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三七互娱(002555):25H1业绩增长超预期,新游储备丰富
NORTHEAST SECURITIES· 2025-08-26 06:44
[Table_Info1] [Table_Title] 证券研究报告 / 公司点评报告 25H1 业绩增长超预期,新游储备丰富 [Table_Summary] 事件: 公司发布 2025 年半年度报告。2025 年上半年,公司实现营收 84.86 亿 元,同比减少 8.08%;归母净利润达 14.00 亿元,同比增长 10.72%;扣 非归母净利润 13.87 亿元,同比增长 8.83%;2025 年二季度实现营收 42.43 亿元,同比减少 5.33%;归母净利润 8.51 亿元,同比增长 31.24%。 点评: 25 年 H1 公司归母净利润增长略超市场预期,主因销售费用减少。 25H1 公司收入端略降,主因上半年主要运营处于引入期小游戏《英雄 没有闪》、《时光大爆炸》,过往主要游戏产品《寻到大千》等已逐步进 入成熟平台期;25Q2 公司收入降幅较 25Q1 收窄。25H1 公司销售费用 同比下降 17.73%,系成熟期游戏流量投放费用减少所致。 新品储备丰富覆盖多品类。公司目前已储备二十余款新游,其中 10 款 为 SLG 产品,包括日式 Q 版 MMORPG《代号 MLK》、写实三国 SLG《代号正奇 ...
三七互娱(002555):Q2买量逐步回收,长线产品稳健
HTSC· 2025-08-26 05:55
证券研究报告 三七互娱 (002555 CH) 25H1 新品拉动,长线与境外产品稳健,贯彻战略提升竞争力 25H1 公司移动游戏业务收入 82.39 亿元,同比下降 8.03%。25H1 公司全 球发行的移动游戏最高月流水约 22 亿元。2025 年初公司《时光大爆炸》 《英雄没有闪》等多款产品陆续上线,且表现优异。长线产品方面,《霸业》 《寻道大千》《叫我大掌柜》《时光杂货店》《斗罗大陆:魂师对决》《凡 人修仙传:人界篇》等长线产品持续贡献营收。境外收入 27.24 亿元,同 比下降 6.01%,占总收入比重 32.10%,《Puzzles & Chaos》《Puzzles & Survival》表现依旧较强。公司自研储备多款精品手游,未来将贯彻"精 品化、多元化、全球化"战略,平衡长线产品维护与新产品开发,提升市场 核心竞争力。 产品及 IP 储备丰富,升级 AI 能力 2025 年 7 月,公司自研游戏《斗罗大陆:猎魂世界》开启公测,该产品作 为斗罗 IP 首款 3D 写实大世界 MMORPG,贯彻公司精品化战略。后续公 司已储备《斗破苍穹》《诡秘之主》《斗罗大陆》等多个 IP 的游戏改编版 权。产品 ...
NBD游研所|拆解A股游戏公司一季报:头部厂商出海“吸金” 中小厂商困守买量红海
Mei Ri Jing Ji Xin Wen· 2025-05-18 04:59
Core Viewpoint - The A-share gaming industry in China is experiencing a structural recovery in Q1 2025 after policy adjustments and market reshuffling in 2024, with a reported revenue of 85.704 billion yuan, a year-on-year increase of 17.99% [1] Industry Overview - The gaming industry has transitioned from extensive growth to a "technology-driven content" phase, with AI and globalization as the two core tracks for future development [2] - The market landscape is increasingly polarized, with only 7 out of 17 listed gaming companies achieving growth in both revenue and profit in Q1 2025 [2] Company Performance - Century Huatong led the industry with a revenue growth of 91.12%, reaching 8.145 billion yuan, marking a historical high [3] - Youzu Network reported a revenue of 359 million yuan, a year-on-year increase of 7.29%, with a net profit of 24.7035 million yuan, up 43.74% [3] - 37 Interactive Entertainment experienced a decline in both revenue and net profit, with Q1 2025 revenue at 4.243 billion yuan, down 10.67%, and net profit at 549 million yuan, down 10.87% [3] - Perfect World saw a significant turnaround with a revenue of 2.023 billion yuan, a year-on-year increase of 52.22%, and returned to profitability [4] - Tencent and NetEase maintained stable revenue growth of 10% or more, showcasing strong market competitiveness [4] Market Dynamics - The outflow of gaming companies to overseas markets has become essential as domestic user growth plateaus, with overseas revenue becoming a core growth engine [5] - Century Huatong's overseas revenue reached 11.367 billion yuan in 2024, accounting for 50.26% of total revenue [6] - Emerging markets such as Southeast Asia and Latin America are becoming new growth points due to increased smartphone penetration and unique cultural preferences [7] Technological Advancements - The integration of generative AI technologies has significantly optimized efficiency across the gaming industry, impacting everything from development to operations [8] - Tencent reported a 24% increase in gaming revenue to 59.5 billion yuan in Q1 2025, supported by AI applications [9] - 37 Interactive Entertainment indicated that over 80% of its 2D art assets and over 30% of its 3D models were generated with AI, enhancing its competitive edge in a rapidly evolving market [10]