证券研究报告 完美世界 (002624 CH) 业绩符合预期，诛仙 2、P5X 发力 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 增持 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 27 日│中国内地 | 文化娱乐 | 目标价(人民币): | 18.34 | 25H1 公司毛利率 56.68%，yoy -8.19pct，主因毛利率较低的影视业务占比 提升。25H1 公司销售费用率为 8.9%，yoy -9.4pct，主因发行费用降低；管 理费用率 9.1%，yoy -7.8pct，主因对相关人员优化。研发费用投入 9.42 亿 元，yoy -0.95pct，人员有所减少但计提部分奖金。AI 方面，公司已将 AI 工 具全面融入研发管线，通过 AIGC 生产工具的规模化应用，显著提升了研发 效率。另外公司还自研大模型智能体平台，开发多种新型游戏开发工具。未 来随着 AI 技术的持续赋能，公司有望进一步提升研发效率。 盈利预测与估值 我们维持公司 25-27 年归母净利润为 7.39/14.23/15.33 亿元，对应 EPS ...

Core Viewpoint - The Shanghai Municipal Government has introduced measures to promote the high-quality development of the software and information services industry, particularly focusing on attracting foreign game companies to establish R&D teams in Shanghai by treating their products as domestic games for licensing purposes [1][3]. Group 1: Policy Measures - The measures aim to invigorate the operational vitality of software and information service enterprises, support AI-driven upgrades, cultivate new growth drivers, and reduce costs for companies in the sector [1]. - A notable aspect is the pilot policy allowing foreign game companies' products developed in Shanghai to be treated as domestic games, which is expected to enhance their chances of obtaining game licenses [1][6]. Group 2: Market Context - Shanghai is a preferred entry point for foreign game companies due to its status as a highland of openness in China, with many well-known firms like Ubisoft and Blizzard establishing their Chinese headquarters there [3]. - Despite having many foreign company headquarters, Shanghai has struggled to attract direct game development due to operational qualifications and licensing restrictions, limiting its industry scale [3][4]. Group 3: Competitive Landscape - The competition among cities for the game industry is intense, and Shanghai's ability to convert foreign company headquarters into substantial investments and a robust industry ecosystem is crucial [3][4]. - Local game companies in Shanghai, while established, lack the scale and experience compared to giants like Tencent and NetEase, making it essential for Shanghai to offer more attractive pathways for foreign collaboration [4]. Group 4: Licensing and Regulatory Challenges - The likelihood of foreign game companies obtaining domestic game licenses is significantly higher, with 1,306 domestic game licenses issued in 2024 compared to only 110 for imported games [6]. - However, obtaining a license still requires compliance with additional regulations, such as APP filing and possessing an ICP license, which presents further challenges for foreign companies [7]. Group 5: Future Implications - The pilot policy is seen as timely, as many foreign companies are looking to cut costs and may find it advantageous to establish R&D teams in Shanghai, leveraging local talent and reducing communication barriers [5]. - The actual impact of these measures on foreign game companies will depend on subsequent policies and their integration with existing regulatory frameworks [7].

Group 1 - The issuance of domestic game licenses has shown a continuous upward trend, with a total of 757 domestic and 55 imported licenses granted in the first half of the year, exceeding 800 in total [1] - The stable supply of licenses is expected to help the industry transition from scale expansion to quality upgrading, encouraging companies to focus on high-quality game development through innovation and technology [1] - The recent policies from various provinces, such as Zhejiang and Beijing, aim to support the gaming industry’s high-quality development and international expansion, indicating a favorable regulatory environment [2] Group 2 - The overseas market is becoming a new growth engine for companies, with several firms reporting significant success in international markets, such as the launch of games that topped charts in Japan and other countries [3][4] - Companies are increasingly leveraging mature IPs and localized operations to enhance user engagement and overcome cultural barriers in international markets [4] - The normalization of license issuance is releasing supply vitality in the gaming industry, allowing numerous new games to enter the market and reshaping the competitive landscape [5] Group 3 - Companies are actively participating in major gaming events to promote their new titles, with several games set to launch in the upcoming months, indicating a robust pipeline of new products [5][6] - The integration of AI and other advanced technologies is transforming game development and gameplay, with significant improvements in efficiency and user experience [6] - The gaming market in China is projected to grow significantly, with estimates suggesting it could exceed 500 billion yuan by 2025 and reach 670 billion yuan by 2030, reflecting a compound annual growth rate of over 8% [6] Group 4 - Despite the growth in the gaming industry, challenges such as homogenized competition and high marketing costs persist, necessitating innovation and improved global strategies among companies [7] - The domestic gaming market is expected to grow steadily, with mobile games remaining dominant, while PC and console games may gain market share through high-quality offerings [7] - Companies with strong capabilities in quality development, global operations, and technological innovation are likely to gain a competitive advantage in the evolving industry landscape [7]

Core Insights - The article highlights the rapid growth and global success of Chinese mobile games, with 33 Chinese companies making it to the top 100 global mobile game publishers, generating $2 billion in revenue, accounting for 38.4% of the total [3] - Chinese mobile games have seen a significant increase in overseas revenue, reaching $18.56 billion in 2024, with a year-on-year growth rate of 13.39% [3][5] - The shift in strategy from domestic-focused development to global-first design has been crucial for the success of Chinese games in international markets [5][6] Industry Growth - The mobile gaming sector has become a dominant force for Chinese games, with approximately 25% of the top 50 global mobile publishers being Chinese [3] - The revenue from Chinese games in overseas markets has grown from less than $1 million to over $100 billion in five years, with a consistent annual growth rate exceeding 10% [4][5] Strategic Shifts - Companies have transitioned from primarily exporting game copyrights to designing games with global releases in mind from the outset [5][6] - Successful titles like "Black Myth: Wukong" and "Genshin Impact" were developed with global audiences in mind, featuring multi-language support from launch [5][6] Market Understanding - Chinese game developers have deepened their understanding of overseas markets, tailoring content to local preferences and cultural contexts [6][7] - Different strategies are employed for various regions, with IP collaborations being more effective in Japan and Korea compared to Western markets [7] Technological Advancements - Chinese game developers have surpassed their international counterparts in mobile game development efficiency and technology application [9][16] - The use of advanced game engines and AI technology has contributed to the leading position of Chinese mobile games [16] Marketing and Promotion - Chinese companies have leveraged social media and targeted marketing strategies to enhance visibility and user acquisition in international markets [17][19] - The integration of local cultural elements into games has been positively received, enhancing the appeal of Chinese games abroad [21] Cultural Impact - The success of Chinese games abroad reflects the broader trend of Chinese cultural products gaining international recognition, with a significant increase in cultural exports [22][23] - The gaming industry's growth is indicative of China's rising global influence and competitiveness in various sectors [23]