近日，游戏行业权威媒体Games Industry.biz整合Newzoo、Sensor Tower、ICO Partners、GfK、Circana等 多家第三方市场研究机构核心数据，发布《2025年全球游戏行业报告》。报告中2025年全球手游行业发 行商收入前十榜单亮点显著，共新晋4家企业。其中，世纪华通（维权）旗下Century Games表现尤为抢 眼——从2024年的未上榜状态，一跃升至全球第三；其旗下策略手游《Kingshot》凭借强劲的市场爆发 力，斩获"2025年全球新移动游戏收入冠军"。 | Top Games Publishers | | Top Games | | | --- | --- | --- | --- | | byRevenue | | by Revenue | | | 1. Tencent | $8.75bn | 1. Last War: Survival | $2.12bn | | 2. Scopely | $2.96bn | 2. Whiteout Survival | $1.33bn | | 3. Century Games | $2.73bn | 3. Honor o ...

2025年12月31日，按惯例，A股游戏行业龙头企业世纪华通（002602）发布年度"十大新闻"，全面呈现 公司在即将过去一年中的业务布局、AI战略深耕和ESG建设中的突出成果，开放展示谋求高质量发展的 清晰蓝图。 锚定可持续发展，内部建设与ESG双向赋能 在本年度十大新闻中，企业内部建设和ESG被摆在了首位，彰显了公司坚持可持续发展的坚定理念。作 为发展的核心根基，世纪华通已将社会责任与内部治理深度融合，实现生态价值与企业活力同步提 升。"小童善治""来自大山""游戏是怎样炼成的""绿色电脑教室"等一批标杆类的公益项目持续落地，不 仅是公司践行企业社会责任的重要实践，也在不断铸就世纪华通长期被信任的价值。 国内业务游刃有余，长青IP持续发力 国内业务作为公司业绩的压舱石，为持续稳定发展筑牢根基。天游软件打造的《街头篮球》赛事历经20 年沉淀持续释放活力，累计覆盖观众近2亿人次。盛趣游戏围绕长青IP构建起极具竞争力的产品格局， 《冒险岛》《永恒之塔》《传奇世界》《龙之谷》《热血传奇》《最终幻想14》《彩虹岛》等经典端游 产品稳步贡献业绩；《盟重神兵》《龙之谷世界》等"端改手"IP产品精准契合市场需求，收获玩家 ...

责任编辑：卢昱君 贪玩（09890）早盘涨超7%，本月内累计涨幅已逾30%。截至发稿，股价上涨6.54%，现报17.42港元， 成交额2668.95万港元。 11月27日，贪玩旗下专注潮玩业务的全资附属公司TANWAN，与COEXIST集团签订《艺术家作品开发 合作协定》。双方整合逾二百名潮玩艺术家，开展艺术作品衍生品开发、销售及推广活动，合作期为五 年。此次合作意味着贪玩依托数字娱乐积累，拓展潮玩产业布局，完善业务生态，开启"经典IP+艺术家 IP"融合的潮玩新篇章。 国泰海通证券此前指出，贪玩拥有包括《传奇》、《斗罗大陆》、《热血传奇》等多个IP资源，近年来 积极拓展新赛道。展望未来，公司在传奇、奇迹、热血江湖、斗罗大陆、金庸武侠等IP仍有较多产品储 备，有望带来后续业绩增长。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 贪玩（09890）早盘涨超7%，本月内累计涨幅已逾30%。截至发稿，股价上涨6.54%，现报17.42港元， 成交额2668.95万港元。 11月27日，贪玩旗下专注潮玩业务的全资附属公司TANWAN，与COEXIST集团签订《艺术家作品开发 合作协定》。双方整合逾 ...

消息面上，11月27日，贪玩旗下专注潮玩业务的全资附属公司TANWAN，与COEXIST集团签订《艺术 家作品开发合作协定》。双方整合逾二百名潮玩艺术家，开展艺术作品衍生品开发、销售及推广活动， 合作期为五年。此次合作意味着贪玩依托数字娱乐积累，拓展潮玩产业布局，完善业务生态，开启"经 典IP+艺术家IP"融合的潮玩新篇章。 国泰海通证券此前指出，贪玩拥有包括《传奇》、《斗罗大陆》、《热血传奇》等多个IP资源，近年来 积极拓展新赛道。展望未来，公司在传奇、奇迹、热血江湖、斗罗大陆、金庸武侠等IP仍有较多产品储 备，有望带来后续业绩增长。 智通财经APP获悉，贪玩(09890)早盘涨超7%，月内累计涨幅已超三成。截至发稿，涨7.4%，报17.56港 元，成交额2444.88万港元。 ...

国泰海通证券指，在经典游戏IP方向，公司拥有包括《传奇》、《斗罗大陆》、《热血传奇》等多个IP 资源，近年来积极拓展新赛道、新IP。展望未来，公司在传奇、奇迹、热血江湖、斗罗大陆、金庸武侠 等IP仍有较多产品储备，有望带来后续业绩增长。 贪玩(09890)再涨超9%，截至发稿，涨9.03%，报15.7港元，成交额1.72亿港元。 消息面上，近期，贪玩宣布与COEXIST集团达成深度合作，签订长达五年的《艺术家作品开发合作协 议》。此次合作整合逾二百名顶流、中腰部及新锐潮玩艺术家，围绕艺术作品衍生品的开发、销售及推 广互动展开全方位合作。此外，金庸正版授权《天龙八部2：飞龙战天》小游戏已于11月13日开服。 ...

Core Points - Century Huatong Group Co., Ltd. (formerly ST Huatong) announced a one-day suspension of trading on November 11, 2025, with resumption on November 12, and the removal of risk warnings, changing its stock name back to "Century Huatong" [1] - Following the resumption, the stock price surged to 18.51 CNY per share, marking a 5.11% increase, signaling the company's return to the capital market [3][4] - The company faced financial violations leading to penalties totaling 14 million CNY and was designated as ST Huatong, with a trading limit of 5% [5] - The stock price experienced significant volatility, dropping from 5.1 CNY to 4.2 CNY upon the initial ST designation, but later rebounded significantly [5][6] - By July 4, 2025, the stock price had risen to 11.9 CNY, representing over a 140% increase from its lowest point [7] - The company achieved a market capitalization exceeding 100 billion CNY, marking a significant milestone for A-share listed gaming companies post-pandemic [7] - The stock reached a historical peak of 22 CNY, reflecting nearly a 600% annual increase [8] Financial Performance - Century Huatong reported impressive financial results for the first three quarters of 2025, with revenues of 78.69 billion CNY in Q1, 93.38 billion CNY in Q2, and 100.16 billion CNY in Q3, showing year-on-year growth of 85.2%, 78.5%, and 60.2% respectively [11] - The net profit attributable to shareholders was 11.85 billion CNY in Q1, 14.71 billion CNY in Q2, and 17.01 billion CNY in Q3, with year-on-year growth rates of 135.4%, 142.1%, and 163.8% respectively [11][12] Strategic Initiatives - In 2025, the company initiated a strategic shift towards AI, with a focus on integrating AI technology into its operations to enhance efficiency and capture opportunities in the trillion-dollar AI market [10] - Century Huatong organized the first "Shulong Cup" global AI game and application innovation competition to promote its commitment to AI and talent acquisition [10] - The company has a robust product lineup, with its game "Endless Winter" leading the Chinese mobile game overseas revenue charts for 15 consecutive months, generating over 3.5 billion USD (approximately 249 billion CNY) [10] - The company is also revitalizing classic IPs and exploring new game categories, with successful launches and collaborations aimed at expanding its market presence [14][15][17] Market Position - Century Huatong's subsidiary, Century Games, ranked first in the global mobile game publisher list, showcasing its strong market presence and commercial viability [17][18] - The company is actively expanding its overseas market footprint, with new titles achieving significant success in various regions [18]

Core Viewpoint - The court ruled in favor of Shengqu Games in a trademark infringement case against a digital collectible blind box seller, ordering the defendant to cease infringement and pay 200,000 yuan in damages for unauthorized use of the "Legend of Blood" trademark [1][2] Group 1: Legal Proceedings - The Nanjing Jiangning Economic and Technological Development Zone People's Court found that the defendant's use of the "Legend of Blood" registered trademark constituted infringement, leading to a ruling for Shengqu Games [1] - The defendant had marketed a digital collectible blind box claiming to be "officially authorized" by "Legend of Blood," which sold out 10,000 units without proper licensing from Shengqu Games [1] Group 2: Intellectual Property Rights - The court clarified that copyright and trademark rights are distinct forms of intellectual property, with copyright authorization limited to the reproduction, adaptation, and distribution of the game itself, not extending to commercial use of registered trademarks [2] - The defendant's reliance on copyright authorization from the IP holder of "Legend" was deemed insufficient for using a trademark that closely resembled Shengqu Games' registered mark, thus exceeding reasonable boundaries of copyright authorization [2]

Group 1 - The gaming sector experienced a decline in early trading on November 4, with the gaming ETF (159869) dropping around 1.5%. Major stocks such as Jiubiter, Youzu Interactive, and Perfect World saw significant declines, while Sanqi Interactive was the only stock to rise [1] - As of November 3, the gaming ETF (159869) had a net inflow of funds amounting to 2.03 billion yuan over the past 20 trading days, indicating strong investor interest. The product's scale reached 11.34 billion yuan, facilitating investors' access to leading A-share gaming companies [1] - On November 3, Century Huatong announced a strategic partnership between its subsidiary Shengqu Games and Mango TV to expand the "Mango Play" mini-game platform. This collaboration aims to enhance user operations, product introduction, and monetization strategies, leveraging Shengqu's IPs like "Legend of Blood" and "Dragon Nest" [1] Group 2 - In Q3 2025, the media industry reported revenues of 135.28 billion yuan, a year-on-year increase of 8.6%, with net profit attributable to shareholders reaching 10.4 billion yuan, up 43.7%. The gaming sector was a key driver of this growth, with gaming sub-sector revenues at 33.02 billion yuan (up 27.1%) and net profit at 5.88 billion yuan (up 111%) [2] - Active funds significantly increased their holdings in the high-growth gaming sector, with 7 out of the top 10 media stocks being gaming companies, highlighting the sector's prominence in fund allocation [2] - The gaming sector is benefiting from multiple catalysts, including AI, content, and commercialization model transformations, with the gaming ETF (159869) tracking the performance of A-share listed companies in the animation and gaming industry [2]

Group 1: Shanghai Disneyland Expansion - Shanghai Disneyland has welcomed its 100 millionth visitor in nine years, highlighting its status as a world-class tourist destination [1] - The park will initiate a new expansion project, including the construction of a fourth themed hotel and additional shopping, dining, and entertainment areas to meet growing visitor demand [1] - The new hotel will be located near the main entrance of the park, providing guests with a unique immersive experience and convenient access to the park [1] Group 2: Gold Jewelry Price Increase - Following the announcement of new tax policies by the Ministry of Finance and the State Administration of Taxation, gold jewelry prices have increased by 5% to 6% [2] - Specific examples include the price of 999 gold jewelry from Cai Bai rising to 1238 yuan per gram, a 6% increase, and Chow Tai Fook's price increasing by 5.09% to 1259 yuan per gram [2] - Some banks have suspended the exchange of personal gold accumulation for physical gold, indicating a market reaction to the new policies [2] Group 3: Television Production Data - In September, 141 television (including web series) productions were registered, with regular series accounting for 39.01% and web stories making up 36.88% [3] - Contemporary themes dominated with 62.41% of the productions, reflecting a market preference for realistic narratives [3] - The rise of short series and web stories indicates a shift in content consumption patterns, with over 50% of productions falling into these categories [3] Group 4: Strategic Cooperation in Gaming - Shengqu Games has signed an exclusive strategic cooperation agreement with Mango TV to expand the content matrix of the "Mango Fun" mini-game platform [4] - This partnership aims to leverage Shengqu's popular IPs and Mango TV's user base to enhance user engagement and explore new business models [4] - The collaboration signifies a strategic move into the mini-game market, emphasizing the potential for cross-industry integration and content monetization [4]

Core Viewpoint - The stock of 贪玩 (09890) has seen a significant increase, rising over 7% in the afternoon session and currently trading at 15.17 HKD, with a trading volume of 75.5 million HKD. This surge is attributed to the company's recent share buyback announcements and strategic partnerships in the gaming industry [1]. Group 1: Share Buyback Activity - 贪玩 announced a buyback of 228,200 shares on October 20, totaling 3.13 million HKD [1]. - Since October 14, the company has conducted share buybacks for five consecutive days [1]. - Year-to-date, 贪玩 has completed 30 buyback transactions, acquiring a total of 7.37 million shares for an aggregate amount of 10.2 million HKD [1]. Group 2: Strategic Partnerships - In August, 中旭未来, the parent company of 贪玩, deepened its business collaboration with 杭州天穹互动网络科技有限公司, securing licenses for the classic IPs 《热血传奇》 and 《传奇世界》 [1]. - 贪玩 signed a cooperation agreement with 浙江闲趣互娱网络科技有限公司, a subsidiary of 恺英网络, to officially enter the gaming box section operated by 恺英网络 [1]. - This partnership represents an extension of the long-term collaboration between 中旭未来 (贪玩) and 恺英网络, marking a comprehensive upgrade of the legendary IP ecosystem [1].