来源：上海证券报·中国证券网 上证报中国证券网讯（记者 罗茂林）11月25日，中国音数协游戏工委与伽马数据发布《2025年10月中 国游戏产业月度报告》显示，10月，中国国内游戏市场收入313.59亿元，环比增长5.66%，同比增长 7.83%。 具体来看，10月，国内移动游戏市场贡献主要增量，实际销售收入226.33亿元，环比增长5.33%，同比 增长2.36%。中国客户端游戏市场实际销售收入72.27亿元，环比增长1.92%，同比增长29.39%。此外， 中国自主研发游戏海外市场实际销售收入17.99亿美元，环比增长10.96%，同比增长11.90%。 ...

新华财经上海11月26日电中国音数协游戏工委与伽马数据日前发布《2025年10月中国游戏产业月度报告》显示，10 月，中国国内游戏市场收入313.59亿元，环比增长5.66%，同比增长7.83%。 具体来看，10月，国内移动游戏市场贡献主要增量，实际销售收入226.33亿元，环比增长5.33%，同比增长2.36%。中 国客户端游戏市场实际销售收入72.27亿元，环比增长1.92%，同比增长29.39%。此外，中国自主研发游戏海外市场实 际销售收入17.99亿美元，环比增长10.96%，同比增长11.90%。 2025年10月中国自主研发游戏国内 实际销售收入 258.68亿元 环比增长 5.58% ↑ 同比增长 10.19% ↑ * 2024年10月收入为234.76亿元 =中国自主研发游戏国内市场实际销售收入 →环比增长率 300.00 15 亿元 258.68 9/a 244.50 245.01 241.97 238.20 227.92 9 7.27 200.00 5 5.58 3.66 1.26 -1.03 100.00 -5 -4.32 0.00 -15 2025年5月 2025年6月 2025年7月 ...

Core Viewpoint - The stock of Dianhun Network has shown a slight increase recently, with a current market capitalization of 4.978 billion yuan, while the company faces declining revenue and net profit figures [1][2]. Group 1: Stock Performance - On November 25, Dianhun Network's stock rose by 2.05%, reaching 20.41 yuan per share, with a trading volume of 32.6877 million yuan and a turnover rate of 0.67% [1]. - Year-to-date, the stock price has increased by 2.61%, with a 5-day increase of 2.05%, a 20-day increase of 5.15%, but a 60-day decline of 12.85% [1]. Group 2: Financial Performance - For the period from January to September 2025, Dianhun Network reported a revenue of 293 million yuan, a year-on-year decrease of 29.08%, and a net profit attributable to shareholders of -30.515 million yuan, a year-on-year decrease of 140.83% [2]. - Cumulatively, since its A-share listing, the company has distributed a total of 844 million yuan in dividends, with 305 million yuan distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders of Dianhun Network decreased by 29.08% to 26,800, while the average circulating shares per person increased by 41.01% to 8,994 shares [2]. - Among the top ten circulating shareholders, Huaxia Zhongzheng Animation Game ETF holds 3.5159 million shares, an increase of 578,800 shares compared to the previous period, while Fuguo Optimized Enhanced Bond A/B holds 3.0503 million shares, an increase of 1.0937 million shares [3].

Group 1: Gaming Industry Performance - The gaming sector saw a significant rise, with gaming concept stocks collectively surging, particularly Jishi Media (601929) which hit the daily limit up, marking a total of 12 limit-ups since August, with an overall increase of over 186% [2][3] - The gaming industry is experiencing high growth, with the gaming concept index rising over 4% at one point, reaching a two-year high [3] - In the first eight months of this year, 1,050 domestic game licenses were issued, significantly higher than the 850 issued during the same period last year, indicating a favorable policy environment [5] Group 2: Market Trends and Projections - The Chinese gaming market is projected to achieve actual sales revenue of 168 billion yuan in the first half of 2025, representing a year-on-year growth of 14.08% [5] - The mobile gaming market's actual sales revenue reached 125.31 billion yuan in the first half of the year, growing by 16.55% year-on-year, while the client game market saw a revenue of 35.40 billion yuan, up by 4.86% [5] - The gaming industry's high growth is expected to continue, driven by policy support, industry recovery, and the acceleration of AI implementation [6] Group 3: Gold Market Dynamics - International gold prices reached a historical high, with spot gold prices surpassing $3,500 per ounce, peaking at $3,540.1 per ounce [10] - The domestic gold futures market also saw a significant rise, with prices increasing over 1% and reaching a four-month high [10] - Morgan Stanley predicts that the Federal Reserve will announce a 25 basis point rate cut, which could push gold prices to $3,800 per ounce by year-end, driven by the ongoing rate cut cycle and potential recovery in jewelry consumption in emerging markets [10][11]

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 client-side gaming industry in China is experiencing robust growth, with the market size projected to reach 67.981 billion yuan in 2024, reflecting a year-on-year increase of 2.56% [1][12]. - The successful implementation of the "cross-end integration" strategy has driven user growth and payment willingness, particularly through products like "Delta Action" [1][12]. - The industry is witnessing a recovery in game approvals, with 946 game licenses issued from January to July 2025, including 67 client-side games [1][17]. Industry Overview - Client-side games require users to download and install dedicated client software, enabling multiplayer interaction through network connections [2]. - Compared to web and mobile games, client-side games leverage local hardware for superior graphics and complex mechanics, offering a deeper gaming experience [3][4]. Market Dynamics - The client-side gaming market is expected to grow to 29.537 billion yuan in the first five months of 2025, marking a 4.96% increase year-on-year [1][12]. - The industry is characterized by a dual-structure competition, with Tencent and NetEase holding over 60% market share, while mid-tier companies like Century Huatong and emerging players like Mihayou are also making significant strides [21]. Policy Support - National and local governments are implementing supportive policies to foster the development of the client-side gaming industry, creating a robust policy framework for high-quality growth [5][7]. Technological Advancements - The industry is leveraging technological innovations such as AI and cloud gaming to enhance user experience and expand market reach [23][24]. - The integration of AI technologies is significantly reducing production costs and time, while cloud gaming is enabling cross-platform play [23]. User Demographics - The gaming user base in China is projected to reach 674 million in 2024, with a slight growth rate of 0.94% [10]. - The client-side gaming ecosystem is evolving to cater to diverse user demographics, including younger and older generations [10][25]. Competitive Landscape - The competitive landscape is marked by a mix of established giants, mid-tier companies, and innovative small enterprises, each focusing on different market segments and strategies [21]. - The industry is moving towards a model that emphasizes content innovation and social responsibility, with a focus on IP development and user protection [25]. Future Trends - The client-side gaming industry is expected to continue its trajectory of growth driven by technological integration, global expansion, and a focus on niche markets [23][24]. - There is a growing emphasis on creating engaging content and ensuring user safety, particularly for younger audiences [25].

Core Insights - The Chinese gaming industry is experiencing both structural opportunities and risks from 2024 to 2025, with listed gaming companies in China being undervalued compared to global peers, as evidenced by a significant difference in price-to-earnings ratios [2][3] Performance Disparity - Chinese gaming companies show a distinct performance gap compared to overseas firms, with 70.6% of Chinese companies in the global revenue TOP50 achieving positive revenue growth, outperforming their overseas counterparts by 22.1 percentage points [3] - Profitability remains a challenge, with only 53% of A-share gaming companies being profitable, which is 22 percentage points lower than the overall A-share market [3] - Rising costs, particularly in user acquisition, are pressuring profits, with a 86.6% year-on-year increase in user acquisition spending for the top 100 mobile games [3][4] IP Operations and Competitive Advantage - IP collaboration is becoming crucial for enhancing competitiveness, with a notable increase in IP partnerships, reaching 43 in the first half of 2025, surpassing the total of 39 in 2023 [4] - Listed gaming companies have a competitive edge in revenue return despite high customer acquisition costs, holding 78.2% of revenue in the top 100 mobile games while only accounting for 50% of acquisition spending [4] Structural Opportunities - Non-listed companies are finding success in the lightweight gaming sector, with the market for mini-program games reaching 232.76 billion yuan in the first half of 2025, growing over 40% [5] - Listed companies are leveraging cross-platform strategies, with 76% of the top 100 mobile games being cross-PC platform titles, contributing to revenue growth [5] Technological Advancements - AI technology is evolving from efficiency tools to core gameplay elements, with companies investing heavily in AI-driven games that offer personalized experiences [6] - The integration of AI has shown significant user engagement improvements, as seen with companies like Zulong Entertainment and 37 Interactive Entertainment [6][7] Cost Control Challenges - The commercialization of AI faces significant cost control challenges, with rising operational costs impacting profitability [7] - R&D pressures are increasing, with 14.7% of major listed gaming companies reporting net profit declines due to unmet product expectations [8] Industry Transition - The Chinese gaming industry is in a transformation phase, shifting from revenue competition to a focus on technological reserves, cross-platform integration, and sustainable business models [9]

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 Chinese gaming market achieved actual sales revenue of 168 billion yuan in the first half of 2023, marking a year-on-year growth of 14.08%, setting a new record [1] - The user base for games reached approximately 679 million, reflecting a year-on-year increase of 0.72%, also a historical high [1] - The growth in market revenue and user base is attributed to several factors, including the successful launch of new games, the steady performance of established games, and the strong growth of esports and mini-program games [1] Revenue Breakdown - Actual sales revenue from self-developed games in the domestic market reached 140.45 billion yuan, with a year-on-year growth of 19.29% [1] - The overseas market for self-developed games generated actual sales revenue of 9.501 billion USD, reflecting a year-on-year increase of 11.07% [1] - The distribution of overseas revenue from self-developed mobile games shows that the United States accounts for 31.96%, Japan for 16.2%, and South Korea for 7.47%, collectively representing 55.63% of the total [1] Market Segmentation - The mobile gaming market generated actual sales revenue of 125.31 billion yuan, with a year-on-year growth of 16.55% [2] - The client game market achieved actual sales revenue of 35.40 billion yuan, growing by 4.86% year-on-year [2] - The console game market saw actual sales revenue of 1.03 billion yuan, with a significant year-on-year growth of 29.78% [2] - The web game market, however, experienced a decline, with actual sales revenue of 2.20 billion yuan, down by 5.87% [2] Esports and Mini-Programs - The esports gaming market reached actual sales revenue of 80.65 billion yuan, reflecting a year-on-year growth of 16.64% [2] - The two-dimensional mobile game market reported actual sales revenue of 14.58 billion yuan, showing a decline of 8% [2] - The mini-program gaming market achieved actual sales revenue of 23.28 billion yuan, with a remarkable year-on-year growth of 40.2% [2] - Within the mini-program market, in-app purchases generated 15.30 billion yuan, accounting for 65.7% of the revenue, while advertising revenue contributed 7.97 billion yuan, making up 34.3% [2]

Core Insights - The Chinese gaming market achieved a record actual sales revenue of 168 billion yuan in the first half of 2023, marking a year-on-year growth of 14.08% [1] - The number of gaming users reached approximately 679 million, reflecting a growth of 0.72% year-on-year, also a historical high [1] - The growth in market revenue and user base is attributed to several factors, including the successful launch of new games, the steady performance of established games, and the strong growth of esports and mini-program games [1] Market Segmentation - The actual sales revenue of the mobile gaming market in China was 125.31 billion yuan, with a year-on-year increase of 16.55% [2] - The client game market generated 35.40 billion yuan, growing by 4.86% year-on-year, while the console game market saw a significant increase of 29.78%, reaching 1.03 billion yuan [2] - The web game market, however, experienced a decline, with actual sales revenue of 2.20 billion yuan, down by 5.87% [2] Esports and Other Segments - The esports gaming market achieved actual sales revenue of 80.65 billion yuan, reflecting a year-on-year growth of 16.64% [3] - The two-dimensional mobile game market saw a decline in revenue, totaling 14.58 billion yuan, down 8% year-on-year, attributed to factors such as slowing revenue growth of leading games and a lack of innovation [3] - The mini-program gaming market reported actual sales revenue of 23.28 billion yuan, with a remarkable growth of 40.2% year-on-year, where in-app purchases accounted for 65.7% of the revenue [3]