中经记者 李哲 北京报道 8月29日晚间，世纪华通（002602.SZ）发布2025年半年度报告。 8月28日，点点互动新游《奔奔王国》正式上线微信小游戏平台。据世纪华通方面披露，点点互动还有 多个项目正处于积极筹备阶段，或将为其在境内市场的发展持续注入新的增长动能。 此外，世纪华通旗下的盛趣游戏则聚焦经典IP运营策略并深入挖掘私域流量的商业价值。2025年年初， 盛趣游戏基于经典IP"传奇"推出《盟重神兵》。此后，《龙之谷世界》《云海之下》等也相继上线。 世纪华通方面表示，盛趣游戏正在加速推进《传奇世界》《彩虹岛》《永恒之塔》等经典IP的多端互通 版本研发，在巩固庞大存量用户的同时，进一步开拓增量市场空间。 游戏业务多点开花 在世纪华通的主营业务中，以游戏为核心的软件服务业上半年实现营收164.33亿元，占比达到95.50%； 毛利率为72.25%，较上年同期增长2.09个百分点。 受益于旗下Century Games在境外市场的持续发力，上半年世纪华通52.06%的营收来自于海外市场。 世纪华通方面提到，《Whiteout Survival》和《Kingshot》在海外市场表现突出。其中，《Whiteou ...

8月29日，浙江世纪华通集团股份有限公司（002602 SZ，以下简称"世纪华通"）发布了2025 年半年度报告。报告显示，世纪华通今年上半年公司实现营业收入172亿元，而结合其他游 戏公司财报可以看出，世纪华通蝉联上半年A股"游戏营收王"。 单季营收实现"九连升" 报告显示，今年上半年世纪华通实现营业收入172.07亿元，同比增长85.50%；实现归属于上市公司股东 的净利润为26.56亿元，同比增长129.33%；实现扣非后归母净利润为25.86亿元，同比增长124.43%。而 经营性现金流已达39.18亿元，保持了107.4%的高速增长。 在境内市场，点点互动的主力产品《无尽冬日》稳居iOS游戏畅销榜TOP10，第二次亮相中国国际数码 互动娱乐展览会（ChinaJoy）强化了品牌曝光。新品《奔奔王国》已上线微信小游戏平台，还有多个项 目筹备中。同时，盛趣游戏聚焦经典IP运营，挖掘私域流量价值。《冒险岛》等长青游戏稳步增长，新 品《盟重神兵》《龙之谷世界》上线即获佳绩。公司加速推进经典IP多端互通版本研发，开拓增量市 场。天游软件运营的《街头篮球》迎来20周年，成功举办全国总决赛，构建多层次赛事体系。 值 ...

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]