作为港股数字娱乐板块的领军企业，贪玩（09890）凭借其敏锐的市场洞察力和坚定的战略执行力，再 次成为市场瞩目的焦点。 近期，贪玩接连释放两大强烈的市场信号：成功完成一笔总额4.68亿港元可转换债券发行，及其市值历 史性地突破百亿港元大关。 其中，自贪玩2025年12月18日发布相关资本运作公告以来，二级市场便迅速给予了正向反馈，公司股价 持续呈现出稳步上扬的态势。走势的背后，是资本市场对公司内在价值的重新发现。通过十年深耕，贪 玩已成长为中国游戏产业进取与创新的生动缩影。 如今，站在百亿市值的崭新起点，公司正通过精准的资本运作与前瞻性的技术布局，向全球投资者展示 其从单一游戏发行商向全产业链泛娱乐生态平台进化的野心。 这一增长动力切换的背后，是公司对"AI+游戏"赛道的资源倾斜，以及通过高质量资本引入实现的财务 结构优化，预示着一个以技术为底层驱动、以全球化为空间维度的全新增长周期已经开启。 资本溢价背后，高溢价可转债成功交割与估值引力 资本市场的敏锐嗅觉往往体现在最具代表性的交易条款中。1月8日，贪玩正式宣布成功交割总额为4.68 亿港元的可转换债券，这一动作不仅为公司带来了可观的现金流，更因其"天花板级 ...

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].

Investment Rating - The investment rating for the media industry is "Positive (Maintain)" [1] Core Insights - The report highlights a significant increase in the approval of domestic game licenses, with 178 domestic games and 6 imported games approved in November, marking a new monthly high for the year. A total of 1,532 domestic game licenses have been issued in 2025, indicating a robust supply for new game releases [3][4] - The film market is showing signs of recovery, driven by the success of "Zootopia 2," which has grossed over 1.89 billion yuan in the mainland, with a projected final box office of 4.263 billion yuan. Upcoming films are expected to further boost box office revenues [4][5] - The report emphasizes the ongoing development and commercialization of AI applications, particularly in gaming, advertising, and content creation, suggesting continued investment in these sectors [3][4] Summary by Sections Industry Data Overview - "仙逆 H5" ranks first in the iOS free game chart, while "和平精英" leads the iOS revenue chart as of November 29, 2025 [10][14] - The report notes that "明日方舟：终末地" is the top-ranked game in the Android pre-registration chart, and "逆战：未来" leads the iOS pre-registration chart [21][23] Industry News Overview - The report discusses advancements in AI models, including the release of Claude Opus 4.5, which enhances coding and agent capabilities, and the rapid deployment of AI products by Alibaba [31][32] - The gaming market remains vibrant, with a notable increase in the issuance of domestic game licenses, indicating sustained high demand [31][32] Company Recommendations - The report recommends continued investment in AI gaming, AI advertising, AI animation, AI e-commerce, and AI design sectors, highlighting key companies such as 恺英网络, 巨人网络, and 腾讯控股 as beneficiaries [3][4]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The commercialization of the "Legend Box" is accelerating, and a new product cycle is beginning [5] - The company reported a revenue of 4.075 billion yuan for the first three quarters of 2025, a year-on-year increase of 3.75%, and a net profit attributable to shareholders of 1.583 billion yuan, a year-on-year increase of 23.70% [7] - The "Legend Box" platform is showing significant value, contributing approximately 570 million yuan to the company's revenue in Q3 2025 [7] - The company has a rich pipeline of products and is actively expanding into AI applications [7] Financial Performance Summary - Revenue forecast for 2023 to 2027 is as follows: 4,295 million yuan (2023), 5,118 million yuan (2024), 6,046 million yuan (2025E), 6,929 million yuan (2026E), and 7,659 million yuan (2027E) with corresponding growth rates of 15.30%, 19.16%, 18.13%, 14.60%, and 10.54% [6] - Net profit attributable to shareholders is projected to be 1,462 million yuan (2023), 1,628 million yuan (2024), 2,094 million yuan (2025E), 2,452 million yuan (2026E), and 2,722 million yuan (2027E) with growth rates of 42.58%, 11.41%, 28.57%, 17.10%, and 11.01% respectively [6] - The price-to-earnings ratio (P/E) is expected to decrease from 34.93 in 2023 to 18.76 in 2027 [6]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 4.075 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 3.75%, and a net profit attributable to the parent company of 1.583 billion yuan, which is a year-on-year increase of 23.70% [1] - The "Legend Box" product line showed significant growth, achieving approximately 570 million yuan in revenue in Q3 2025, driven by brand zone entry services [4] - The company has a rich pipeline of new products and is diversifying into AI applications, which are expected to drive future revenue growth [5] Financial Performance Summary - For Q3 2025, the company achieved a revenue of 1.497 billion yuan, a year-on-year increase of 9.08% and a quarter-on-quarter increase of 22.19% [3] - The net profit attributable to the parent company for Q3 2025 was 633 million yuan, reflecting a year-on-year growth of 34.51% and a quarter-on-quarter growth of 46.66% [3] - The company’s gross profit margin for 2025 is projected to be around 82.0% [7] - The expected net profit attributable to the parent company for 2025 is 2.207 billion yuan, with a year-on-year growth of 35.5% [6][7] Product and Market Development - The company has launched several new games in Q3 2025, including "Hot Blood Jianghu: Return" and "Ragnarok: The Promised Adventure," with more titles in the pipeline [5] - The "Legend Box" platform integrates various entertainment forms, enhancing user engagement and monetization opportunities [4] - The company is actively investing in AI technologies, including a 3D AI companion application and an AI development platform tailored for the gaming industry [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported Q3 2025 revenue of 1.497 billion (up 9.08% year-on-year) and a net profit attributable to shareholders of 633 million (up 34.51% year-on-year) [2][4]. - The launch of new games such as "热血江湖：归来" contributed to revenue growth, with the "传奇盒子" generating approximately 570 million in revenue [2][4]. - The company's profitability improved due to stable expenses and optimized business structure, with gross margin at 84.2% and net profit margin at 42.3% for Q3 [6]. Summary by Sections Financial Performance - Q3 2025 revenue reached 1.497 billion, with a year-on-year increase of 9.08% and a net profit of 633 million, reflecting a 34.51% increase [2][4]. - The company achieved a non-GAAP net profit of 582 million, up 21.11% year-on-year [2][4]. - The revenue from "传奇盒子" was approximately 570 million, with brand zone service income contributing about 245 million [6]. Business Growth Drivers - The launch of new games, including "热血江湖：归来" and "SEVEN: GLORY ROAD," contributed to the revenue increase, with overseas revenue reaching 126 million, accounting for 8.4% of total revenue [6]. - The company is expected to benefit from the ongoing growth of the "传奇盒子" platform and the release of new games, which will drive performance [6]. Future Outlook - The company is optimistic about the performance of the "传奇盒子" and the upcoming new games, which are expected to contribute to revenue growth [6]. - The AI development initiatives are anticipated to enhance valuation flexibility, with the AI gaming development platform "SOON" expected to commercialize in 2026 [6].

Core Insights - The company reported a record high quarterly revenue of 1.497 billion in Q3 2025, representing a year-on-year increase of 9.08%, and a net profit attributable to shareholders of 633 million, up 34.51% year-on-year [1] - The growth in revenue is primarily driven by the increased contribution from the "Legend Box," which has a higher gross margin, leading to an overall gross margin increase to 84.19% [1] - The company has established a vertical community platform, "Legend Box," which is expected to open up new avenues for revenue growth through advertising, promotion, and live streaming [2] Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 4.075 billion, reflecting a year-on-year growth of 3.75%, and a net profit of 1.583 billion, which is a 23.70% increase year-on-year [1] - The company demonstrated strong cost control with a decrease in sales, management, and R&D expense ratios in Q3 2025 [1] Product Development and Market Strategy - The company has a rich pipeline of new games, including "Blood Legend: Return," and several other licensed IP adaptations, which are expected to support future revenue growth [2] - The company is actively developing AI capabilities, including a comprehensive AI development platform and applications, which are anticipated to create competitive advantages in the gaming industry [3] Investment Outlook - The company is projected to achieve revenues of 5.936 billion, 6.986 billion, and 7.442 billion for the years 2025 to 2027, with net profits of 2.154 billion, 2.536 billion, and 2.790 billion respectively [3] - The increase in platform-based business is expected to solidify financial performance, with a target price of 29.75 yuan based on a 25x PE ratio for 2026 [3]

Investment Rating - The report maintains an investment rating of "Buy" for the company with a target price of RMB 29.73 [1][5]. Core Insights - The company's Q3 revenue reached RMB 1.497 billion, representing a year-over-year increase of 9.08% and a quarter-over-quarter increase of 22.19%. The net profit attributable to shareholders was RMB 633 million, up 34.51% year-over-year and 46.66% quarter-over-quarter [1]. - The growth in Q3 was primarily driven by the high-margin "996 Legend Box" platform business, which signed brand area cooperation agreements with leading publishers, confirming revenue starting from Q3 [2]. - The company is transitioning from a game developer to a platform company, with expectations of continued user growth and diversified monetization methods [2]. Revenue and Profitability - For the first three quarters of 2025, the company achieved a revenue of RMB 4.075 billion, a year-over-year increase of 3.75%, and a net profit of RMB 1.583 billion, up 23.70% year-over-year [1]. - The company has a stable revenue stream from existing games and has several new IP titles in the pipeline, expected to launch by the end of 2025 or in 2026 [3]. AI Development and Commercialization - The company is diversifying its AI initiatives, including the upcoming launch of the AI companion application "EVE" and the AI game development platform "SOON," which aims to lower development barriers [4]. - The AI product lineup is expected to provide valuation flexibility and open new market opportunities [4]. Financial Forecast and Valuation - The report maintains profit forecasts for 2025-2027 at RMB 2.182 billion, RMB 2.538 billion, and RMB 2.866 billion respectively, with a PE valuation of 25X for 2026 [5]. - The target price reflects a slight adjustment from the previous value of RMB 30.72, based on the company's ongoing growth and market positioning [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a significant increase in Q3 performance, driven by the launch of new games and the continued growth of the "Legend Box" business. Revenue for Q1-Q3 2025 reached 4.075 billion yuan, a year-on-year increase of 3.75%, while net profit attributable to shareholders was 1.583 billion yuan, up 23.70% year-on-year. The gross margin for Q1-Q3 was 83.0%, reflecting an improvement in profitability [3][4] - The company has a strong pipeline of new games and is actively expanding its "Legend Box" platform, which has attracted major game developers and is expected to drive further growth in the coming quarters [4][5] Financial Summary - Revenue projections for the company are as follows: - 2023A: 4.295 billion yuan - 2024A: 5.118 billion yuan (YOY +19.2%) - 2025E: 6.342 billion yuan (YOY +23.9%) - 2026E: 7.707 billion yuan (YOY +21.5%) - 2027E: 8.903 billion yuan (YOY +15.5%) [5][7] - Net profit attributable to shareholders is projected to grow significantly: - 2023A: 1.462 billion yuan - 2024A: 1.628 billion yuan (YOY +11.4%) - 2025E: 2.167 billion yuan (YOY +33.1%) - 2026E: 2.788 billion yuan (YOY +28.7%) - 2027E: 3.282 billion yuan (YOY +17.7%) [5][7] - The company's P/E ratio is projected to decrease from 36.5 in 2023A to 16.3 in 2027E, indicating an improving valuation over time [5][8]

Investment Rating - The report recommends a positive investment outlook for the technology sector, specifically highlighting key stocks in electronics, computing, communications, and media [5][10]. Core Insights - The report identifies several companies as "gold stocks" for October 2025, including Luxshare Precision, GigaDevice, Taxu Technology, Meitu, Zhongji Xuchuang, Runze Technology, Kaiying Network, and Giant Network [10][14]. - The analysis emphasizes the importance of AI-driven innovations and market trends, particularly in consumer electronics and data center infrastructure, which are expected to drive growth for the highlighted companies [16][20]. Summary by Category Electronics - **Luxshare Precision**: The company is positioned for steady growth due to its deep integration with core clients and advancements in new materials and technologies. It is capitalizing on the demand for AI computing and data center upgrades, with a focus on high-value products [16]. - **GigaDevice**: The company is experiencing a robust upward trend in its fundamentals, with all storage products in a price increase cycle. It is expanding its market share in NOR Flash and enhancing its product matrix in DRAM [17]. Computing - **Taxu Technology**: As a leader in the tax IT industry, the company is leveraging its dual-driven business model. It is expected to benefit from AI integration, enhancing its SaaS subscription model and expanding its market reach [18]. - **Meitu**: The company has successfully transitioned from a traffic-based model to a subscription model, leveraging its aesthetic expertise and technology to expand its user base and global market presence [19]. Communications - **Zhongji Xuchuang**: The company is a leading global player in optical modules, maintaining stable delivery capabilities through strong industry partnerships. It is advancing in cutting-edge technologies like silicon photonics [20]. - **Runze Technology**: Positioned as a leading third-party IDC and AIDC provider, the company is expected to benefit from the increasing investments in data centers by major internet firms [21]. Media - **Kaiying Network**: The company is set to launch several new games, which are anticipated to drive revenue growth. Its strong product pipeline and AI integration in gaming are expected to enhance user engagement [22]. - **Giant Network**: The company is witnessing significant growth in its gaming titles, with a focus on AI-driven gameplay innovations that are expected to increase user activity and revenue [22]. Profit Forecasts - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for the recommended stocks, indicating expected growth in EPS for 2024 to 2027 across various companies [23].