转眼间2025年已经过半，根据今年已经发布的《中国游戏产业月报》测算，1-5月中国游戏市场规模为1411.1亿元，同比增长达到亮眼的17%。 版号发放持续常态化的同时数量增势明显，上半年共计发放812个游戏版号，其中757个国产游戏版号，55个进口游戏版号，同比去年（688）增长18%， 全年有望接近或超过2019年总量（1571）。 | | 2025年H1游戏版号下发情况 | | | --- | --- | --- | | 时间 | 国产游戏版号数量 | 进口游戏版号数量 | | 2025年1月 | 123 | 13 | | 2025年2月 | 110 | 3 | | 2025年3月 | 129 | 5 | | 2025年4月 | 118 | 9 | | 2025年5月 | 130 | 14 | | 2025年6月 | 147 | 11 | | +1 | 757 | ટેટ | 此外，4月时国家层面连续推出游戏利好政策，这也推动了各地方政府的下场落实，在之后的二季度浙江、成都、广东、深圳、武汉等省市纷纷发布具体 方案及措施。 国内游戏产业在基本面上可谓一片向好，那么在纯粹的新游层面上是否也是如此呢？为了更加 ...

游戏行业更新：A 股厂商新游周期强劲，重视产品边际催 化 20250617 Q&A 今年 A 股游戏厂商的市场环境和监管政策有何变化？ 今年（2025 年），A 股游戏厂商迎来了一个较好的新产品周期窗口期。首先， 从监管方面来看，自 2024 年起，各地政府陆续出台了扶持政策，包括研发补 助和出海补贴等，这些政策从口头鼓励转向实际落地，代表着政策端的明显转 向。此外，版号发放节奏显著加快，国产版号月均发放数量从以前不到 90 款 提升至 120-130 款，进口版号也实现了月度稳定发放。这些变化表明短中期内 监管不会对板块情绪和产品周期产生负面影响，相反，各地扶持政策对板块投 资情绪有提振作用。 当前游戏行业的景气度如何？ 今年（2025 年）上半年国内游戏市场实际销售收入达到 857 亿元，同比增长 约 18%，其中移动游戏收入为 636 亿元，同比增长 20%。伽马数据发布的 4 月份数据显示，当月整个游戏市场同比增长超过 20%，手游端同比增长 看好 AI 技术在游戏行业的应用潜力，尽管市场初期反应钝化，但随着更 多 AI 助手产品落地，预计第三季度将带来进一步利好，建议关注游戏板 块发展。 推荐关注巨 ...

Core Viewpoint - A major operational incident occurred in the game "Yinian Xiaoyao" under the A-share game company Gigabit, where game items worth approximately 500,000 yuan were mistakenly distributed to all players, leading to significant disruptions in the game's economy and balance [3][5]. Group 1: Incident Details - On May 31, during the Dragon Boat Festival, "Yinian Xiaoyao" mistakenly issued 99,000 high-value items called "Any Treasure Box" to all players due to human error, valued at around 500,000 yuan [3][5]. - The project team initiated an emergency response on the same day and announced on June 2 that they would not implement the common industry practice of a "full server rollback," but instead opted for a "point-to-point rollback" for affected players [5][6]. - Players who received the erroneous items were temporarily banned from listing on the official trading platform, and the project team offered compensation of 20 "Any Treasure Boxes" to affected users [5][6]. Group 2: Financial Performance - Gigabit's annual report indicated that "Yinian Xiaoyao" generated 596 million yuan in revenue for 2024, a decrease of 42.49% from 1.036 billion yuan in 2023, making it the worst-performing among Gigabit's three major games [6][7]. - Overall, Gigabit reported a revenue of 3.696 billion yuan in 2024, down 11.69% year-on-year, with net profit declining by 16.02% to 945 million yuan [7][8]. - In the first quarter of 2025, "Yinian Xiaoyao" continued to see a revenue decline of 22.94%, while the company benefited from the launch of a new game, "Wanjian Changsheng," leading to a 22.47% increase in overall revenue [8]. Group 3: Industry Context - The incident highlights a recurring issue in the gaming industry, where operational errors can lead to significant player dissatisfaction and potential loss of users, as seen in previous cases with other major games [9]. - Industry analysts emphasize the importance of implementing tiered review systems before large operational changes to minimize errors and ensure effective crisis management following incidents [9].

它是智能感知层核心器件，机器人、汽车电子等 下游需求翻倍增长；集采优化政策不断出台，部 分公司或出现明显的业绩预期修复——0602脱水 研报 2025/06/02 19:17 今日研报内容： 【本文来自持牌证券机构，不代表平台观点，请独立判断和决策】 摘要： 1、磁传感器：华创证券指出，磁传感器是智能感知层核心器件，受益于机器人、汽车电子等 市场发展，叠加新能源、工控、消费电子等领域需求复苏，多场景共振下市场有望持续成 长。当前海外龙头占据市场主要份额，国内厂商替代空间广阔。 2、医药制剂：华创证券指出，目前已进入到集采的第八个年头，院内化药仿制药大单品基本 集采殆尽，企业也都基本消化了大单品国采的冲击，然而从2023、2024年两年实际的业绩表 现来看，集采仍对部分企业的经营造成一定扰动。而目前集采面临优化，看好制剂板块业绩 与估值修复机会。 磁传感器通过磁电转换实现非接触式测量位移、角度、电流等物理量，在降低设备损耗的同 时，具备复杂环境耐受性及性价比优势。 按技术路径划分，2024年霍尔效应传感器以64%的市场份额占据主导地位，因成本优 势与稳定性被广泛应用于消费电子及工业等领域中；磁阻效应（AMR/G ...

证券研究报告 传媒 Q1 盈利显著回升,游戏/电影表现亮眼 华泰研究 24 年传媒行业业绩承压明显，25Q1 归母净利高速增长 受 AI 技术创新研发持续投入、及消费偏弱影响，24 年传媒行业业绩承压明 显。24 年传媒行业上市公司营业收入同降 0.7%；归母净利同降 55.7%；剔 除资产减值损失后，归母净利同降 41.6%。25Q1 低基数下呈现恢复态势， 传媒行业上市公司实现营收 1342.5 亿元，同增 4.5%；归母净利 109.7 亿元， 同增 44.9%；剔除资产减值损失后，归母净利 123.6 亿元，同增 41.6%。我 们认为随着后续消费的恢复，行业或进一步复苏。标的关注各细分领域龙头， 具体包括恺英网络、巨人网络、吉比特、完美世界、焦点科技、光线传媒、 万达电影、值得买等；以及高股息的中南传媒、凤凰传媒、南方传媒等。 2025 年 5 月 09 日│中国内地 专题研究 25Q1 互联网板块营收下滑，AI 应用加速落地 25Q1 游戏板块归母净利大幅增长，公司之间业绩分化较大 据伽马数据，2024 年中国游戏市场实际销售收入 3257.8 亿元，同比增长 7.53%。版号发放"大力度+常态化 ...

业 及 产 业 行 业 研 究 / 行 业 点 评 券 研 究 报 告 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 袁伟嘉 A0230519080013 yuanwj@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 赵航 A0230522100002 zhaohang@swsresearch.com 研究支持 黄俊儒 A0230123070011 huangjr@swsresearch.com 张淇元 A0230124080001 zhangqy@swsresearch.com 联系人 林起贤 (8621)23297818× linqx@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 05 月 06 日 游戏加速、影视高增，出版利润率 恢复 看好 ——A 股传媒 2024 及 25Q1 总结 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 行 证 传媒 相关 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by more than 15% in the next six months [5][16]. Core Views - The company's Q1 2025 performance showed significant growth, with revenue reaching 1.136 billion yuan, a year-on-year increase of 22.47% and a quarter-on-quarter increase of 29.44%. The net profit attributable to shareholders was 283 million yuan, up 11.82% year-on-year but down 1.43% quarter-on-quarter [1][3]. - The new game "Wanjian Changsheng" has performed well, contributing to revenue and profit growth, and is expected to launch in additional regions, including Hong Kong, Macau, and Europe and the United States [2][3]. - The company is also focusing on upcoming game launches, such as "Zhangjian Chuanqi," which is set to officially launch in the first half of 2025, and the SLG game "Jiumu Zhiye," expected in the second half of 2025 [2][3]. Financial Summary - For 2023A, the company reported revenue of 4.185 billion yuan, with a projected decline of 19.0% year-on-year. However, revenue is expected to recover in 2025E to 4.409 billion yuan, reflecting a growth rate of 19.3% [1][9]. - The net profit attributable to shareholders for 2023A was 1.461 billion yuan, with a projected decline of 23.0% year-on-year. By 2025E, net profit is expected to rise to 1.134 billion yuan, indicating a growth rate of 20.0% [1][9]. - The company's return on equity (ROE) for 2023A was 27.8%, with a projected decline to 20.9% in 2024A, before stabilizing around 19.0% by 2027E [1][9]. Revenue and Profitability Metrics - The company's gross margin is projected to remain stable around 88.5% from 2023A to 2027E, indicating strong profitability [9]. - The earnings per share (EPS) for 2023A was 15.62 yuan, with projections of 15.74 yuan in 2025E and 19.92 yuan in 2027E, reflecting a positive growth trajectory [1][9]. Market Position and Future Outlook - The company is positioned in the media industry and has a total market capitalization of approximately 16.8 billion yuan as of April 28, 2025 [5]. - The report emphasizes the importance of new game launches in driving future growth, alongside the stabilization of existing game revenues [2][3].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][7]. Core Insights - The company reported Q1 2025 results that exceeded expectations, with revenue of 1.136 billion yuan, a year-on-year increase of 22.47% and a quarter-on-quarter increase of 29.43%. The net profit attributable to shareholders was 283 million yuan, a year-on-year increase of 11.82% but a quarter-on-quarter decrease of 1.43% [1][2]. - The newly launched game "Wen Jian Chang Sheng" performed exceptionally well, generating 363 million yuan in revenue during Q1 2025, with over 2 million registered users [6][7]. - The company has a robust pipeline of new products and is actively investing in IP incubation and operation, with several upcoming game releases planned for 2025 [6][7]. Financial Performance Summary - For Q1 2025, the company achieved a net operating cash flow of 213 million yuan, a year-on-year decrease of 7.73% and a quarter-on-quarter decrease of 49.54% [6]. - The company’s total revenue projections for 2025-2027 are 4.11 billion yuan, 4.48 billion yuan, and 4.88 billion yuan, respectively, with year-on-year growth rates of 11%, 9%, and 9% [7][8]. - The projected net profit for 2025-2027 is 1.066 billion yuan, 1.120 billion yuan, and 1.231 billion yuan, with corresponding growth rates of 13%, 5%, and 10% [7][8]. Market Position and Strategy - The company has a stable long-term operation for existing games, with significant contributions from domestic game revenue. The domestic game business saw a total revenue of 3.21 billion yuan from "Wen Dao" and 4.41 billion yuan from "Wen Dao Mobile" in Q1 2025 [6]. - The company is focusing on new game launches and has a rich reserve of products, including the self-developed game "Zhang Jian Chuan Shuo" and the licensed game "Jiu Mu Zhi Ye" [6][7]. - The company is also investing in well-known enterprises and actively exploring IP operations across various media formats, including novels and animations [6][7].

南方财经全媒体记者吴立洋实习生隆欣玲上海报道 本周，国内游戏业迎来多项政策利好，引发广泛关注。 具体来看，国务院出台方案明确支持游戏出海，布局从IP打造到运营的全产业链；教育部宣布将"游戏 艺术设计"专业首次列入本科专业目录，中国传媒大学等三所高校获批设置该专业；国家新闻出版署公 布了4月游戏版号审批信息，共127款新游戏获批。 国内游戏方面，多家企业发布财报及新动向。吉比特2025年Q1营业收入11.36亿元，同比增长22.47%； 巨人网络2024年净利润增长31%，小游戏业务增长显著；冰川网络2024年净利润亏损2.47亿元，同比下 降约190%，主因海外买量投入高企；在2024年业绩下滑后，完美世界、游族网络2025年一季度营收、 利润重回增长；腾讯Spark2025游戏发布会公布46款游戏动态，其中包括24款游戏新品；儒意景秀与 NBA中国达成合作，计划开发两款手机游戏，拓展体育游戏赛道；网易游戏全球投资与合作部总裁朱 原离职，李日强接任。 海外及合规监管方面，欧盟委员会对苹果和Meta因违反《数字市场法案》罚款7亿欧元，其中苹果因限 制第三方支付渠道被罚5亿欧元，Epic Games发声指控其不正 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company achieved revenue of 1.136 billion yuan in Q1 2025, representing a year-on-year increase of 22.47% and a quarter-on-quarter increase of 29.44%. The net profit attributable to shareholders was 283 million yuan, up 11.82% year-on-year, while the net profit excluding non-recurring items was 275 million yuan, up 38.71% year-on-year. This marks the first quarter of positive revenue growth since 2023 [2][4] - The new game "Wen Jian Chang Sheng" contributed over 360 million yuan in revenue increment, with other core products like "Wen Dao" and "Yi Nian Xiao Yao" also showing quarter-on-quarter revenue growth. The report emphasizes the importance of monitoring the revenue trends of core products and the progress of new game launches [5][7] Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 1.136 billion yuan, a year-on-year increase of 22.47% and a quarter-on-quarter increase of 29.44%. The net profit attributable to shareholders was 283 million yuan, reflecting an 11.82% year-on-year increase, while the net profit excluding non-recurring items was 275 million yuan, up 38.71% year-on-year [2][4] - The company’s revenue returned to positive growth for the first time in 2023 [4] Game Performance - The new game "Wen Jian Chang Sheng" significantly contributed to revenue, generating 363 million yuan in Q1 2025. The revenue from "Wen Dao" was 321 million yuan, down 16.3% year-on-year but up 34.9% quarter-on-quarter. "Wen Dao Mobile" generated 441 million yuan, down 15.9% year-on-year and down 4.3% quarter-on-quarter [5][6] - The report highlights the need to focus on the revenue trends of core products and the testing and launch schedules of new games [7] Investment and Expenses - The company increased its marketing expenses due to the launch of "Wen Jian Chang Sheng," with sales expenses rising to 360 million yuan, an increase of 66 million yuan year-on-year and 165 million yuan quarter-on-quarter. The sales expense ratio increased by 9.5 percentage points to 31.7% [6] - The report notes that the overall investment return on marketing spending remains good, with stable year-on-year sales expense ratios [6]