近日，七麦数据发布了2025年9月热门游戏排行榜，其中包括热门游戏下载榜Top30和热门游戏收入榜Top30。9月手游市场竞争依旧激烈，各类产品在玩 法、运营策略等多方面持续创新，共同勾勒出9月手游市场的多元格局。接下来让我们一起来看看吧！ 热门游戏下载榜方面，8月上线的「无畏契约：源能行动」较上月排名上升6位，登顶榜单Top1。「三角洲行动」和「王者荣耀」分别位居Top2、Top3。 从手游新进榜情况来看，9月共有9款手游冲进下载榜Top30。其中「发条总动员」凭借独特的内容设计与精准的营销推广策略，成功跻身榜单Top6，成为 本月下载榜的"黑马"产品。据七麦数据显示，该款游戏自8月28日公测当天即登顶iOS游戏免费榜，此后连续多日位居免费榜Top1。 「发条总动员」是由字节跳动旗下沐瞳科技研发的一款飞行弹幕射击手游。游戏采用了上世纪20年代的"橡皮管动画"风格，以简洁流畅的线条、弹性十足 的角色形态和夸张的动作为核心，为玩家营造出了一种既怀旧又新潮的"卡通战斗"氛围，并将其构筑成了鲜明的视觉标志。 「发条总动员」在玩法上以"轻松闯关+策略战斗"为核心，融合了飞行射击、弹幕躲避与Roguelike元素，打造 ...

从进榜游戏类别来看，动作类有6款进榜，冒险类手游有5款进榜。从进榜游戏所属厂商来看，腾讯旗下有10款产品进榜，网易旗下有3款产品进榜。 9月进榜游戏中，共有4款于该月发布的新游，分别是《先生请出山》《地下城堡4：骑士与破碎编年史》《奔奔王国》《元气唤灵师》。其中，点点互动 旗下《奔奔王国》以 "中世纪生存 + 策略塔防" 的玩法融合与 "小游戏先行" 的精细运营策略，成功跻身下载榜前列。 热门游戏收入榜中，《王者荣耀》《和平精英》依旧稳居Top1、Top2，《三角洲行动》排名上升1位，跻身Top3。 进榜游戏类别中，动作类手游最多，共有7款，其次是角色扮演类和冒险类，均有4款。从进榜游戏所属厂商来看，腾讯(00700)有11款进榜、网易(09999) 有4款。 近日，七麦数据发布了2025年9月热门游戏排行榜，其中包括热门游戏下载榜Top30和热门游戏收入榜Top30。热门游戏下载榜方面，8月上线的《无畏契 约：源能行动》较上月排名上升6位，登顶榜单Top1。《三角洲行动》和《王者荣耀》分别位居Top2、Top3。 从手游新进榜情况来看，9月共有9款手游冲进下载榜Top30。其中《发条总动员》凭借独特的内容设 ...

Investment Rating - The investment rating for the company is "Buy" [7] Core Insights - The company is a leading game developer specializing in SLG and classic IP, excelling in overseas game markets. Its two flagship games, "Whiteout Survival" and "Kingshot," are expected to continue exceeding expectations in terms of lifecycle and profitability, with significant revenue and profit growth anticipated [1][2] - The market perceives that the revenue from "Whiteout Survival" and "Kingshot" may peak and decline over time, but the report argues that the revenue for "Whiteout Survival" is likely to stabilize with low chances of decline, while "Kingshot" is still in its growth phase, especially with the potential from its domestic version [1][2] - The report highlights the replicability of the company's success in the "SLG+X" category, suggesting that the development and marketing experience from "Whiteout Survival" and "Kingshot" can be reused for future titles [2] Financial Performance - In the first half of 2025, the company achieved revenue of 172.07 billion yuan, a year-on-year increase of 85.5%, and a net profit of 26.56 billion yuan, up 129.33% year-on-year. The revenue growth was primarily driven by the strong performance of "Whiteout Survival" and "Kingshot" [13] - The company expects to maintain high revenue and profit contributions from "Whiteout Survival" and "Kingshot," with projected revenues of 424 billion yuan, 531 billion yuan, and 592 billion yuan for 2025, 2026, and 2027 respectively, and net profits of 61 billion yuan, 102 billion yuan, and 116 billion yuan for the same years [5][12] Market Potential - The global SLG game market is projected to exceed 20 billion USD by 2027, indicating a strong growth trajectory following a two-year adjustment period [15] - The "SLG+X" model, which integrates additional gameplay elements into SLG games, is expected to enhance user acquisition and retention, thereby increasing long-term monetization potential [19] Future Outlook - The company is set to submit a "de-listing" application after rectifying prior accounting errors, which is expected to enhance its market position [3] - The domestic version of "Kingshot" is showing promising growth, with its ranking in the app store improving significantly, indicating strong revenue potential [22][24]

Core Insights - Century Huatong reported a significant increase in revenue and profit for the first half of 2025, with revenue reaching 17.2 billion yuan, a year-on-year growth of 85.5%, and net profit of 2.656 billion yuan, up 129.33% [1] - The company anticipates continued business growth and value enhancement in the second half of the year, driven by positive industry policies, core product performance, and advancements in AI technology [1] Group 1: Financial Performance - In the first half of 2025, Century Huatong achieved a revenue of 17.2 billion yuan, representing an 85.5% year-on-year increase [1] - The net profit attributable to shareholders was 2.656 billion yuan, reflecting a 129.33% increase compared to the previous year [1] - The operating cash flow reached 3.918 billion yuan, marking a 107.4% growth [1] Group 2: Gaming Business Expansion - The software service sector, primarily focused on gaming, generated 16.433 billion yuan in revenue, accounting for 95.5% of total revenue, with a gross margin of 72.25%, up 2.09 percentage points year-on-year [2] - Over 52.06% of revenue came from overseas markets, with standout performances from games like "Whiteout Survival" and "Kingshot" [2] - "Whiteout Survival" topped the global mobile game revenue chart, while both it and "Kingshot" dominated the Chinese mobile game export revenue rankings [2] Group 3: New Game Launches and IP Strategy - The newly launched game "Bunbun Kingdom" on the WeChat mini-game platform is part of Century Huatong's strategy to inject new growth into the domestic market [3] - The company is focusing on classic IP operations through its subsidiary Shengqu Games, with new releases based on popular franchises [3] - Shengqu Games is advancing multi-platform versions of classic IPs to consolidate existing user bases and explore new market opportunities [3] Group 4: AI Development Initiatives - Century Huatong is actively investing in AI across both upstream and downstream sectors, including infrastructure and AI applications [4] - The company is involved in significant projects like the Tencent Yangtze River Delta AI Advanced Computing Center, which has seen rapid revenue and profit growth [4] - AI technologies are being integrated into game development processes, significantly enhancing efficiency in content production [4] Group 5: AI Brand and Innovation Competition - The company launched the "Shulong AI" brand and hosted the first "Shulong Cup" global AI game and application innovation competition, attracting 150 teams and 120 projects [5] - The chairman expressed confidence that AI will drive significant advancements in productivity and social collaboration [5]

Core Viewpoint - Century Huatong Group has maintained its position as the "Game Revenue King" in A-shares for the first half of 2025, achieving significant revenue and profit growth compared to the previous year [1][4]. Financial Performance - In the first half of 2025, the company reported revenue of 17.207 billion yuan, a year-on-year increase of 85.50% [1][4]. - The net profit attributable to shareholders reached 2.656 billion yuan, up 129.33% year-on-year, while the net profit after deducting non-recurring items was 2.586 billion yuan, reflecting a growth of 124.43% [1][4]. - Operating cash flow reached 3.918 billion yuan, maintaining a high growth rate of 107.4% [1][4]. Quarterly Performance - In Q2 2025, the company achieved revenue of 9.062 billion yuan, a year-on-year increase of 80.73% and a quarter-on-quarter increase of 11.27% [2]. - The net profit for Q2 was 1.306 billion yuan, showing a year-on-year increase of 157.79% but a quarter-on-quarter decrease of 3.22% [2]. Cost Analysis - The company's sales expenses increased by 121.72% year-on-year to 6.564 billion yuan, primarily due to higher marketing costs associated with increased game revenue [2][4]. - Operating costs rose by 56.50% to 5.249 billion yuan, driven by increased revenue and platform sharing fees [2][4]. - Financial expenses surged by 345.87% to 191.59 million yuan, mainly due to significant foreign exchange losses [4]. Game Revenue Breakdown - Domestic and international game revenues were 7.473 billion yuan and 8.957 billion yuan, respectively, with domestic revenue growing by 113.67% and international revenue by 78.62% [5]. - The company’s subsidiary, Century Games, has seen significant success with titles like "Whiteout Survival" and "Kingshot," which have dominated revenue charts [5]. AI Integration and Future Strategy - The company is actively integrating AI into its operations, enhancing efficiency in game development and content production [8]. - The establishment of the "Shulong AI" sub-brand and the successful "Shulong Cup" global AI game innovation competition have increased the company's visibility in the AI sector [8].

Core Insights - The domestic gaming market in China achieved a record sales revenue of 168 billion yuan in the first half of 2025, marking a year-on-year growth of 14.08% [3] - The number of gaming users reached 679 million, also a historical high, with a year-on-year increase of 0.72% [3] Group 1: Market Performance - The gaming sector is experiencing strong growth, driven by the successful launch of new games and the steady performance of established titles [3] - The rise in e-sports and mini-program games is contributing significantly to market expansion [3] - The overall improvement in industry sentiment and accelerated technological advancements are providing robust support for the gaming sector [3] Group 2: Regulatory Environment - The National Press and Publication Administration continues to issue gaming licenses, with 134 licenses granted in July 2025, including 127 domestic and 7 imported games [4] - A total of 884 domestic gaming licenses were issued from January to July 2025, reflecting a year-on-year increase of 20.60% compared to the same period in 2024 [4] - The regular issuance of gaming licenses indicates ongoing regulatory support for the gaming industry [5] Group 3: Investment Opportunities - The current market conditions and the positive outlook for the gaming sector present attractive investment opportunities, particularly in gaming ETFs [5]

Market Overview - On July 23, both the Hong Kong Hang Seng Index and the A-share Shanghai Composite Index rose, with the former stabilizing above 25,500 points, reaching a new high since November 2021, while the latter touched the critical 3,600 points [2] - The gaming sector in Hong Kong saw significant capital inflow, rising by 4%, with Tencent (00700.HK) being the largest contributor, increasing by 4.94% to HKD 552.0 per share, marking a new high since June 2021 [2][3] Company Performance - Tencent's stock performance was notable, with a significant increase in market capitalization, while other gaming stocks like Kingsoft (03888.HK), NetEase (09999.HK), Bilibili (09626.HK), and Xindong Company (02400.HK) also saw gains of 3.89%, 2.59%, 2.33%, and 1.56% respectively [2][3] - Flying Fish Technology (01022.HK) experienced the highest single-day increase of 49.15% following a profit announcement, projecting a net profit of approximately RMB 55 million to 70 million for the first half of 2025, compared to a loss of RMB 2 million in the same period last year [3][7] A-share Market - In the A-share market, the gaming sector also performed well, with ST Huatuo (002602.SZ) rising by 4.22%, and other companies like Gigabit (603444.SH) and 37 Interactive Entertainment (002555.SZ) also recording gains [4] Regulatory Environment - The National Press and Publication Administration approved 127 domestic games and 7 imported games in July, contributing to the positive sentiment in the gaming sector [5] - Notable approvals included Tencent's "Summon Adventure" and NetEase's "Diablo IV," indicating a steady release of new content in the market [5] Industry Trends - Analysts noted a solidifying trend of regular game approvals, coupled with domestic gaming innovations, suggesting a recovery in the industry's growth pace [6] - The summer season is a critical period for game developers, with many launching new titles aimed at enhancing player engagement through strong narratives and social elements [6] Financial Outlook - Market expectations for Tencent's Q2 2025 revenue and gross profit are optimistic, with projected year-on-year growth of 12% and 17% respectively, driven by an 18% increase in online gaming revenue [7] - HSBC forecasts NetEase's Q2 performance to be stable, with an expected revenue growth of 11%, supported by a significant increase in PC game revenue [8] - Analysts express a positive outlook for the gaming sector, citing improvements in supply and the emergence of quality content, alongside the impact of AI technology on cost reduction and efficiency [8]