Group 1 - The core point of the article highlights the stock performance of Blueport Interactive, which saw a 7.25% increase, reaching HKD 0.74 per share with a trading volume of HKD 1.25 million [1] - Blueport Interactive's primary business involves the development and publishing of online games, including self-developed and agency mobile games, web games, and client games, generating revenue through the sale of virtual goods and providing licensing and technical services [1] - The company has also invested in a third-party mobile game trading platform, "Tao Game," focusing on game account transactions [1] Group 2 - As of the 2024 annual report, Blueport Interactive reported total revenue of HKD 146 million and a net loss of HKD 29.03 million [2]

Core Insights - The China International Digital Entertainment Industry Conference (CDEC) was held in Shanghai on July 31, highlighting significant growth in the domestic gaming market in the first half of the year [1] Market Performance - The actual sales revenue of the domestic gaming market reached 168 billion yuan in the first half of the year, marking a year-on-year increase of 14.08% [1] - The gaming user base grew to nearly 679 million, reflecting a year-on-year growth of 0.72% [1] Self-Developed Games - The actual sales revenue from self-developed games in the domestic market was 140.45 billion yuan, showing a year-on-year increase of 19.29% [1] - The overseas revenue from self-developed games amounted to 9.501 billion USD, with a year-on-year growth of 11.07% [1] Key Overseas Markets - In the overseas market for self-developed mobile games, the United States accounted for 31.96%, Japan for 16.20%, and South Korea for 7.47%, collectively representing 55.63% of the total [1] - The combined market share of Germany, the UK, and France was 8.78%, indicating Europe remains an important region for Chinese game exports [1] Market Segmentation - Mobile games generated actual sales revenue that increased year-on-year, holding a dominant market share of 74.59% [1] - Client-based games also saw revenue growth, accounting for 21.07% of the market [1] - Web games represented a smaller share at 1.31% [1] - The actual sales revenue of the Chinese console game market reached 1.034 billion yuan, with a significant year-on-year increase of 29.78% [1]

Core Insights - The ChinaJoy event is set to open in Shanghai on July 31, 2025, with the China International Digital Entertainment Industry Conference (CDEC) kicking off the festivities [1] - The report released during the conference indicates that the domestic game market achieved actual sales revenue of 168 billion yuan in the first half of 2025, marking a year-on-year growth of 14.08% [1] - The number of game users in China reached approximately 679 million, reflecting a slight year-on-year increase of 0.72% [1] Industry Performance - The actual sales revenue from self-developed games in the domestic market for the first half of 2025 was 140.45 billion yuan, showing a year-on-year increase of 19.29% [3] - The overseas market for self-developed games generated actual sales revenue of 9.50 billion USD, with a year-on-year growth of 11.07% [3] - The primary overseas markets for self-developed mobile games include the United States (31.96%), Japan (16.20%), and South Korea (7.47%) [3] Market Segmentation - In the domestic market, mobile games accounted for 74.59% of actual sales revenue, while client games made up 21.07% and web games only 1.31% [3] - The small program game market in China showed remarkable performance, with actual sales revenue reaching 23.28 billion yuan, a year-on-year increase of 40.20% [4] - Among the revenue from small program games, in-app purchases generated 15.30 billion yuan (65.70%), while advertising revenue accounted for 7.97 billion yuan (34.30%) [4] Future Outlook - The domestic game market is expected to continue its growth trend in the second half of 2025, with a focus on protecting minors and expanding the positive impact of the gaming industry [4]

Core Viewpoint - The Chinese gaming industry, which experienced rapid growth before 2020, is now at a crossroads as it faces a slowdown in growth. However, there are signs of potential new growth driven by increased game approvals and supportive government policies [1][4]. Group 1: Game Approval Trends - The National Press and Publication Administration reported a record high of 147 new domestic online games approved in June 2025, indicating a sustained high level of game approvals in recent years [1]. - In 2024, the monthly issuance of domestic game licenses consistently exceeded 100, except for April and May, reflecting a robust approval process [1]. Group 2: Market Growth and Financial Data - In May 2025, the Chinese gaming market reached a scale of 280.51 billion yuan, marking a year-on-year growth of 9.86% and a month-on-month increase of 2.56% [3]. - The client game market size was 58.19 billion yuan, with a year-on-year growth of 1.58% and a month-on-month growth of 0.34% [3]. - The mobile game market size was 211.77 billion yuan, showing a year-on-year growth of 11.96% and a month-on-month growth of 3.69% [3]. Group 3: Government Support and Policies - Various regions, including Beijing, Shanghai, Guangdong, and Zhejiang, have introduced subsidies and measures to support high-quality game projects and original creations [3]. - Beijing's policy includes rewards of up to 5 million yuan for game development and operation companies [3]. - Zhejiang's measures aim to optimize game export processes and enhance international compliance, indicating a focus on expanding the global reach of Chinese games [3]. Group 4: Industry Trends and Future Outlook - The sustained high number of game approvals reflects a trend towards the production of high-quality games, with an increased likelihood of passing the approval process [5]. - The rise of casual and puzzle games, particularly after the success of titles like "Party of Eggs," indicates a shift in industry focus towards more engaging and innovative game types [9][10]. - The gaming industry is expected to enter a new phase of rapid growth over the next decade, driven by both domestic and international market opportunities [4][17].

Core Insights - The Chinese gaming market reached a scale of 28.051 billion yuan in May 2025, reflecting a year-on-year growth of 9.86% and a month-on-month growth of 2.56% [1] Market Segmentation - The client game market in China was valued at 5.819 billion yuan in May 2025, showing a year-on-year increase of 1.58% and a month-on-month increase of 0.34% [1] - The mobile gaming market in China achieved a scale of 21.177 billion yuan in May 2025, with a year-on-year growth of 11.96% and a month-on-month growth of 3.69% [1]

Core Viewpoint - The gaming sector in A-shares has experienced a significant rally, driven by various factors including market sentiment, policy support, and valuation improvements [2][4]. Group 1: Market Performance - As of the latest update, several A-share gaming companies have seen substantial gains, with Zhangqu Technology rising by 13.15%, Giant Network by 7.06%, and G-bits by 6.57% [2]. - In the Hong Kong market, NetDragon increased by 6.68%, and Tencent Holdings also showed strength [3]. Group 2: Industry Growth - According to Gamma Data's report, the Chinese gaming market reached a size of 27.351 billion yuan in April 2025, marking a year-on-year growth of 21.93% and a month-on-month increase of 2.47% [4]. - The client game market specifically accounted for 5.799 billion yuan, with a month-on-month growth of 3.75% and a year-on-year growth of 2.78% [5]. - The mobile gaming market size was 20.424 billion yuan, showing a year-on-year increase of 28.41% and a month-on-month growth of 3.07% [5]. Group 3: Policy and Supply Improvements - The National Press and Publication Administration recently approved 130 domestic games and 14 imported games, signaling a continued friendly policy environment [5]. - By the end of May 2025, 654 domestic game licenses and 44 imported game licenses had been issued, significantly improving the supply side of the gaming industry [5]. Group 4: Valuation Insights - Analysts noted that the current dynamic PE for leading A-share gaming companies ranges from 11 to 17 times, which is still at historical low levels [5]. - The presence of high dividend yields among some leading companies suggests that the gaming sector may offer a compelling combination of growth and dividend potential [5]. Group 5: Technological Advancements - The rapid development of AI technology is seen as a crucial factor for cost reduction and efficiency improvement in the gaming industry, potentially enhancing long-term value [6]. - The integration of AI in gaming is expected to improve user experience and commercial viability, leading to a resurgence in sector growth [6].