Core Viewpoint - The partnership between Zhongyou Mobile and Kaiying Network continues with the renewal of the licensing agreement for the IP of "The Legend of Sword and Fairy: A New Beginning" and the signing of a new card RPG game based on the same IP, set to enter development in 2026 [1] Company Summary - Zhongyou Mobile has renewed its licensing agreement with Kaiying Network for the IP of "The Legend of Sword and Fairy: A New Beginning" [1] - A new collaboration has been established for a card RPG game based on the "Legend of Sword and Fairy" IP, which is scheduled to begin development in 2026 [1] Industry Summary - The continuation of IP licensing agreements indicates a positive trend in the gaming industry, particularly in the realm of adaptations and collaborations [1] - The development of new games based on established IPs reflects ongoing investment in popular franchises, which may enhance market competitiveness [1]

六月第一周，《藏海传》正式收官。但是在社交媒体上，《藏海传》从上映到完结一直伴随着各种争议。 除了《藏海传》的剧粉与《盗墓笔记》系列死忠粉的激情开撕，还有不少自媒体博主将《藏海传》与《琅琊榜》对比，称其为"翻版琅琊榜""没有对比就 没有伤害"。 然而真正值得注意的是，抛开对单个作品的评价，2015年播出的《琅琊榜》已经是10年前的作品，作为参照物未免太过久远。除此之外，当下的古装剧市 场，悬疑、权谋等关键词站上了C位，曾经红极一时的武侠剧成为了小众类型作品，且鲜有新作问世。 这或许反映出一个事实：内容消费群体已经出现某种文化断层或脱节。 1976年，传奇导演楚原执导，白彪、米雪主演的《射雕英雄传》为港产武侠剧打开了历史的大门。此后，麦当雄导演，徐少强、顾冠忠、苗可秀主演的 《天蚕变》以及王天林（导演王晶的父亲）执导，郑少秋、汪明荃、赵雅芝主演的《楚留香》等经典作品的出现，又为武侠剧市场不断培养出新的受众。 *76版《射雕英雄传》剧照 影视剧行业的转折点，往往伴随着爆款的出现。而武侠剧的关键转折点，就来自于83版《射雕》的开播。 1983年，由王天林、杜琪峰等执导，黄日华与翁美玲主演的《射雕英雄传》在TVB正式 ...

文 | 马晓迪 编辑 | 刘士武 新游速递 鹰角网络《泡姆泡姆》上线 鹰角网络首款买断制多人合作冒险游戏《泡姆泡姆》 于 6.2 日 正式登陆 Steam 平台。 其 以 " 三消 + 颜色匹配 + 平台跳跃 " 为核心玩法，支持 2-4 人本地或在线联机，玩家需通过切换角色颜色与道具协作解谜，击败变异生物 " 泡姆 " 。游戏首日同时在线人数突破 1.5 万， Steam 评分达 " 特别好评 " 。 《泡姆泡姆》 网易《冰汽时代：最后的家园》上线 由网易游戏和11bit工作室联合开发的《冰汽时代：最后的家园》于6.5日在移动端正式上线。作为端游《冰汽时代》的改编作品，其保留了末日生存与道 德抉择的核心体验，同时针对手游特性进行了调整，新增了"耐力模式"和"宁静模式"。 紫龙《龙魂旅人》上线 紫龙游戏的放置卡牌游戏《龙魂旅人》于6.6日上线。其以"喜剧后宫番"为差异化定位，美术上采用二次元立绘与动态特效，战斗系统为半即时策略。 "梦龙乐队"工作室首款游戏《Las Flag》曝光 当地时间6月6日，游戏工作室Night Street Games公布了旗下首款游戏的最新资讯——这是一家由由知名摇滚乐队Imagi ...

Core Insights - Qingci Games Limited has officially surpassed 100 million registered players globally, marking a significant milestone in its efforts within the global gaming market [1][3] - The company has successfully established its influence in the global gaming sector through a strategy focused on high-quality and personalized products [1] Group 1: Company Achievements - Since its establishment in 2012, Qingci Games has created several popular games characterized by innovative gameplay and distinctive artistic styles, referred to as "Qingci Style" by players [3] - The self-developed game "Unusual Maze," launched in 2016, has been pivotal in leading the domestic Rogue-like mobile game trend, being recognized as a must-play title in the genre [3] - The game "The Strongest Snail," released in 2020, has generated approximately RMB 3.629 billion in revenue by the end of 2024, achieving high rankings in various regions including Hong Kong, Taiwan, Japan, North America, Southeast Asia, Australia, and Europe [3] Group 2: Global Strategy and Operations - The company has strengthened its core competitiveness by integrating research and operations, with overseas revenue accounting for over 40% of total income [3] - Qingci Games has established offices in regions such as mainland China, Australia, Japan, and South Korea to enhance user engagement and solidify player communities [3] Group 3: Future Developments - The company is currently developing an original game titled "Project E," which combines elements of map exploration, backpack management, and resource collection, aiming to set new industry trends [4] - Qingci Games is embracing technological advancements by integrating AI tools to improve operational efficiency and support industrial development [4] - The CEO expressed gratitude for the support from global players and emphasized the commitment to delivering engaging and culturally rich gaming experiences in the future [4]

出品：新浪财经上市公司研究院 作者：君 根据中国音像与数字出版协会游戏出版工作委员会发布的《2024年中国游戏产业报告》，2024年中国游 戏用户规模达6.74亿人，同比增长0.94%，中国游戏产业已进入存量竞争阶段；中国游戏市场实际销售 收入为3，257.83亿元，同比增长7.53%。这一增长主要得益于游戏新品数量有所增加且出现爆款大作、 长青产品稳定运营及小游戏的突出表现。在细分市场中，移动游戏仍保持领先地位，实际销售收入占比 达73.12%。 截至2025年4月30日，A股26家游戏公司（申万分类）均已相继交出2024年年度成绩单。经统计，26家 游戏公司合计实现营业收入934.34亿元，较上年同期增长7.74%；归母净利润42.48亿元，较上年同 期"腰斩"，行业整体呈现显著的"增收不增利"。 | | | FASHILING FOR SEAR | | | | --- | --- | --- | --- | --- | | 公司名称 | 营业收入(亿元) | 同比(%) | 浄利润(亿元) | 同比(%) | | ST华通 | 226. 20 | 70. 27% | 12. 13 | 131. 51% ...

大胆预言，如果长剧的模式不变，那么每一位"够资格"的明星，都有机会留下一部自己的"如懿传"。 在这部作品里，TA将尽情展示作为一个大明星对世界、对他人、对自己的理解，以及对整个剧组的掌控力。 TA可能是人淡如菊、不争不抢如周迅的《如懿传》；可能是运筹帷幄、绝代风华如陈坤的《天盛长歌》；也可能是外表窝囊、内里智绝如张颂文的《清 明上河图密码》；现在，则是刘诗诗仪态端庄、魅惑无双的《淮水竹亭》。 《淮水竹亭》播出后，硬糖君就没刷到笑大如的视频了。比起大如的聪慧水灵，诗诗梗着脖子勾引张云龙的香艳戏码更加下饭。早知这么好笑，就留着过 年看了。 硬糖君承认自己是在阴阳怪气，但也不是全然的批评。按今天长剧的局面，有人看、有人吐槽已经算是中胜，证明剧集还有可观之处，更多s级剧还播得 悄无声息呢。但大好的群众基础怎么就口碑塌成了《如懿传》？于正发文给出的答案是"外行领导内行"加"主演话语权过大"，感觉一下骂了王一栩和刘诗 诗两个人。 《楚留香传奇》里的第一美女秋灵素，被雪藏前赶紧找来画师，要留下自己最美的样子，如今的大明星拍大女主、大男主戏也差不多。比如诗诗为自己 拍"留念剧"时，肯定最在乎仪态。"这张背不够挺"、"那张我脖 ...

传媒 分析师：乔琪 登记编码：S0730520090001 qiaoqi@ccnew.com 021-50586985 2025Q1 业绩高增，关注暑期档影市需求 ——万达电影(002739)年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-05-06) | 收盘价(元) | 11.21 | | --- | --- | | 一年内最高/最低(元) | 14.07/9.00 | | 沪深 300 指数 | 3,808.54 | | 市净率(倍) | 3.07 | | 流通市值(亿元) | 233.77 | | 基础数据(2025-03-31) | | | 每股净资产(元) | 3.65 | | 每股经营现金流(元) | 0.60 | | 毛利率(%) | 34.44 | | 净资产收益率_摊薄(%) | 10.77 | | --- | --- | | 资产负债率(%) | 67.65 | | 总股本/流通股(万股) | 211,177.87/208,538.5 | | | 4 | B 股/H 股(万股) 0.00/0.00 个股相对沪深 300 指数表现 -36% -29% -21% -14% ...

Core Viewpoint - The company achieved significant revenue growth in 2024, driven by overseas expansion and new game launches, with a notable performance in Q1 2025. Group 1: Financial Performance - In 2024, the company reported revenue of 5.118 billion, a year-on-year increase of 19.16%, and a net profit attributable to shareholders of 1.628 billion, up 11.41% year-on-year [1] - Q4 2024 revenue was 1.191 billion, down 5.95% year-on-year, while net profit was 348 million, a decrease of 8.17% year-on-year [1] - In Q1 2025, the company achieved revenue of 1.353 billion, a year-on-year increase of 3.46%, and net profit of 518 million, up 21.57% year-on-year [1] Group 2: Growth Drivers - The company's overseas revenue reached 375 million in 2024, a significant increase of 221.48% year-on-year, with a revenue share of 9.7% [2] - The successful launch of new games such as "Dragon Valley World" in February 2025 contributed to steady revenue and performance growth in Q1 2025 [2] - The information services segment also showed robust growth, with revenue of 940 million in 2024, up 42% year-on-year, accounting for 18.4% of total revenue [2] Group 3: Cost Management and Profitability - Sales expenses increased by 29% to 459 million in Q1 2025 due to the launch of "Dragon Valley World," but the sales expense ratio improved to 33.9% [3] - The gross profit margin in Q1 2025 rose to 83.6%, and the net profit margin increased to 38.3% due to effective cost management and growth in high-margin businesses [3] Group 4: Future Prospects - The company is actively investing in AI and has a rich pipeline of new games, with several expected to launch in 2025, potentially driving further revenue growth [4] - The company anticipates net profits of 2.15 billion and 2.37 billion for 2025 and 2026, respectively, with corresponding PE ratios of 16.8 and 15.2 [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company is expected to achieve a revenue of 5.118 billion (up 19.16% year-on-year) and a net profit attributable to shareholders of 1.628 billion (up 11.41% year-on-year) in 2024. The first quarter of 2025 shows a revenue of 1.353 billion (up 3.46% year-on-year) and a net profit of 518 million (up 21.57% year-on-year) [2][4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 5.118 billion (up 19.16% year-on-year) and a net profit of 1.628 billion (up 11.41% year-on-year). The fourth quarter of 2024 saw a revenue of 1.191 billion (down 5.95% year-on-year) and a net profit of 348 million (down 8.17% year-on-year). The first quarter of 2025 reported a revenue of 1.353 billion (up 3.46% year-on-year) and a net profit of 518 million (up 21.57% year-on-year) [2][4]. Growth Drivers - The company has shown strong overseas performance in 2024, with overseas revenue reaching 375 million (up 221.48% year-on-year). The new game "Dragon Valley World" launched in February 2025 has driven growth, entering the iOS bestseller list on its launch day [10]. Cost Management and Profitability - The company increased its sales expenses by 29% to 459 million in the first quarter of 2025 due to the new game launch. However, the sales expense ratio decreased year-on-year. The gross margin improved to 83.6% in the first quarter of 2025, contributing to an increase in net profit margin to 38.3% [10]. AI and New Game Pipeline - The company is actively investing in AI, with the development of the "Xingyi" model and partnerships for AI applications. A rich pipeline of new games is expected to drive future performance, with several key IP products set to launch [10].

Core Insights - The company reported strong financial performance in 2024, with revenue reaching 5.118 billion yuan, a year-on-year increase of 19.16%, and net profit attributable to shareholders at 1.628 billion yuan, up 11.41% [1] - The company continues to reward shareholders through cash dividends and share buybacks, totaling 426 million yuan, which represents 26.18% of the net profit for the year [1] - The company is focusing on game development and expansion into international markets, launching several new titles that have performed well [2][3] Financial Performance - In Q1 2025, the company achieved revenue of 1.352 billion yuan, a growth of 3.46% year-on-year, and net profit of 518 million yuan, up 21.57% [1] - The company’s operating expenses in sales, management, and R&D decreased by 3.2 percentage points, 0.8 percentage points, and 1.0 percentage points respectively [1] - Forecasts for net profit growth from 2025 to 2027 are 25.32%, 18.98%, and 17.86%, with projected profits of 2.041 billion yuan, 2.428 billion yuan, and 2.862 billion yuan respectively [4] Product Development and Market Expansion - The company launched the card strategy game "Nazarick King" in 2024, achieving over 1 million pre-registrations domestically and ranking high on various charts [2] - The overseas revenue for the company reached 375 million yuan in 2024, marking a significant increase of 221.48% [2] - The company is integrating AI into game development, enhancing efficiency and creating new market opportunities [3] Strategic Initiatives - The company is committed to its core strategy of focusing on the gaming industry and has introduced multiple new products to accelerate its international presence [2] - The development of AI models aims to streamline the game development process and improve collaboration [3] - The company has invested in AI firm Tyrell AI Limited, increasing its stake to over 16%, further expanding its footprint in the AI sector [3]