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 ...

申万宏源研究研报指出，世纪华通（维权）先后收购七酷、天游、点点互动及盛趣游戏，成为A股收入 规模最大的游戏公司。盛趣游戏凭借《传奇》《龙之谷》等经典IP稳健运营，叠加传奇IP国内授权落 地，持续贡献稳定利润；手握SLG两大全球爆款的点点互动已经成为公司重要组成和增长驱动。另外， 出海休闲游戏有望打造点点新的增长曲线。采用相对估值法，给予世纪华通2026年21XPE估值，对应目 标市值为1722亿元，首次覆盖，给予"买入"评级。 MACD金叉信号形成，这些股涨势不错！ ...

Investment Rating - The report assigns a "Buy" rating for the company, Century Huatong, as part of its initial coverage [2][7][65]. Core Insights - Century Huatong has transformed into the largest game company in A-shares by acquiring several firms, including Qiku, Tianyou, Diandian Interactive, and Shengqu Games [6][15]. - The company is expected to see significant growth in net profit, with projections of 54 billion, 82 billion, and 101 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 345%, 52%, and 23% [5][7][65]. - The report emphasizes the potential of Diandian Interactive's SLG (Simulation and Strategy Game) and casual gaming segments, which are expected to drive future growth [6][58]. Financial Data and Profit Forecast - Total revenue projections for the company are 22,620 million yuan for 2024, 37,927 million yuan for 2025, 45,189 million yuan for 2026, and 49,552 million yuan for 2027, with corresponding year-on-year growth rates of 70.3%, 67.7%, 19.1%, and 9.7% [5][63]. - The gross profit margin is expected to remain robust, with estimates of 68.4%, 68.8%, and 69.0% for 2025, 2026, and 2027 respectively [5][63]. - The company’s return on equity (ROE) is projected to increase to 18.7% in 2025, 22.0% in 2026, and 21.3% in 2027 [5]. Market Position and Strategy - Diandian Interactive has established itself as a leader in the global SLG market, with significant contributions from its successful titles such as "Whiteout Survival" and "Kingshot" [6][27][28]. - The report highlights the strategic importance of casual gaming, which is expected to create a new growth curve for the company, particularly in overseas markets [6][58]. - The company is leveraging its expertise in both SLG and casual gaming to enhance user acquisition and retention, thereby expanding its market share [6][58][47]. Valuation and Target Market Capitalization - The report employs a relative valuation method, assigning a target market capitalization of 172.2 billion yuan based on a 21X PE ratio for 2026 [7][65]. - The valuation is supported by comparisons with leading gaming companies in the A-share market, indicating a favorable outlook for Century Huatong [7][66].

2025年底，上海向全球游戏产业投下一枚重磅政策棋子。 在刚刚结束的2025年度中国游戏产业年会上，《上海市关于支持游戏电竞产业发展的若干举措》（简称"游戏沪十条"）正式亮相。政策从打造产业高地到 加强科技和资本赋能，覆盖了游戏产业的十大关键环节，上海市政府每年将安排专项资金予以支持，政策决心可谓前所未有。 政策的"发令枪"已经打响，作为行业"头部玩家"的世纪华通，如何将这股自上而下的"政策东风"，转化为由内而外的增长动能？其答案，或许正藏在公司 多年锻造的"体系化能力"与此次政策所构成的"放大器"效应之中。 万亿生态成型 政策锚定产业升级的三重航向 随着游戏在全社会的渗透不断加深，其经济辐射价值持续放大。中国音数协游戏工委在2025中国游戏产业年会"游戏助力经济生态发展"论坛上披露，2025 年中国游戏及相关产业总体贡献规模突破1.2万亿元，形成"核心层筑基、关联层放大、辐射层延伸"的完整生态。其中，核心层的4972亿元产值筑牢产业 根基，关联层涵盖渠道、营销、云服务、电竞等5548亿元规模，辐射层则延伸至文旅、展会等1730亿元线下消费场景，游戏已成为链接数字与实体经济的 重要纽带，深度融入国民经济"双循 ...

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 Insights - Century Huatuo has shown remarkable performance in the gaming industry in 2025, with a revenue of 17.2 billion yuan, representing a year-on-year increase of 85.5%, and a net profit of 2.656 billion yuan, up 129.33% [1] - The company has achieved a non-deductible net profit of 2.586 billion yuan, reflecting a growth of 124.43%, and operating cash flow has surged by 107.4% to 3.918 billion yuan, indicating strong financial health [1] - Century Huatuo's revenue has consistently increased for nine consecutive quarters, validating its dual-driven strategy of "global layout + core IP cultivation" [1] Century Games Performance - Century Games has distinguished itself with its self-research capabilities and innovative "SLG+X" model, leading to the successful launch of popular games like "Whiteout Survival" and "Kingshot" [2] - "Whiteout Survival" combines survival themes with SLG gameplay, while "Kingshot" merges medieval kingdom settings with tower defense and SLG strategy elements, both achieving top rankings in the July 2025 mobile game revenue chart [2] Domestic Market Strength - Diandian Interactive has solidified its position in the ice and snow-themed game sector with the success of "Endless Winter," which has consistently ranked high on popular game charts [4] - The launch of "Bengben Kingdom" has further diversified Diandian Interactive's product offerings, expanding its audience in the domestic market [4] - Shengqu Games has also reported stable revenue growth, leveraging classic IPs like "Legend of Blood" and "Dragon Valley" through content iteration and user engagement strategies [4] Technological Advancements - Century Huatuo has made significant strides in technology application, particularly in AI, enhancing game development and operational efficiency [6] - The company has implemented AI tools to improve art resource creation, optimize game content generation, and enhance quality control and customer service [6] - Clear strategic positioning and resource allocation among subsidiaries have ensured collaborative growth across various business segments [6]

Group 1 - The first "Shanghai Summer International Animation Month" was launched in July, promoting various ACG (Animation, Comics, Games) IPs to host offline activities, integrating with commercial entities and city landmarks to create new cultural tourism consumption scenarios [1] - The 15th anniversary offline event of "Dragon Nest" was held in Shanghai, showcasing the trend of game IPs extending from online to offline experiences, aligning with the policy-driven "cultural tourism metaverse new scene" [1][2] - The event aimed to enhance consumer engagement and attract potential users by combining online and offline experiences, leveraging the cultural landmark of the venue [1][2] Group 2 - "Dragon Nest" has over 300 million global users, with its long-term operation benefiting from continuous engagement with different user demographics, including both long-time players and younger audiences [2] - The offline activities provide a sense of belonging for older players and create opportunities for interaction, while also catering to younger players' interests in music, anime, and competitive gaming [2] - The integration of cultural IPs with physical industries aims to create a synergistic effect, exemplifying Shanghai's approach to combining ACG elements with new consumption models [2] Group 3 - In June 2023, Shanghai released the "Action Plan for Building a New Track in Cultural Tourism Metaverse (2023-2025)," emphasizing the acceleration of digital technology penetration across various sectors and the diversification of content production [3] - The plan highlights the need for technological breakthroughs and immersive interactions, which align with the capabilities of modern game engines, suggesting a strong connection between gaming technology and cultural tourism development [4] - Game engine technologies, such as real-time rendering and physics engines, can be applied to enhance the experience of cultural tourism projects, facilitating high-quality smart tourism scenarios [4]

Group 1: Game Releases - Tencent's new MMO "Star Resonance" officially launched on July 17, 2023, and topped the iOS free chart on its opening day [1] - "I Am Surrounded by Beautiful Women! 2" was released on Steam on July 17, 2023, maintaining romance simulation elements while focusing on ancient costume comedy and suspense [3] - "The Age of Discovery: Legends" was launched on July 17, 2023, allowing players to navigate as sailors during the 16th-century Age of Discovery [5] - Nintendo's "Donkey Kong: Bananarama" was released on July 17, 2023, receiving an average score of 91 from 87 media outlets on Metacritic, with IGN giving it a perfect score [7] - "Lily's "Far Light 84" began its third testing phase on July 18, 2023, featuring first-person shooting and multi-civilization warfare gameplay [9] Group 2: Industry News - Century Huatong released its 2025 first-half performance data on July 14, 2023, reporting a consolidated revenue of approximately 17 billion, a year-on-year increase of about 83.27%, and an expected net profit of 2.4 billion to 3 billion, reflecting a year-on-year growth of 107.20% to 159.00% [15] - The Shanghai Game Industry Report for the first half of 2025 was published on July 15, 2023, indicating that the overall sales revenue of online games in Shanghai reached approximately 83.28 billion, a year-on-year increase of 10.80%, with domestic revenue at 68.74 billion and overseas revenue at 14.55 billion, both achieving double-digit growth [17]

Core Insights - The Chinese gaming market has shown steady growth, with record-high sales revenue and user scale in 2024, reaching 3257.83 billion yuan, a year-on-year increase of 7.53% [1][7] - Established games are maintaining strong performance, contributing significantly to revenue stability for gaming companies, with strategies focusing on extending the lifecycle of classic titles [2][3] Industry Trends - The trend of revitalizing classic games is evident, with companies like Century Huatong reporting over 70% revenue growth and a 290% increase in net profit, largely driven by the performance of legacy titles [2] - The gaming market is characterized by rapid iteration, especially in mobile gaming, where competition is fierce, yet classic games are increasingly dominating revenue charts [2][3] Company Strategies - Companies are adopting a dual strategy of maintaining long-term operations for established products while simultaneously developing new titles to drive growth [7][8] - Century Huatong has invested over 5 billion yuan in R&D over three years to enhance game content and meet user demands for new experiences [8] - Giant Network emphasizes the importance of version updates and user engagement to sustain the longevity of its flagship games like "Journey" and "Ball Battle" [4][5] Market Performance - The gaming market's revenue growth is supported by both established and new products, with notable performances from titles launched in the previous year [7] - The success of classic games like "Honor of Kings" and "Journey" demonstrates the potential for long-term profitability in the gaming sector [3][4]