Investment Rating - The industry maintains a "Recommended" rating, indicating a positive outlook for the gaming sector with expectations of outperforming the benchmark index [4]. Core Insights - In June 2025, the National Press and Publication Administration approved 147 domestic game licenses and 11 imported game licenses, showing a significant increase compared to the same period in 2024, which is expected to boost market confidence in the gaming industry [4]. - Key games approved include titles from major companies such as Tencent, NetEase, and Giant Network, which are anticipated to contribute positively to their financial performance [4]. - The report highlights the strong performance of several companies, including Tencent's long-standing games, Giant Network's new releases, and the proactive measures taken by companies like Kaiying Network in AI gaming [4]. Company Summaries - **Kaiying Network**: Market cap of 37.5 billion, with a 2025 EPS forecast of 0.98 and a strong recommendation rating [2]. - **Giant Network**: Market cap of 41.4 billion, with a 2025 EPS forecast of 0.84 and a strong recommendation rating [2]. - **Yaoji Technology**: Market cap of 11.2 billion, with a 2025 EPS forecast of 1.79 and a strong recommendation rating [2]. - **Shenzhou Taiyue**: Market cap of 22.1 billion, with a 2025 EPS forecast of 0.65 and a strong recommendation rating [2]. - **G-bits**: Market cap of 19.8 billion, with a 2025 EPS forecast of 14.80 and a strong recommendation rating [2]. Industry Scale - The gaming industry consists of 161 listed companies, with a total market capitalization of 1,740.9 billion and a circulating market capitalization of 1,580.9 billion [2]. Industry Index Performance - The absolute performance of the industry over the last 12 months is 42.6%, indicating strong growth [3]. - Relative performance metrics show positive trends, with expectations of continued growth in the coming months [3]. Related Reports - The report references several related analyses that discuss ongoing trends and performance in the gaming sector, highlighting the continuous improvement in revenue and the emergence of new gaming titles [3].

Core Insights - The article highlights the significant growth and competition in the shooting game genre, particularly in the mobile gaming sector, with major players like Tencent and NetEase actively expanding their portfolios [1][2][7]. Group 1: User Engagement and Market Dynamics - On June 5, the active user count for "Peace Elite" surpassed 37 million, indicating strong engagement in the shooting game segment [1]. - The National Press and Publication Administration approved 147 domestic and 11 imported games, including several shooting titles, reflecting a robust market for this genre [1]. - The shooting genre accounted for 13.89% of the top 100 mobile games by revenue last year, ranking third, showcasing its significant market share [2]. Group 2: Revenue and Profitability Insights - Despite a focus on user metrics like DAU (Daily Active Users) and MAU (Monthly Active Users), the revenue potential of shooting games, especially on PC, is substantial, as indicated by Tencent's comments on "Delta Force" [2][7]. - In 2024, the tactical multiplayer genre is projected to lead mobile game revenues at 17.99%, followed closely by role-playing games at 17.85% and shooting games at 13.89% [2]. Group 3: Competitive Landscape - The shooting game market is characterized by intense competition among Chinese developers, who are not only competing internally but also vying for market share against established Western companies [9]. - Emerging markets like Russia, Turkey, and Brazil are showing explosive growth in active users for shooting games, indicating a shift in global gaming dynamics [9]. Group 4: Innovation and Long-term Viability - The shooting genre continues to evolve with innovative gameplay, such as the integration of tactical elements and various modes, which keeps the genre fresh and engaging for players [10][12]. - The ability of shooting games to incorporate diverse gameplay elements without alienating core players suggests a strong potential for long-term engagement and revenue generation [13].

Core Insights - The National Press and Publication Administration released the approval information for domestic online games in June 2025, with a total of 147 domestic game licenses issued, marking a new monthly high for the year [1][3] - The number of imported game licenses has increased from bi-monthly approvals last year to monthly approvals this year [3] Domestic Game Licenses - Out of the 147 domestic licenses, 145 are mobile games, with 61 categorized as mobile-casual puzzle games, 9 as client games, and 1 as a web game. Additionally, 7 games received both mobile and client licenses [1] - A total of 757 domestic game licenses have been issued so far this year, indicating a consistent upward trend in monthly approvals [1] Notable Game Titles - Notable domestic titles include: - MiniPlay's "Chuxin Fishing" - Kying's "Soul Master Battle of Douluo Continent" - Guangzhou Gud's "Beast Era" - Tencent's "CF IP New Work: Crossfire: Rainbow" and "Tactical Squad: Dawn Offensive" [5][6][8] - The imported game licenses include: - Tencent's "Crossfire: Rainbow" - NetEase's "No Master Star Abyss" - Kingsoft's "Goose Duck Kill" [5] Game Development Details - Tencent's "Crossfire: Rainbow" is a new product under the CF IP, developed in collaboration with Tianmei Linlang and Tencent Interactive Entertainment K1 [6] - "Tactical Squad: Dawn Offensive" is a client game based on the tactical shooting game "Squad," featuring enhancements in server stability, gameplay experience, and content richness [8]