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近年“最冷”国庆档?腾讯、点点互动、心动、B站“上新”,多人竞技、飞行射击火热,二游又“寒冬”?
3 6 Ke· 2025-09-11 00:33
Core Insights - The upcoming National Day holiday is expected to benefit from the overlap with the Mid-Autumn Festival, providing players with more home time, which may influence gaming activity [1] - This year's National Day period is anticipated to be less active in terms of new game launches compared to previous years, with fewer heavyweight products expected [21][24] Group 1: New Game Launches - A total of 15 new games are scheduled for release in September, with a peak launch period from September 22 to 26 [2][3] - The two main gameplay trends for this year's National Day are tower defense and RPG genres [4] - Notable new games include Tencent's "Under One Person," which is a 3D adaptation of a popular anime IP, and "Iser" by Xindong, which has shown strong performance in overseas markets [5][21] Group 2: Marketing and User Acquisition - The marketing strategies for new games are increasingly focusing on user-generated content (UGC) and high-quality CG animations, particularly for "Under One Person" and "Iser" [8][10][19] - There is an expectation of a small peak in user acquisition spending during the National Day period, although companies may adopt a more conservative approach due to previous resource consumption during the summer [21][24] Group 3: Mini Games and Market Trends - Mini games are expected to gain popularity again, with several new titles entering the market and competing for top rankings [25][26] - The competitive landscape for shooting games is anticipated to remain stable, with Tencent dominating the market, while the two-dimensional game sector is facing challenges [29][32] - The SLG (Simulation Game) segment is not expected to see significant changes during the National Day period, as user retention remains stable [34]
申万宏源:维持阅文集团“买入”评级 《诡秘之主》与《王者荣耀》联动上线
Zhi Tong Cai Jing· 2025-08-18 07:05
Group 1 - The core viewpoint of the report is that Shenwan Hongyuan maintains a "buy" rating for Yuewen Group (00772) due to positive progress in the company's IP business, with adjusted net profit forecasts for 2025 to 2027 raised to RMB 1.376 billion, 1.495 billion, and 1.702 billion respectively, compared to previous estimates of RMB 1.28 billion, 1.416 billion, and 1.556 billion [1] - In the short term, Yuewen's IP projects are becoming more abundant, including the launch of the authorized game "Douluo Dalu: Hunting Soul World" by 37 Interactive Entertainment on July 10, and the upcoming Tencent project "Yiren Zhixia," which has already obtained a license [1] - The company has established a national creative content strategic cooperation plan with "Honor of Kings" on August 14, and has launched a collaboration skin with "The Secret of the Master," with related merchandise available for sale [1] Group 2 - According to the company's financial report, Yuewen's online business revenue for the first half of this year was RMB 1.99 billion, representing a year-on-year growth of 2% [2] - The revenue from self-owned products and Tencent channel paid subscriptions grew by 3%, with a Monthly Paying Users (MPU) count of 9.2 million, reflecting a year-on-year increase of 4.5%, while the gross profit margin remained stable at 50% [2] - The long-term focus for the company includes IP commercialization and the expansion of online literature overseas [2]
申万宏源:维持阅文集团(00772)“买入”评级 《诡秘之主》与《王者荣耀》联动上线
智通财经网· 2025-08-18 07:04
Core Viewpoint - Shenwan Hongyuan maintains a "Buy" rating for Yuewen Group (00772), citing positive progress in the company's IP business and raising the adjusted net profit forecast for 2025 to 2027 to RMB 1.376 billion, 1.495 billion, and 1.702 billion respectively, up from previous estimates of RMB 1.28 billion, 1.416 billion, and 1.556 billion [1] Group 1: IP Business Developments - The second half of the year will see a richer lineup of IP projects for Yuewen, including the launch of the authorized game "Douluo Dalu: Hunter World" by 37 Interactive Entertainment on July 10 [1] - A strategic cooperation plan with "Honor of Kings" was established on August 14, featuring collaborations with more IP characters and the launch of exclusive skins for "The Secret of the Mysterious Master" [1] - New projects from New Classics Media are set to be released, and the adaptation of the IP "凡人修仙传" into animation and live-action series has gained significant popularity during the summer, effectively expanding the IP's influence [1] Group 2: Financial Performance - Yuewen's online business revenue for the first half of the year reached RMB 1.99 billion, reflecting a year-on-year growth of 2% [2] - Revenue from self-owned products and Tencent channel paid subscriptions grew by 3%, with a Monthly Paying Users (MPU) count of 9.2 million, an increase of 4.5% year-on-year [2] - The gross profit margin remained stable at 50% year-on-year, indicating consistent profitability [2]
研报掘金|申万宏源:维持阅文集团“买入”评级 IP业务进展积极
Ge Long Hui A P P· 2025-08-18 06:20
Core Viewpoint - Shenwan Hongyuan's report indicates that the second half of the year will see a richer array of IP projects for Yuewen Group, highlighting the company's positive progress in its IP business [1] Group 1: IP Projects and Collaborations - The authorized game "Douluo Dalu: Hunter's World" by 37 Interactive Entertainment was launched on July 10, with future reserves including Tencent's "Under the Human" which has already obtained a license [1] - A strategic cooperation plan for national creation content was established with "Honor of Kings" on August 14, allowing for more IP character interactions in the game [1] - The collaboration with "The Mysterious Master" has led to the launch of themed skins, with exclusive merchandise available in both Yuewen's official flagship store and the Honor of Kings official mall [1] Group 2: Media and Animation Projects - New media projects from New Classics Media are being rolled out [1] - The adaptation of the IP "A Mortal's Journey to Immortality" into both animation and live-action series has gained significant popularity during the summer, effectively enhancing the IP's influence and enabling more monetization through licensing [1] Group 3: Financial Projections - The company maintains a "Buy" rating, with adjusted net profit forecasts for 2025 to 2027 raised to 1.376 billion, 1.495 billion, and 1.702 billion respectively, compared to previous estimates of 1.28 billion, 1.416 billion, and 1.556 billion [1]
第五届中国游戏创新大赛揭晓 《燕云十六声》《异人之下》获“最佳创新游戏大奖”
Jie Fang Ri Bao· 2025-08-03 02:25
Group 1 - The fifth China Game Innovation Competition awarded the Best Innovative Game awards to NetEase's "Yan Yun Shi Liu Sheng" and Tencent's "Yi Ren Zhi Xia" [1] - A total of 184 game works were collected during the competition, with 502 award applications submitted, covering 21 provinces and municipalities in China [1] - The competition recognized 18 award-winning works, 4 innovative teams, and 4 innovative individuals after multiple rounds of evaluation [1] Group 2 - The competition saw an expanded participation, with new entries from regions such as Tianjin, Yunnan, and Hong Kong, indicating a broader reach for game developers [2] - The number of submissions for the non-permanent award "Best Innovative Standalone Game" reached a record high of 94, showcasing the innovation and development potential in the standalone game sector [2] - The game "Cat Dream" is a cat-themed RPG developed by a team of 10, emphasizing high-quality content in the current gaming industry [2]
《燕云十六声》《异人之下》成第五届中国游戏创新大赛大赢家
Nan Fang Du Shi Bao· 2025-08-02 12:03
Core Insights - The fifth China Game Innovation Competition awarded 18 winning works, 4 innovative teams, and 4 innovative individuals, with NetEase's "Yan Yun Shi Liu Sheng" and Tencent's "Yi Ren Zhi Xia" winning the "Best Innovative Game Award" [1][2][8] Group 1: Award Highlights - The "Best Innovative Game Award" was the most notable, with the winners showcasing unique innovative concepts and outstanding practical results [2][3] - The competition saw a record number of 94 entries for the "Best Innovative Standalone Game Award," indicating a surge in innovation within the standalone game sector [2][7] - The "Best Innovative Chinese Culture Award" was awarded to "San Guo Wang Shen Zhou" for its innovative integration of traditional Chinese painting aesthetics with strategic gameplay [4][8] Group 2: Participation and Scope - A total of 184 game works were submitted, with 502 award categories, covering 21 provinces and municipalities in China, and Shanghai accounting for 23% of the submissions [6][7] - The competition's scope expanded this year, with new participants from regions like Tianjin, Yunnan, and Hong Kong, reflecting the vibrant development of the Chinese gaming industry [7][8] Group 3: Notable Winners - "Delta Force" won the "Best Innovative Art Award" for its top-tier graphics and visual effects, while "Honkai: Star Rail" received the "Best Innovative Music and Sound Award" for its unique audio design [4][8] - The "Best Innovative Social Value Award" was jointly awarded to "Happy Vision Planet: Vision Training System" and "Ancient Book Restorer" for their positive societal impact [4][8] - The "Best Innovative School Work Award" recognized student projects "Xia Zhi Da Zhe" and "Aliya," highlighting the creativity and potential of young game developers [5][8]
中国音数协孙寿山:稳中求进应变求新 坚持“技术自强”与“文化自信”双轮驱动
Sou Hu Cai Jing· 2025-07-31 20:59
Core Viewpoint - The Chinese gaming industry has shown significant growth in the first half of the year, with total sales revenue reaching 168 billion yuan, highlighting its contribution to the digital economy and development potential [3]. Group 1: Industry Growth and Trends - The gaming industry is experiencing steady market growth, with a total sales revenue of 168 billion yuan in the first half of the year [3]. - Three key areas of focus for the industry include: support for talent cultivation and education, accelerated application of AI technology, and the emergence of hit games in the mini-game market [3]. Group 2: Strategic Directions for Future Development - The industry should focus on a boutique strategy to strengthen cultural confidence, with a notable emphasis on high-profile AAA games as a strategic goal for many companies [3]. - The application of new technologies, particularly AI, is driving the industry towards a new phase of intelligent, efficient, and creative development [4]. - Global expansion and cultural export are essential, with the establishment of platforms for international collaboration, such as the CIGDC, to enhance business cooperation between Chinese and foreign gaming companies [4]. - Improving the talent cultivation system is crucial for industry growth, with a call to learn from successful international models in industry-academia collaboration [4].
“国潮”成二次元游戏赛道新流量密码“谷子经济”助厂商重视周边产品开发
Nan Fang Du Shi Bao· 2025-07-31 03:13
Core Viewpoint - The Chinese "ACG (Anime, Comic, Game)" gaming sector is experiencing a resurgence after a period of stagnation, with several major titles receiving approval or launching, marking a new industry peak similar to previous waves in 2015 and 2020 [1][2][5] Industry Trends - The current wave of ACG games is characterized by domestic developers no longer blindly following trends but instead focusing on developing their own intellectual properties (IPs) and integrating ACG elements with familiar game types, exploring niche markets [1][11] - The market is seeing a significant influx of new and established players, leading to a competitive environment that may result in a reshuffling of market positions [4][11] Game Launches and Performance - Notable game launches include "Victory Goddess: NIKKE," which achieved $1 billion in global revenue by January 2025, and "Pretty Derby," which returned after a 622-day hiatus, generating approximately $203 million in its first 12 days [2][3] - Other successful titles include "杖剑传说," which generated over 200 million yuan in its first month, and "最终幻想14:水晶世界," which began testing in June 2025 [3][4] Market Dynamics - The ACG gaming sector has experienced three major peaks over the past decade, with the current trend being driven by a more mature understanding of the market and player preferences [5][6] - Previous failures in the sector were often due to a lack of depth in storytelling and gameplay, leading to a "winner-takes-all" scenario where only a few titles succeeded [6][10] Cultural Shifts - The rise of "Guochao" (national trend) has allowed domestic developers to resonate more with local audiences, reducing cultural barriers and enhancing emotional connections with players [12][13] - The development of game-related merchandise is gaining traction, reflecting a shift in focus towards creating a broader ecosystem around ACG titles [12][13] Future Outlook - The current trend indicates a diversification of gameplay styles, with developers exploring various genres such as ARPG, shooting, and open-world games, which may lead to new market opportunities [11][12] - There is speculation about the potential for a "GTA-style" ACG game to emerge, with titles like "异环" and "无限大" being closely watched for their market impact [14][15][16]
中沙电竞文化主题周亮相利雅得,变脸表演博得阵阵掌声
Xin Jing Bao· 2025-07-28 04:29
Group 1 - The 2025 Esports World Cup is currently taking place in Riyadh, Saudi Arabia, featuring a "China-Saudi Esports Cultural Week" to promote cultural exchange through performances and exhibitions [1][2] - The event is part of the broader China-Saudi Cultural Year, which includes various cultural activities throughout 2024, aiming to enhance cooperation in culture and tourism between the two countries [1] - The esports event is co-hosted by Tencent Esports and the Esports World Cup Foundation, with a series of activities including exhibitions of Chinese games like "Honor of Kings" and "Peacekeeper Elite" [1] Group 2 - The 2025 Esports World Cup runs from July 7 to August 24, featuring over 200 clubs and more than 2,000 professional players globally, with over 20 Chinese clubs participating, marking the largest scale of Chinese esports in international competitions [3] - The total prize pool for the tournament is $27 million, with the first-place club set to receive $7 million, while second and third places will earn $4 million and $3 million respectively [3] - Chinese clubs have already secured five championship titles in the ten completed events, with AG.AL club currently ranked second globally with 1,950 points [3]
腾讯控股(00700.HK):延续高质量增长 关注AI、游戏新品进展
Ge Long Hui· 2025-07-14 02:23
Core Viewpoint - Tencent is expected to achieve a revenue of 178.3 billion yuan in Q2 2025, representing an 11% year-on-year growth, with an adjusted net profit of 60.2 billion yuan, up 5% year-on-year [1][2]. Group 1: Gaming Performance - Tencent's online gaming revenue is projected to grow by 14% year-on-year in Q2 2025, with both domestic and overseas markets showing double-digit growth [1]. - New games launched in Q2/Q3 2024, such as "DNFM" and "Delta Action," are contributing to this growth, with "Delta Action" achieving over 12 million daily active users in April, the highest level in nearly three years for new games [1]. Group 2: Advertising Revenue - Advertising revenue is expected to grow by 17% year-on-year in Q2 2025, driven by Video Accounts and Search, with AI enhancing the advertising platform and WeChat ecosystem [1]. - The growth in Video Accounts advertising revenue is anticipated to continue, supported by improvements in loading rates, fill rates, and duration [1]. Group 3: Financial Technology and Enterprise Services - Financial technology and enterprise services revenue is projected to grow by 5% year-on-year in Q2 2025, with payment services being closely tied to macroeconomic conditions [2]. - Enterprise services are expected to maintain double-digit growth, with contributions from cloud services and WeChat e-commerce technology service fees [2]. Group 4: AI Integration - AI has been fully integrated into Tencent's various businesses, enhancing advertising targeting capabilities and creative solutions [2]. - In gaming, AI is optimizing matching experiences and increasing user engagement for long-standing games [2]. - The demand for AI applications is driving growth in computing power, storage, networking, databases, and big data infrastructure capabilities [2]. Group 5: Share Buyback - As of July 10, 2025, Tencent has repurchased over 40 billion Hong Kong dollars worth of shares, with a commitment to repurchase no less than 80 billion Hong Kong dollars in 2025 [2]. Group 6: Profit Forecast and Valuation - The adjusted net profit forecasts for Tencent for 2025-2027 have been slightly lowered to 250.7 billion, 281.3 billion, and 309.3 billion yuan respectively [3]. - The target price based on the SOTP valuation method is set at 673 Hong Kong dollars, indicating a potential upside of 35.5% [3].