| 收盘价(元) | 17.69 | | --- | --- | | 一年内最高/最低(元) | 19.03/13.19 | | 沪深 300 指数 | 4,469.22 | | 市净率(倍) | 3.01 | | 流通市值(亿元) | 282.86 | 基础数据(2025-06-30) 分析师：乔琪 登记编码：S0730520090001 qiaoqi@ccnew.com 021-50586985 11733 证券研究报告-中报点评 买入(维持) 市场数据(2025-08-25) | 每股净资产(元) | 5.88 | | --- | --- | | 每股经营现金流(元) | 0.79 | | 毛利率(%) | 76.71 | | 净资产收益率_摊薄(%) | 10.77 | | 资产负债率(%) | 36.19 | | 总股本/流通股(万股) | 221,223.77/159,896.73 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 -5% 5% 14% 24% 34% 43% 53% 62% 2024.08 2024.12 ...

证券研究报告 三七互娱 (002555 CH) 25H1 新品拉动，长线与境外产品稳健，贯彻战略提升竞争力 25H1 公司移动游戏业务收入 82.39 亿元，同比下降 8.03%。25H1 公司全 球发行的移动游戏最高月流水约 22 亿元。2025 年初公司《时光大爆炸》 《英雄没有闪》等多款产品陆续上线，且表现优异。长线产品方面，《霸业》 《寻道大千》《叫我大掌柜》《时光杂货店》《斗罗大陆：魂师对决》《凡 人修仙传：人界篇》等长线产品持续贡献营收。境外收入 27.24 亿元，同 比下降 6.01%，占总收入比重 32.10%，《Puzzles ＆ Chaos》《Puzzles ＆ Survival》表现依旧较强。公司自研储备多款精品手游，未来将贯彻"精 品化、多元化、全球化"战略，平衡长线产品维护与新产品开发，提升市场 核心竞争力。 产品及 IP 储备丰富，升级 AI 能力 2025 年 7 月，公司自研游戏《斗罗大陆：猎魂世界》开启公测，该产品作 为斗罗 IP 首款 3D 写实大世界 MMORPG，贯彻公司精品化战略。后续公 司已储备《斗破苍穹》《诡秘之主》《斗罗大陆》等多个 IP 的游戏改编版 权。产品 ...

[Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 08 月 21 日 星期四 [Table_Summary] 概览 核心观点 【市场回顾】 市 场 研 究 周三，A 股低开高走，上证指数涨 1.04%报 3766.21 点，深证成指涨 0.89%，创业板指涨 0.23%。两市 A 股成交额 2.45 万亿元人民币，超 3600 股上涨。申万行业方面，美容护理、石油石化、电子行业领涨， 仅医药生物下跌；概念板块方面，同花顺果指数、AI 手机概念领涨， 猴痘、重组蛋白概念领跌。港股方面，香港恒生指数涨 0.17%报 25165.94 点，恒生科技指数跌 0.01%。海外方面，美国股市三大股指 收盘涨跌不一，道指涨 0.04%，标普 500 指数跌 0.24%，纳指跌 0.67%。 欧洲股市及亚太股市涨跌不一。 【重要新闻】 【金融监管总局拟出台《商业银行并购贷款管理办法》】8 月 20 日， 金融监管总局就《商业银行并购贷款管理办法（征求意见稿）》（下称 《办法》）公开征求意见。相较现行的《商业银行并购贷款风险管理 指引》，《办法》将并购贷款的适用范围进一步拓宽至部 ...

Core Insights - The Chinese gaming market reached a size of 29.084 billion yuan in July 2025, with a month-on-month growth of 8.14% and a year-on-year growth of 4.62% [1] - The growth in the gaming market is primarily driven by mobile and client games, with new and mature products contributing significantly to the revenue increase [1] Client Games Market - The client games market in China grew to 6.637 billion yuan in July 2025, reflecting a month-on-month increase of 13.13% and a year-on-year increase of 16.56% [3] - The growth was mainly attributed to mature products, new releases, and cross-platform products, with significant contributions from titles like "斗罗大陆：猎魂世界" and "大航海时代：传说" [3] Mobile Games Market - The mobile games market size reached 21.36 billion yuan in July 2025, with a month-on-month growth of 6.36% and a year-on-year growth of 0.92% [5] - Notable performances were seen in new releases and mature products, particularly "三角洲行动" and "王者荣耀," which benefited from seasonal updates and promotional activities [5] Top Games Performance - In July 2025, the top 10 mobile games saw 70% of products maintaining or improving their rankings, with "崩坏：星穹铁道" achieving the most significant rise, climbing 39 places [7] - "三角洲行动" and "蛋仔派对" also showed notable upward trends in their rankings due to successful updates and promotional events [7] iOS Download Rankings - "三角洲行动" topped the iOS download rankings in July 2025, with new IP games like "斗罗大陆：猎魂世界" and "纸嫁衣8千子树" also making significant entries [9] - "斗罗大陆：猎魂世界" achieved strong performance, ranking first in the App Store free chart shortly after its launch [14] Overseas Market Performance - The overseas market for Chinese self-developed games generated a revenue of 1.693 billion USD in July 2025, marking a month-on-month growth of 8.2% and a year-on-year growth of 6.76% [16] - "崩坏：星穹铁道" led the revenue growth in overseas markets, supported by new content and collaborations with popular IPs [18]

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]

Core Insights - The mobile gaming market is experiencing intensified competition, particularly during the summer season, which is critical for assessing product strength. Despite a global month-on-month revenue growth of over 4%, there is a significant disparity in revenue growth between domestic and overseas markets. Many companies are increasingly focusing on overseas markets, investing more resources and efforts into new game launches abroad [1] Domestic Market Summary - In July, 10 new games were launched in the domestic market, with overall revenue surpassing $10 million. The top performer was "斗罗大陆:猎魂世界," which generated over $582,000 in its first month and topped the App Store free game chart on launch day [6][8] - "银与绯," a gothic fantasy RPG, achieved an estimated revenue of over $264,000 in its first month, marking it as one of the standout products in the recent two-dimensional game category [2][4] - Other notable games include "指间山海" and "飞长:重逢," which met revenue expectations, although they lacked significant innovation in gameplay [4][9] - The revenue data for July indicates a continued trend of revenue growth for new domestic games, with several titles achieving over $1 million in revenue [6][29] Overseas Market Summary - In July, 19 new games were launched in the overseas market, doubling the number from the previous month. The revenue from these games also showed significant growth, with several titles achieving impressive results [16][21] - "MARVEL Mystic Mayhem," developed by NetEase, capitalized on the popularity of the Marvel franchise, generating substantial revenue due to the release of new characters [18] - "Persona5: The Phantom X," published by SEGA, demonstrated the power of established IPs, earning over $19.5 million in its first month, primarily from T1 regions like the US and Japan [20] - "杖剑传说:坎斯丁之约" achieved over $12.16 million in revenue in its first month, showcasing strong performance in both domestic and overseas markets [23][25] - The trend of leveraging popular cultural symbols, such as the "American 山海经," continues to drive downloads and revenue for various products in the overseas market [21][33]

每经记者｜李宇彤 每经实习编辑｜余婷婷 "游戏公司需要有自己的AI（人工智能）战略，从文化、组织、人才、能力、投资等方面自上而下推动AI的落地。"在7月31日的第二十二届中国国际数字娱 乐产业大会（CDEC）上，三七互娱（维权）技术中心数据副总裁王传鹏如是说道。 会上，王传鹏发表了《让思考者做选择，让梦想家去创造——AIGC赋能游戏研运》的主题演讲。演讲中他表示，未来在AI赋能下的高效工作模式，大部分 繁琐、重复的工作内容将交给AI来执行，让思考者做选择、让梦想家去创造。 三七互娱的人工智能布局始于2018年，经过多年发展，其在人工智能领域的投入已经逐步构建起以AI能力底座为核心、涵盖智能化产品层与业务应用层的 AI架构，形成了游戏研运全链路AI赋能体系。 目前，围绕自主研发的行业大模型"小七"，三七互娱构建了40余种AI能力，应用于公司各个业务环节。演讲中，王传鹏具体举例道："在2D图片生成上，借 助人工智能我们单季度能产出超过50万张的素材，提效超过80%。此外，能产出超过300个3D资产，占比超30%。在利用人工智能后，美术团队能够将更多 精力投入到创意设计中。" 目前，包括7月11日最新上线的《斗罗大 ...

Core Viewpoint - The gaming industry is witnessing a significant shift towards "light entertainment," with mini-games rapidly gaining popularity due to their convenience, low entry barriers, instant gratification, and social attributes [3][4][18]. Market Growth - The mini-game market size was 27.5 billion yuan in 2021, projected to reach 200 billion yuan in 2023 and 398.36 billion yuan in 2024, with expectations to exceed 600 billion yuan by 2025 [3][15]. - Industry insiders predict that the mini-game market will surpass 1 trillion yuan within the next three years [3]. Game Development Trends - Game developers are increasingly focusing on lightweight gameplay to cater to "light players," who prefer quick and easy gaming experiences over traditional heavy games [4][5][12]. - The summer gaming season is crucial for developers, with many new titles emphasizing strong narratives and moderate social interaction to retain players [3][4]. Popular Titles and Innovations - Recent popular mini-games include titles like "Silver Crow Dream" and "Delta Action," which have gained traction in the App Store rankings [5][9]. - Innovative mini-games such as "Endless Winter" have successfully combined light gameplay with engaging mechanics, maintaining a strong presence in the market [15][17]. User Engagement and Behavior - Mini-games have over 500 million monthly active users on WeChat, with users playing an average of six games simultaneously and spending 10% more time online compared to the previous year [13][15]. - The appeal of mini-games lies in their ability to provide instant feedback, a sense of control, and social interaction, fulfilling various psychological needs [17][18]. Future Outlook - The rise of the "light player" demographic indicates a shift in the gaming industry towards more diverse and fragmented user groups, emphasizing the need for developers to adapt to changing player behaviors and preferences [18].

Core Viewpoint - The summer gaming season has begun, with the gaming ETF (516010) rising over 1% and experiencing nearly 300 million yuan in net inflows over the past five days [1] Company Performance - G-bits' new game "Zhang Jian Chuan Shuo" has shown excellent performance in its first month, with an estimated download volume of over 980,000 and projected revenue of over 12.16 million USD [1] - Giant Network's new game "Supernatural Action Group" is performing well, with a rapidly increasing user base and strong short-term growth potential [1] - ST Huatuo's subsidiary, Diandian Interactive, reports stable monthly revenue of over 300 million yuan for the small game "Endless Winter," with strong certainty for future performance [1] - The new game "Kingshot" from Diandian Interactive ranks in the top 3 for overseas mobile game revenue in June, with expectations of reaching a monthly revenue level of 100 million USD in Q3, and a domestic launch anticipated after mid-year reports [1] - 37 Interactive's "Douluo Dalu: Hunting Soul World" is set to launch on July 11, following the successful release of its predecessor, which generated over 700 million yuan in its first month [1] - Perfect World’s open-world RPG "Yihuan" and Kaiying Network's 3D AI companion application "EVE" are also showing promising performance in their respective tests [1] Industry Overview - The gaming ETF (516010) tracks the animation and gaming index, which is compiled by China Securities Index Co., Ltd. It selects listed companies from the A-share market involved in animation, gaming, and related industries to reflect the overall performance of these sectors [1] - This index is characterized by distinct industry features and style configurations, serving as an important indicator of the development of China's animation and gaming industry [1]

Investment Rating - The report maintains a positive outlook on the A-share and Hong Kong stock market for quality media companies, indicating a "Look Favorably" investment rating for the industry [2]. Core Insights - The report emphasizes the sustainability of the current market trend for quality media companies, driven by global resonance in AI application commercialization and the self-consumption trends of Generation Z [2]. - It highlights the global competitive strength of sectors such as gaming, trendy toys, and AI tools, along with differentiated competition based on category and tone [2]. - The report identifies specific opportunities within the AI application chain, particularly in areas like AI advertising, education, and productivity tools, which are expected to see accelerated commercialization [2]. Summary by Sections AI Application - The report notes that the globalization and commercialization of AI applications are progressing rapidly, with significant potential in AI advertising, education, programming, and enterprise-level AI [2]. - Specific companies like Meitu and Kuaishou are highlighted for their strong growth potential in AI applications, with Meitu being noted for its unique global positioning and Kuaishou for exceeding commercialization expectations [2]. Gaming Sector - The gaming sector is experiencing short-term volatility; however, the fundamentals of key companies remain strong. New product launches are expected to stabilize performance [2]. - Companies like Giant Network and G-bits are mentioned for their upcoming releases and strong market positions [2]. Cloud Computing - AI is driving a recovery in cloud computing revenue growth, with a focus on internet cloud computing firms that have clear advantages in their own scenarios [2]. - Alibaba is specifically mentioned for its cloud computing direction, which is expected to continue to deliver value [2]. Consumer Trends - The report continues to recommend consumer brands like Pop Mart and NetEase Cloud Music, which are expected to benefit from market expansion and increasing paid user growth [2]. Valuation Table - A detailed valuation table is provided, showing the market capitalization, revenue, and profit forecasts for key companies in the gaming, film, and entertainment sectors, indicating growth rates and PE ratios for 2025 and 2026 [4].