题图 | 《湮灭之潮》 国产单机游戏正在逐渐迈入新的阶段。 去年《黑神话：悟空》成为热议游戏之后，不少国产单机游戏也提上了曝光的日程，单今年的B站「游先看」栏目之下，就有《长生：白夜无名》《逆行 计划：共生者》等不太知名的厂商及产品都开始走进了大众视野。另外有UP主透露，「游先看」栏目并没有盈利指标，本意只是「想为国产游戏做点 事」，可见市场信心有进一步提升。 从市场数据上亦能反映出玩家需求的热度。根据中国游戏产业报告，今年上半年国内主机游戏市场实际销售收入超过10亿，同比增长将近30%，当中得益 于《黑神话：悟空》的余热以及新品的热销。 从生产侧、宣传侧、需求侧各方面来看，国产单机游戏行业似乎都迎来了新一轮成长，同时也表现出了新的趋势。 动作游戏成了热门赛道 首先最为受到广泛讨论的，是国产ARPG正在成为国产单机游戏的热门赛道。尤其是国产魂like游戏的出现甚至让部分玩家感到枯燥，以至于每当一款新 的国产动作单机游戏首曝时，总难免会出现「怎么又是魂like游戏」之类的声音。 据公开消息表示《影之刃零》 在2022年初正式开始研发，游戏准备在今年公布发售时间，但暂未有新消息。今年早些时候《影之刃零》举办了一场 ...

Core Insights - The company's Q3 2025 revenue increased by 8% to 28.4 billion yuan, while Non-GAAP net profit rose by 27% to 9.5 billion yuan, slightly below expectations due to unrecognized revenue from some products and higher-than-expected marketing expenses [1] - The company declared a dividend of $0.114 per share and extended its share repurchase program of up to $5 billion until January 2029, having repurchased $2 billion by the end of Q3 2025 [1] Revenue and Profit Trends - Revenue from games and value-added services grew by 12%, driven by flagship products such as "Dream of Dreams" and "Egg Party," showcasing the company's long-term game operation capabilities [1] - Marketing expenses increased by 17% to 4.46 billion yuan, primarily due to seasonal promotional activities and new version marketing for flagship products, leading to a significant increase in deferred revenue [1] Investment and New Game Releases - The company achieved investment income of 1.38 billion yuan, which helped offset the impact of increased marketing expenses on profits [1] - New games "Destiny: Stars" and "Yanyun Sixteen Sounds" are set to launch in overseas and Chinese markets, with the former nominated for the 2025 TGA Best Mobile Game [1] - The company plans to focus on global capabilities and the progress of key new games, with several titles in the pipeline for 2026 [1] Profit Forecast and Valuation - The company maintains its profit forecast, with current valuations at 16/15x for Hong Kong stocks and 15/14x for U.S. stocks for 2025/2026 Non-GAAP P/E [2] - The company retains an outperform rating and a target price of 275 HKD / 177 USD, indicating an upside potential of 29% for Hong Kong stocks and 33% for U.S. stocks [2]

Group 1 - The gaming industry is receiving systematic policy support since 2025, enhancing its healthy development with initiatives like the "Special Action Plan to Boost Consumption" released in March, which promotes gaming and esports consumption [1] - Various regions including Beijing, Shanghai, Guangdong, Zhejiang, Hainan, and Sichuan have introduced policies to support the gaming industry, providing strong backing for innovation and development [1] - Long-standing games and classic IPs remain crucial for gaming companies, serving as a stabilizing force while new gameplay trends emerge [1] Group 2 - Major companies are enhancing their long-term operational capabilities and increasing new product supply as dual engines for growth, with leading firms leveraging classic IPs and continuous content updates to build a solid performance foundation [1] - Tencent's products like "Honor of Kings" and "Peacekeeper Elite" continue to evolve, boosting user engagement and supporting revenue growth [1] - New game releases are being accelerated, with companies like NetEase expanding into single-player games and notable titles such as "Return to Tang" generating market interest [1][2]