[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 Insights - DataEye has released exclusive data on WeChat mini-games for July, highlighting consumption patterns and trends in various game categories [1] Consumption Patterns - In July, the consumption share of the war strategy category remained stable at approximately 20%, while the idle game category saw a decline to about 14.42%, down over 2 percentage points from June [3] - The simulation management category increased its consumption share to about 13.35%, while the tower defense category slightly decreased to 12.5% [3] - The consumption shares of legendary RPG and Xianxia RPG categories continued to decline, with legendary RPG at 8.36% and Xianxia RPG at 9.44% [3] Top Consumption Rankings - The top consumption game in July was "Three Kingdoms: Ice Age," surpassing "Endless Winter," which ranked second [7] - "Zombie Shooting" maintained its third position, while "Seeking the Great Thousand" and "Refined Hero" remained in the top five [7] - "Happy Elimination" re-entered the top 20, indicating a resurgence in the light casual game category [7][12] Growth Rankings - "Three Kingdoms: Ice Age," "Qingyun Jue: Demon Subduing," and "Spirit Painter" topped the consumption growth rankings for July [11] - "Forever Blue Planet" showed significant growth, ranking ninth in the consumption growth list after starting its advertising campaign in mid-July [11] Advertising Trends - In July, the total number of advertising materials for WeChat mini-games was approximately 2.28 million, showing a decline from June [15] - The number of games participating in advertising increased to about 11,600, with 1,560 new games launched during the month [15][21] - The top three gameplay categories in terms of advertising were casual, elimination, and puzzle games, with idle gameplay seeing a growth of over 12% [21] Genre Trends - The modern, other, and fantasy genres ranked as the top three in terms of the number of games launched, with the fantasy genre experiencing a growth of over 15% [24] - The legendary genre was the only one to see a decline in the number of games launched, indicating a shift in the competitive landscape [24]

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]

Group 1 - The core viewpoint of the article highlights the positive growth of the Chinese gaming market, with a market size of 141.1 billion yuan in the first five months of 2025, representing a year-on-year increase of 17% [1] - A total of 812 game licenses were issued in the first half of 2025, including 757 domestic and 55 imported licenses, marking an 18% increase compared to the previous year [1][2] - The gaming industry is experiencing favorable policies from the government, which has led to local governments implementing specific plans and measures to support the industry [2] Group 2 - The top 20 new games on the iOS platform in China for the first half of 2025 show a diverse range of genres, with a notable increase in light and casual gaming elements [3][8] - The game "Heroes Never Flash" emerged as the only blockbuster, generating a total revenue of 4.71 billion yuan, significantly outperforming other titles [11][13] - The trend indicates that many new games are experiencing a decline in monthly revenue after initial success, with "Supernatural Action Group" being a notable exception, showing a significant increase in revenue over time [6][53] Group 3 - The first tier of games includes six titles, all of which have generated over 1 billion yuan in total revenue, with "Heroes Never Flash" leading the pack [11][19] - The second tier consists of four games, with total revenues ranging from 500 million to 1 billion yuan, including "Brave Land" and "Sword Legend" [37][43] - The third tier comprises games with total revenues below 500 million yuan, where "Supernatural Action Group" stands out for its unique gameplay and increasing popularity [53][66] Group 4 - The gaming industry is shifting towards lightweight and integrated gameplay to avoid competition, with companies like 37 Interactive, Point Touch, Thunder, and Shiyue leading this trend [67] - The market for mini-games is rapidly growing, with many new titles launching mini-game versions to capture additional user engagement [8][25] - The overall environment for the gaming industry is improving, but the competition for new titles remains intense, necessitating innovative approaches from developers [67]

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]

Summary of the Gaming Industry Conference Call Industry Overview - The gaming industry in China is experiencing a strong growth cycle, with actual sales revenue in the first half of 2025 reaching approximately 85.7 billion yuan, a year-on-year increase of about 18% [1][3] - Mobile gaming revenue grew by 20% to 63.6 billion yuan, indicating high industry vitality driven by premium games that enhance players' willingness to pay [1][3] Key Insights - A-share gaming companies are expected to outperform last year due to a decline in market share of major players like Tencent, NetEase, and miHoYo, which provides a buying window for other firms [1][5] - Regulatory policies have shifted positively, with an accelerated issuance of domestic game licenses, increasing from under 90 to 120-130 per month, and stable issuance of import licenses, boosting investment sentiment in the sector [2][12] - In Q1 2025, listed companies reported a 21% year-on-year revenue growth, with deferred revenue continuing to rise and a decrease in sales expense ratios, reflecting strong performance and a reduction in competitive spending [1][5] Competitive Landscape - The competitive landscape remains stable, with no major product launches from large companies in July and August, providing an opportunity for A-share firms to release new games [7][12] - Notable games that exceeded expectations include Jiubite's "Wanjian Changsheng" and other titles from various companies, leading to upward revisions in profit forecasts for 2026, with valuations expected to stabilize around 15 times earnings [7][12] AI Technology Impact - AI technology is seen as having significant potential in the gaming industry, with recent developments in AI products, although market reactions have been muted [8][13] - The expectation is that as more AI-assisted products are launched, the gaming sector will benefit from improved performance and cost efficiencies [8][13] Noteworthy Companies and Products - Recommended companies include Giant Network, Jiubite, Perfect World, and Kaiying Network, which are actively launching new products and are expected to benefit from the summer release window [6][12] - Giant Network's upcoming game "Supernatural Action Group" is gaining attention, with strong download and revenue potential anticipated during the summer [9] - Perfect World is set to launch several new products, including a major update for "Zhu Xian World" and a mobile version of "Zhu Xian 2" [10] - Jiubite's "Nine Woods of the Wild" and Kaiying Technology's rapid product release schedule are also highlighted as significant developments [11] Overall Industry Trends - The overall trend in the gaming industry is positive, with regulatory support, a favorable product launch window for A-share companies, and a decrease in competitive pressure leading to increased revenue and deferred income [12][15] - The industry is expected to continue benefiting from the positive sentiment surrounding AI applications, which could further enhance market interest and investment [13]

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.

Summary of Conference Call Records Industry or Company Involved 1. **Magnetic Sensors**: Core component in intelligent perception layer, benefiting from growth in robotics and automotive electronics [3][5][11] 2. **Pharmaceuticals**: Focus on drug formulation and the impact of centralized procurement [15][32] 3. **Coal Industry**: Insights on coal price rebound and inventory dynamics [28][29] 4. **Gaming Industry**: Performance of newly launched games and market growth [30][31] Core Points 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. The global market size is projected to increase from $2.9 billion in 2023 to $3.7 billion by 2029, with a CAGR of 4% [6][11]. 2. **Domestic Manufacturers**: There is significant room for domestic manufacturers to replace international leaders, as the current domestic market share is only 25% [11][13]. 3. **Technological Advancements**: The market is driven by technological evolution and diverse applications, with Hall effect sensors dominating the market with a 64% share in 2024 [4][11]. Pharmaceuticals 1. **Centralized Procurement Impact**: The pharmaceutical industry has faced challenges due to centralized procurement, which has been in place for eight years. However, recent optimization policies may lead to performance recovery for some companies [15][20]. 2. **Performance Recovery**: Companies like Huadong Medicine may see a reduction in procurement risks for several products in 2024, potentially stabilizing their sales [23][25]. 3. **Long-term Outlook**: The pharmaceutical sector is transitioning towards cash flow generation as competition increases and prices stabilize post-procurement [27]. Coal Industry 1. **Inventory Dynamics**: Recent improvements in coal inventory levels are expected to lead to a price rebound as demand increases during peak seasons [28][29]. 2. **Market Sentiment**: The coal sector is anticipated to experience valuation increases as stable high dividends become more attractive [29]. 3. **Demand Recovery**: The demand for thermal power generation is expected to turn positive, supporting coal price recovery [28]. Gaming Industry 1. **Market Growth**: The gaming market in China saw a total sales scale of 27.35 billion yuan in April 2025, a year-on-year increase of 21.93% [30]. 2. **Successful New Releases**: Several gaming companies have launched successful new products, contributing to their growth and market presence [30][31]. 3. **Future Potential**: Companies with strong product pipelines and successful launches are expected to continue growing, with notable titles set to release soon [31]. Other Important but Possibly Overlooked Content 1. **Magnetic Sensor Applications**: The sensors are crucial in various applications, including industrial automation, automotive systems, and consumer electronics, indicating a broad market potential [7][9]. 2. **Pharmaceutical Pricing Dynamics**: The long-tail effects of centralized procurement pricing governance may continue to impact the market, necessitating ongoing adjustments [18][19]. 3. **Coal Supply Constraints**: The reduction in coal production due to low prices and high-cost mines may support price stability in the coal market [28]. This summary encapsulates the key insights from the conference call records, highlighting the growth potential and challenges across multiple industries.