国海证券研报指出，三七互娱2025H1实现归母净利润14.00亿元，yoy+10.72%，扣非归母净利润13.87亿 元，yoy+8.83%。Q2归母净利润8.51亿元，yoy+31.24%，qoq+54.97%。《时光大爆炸》2025年1月APP 首发荣获iOS免费榜第一，小程序版本迅速跻身微信小游戏畅销榜第4名。《英雄没有闪》APP版本上线 后迅速冲进iOS畅销榜前五，小程序版也迅速登顶微信小游戏畅销榜。2025年7月自研游戏《斗罗大 陆：猎魂世界》开启公测，产品上线前便获得超过千万玩家预约，上线后迅速登顶iOS免费榜。公司不 断拓展自研能力边界，积极布局多元品类，搭配投资赋能、业务支持与多家优质研发商深度绑定，形成 丰富的外部研发储备。基于公司2025年上半年业绩所展现的盈利能力，认为公司当前估值水平尚未充分 反映业绩修复动能及长期成长潜力，存在估值重估空间；中长期而言，其多元品类产品矩阵储备将逐步 转化为新品游戏上线，持续为公司业绩提供增量。首次覆盖，给予"买入"评级。 ...

Group 1 - The company reported a 10.72% year-on-year increase in net profit for the first half of 2025, reaching 1.4 billion yuan, despite an 8.08% decline in revenue to 8.486 billion yuan [1] - In Q2 2025, the company achieved a net profit of 851 million yuan, marking a significant 31.24% year-on-year increase and a 54.97% quarter-on-quarter increase, while revenue was 4.243 billion yuan, down 5.33% year-on-year [1] - The company plans to distribute a cash dividend of 2.10 yuan per 10 shares, totaling 465 million yuan, which represents 33.18% of the net profit for H1 2025 [1] Group 2 - The company is leveraging multi-IP collaborations to extend the lifecycle of existing games, with titles like "Seeking the Great Thousand" and "Time Grocery Store" showing effective engagement strategies [2] - New game releases such as "Time Explosion" and "Heroes Have No Flash" have quickly climbed to the top of the iOS and WeChat mini-game charts, indicating strong market reception [2] - The company has a diverse product line, with ongoing development in various genres including MMORPG, SLG, and card games, and has secured rights for multiple popular IP adaptations [3] Group 3 - The company is expected to see revenue growth from 17.589 billion yuan in 2025 to 18.765 billion yuan in 2027, with net profit projected to increase from 2.917 billion yuan to 3.208 billion yuan during the same period [3] - The company's current valuation does not fully reflect its earnings recovery potential and long-term growth prospects, suggesting room for revaluation [3] - The company is rated as a "buy" based on its performance and growth outlook [3]

Core Insights - The Anhui Province has achieved significant growth in service trade, with total trade amounting to 492.7 billion yuan in the previous year, reflecting an annual growth rate of 10.2% since 2020 [3][4] - The province is leveraging "Hui culture" as a bridge to enhance cultural trade, which is becoming a key component of its soft power in international trade [6][7] Service Trade Growth - Anhui's service trade total increased from 333.7 billion yuan in 2020 to 492.7 billion yuan last year, with a year-on-year growth of 34.4% in the first half of this year, ranking third nationally [3][4] - Digital delivery trade, including sectors like insurance, finance, and information services, reached 123.7 billion yuan, accounting for 40.4% of total service trade, with a year-on-year growth of 32.8% [3] Economic Development in Hefei - Hefei has deepened international cooperation with over 220 countries and regions, ranking 15th among China's foreign trade cities [4] - The city has seen a significant economic growth, exceeding 1.35 trillion yuan last year, making it one of the fastest-growing cities in China over the past 20 years [4] Cultural Trade Initiatives - Anhui organized 20 representative enterprises to showcase at the 2025 service trade fair, highlighting the integration of high technology and Hui culture [6] - The province's cultural trade is accelerating, with 33 enterprises and 3 projects recognized as key cultural export enterprises, ranking third nationally [6] Policy and Infrastructure Improvements - Anhui has implemented 35 measures to optimize policy supply and enhance service quality, including a funding initiative that delivered 187.9 billion yuan directly to 41,000 enterprises [8][10] - The province has established a high-level open system centered around Hefei, enhancing its capacity for service trade innovation and development [3][4] Foreign Investment and Trade - Anhui has successfully attracted major projects from companies like NIO and IKEA, and has seen a 19.2% increase in actual foreign investment, totaling 2.1 billion USD in the first seven months of this year [9][10] - The province's efforts in international economic cooperation have led to the establishment of 33 overseas business service points, facilitating the expansion of local enterprises into global markets [9]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company achieved revenue of 4.243 billion yuan in Q2 2025, a year-on-year decrease of 5.33%, while the net profit attributable to shareholders was 851 million yuan, an increase of 31.24% year-on-year [2][4] - The company has a rich product and IP reserve, with several new games expected to launch in early 2025, contributing to stable performance in Q2 [2][12] - The company’s overseas revenue for H1 2025 was 2.724 billion yuan, accounting for 32.1% of total revenue, despite a year-on-year decrease of 6.0% [12] Summary by Sections Financial Performance - In H1 2025, the company reported total revenue of 8.486 billion yuan, a year-on-year decrease of 8.08%, and a net profit of 1.4 billion yuan, an increase of 10.72% year-on-year [4] - Q2 2025 saw a net profit of 851 million yuan, with a net profit margin of 20.1% [12] Product Development - The company has multiple new games set to launch, including "Time Explosion" and "Heroes Don't Flash," which are expected to perform well in the market [12] - The company’s self-developed MMO "Douluo Dalu: Hunting World" began public testing in July 2025, with plans for gradual revenue contribution [12] Cost Management - Q2 2025 saw a reduction in sales expenses to 1.992 billion yuan, a decrease of 4.8% year-on-year, leading to a sales expense ratio of 46.9%, the lowest since 2022 [12] - The gross profit margin slightly decreased to 76.1% due to an increase in agency product proportion, but the net profit margin improved significantly [12] Shareholder Returns - The company plans to distribute a cash dividend of 2.1 yuan for every 10 shares, maintaining a high dividend payout ratio of approximately 66% of net profit for H1 2025 [12]

Core Insights - The company achieved a revenue of 84.86 billion yuan in the first half of 2025, with a net profit attributable to shareholders of 14 billion yuan, reflecting a year-on-year growth of 10.72% [1][6] - The decline in revenue by 8.08% compared to the previous year is attributed to the different life cycles of new and existing game products [2] - The company is actively returning profits to shareholders, proposing a cash dividend of 2.10 yuan per 10 shares, totaling approximately 4.62 billion yuan [1] Financial Performance - Revenue decreased from 92.32 billion yuan to 84.86 billion yuan, a decline of 8.08% [2] - Net profit increased from 12.65 billion yuan to 14.00 billion yuan, a growth of 10.72% [2] - The net profit after deducting non-recurring gains and losses was 13.87 billion yuan, up 8.83% year-on-year [2] - Operating cash flow was 17.53 billion yuan, down 17.65% from the previous year [1][6] - Gross margin improved to 76.73% [6] Product and Market Development - The company maintains a strong product matrix, with global mobile game revenue peaking at approximately 22 billion yuan [3] - The overseas revenue reached 27.24 billion yuan, accounting for 32.10% of total revenue, indicating robust international business growth [1][3] - New games like "Heroes Don't Flash" and "Time Explosion" are in the investment phase, while existing games are in the mature phase contributing stable revenue [2] Technological Advancements - The company has integrated AI technology into its operations, with over 80% of 2D art assets and 70% of game advertisement materials generated with AI assistance [4] - AI has significantly improved efficiency in various areas, including a 70% increase in advertising effectiveness and a 30% improvement in code generation for game development [4]

Group 1 - The report maintains an "outperform" rating for the media sector, highlighting the importance of performance and the potential opportunities in AI applications and IP trends [3][6]. - In July 2025, the media sector (Shenwan Media Index) rose by 3.18%, underperforming the CSI 300 Index by 0.37 percentage points, ranking 18th among 31 industries [4][17]. - The current TTM-PE for the Shenwan Media Index is 44.9x, placing it in the 93rd percentile over the past five years, indicating a relatively high valuation [17][22]. Group 2 - The gaming market showed sustained growth in the first half of 2025, with a total revenue of 168 billion yuan, representing a year-on-year increase of 14.08% [33]. - From January to July 2025, 946 game licenses were issued, a 19.1% increase year-on-year, with July alone seeing over 100 domestic game licenses approved [4][24]. - The overseas revenue for self-developed Chinese games reached 9.5 billion USD in the first half of 2025, marking an 11.1% year-on-year growth, with the US, Japan, and South Korea being the primary markets [34][42]. Group 3 - The film market in July 2025 saw a total box office of 4.067 billion yuan, a decline of 24.4% year-on-year, although it experienced a month-on-month increase of 113.7% [52][57]. - The film "Nanjing Photo Studio" performed well, contributing positively to the box office in August, despite its late July release [57][60]. - The number of film registrations has shown a significant increase of 60% year-on-year since 2023, indicating a potential recovery in quality content supply starting in 2025 [60][64]. Group 4 - The WAIC conference showcased rapid advancements in embodied intelligence, with over 150 humanoid robots presented, highlighting significant breakthroughs in the field [75][82]. - The AIGC application DeepSeek topped the user growth chart with 163 million monthly active users, indicating strong market appeal [83][84]. - The Kimi K2 high-speed model was released, significantly increasing output speed from 10 tokens per second to 40 tokens per second, enhancing its application in real-time scenarios [87][92].

Core Insights - The mobile gaming market is experiencing intense competition as the summer season begins, with both established titles and new releases vying for player attention [1] - Tencent's "Delta Action" continues to dominate the download charts, while "Supernatural Action Group" and "Honor of Kings" follow closely [1][11] - New entries in the download rankings include "Douluo Continent: Hunting Soul World," "Paper Marriage 8: Thousand Trees," and "Star Marks Resonance," with the former achieving significant success upon its release [1][3] Download Rankings - "Delta Action" remains at the top of the download charts, followed by "Supernatural Action Group" and "Honor of Kings" [1] - Eight new games entered the download rankings in July, with "Douluo Continent: Hunting Soul World" making a notable impact, reaching the 7th position [1][3] - The game had over 10 million pre-registrations before its launch, showcasing strong IP appeal [1][3] Game Features and Marketing - "Douluo Continent: Hunting Soul World" is the first 3D MMORPG in the Douluo IP series, focusing on a "big world + MMO" gameplay style [3] - The game features seamless exploration, soul beast hunting, and strategic combat, enhancing player immersion [3] - International superstar Jackie Chan was announced as the game's spokesperson, contributing to a unique marketing strategy that includes deep collaboration and social media engagement [3][5] Revenue Rankings - "Honor of Kings" and "Peace Elite" maintain their positions as the top two revenue-generating games, with "Delta Action" entering the top three [14] - "Delta Action" has seen a remarkable revenue increase of over 160% month-on-month, attributed to new content updates and effective operational strategies [14][15] - The game introduced new maps and features in July, including a collaboration with the popular game "Arknights," which significantly boosted player engagement [15] New Entries in Revenue Rankings - Six new games entered the revenue rankings in July, including "Honkai: Star Rail" and "Supernatural Action Group" [17] - "Honkai: Star Rail" achieved a strong debut at position 12, driven by a new version release and a collaboration with "Fate/stay night" [17][19] - The game's innovative character designs and high-quality content updates have successfully attracted player interest and spending [19] Game Categories and Developer Performance - Action and adventure games dominate the download rankings, with 6 entries each, followed by 4 role-playing games [11] - Tencent leads the rankings with 11 entries, while NetEase has 4 [11] - "Star Marks Resonance," a new MMORPG based on the "Blue Protocol" IP, has also made a strong showing in the download rankings, reflecting its unique gameplay and marketing strategies [11][13]

Core Insights - The July 2025 popular game rankings released by Qimai Data highlight intense competition in the mobile gaming sector as the summer season begins [1] - Tencent's "Delta Action" continues its strong performance, maintaining the top position in downloads, while Giant Network's "Supernatural Action Group" ranks second, and the classic "Honor of Kings" holds third place [1] - Eight new games entered the download rankings in July, with "Douluo Continent: Soul Hunting World" emerging as a standout title, achieving the seventh position in downloads [1][3] Download Rankings - "Douluo Continent: Soul Hunting World," launched on July 11, garnered over 10 million pre-registrations, showcasing significant IP appeal [1][3] - The game is the first 3D realistic MMORPG in the Douluo IP series, differing from previous card-based gameplay [3] - Action and adventure games dominated the download rankings, with six titles each, followed by four role-playing games [3] Revenue Rankings - "Honor of Kings" and "Peace Elite" remain the top two earners, while "Delta Action" successfully enters the top three [4] - Six new titles made it to the revenue rankings in July, including "Honkai: Star Rail" and "Supernatural Action Group," with the former achieving the twelfth position [4] - Action games led the revenue rankings with seven titles, followed by five role-playing games [4]

Core Insights - The mobile gaming industry is experiencing intensified competition as the summer season begins, with notable rankings in both downloads and revenue for July 2025 [1] Download Rankings - Tencent's "Delta Action" continues its strong performance from June, maintaining the top position in the downloads chart, followed by Giant Network's "Supernatural Action Group" at second and the classic "Honor of Kings" at third [1] - Eight new games entered the downloads Top 30 in July, with "Douluo Continent: Soul Hunting World," "Paper Marriage 8: Thousand Sons Tree," and "Star Marks Resonance" being the highlights, all launched in July [1] - "Douluo Continent: Soul Hunting World," developed by 37 Interactive Entertainment, debuted at seventh in the downloads chart, showcasing strong IP appeal with over 10 million pre-registrations prior to its July 11 launch [1][3] Game Categories and Developers - Action and adventure games dominated the downloads chart, with six entries each, while role-playing games had four [3] - Tencent led the downloads chart with 11 titles, followed by NetEase with four [3] - "Star Marks Resonance," a Tencent-developed MMORPG based on Bandai Namco's "Blue Protocol," achieved significant pre-launch interest with over 9 million pre-registrations and topped the iOS free chart on its launch day [3] Revenue Rankings - "Honor of Kings" and "Peace Elite" remain the top two revenue-generating games, with Tencent's "Delta Action" entering the top three [4] - Six new titles made it to the revenue chart in July, including "Honkai: Star Rail," "Supernatural Action Group," and "QQ Speed" [4] - The action game category led the revenue chart with seven entries, followed by five role-playing games [4] - Tencent had 12 titles in the revenue rankings, while NetEase had five [4]

Group 1 - The issuance of domestic game licenses has shown a continuous upward trend, with a total of 757 domestic and 55 imported licenses granted in the first half of the year, exceeding 800 in total [1] - The stable supply of licenses is expected to help the industry transition from scale expansion to quality upgrading, encouraging companies to focus on high-quality game development through innovation and technology [1] - The recent policies from various provinces, such as Zhejiang and Beijing, aim to support the gaming industry’s high-quality development and international expansion, indicating a favorable regulatory environment [2] Group 2 - The overseas market is becoming a new growth engine for companies, with several firms reporting significant success in international markets, such as the launch of games that topped charts in Japan and other countries [3][4] - Companies are increasingly leveraging mature IPs and localized operations to enhance user engagement and overcome cultural barriers in international markets [4] - The normalization of license issuance is releasing supply vitality in the gaming industry, allowing numerous new games to enter the market and reshaping the competitive landscape [5] Group 3 - Companies are actively participating in major gaming events to promote their new titles, with several games set to launch in the upcoming months, indicating a robust pipeline of new products [5][6] - The integration of AI and other advanced technologies is transforming game development and gameplay, with significant improvements in efficiency and user experience [6] - The gaming market in China is projected to grow significantly, with estimates suggesting it could exceed 500 billion yuan by 2025 and reach 670 billion yuan by 2030, reflecting a compound annual growth rate of over 8% [6] Group 4 - Despite the growth in the gaming industry, challenges such as homogenized competition and high marketing costs persist, necessitating innovation and improved global strategies among companies [7] - The domestic gaming market is expected to grow steadily, with mobile games remaining dominant, while PC and console games may gain market share through high-quality offerings [7] - Companies with strong capabilities in quality development, global operations, and technological innovation are likely to gain a competitive advantage in the evolving industry landscape [7]