证券研究报告·公司点评报告·游戏Ⅱ 三七互娱（002555） 2025 年半年报点评：业绩超预期，存量游戏 利润释放，新游储备充沛 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 16,547 | 17,441 | 17,912 | 18,528 | 18,915 | | 同比（%） | 0.86 | 5.40 | 2.70 | 3.43 | 2.09 | | 归母净利润（百万元） | 2,659 | 2,673 | 2,860 | 3,086 | 3,189 | | 同比（%） | (10.01) | 0.54 | 7.01 | 7.87 | 3.36 | | EPS-最新摊薄（元/股） | 1.20 | 1.21 | 1.29 | 1.39 | 1.44 | | P/E（现价&最新摊薄） | 16.19 | 16.11 | 15.05 | 13.95 | 13.50 | [Table_Tag] [Table_ ...

| 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 ...

[Table_Info1] [Table_Title] 证券研究报告 / 公司点评报告 25H1 业绩增长超预期，新游储备丰富 [Table_Summary] 事件： 公司发布 2025 年半年度报告。2025 年上半年，公司实现营收 84.86 亿 元，同比减少 8.08%；归母净利润达 14.00 亿元，同比增长 10.72%；扣 非归母净利润 13.87 亿元，同比增长 8.83%；2025 年二季度实现营收 42.43 亿元，同比减少 5.33%；归母净利润 8.51 亿元，同比增长 31.24%。 点评： 25 年 H1 公司归母净利润增长略超市场预期，主因销售费用减少。 25H1 公司收入端略降，主因上半年主要运营处于引入期小游戏《英雄 没有闪》、《时光大爆炸》，过往主要游戏产品《寻到大千》等已逐步进 入成熟平台期；25Q2 公司收入降幅较 25Q1 收窄。25H1 公司销售费用 同比下降 17.73%，系成熟期游戏流量投放费用减少所致。 新品储备丰富覆盖多品类。公司目前已储备二十余款新游，其中 10 款 为 SLG 产品，包括日式 Q 版 MMORPG《代号 MLK》、写实三国 SLG《代号正奇 ...

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 ...

Core Viewpoint - The company is focusing on expanding its self-developed capabilities while also forming partnerships with quality developers to enhance its product offerings and maintain a stable supply chain for games [1] Group 1: Product Strategy - The company is actively expanding its self-developed product range with a global perspective, having multiple high-quality self-developed games in the pipeline [1] - The company is also engaging in investment and business support to deeply collaborate with several quality developers, creating a rich external development reserve [1] - The company aims to diversify its product layout to provide the best gaming quality and experience for players [1] Group 2: Product Supply Chain - The company has established a robust product supply chain that continuously enriches its quality product offerings, contributing to stable business growth [1] - Examples of quality products that the company is involved in include "Time Grocery Store," "Time Explosion," and "Heroes Have No Flash," which are all agency-distributed titles [1]

Core Insights - The gaming industry in China has experienced its steepest growth in nearly four years, with actual sales revenue reaching 168 billion yuan in the first half of 2025, marking a year-on-year increase of over 14% [2][4] - The number of gaming users has also hit a historical high of approximately 679 million, reflecting a year-on-year growth of 0.72% [2] Market Performance - The domestic market for self-developed games generated actual sales revenue of 140.45 billion yuan in the first half of 2025, showing a year-on-year increase of nearly 19.3% [5] - The overseas market for self-developed games achieved actual sales revenue of 9.5 billion USD, with a year-on-year growth of over 11%, primarily driven by long-term product revenues and new releases [5] Segment Highlights - The mini-program gaming sector saw significant growth, with actual sales revenue of 23.276 billion yuan in the first half of 2025, reflecting a year-on-year increase of over 40% [7] - The console gaming market in China generated actual sales revenue of 1.03 billion yuan, with a year-on-year growth of nearly 30% [7] - The esports gaming market also performed well, with actual sales revenue of 80.65 billion yuan, marking a year-on-year increase of 16.6% [7] Company Performance - Century Huatong is projected to achieve a net profit of 2.4 billion to 3 billion yuan in the first half of 2025, representing a year-on-year increase of 107% to 159% [7] - Youzu Interactive is expected to report a net profit of approximately 40 million to 60 million yuan, with a year-on-year growth rate of 768.7% to 1203% [7] - Tencent's gaming business reached a record single-quarter revenue of 59.5 billion yuan, with growth exceeding 20% in both domestic and international markets [8] Industry Trends - The gaming industry is witnessing a boost from the introduction of new game titles and the sustained performance of evergreen games, alongside strong growth in esports and mini-program games [5][7] - The Chinese government is supporting talent development in the gaming sector, with the inclusion of game art design in higher education, marking a new phase of systematic and professional training [8]

Core Insights - The mini-game market in China has transformed from a low-quality segment to a mainstream player in the gaming industry, with significant revenue growth projected for the coming years [1][5] - The success of mini-games is driven by user behavior changes, platform distribution logic, and strategic adjustments by developers [1][4] Market Growth - The domestic mini-game market size was 27.5 billion yuan in 2021, 50 billion yuan in 2022, and is expected to reach 200 billion yuan in 2023, with a projected 398.36 billion yuan in 2024 and over 600 billion yuan by 2025 [1][5] - The mini-game market's compound annual growth rate from 2022 to 2024 is estimated at 182.3%, indicating a shift from a blue ocean to a red ocean of competition [4] User Engagement - As of July 2024, the total number of WeChat mini-game users reached 1 billion, with 500 million monthly active users and increasing usage duration [2] - Over 240 mini-games on the platform achieved quarterly revenues exceeding 10 million yuan in the past year, showcasing the growing commercialization capabilities [2] Key Success Factors - The success of mini-games hinges on obtaining sufficient exposure and delivering quality gameplay to convert traffic into revenue [2][3] - The "time difference" in information flow distribution allows mini-game developers to acquire users at lower costs initially, leading to potential excess profits if user retention and monetization strategies are effective [4][5] Industry Dynamics - Major companies like Tencent, ByteDance, and Kuaishou are increasingly focusing on mini-games, reshaping the competitive landscape [6] - The entry of large players is creating pressure on new entrants, but established companies with deep user insights and strong content development capabilities may thrive [6] Future Challenges - The gaming industry faces inherent cyclicality, prompting companies to seek diversified growth strategies beyond relying on a few hit games [7] - Companies are exploring innovations such as AI integration and new product forms to sustain growth and reduce dependency on blockbuster titles [7]

Group 1 - The core point of the article highlights the performance of various mobile games in the market, particularly focusing on the rankings and new entries in the top charts for the week [1][2][4] - The game "Dragon City" has entered the top ten, while "Thronefall Like" tower defense game "All Out Defense" has newly entered the 20th position [1][2] - The top ten games include titles such as "Zombie Shooting," "Three Kingdoms: Ice Age," and "Endless Winter," with notable movements in rankings among them [2][3] Group 2 - The article notes that "Dragon City" and "Legend of Artifacts" have risen in rankings, moving up 4 and 3 places respectively into the top ten, while "Heroes Don't Flash" and "Master of the World" have dropped out of the top ten [1][2] - The new entry "All Out Defense" features gameplay mechanics that involve building defenses during the day and fending off enemies at night, with a unique card-drawing system for building selection [7][8] - The game "Monster Gold Finger" combines elements from the "Scary Ghost Dormitory" theme with tower defense gameplay, utilizing a currency system for character and upgrade acquisition [10][12]

Market Growth - The mini-game market, also known as mini-program games, has experienced explosive growth, with a compound annual growth rate of 182.3% from 2022 to 2024, reaching nearly 400 billion yuan in 2024, a year-on-year growth of 99.18% [2][3] - Douyin's mini-game business saw a 130% increase in revenue and a 320% growth in paid user base in 2024 [2] Industry Potential - The mini-game market is expected to become the "second curve" of growth for the gaming industry, alongside the potential for PC games to leverage short video platforms for long-term marketing [3] - Tencent's mini-game platform has reached 1 billion users, with 500 million monthly active users and over 240 games generating over 10 million yuan in quarterly revenue [3] Company Strategies - Companies like Mingchen Health are increasing investments in mini-games, indicating that mini-games will be a key focus for future development [4] - 37 Interactive Entertainment has launched several successful mini-game products, with titles like "Time Explosion" and "Heroes No Flash" performing well in sales rankings [5] - Fuchun Co. plans to continue testing and optimizing mini-game products, aiming for a breakthrough in profitability by early 2025 [5] Monetization Models - The IAAP model, combining in-app advertising and in-app purchases, has emerged as a mainstream monetization strategy for mini-games, challenging previous assumptions about revenue limitations [2][6] - Mini-game developers are focusing on long-term growth strategies, ensuring player experience through thoughtful design and leveraging IP collaborations for sustained engagement [6]

Summary of Conference Call Records Industry and Company Involvement 1. **Magnetic Sensors**: The report highlights the magnetic sensor industry, emphasizing its role as a core component in intelligent perception layers, benefiting from the growth in robotics and automotive electronics markets [1][3][5]. 2. **Pharmaceuticals**: The report discusses the pharmaceutical industry, particularly focusing on the impact of centralized procurement policies on generic drugs and the potential for performance recovery in the formulation sector [15][32]. 3. **Coal Industry**: The coal sector is analyzed, with insights into port inventory dynamics and the expected rebound in coal prices due to seasonal demand [28][29]. 4. **Gaming Industry**: The gaming industry is covered, noting the successful launch of new games and their impact on company growth [30][31]. Core Insights and Arguments Magnetic Sensors 1. **Market Growth**: The magnetic sensor market is expected to grow due to increased demand from robotics, automotive electronics, and other sectors like renewable energy and consumer electronics, with a projected market size increase from $2.9 billion in 2023 to $3.7 billion by 2029, reflecting a CAGR of 4% [6][11]. 2. **Technological Advancements**: The report details the technological evolution of magnetic sensors, with Hall effect sensors holding a 64% market share in 2024, and the rise of AMR/GMR/TMR sensors in high-end applications [4][11]. 3. **Domestic Market Potential**: There is significant room for domestic manufacturers to replace international leaders, as the current localization rate for magnetic sensor chips in China is only 25% [11][13]. Pharmaceuticals 1. **Centralized Procurement Impact**: The pharmaceutical sector has faced challenges due to centralized procurement policies, which have been in place for eight years, affecting the performance of certain companies [15][16]. 2. **Optimizing Procurement Policies**: Recent trends indicate a shift towards optimizing procurement policies, which may lead to performance recovery opportunities for companies in the formulation sector [15][20]. 3. **Long-term Cash Flow Transition**: The report suggests that the generic drug business is transitioning to a cash flow model, with a focus on stabilizing prices post-competition [25][27]. Coal Industry 1. **Inventory Dynamics**: Port inventories are decreasing due to improved demand from thermal power plants, which is expected to lead to a rebound in coal prices as seasonal demand peaks [28][29]. 2. **Investment Opportunities**: The report identifies stable dividend-paying coal companies as potential investment opportunities, particularly those with robust cash flow and growth prospects [29]. Gaming Industry 1. **Market Growth**: The gaming market in China saw a total sales scale of 27.35 billion yuan in April 2025, marking a year-on-year growth of 21.93% [30]. 2. **Successful Game Launches**: Several gaming companies have successfully launched new products, which are expected to drive further growth [30][31]. 3. **Product Pipeline**: Companies are well-positioned with a rich pipeline of upcoming games, indicating strong future growth potential [31]. Other Important Insights 1. **Market Sentiment**: The overall market sentiment is improving, particularly in the pharmaceutical sector, as companies adapt to new procurement policies [20][23]. 2. **Sector-Specific Risks**: The report highlights the risks associated with centralized procurement for generic drugs, including potential price declines and market volatility [16][18]. 3. **Technological Innovations**: The advancements in magnetic sensor technology are crucial for applications in various sectors, including industrial automation and consumer electronics [4][7]. This summary encapsulates the key points from the conference call records, providing a comprehensive overview of the discussed industries and their respective dynamics.