11月25日下午，A股"游戏王"世纪华通（SZ002602，股价18.45元，市值1370.48亿元）在上海举办投资 者交流会。这是继11月12日世纪华通成功"摘帽"后，公司董事长王佶首次公开与投资者面对面交流。 据公司投资者关系活动记录表披露，世纪华通财务总监钱昊、副总裁兼董事会秘书黄怡共同出席，就市 场关注的战略布局、产品表现、财务状况、买量成本以及苹果渠道抽成等热点话题作出详细回应。 今年以来，世纪华通首次迈入千亿元市值。"腾讯和网易占据了约3/4的国内市场，剩下1/4的国内市场竞 争异常激烈。积极开拓海外市场是一条我们坚定要走、也已经走通的利润增长曲线，目前我们是中国出 海收入第一的游戏公司。"王佶在交流会上表示。 今年第三季度，世纪华通营收过百亿元，同比增长60.19%，营收规模接近美国游戏巨头EA（艺电公 司，Electronic Arts）。目前，世纪华通收入规模排在全球游戏公司第六。但如王佶所言，"企业发展就 像开大船，体量越大，加速越难"，也许对站上新台阶的世纪华通而言，真正的考验才刚刚开始。 坚定出海、押注AI 世纪华通的增长源于丰富的产品结构。经典长线产品构成第一道防线，多款头部IP（知 ...

Group 1 - The report highlights a significant recovery in the media sector, with the CITIC Media Index rising by 26.42% in 2025, outperforming the CSI 300 by 13.24 percentage points [11][7] - The media sector's revenue for the first three quarters of 2025 reached 416.07 billion yuan, a year-on-year increase of 4.98%, while net profit attributable to shareholders rose by 40.23% [18][7] - Public funds have significantly increased their holdings in the media sector, with a total market value of 59.39 billion yuan, marking a 63.43% increase from the previous quarter [36][7] Group 2 - The gaming sector is experiencing high demand and supply, with a market size of 256.03 billion yuan in the first three quarters of 2025, reflecting a year-on-year increase of 7.11% [41][7] - The film industry has seen fluctuating box office performance, with total box office revenue of 44.56 billion yuan from January to October 2025, a year-on-year increase of 16.07% [65][7] - The advertising sector has shown moderate growth, with outdoor advertising spending reaching 191.66 billion yuan, a year-on-year increase of 6% [78][7] Group 3 - The policy environment for the media industry has improved significantly, with a more stable regulatory framework and supportive policies emerging [7][3] - AI applications are accelerating in the media sector, with advancements in AI models enhancing their capabilities and driving growth in gaming, film, advertising, and publishing [7][3] - The publishing sector has faced challenges, with total revenue declining by 7.10% to 97.60 billion yuan in the first three quarters of 2025, although net profit increased by 15.43% [87][7]

传媒 2025 年 11 月 16 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -12% 0% 12% 24% 36% 48% 2024-11 2025-03 2025-07 传媒 沪深300 相关研究报告 头部游戏出海延续亮眼表现，抽成政策助小程序游戏迎新机，坚定布局游戏 （1）出海：根据 AppMagic，10 月点点互动旗下《Whiteout Survival》和《Kingshot》 稳居中国手游出海收入榜前二，AppMagic 估算两款产品分成后收入合计超 1.3 亿美元，点点互动旗下另一款《Tasty Travels》排名第 19，较上月继续提升，另 外世纪华通股票已于 11 月 12 日撤销其他风险警示，或改善交易流动性，且后续 有望入选指数，迎来增量被动配置资金。（2）小程序游戏：11 月 14 日，微信 宣布将为开发者提供接入苹果"小程序合作伙伴计划"服务，苹果对参与计划的 微信小程序游戏流水仅抽成 15%（而 App 游戏抽成为 30%），或推动更多 iOS 端 App 游戏转向小程序游戏以降低流水分成，提升利润率，2024 年及 2025H1 中国小程序游戏市场规模达 398/ ...

北京商报讯（记者 卢扬 实习记者 华卓玛）11月14日，Sensor Tower公布的最新数据显示，点点互动产 品《Whiteout Survival》和《Kingshot》分别持续包揽10月出海手游收入榜冠军和亚军。 ...

Group 1 - The media sector has shown a significant upward trend in performance, with a year-to-date increase of 24.36% in the Shenwan Media Index, outperforming the CSI 300 by 10.35% [3][76] - In the first three quarters of 2025, the media sector achieved a total revenue of 387.6 billion yuan and a net profit of 32.1 billion yuan, representing year-on-year growth of 5.41% and 37.18% respectively [3][16] - The current TTM-PE for the Shenwan Media Index is 44x, which is at the 80th percentile of the past five years, indicating a recovery in valuation [3][76] Group 2 - The gaming sector has benefited from a strong product cycle, with Q3 2025 revenues reaching 30.4 billion yuan and net profits of 4.6 billion yuan, marking year-on-year increases of 28.60% and 111.65% respectively [4][29] - The popularity of collectible toys and IP-based products remains high, with the domestic market for IP economy projected to grow from 94.1 billion yuan in 2022 to 240.6 billion yuan by 2025, maintaining a growth rate of over 10% [112][118] Group 3 - The shift in policy direction is expected to positively impact the entertainment content industry, with ongoing improvements in content supply likely to stimulate demand recovery [5][127] - AI applications are rapidly penetrating the entertainment content industry, enhancing efficiency and return on investment in content production, thus creating new opportunities [5][127] Group 4 - Investment recommendations focus on sectors with strong growth potential, particularly in gaming and AI-driven content creation, with specific companies highlighted for their promising performance [6][111] - The report emphasizes the importance of monitoring product cycles and performance trends in the gaming sector, recommending companies such as Giant Network and 37 Interactive Entertainment [6][111]

Core Insights - The Chinese gaming market's actual sales revenue for Q3 2025 reached 88.026 billion yuan, marking a quarter-on-quarter growth of 6.96% but a year-on-year decline of 4.08% [1] - Among 23 selected A-share gaming companies, 56.52% reported revenue growth, while 73.91% achieved profitability in Q3 2025 [1] - Century Games, a subsidiary of Century Huatong, significantly contributed to its parent company's revenue growth, with Q3 revenue reaching 10.016 billion yuan, a year-on-year increase of 60.19% [1] Market Segmentation - The client game market generated 20.29 billion yuan in Q3 2025, with a quarter-on-quarter increase of 16.05% and a year-on-year increase of 19.88% [1] - The mobile game market achieved 64.389 billion yuan in revenue, reflecting a quarter-on-quarter growth of 4.39% but a year-on-year decline of 1% [1] Company Performance - Century Huatong reported a revenue of 27.223 billion yuan for the first three quarters of 2025, surpassing its total revenue for the previous year, with a net profit of 4.357 billion yuan, up 141.65% [1] - 13 out of 23 gaming companies reported positive revenue growth, while 3 companies turned losses into profits, including Perfect World, Icefire Network, and Xinghui Entertainment [1] - 37 Interactive Entertainment maintained its position as the second-largest A-share gaming company, with Q3 revenue of 3.975 billion yuan, a year-on-year decline of 3.23% [1] New Product Success - Gigabit's new games, including "Wen Jian Chang Sheng" and "Zhang Jian Chuan Shuo," have been successful, contributing to a revenue of 4.486 billion yuan for the first three quarters, a year-on-year increase of 59.17% [2] - Giant Network's new game "Supernatural Action Group" performed well, leading to a Q3 revenue of 1.768 billion yuan, a year-on-year increase of 51.84% [2] - Icefire Network successfully turned around its performance, achieving a net profit of 500 million yuan in the first three quarters after a strategic shift in its marketing approach [2]

Core Viewpoint - Century Huatong has successfully removed risk warnings and changed its stock abbreviation back to "Century Huatong" after a year of continuous performance growth, despite facing regulatory penalties for false reporting [1][2][3]. Financial Performance - In the 2024 annual financial report, Century Huatong reported a revenue of 22.62 billion yuan, a year-on-year increase of 70.27%, and a net profit attributable to shareholders of 1.213 billion yuan, up 131.51% [3]. - For the first three quarters of 2025, the company reported a revenue of 27.223 billion yuan, a year-on-year increase of 75.31%, and a net profit of 4.357 billion yuan, up 141.65% [3]. Business Drivers - The growth in performance is attributed to successful game titles, particularly in the domestic and overseas markets, with notable contributions from "Endless Winter" and "Whiteout Survival" [4][5]. - The overseas gaming business has shown rapid growth, with "Kingshot" and "Whiteout Survival" leading the mobile game revenue charts [4]. Risks and Concerns - Despite strong performance, there are concerns regarding reliance on blockbuster games and the potential risk associated with over 10 billion yuan in goodwill [6][7]. - As of the end of 2024, goodwill accounted for 98.11% of current assets, raising concerns about potential impairment risks if the performance of key subsidiaries declines [7].

Group 1 - The gaming sector is experiencing fluctuations, with the gaming ETF (159869) down nearly 0.5% as of November 11, 2023, and various stocks showing mixed performance [1] - As of November 10, 2023, the gaming ETF (159869) has a product scale of 11.554 billion yuan, facilitating investors to easily invest in A-share gaming leaders [1] Group 2 - According to the "Q3 2025 China Gaming Industry Report" by Gamma Data, the actual sales revenue of the Chinese gaming market for July to September 2025 was 88.026 billion yuan, reflecting a quarter-on-quarter growth of 6.96% but a year-on-year decline of 4.08% [2] - The client game market in China generated actual sales revenue of 20.29 billion yuan during the same period, with a quarter-on-quarter increase of 16.05% and a year-on-year increase of 19.88% [2] - The mobile gaming market in China achieved actual sales revenue of 64.389 billion yuan, with a quarter-on-quarter growth of 4.39%, although it saw a year-on-year decline of 1.93% due to a high revenue base from the previous year [2] - The overseas market for self-developed games from China generated actual sales revenue of 4.994 billion USD, with a quarter-on-quarter increase of 6.34% but a year-on-year decline of 3.39% [2] - Key products like "Kingshot" and "Last Z: Survival Shooter" have played a crucial role in driving market growth during this period [2] - The gaming sector is catalyzed by multiple factors including AI, content, and commercialization model transformations, with the gaming ETF (159869) tracking the performance of A-share listed companies in the anime and gaming industry [2]

Core Viewpoint - ST Huatuo has received approval from the Shenzhen Stock Exchange to withdraw its other risk warnings, allowing the company to resume trading under its original name, Century Huatuo, starting November 12, 2025, with an increased daily trading limit from 5% to 10% [2][3]. Group 1: Company Actions and Compliance - The company confirmed compliance with the conditions for withdrawing the risk warning after a self-inspection against the Stock Listing Rules [2]. - The company has implemented corrective measures in response to regulatory penalties, including a comprehensive review and adjustment of 23 internal regulations across six categories [2]. - Daxin Accounting Firm issued a report on the correction of accounting errors from 2018 to 2023, validating the company's adjustments [2]. Group 2: Financial Performance - Century Huatuo reported a revenue of 10.016 billion yuan for Q3 2025, a year-on-year increase of 60.19%, and a net profit of 1.701 billion yuan, up 163.78% [3]. - The company's stock price rose from approximately 5 yuan per share in November 2024 to about 18 yuan per share in the same period this year, with a peak of 22.49 yuan per share, making it the highest market cap company in the A-share gaming sector at 130.8 billion yuan [3]. Group 3: Product Strategy - The company's growth is primarily driven by its subsidiary, Diandian Interactive, which has seen success with several SLG products, including "Whiteout Survival" and "Kingshot," leading the revenue charts for mobile games in China [4]. - The company emphasizes a long-term game development strategy, planning to operate games for ten years or more, focusing on market demand rather than traditional top-down planning [4].

Investment Rating - The investment rating for the media industry is "Positive (Maintain)" [1] Core Insights - The report emphasizes the strong performance of leading mobile games in overseas markets, with notable revenue increases and new game launches driving industry growth [3][29] - The integration of AI in content creation, particularly in AI-generated comics and advertising, is highlighted as a key area for investment, with significant advancements in domestic AI models [3][29] - The report suggests a continued focus on high-growth areas such as AI applications, gaming, and IP collaborations, recommending specific companies for investment [3][29] Industry Data Overview - The game "Delta Force" ranked first in the iOS free game chart in mainland China, while "Honor of Kings" topped the iOS revenue chart [9][13] - The film "Predator: Hunting Grounds" achieved the highest box office for the week, grossing 0.36 billion [25][29] Industry News Summary - OpenAI has reached 1 billion monthly active users, enhancing its product distribution capabilities [25] - The gaming market saw continued growth in October, with Bilibili's game "Escape from Duckkov" surpassing 3 million in sales [29] - The report notes the ongoing high growth in the comic market, with significant collaborations involving popular artists [25][29] Company Performance - Heartbeat Company saw a 30% increase in global revenue in October, with its game "Etheria: Restart" contributing significantly [3][29] - Century Huatong's games "Whiteout Survival" and "Kingshot" also reported strong revenue growth, with a 6% increase in October [3][29] - Bilibili's self-developed game "Escape from Duckkov" achieved sales of over 3 million copies [3][29]