游戏行业愈发向好之时，不少游戏公司的转型脚步却加快了。 眼下，游戏行业复苏是不争的事实。一个是在行业整体发展上，游戏出版工作委员会联合游戏产业研究专家委员会发布的《中国游戏产业报告》数据显 示，今年上半年，国内游戏市场实际销售收入1680亿元，同比增长14.08%。同时，国内游戏用户规模接近6.79亿，同比增长0.72%，亦为历史新高点。 另一个是在二级市场的整体表现上，过去一年游戏股可谓全线飘红。其中，包括ST华通、巨人网络、天娱数科、吉比特、恺英网络等在内的多家游戏公 司，过去一年的股价增长都在100%以上。 行业集体向好之下，不少游戏公司的业绩也在加速回暖。财报数据显示，今年上半年，浙数文化，游族网络、盛天网络等公司净利润均实现大幅增长，涨 幅分别为156.26%、989.31% 、1186.02%。 | | | 部分上市游戏公司年中业绩 | | | | --- | --- | --- | --- | --- | | 公司 | 营收 | 同比变动 | 净利润 | 同比变动 | | | (亿元) | | (亿元) | | | 三七互娱 | 84.86 | -8.08% | 14 | 10.72% | | ...

文 | 镜象娱乐 栗子酒 游戏行业愈发向好之时，不少游戏公司的转型脚步却加快了。 眼下，游戏行业复苏是不争的事实。一个是在行业整体发展上，游戏出版工作委员会联合游戏产业研究专家委员会发布 的《中国游戏产业报告》数据显示，今年上半年，国内游戏市场实际销售收入1680亿元，同比增长14.08%。同时，国 内游戏用户规模接近6.79亿，同比增长0.72%，亦为历史新高点。 另一个是在二级市场的整体表现上，过去一年游戏股可谓全线飘红。其中，包括ST华通、巨人网络、天娱数科、吉比 特、恺英网络等在内的多家游戏公司，过去一年的股价增长都在100%以上。 行业集体向好之下，不少游戏公司的业绩也在加速回暖。财报数据显示，今年上半年，浙数文化，游族网络、盛天网络 等公司净利润均实现大幅增长，涨幅分别为156.26%、989.31% 、1186.02%。 | | | 部分上市游戏公司年中业绩 | | | | --- | --- | --- | --- | --- | | 公司 | 曽收 | 同比变动 | 净利润 | 同比变动 | | | (1270) | | (亿元) | | | 三七互娱 | 84.86 | -8.08% | ...

据Sensor Tower披露的7月出海手游收入榜，点点互动"大爆款"《Whiteout Survival》继续占据榜 首，同时其新游《Kingshot》延续上市以来强劲的增长态势跃至收入榜TOP2，柠檬微趣旗下女性向经 营+合成手游《Gossip Harbor》居于第三位。未来神州泰岳两款新游戏：模拟经营+SLG的《Stellar Sanctuary》、文明题材+塔防玩法的《Next Agers》或面临不小的市场竞争压力。 "厂商力压SLG手游出海，在于这类游戏基本全球通用，打法大多易学难精，且一旦上手，黏性极 高。"互联网产业分析师张书乐在接受记者采访时指出，但不可忽视的是，SLG游戏的体验同质化程度 极高，也使得在全球市场上很容易变成"红海"竞争。 与游戏业务一样下滑的还有AI/ICT运营管理业务和其他业务，分别同比下滑1.67%、20.96% ，营收 分别为5.34亿元、1466.18万元；物联网/通讯业务、创新业务本期均实现增长，营收分别为5468.35万 元、5355.19万元。 具体来看，神州泰岳游戏业务收入主要来全资子公司壳木游戏，产品以SLG（策略类）手游为主， 主打精品化和长线运营。作为国 ...

证券研究报告 | 2025年08月25日 传媒互联网周报 优于大市 《黑神话》第二部作品发布预告片， "广电 21 条"发布 本周重要数据跟踪：点点互动表现亮眼，暑期档票房景气。1）本周（8 月 17 日-8 月 24 日）电影票房 9.74 亿元。票房前三名分别为《浪浪山小妖怪》 （2.90 亿元，票房占比 30.9%）、《南京照相馆》（2.30 亿元，票房占比 24.5%）、《捕风追影》（1.67 亿元，票房占比 17.8%）；2）综艺节目方面， 《花儿与少年同心季》、《披荆斩棘 2025》、《喜剧之王单口季第 2 季》、 《地球超新鲜》和《新说唱 2025》排名居前；3）游戏方面，2025 年 7 月中 国手游收入前三名分别为点点互动《Whiteout Survival》、点点互动 《Kingshot》和柠檬微趣《Gossip Harbor：Merge&Story》。 投资建议：业绩周期向上，中长期持续看好 AI 应用及 IP 潮玩。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、巨人网络、姚记科 技、心动公司等标的；媒体端关注经 ...

犹记得三年前的年报季，游戏厂商那一份份惨不忍睹的2021年业绩公告，惨淡的数字让我一旁观者都感受到了行业的肃杀。遂以《游戏厂商的年报预告，犹 如我满是不及格的期末成绩单》为题，梳理了游戏厂商业绩情况。 | 游族网络 | 0. 4~0. 6亿 | 增长768.75%~1203.13% | | --- | --- | --- | | 天舟文化 | 0. 45~0. 55亿 | 增长135.94%~188.38% | | 友谊时光 | 0. 38~0. 44亿 | 扭亏为盈 | | 创梦天地 | 0.2~0.5亿 | 扭亏为盈 | | 勇仕网络 | 0.26亿 | -12. 49% | | 电魂网络 | -0.11~-0.07亿 | 由盈转亏 | | 凯撒文化 | -0.65~0.48亿 | 亏损收窄 | 再来看看腾讯网易两大巨头，上半年里业绩也非常不错。 网易游戏上半年收入468亿元，同比增长6.12%，再创历史新高。《梦幻西游》《第五人格》等长青游戏表现优异。 三年弹指一挥间，游戏行业已是物换星移。 半年报陆续发布之际，游戏茶馆欣喜地看到，多数上市游戏厂商在今年上半年期中考，都拿到不错的成绩：7家厂商扭亏为盈， ...

Investment Rating - The report maintains a positive outlook on the media and internet industry, particularly recommending leading companies in various segments, including Shenzhou Taiyue, Southern Media, and Tencent Holdings [1][2]. Core Insights - The SLG (Simulation Game) segment is expected to continue its high growth momentum, driven by expanding overseas demand and the integration of lightweight and diverse gameplay [1]. - The report highlights that SLG games are projected to capture nearly 10% of the global gaming market by 2024, generating approximately $17.5 billion in revenue, making it the leading category [1]. - The performance of companies like ST Huatuo and Bilibili in the SLG space is noted, with significant revenue contributions from their new and existing titles [1][2]. Summary by Sections Market Performance - The media industry index rose by 1.95% in the past week, ranking 17th among all sectors, with a year-to-date increase of 21.47%, placing it 6th among various sectors [1][9]. Game Sector Highlights - The report emphasizes the strong performance of the gaming sector, particularly the SLG games, which are expected to see continued growth due to their long lifecycle and high average revenue per user (ARPU) [1]. - Notable titles such as "Endless Winter" and "Kingshot" are highlighted for their revenue achievements, with "Endless Winter" surpassing $2.8 billion globally by mid-2025 [1]. Company Performance - Xindong Company has exceeded market expectations with its performance forecast, driven by successful self-developed games and the Taptap platform [2]. - The report notes that despite a stable monthly active user count, Taptap's revenue and profit have increased due to improved advertising algorithms and user engagement [2]. Film and Television Sector - The report provides insights into the film sector, noting that the top films in the box office are predominantly Chinese, with "Nanjing Photo Studio" leading with a weekly box office of 689.225 million [16][17]. - Television ratings are also discussed, with "Jin Yue Ru Ge" topping the viewership ratings on Hunan TV [21]. Book Publishing Sector - The report mentions the best-selling books in July 2025, with notable titles in both fiction and non-fiction categories, indicating a healthy market for literature [32][34].

Core Insights - In July, several Chinese mobile games performed exceptionally well in overseas markets, with Century Huatong's two games topping the revenue chart [1][3] - The strategy game "Kingshot" achieved a 34% month-on-month revenue increase, surpassing $200 million in total global revenue [1][3] - The success of these games is attributed to innovative gameplay and effective operational strategies [1][3] Group 1: Performance of Key Games - "Kingshot" by Century Huatong's Didi Interactive continued its strong growth, ranking second in the overseas mobile game revenue chart [1][3] - The merging game "Tasty Travels: Merge Game" saw a 52% month-on-month revenue increase, entering the revenue chart at 29th place [3] - Florere Game's "Last Z: Survival Shooter" experienced a 44% revenue increase, reaching 7th place in the revenue chart [4] Group 2: Impact of Updates and IP Collaborations - miHoYo's "Honkai: Star Rail" launched a new version, resulting in a 290% increase in overseas revenue and climbing to 4th place in the revenue chart [5][7] - Tencent's "PUBG MOBILE" saw a 27% revenue increase due to a new version featuring a Transformers collaboration, returning to 3rd place in the revenue growth chart [7] - The game "Gossip Harbor" by Lemon Microfun significantly increased its advertising efforts, leading to an 84% rise in downloads and reaching 7th place in the download chart [12] Group 3: New Game Releases - The new game "Persona 5: Phantom Night" debuted in July, entering the revenue chart at 23rd place due to strong player engagement [8] - "Silver and Scarlet," a new title by Mutong Technology, achieved 4.5 times the revenue of the previous month, marking a significant entry into the global market [8] - Other notable new games include "Staff Sword Legend" and "Douluo Dalu: Soul Hunting World," which also made their first appearances in the revenue chart [8]

Core Insights - The top six mobile game publishers remain unchanged, with Tencent, DianDian Interactive, NetEase, miHoYo, and Florere Game showing strong performance, leading to a quarter-over-quarter revenue increase for publishers [2][33] - Notable revenue growth was observed for several games, including "恋与深空" (Love and Deep Space) and "地下城与勇士：起源" (Dungeon and Fighter: Origin), contributing to the overall revenue surge for their respective publishers [2][24] Group 1: Publisher Performance - Tencent's global revenue increased by 20% in July, maintaining its position as the top mobile game publisher in China [3] - DianDian Interactive's game "Kingshot" saw a 34% revenue increase, with total global revenue surpassing $200 million [10] - NetEase's "蛋仔派对" (Egg Party) achieved a revenue increase of 100% in July, contributing to a 23% rise in the company's overall revenue [12] - miHoYo's revenue surged by 28%, driven by the success of "崩坏：星穹铁道" (Honkai: Star Rail) which saw a 325% revenue increase [16] - Florere Game's revenue grew by 24%, supported by the success of "Last Z: Survival Shooter" which saw a 44% increase [18] Group 2: Game Updates and Events - "三角洲行动" (Delta Action) experienced a 166% revenue increase following a major update and collaboration event, ranking third in the iOS market [8] - "地下城与勇士：起源" (Dungeon and Fighter: Origin) saw a 42% revenue increase after a significant content update, ranking sixth in the iOS market [8] - "恋与深空" (Love and Deep Space) achieved record revenue following a major version update, with a 33% increase in revenue [24] - New titles from publishers like 沐瞳科技 (Muto Technology) and 游卡网络 (Youka Network) also showed strong performance, with revenue increases of 32% and 110% respectively [25][27] Group 3: Market Trends - The competition among mobile game publishers remains intense, with many companies leveraging flagship products and new releases to drive revenue growth [33] - The overall revenue for the top 100 global mobile game publishers reached $19.5 billion, accounting for 34% of the total revenue in this period [2]

Investment Rating - The report maintains a positive outlook on the internet media sector, indicating an "Overweight" rating, suggesting that the industry is expected to outperform the overall market [4]. Core Insights - The report highlights the strong performance of AI applications in the US stock market, particularly noting Figma's successful IPO and its market capitalization exceeding $50 billion. Figma's integration of AI into design workflows is expected to enhance customer retention and drive revenue growth [4]. - The report identifies several key opportunities within the domestic AI application industry, including AI design, AI advertising, AI companionship/gaming, cross-border e-commerce, and education [4]. - The gaming sector is also highlighted, with Tencent's new game "Delta Action" exceeding expectations in daily active users, indicating strong growth potential despite high baseline comparisons [4]. - The report emphasizes the ongoing high demand for consumer entertainment sectors such as trendy toys, music, and concerts, with companies like Pop Mart and NetEase Cloud Music being recommended as core investment targets [4]. Summary by Sections AI Applications - Figma's revenue for 2024 is projected at $749 million, reflecting a year-over-year growth of 48%. The company's Rule of 40 score is among the top in the SaaS sector, with a revenue growth rate of 46% and an operating margin of 18% [4]. - The report suggests focusing on domestic AI design companies like Meitu, which is expected to grow at a CAGR of approximately 40% from 2024 to 2026, and Kuaishou, which has a low PE ratio of 15x [4]. Gaming Sector - Tencent's gaming growth potential is considered underestimated, with new titles like "Delta Action" performing well in the market. The report anticipates continued growth from other titles in development [4]. - Other companies such as Giant Network and Huatuo are also mentioned for their innovative game offerings and potential for future growth [4]. Consumer Entertainment - The report continues to recommend companies in the high-demand consumer entertainment sector, including Pop Mart and NetEase Cloud Music, as they have adjusted to high valuations and are entering favorable investment zones [4]. Advertising and Marketing - The collaboration between Focus Media and Alipay is noted as a significant development, aiming to create new marketing paradigms by integrating digital and physical spaces [4].

Group 1 - Wei Wei, known for "bottom fishing" in ST stocks, purchased 22.6173 million shares of Century Huatong for approximately 279 million yuan at an average price of 12.35 yuan per share, which is below the current market price of 12.89 yuan as of August 1 [2][3] - Century Huatong's net profit for the first half of the year is expected to be between 2.4 billion to 3 billion yuan, representing a year-on-year growth of 107.2% to 159% [2] - The stock price of Century Huatong has increased significantly, with a cumulative rise of 150.78% in the first half of the year [2][8] Group 2 - The auction for Century Huatong shares started at a price of approximately 194 million yuan, with Wei Wei's final bid being 279 million yuan after 31 rounds of bidding [3] - Wei Wei's previous investment in Shanshan Co. yielded a profit of over 26% within a month, indicating his successful investment strategy [4] - In the second quarter, 101 funds held shares in ST Huatong, an increase of 77 funds from the previous quarter, with a total holding value of nearly 2.7 billion yuan [9] Group 3 - Century Huatong's business segments include internet gaming, AI cloud data, and automotive parts manufacturing, with gaming contributing 76.33% of its revenue [6] - The company faced regulatory scrutiny for financial misreporting from 2018 to 2022, leading to penalties and a risk warning on its stock [7] - The gaming segment has seen significant growth, with the subsidiary Point Interactive generating approximately 150 billion yuan in revenue in 2024, a 155% increase year-on-year [8]