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。 ...

Core Viewpoint - The second Shanghai International Light and Shadow Festival commenced on September 19, showcasing a blend of virtual and real-world experiences through interactive installations and popular game characters [1] Group 1: Event Overview - The event features a main venue and 16 sub-venues, highlighting its extensive scale [1] - Yozu Network created a giant interactive light and shadow installation, enhancing the festival's appeal [1] Group 2: Company Involvement - Yozu Network, a global interactive entertainment technology company, brought virtual game characters into reality, merging Eastern aesthetics with futuristic visual effects [1] - The company engaged audiences with popular game character cosplayers from titles such as "少年三国志," "少年三国志2," "绯色回响," and "少年西游记2," resulting in a vibrant atmosphere [1]

Group 1 - The second Shanghai International Light and Shadow Festival will officially commence on September 19, themed "Light Up Shanghai," aiming to activate urban spaces through light and shadow art, showcase city vitality, promote commercial prosperity, disseminate urban culture, and highlight city spirit [1] - The festival is organized by multiple Shanghai municipal departments and will feature one main venue and 16 sub-venues, planning to host 177 themed events [1] - The first edition of the festival attracted over 16.2 million participants and achieved a media reach exceeding 3 billion, establishing itself as a significant platform for promoting the integration of urban culture and tourism [1] Group 2 - Youzu Interactive, the parent company of several well-known game products including the "Youth Three Kingdoms" series, has over 1 billion global users [2] - The second Shanghai International Light and Shadow Festival aims to leverage the interconnectedness of various sectors such as commerce, tourism, culture, art, and exhibitions to inject new momentum into the high-quality development of Shanghai's cultural tourism industry [2] - Youzu Interactive is focused on building a symbiotic mechanism between games and culture, enhancing the cultural dissemination value of games, and encouraging young people to inherit and promote excellent traditional Chinese culture through various means, including collaboration with intangible cultural heritage IPs [2]

现场大型光影装置充分应用《少年三国志2》中的视觉元素，以三扇卡牌造型的"时空穿梭门"作为视觉 核心，背景中宇宙星河动态流转，象征游戏作为载体跨越时空、连接传统与现代。更引人注目的是，三 只造型各具特色、软萌可爱的"吕布喵"借助卡牌媒介穿梭次元、惊喜现身，其中最高一只达5米。 9月19日，第二届上海国际光影节重磅开幕，本次盛会设有主会场和16个分会场。游族网络在主会场特 别打造的创意光影互动装置成为全场亮点之一，其旗下人气游戏角色Coser在现场与观众进行了零距离 互动。 第二届上海国际光影节充分发挥联动商业、旅游、文化、艺术、会展等多元业态的纽带作用，力求为上 海文旅产业的高质量发展注入新动能。游族网络以贴合年轻群体的互动形式，不仅为本届文化盛事增添 了多元体验与鲜活活力，也借助该文化交流平台，为公众接触与感知城市文化拓宽了路径。 ...

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]

Group 1: Market Growth and Trends - The Chinese self-developed games' overseas market achieved actual sales revenue of $9.501 billion (approximately 68.341 billion RMB), marking an 11.07% year-on-year growth, the highest in nearly five years [1] - The global mobile game market size grew by 4.8% to 635.57 billion RMB, indicating a recovery in the market, with overseas markets remaining a key area for Chinese game companies [3] - Major game companies like Tencent, NetEase, and others are increasingly entering overseas markets through gameplay integration and innovative themes, enhancing market scale and creating opportunities for blockbuster games [3] Group 2: AI Technology in Game Development - AI technology is providing new opportunities for game companies to expand overseas, with foreign companies already integrating AI deeply into game development [4] - 37 Interactive Entertainment has developed over 40 AI capabilities, including AI translation technology, which is used in over 60% of its overseas games with a 95% accuracy rate [4] - Companies like Youzu Network are leveraging AI and big data to enhance their global game operations, aiming to break down language and cultural barriers [4][5] Group 3: Cultural Export and Localization - Cultural export has evolved from simple product output to deeper cultural integration and localization, facilitating two-way cultural exchange [7] - The success of the game "Black Myth: Wukong," which incorporates rich Chinese cultural elements, has sparked global interest in Chinese culture [7] - Companies are increasingly using games as a medium for cultural dialogue, with Youzu Network and others integrating traditional Chinese culture into their products [9][10] Group 4: Future of the Gaming Industry - The gaming industry is seen as a key driver of economic growth, evolving from mere entertainment to a significant economic force [11] - The industry's evolution is expected to release substantial potential, reshaping economic and cultural landscapes as it aligns with technological advancements and cultural prosperity [11]

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 company celebrated its 16th anniversary and the 9th "6·16 Youth Festival" with a week-long carnival, engaging global players through various game updates and benefits, while also revealing new game developments [2][3]. Group 1: Event Highlights - The "6·16 Youth Festival" welfare activities started on June 6 and will continue until the end of June, facilitating deep interaction between the company and players [2]. - The event attracted over 10 million players, unlocking 6.16 million game gift packages through various updates and activities across popular titles [2]. - During the live broadcast on the festival day, the company provided in-depth insights into game updates and announced new game information, receiving positive feedback from domestic players [2]. Group 2: New Game Developments - The highly anticipated game "Youth Three Kingdoms 3" will begin its "Hero Testing" phase in early July, offering players a new gaming experience that combines traditional aesthetics with innovative card mechanics [3]. - The company has over ten new titles, including "Origin: Endless Land" and "Code: SR2," ready for global release, aiming to expand its international presence [5]. Group 3: Business Strategy and Innovation - The company is strengthening its advantages in card and SLG genres while exploring business innovation and upgrades to meet diverse player needs [5]. - It employs a differentiated game distribution strategy and integrates resources across various sectors to enhance market penetration and reduce user barriers [5]. - The incorporation of AI technology throughout the distribution process has significantly improved efficiency and precision, driving intelligent decision-making and targeted outreach [5]. Group 4: Cultural Engagement - The company emphasizes the promotion of traditional culture, exemplified by a collaboration with a representative of a national intangible cultural heritage project to create new game content inspired by ancient Chinese music [5]. - Employee activities included cultural learning and hands-on experiences related to traditional crafts, further highlighting the company's commitment to cultural heritage [5].