoint - YOOZOO Network reported significant growth in revenue and net profit for the first half of 2025, driven by AI-enabled business strategies and global expansion [1][2] Financial Performance - The company achieved operating revenue of 688 million yuan and a net profit attributable to shareholders of 50.1553 million yuan, marking a year-on-year increase of 989.31% [1] - The net profit excluding non-recurring gains and losses was 13.7433 million yuan [1] AI Integration and Business Strategy - YOOZOO Network has developed the "YOOZOO.AI" integrated intelligent platform, enhancing global game development and distribution efficiency [1] - The platform supports various processes including art asset generation, code-assisted development, TTS voice synthesis, localization, game testing, version release, marketing, and content risk control [1] - AI technology is utilized to improve player experience, with innovations like the AI companion "Xiao Youjiang" and intelligent NPCs [1] Global Market Presence - The company's overseas revenue reached 444 million yuan, accounting for 64.47% of total revenue, with significant growth in global sales for titles like "War and Eternity," which saw a 225% year-on-year increase [2] - Long-term revenue stability is provided by several products, including the "Youth Three Kingdoms" series and "Game of Thrones: Winter is Coming" [2] Collaborative Efforts and Future Outlook - YOOZOO Network is forming strategic partnerships with notable institutions to build a collaborative ecosystem for AI-enabled game development [2] - The company aims to integrate cutting-edge technologies with gaming to enhance player experiences and promote games as a new cultural medium [2]

Industry Overview - In the first half of 2025, China's gaming market achieved actual sales revenue of 168 billion yuan, marking a year-on-year growth of 14.08%, reaching a historical high [1] - The number of domestic gaming users reached 679 million, also a record high [1] - The gaming market's actual sales revenue for the first quarter of 2025 was approximately 857.04 billion yuan, with a significant year-on-year increase of 17.99% [1] - The second quarter's revenue is estimated to be around 823 billion yuan, maintaining above 800 billion yuan for the season [1] - In 2024, the gaming market's actual sales revenue was 325.78 billion yuan, with a year-on-year growth of 7.53% [1] Overseas Market Performance - In the first half of 2025, the actual sales revenue of Chinese self-developed games in overseas markets reached 9.5 billion USD (approximately 680 billion yuan), reflecting a year-on-year growth of 11% [2] - The primary overseas markets for Chinese games are the United States, Japan, and South Korea, contributing 31.96%, 16.2%, and 7.47% of the overseas revenue, respectively [2] Mobile Gaming Sector - The actual sales revenue of China's mobile gaming market in the first half of 2025 was 125.31 billion yuan, with a year-on-year increase of 16.55% [2] - The growth is attributed to the strong performance of MOBA, shooting, and strategy games, as well as revenue growth from new shooting and action RPG titles [2] - However, the revenue from the two-dimensional mobile game market declined significantly, with a year-on-year decrease of 8%, impacted by slowing growth of leading titles and reduced player spending [2] Mini Games and Other Segments - The mini-game market in China showed remarkable performance, with actual sales revenue of 23.28 billion yuan in the first half of 2025, achieving a year-on-year growth of 40.2% [2] Company Performance - ST Huatuo (002602) expects a consolidated revenue of approximately 17 billion yuan for the first half of 2025, a year-on-year increase of about 83.27%, with a projected net profit of 2.4 to 3 billion yuan, reflecting a growth of 107.2% to 159% [3] - Youzu Network (002174) anticipates a net profit of 40 to 60 million yuan, with a year-on-year increase of 768.75% to 1203.13%, driven by stable revenue from games like "Youth Three Kingdoms" [3] - Perfect World (002624) expects to turn a profit in the first half of 2025, projecting a net profit of 480 to 520 million yuan, compared to a loss of 177 million yuan in the same period last year [3]

而2024年全年，我国游戏市场实际销售收入为3257.83亿元，同比增长7.53%；游戏用户规模为6.74亿 人。收入和游戏用户规模两项数据均为历史新高。 实际上，从2020年上半年至2024年上半年，国内游戏市场半年度实际销售收入已在1400亿元至1500亿元 徘徊一段时间。如从2022年上半年至2024年上半年，该数据分别为1477.89亿元、1442.63亿元、1472.67 亿元，基本稳定。今年上半年，该数据逼近1700亿元，意味着我国游戏产业取得了新的突破。 7月31日，中国音像与数字出版协会第一副理事长张毅君发布《2025年1—6月中国游戏产业报告》。报 告显示，2025年上半年，国内游戏市场实际销售收入1680亿元，同比增长14.08%，创下历史新高。同 时，国内游戏用户规模达到6.79亿，同样创历史新高。 今年上半年，我国游戏产业迎来良好开局。伽马数据此前发布的报告显示，今年一季度我国游戏市场实 际销售收入为857.04亿元，同比大幅增长17.99%。据此计算，今年第二季度，我国游戏市场实际销售收 入约823亿元，仍保持在单季800亿元以上。 除了国内市场，我国游戏产业在海外市场也频频取得突破 ...

Core Viewpoint - The issuance of game licenses has accelerated significantly this year, providing a strong impetus for the gaming industry, leading to impressive performance from many A-share gaming companies in the first half of the year, with numerous positive earnings forecasts [1] Group 1: Earnings Forecasts - As of July 15, 11 A-share listed gaming companies have disclosed their earnings forecasts for the first half of 2025, with 8 companies expected to report profits [3] - Among the profit-making companies, Youzu Network is projected to have the highest growth in net profit, estimated between 40 million to 60 million yuan, representing a year-on-year increase of 768.75% to 1203.13% [4] - ST Huachuang, Tianzhou Culture, and Zhejiang Shuju are also expected to see net profit increases exceeding 100% [4] Group 2: Key Company Performances - ST Huachuang's net profit is expected to reach between 2.4 billion to 3 billion yuan, with a year-on-year growth of 107.20% to 159% [5] - Tianzhou Culture's net profit is forecasted to be between 45 million to 55 million yuan, with an increase of 135.94% to 188.38% [5] - Zhejiang Shuju anticipates a net profit of 330 million to 390 million yuan, reflecting a growth of 124% to 165% [6] Group 3: Companies Turning Losses into Profits - Perfect World and Icefire Network are expected to turn losses into profits, with net profits projected at 480 million to 520 million yuan and 310 million to 400 million yuan, respectively [7] - Perfect World attributes its turnaround to the successful launch of its self-developed MMORPG "Zhu Xian World" and the growth of its esports business [7] - Tianyu Digital and Weng Investment Holdings are also expected to report profits, with net profits ranging from 18 million to 26 million yuan and 0 to 5 million yuan, respectively [8] Group 4: Market Trends - The A-share gaming sector has seen steady growth this year, with many companies experiencing significant stock price increases, particularly after the first quarter earnings reports [9] - As of July 18, 18 companies in the A-share network gaming sector have seen stock price increases exceeding 20% this year, with ST Huachuang leading at a 117.51% increase [9] - The rise in the gaming sector is attributed to both overall market trends and the influence of AI applications within the gaming industry [10]

Core Insights - The Chinese gaming market has shown steady growth, with record-high sales revenue and user scale in 2024, reaching 3257.83 billion yuan, a year-on-year increase of 7.53% [1][7] - Established games are maintaining strong performance, contributing significantly to revenue stability for gaming companies, with strategies focusing on extending the lifecycle of classic titles [2][3] Industry Trends - The trend of revitalizing classic games is evident, with companies like Century Huatong reporting over 70% revenue growth and a 290% increase in net profit, largely driven by the performance of legacy titles [2] - The gaming market is characterized by rapid iteration, especially in mobile gaming, where competition is fierce, yet classic games are increasingly dominating revenue charts [2][3] Company Strategies - Companies are adopting a dual strategy of maintaining long-term operations for established products while simultaneously developing new titles to drive growth [7][8] - Century Huatong has invested over 5 billion yuan in R&D over three years to enhance game content and meet user demands for new experiences [8] - Giant Network emphasizes the importance of version updates and user engagement to sustain the longevity of its flagship games like "Journey" and "Ball Battle" [4][5] Market Performance - The gaming market's revenue growth is supported by both established and new products, with notable performances from titles launched in the previous year [7] - The success of classic games like "Honor of Kings" and "Journey" demonstrates the potential for long-term profitability in the gaming sector [3][4]