Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - The new game cycle in January continues with several products like "Duck Duck Goose" and "Heart Town" launching successfully. The trend of Chinese games going overseas remains strong, with leading companies like Dd and others showing impressive performance. The industry is expected to see a series of new game launches, leading to continuous catalysts [2][4] - The gaming sector's product cycle in 2026 shows strong sustainability and performance certainty, indicating room for valuation improvement. It is recommended to continue focusing on investment opportunities in the gaming sector, with relevant companies including Giant Network, Kaiying Network, Perfect World, 37 Interactive, G-bits, Yaoji Technology, Shengtian Network, Tencent Holdings, and Xindong Company [2][4] Summary by Sections New Game Launches - The January new game cycle has seen successful launches, including "Duck Duck Goose," which has gained significant popularity, and "Heart Town," which topped the global free charts in over 50 regions during its pre-download phase [2][4] - The performance of these new games validates the importance of global expansion and social interaction as growth engines in the gaming industry, with a strategy of "evergreen games + globalization" becoming key for leading companies [10] Overseas Market Performance - The overseas gaming market continues to thrive, with Dd's "Whiteout Survival" achieving over $4 billion in global revenue by December 2025. Other games like "Tasty Travels: Merge Game" and "Truck Star" have also shown strong performance in the overseas market [10] Future Game Releases - Upcoming game releases include Tencent's "Counter-Strike: Future" on January 13, "Rock Kingdom: World" on March 26, and several others from various companies, indicating a busy launch schedule that may catalyze further industry growth [10]

Core Insights - The year 2025 marks a continued cooling in the two-dimensional (2D) gaming sector, with several notable games ceasing updates or operations, despite some having been initially promising [1] - The market is characterized by a mix of stagnation and opportunity, as established titles like "Genshin Impact" and "Honkai: Star Rail" continue to perform well, while new releases struggle to gain traction [1][11] - The industry is experiencing a shift towards a more cautious and conservative approach, with a focus on proven content and established IPs, as new titles face significant challenges in user acquisition and retention [10][12] Industry Trends - The number of new users in the 2D gaming sector is declining, with existing products dominating the market, making it difficult for new entries to break through without strong IP or content differentiation [6][12] - Investment in 2D projects is becoming more scrutinized, with tighter cash flow and recovery cycle expectations, leading to increased pressure on content quality and production costs [7][9] - The trend of low-cost, safe-to-play games is no longer viable, as the market demands higher quality and more innovative gameplay experiences [13][18] Market Dynamics - The absence of a "national-level" blockbuster in 2025 has left many older titles stable, as they rely on their established user bases and ongoing content updates [11][12] - Players are increasingly opting for well-established titles over new releases, reflecting a preference for reliability in a market filled with uncertainty [12] - The industry is witnessing a shift in focus from creative gameplay to minimizing risk and ensuring player retention, leading to a more formulaic approach to game development [10][11] Challenges Faced - The pressure on developers has intensified, with a need for community management and risk assessment becoming critical components of game development [4][10] - Recruitment challenges persist, as the industry faces a shortage of skilled professionals who can effectively contribute to 2D game development [4][5] - The overall sentiment in the industry reflects a sense of fatigue and caution, with many professionals feeling overwhelmed by the pressures of maintaining quality and meeting player expectations [4][10]

2025年是中国游戏市场和中国游戏"出海"规模爆发的一年，被业内视为"游戏大年"。越来越多优秀游戏 涌现，得益于近两年版号数量的增长。据《证券日报》记者梳理，2025年，我国累计发放国产网络游戏 版号1676款，相比2024年的1306款同比增长28.33%。 "当前来看，客户端和主机游戏在中国开始进入高速发展期，之后的市场规模大概率会越来越大。最重 要的原因是，2025年游戏厂商与渠道商收入分成的博弈白热化。"上海夏至良时咨询管理有限公司高级 研究员杨怀玉在接受《证券日报》记者采访时表示。 渠道分成博弈白热化 例如，腾讯旗下的《王者荣耀世界》，在今年5月份的版号审批中变更信息，在原移动端版本基础上， 新增了客户端版本；完美世界旗下的《异环》，在5月份版号审批中，更是同时申报了移动端、客户端 和主机(PS5)三个类别；创梦天地的《幻幻灵之战》，在12月份的审批中，也同时申请了移动端、客户 端和主机(PS5)。 不少多端游戏也驱动了上市公司业绩的增长。腾讯2025年第三季度财报显示，《三角洲行动》作为该公 司首款于全球多地发行的国产自研三端互通射击游戏，在本土市场已经进入行业流水前三，全球发行有 望成为腾讯海外 ...

Group 1 - The year 2025 is anticipated to be a significant year for China's gaming market and the "going global" trend, with a total of 1,676 domestic online game licenses issued, representing a 28.33% increase from 1,306 in 2024 [1] - The number of multi-platform game licenses reached 103 in 2025, up 9.57% from 94 in 2024, indicating a shift towards more diverse gaming platforms beyond mobile [1] - Major companies are increasingly applying for licenses for client and console versions alongside mobile versions, reflecting a strategic shift in the gaming industry [2] Group 2 - Tencent's "Delta Action" and NetEase's "Yanyun Sixteen Sounds" have achieved significant success, with the latter surpassing 15 million global players within a month of its overseas launch, setting a new record for Chinese games going global [2] - The client game market is experiencing a strong recovery, with actual sales revenue reaching 78.16 billion yuan in 2025, a 14.97% year-on-year increase, while the console game market saw an 86.33% increase to 8.362 billion yuan [3] - The rise of multi-platform games is attributed to their broader player base and increased confidence in producing AAA games, which require higher technical standards [3] Group 3 - The revenue-sharing model with distribution channels has become increasingly contentious, with Android channels demanding up to 50% and Apple around 30%, squeezing profit margins for game developers [4] - High distribution fees have led several top companies to withdraw popular games from Android channels, marking a significant shift in the industry [4] - Adjustments in revenue-sharing agreements, such as Apple's reduction to 15% and some Android channels negotiating down to 10-20%, indicate a changing landscape for game distribution [4][5] Group 4 - The increase in client games is seen as a strategic response by game developers to combat high mobile game distribution fees, suggesting a potential shift away from the current "channel dominance" model [6]

国泰海通发布研报称，传媒行业正处于AI应用加速发展和文娱产业周期向上的关键节点，2025年指数 表现较好，2026年在产品和政策的共振下有望延续强势。从AI应用方面看，2025年8月《国务院关于深 入实施"人工智能+"行动的意见》颁布，标志着AI已上升至国家战略层面，"人工智能+"有望延续"互联 网+"的热潮，造就新生态、新场景、新商业。再从文娱产业来看，以"哪吒"、"黑神话：悟空"等为代表 的本土IP不仅在国内深受消费者喜爱，更是在全球范围内掀起热潮。 国泰海通主要观点如下： 风险提示：市场竞争风险，行业及监管政策风险，技术发展不及预期，产品表现不及预期。 AI应用高速发展与文娱产业周期向上的黄金时期。 从AI应用方面看，2025年8月《国务院关于深入实施"人工智能+"行动的意见》颁布，标志着AI已上升 至国家战略层面，"人工智能+"有望延续"互联网+"的热潮，造就新生态、新场景、新商业。再从文娱产 业来看，以"哪吒"、"黑神话：悟空"等为代表的本土IP不仅在国内深受消费者喜爱，更是在全球范围内 掀起热潮。而例如游戏、影视等互联网时期诞生的娱乐内容形式亦展现出极强的生命力，《超自然行动 组》、《无尽冬日》、 ...

国内游戏市场实际销售收入3507.89亿元、国内游戏用户规模达6.83亿……这是中国游戏产业2025年底交出的亮眼成绩单。 12月19日，2025年度中国游戏产业年会大会在上海徐汇举行，期间发布的2025中国游戏产业报告显示，中国游戏为助力新兴经济发展、繁荣中华优秀文化、 激发全民创新创造活力作出了有益贡献。 在文化传承上，文化内核正成为中国游戏在国际舞台上的核心竞争力。中国音像与数字出版协会理事长孙寿山认为，要让游戏成为新时代的"礼乐诗书"，让 游戏承载文明、传承文化、赋能创新成为全行业的追求。 根据多年文化融合赋能实践，伊迪认为目前中国游戏的文化联动已经升维到3.0阶段，中华优秀传统文化已经与游戏剧情、版本、任务、角色深度融合，吸 引着国内外用户在游戏交互中主动寻求中国文化熏陶。 在技术创新领域，作为技术集成与应用的前沿领域，游戏不断驱动AI、数字交互引擎、图形渲染等技术突破。鉴于游戏在技术领域的牵引力，欧盟今年通 过"欧洲创意计划"，加大对独立游戏开发的支持，推动文化多样性和技术创新。 除了自身产值持续增长外，游戏产业具备有极强的外溢效应。中国音数协游戏工委今年启动了游戏助力经济生态发展研究课题，经课题 ...

如果时间能倒流，不知道UP主逍遥散人是否还会选择发布那段观看游戏《Varsapura》实机演示的视频。正是这则视频，让这位多次躲过互联网"清算"、 在B站风评相当不错的UP主，迎来了从业后最大危机。 5天掉粉20万，最终掉了45万活粉。其中包括大批高等级舰长、逍遥散人与《逆水寒》《星绘有晴天》的合作被叫停、曾与他有过合作的品牌也被牵扯其 中，客服团队大量被质问是否停止与他的合作，其中有些不明就里的客服回复，又形成一轮新的抵制传播路径。 如果对圈子生态并不了解，看到逍遥散人又是掉粉又是掉商单，或许你会好奇他究竟做了什么。但实际上，导火索是那条与《Varsapura》有关的视频，以 及粉丝劝说逍遥散人删掉视频时，他那句"现在什么国产游戏都有争议，玩家如果想玩的话玩就可以，如果因为争议强行不玩的话，吃亏的是自己。" 事实上，播了《Varsapura》视频的UP不到近千也有上百，为何独独"逍遥散人"崩坏了呢？因为他恰恰是一名女性粉丝占80%以上，且一直有"尊重女性"标 签的UP主，之前一直没播《黑神话·悟空》的他就被部分粉丝视为"UP典范"，但这一次他的回应和行为，在他的核心粉丝看来无异于是种"背叛"。之后逍 遥散人 ...

Core Viewpoint - The recent share reduction by the actual controller of Perfect World, Chi Yufeng, has raised concerns in the capital market, especially given the company's previous poor performance and the recent stabilization of its financials. Chi Yufeng's reduction has resulted in a cash-out of nearly 500 million yuan [2][3]. Shareholder Actions - Chi Yufeng plans to reduce his holdings by up to 32,979,500 shares, accounting for 1.7% of the total share capital, citing "personal funding needs" as the reason. As of the announcement date, he holds 14,912,240 shares, representing 7.69% of the total [3][4]. - Since June 2019, Chi Yufeng has cumulatively reduced his holdings by 76,929,900 shares, cashing out approximately 2.5 billion yuan. Including the current planned reduction, the total cash-out will exceed 3 billion yuan [4]. Financial Performance - In 2024, Perfect World reported a revenue of 5.57 billion yuan, a year-on-year decrease of 28.5%, and a net loss of 1.29 billion yuan, compared to a profit of 491 million yuan in 2023. The company has shut down several projects due to poor expected returns and has significantly reduced its workforce from over 5,700 to under 4,000 [5]. - However, in the first three quarters of this year, the company achieved a revenue of 5.42 billion yuan, a year-on-year increase of 33%, and a net profit of 666 million yuan, marking a return to profitability. The gaming segment generated 4.48 billion yuan in revenue, up 15.64% year-on-year [5][6]. Market Reactions - Following the announcement of the share reduction, Perfect World's stock price fell over 7% on November 28, closing at 17.17 yuan per share, a decline of 6.59%. The stock price rebounded slightly to 14.56 yuan on December 1, with a 2.75% increase, although large orders showed a net outflow [7]. Industry Context - Several A-share gaming companies have also announced share reductions recently, indicating a trend among major shareholders to cash out amid a rising market. Analysts suggest that this is a cyclical issue, as many gaming companies face challenges with older game products declining and new releases lacking strength [8][10]. - Perfect World is currently working on several projects, including the highly anticipated game "Yihuan," which is facing significant competition in the market. The success of "Yihuan" remains uncertain, especially given the high failure rate of domestic two-dimensional games [11].

Core Viewpoint - Perfect World (002624.SZ) reported a closing price of 16.42 yuan, with a decline of 6.01% [1] Group 1: Company Performance - A brokerage firm released a report predicting that Perfect World's net profit attributable to shareholders will reach 770 million yuan in 2025 and 1.51 billion yuan in 2026 [1] - The report indicates that the price-to-earnings (PE) ratios for 2025 and 2026 are projected to be 43.4 times and 22.0 times, respectively [1] - The brokerage maintains a "buy" rating for the company [1]

Core Insights - The 2025 Tokyo Game Show (TGS) concluded with record attendance and participation, highlighting the growing influence of Chinese game developers in the Japanese market [1][3][5] Group 1: Event Overview - TGS 2025 featured a record 1,136 exhibitors and 4,157 booths, with attendance exceeding 260,000, showcasing a vibrant atmosphere [1][2] - The event emphasized content over form, with many new product launches and gameplay experiences available for attendees [2] Group 2: Chinese Game Developers' Impact - Chinese game companies had a significant presence, with nearly 110 exhibitors, including major players like Tencent and NetEase, marking an unprecedented scale [1][3] - Games like "Whiteout Survival" and "Kingshot" from Century Games gained notable attention, with extensive promotional efforts and local collaborations enhancing their visibility [3][11] Group 3: Market Dynamics - The Japanese gaming market, while smaller than the US and China, remains highly lucrative, with a projected mobile market revenue of $11 billion in 2025, making it the second-largest globally [6] - Chinese games are increasingly accepted in Japan, with local players showing high interest in titles like "Whiteout Survival," which has consistently ranked in the top charts [5][11] Group 4: Strategic Approaches - Chinese developers are adopting long-term strategies and localized approaches to penetrate the Japanese market, focusing on user engagement and differentiated products [10][11] - The success of titles like "Whiteout Survival" and "Kingshot" illustrates the effectiveness of these strategies, as they have achieved significant rankings in Japan's competitive market [11] Group 5: Recognition and Acceptance - The recognition of Chinese games in Japan is growing, as evidenced by titles like NetEase's "Infinite" featuring on the cover of a prominent Japanese gaming magazine [12] - The narrative around Chinese games is shifting from "made in China" to a focus on quality and innovation, reflecting a broader acceptance in the Japanese gaming community [12]