中国游戏产业正在海外市场迎来一轮新的增长浪潮。根据中国音数协游戏工委发布的《2024年1-6月中国游戏产业报告》，2025年上半年，中国自研游戏 的海外实际销售收入达到95.01亿美元，同比增长超过11%。这一增速重新回到了2021年出海高峰期水平，中国游戏企业在国际竞争中依然具备强劲的动 能。正在全球更大范围内获得认可，逐渐从"走出去"迈向"走进去"。 传统出海优势区域如北美、日韩、西欧等虽然仍是收入贡献的主力，但竞争也日趋激烈，买量成本攀升、本地化要求加深、政策不确定性增加，都促使更 多中国企业将目光转向尚未被充分开发的新兴市场。 据SensorTower数据显示，2025上半年传统出海市场存量状态加剧，中东、拉美、东南亚等新兴市场仍然在崛起，从这里，厂商或许能找到更多的增量机 会。 越南：下载量跃居第一，东南亚最大黑马 在整个行业增速放缓的背景下，越南以一种高调的方式进入了全球游戏界的视野。在越南游戏展"GameVerse"上，越南游戏开发者联盟VGDA主席Nguyen Quyet宣布，2024年越南的移动游戏下载量已经冲到全球第一，甚至超过了中国。 当然，这一下载量并非主要来自本土自研产品。据越南广播 ...

Core Insights - The Chinese gaming industry has entered a phase of stock competition, with a user base of 674 million and a market revenue of 325.78 billion yuan, reflecting a year-on-year growth of 7.53% [1] - The overall performance of 26 A-share gaming companies shows a revenue increase of 7.74% to 93.43 billion yuan, but a significant drop in net profit by 50% to 4.25 billion yuan, indicating a trend of "increased revenue but decreased profit" [1][4] Industry Performance - Mobile gaming remains the dominant segment, accounting for 73.12% of total sales revenue [1] - The domestic market for self-developed games saw a revenue of 260.74 billion yuan, growing by 1.70%, but the growth rate has slowed due to intensified market competition and rising costs [6] - Over 40% of the companies reported losses, with significant declines in profits observed in companies like Xinghui Entertainment and Fuchun Shares, with declines exceeding 1751% and 1691% respectively [6][8] Company-Specific Insights - ST Huatuo, Sanqi Interactive, and Shenzhou Taiyue topped the revenue rankings among A-share gaming companies, with revenues of 22.62 billion yuan, 17.44 billion yuan, and 6.45 billion yuan respectively [4] - Sanqi Interactive led in net profit with 2.67 billion yuan, followed by Kaiying Network and Shenzhou Taiyue with 1.63 billion yuan and 1.43 billion yuan respectively [5] - Perfect World reported a revenue decline of 28.50% to 5.57 billion yuan and a net loss of 1.29 billion yuan, marking a significant downturn [6][7] International Expansion - The overseas market for self-developed games achieved a revenue of 18.557 billion USD, growing by 13.39%, significantly outpacing domestic growth [10] - ST Huatuo's overseas revenue reached 11.367 billion yuan, making up 50.26% of its total revenue, highlighting the importance of international markets for growth [10] - Sanqi Interactive's overseas business generated 5.722 billion yuan with a gross margin of 74.54%, indicating strong profitability in international markets [11]

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Insights - The company demonstrated stable high growth with a revenue of 5.118 billion yuan in 2024, up 19.16% year-on-year, and a net profit of 1.628 billion yuan, up 11.41% year-on-year [2]. - The company has a rich reserve of products and intellectual properties (IPs), with successful game titles and a strong pipeline of 13 games in development [3]. - The company is actively exploring AI technology applications, enhancing game development efficiency through its AI model [3]. Financial Performance - In Q1 2025, the company achieved a revenue of 1.353 billion yuan, a year-on-year increase of 3.46%, and a net profit of 518 million yuan, up 21.57% year-on-year [2]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares, totaling 426 million yuan, which accounts for 26.18% of the net profit [2]. - The projected earnings per share (EPS) for 2025-2027 are 1.00, 1.14, and 1.29 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 16, 14, and 13 times [4]. Product and IP Development - The company has established a competitive barrier in retro-themed games and has diversified its portfolio with innovative titles [3]. - The overseas game revenue reached 375 million yuan in 2024, marking a significant growth of 221.48% year-on-year [3]. - The company holds several well-known IPs, which support its product development and commercialization efforts [3]. Strategic Focus - The company is focusing on three main business areas: research and development, publishing, and investment in the gaming industry [4]. - It is strategically investing in five companies, including a lead investment in an AI companionship application, which has garnered significant industry attention [3].

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company demonstrated stable high growth with a revenue of 5.118 billion yuan in 2024, up 19.16% year-on-year, and a net profit of 1.628 billion yuan, up 11.41% year-on-year [2]. - The company has a rich reserve of products and intellectual properties (IPs), with significant performance in retro-themed games and innovative titles, alongside a strong focus on AI technology applications [3]. Financial Performance - In 2024, the company achieved a revenue of 51.18 billion yuan, with a year-on-year increase of 19.16%, and a net profit of 16.28 billion yuan, reflecting an 11.41% increase [2]. - For Q1 2025, the revenue was 1.353 billion yuan, up 3.46% year-on-year, and the net profit was 518 million yuan, up 21.57% year-on-year [2]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares, totaling 426 million yuan, which is 26.18% of the net profit [2]. Product and IP Development - The company has established a competitive barrier in the retro game category with successful titles like "Original Legend" and "Dragon Valley World" [3]. - It has a diverse portfolio of games, including new releases and 13 games currently in development, showcasing a strong IP acquisition and commercialization capability [3]. - The overseas game revenue reached 375 million yuan, a significant increase of 221.48% year-on-year, indicating successful international expansion [3]. Investment Strategy and Forecast - The company focuses on three main business areas: research and development, publishing, and investment in IPs, aiming for stable growth in its core gaming business while expanding into innovative categories and international markets [4]. - The earnings per share (EPS) forecast for 2025-2027 is projected at 1.00, 1.14, and 1.29 yuan, with corresponding price-to-earnings (P/E) ratios of 16, 14, and 13 times [4].