CSIWM 个股点评 2026 年 3 月 4 日 冬海集团 SE US 本文内容由 Kylie Kwok (郭凯欣) 提供 新加坡互联网行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 中信证券财富管理(香港) 产品及投资方案部 GMV 与利润率的权衡将持续 集团净利润 4.11 亿美元符合预期，因 Shopee GMV 增长及 Garena 业务增长抵消了 Shopee 和 Monee 利润 率下降的影响。 Shopee GMV 同比增长 29%至 367 亿美元，优于此前预测。GMV 增长得益于总订单量同比增长 33%至 40 亿单。月活跃买家同比增长 15%，购买频率持续提升。台湾市场实现双位数增长，而增长最快的巴西市场保 持盈利。 集团 2025 年第四季度广告收入同比增长超 70%，受平均广告支出同比增超 45%支撑。广告货币化率同比提 升逾 80 个基点。 Shopee 收入达 50 亿美元，货币化率同比微增 0.7%至 13.5%。但调整后息税折旧摊销前利润率走弱至 0.6%，导致调整后息税折旧摊销前利润 2.025 ...

腾讯的全球游戏布局是此次审查的焦点，具体涉及以下核心资产： 根据《金融时报》等媒体报道，美国白宫近期重启了对腾讯游戏投资的审查程序，评估其是否构 成安全风险。这一审查涉及腾讯在Epic Games、Riot Games及Supercell等全球知名游戏公司的持 股情况。 审查背景与核心争议 美国外国投资委员会（CFIUS）对腾讯游戏投资的审查已持续多年，成为该机构审查时间最长的 案例之一。审查的核心争议点在于，腾讯通过持有这些游戏公司的股份，是否能够接触到数百万 美国用户的个人数据，包括财务信息、隐私及游戏聊天记录。尽管Supercell总部位于芬兰，但由 于其庞大的美国用户群，同样被纳入审查范围。 审查涉及的关键资产 Epic Games ：腾讯持有其28%的股份，该公司是热门游戏《堡垒之夜》的开发商。 Riot Games ：腾讯全资拥有该公司，其开发的《英雄联盟》是全球最受欢迎的PC游戏之一。 Supercell ：腾讯控股该公司，其开发的《部落冲突》等游戏拥有庞大的全球用户基础。 在拜登政府时期，CFIUS内部曾出现分歧，司法部倾向于强制腾讯剥离资产，而财政部则倾向于 通过建立数据保护机制保留投资。由 ...

近日Epyllion公司的Matthew Ball发布《2026年视频游戏现状报告》，这应该算得上是2026年第一份比较重量级的全球游戏报告，而在这份报告里面，游戏 矩阵也针对中国市场的表现进行了一个具体的整理，其中披露的全球及中国游戏市场关键数据，核心价值在于为我们精准洞察中国游戏市场的实际表现、 厘清行业发展脉络，提供了极具参考价值的依据。 中国玩家话语权持续增加 根据报告显示，2025年，全球游戏内容销售额达1956亿美元（约合人民币1.35万亿元），同比实现5.3%的稳步增长，而中国玩家直接贡献了全球20%的游 戏支出。 值得行业关注的是，中国玩家的消费偏好极具本土导向：84%的游戏支出流向本土游戏产品，仅有16%的份额归于海外游戏。这一数据不仅印证了本土游 戏产品对中国玩家需求的精准适配，更直观体现出中国游戏自研实力的崛起与本土IP影响力的持续扩大。 而根据游戏矩阵在这个春节期间，走进了几个网吧、网咖观察，游戏已经不再是过去《英雄联盟》独步天下了，24年发布的《黑神话：悟空》为网吧带来 了很大的影响，再25年，腾讯的《三角洲行动》《无畏契约》等FPS游戏的风靡更是让不少网咖出现了"一位难求"的场面， ...

春节假期到来，如果你问回到老家的中青年男性假期玩什么，网吧可能是一个答案。 好久没见的同学、朋友，聚在网吧里，一起打游戏，是一种重回学生时代的仪式感。 以下文章来源于豹变 ，作者张经纬 豹变 . 直抵核心。做最具穿透力、洞察力的商业观察，深度影响未来。 本文来自微信公众号： 豹变 ，作者：张经纬，编辑：邢昀 网吧正重新变得越来越多。根据中国互联网上网服务行业协会数据，2025年中国网吧经营主体达 12.26万家，同比增长12.68%；营收规模突破1016.8亿元。网吧行业一改疫情期间的颓势，门店在两 年内增长了至少4万家，从业人员一年内增长了10万余人。 与数量变化同步发生的还有业态的变化，网吧+洗浴中心、网吧+酒店的娱乐复合体如雨后春笋般出 现在街面上，开门迎客。 这种供给上的繁荣，除了疫情后消费人群的增长，也是资金涌入的结果。 这能说明开网吧好赚钱吗？要回答这个问题，还是要先从需求讲起。 去网吧，穿越周期的廉价娱乐 白掌柜是长沙一家连锁网吧品牌的老板，从业超10年，目前在长沙市区和附近县城开了13家网吧。 谈到这两年来网吧再度火热，他的看法很直白："现在经济环境下，人们减少高端消费，所以上网吧 的需求一定 ...

Investment Rating - The report aligns with the views of CITIC Lyon Research, indicating a focus on GMV growth rather than short-term profitability for Donghai Group [5][6]. Core Insights - Donghai Group is prioritizing GMV growth to expand its ecosystem, which helps mitigate competition from emerging players like Coupang and narrows the gap with established competitors like MercadoLibre [5][6]. - Despite the competitive landscape, Shopee maintains a strong competitive advantage, with user growth and high-value product categories supporting GMV expansion [7]. - The gaming segment, particularly Garena, faces challenges in 2026 due to high base effects from previous successful collaborations, leading to expectations of flat pre-revenue income [8]. Summary by Sections Company Overview - Donghai Group is an internet company that integrates online gaming, e-commerce retail, and digital financial services, with Shopee being its largest business segment covering ASEAN, Taiwan, and Brazil markets [11]. Revenue Breakdown - E-commerce contributes 68.9% to revenue, digital entertainment accounts for 16.6%, and digital financial services make up 13.5% [12]. Market Performance - As of February 11, 2026, the stock price is $114.52, with a market consensus target price of $190.40, and a market capitalization of $67.8 billion [15].

Investment Rating - The report does not explicitly provide an investment rating for the company [5]. Core Insights - The report highlights that Sea Group (冬海集团) has significant growth potential in online penetration in Brazil and Southeast Asia, supported by current market trends [5]. - The company is increasing its investment in AI and prioritizing the growth of Gross Merchandise Volume (GMV) to expand its ecosystem and mitigate threats from competitors like Coupang [5]. - Management believes they can narrow the gap with existing competitors such as MercadoLibre in terms of product offerings [5]. - The gaming segment, Garena, may face short-term pressure on deferred revenue due to a high base effect in 2025, while the financial services segment shows significant growth potential [5][7]. Summary by Sections Growth Opportunities - Online consumption in key markets like Brazil and Southeast Asia has substantial growth potential, with Shopee prioritizing GMV growth and ecosystem expansion [5]. - Shopee plans to enhance average order value in Brazil by introducing high-priced products and establishing a fulfillment network [6]. - Management believes that new competitors like Temu and Shein will face challenges in scaling in the Brazilian market [6]. AI and Logistics Investment - Shopee will accelerate AI investments to improve platform efficiency and optimize logistics infrastructure to attract premium brands [5][6]. Market Dynamics - In Indonesia, e-commerce is evolving, with more brands expected to enter through online channels rather than offline [6]. - Shopee's logistics capabilities provide a competitive edge over TikTok, which relies on third-party logistics [6]. Financial Services - The financial services segment has significant growth potential, with plans to utilize AI for credit risk assessment, fraud detection, and loan approvals [5][6]. Key Catalysts - A clear game development roadmap and healthy operations will be crucial for the growth of the gaming segment, potentially leading to a revaluation of the company's multiples [8]. - Further consolidation in the e-commerce industry and news of new competitors exiting the market could benefit Shopee [8].

Core Insights - The media industry is expected to perform well in 2025, with a projected increase of 27.17%, ranking ninth among all primary industries in the Shenwan index, outperforming the CSI 300 index [2][15] - The industry valuation (PE-TTM) is experiencing fluctuations, currently above the seven-year average level [2][16] - Revenue growth is steady in Q1-Q3 of 2025, with a year-on-year increase in net profit attributable to shareholders [2][20] - The dual focus on IP and AI is anticipated to drive new transformations in the media industry, as consumer preferences shift from "functional" to "emotional value" [2][29] Market Performance - The media industry showed a strong performance in 2025, with a 27.17% increase, ranking ninth among Shenwan's primary industries and outperforming the CSI 300 index [2][15] - The valuation of the media industry is currently at 27.12X, which is higher than the average PE of 26.03X from 2018 to 2024 [2][16] Performance Analysis - In Q1-Q3 of 2025, the media industry achieved a revenue of 387.48 billion yuan, a year-on-year increase of 5.90%, and a net profit of 32.097 billion yuan, up 36.80% [2][20] - The gross margin remained stable, with a slight increase of 1.34 percentage points to 32.81% [2][20] - In Q3 of 2025, the media industry saw a revenue increase of 9.20% year-on-year, reaching 132.625 billion yuan, and a net profit increase of 57.00% to 10.316 billion yuan [2][24] Industry Outlook - The dual focus on IP and AI is expected to reshape the media industry, with IP becoming a core driver of content business models and AI emerging as a transformative technology [2][29] - The shift in consumer behavior towards emotional value is creating broader opportunities for the commercialization of IP content and derivatives [2][29] IP Insights - IP is categorized into content IP and image IP, with both types capable of mutual conversion to enhance commercialization [3][43] - Content IP includes literary, film, game, and animation types, focusing on deep narrative construction to build emotional resonance with users [3][43] - Image IP relies on unique visual symbols to evoke emotional connections, with a focus on social media and design innovation to maintain relevance [4][72] AI Insights - AI is recognized as a transformative force in the digital age, with applications across various media sectors, enhancing content production efficiency and reducing costs [8][9] - AI technologies are being integrated into gaming, advertising, and film production, driving industry innovation and efficiency [9][9] Investment Recommendations - The report suggests that the media industry will continue to outperform the market, driven by the dual focus on IP and AI, and recommends monitoring developments in these areas for potential investment opportunities [6][6]

Group 1 - The gaming sector experienced slight fluctuations, with the gaming ETF (159869) showing a minor increase of nearly 0.2% as of January 21, 2023, and reaching a scale of 13.958 billion yuan by January 20, 2023 [1] - Notable performers in the gaming stocks included Mingchen Health (002919) leading with over a 3% increase, while companies like Electric Soul Network (603258) and Giant Network (002558) faced declines [1] - The "EWC 2026" announced the inclusion of "Track Mania" as part of its official competition lineup, which will feature popular esports titles and take place in Riyadh, Saudi Arabia from July 6 to August 23, 2026 [1] Group 2 - Open Source Securities highlighted that the mobile game "Goose Duck" by Kingsoft and Huya maintained the top position in the iPhone free game chart, indicating strong daily active user (DAU) metrics [2] - The international version of "Heart Town" by Xindong Company topped charts in over 50 regions, suggesting potential for continued user growth and commercial opportunities [2] - The gaming sector is expected to benefit from multiple catalysts, including AI integration, policy support, and product cycles, creating a favorable environment for investment in the gaming ETF (159869) [2]

Core Viewpoint - The global player base of "League of Legends" experienced a significant outage on January 5, 2023, due to an expired SSL certificate, which led to a temporary shutdown of the game for approximately 10 hours [3][4][6]. Group 1: Incident Overview - On January 5, around 4 AM, players worldwide were unable to access the "League of Legends" client, receiving error messages indicating session issues and account non-existence [3]. - The outage was attributed to a failure in certificate verification, caused by the expiration of an SSL certificate issued in January 2016, which was valid for ten years [4][6]. - The maintenance concluded after 10 hours, and the SSL certificate was renewed, now valid until December 12, 2125 [6][10]. Group 2: Technical Explanation - SSL certificates are essential for verifying server identity and ensuring secure data transmission, acting as a digital ID for internet products [7]. - The expired SSL certificate prevented the client from obtaining server authentication, leading to a global login system failure [6][11]. - The incident raised questions about why Riot Games did not renew the certificate in advance, as the company may not have anticipated the long-term success of "League of Legends" [11][13]. Group 3: Industry Context - The gaming industry has seen a shift towards long-term game sustainability, with the concept of Games as a Service (GaaS) gaining traction, allowing for ongoing player engagement and reduced development costs [13]. - The unexpected longevity of "League of Legends" highlights a change in industry dynamics, where companies are now more focused on creating enduring game ecosystems [13].

Core Insights - The article highlights a selection of popular hero shooting games, showcasing unique characters and intense battle experiences, appealing to both strategy enthusiasts and action lovers [1][6][10] Game Summaries - A shooting game where players protect a cute anime girl from monsters, featuring easy controls and a variety of weapons and tasks to enhance gameplay [1][6] - "Run, Run!" is an 8-player hide-and-seek game where players can either be hunters or props, emphasizing strategy and surprise elements [1][7] - A shooting game where players combat waves of enemies using various weapons, including a rocket launcher for quick eliminations [1][7] - "Gridiron" combines sci-fi and arcade styles in a fast-paced football game, supporting up to 7v7 online matches and various game modes [1][7] - "Crazy Clown" is a top-down shooting game focused on revenge against abusers, featuring a machine gun and various weapons [2][8] - "Archer VR" is a virtual reality tower defense game where players use bows to defend a castle from waves of evil balloons and bosses [2][8] - "League of Legends" is a team-based online battle game with diverse character choices and a robust social system for player interaction [2][8] - "X-Force Under Attack" is a space shooting game with multiple levels and enemy types, allowing players to upgrade weapons and engage in online battles [4][9] - "Resurrection: Nuke Island" is a 3D action-adventure game set on a post-nuclear island, featuring rich storytelling and multiple endings based on player choices [4][9] - A monster-themed action-adventure game where players control a monster to overcome obstacles and enemies, suitable for all ages [5][9]