Core Viewpoint - Shenzhou Taiyue reported a decline in both revenue and net profit for the first half of 2025, primarily due to the underperformance of its gaming business, which constitutes the majority of its revenue [1] Revenue Performance - The company's total revenue for the reporting period was 2.685 billion yuan, a year-on-year decrease of 12.05% [1] - The net profit attributable to shareholders was 509 million yuan, down 19.26% year-on-year [1] - The gaming segment accounted for 75.53% of total revenue, generating 2.028 billion yuan, which represents a 16.41% decline compared to the previous year [1] Gaming Business Challenges - The decline in gaming revenue is attributed to the two main products, "Age of Origins" and "War and Order," which have transitioned from a high-growth phase to a stable phase, resulting in decreased revenue [1] - User metrics for "Age of Origins" showed a significant decline in Q2, with active users down 19.39%, paying users down 8.17%, and recharge revenue down 6% [2] - The game's ranking in the overseas mobile game market has dropped outside the top 10 this year [2] Market Competition - The SLG (strategy) mobile game market is experiencing intensified competition, with several companies showing strong growth, such as Diandian Interactive and Lemon Microfun [3] - The overseas market for self-developed games from China reached 9.5 billion USD (approximately 68 billion yuan) in the first half of the year, with a year-on-year growth of 11% [3] - The upcoming games "Stellar Sanctuary" and "Next Agers" may face significant market competition [3] Other Business Segments - The AI/ICT operations management and other business segments also saw declines, with revenues of 534 million yuan and 14.66 million yuan, down 1.67% and 20.96% year-on-year, respectively [4] - The IoT/communications and innovation businesses reported growth, with revenues of 54.68 million yuan and 53.55 million yuan [4] Cash Flow - The net cash flow from operating activities decreased by 37.48% to 369 million yuan, primarily due to reduced cash receipts from sales and increased payments for last year's employee bonuses [4]

编者按：为展现中国游戏出海的整体表现与市场格局，时代财经推出了"中国游戏出海常青榜"系列。该系列从国产游戏出海的角度出发，聚焦于那些在海 外市场长期保持竞争力、为中国游戏行业树立标杆的常青游戏产品，通过深入剖析这些常青游戏的成功要素，揭示其背后商业逻辑与经验，旨在为中国游 戏出海提供有益的参考和借鉴。 随着国内游戏市场竞争的加剧以及全球游戏市场的不断拓展，出海已经成为众多游戏厂商的重要战略布局。 据游戏工委与伽马数据联合发布的《2025年1-6月中国游戏产业报告》，上半年中国自主研发游戏海外实际销售收入同比增长11.07%至95.01亿美元（约合 人民币683.41亿元），主要来自长线产品收益与2024年上市新品收入。 游戏行业出海增长的背后，离不开头部大厂与中小厂商的携手奋进。头部大厂凭借技术积累、丰富经验和资源优势，通过对经典游戏的持续优化与优质续 作的推出，稳住了海外市场基本盘；中小厂商则以灵活的市场策略和创新玩法为利刃，敏锐捕捉海外新兴需求，快速在细分领域崭露头角，为行业出海注 入了源源不断的新鲜活力。 时代财经以海外上线3年以上且海外双端预估收入跻身Top50的中国手游为筛选标准，统计并发布《202 ...

Core Viewpoint - The Chinese gaming market continues to show strong growth, driven by new product launches and a shift from long-term product commercialization to new product contributions [3][4]. Domestic Market - In May 2025, the actual sales revenue of the Chinese gaming market reached 28.051 billion yuan, a year-on-year increase of 9.86% and a quarter-on-quarter increase of 2.56%. This growth rate has slowed compared to previous months but remains robust [3]. - The mobile gaming market in May 2025 generated actual sales revenue of 21.177 billion yuan, with a year-on-year growth of 11.96%. Key new releases have started to emerge, with several games achieving monthly revenues exceeding 10 million yuan [4]. - The client game market saw actual sales revenue of 5.819 billion yuan in May 2025, reflecting a year-on-year increase of 1.58%. The growth was primarily driven by new and recently launched products [5]. - The upcoming summer season is expected to see a significant increase in new game launches, with over 30 titles planned, covering various genres [6]. Overseas Market - In May 2025, the actual sales revenue of China's self-developed games in overseas markets reached 1.577 billion USD, marking a year-on-year increase of 6.93% and a quarter-on-quarter increase of 1.50% [8]. - Strategy games (SLG) remain the core category driving overseas revenue, with product structures continuously optimizing. Notably, the game "Kingshot" saw its revenue double compared to the previous month [8]. - New genres, including female-oriented and synthesis games, are emerging in the overseas market, contributing to revenue growth and diversification [8].

Core Insights - The mobile gaming industry in China is witnessing a strong performance in the overseas market, particularly in the mini-game category, which occupies three out of the top five spots in revenue rankings for May 2025 [1][3] Group 1: Performance of Mini-Games - Mini-games have filled a gap in the overseas market, where they were previously undervalued, leading to significant growth opportunities [3] - DotDot Interactive's game "Whiteout Survival" continues to lead the revenue chart, while "Kingshot" has rapidly climbed to the fifth position within three months of its launch [1][4] - "Kingshot," a 4X strategy game, features a medieval kingdom theme and has seen its revenue double in May, surpassing $75 million in total earnings by June 8 [4][6] Group 2: Notable Games and Their Innovations - Lemon Micro's "Gossip Harbor" has made a remarkable entry into the revenue rankings, achieving second place by combining narrative-driven gameplay with synthesis mechanics, resulting in an 8% month-over-month revenue increase and a 254% year-over-year growth [4][5] - The female-oriented game "Love and Deep Space" has also performed well, with a 24% increase in overseas revenue in May, reaching a total of $650 million globally, with 52% of its revenue coming from overseas markets [6] Group 3: Overall Market Trends - The overseas market is increasingly significant for Chinese mobile games, with major titles like "Genshin Impact" and "Ning Tide" also showing substantial revenue growth due to new updates and events [6][7]

Emerging Markets Dynamics - Vietnam has officially joined the BRICS cooperation mechanism as a partner country, welcomed by the Brazilian government, which currently holds the rotating presidency of BRICS [1] - The BRICS partner countries now include Nigeria, Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Thailand, Uganda, and Uzbekistan, expanding the total number of BRICS members to 11 [1] Financial Cooperation - The People's Bank of China and the Central Bank of Turkey have renewed a bilateral currency swap agreement with a scale of 350 billion RMB (approximately 189 billion Turkish Lira), effective for three years [2] - A memorandum of cooperation was signed to establish a RMB clearing arrangement in Turkey, enhancing financial cooperation and facilitating cross-border trade and investment [2] Platform Developments - TikTok announced an investment expansion in the UK to approximately £140 million (around 1.36 billion RMB), including the establishment of a new office in London and an increase in employee numbers to 3,000 [3] - TikTok Shop in Southeast Asia has relaxed entry policies for businesses, removing e-commerce experience requirements, allowing individual sellers to enter the market more easily [4] - TikTok Shop has launched a "Hot Product Takeoff Plan" in the US and Europe, providing various support resources to help merchants boost sales during the summer season [5] Industry Observations - Vietnam's commercial air conditioning market is projected to reach $600 million in 2024, with a year-on-year growth of 14.9%, while the first quarter of 2025 is expected to see a market size of $123 million, growing by 13.9% [9] - In Indonesia, the commercial air conditioning market is expected to reach $218 million in the first quarter of 2025, reflecting a year-on-year growth of 7.2% [10] - The Chinese mobile gaming industry accounted for 36.6% of global revenue in May 2025, with 33 Chinese companies making it to the top 100 global mobile game publishers [11] Shipping and Logistics - In the first five months of the year, Chinese shipbuilders secured 274 new ship orders, accounting for approximately 49% of the global market share, while global new ship orders have dropped to a near four-year low [12][13] - The demand for OLED display panels is expected to grow significantly, with a projected annual growth rate of 69% in 2025, driven by strong demand in the gaming sector [14] Policy Changes - Starting July 1, Vietnam will require e-commerce platforms to withhold and pay taxes on behalf of sellers, including VAT and personal income tax, with specific rates outlined for different types of transactions [21]

Group 1 - In May 2025, 33 Chinese companies made it to the global mobile game publisher revenue TOP 100, collectively earning $2.02 billion, which accounts for 36.6% of the total revenue of the TOP 100 publishers [1] - Point Interactive's flagship product "Whiteout Survival" showed strong growth despite a high revenue base, contributing to a 13% month-over-month revenue increase for the company, securing the second position in the global revenue ranking for Chinese mobile game publishers [2] - Lemon Micro's multiple synthesis games, including "Gossip Harbor," achieved a 10% month-over-month revenue growth, setting a new historical high and reinforcing its leading position in the synthesis game segment [2] Group 2 - Florere Game's two survival strategy games, "Dark War Survival" and "Last Z: Survival Shooter," saw revenue growth of 4% and 33% respectively, leading to a 12% increase in overall revenue and advancing to the 8th position in the revenue ranking [4] - Lilith Games' "AFK Journey," in collaboration with the popular IP "Fairy Tail," experienced a 55% revenue surge, contributing to a 12% month-over-month revenue increase and moving up to the 10th position in the ranking [4] - Joy Net Games' RPG "갓깨비 키우기" (Korean version of "Idle Journey: Illustrated World") saw a remarkable 208% revenue increase, propelling the company to the 20th position in the global revenue ranking [6] Group 3 - Tencent's "Peacekeeper Elite" experienced a 21% revenue increase due to the SS33 season update and collaboration with DC, maintaining its second position in the Chinese App Store mobile game revenue ranking [8] - The mobile game "Arknights" saw a 250% revenue surge following the launch of a new side event, successfully returning to the revenue ranking at the 13th position [8]

Core Insights - In March 2025, Chinese mobile game publishers generated a total revenue of $2 billion, accounting for 36.9% of the global top 100 mobile game publishers' revenue, with 36 Chinese companies making the list [1][4]. Group 1: Market Performance - Tencent maintained its dominance with four games, including "Honor of Kings" and "Peacekeeper Elite," occupying the top four positions in the Chinese App Store revenue rankings for March [4]. - Point Interactive surpassed NetEase to claim the second position in the Chinese mobile game publisher revenue rankings, with its game "Whiteout Survival" achieving a historical monthly revenue high [8]. - The new game "Heroes Never Flash" and "Dragon Valley World" entered the top 20 revenue list, significantly boosting their respective publishers' rankings [5]. Group 2: Game-Specific Achievements - "Whiteout Survival" reached a cumulative global revenue of $2.25 billion, becoming one of the fastest mobile games to surpass $2 billion in revenue within five years of its launch [8]. - "Mobile Legends: Bang Bang" from ByteDance's subsidiary, Moonton, saw a 53% revenue increase in March after launching a new version and new heroes, elevating its ranking from 8th to 5th in the overseas mobile game revenue list [9]. - "Gossip Harbor" from Lemon Microfun also achieved a historical monthly revenue high, driven by seasonal events and new content [8]. Group 3: Industry Trends - The mobile gaming market is entering a stable cycle, with publishers focusing on high-quality operational strategies to enhance user retention and engagement amid intense competition [5]. - The overseas market for Chinese mobile games is characterized by significant fluctuations in rankings, providing opportunities for new entrants while posing challenges for established titles [10].

Market Performance - The main board led the gains with notable increases from Guangxi Guangdian (+10.08%), Tianwei Vision (+10.05%), and Hubei Guangdian (+10.03) [1] - The ChiNext board saw significant growth with Langke Technology (+20.01%) and Hanbang High-tech (+20.00%) [1] - The Sci-Tech Innovation board was led by Hongquan Wulian (+14.26%) and Tianyue Advanced (+11.42%) [1] - Active sub-industries included SW Other Communication Equipment (+2.39%) and SW Communication Engineering and Services (+2.14%) [1] Domestic News - Zhongdian Electric has integrated with DeepSeek large model, marking a significant step towards intelligent and technological development [1] - Hesai Technology announced a long-term exclusive partnership with a top European OEM, reportedly Mercedes-Benz, to provide high-performance lidar for next-gen automotive platforms [1] - SensorTower reported that the mobile game "Whiteout Survival" by Diandian Interactive achieved a global revenue of $2.07 billion by the end of February, with significant growth from other titles [1] - Daguo Media, authorized by multiple government bodies, has launched a comprehensive internet + traffic + content ecosystem service to enhance content promotion and reach [1] Company Announcements - Shenzhen South Circuit announced a 2024 revenue of 17.907 billion yuan (+32.39%), with significant contributions from PCB, electronic assembly, and packaging substrate [3] - Gehua Cable reported a 2024 revenue of 2.314 billion yuan, a decrease of 4.92% year-on-year, with a net profit of -72.55 million yuan [3] - Pengding Holdings achieved a 2024 revenue of 35.140 billion yuan (+9.59%) and a net profit of 3.620 billion yuan (+10.14%) [3] - Yunzhu Technology announced a share reduction plan for its directors and supervisors [3] International News - Anson Semiconductor launched its first real-time indirect time-of-flight sensor, Hyperlux™ID, capable of high-precision measurements and 3D imaging [4] - Amazon Web Services and Pearson Group expanded their long-term partnership to enhance AI-powered personalized learning experiences [4] - Samsung's foundry has commenced mass production of fourth-generation 4nm chips, improving performance and reducing manufacturing costs [4]