Market Overview - The A-share market experienced a mixed performance on August 26, with the Shanghai Composite Index slightly down by 0.39% closing at 3888 points, while the Shenzhen Component Index rose by 0.26% and the ChiNext Index fell by 0.75% [1] - The total trading volume was 2.68 trillion yuan, a decrease of 462.1 billion yuan from the previous trading day, indicating a phase of adjustment after high trading volumes [1] Sector Performance Consumer Electronics - GoerTek's stock surged due to expectations for iPhone 17 series orders and its precision manufacturing capabilities extending into the VR/AR sector [2] - Lixun Precision's 6.8% increase further validates the valuation recovery momentum of leading companies in the consumer electronics sector [2] Huawei Ascend - Tuowei Information's stock hit the limit up, driven by breakthroughs in Huawei's Ascend 384 super node computing solution, which addresses single-point computing shortcomings [3] - The market anticipates growth in domestic computing capabilities, with a projected annual growth rate of 30% for smart computing in China, expected to exceed 40% by 2025 [3] Gaming Industry - The gaming sector is witnessing a recovery, highlighted by the National Press and Publication Administration issuing 173 game licenses in August, the highest this year [4] - Companies like Sanqi Interactive Entertainment are benefiting from this trend, with projections indicating a 191% year-on-year increase in net profits for the gaming industry in the first half of 2025 [4] Rare Earth Permanent Magnets - Northern Rare Earth's stock fell over 7% amid a three-week decline in the rare earth price index, reflecting weak demand from the electric vehicle and wind power sectors [5] - Despite short-term supply constraints, long-term price trends for rare earths are expected to remain upward, with regulatory measures likely increasing industry concentration [5] Capital Flow Dynamics - Main capital inflows were observed in the computer, electronics, and media sectors, while outflows were noted in pharmaceuticals and non-ferrous metals [6] - Tuowei Information attracted 1.786 billion yuan in capital, while Northern Rare Earth faced a sell-off of 4.594 billion yuan, indicating a rapid shift in market focus towards "technology growth and policy benefits" [6] - The adjustment in the market reflects a rebalancing of profit realization and risk appetite, with clear trends in consumer electronics innovation, domestic substitution in computing, and policy support for the gaming industry [6]

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 ...

面对每天上千份上市公司公告该看哪些？重大事项公告动辄几十页几百页重点是啥？公告里 一堆专业术语不知道算利好还是利空？请看智通财经公司新闻部《速读公告》栏目，我们派 驻全国的记者们将于公告当晚为您带来准确、快速、专业的解读。 智通财经8月25日讯（记者 崔铭 方彦博）虽然营收略有下滑，但凭借新游畅销和存量游戏的持续贡献 下，三七互娱（002555.SZ）上半年的盈利延续增长。 在新游之外，三七互娱的《寻道大千》《Puzzles ＆ Survival》《时光杂货店》《Puzzles ＆ Chaos》《斗 罗大陆：魂师对决》等产品也保持了较为旺盛的产品生命力。特别是《Puzzles ＆ Survival》与全球知名 IP"变形金刚"开展联动活动，自上线以来，产品累计流水已超过百亿元。魔幻题材三消策略手游 《Puzzles ＆ Chaos》，全球游戏玩家已突破1500万，在全球80多个地区跻身策略游戏畅销排行榜前20 名。 今日晚间，三七互娱发布2025年半年度报告，公司上半年实现营业收入84.86亿元，同比下降8.08%；归 属于上市公司股东的净利润为14.00亿元，同比增长10.72%。 在产品储备方面，半年报显 ...

Financial Performance - In the first half of 2025, the company achieved operating revenue of 8.486 billion yuan and a net profit attributable to shareholders of 1.4 billion yuan, representing a year-on-year growth of 10.72% [1] - The company plans to distribute a cash dividend of 2.10 yuan per 10 shares, amounting to approximately 462 million yuan, with total dividends for the half-year expected to reach 924 million yuan [1] Product Development - The company has launched several successful new products, with the highest monthly revenue from mobile games reaching approximately 2.2 billion yuan [2] - Notable game releases include "Time Explosion," which topped the iOS free chart, and "Douluo Continent: Soul Hunter World," which quickly ascended to the iOS free chart and ranked 13th on the iOS revenue chart [2] - The company continues to maintain strong product vitality with titles like "Seeking the Great Thousand" and "Time Grocery Store," which have implemented innovative marketing strategies to enhance user engagement [2] Strategic Focus - The company is committed to deepening its focus on MMORPG, SLG, card games, and simulation management genres, with over twenty key products in development across various themes [3] - The company has established a robust return system for investors through consistent cash dividends, share buybacks, and executive stock purchases, with total cash dividends reaching 5.778 billion yuan over the past three fiscal years [3] - Starting in 2024, the company will increase its dividend frequency from semi-annual to quarterly, reinforcing its commitment to a stable and sustainable dividend policy [3]

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]

Core Insights - The report emphasizes the importance of AI and the overall positive sentiment in the media industry, highlighting the need to focus on certainty assets and optimistic outlooks for 2025 [2][3]. Game Industry - The game industry has shown significant growth, with a year-on-year increase in revenue of 17% in the first five months of 2025, totaling 1411.06 billion yuan [30]. - Mobile games have particularly thrived, generating 1052.28 billion yuan, reflecting a 20% increase year-on-year [30]. - The report suggests that the competitive landscape is easing, with major companies like Tencent and NetEase reducing their sales expenses significantly in Q1 2025, indicating a potential for improved profitability [32][39]. IP Derivatives - The domestic IP derivatives market is rapidly growing, driven by structural opportunities from consumer transitions, with companies like Pop Mart expanding successfully in international markets [7][30]. - The report highlights the differentiated competition among leading players in various segments of the IP derivatives market [30]. Publishing - The publishing sector is advised to focus on high-dividend and certainty assets, with recommendations for companies that show strong cash dividend capabilities or potential changes in AI/IP business margins [7][30]. Advertising and Marketing - The advertising sector is witnessing resilience in offline media, particularly with companies like Focus Media, which is expected to see improved profitability due to a better competitive landscape [7][30]. - The report notes that AI is likely to enhance the performance of marketing companies, with a focus on basic fundamentals improving as the macro environment stabilizes [7][30]. Film and Television - The film industry is currently facing challenges with a lack of major new releases post-Spring Festival, leading to a low box office outlook for the summer season [7][30]. - There are potential opportunities for bottom-fishing in stocks with favorable odds for summer releases, with recommendations for companies like Maoyan Entertainment and Wanda Film [7][30]. Education - The education sector is experiencing heightened demand for quality training, particularly in K12 education, with a focus on major training institutions that are expected to see high revenue growth [7][30]. - The report mentions the competitive landscape in the public examination sector, where leading companies are maintaining strategic focus and delivering quality products [7][30]. Valuation and Financial Analysis - The report provides a detailed valuation analysis of key companies in the media sector, with recommendations for stocks like Mango Excellent Media and Wanda Film, indicating their potential for growth based on current and projected earnings [8][30].

第三十一届北京国际图书博览会(以下简称"图博会")以"促进文明传承发展推动交流互鉴共赢"为主题， 于6月18日至22日在北京国家会议中心举办，共吸引80个国家和地区的1700多家展商现场参展，22万种 中外精品图书亮相。 "网络出版馆"是本届图博会的重点展区之一，中国动漫、腾讯游戏、网易游戏、三七互娱、阅文集团、 抖音集团等众多头部文化和互联网企业参展，展示了大数据、AI等新质生产力在出版领域应用的成 果，同时，还重点展示其游戏、网文出海业务。 在现场，AI游戏地图生成器的互动体验吸引了不少关注。只需寥寥数笔再稍作等待，通过AI生成的游 戏地图就能呈现在人们眼前。 AI技术的发展和应用或已成为企业打造差异化竞争力的核心引擎。据了解，三七互娱是国内最早系统 性布局人工智能技术的游戏企业之一。目前，公司基于自研行业大模型"小七"已构建400多个智能体， 实现从立项、美术、运营到客服的全流程赋能。 三七互娱党委书记、集团高级副总裁杨军接受采访时表示，通过构建以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，三七互娱已形成游戏研运全链路AI赋能体系。 2024年，中国自主研发游戏在海外市场的实际销售同比 ...

Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 4.243 billion yuan, a year-over-year decrease of 10.67% and a quarter-over-quarter increase of 3.45% [1] - The net profit attributable to the parent company was 549 million yuan, down 10.87% year-over-year and down 29.19% quarter-over-quarter [1] - The non-recurring net profit was 536 million yuan, reflecting a year-over-year decline of 12.90% and a quarter-over-quarter decline of 24.90% [1] Group 2: Product Development and Pipeline - The key product "Time Explosion" ranked 4th in the WeChat mini-game sales list, while "Heroes Have No Flash" entered the iOS sales top five upon launch and topped the WeChat mini-game sales list in April [2] - The company has built a comprehensive pipeline with key products like "Douluo Dalu: Hunting Soul World," "The Son-in-Law," and "Code MLK" all obtaining domestic game licenses, indicating a potential for sustained product cycles [2] - The company is implementing refined operational strategies to extend the lifecycle of mature products like "Seeking the Way to the Universe" and "Douluo Dalu: Soul Master Showdown," which may enhance operational performance stability [2] Group 3: AI Technology Integration - The company has developed an in-house game industry large model "Xiao Qi" and an external advanced model cluster, creating a complete technical system with over 40 AI capabilities, significantly improving R&D efficiency and operational precision [3] - AI technology has been applied to achieve intelligent production and application of various content forms, which may become a core competitive advantage in the new industry landscape [3] - Continuous investment in AI is expected to enhance the company's ability to commercialize AI products and provide solid support for medium to long-term performance growth [3] Group 4: Profit Forecast and Valuation - The company forecasts net profit attributable to the parent company for 2025-2027 to be 2.85 billion, 3.18 billion, and 3.48 billion yuan, respectively, with slight downward adjustments of 1%-2% due to product revenue instability [4] - The average PE ratio for comparable companies in 2025 is expected to be 17 times, while the company is assigned a PE of 15 times for 2025, maintaining a target price of 19.33 yuan, slightly down from the previous 19.53 yuan [4] - The company maintains a "buy" rating based on its future product launch uncertainties [4]

AI是年度报告提及的重点。 4月18日晚，游戏大厂三七互娱发布了2024年年度报告，除常规的业绩数据外，也披露了对外股权投资和公司战略布局，AI是报告提及的重点。 在业绩方面， 2024年三七互娱实现营收174.41亿元，同比增长5.4%；归属于上市公司股东的净利润为26.73亿元，同比增长0.54%。 | | 2024 年 | 2023 年 | 本年比上年增减 | 2022 年 | | --- | --- | --- | --- | --- | | 营业收入(元) | 17, 440, 957, 495. 58 | 16.546.871.737.85 | 5.40% | 16. 406. 034. 152. | | 归属于上市公司股东的净利 | 2.673.021,327.30 | 2.658.570. 193. 44 | 0. 54% | 2,954,377,452. | | 润(元) | | | | | | 归属于上市公司股东的扣除 非经常性损益的净利润 (元) | 2,591,270,839.95 | 2, 497, 299, 725. 79 | 3.76% | 2,883, 122, 221. | ...