游戏板块如何布局？20260305 摘要 费，但并非必然支付给谷歌，若选择引导用户至官网支付或采用非 Google Play Billing 方式，该 5%可减免。理论上若实现 100%"切支付"（不通过 Google Play Billing 收款），仅需向谷歌支付 15%~20%的服务费，相当于 由 30%大幅降至 15%~20%。该政策将从 2026 年起逐步在全球落地，节奏 为先欧洲、后美国、再日韩，直至 2027 年 9 月在全球完成落地。 渠道反垄断 进程已持续五六年：起点为 2020 年 Epic Games（《堡垒之夜》开发商）对 苹果与谷歌发起反垄断诉讼。此后 App Store 与 Google Play 在美国、欧洲、 日韩及国内等地区持续面临政府或企业端的诉讼与审查，焦点集中在向游戏公 司收取 30%费用的苛刻性。在监管与诉讼压力下，2020 年至今两大渠道持续 向开发者让利、放松限制并下调费率。当前苹果允许外链或第三方支付，费率 因地区诉讼进展差异呈 case by case，部分地区降至 10%~20%，部分地区 仍在 26%~27%，总体较 30%有所下降；谷歌则如上所述降至 1 ...

Summary of Century Huatong Conference Call Company Overview - Century Huatong is positioned in the media and gaming industry, with a low valuation compared to peers, approximately seven times lower than other media stocks, indicating potential for growth in the coming years [2][3]. Core Insights and Arguments - **Revenue Growth**: The company expects significant revenue growth in 2025, particularly from the game "Endless Winter," which is projected to maintain high revenue streams throughout 2025 and into 2026. The reduction in marketing expenses is anticipated to improve net profit margins [2][3]. - **New Game Releases**: "KingShots," launched in February 2025, has shown continuous revenue growth and is expected to become profitable by the end of 2025 or early 2026. Additionally, the company is expanding into casual gaming with titles like "Tasty Travel Merge" and "Trackstar," which are performing well in the European and American markets, promising substantial incremental revenue [2][3]. - **Technological Advancements**: Century Huatong is actively investing in new technologies such as AI and brain-computer interfaces to enhance player experiences and product competitiveness, potentially opening new market opportunities [2][6]. - **Shareholder Returns**: The management is committed to returning value to shareholders through stock buybacks and dividends, having executed two significant stock repurchases totaling 1 billion yuan by the end of 2025, and has canceled some shares, indicating strong financial health and cash flow [2][5]. Future Outlook - **Market Positioning**: The company is optimistic about its future, with plans to launch more new games in the next two to three years, which will contribute to revenue growth. The favorable national policies supporting new consumption and cultural exports are expected to bolster Century Huatong's position as an industry leader, maintaining robust growth [4][7]. - **Index Inclusion**: Century Huatong anticipates entering major indices such as the CSI 300 and Zhongzheng by June 2027, which is expected to attract more capital inflow and enhance its performance in the capital markets [5]. Additional Important Points - **Management Confidence**: The management team expresses strong confidence in the company's ability to sustain high growth through successful product launches in the SLG and casual gaming sectors, supported by favorable government policies for the cultural industry [7]. - **Financial Health**: The company's financial status is solid, with ample cash flow, which supports its strategic initiatives and shareholder return programs [5]. This comprehensive analysis highlights Century Huatong's strategic positioning, growth potential, and commitment to innovation and shareholder value, making it a noteworthy player in the media and gaming industry.