2025年又进入了尾声! 这一年, 无论是头部的腾讯、网易、米哈游、世纪华通等，还是腰部的B站、巨人网络等，都取得了 可圈可点的成绩。 这意味着，在游戏行业里, 不少公司日子过得还挺滋润的。但也有一些大家都很熟悉的公司却亏惨了, 下面咱们来一起看看! 中手游, 手里有《仙剑奇侠传》、《大富翁》这些大家都很熟悉的IP，主要在国风仙侠、玄幻这些领域发力。今年上半年， 公司营收有7.63亿元，不过调整后净亏损达到了6.38亿元。 亏钱的主要原因，是今年初上线了两款自研新品《仙剑世界》和《春秋玄奇》，营销推广花了一大笔钱。同时，公司对 《仙剑世界》项目做了人员调整，产生了一次性的遣散费用。再加上一些合同到期的预付款核销和资产减值，利润就受到 了拖累。 虽然短期的压力不小，但有些变化是值得留意的。一是海外业务增长挺猛，收入涨了33.2%，占公司总收入的比重第一次 超过了30%，像《斗破苍穹：无双》在海外表现就不错。二是小游戏成了新的增长点，《春秋玄奇》上线三个月流水就过 亿。 目前市场看法是，中手游布局有一定的前瞻性，如果"海外+小游戏"这两块能持续做好，公司有望慢慢扭亏。不过，大家也 在盯着《仙剑世界》后续运营得怎么 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a total revenue of 938 million yuan for the first three quarters of 2025, representing a year-on-year increase of 10.03%. The net profit attributable to the parent company reached 31 million yuan, a significant increase of 1155.49% year-on-year. The net profit after deducting non-recurring items was 17 million yuan, up 361.55% year-on-year. However, in Q3 2025, the company experienced a revenue decline of 2.38% year-on-year, with a net loss attributable to the parent company of 22 million yuan and a net loss after deducting non-recurring items of 33 million yuan [3][4][9]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 938 million yuan, with a year-on-year growth of 10.03%. The net profit attributable to the parent company was 31 million yuan, reflecting a year-on-year increase of 1155.49%. The net profit after deducting non-recurring items was 17 million yuan, up 361.55% year-on-year. In Q3 2025, the company reported a revenue of 305 million yuan, down 2.38% year-on-year, with a net loss of 22 million yuan and a net loss after deducting non-recurring items of 33 million yuan [3][4][9]. Key Events - The termination of the contract for "Three Kingdoms: Strategy Edition" has negatively impacted profits. In the first three quarters of 2025, this game accounted for 50.12% of revenue and 61.20% of gross profit. The contract was terminated in September 2025, leading to a goodwill impairment provision of 47.5084 million yuan in Q3 2025, which pressured the company's profit [9]. Future Prospects - The company is focusing on new game launches to drive future performance. The independent game "Huo Xia Chuan" received a significant update at the end of August, and a new action game based on "True Three Kingdoms Warriors 8" is in the review stage. Additionally, the game "Magic Bobo" has obtained a license and is expected to launch soon [9]. AI Strategy - The company is actively advancing its AI strategy, showcasing the AI virtual character "Qiu Yu" at the Qingdao Copyright Expo. The company aims to integrate AI capabilities into social products and has established collaborations across various sectors to enhance the commercial value of its IP [9]. Earnings Forecast - The company is projected to achieve net profits of 70 million yuan and 150 million yuan for 2025 and 2026, respectively, with corresponding earnings per share (EPS) of 0.15 yuan and 0.30 yuan [9].

Core Insights - The mobile gaming market remains competitive in September 2025, with various products innovating in gameplay and operational strategies, creating a diverse landscape [1] - "无畏契约：源能行动" has risen 6 places to become the top downloaded game, while "三角洲行动" and "王者荣耀" hold the second and third positions respectively [1] - "发条总动员," developed by ByteDance's Mouton Technology, has emerged as a "dark horse" in the download rankings, reaching the sixth position due to its unique content design and marketing strategies [1][3] Download Rankings - In September, 9 new mobile games entered the download rankings, with "发条总动员" achieving the top position on the iOS free games chart shortly after its public release [1][3] - The download rankings include 6 action games and 5 adventure games, with Tencent having 10 products and NetEase 3 products represented [7][13] Revenue Rankings - "王者荣耀" and "和平精英" continue to dominate the revenue rankings at the top two positions, with "三角洲行动" moving up to third place [10] - Five new games entered the revenue rankings in September, including "我的花园世界" and "崩坏：星穹铁道" [10] Game Features and Strategies - "发条总动员" features a nostalgic animation style and combines light-hearted gameplay with strategic combat, appealing to a broad audience [3] - The game also launched a collaboration with "猫和老鼠," enhancing its appeal through familiar characters and interactive elements [3] - "我是大东家" has successfully integrated cultural elements from the popular series "甄嬛传," enhancing player engagement through immersive gameplay [5][7] Market Trends - The trend of IP collaborations is becoming a core strategy for games to break into new audiences, as seen with "我是大东家" and "甄嬛传" [5] - The mobile gaming market is witnessing a shift towards enhancing game experience quality and content depth, which are key factors for maintaining competitiveness [13]

Core Insights - The latest rankings from Qimai Data reveal the top mobile games for September 2025, highlighting significant movements in both download and revenue charts [1][3] - "Fearless Covenant: Source Action," launched in August, has risen 6 places to claim the top spot in downloads, while "Honor of Kings" and "Delta Action" follow in second and third place respectively [1] - The revenue rankings remain dominated by "Honor of Kings" and "Peace Elite," with "Delta Action" moving up to third place [3] Download Rankings - A total of 9 new mobile games entered the download Top 30 in September, with "Clockwork Mobilization" emerging as a standout at Top 6 due to its unique content design and effective marketing strategy [1] - The action genre leads with 6 entries, followed by adventure games with 5 [3] - Tencent has the most representation with 10 games in the download rankings, while NetEase has 3 [3] Revenue Rankings - The revenue Top 30 features 5 new entries, including "My Garden World" and "Honkai: Star Rail" [3] - The action genre also dominates the revenue rankings with 7 entries, while role-playing and adventure genres each have 4 [3] - Tencent leads the revenue rankings with 11 games, while NetEase has 4 [3]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [4][7]. Core Views - The company is focused on building a diversified entertainment ecosystem, leveraging AI to drive social growth [4]. - The company has shown a strong recovery trend in its performance, with a significant increase in revenue and net profit in the first quarter of 2025 [6]. - The company is well-positioned in the digital entertainment landscape, with a robust IP operation and a strong pipeline of new products [6][9]. Summary by Sections Company Overview - The company, Hubei Shengtian Network Technology Co., Ltd., was established in 2009 and is a leading digital entertainment platform in China, focusing on a "platform-content-service" integrated operation system [14][19]. - The company has a diverse product matrix that includes cloud gaming, esports hotels, and game operations, supported by a strong IP portfolio [20][24]. IP Operation Business - The company has a solid foundation in the game IP market, with a significant portion of revenue coming from IP products [40]. - The company has established long-term partnerships with major game manufacturers, enhancing its IP operation capabilities [45][50]. Game Development and Publishing - The company has made significant strides in self-developed and independent games, with successful titles like "Star Wings" and "True Three Kingdoms" [54][57]. - The independent game studio, Paras Games, has produced high-quality content, establishing itself as a benchmark in the industry [57]. AI Integration - The company launched its AI platform, VRACE, which integrates various AI technologies to enhance gaming and social experiences [61]. - The AI platform aims to provide intelligent companionship services, significantly improving user engagement on social platforms [61].