2025 年二季度收入基本符合我们预期，经营利润略低于我们的预期金山软件公布2Q2025 业绩：收入 23.07 亿元，同比下降7%，基本符合我们的预期。经营利润3.83 亿元，略低于我们的预期，主要系费用 投入略高于预期。 机构：中金公司 研究员：张潇丹/赵丽萍 发展趋势 办公业务增长修复，游戏业务持续优化。办公业务方面，收入同/环比+14%/+4%，主要得益于WPS 个 人及WPS 365 业务的扩张。2025 年6 月WPS Office 全球月活设备数达6.5 亿，同/环比+9%/+1%。期内公 司发布了WPS AI 3.0，并推出原生Office 办公智能体"WPS 灵犀"，作为WPS AI3.0 的核心能力载体，标 志着公司的AI 能力由工具型应用向协同智能体转变。游戏业务方面，收入同/环比-26%/-8%，同比下滑 主要系《尘白禁区》及《剑网3》去年同期基数较高；环比下滑主要系《尘白禁区》及《剑网3》流水表 现环比有所回落。新游戏方面，已于7 月份上线的新品《解限机》仍处于发展初期；社交推理游戏《鹅 鸭杀》于六月获得版号，预约量已突破500 万，公司预计将于下半年上线；《猫咪和汤》续作《猫咪和 ...

Core Viewpoints - The A-share market experienced a collective decline on Wednesday, with the Shanghai Composite Index down by 0.09%, the Shenzhen Component down by 0.61%, and the ChiNext Index down by 1.13%. The total trading volume in the Shanghai and Shenzhen markets reached 1.376727 trillion yuan [2][6] - In the Shenwan industry sector, steel, coal, and building materials led the gains, while electronics, communications, and defense industries lagged behind. Concept sectors such as low-radiation glass, silicon energy, and special steel saw significant increases, while military restructuring, brain-computer interface, and EDR concepts faced declines [2][6] Market Performance - Domestic market performance showed the Shanghai Composite Index closing at 3,454.79 with a decrease of 0.09%, the Shenzhen Component at 10,412.63 down by 0.61%, and the ChiNext Index at 2,123.72 down by 1.13% [4] - Internationally, the Dow Jones closed at 44,484.42 down by 0.02%, the S&P 500 at 6,227.42 up by 0.47%, and the Nasdaq at 20,393.13 up by 0.94% [4] Important News - The National Development and Reform Commission has allocated over 300 billion yuan to support the third batch of "two heavy" construction projects for 2025, completing the annual allocation of 800 billion yuan for such projects [3][7] - In the U.S., the ADP employment numbers for June unexpectedly decreased by 33,000, marking the first negative growth since March 2023, with service sector jobs declining by 66,000, the largest drop since the pandemic [3][7] Industry Insights - The electronic industry has outperformed the Shanghai and Shenzhen 300 Index since the beginning of 2025, with Q1 performance showing record highs in revenue and net profit [8] - Investment opportunities are identified in semiconductor self-sufficiency, AI computing power construction, and terminal innovation, driven by intensified U.S.-China tech tensions and the ongoing AI wave [8][9] - The semiconductor industry is expected to see accelerated domestic substitution due to increased demand for advanced process semiconductor equipment and materials, with significant room for growth in domestic production capabilities [8][9] Investment Recommendations - Focus on semiconductor equipment and materials, particularly in advanced process semiconductor supply chains, and leading companies in semiconductor equipment and materials [10][11] - Monitor developments in AI chips, especially those from domestic leaders like Huawei, as their market share continues to grow [10][11] - Pay attention to the storage chip sector, where domestic manufacturers are likely to benefit from rising prices due to supply adjustments by overseas manufacturers [10][11] - The PCB market is expected to grow rapidly due to global AI computing power demands, with domestic companies well-positioned to capitalize on this trend [10][11] - In the mobile phone sector, observe leading manufacturers as they release new AI-enabled products, which could drive demand across the supply chain [10][11]

Investment Rating - The industry investment rating is "stronger than the market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [7]. Core Insights - The report highlights a record high in game license approvals in June, with 147 domestic games and 11 imported games receiving approval, marking a total of 757 domestic games approved year-to-date [2]. - Tencent is increasing its focus on the FPS game segment, with two FPS titles, "Crossfire: Rainbow" and "Tactical Squad: Dawn Assault," receiving approval. These games are expected to leverage Tencent's established IP and development expertise for market success [2][3]. - Kingsoft's "Duck Duck Goose," a social deduction game, has also received approval for its mobile version, positioning it as a strong competitor against other party games in the market [3]. Summary by Sections Game License Approvals - In June, a total of 147 domestic games and 11 imported games were approved, with notable titles from major developers such as Tencent and Kingsoft [2]. - The approval of these games reflects a diverse range of genres and established companies, indicating a robust supply side in the gaming industry [2]. Tencent's FPS Strategy - Tencent's approval of two new FPS games demonstrates its commitment to this genre, with "Crossfire: Rainbow" being a new installment in a well-known series and "Tactical Squad: Dawn Assault" being a localized version of an existing game [2]. - The development teams behind these games have significant experience in FPS game production, which may enhance their market performance [2]. Competitive Landscape - The approval of "Duck Duck Goose" is expected to intensify competition in the party game segment, particularly against titles like NetEase's "Egg Party" and Tencent's "Dream Star" [3]. - The report suggests that the gaming market is becoming increasingly competitive, with new entrants and established players vying for market share [3].

Market Performance - On June 30, 2025, A-shares saw collective gains with the Shanghai Composite Index rising by 0.59%, Shenzhen Component Index by 0.83%, and ChiNext Index by 1.35% [1] - The trading volume in the Shanghai and Shenzhen markets approached 1.5 trillion yuan [1] Sector Performance - Game and defense-related ETFs led the gains, with specific game ETFs and aerospace ETFs increasing by over 5% [2] - The National Press and Publication Administration approved 147 domestic games and 11 imported games, boosting the gaming sector [2] - The military industry is expected to experience a valuation restructuring, benefiting from improved asset quality and larger business scales [2] High Dividend Sector - High dividend sectors experienced a pullback, but there are expectations for supportive policies from the China Securities Regulatory Commission to enhance market confidence [3] - The central state-owned enterprise sector is viewed positively due to ongoing reforms and market management initiatives [3] ETF Trading Activity - The top trading ETF was the Credit Bond ETF with a transaction volume of 18.291 billion yuan, followed by the Shanghai Corporate Bond ETF and Short-term Bond ETF, both exceeding 10 billion yuan [4] - The Asia-Pacific Select ETF had the highest turnover rate at 157.05% [5] Upcoming ETF Issuances - Five new ETFs are set to begin fundraising on July 1, 2025, including those focused on artificial intelligence and aviation [6][7] - The newly listed ETFs will track indices related to artificial intelligence, general aviation, and free cash flow [11][12][14]

Group 1 - The gaming sector is experiencing a strong recovery, with the gaming ETF (159869) surging by 6.28% and all constituent stocks showing positive performance, including significant gains from companies like Giant Network and Kyeing Network [1] - A total of 158 games received approval for release in June, marking a recent high, with notable titles from both domestic and imported categories, indicating a robust pipeline for the industry [1] - Giant Network's game "Space Kill" has introduced AI-native gameplay, enhancing its position in the AI gaming sector, with millions of players participating in various game modes [1] Group 2 - Huaxi Securities highlights that the regular issuance of game licenses reflects ongoing regulatory support for the industry's healthy development, improving supply-side dynamics and injecting new momentum into the market [2] - The stability of policies enhances the predictability of domestic manufacturers' R&D and publishing plans, steering resources towards high-quality and long-term projects [2] - The gaming sector is catalyzed by transformations in AI, content, and commercialization models, with the gaming ETF (159869) tracking the performance of A-share listed companies in the animation and gaming industry, presenting potential investment opportunities [2]

Group 1 - The core viewpoint of the articles highlights the significant increase in the approval of both domestic and imported online games in June, with a total of 158 game approvals, marking a new high for the year [1][2] - In June, 147 domestic games were approved, including 76 mobile games, 61 mobile-casual puzzle games, 2 client games, 7 dual-end games, and 1 mobile-web game [1] - Notable domestic games include titles from listed companies such as ST Huatong's "Deer Hunting Mafa," 37 Interactive Entertainment's "Knights and Dragons," and Tencent's "Crossfire: Rainbow" [1][2] Group 2 - Among the 11 imported games approved, there are 4 mobile games, 4 client games, and 3 dual-end games, with Tencent's "Crossfire: Rainbow" being a new addition to the popular shooting game series [1] - NetEase's game "No Master Star Abyss," developed by Mike Morhaime's new studio Moonshot Games, has garnered significant attention since its announcement [2] - The game "Goose Goose Duck," which has 120,000 fans on Steam Hub and 20,000 monthly active players, will begin beta testing on June 26, with Kingsoft as its exclusive agent in China [2]

Core Viewpoint - The 2025 ChinaJoy will be held from August 1 to August 4 in Shanghai, showcasing a significant number of exhibitors and events focused on digital interactive entertainment and gaming industry advancements [1][10]. Exhibition Aspects: Major Works and Technological Innovations - The theme for this year's ChinaJoy is "Gathering What You Love," with 743 companies registered to participate, including 237 foreign enterprises from 37 countries, representing 31.8% of total exhibitors [10][11]. - The BTOC Interactive Entertainment Hall will feature over 283 companies, while the BTOB Business Negotiation Hall will host more than 460 companies, with foreign enterprises making up 45.2% of the latter [11]. - Notable exhibitors include Tencent, NetEase, and Perfect World, showcasing popular games and new releases, with many offering on-site play experiences [13][15][16]. Conference Aspects: Industry Leaders and Global Collaboration - The event will host several key conferences, including the China International Digital Entertainment Industry Conference (CDEC) and the China Game Developers Conference (CGDC), featuring hundreds of industry leaders and experts [19][20]. - CDEC will focus on new directions for industry development, with over 100 industry leaders expected to participate [19]. Event Activities: Engaging Competitions and Performances - The Cosplay Super League will cover 12 regions with nearly 30,000 participants, while the National Dance Group Ceremony will feature over 300 competitors [21]. Highlights of the Exhibition - The event will emphasize AI technology innovation and new consumer experiences, including a "Creator Zone" aimed at engaging younger audiences [22][23]. - The international presence is expected to increase, with foreign exhibitors making up 46.5% of the BTOB Business Negotiation Hall, marking a historical high [25]. Safety Measures: Ensuring a Secure Environment - A comprehensive safety management system will be implemented, including content review processes and on-site management protocols to ensure a safe and orderly event [31][33]. Ticketing Information: Early Bird Pricing - Early bird tickets for ChinaJoy will be available through various platforms starting July 2, with different phases for ticket sales [35].

Group 1 - The National Press and Publication Administration approved 147 domestic online games in June 2025, breaking the previous record of 130 games approved in May 2025 [1] - A total of 766 domestic online games have received approval from January to June 2025, representing a year-on-year increase of 21.97% compared to 628 games in the same period of 2024 [1] - Among the approved games in June, 61 are categorized as casual and puzzle games, accounting for 41% of the total approved games [1] Group 2 - In June, 11 imported games also received approval, maintaining a steady update frequency of one per month for imported games this year [1] - Notable game developers such as Kaineng Network and Lilith Games received approvals for their titles, including "Douluo Dalu: Soul Master Battle" and "Pameng Battle Diary" respectively [1] - Tencent and NetEase both secured approvals for their games, with Tencent obtaining licenses for "Crossfire: Rainbow" and "Tactical Squad: Dawn Assault" [2]

Group 1: Investment and Strategic Partnerships - Tencent's investment of €1.16 billion will strengthen Ubisoft's balance sheet, including debt repayment and supporting new operations, while Ubisoft retains full creative control, IP ownership, and business decision-making rights [1] - Gaggle Studios announced a strategic partnership with Kingsoft Game, making Kingsoft the exclusive agent for "Goose Goose Duck" in mainland China, responsible for localization and mobile development, with the mobile version expected to begin testing in May 2025 [4] - NEKCOM announced a strategic investment agreement with GCL Global Holdings, with GCL acquiring 20% of NEKCOM's shares for the global distribution of the upcoming RPG "Showa America Story" [17] Group 2: Financial Performance and Market Trends - Friendship Time reported a revenue of ¥1.162 billion for the year ending December 31, 2024, a 10.1% increase from ¥1.056 billion in 2023, with a significant reduction in adjusted annual losses by 67.8% [6] - Heartbeat Company achieved a revenue of ¥5.012 billion, a 47.9% year-on-year increase, with game business revenue growing by 64.2% [6][7] - Qingci Games reported a revenue of ¥628 million, turning a profit of ¥51.12 million, with overseas market revenue increasing from 28.47% to 43.93% of total revenue [8] - Zulong Entertainment's revenue reached ¥1.141 billion, a 25.6% increase, driven by the success of "Dragon Tribe: Cassel's Gate" and sustained popularity of "Shining Name" [9] - IGG's total revenue was HK$5.737 billion (approximately ¥5.357 billion), a 9% increase, with net profit soaring by 697% to HK$580 million (approximately ¥541 million) [10][11] Group 3: Game Releases and Market Performance - Ubisoft's latest title "Assassin's Creed: Shadow" attracted over 3 million players within a week of release, setting a record for first-day sales in the franchise [20][21] - The game "NIKKE: Goddess of Victory" has generated over $1 billion in revenue since its launch in 2022, indicating strong market performance prior to its domestic release [12] - The gaming industry is seeing a trend where over 67% of PC players' time in 2024 is spent on games older than six years, highlighting a shift in player engagement towards established titles [5]