在跨界创新探索方面，三七互娱不断挖掘游戏赋能产业及城市发展的有效路径。近期，三七互娱以"超级合伙人"身份入围首批广州"城市合伙人"。在第十五届全运会期间，三七互娱旗下虚拟人 除全运会的联动外，三七互娱旗下热门游戏《寻道大千》《时光杂货店》以"游戏+文化"的形式，和武当山景区、潍坊风筝会、中国书店等进行跨界联动，以创新形式拉近年轻人与传统文化的距 从传统文化的年轻化表达，到城市文旅的数字化赋能，三七互娱以数字科技和文化创意为支点，既让中华文化在创新中传承，也为社会价值传播开辟了新路径。 1500人次生态实践 推动绿美理念普及 从古代器物、诗词歌赋到蕴含中华传统哲学的"责任美学"，用特定主题诠释企业社会责任理念已成为三七互娱的特色。今年，三七互娱用AI绘制报告主题页，展示企业对科技的探索。主题页设 以勺嘴鹬所在环境保护章节为例，报告以这个滨海湿地生态的"旗舰物种"，来象征企业保护生物多样性，推动人与自然和谐共生的积极实践。据悉，在报告期内，三七互娱持续推进1款湿地生态 在绿美广东的实践中，三七互娱携手知名环保公益组织，推进城市伴生湿地及生物多样性守护行动，包括支持专业机构开展城市小微湿地调研和开发湿地修复课程，共 ...

8月26日上午，A股三大指数低开高走。截至午盘，沪指涨0.11%，报3888.00点；深证成指涨0.73%，创业板指涨0.21%。沪深北三市半日成交额16994亿 元，较上日缩量4026亿元。全市场超3300只个股上涨。 盘面上。游戏板块集体走高，三七互娱涨停。猪肉股盘中拉升，牧原股份逼近涨停。华为软件板块集体走强，正元智慧、拓维信息封板涨停。商业航天板 块活跃，中国卫星2连板。 游戏板块开盘活跃 三七互娱开盘4分钟涨停 8月26日，早盘游戏股震荡走强，三七互娱开盘4分钟涨停，冰川网络、恺英网络、巨人网络等跟涨。 拓维信息涨停 8月26日早盘，华为昇腾概念股震荡拉升，正元智慧"20cm"涨停，拓维信息涨停，润和软件涨逾8%。 | | | | 大 | 19.40 11.0 /J | | --- | --- | --- | --- | --- | | | | | 分时成交 ▼ | | | | | | 11:28 19.46 | 8 | | | | | 11:28 19.46 | 105 | | | | | 11:28 19.46 | 55 | | | | | 11:28 19.46 | 18 | | 47-69 ...

Core Insights - The gaming industry is increasingly focusing on AI, with major companies like Tencent and NetEase leveraging AI for strategic development and operational efficiency [1][2][4] - The 2025 ChinaJoy event highlighted AI's transformative potential in game production and experience, showcasing significant improvements in efficiency and accuracy [1][10] - Executives from various companies emphasized the importance of AI in reshaping the gaming landscape, with practical applications already yielding impressive results [1][6][16] Group 1: AI Integration in Gaming - AI is seen as a crucial element in the strategic layout of gaming companies, with a focus on enhancing production efficiency and user experience [1][4] - Tencent's "Hunyuan" model has introduced a game visual generation platform that significantly boosts design efficiency, demonstrating the practical application of AI in gaming [2][4] - Companies are reporting substantial improvements, such as over 80% efficiency in image generation and 95% accuracy in AI translation [1][10] Group 2: Challenges and Opportunities - The gaming industry faces challenges in balancing performance and value perception, as well as emotional and brand value [6][8] - There is a need for effective human-AI collaboration, with companies exploring new paradigms to enhance creativity while maintaining content originality [6][9] - The integration of AI is expected to lead to a comprehensive transformation of the gaming ecosystem, moving beyond isolated innovations to a complete overhaul [5][16] Group 3: Future Directions - Companies like Baidu and Perfect World are developing comprehensive AI solutions that streamline the entire game development process, from concept to execution [16][14] - The gaming industry is entering a new era of intelligent production capabilities, with AI tools expected to enhance both creativity and operational efficiency [16][14] - The long development cycles in gaming mean that the full impact of AI will take time to materialize, suggesting a gradual but significant shift in the industry [17]

每经记者｜李宇彤 每经实习编辑｜余婷婷 "游戏公司需要有自己的AI（人工智能）战略，从文化、组织、人才、能力、投资等方面自上而下推动AI的落地。"在7月31日的第二十二届中国国际数字娱 乐产业大会（CDEC）上，三七互娱（维权）技术中心数据副总裁王传鹏如是说道。 会上，王传鹏发表了《让思考者做选择，让梦想家去创造——AIGC赋能游戏研运》的主题演讲。演讲中他表示，未来在AI赋能下的高效工作模式，大部分 繁琐、重复的工作内容将交给AI来执行，让思考者做选择、让梦想家去创造。 三七互娱的人工智能布局始于2018年，经过多年发展，其在人工智能领域的投入已经逐步构建起以AI能力底座为核心、涵盖智能化产品层与业务应用层的 AI架构，形成了游戏研运全链路AI赋能体系。 目前，围绕自主研发的行业大模型"小七"，三七互娱构建了40余种AI能力，应用于公司各个业务环节。演讲中，王传鹏具体举例道："在2D图片生成上，借 助人工智能我们单季度能产出超过50万张的素材，提效超过80%。此外，能产出超过300个3D资产，占比超30%。在利用人工智能后，美术团队能够将更多 精力投入到创意设计中。" 目前，包括7月11日最新上线的《斗罗大 ...

Core Insights - The entertainment industry is undergoing unprecedented transformation driven by digital technologies such as AI, 5G, and cloud computing, leading to immersive experiences, personalized content delivery, and global dissemination [1] - 37 Interactive Entertainment, a global entertainment giant based in Guangzhou, is leveraging a "culture + technology" dual-driven strategy to lead the digital transformation in the industry [1] - The company aims to promote Chinese culture globally through digital means, creating culturally impactful products since its establishment in 2009 [1] Group 1 - The new global headquarters of 37 Interactive Entertainment is a hub of creativity and efficiency, requiring high-quality network support for thousands of simultaneous operations [2] - The company has partnered with Huawei to implement a high-bandwidth, low-latency network solution, enhancing the digital transformation process [2][4] - The integration of AI technology into the AirEngine series Wi-Fi 7 AP has resulted in a high-quality, automated smart campus network, significantly improving operational efficiency [4] Group 2 - 37 Interactive Entertainment has established a global digital link to overcome cultural barriers, enabling cultural IP products to be enjoyed globally with low latency and high quality [4] - The company has developed an "AI three-step" strategy to create a digital matrix covering research and operational processes, enhancing efficiency in product testing and advertising [4] - The proprietary industry model "Xiao Qi" supports complex office functions, achieving a 90% coverage rate in customer service and translation scenarios [5]

Core Viewpoint - The gaming industry in Guangzhou is experiencing significant growth, with total revenue projected to reach approximately 140.67 billion yuan in 2024, marking a year-on-year increase of about 10.5% and accounting for 43.17% of the national gaming revenue [2][26]. Group 1: Industry Overview - The gaming industry in Guangzhou is the largest in China, with over 25% of the national workforce in this sector [2]. - Guangzhou has 28 companies listed in the top 100 Chinese mini-game enterprises, the highest number in the country [2][26]. - The gaming industry is recognized for its explosive growth potential, having surpassed the combined revenues of the music and film industries globally as early as 2018 [18]. Group 2: Company Spotlight - Kuro Technology - Kuro Technology, known for its game "Ningchao," has taken a unique approach by launching a globally synchronized version of the game, a strategy not commonly adopted even by larger companies [6][11]. - The development of "Ningchao" involved over three years of research and development with costs exceeding several hundred million yuan, showcasing a high-risk, high-reward strategy [11][12]. - The game achieved over 30 million global pre-registrations and ranked highly on iOS download charts in 107 countries upon its release [11][12]. Group 3: Policy and Future Development - Guangdong province has introduced targeted policies to enhance the gaming and e-sports industry, focusing on cultural empowerment and technological innovation [28][29]. - The gaming industry is seen as a vital part of the cultural economy, with Guangzhou's cultural industry revenue reaching 604.1 billion yuan in 2024, a 4% increase year-on-year [29]. - The establishment of the "Game Valley" in the Greater Bay Area aims to create a comprehensive gaming production ecosystem, integrating research, development, and distribution [23][27].

Core Viewpoint - The 21st China (Shenzhen) International Cultural Industries Fair emphasizes the integration of technology and culture, showcasing how technological innovations are transforming the cultural industry and creating new opportunities for growth and change [1] Group 1: Technology Integration in Cultural Production - Tencent is leveraging its AI model to enhance the efficiency of cultural content production, significantly reducing the time required to create promotional materials for films and games [2] - 37 Interactive Entertainment has developed its own AI model, "Xiao Qi," which supports advertising and content creation, with AI-generated videos accounting for nearly 80% of domestic and 70% of overseas distribution [3] - The cultural and related industries in China are projected to achieve over 14 trillion yuan in revenue, with digital and intelligent sectors growing at a rate of 9.8%, surpassing the average growth of other cultural enterprises [3] Group 2: New Cultural Consumption Experiences - Robotics, such as the humanoid robot G1 from Yushu Technology, are being used in cultural tourism to enhance visitor engagement and promote local culture [4] - Advanced VR technology is being utilized to create immersive cultural experiences, such as the VR project "Tianshu: The Heartbeat of the Ancient Canal," which synchronizes virtual elements with real-world tours [5] - The integration of technology in cultural experiences is essential to avoid homogenization, with a focus on customizing experiences to local characteristics [5] Group 3: Cultural Transmission and Preservation - Recent cultural products, like the game "Call Me the Boss," utilize modern technology to present traditional Chinese culture, attracting significant international interest [6] - Technology is also aiding in the preservation of traditional culture, exemplified by Tencent's initiative to restore classic opera performances using AI image restoration techniques [7] - The fair showcases various innovative applications of technology in cultural expressions, highlighting the synergy between technological advancement and cultural confidence [7]

Group 1 - Tencent launched the "Hunyuan Game" visual generation platform, an industrial-grade AIGC game content production engine that significantly optimizes game asset generation and production processes [1] - The platform aims to assist game designers by providing AI tools to quickly generate high-quality game materials and concept drafts, potentially increasing design efficiency by several times [1] - The introduction of "Hunyuan Game" is expected to benefit small and medium-sized game developers and independent designers, promoting cost reduction and efficiency improvement in the gaming industry [1] Group 2 - According to a report by Guojin Securities, game development costs can account for 15% to 35% of total revenue, with art investment making up 50% to 70% of development costs [2] - The "Hunyuan Game" focuses on the game art concept design phase, offering capabilities such as AI art pipeline, real-time canvas, AI 2D art generation, and professional character multi-view generation [2] - The time required for generating character multi-views has been reduced from 12 hours to between a few minutes and 30 minutes, achieving a consistency rate of 99% [2] Group 3 - In Q1 2025, Tencent's game business generated total revenue of 59.5 billion yuan, with international revenue at 16.6 billion yuan and domestic market revenue at 42.9 billion yuan [3] - AI capabilities have made substantial contributions to Tencent's performance in areas such as effective advertising and evergreen games [3] Group 4 - The impact of AI on performance in the gaming industry is becoming increasingly evident, with listed gaming companies accelerating their AI strategies [4] - Companies like Sanqi Interactive Entertainment and Giant Network are leveraging AI technologies to enhance their game development and advertising processes [4] - The exploration of AIGC in gaming still has significant potential, especially as the industry seeks to create more sophisticated AAA games and complex large-scale projects [4]

Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 4.243 billion yuan, a year-over-year decrease of 10.67% and a quarter-over-quarter increase of 3.45% [1] - The net profit attributable to the parent company was 549 million yuan, down 10.87% year-over-year and down 29.19% quarter-over-quarter [1] - The non-recurring net profit was 536 million yuan, reflecting a year-over-year decline of 12.90% and a quarter-over-quarter decline of 24.90% [1] Group 2: Product Development and Pipeline - The key product "Time Explosion" ranked 4th in the WeChat mini-game sales list, while "Heroes Have No Flash" entered the iOS sales top five upon launch and topped the WeChat mini-game sales list in April [2] - The company has built a comprehensive pipeline with key products like "Douluo Dalu: Hunting Soul World," "The Son-in-Law," and "Code MLK" all obtaining domestic game licenses, indicating a potential for sustained product cycles [2] - The company is implementing refined operational strategies to extend the lifecycle of mature products like "Seeking the Way to the Universe" and "Douluo Dalu: Soul Master Showdown," which may enhance operational performance stability [2] Group 3: AI Technology Integration - The company has developed an in-house game industry large model "Xiao Qi" and an external advanced model cluster, creating a complete technical system with over 40 AI capabilities, significantly improving R&D efficiency and operational precision [3] - AI technology has been applied to achieve intelligent production and application of various content forms, which may become a core competitive advantage in the new industry landscape [3] - Continuous investment in AI is expected to enhance the company's ability to commercialize AI products and provide solid support for medium to long-term performance growth [3] Group 4: Profit Forecast and Valuation - The company forecasts net profit attributable to the parent company for 2025-2027 to be 2.85 billion, 3.18 billion, and 3.48 billion yuan, respectively, with slight downward adjustments of 1%-2% due to product revenue instability [4] - The average PE ratio for comparable companies in 2025 is expected to be 17 times, while the company is assigned a PE of 15 times for 2025, maintaining a target price of 19.33 yuan, slightly down from the previous 19.53 yuan [4] - The company maintains a "buy" rating based on its future product launch uncertainties [4]

尽管AI布局者众，但真正将AI深融进业务/投资的企业，可谓屈指可数。 导语 ：当AI+游戏必选项，从工具应用到产业投资，体系化的AI布局，将带来新一轮价值重估。 一个被称为"互联网下个世代的钥匙"，另一个被称为"第九艺术"——AI与游戏，正以高居不下的热度，碰撞出改变行 业的火花。 稳健的业绩已是三七互娱的基本操作，从这份报告中，我们更应该去看到三七互娱对AI的应用与投资，其并非简单地 追热点、造事件，而是借前瞻布局眼光，在这场生产力变革的浪潮中，讲出了一个估值重构的新故事。 三七互娱全球总部大厦，图片来源：三七互娱官网 "AI，让游戏再次伟大" 在这场AI重塑浪潮里，三七互娱（002555.SZ）不是最惹人关注的，但实力则是不容小觑。近日，三七互娱发布了 2024年度报告，报告期内，公司实现营业收入174.41亿元，同比增长5.4%，实现归属于上市公司股东的净利润26.73亿 元，同比增长0.54%。 近年来，"AI，让游戏再次伟大"的论调此起彼伏，其核心论点之一，在于AI对代码生成、美术/音频制作开发、运营、 服务、营销等"人力黑洞"环节的解放。 许多游戏厂商对AI工具的使用在近一两年呈现大幅增长。以St ...