合规监管方面，社交平台Discord在回应媒体时确认，其"第三方供应商"在遭到黑客攻击后，约有7万名用户的身份信息和 照片可能遭到泄露。 海外方面，美国游戏巨头EA正式宣布，将以全现金交易方式被收购；微软则再次回应并未取消下一代XBOX主机开发。 21世纪经济报道吴立洋 国庆节后，来看近期有哪些值得关注的游戏产业资讯。 行业动向方面，9月手游出海榜单发布，点点互动双雄包揽前二。 国内公司方面，腾讯育碧联合成立新工作室Vantage Studios，其将负责《刺客信条》等核心IP；世纪华通旗下Century Games登顶全球Top50手游厂商；电魂网络实际控制人、董事长胡建平完成减持 486.92 万股，叠加此前披露的其他高管减 持信息，电魂网络核心管理层半年内减持规模已超 2 亿元；腾讯子公司、《沙丘：觉醒》开发商Funcom宣布将启动一轮裁 员重组；网易旗下资深制作人"鬼蟹"Greg Street领衔的MMO工作室Fantastic Pixel Castle也被曝面临裁撤危机。 电竞方面，LCK赛区BFX击败DK拿下亚洲邀请赛冠军；2026电竞世界杯正赛项目公布。 9月手游出海榜单发布 近日，Sensor ...

证券研究报告 | 2025年10月13日 投资建议：持续看好游戏板块新品周期与影视行业底部反转，关注 AI 应用 机会。1）基本面底部改善，关注游戏、广告媒体、影视等板块，把握个 股α。游戏板块自下而上把握产品周期及业绩表现，推荐恺英网络、吉 比特等标的；广电 21 条发布，持续看好影视行业拐点机会，平台&渠道 推荐芒果超媒、哔哩哔哩、万达电影等，内容端推荐华策影视等；媒体 端关注经济底部向上带来的广告投放增长（分众传媒等）；2）行业β 持续看好高景气的 IP 潮玩以及从 0 到 1 阶段的 AI 应用。IP 潮玩推荐泡 泡玛特、浙数文化、姚记科技等；AI 应用重点把握应用场景机会，关注 游戏、玩具、广告、教育、电商、社交、等方向；2B/2G 关注营销、教 育等领域落地可能；2C 关注 AI 游戏、AI 玩具等领域。 风险提示：监管政策风险；业绩风险；商誉及资产减值风险等。 重点公司盈利预测及投资评级 | 公司 | 公司 | 投资 | 昨收盘 | 总市值 | EPS | | PE | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 代码 ...

Group 1 - The gaming sector experienced a slight decline, with the gaming ETF (159869) down by 1.66% as of October 13, but it has seen a net inflow of 2.102 billion yuan over the past five trading days, indicating strong investor interest [1] - As of October 10, the gaming ETF (159869) has reached a total size of 10.936 billion yuan, facilitating investors' access to leading A-share gaming companies [1] - Sensor Tower reported that DotDot Interactive's games, "Whiteout Survival" and "Kingshot," topped the revenue chart for Chinese mobile games overseas in September 2025, showcasing the company's strong global distribution and long-term operational capabilities [1] Group 2 - "Kingshot" achieved a month-on-month revenue increase of 5% in September, surpassing 100 million USD in monthly revenue, with total global revenue exceeding 400 million USD since its launch in February [1] - "Whiteout Survival" also performed well, with total global revenue surpassing 3.5 billion USD, further validating the potential of mature game categories like SLG (strategy games) in overseas markets [1] - The achievements of these games may enhance investor focus on gaming companies with successful overseas expansion experience, potentially leading to a reassessment of the industry's overseas market value [1][2]

10月11日，Sensor Tower商店情报平台发布的最新数据显示，中国手游出海市场在短短一个月内上演了 激烈的排名洗牌。 《每日经济新闻》记者注意到，在9月中国手游发行商收入TOP30中，超过半数厂商出现排名波动，既 有头部阵营的微妙角力，也有中坚力量的排位互换，更有新贵势力的强势跃升。 具体来看，头部阵营中，腾讯稳坐榜首，但9月增长动能减弱，点点互动凭借《Whiteout Survival》 《Kingshot》双爆款巩固第二，前者累计收入35亿美元，后者单月破1亿美元，网易则凭借新品稳居第 三。中坚层中，米哈游借《原神》5周年庆收入增长33%跃升至第五，Florere Game稳步进阶。新贵中， 沐瞳科技靠《ACECRAFT》飙升7位至第十一名。 头部厂商巩固优势 在中国手游发行商收入榜头部，腾讯与点点互动的双雄格局虽未颠覆，但排名背后产品的实力对比已出 现细微变化。 8月，腾讯凭借《和平精英》与《哪吒之魔童闹海》重磅联动，以绝对优势稳坐中国厂商榜首，旗下 《王者荣耀》《和平精英》《三角洲行动》更包揽中国App Store手游收入榜TOP3。 8月，沐瞳科技虽有《Mobile Legends:Bang ...

此次登顶绝非偶然，Century Games早已构建起多品类、长线化的产品矩阵。除双爆款外，其旗下 《Family Farm Adventure》《Tasty Travels: Merge Game》《Truck Star》等涵盖SLG、休闲、卡牌三大核 心品类的产品均有不俗表现。依托"微创新"策略，公司深度结合AI技术，显著提升研发与运营效率，强 化产品差异化竞争力。 2025年上半年，Century Games的母公司世纪华通实现营收172亿元，同比增长85.5%；归属于上市公司 股东的净利润26.56亿元，同比增长129.33%。持续增长的财务数据与全球化布局，印证了Century Games长线发展的稳健根基，和母公司世纪华通提供的坚实后盾，已经达成"双向奔赴"的良性循环。 《2025年全球TOP50移动游戏商》榜单部分名单 PocketGamer还表示，Century Games绝非"单款爆款走天下"。2023年，公司凭借4X策略游戏《Whiteout Survival》打造出一款营收超10亿美元的现象级产品。目前这款游戏全球下载量突破2亿大关，在数十个 国家和地区的iOS畅销榜名列前茅，并于202 ...

Core Insights - Century Games has achieved a remarkable ascent to the top of the "2025 Global TOP 50 Mobile Game Companies" list, moving from 7th place last year to 1st place this year, setting a new record for the ranking [1] - The company has successfully launched multiple hit games, including the 4X strategy game "Whiteout Survival," which has generated over $1 billion in revenue and surpassed 200 million downloads globally [2] - Century Games has established a diverse product matrix, leveraging AI technology to enhance R&D and operational efficiency, which has contributed to its strong financial performance [3] Financial Performance - In the first half of 2025, Century Games' parent company, Century Huatuo, reported revenue of 17.2 billion yuan, representing a year-on-year increase of 85.5% [3] - The net profit attributable to shareholders reached 2.656 billion yuan, reflecting a year-on-year growth of 129.33% [3] Market Position and Strategy - Century Games is not reliant on a single blockbuster title; it has multiple successful products across key genres, including SLG, casual, and card games [3] - The company’s strategy of "micro-innovation" and its focus on AI technology have significantly improved its competitive edge in the mobile gaming market [3] - The strong performance of "Kingshot" alongside "Whiteout Survival" has solidified Century Games' leading position in the global strategy mobile game market [2]

Core Viewpoint - The gaming sector has experienced a significant surge in stock prices this year, with various companies achieving remarkable growth, indicating a potential new phase of high-speed growth in the Chinese gaming industry [3][10]. Group 1: Stock Performance - ST Huatuo (002602) has seen a year-to-date increase of nearly 303%, becoming a leader in the A-share gaming sector with a total market capitalization of 153.8 billion yuan [1]. - Tencent (0700.HK) and NetEase (9999.HK) recorded stock price increases of over 60% and 70% respectively, while Giant Network (002558) surged over 260% [3]. - Other notable performers include G-bits (603444) with a rise of over 166%, Perfect World (002624) with an increase of over 88%, and 37 Interactive Entertainment with a growth of over 46% [6]. Group 2: Reasons for Stock Surge - The stock price increases are attributed to multiple factors, including high certainty in performance growth, improved internal control capabilities, and expectations for future delisting [3][6]. - The gaming industry is shifting from imitation to innovation, focusing on high-quality game development and international expansion, which enhances the industry's outlook [3][10]. - The release of new products exceeding expectations and stable performance from existing products have contributed to significant revenue and profit growth [7][11]. Group 3: Financial Performance - Century Huatuo reported a revenue of 17.2 billion yuan for the first half of the year, a year-on-year increase of 85.5%, with a net profit of 2.656 billion yuan, up 129.33% [7]. - G-bits achieved a revenue of 2.518 billion yuan, a growth of 28.49%, with a net profit of 645 million yuan, up 24.5% [7]. - Giant Network's revenue was approximately 1.662 billion yuan, reflecting a growth of 16.47%, while net profit was about 777 million yuan, up 8.27% [7]. Group 4: Policy and Market Dynamics - The issuance of game licenses has been a key driver for the gaming sector, with a significant number of licenses granted this year, indicating a favorable regulatory environment [8][10]. - The total number of game licenses issued in 2025 has reached 1,275, with 1,195 for domestic games and 80 for imported games [8]. - The Chinese gaming market's actual sales revenue grew by 14.08% year-on-year in the first half of the year, marking a historical high [10]. Group 5: Future Outlook - The gaming industry is expected to continue its upward trajectory, supported by policy incentives and technological advancements, particularly in AI and international market expansion [11][14]. - The focus on maintaining IP relevance and leveraging technology for game development is seen as crucial for sustaining growth [11][15].

Group 1 - The Tokyo Game Show 2025 opened on September 25 in Chiba, Japan, attracting significant attention and long queues for popular games [1] - Chinese games have gained notable popularity overseas, with titles like "Black Myth: Wukong" winning prestigious awards and Tencent's "Delta Force" mobile game registering over 10 million users within four days of its global launch [10][11] - The gaming industry is witnessing new trends in overseas expansion, with a surge in the popularity of "mini-games" in the SLG (Strategy and Simulation Games) sector [12] Group 2 - "Whiteout Survival," a mini-game, achieved over $3.3 billion in cumulative revenue within two years of its overseas launch, showcasing a new trend in the SLG market [13][15] - The game has a retention rate of 42% and a monthly retention rate of 8%, significantly higher than the average for SLG games [15] - The success of "Whiteout Survival" is attributed to its innovative gameplay that combines light and traditional SLG elements, appealing to a broader audience [20][25] Group 3 - The female-oriented game "Love and Deep Space" achieved significant success, generating nearly 6 billion RMB in revenue globally, with 64% coming from the Chinese market [38] - Despite its success, the game has seen a 73% decline in revenue in the 34th week of 2025 compared to the previous week, indicating potential issues with gameplay engagement [42] - The decline in interest may be due to a lack of updates and engaging content, as well as competition from other entertainment forms like K-pop [44][48] Group 4 - The overseas revenue of Chinese self-developed games reached $18.557 billion in 2024, accounting for nearly 40% of the domestic market's actual sales revenue [55] - Major players like Tencent, NetEase, and DianDian Interactive are leading the market, with Tencent focusing on localization and industrialization through numerous investments [56][57] - The gaming industry is experiencing a significant increase in the number of Chinese companies in the global market, with 32 Chinese publishers making it to the top 100 global mobile game publishers list [66][67]

Core Insights - The 2025 Tokyo Game Show has seen significant attendance and interest in both domestic and international games, highlighting the growing popularity of Chinese games abroad [1][2][4] - Chinese games have made notable achievements in international markets, with several titles receiving awards and achieving high user engagement [4][20] - The gaming industry is experiencing a shift towards "mini-games" and innovative marketing strategies, which are proving successful in retaining users and generating revenue [5][10][24] Group 1: Event Highlights - The Tokyo Game Show 2025 opened on September 25, attracting large crowds and long queues for popular titles like "Persona 3 Reload" and "Nintendo Switch 2" [1] - Domestic Chinese games also drew significant attention, with players struggling to secure demo tickets for titles like "Arknights: End of the World" [2] Group 2: Chinese Games' International Success - "Whiteout Survival" has achieved over $3.3 billion in revenue within two years of its overseas launch, showcasing the potential of Chinese strategy games in international markets [5] - The game has a retention rate of 42% and a monthly retention rate of 8%, significantly higher than the average for similar games [5] - "Kingshot," another SLG game, generated $75 million in revenue within four months of its launch, indicating a trend of successful mini-games in the market [5][6] Group 3: Marketing and User Engagement - The success of "Whiteout Survival" is attributed to its innovative gameplay that combines light and heavy SLG elements, enhancing user retention [6][8] - The game has successfully attracted a diverse player base, with over 20% of its users being female, breaking traditional gender norms in the SLG genre [8] - Marketing strategies have evolved, with games utilizing platforms like TikTok and YouTube for targeted advertising and local cultural integration [10] Group 4: Performance of Otome Games - "Love and Deep Space" has set a record for Chinese otome games, generating nearly 6 billion RMB globally, with 64% of revenue from the Chinese market [11][13] - Despite its success, the game has faced a decline in revenue, with a 73% drop in the week following its peak [14][16] - The game's lack of engaging content and updates has led to player dissatisfaction, impacting its overall performance [16] Group 5: Industry Growth and Future Prospects - In 2024, China's game export revenue reached $18.56 billion, accounting for nearly 40% of the domestic market, reflecting significant growth over the past decade [20] - Major companies like Tencent and NetEase are leading the charge in overseas markets, focusing on localization and strategic investments [20][21] - The gaming industry is witnessing a diversification of successful titles, with both "mini-games" and high-quality productions finding their place in the global market [27][28]

Investment Rating - The report maintains a "Positive" investment rating for the gaming industry [7]. Core Insights - The issuance of game licenses in September, with approvals for companies like Kaiying, Giant Network, and Point Point, indicates a positive trend in the new game cycle and overall industry prosperity. The performance of several new games, such as Giant Network's "Supernatural Action Group" and G-bits' "Staff Sword Legend," is expected to drive the product cycle and industry sentiment upward. The combination of new game cycles, favorable policies, and AI catalysis suggests that the gaming sector still has upward valuation potential, warranting continued attention to investment opportunities in this area [2][4][6]. Summary by Sections Game License Issuance - In September, a total of 156 game licenses were issued, including 145 domestic and 11 imported games. This brings the total number of domestic game licenses issued this year to 1,195, nearing the annual total of 1,306 from 2024 [6][9]. Market Performance - The gaming market in China showed a month-on-month growth, with August revenues reaching 29.263 billion yuan, a 0.61% increase from the previous month. The mobile gaming market accounted for 21.541 billion yuan, reflecting a 0.85% month-on-month growth [9]. New Game Launches - Several new games are set to launch or have recently launched, including Kaiying's "The Legend of the Adventure" and Heartbeat's "Yise," which quickly topped the iOS and TapTap charts. The report highlights a rich pipeline of upcoming games from major developers, indicating potential for revenue growth [6][9].