10月市场收入313.59亿元 运营活动与双端产品共促增长 2025年10月，中国移动游戏市场收入达226.33亿元，环比增长5.33%，同比增长2.36%。多款头部产品通过周年庆活动与版本更新有效激发用户活跃度与付 费动力，带动市场收入回升。 海外市场方面，10月中国自主研发游戏海外市场实际销售收入为17.99亿美元，环比增长10.96%，同比增长11.90%。 中国游戏市场实际销售收入 智通财经APP获悉，伽马数据发布的《2025年10月中国游戏产业月度报告》显示，10月中国国内游戏市场收入为313.59亿元，环比增长5.66%，同比增长 7.83%。运营活动与双端产品双轮驱动。 按不同类型看，2025年10月，中国客户端游戏市场收入为72.27亿元，环比增长1.92%，同比增长29.39%。双端互通产品数量、流水双增长。 2025年10月中国国内游戏市场收入为313.59亿元，环比增长5.66%，同比增长7.83%。环比来看，移动游戏市场贡献主要增量，部分产品依托周年庆、版本 更新及相关活动实现有效拉新与留存；同时，《逃离鸭科夫》等单机产品表现亮眼，为单机游戏市场带来环比增量。同比方面，客户端游戏市场成 ...

中国银河证券主要观点如下： 高基数影响，市场同比小幅下降2025年9月，国内游戏市场实际销售收入296.79亿元，同比下降2.13%； 自研游戏海外市场收入16.21亿美元，同比下降4.82%。细分市场中，移动游戏收入214.88亿元，同比下 降2.31%；客户端游戏表现突出，收入70.09亿元，同比增长25.49%。腾讯《王者荣耀》《三角洲行动》 《和平精英》《金铲铲之战》包揽中国iOS收入榜前四。共32家中国厂商进入全球发行商收入百强，合 计收入19.5亿美元，占全球TOP100发行商收入的36.1%，前三分别为腾讯、点点互动与网易。 营销 大盘稳中向好，细分品类趋势分化据CTR媒介智讯数据：2025年1-9月广告市场整体花费同比上涨 3.5%，9月单月广告花费同比上涨12.7%，环比上涨0.7%。从行业大类的广告花费变化看，2025年1-9 月，邮电通讯、个人用品、娱乐及休闲、IT产品及办公自助化服务行业增投，刊例花费同比分别上涨 78.9%、42.1%、38.9%和22.2%；而药品、酒精类饮品及化妆品/浴室用品则呈现不同程度的下滑，分别 为-17.4%，-12.7%和-4.8%。其他行业刊例则出现小 ...

Key Insights - The report highlights the rapid development of the AI industry and its positive impact on the media sector, particularly in gaming and film, driven by favorable policies and technological advancements [1][2][6] - The media industry has outperformed the market, with the Shenwan Media Index rising by 27.45% as of November 12, 2025, surpassing the Shanghai Composite Index's increase of 18.07% [15][16] - The gaming sector has shown significant growth, with a year-on-year revenue increase of 24.4% and a net profit growth of 88.61% in the first three quarters of 2025 [28][34] - The film industry has benefited from blockbuster films, with total box office revenue reaching 450.97 billion yuan, a 15.44% increase compared to the previous year [76][78] - The advertising sector is experiencing moderate growth, with a revenue increase of 5.97% in the first three quarters of 2025 [37] Group 1: Media Industry Overview - The media industry is experiencing a positive trend, with the gaming sector leading the growth, followed by television broadcasting and film [15][16] - The gaming sub-sector has seen a remarkable increase of 59.84%, while the film sector has grown by 19.07% [16][19] - The overall revenue for the media industry reached 3,875.61 billion yuan, reflecting a 5.58% year-on-year growth [23][24] Group 2: Gaming Sector Insights - The gaming industry has achieved a revenue of 848.14 billion yuan in the first three quarters of 2025, with a significant net profit margin of 16.31% [28][34] - The introduction of new games and the revival of existing titles have contributed to the positive growth trajectory in the gaming market [63][66] - The trend of cross-platform gaming is emerging, enhancing user engagement and revenue generation [69][71] Group 3: Film Industry Insights - The film industry is witnessing a resurgence, with a strong pipeline of upcoming films expected to drive further box office growth [76][78] - The dominance of blockbuster films is evident, with the top five films accounting for 57.06% of total box office revenue [78][79] - The average ticket price has slightly decreased to 42.1 yuan, indicating a competitive market environment [77] Group 4: Advertising Sector Insights - The advertising sector has shown stable revenue growth, with a total revenue of 1,292.33 billion yuan in the first three quarters of 2025 [37] - The sector is adapting to new marketing strategies, including programmatic advertising and innovative consumer engagement methods [37][41] - Despite the growth, the profit margins in advertising are under pressure, reflecting the competitive landscape [37][41]

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [5] Core Views - The report anticipates sustained growth in gaming and advertising revenues, driven by key titles such as "Honor of Kings World" and "Little People’s Country" contributing to revenue growth in 2026 [3][9] - The estimated IFRS net profit for 2025-2027 is projected at 226 billion, 261 billion, and 297 billion RMB respectively, reflecting adjustments based on updated assumptions for gaming, advertising, and payment services [3][9] - A sum-of-the-parts (SOTP) valuation method is used, resulting in a target price of 664.22 HKD [3][5] Financial Performance Summary - For 2023, the company reported revenue of 609,015 million RMB, with a year-on-year growth of 9.82% [4] - The operating profit for 2023 was 152,784 million RMB, showing a significant year-on-year increase of 52.76% [4] - The net profit attributable to shareholders for 2023 was 115,216 million RMB, reflecting a decline of 38.79% year-on-year [4] - The earnings per share (EPS) for 2023 is reported at 12.60 RMB [4] - The gross margin is expected to improve from 48.13% in 2023 to 57.90% by 2027 [4] Revenue Breakdown - The report highlights that the revenue from value-added services reached 959 billion RMB in Q3 2025, with a year-on-year growth of 16% [9] - Gaming revenue for Q3 2025 was 636 billion RMB, marking a 23% increase year-on-year [9] - Marketing services revenue for Q3 2025 was 362 billion RMB, exceeding Bloomberg's expectations by 2% [9] Future Projections - The report projects a revenue increase to 754,344 million RMB in 2025, with a year-on-year growth rate of 14.25% [4] - The operating profit is expected to reach 247,023 million RMB in 2025, with a growth rate of 23.45% [4] - The net profit attributable to shareholders is forecasted to be 225,981 million RMB in 2025, reflecting a growth of 16.44% [4]

Core Insights - The company achieved a revenue of 192.9 billion yuan in Q3 2025, representing a year-on-year increase of 15% and a quarter-on-quarter increase of 5% [1] - The net profit attributable to shareholders reached 63.1 billion yuan, up 19% year-on-year and 13% quarter-on-quarter [1] - The company maintains a "Buy" rating, projecting net profits of 226.4 billion, 256.2 billion, and 288.7 billion yuan for 2025-2027 [1] Revenue Breakdown - Value-added services revenue was 95.9 billion yuan, a 16% year-on-year increase, with domestic game revenue at 42.8 billion yuan (up 15%) and overseas game revenue at 20.8 billion yuan (up 43%) [1] - Social network revenue was 32.3 billion yuan, reflecting a 5% year-on-year growth [1] - Marketing services revenue increased to 36.2 billion yuan, up 21% year-on-year, driven by higher user engagement and improved ad loading rates [1] - Financial technology services revenue reached 58.2 billion yuan, a 10% year-on-year increase, primarily from commercial payment and consumer loan services [1] Profitability - The gross margin improved by 3 percentage points year-on-year to 56%, with value-added, marketing, and financial technology services showing respective increases of 4, 4, and 2 percentage points [1] AI and Technology Integration - Continuous iteration of AI technology is expected to enhance advertising and e-commerce businesses, with the company's mixed Yuan image generation model ranking first globally as of November 12 [1] - New intelligent advertising products are designed to optimize marketing ROI and expand the business for small and medium advertisers [1] - AI is enhancing product recommendation capabilities, contributing to increased transaction volumes in WeChat stores [1] Gaming Performance - New games are performing well, with "Delta Force" ranking among the top three in industry revenue for Q3, and "Valorant" mobile version achieving over 50 million monthly active users [1] - Established games like "Honor of Kings" are projected to reach 139 million daily active users by 2025, with "Clash Royale" achieving record highs in daily active users and revenue in September [1] - Upcoming major IP derivative games are expected to drive further business growth [1]

证券研究报告 传媒 行业定期报告 hyzqdatemark 2025 年 11 月 17 日 证券分析师 陈良栋 SAC：S1350524100003 chenliangdong@huayuanstock.com 陈逸凡 SAC：S1350525040003 chenyifan@huayuanstock.com 周政宇 SAC：S1350525050006 zhouzhengyu@huayuanstock.com 魏桢 weizhen@huayuanstock.com 电影/电视剧方向：本周六票房 2.39 亿元。《鬼灭之刃：无限城篇 第一章》单日票 房为 1.47 亿元，累计票房突破 2.83 亿元。此外还有《惊天魔盗团 3》同日上映，海 外影片表现亮眼。我们认为电影市场仍是供给驱动，部分优质进口影片包括《疯狂 动物城》《阿凡达》等前作在中国市场有较强表现，后续正式上映有望带动电影票 房市场稳步增长。我们建议关注相关电影出品/发行方以及院线公司：包括中国电影、 猫眼娱乐、大麦娱乐、上海电影、幸福蓝海、横店影视、金逸影视等。同时，电视 剧行业方面，国家广播电视总局印发实施《进一步丰富电视大屏内容 促进广电视听 ...

Core Insights - The report by Qimai Data highlights the top mobile games for October 2025, showcasing both download and revenue rankings, with Tencent's games dominating the revenue chart [1][2]. Download Rankings - "Delta Action" topped the download chart for October, followed by "Valorant: Source Action" and "Honor of Kings" in second and third places respectively [1]. - Six new games entered the download rankings, including "Plants vs. Zombies 3," which launched on September 26, 2025, and achieved over 18 million pre-registrations [1]. Revenue Rankings - Tencent's "Honor of Kings" ranked first in revenue, with "Delta Action" in second and "Dungeon & Fighter: Origin" rising four places to third [1][2]. - The revenue rankings featured a total of 12 games from Tencent and 5 from NetEase, indicating Tencent's strong market presence [2]. Game Categories - The majority of the games in the rankings were action games, with 9 entries, followed by adventure games with 4 entries [2]. - The new entries in the revenue rankings included five games, with NetEase's "Rate of the Land" celebrating its tenth anniversary and maintaining market interest through events and updates [3]. Market Trends - There is a growing trend among developers to explore lightweight versions of heavy SLG games due to rising traffic costs and the rapid growth of the mini-game market [3]. - Yishijie, a key player in the simulation and management game sector, has successfully launched multiple products in the mini-game space, achieving significant revenue milestones [3].

Core Insights - The report by Qimai Data highlights the top mobile games for October 2025, showcasing both download and revenue rankings, with Tencent's games dominating the revenue chart [1][2]. Download Rankings - "Delta Action" topped the download chart for October, followed by "Valorant: Source Action" and "Honor of Kings" in second and third places respectively [1]. - Six new games entered the download rankings, including "Plants vs. Zombies 3," which launched on September 26, 2025, and achieved over 18 million pre-registrations, indicating strong IP appeal [1]. Revenue Rankings - Tencent's "Honor of Kings" ranked first in revenue, with "Delta Action" in second and "Dungeon & Fighter: Origin" rising four places to third [1][2]. - The revenue rankings featured a total of 12 games from Tencent and 5 from NetEase, with action games being the most represented category [2]. New Game Releases - Five new games entered the revenue rankings in October, including "JJ Dou Di Zhu," "Rate of the Land," and "QQ Racing" [3]. - NetEase's "Rate of the Land" celebrated its tenth anniversary with promotional activities, contributing to its rising sales ranking [3]. Industry Trends - There is a growing trend among developers to explore lightweight versions of heavy SLG games due to rising traffic costs and the rapid growth of the mini-game market [3]. - Yishijie, a key player in the simulation and management game sector, has successfully launched mini-games and is expanding its overseas market presence [3].

Core Insights - Tencent's Q3 2025 performance shows strong growth in both revenue and profit, driven by overseas gaming and marketing services [1] - The company continues to leverage AI technology to enhance advertising and e-commerce efficiency, creating new opportunities [2] - The gaming segment exhibits robust performance with a rich pipeline of new and existing products, indicating strong future growth potential [3] Financial Performance - In Q3 2025, Tencent achieved revenue of 192.9 billion yuan (up 15% year-on-year, up 5% quarter-on-quarter) and net profit attributable to shareholders of 63.1 billion yuan (up 19% year-on-year, up 13% quarter-on-quarter) [1] - Non-IFRS net profit was 70.6 billion yuan (up 18% year-on-year, up 12% quarter-on-quarter) [1] - The gross margin increased by 3 percentage points year-on-year to 56%, driven by high-margin self-developed games and services [1] Business Segments - Value-added services revenue reached 95.9 billion yuan (up 16% year-on-year), with domestic gaming revenue of 42.8 billion yuan (up 15% year-on-year) and overseas gaming revenue of 20.8 billion yuan (up 43% year-on-year) [1] - Marketing services revenue was 36.2 billion yuan (up 21% year-on-year), benefiting from increased user engagement and AI-driven improvements in advertising efficiency [1] - Financial technology services revenue was 58.2 billion yuan (up 10% year-on-year), driven by growth in commercial payments and AI-related services [1] AI Technology Development - The company is continuously upgrading its AI capabilities, with its mixed Yuan image generation model ranking first globally as of November 12 [2] - New AI-driven advertising products enhance marketing ROI and support small and medium advertisers [2] - AI integration in e-commerce is boosting transaction volumes on WeChat, indicating a shift towards a more intelligent ecosystem [2] Gaming Performance - New games like "Delta Force" and "Valorant" are performing well, with "Valorant" achieving over 50 million monthly active users in China [3] - Established games like "Honor of Kings" continue to show strong engagement, with daily active users surpassing 139 million [3] - Upcoming major titles and expansions are expected to further drive business growth [3]

Investment Rating - The investment rating for Tencent Holdings is "Buy" (maintained) [1] Core Views - Tencent Holdings continues to demonstrate high growth, with Q3 2025 revenue reaching 192.9 billion yuan, a year-on-year increase of 15% and a quarter-on-quarter increase of 5%. The net profit attributable to shareholders was 63.1 billion yuan, up 19% year-on-year and 13% quarter-on-quarter [4] - The company is expected to maintain strong growth driven by the deepening application of AI and the performance of both new and existing games. The projected net profits for 2025-2027 are 226.4 billion yuan, 256.2 billion yuan, and 288.7 billion yuan respectively, with corresponding PE ratios of 23.7, 20.9, and 18.6 times [4][5] Financial Summary and Valuation Metrics - Revenue for 2023 is projected at 609.02 billion yuan, with a year-on-year growth of 9.8%. By 2025, revenue is expected to reach 752.39 billion yuan, reflecting a 14% increase [6] - Net profit for 2023 is estimated at 115.22 billion yuan, with a significant year-on-year growth of 68.4% expected in 2024, leading to a net profit of 194.07 billion yuan [6] - The gross margin is projected to improve to 56.4% by 2025, up from 48.1% in 2023, indicating enhanced profitability [6]