准备好迎接2025年最炸裂的游戏二次元狂欢了吗？ 10月2日至5日，AGF亚洲游戏博览会将在广州保利世贸博览馆盛大启幕，同期还将举办CICF中国国际 漫画节动漫游戏展，双展燃爆大湾区。 记者获悉，本次博览会的主会场位于琶洲保利世贸博览馆，面积达8.2万平方米，汇聚全球千余个顶尖 品牌、7000余款IP周边产品，将举办超百场特色活动，并有数百位人气嘉宾到场。 届时，广州将变身次元主题公园，为国庆旅游注入新活力。10条动漫游戏主题公交专线已准备就绪，将 穿梭于上下九、北京路、广州塔、天河商圈、琶洲核心区等核心地标。150余幅IP联动广告将覆盖全城 商圈，预计全国超80万粉丝参与联动，沉浸式体验广州的"次元文化"。 此外，28家香港动漫游戏品牌企业强势登陆，其中包括3MindWave、天明娱乐、猫茶见、嗷嗷海鸥、岂 寅游戏、Leap Studio、牛游果、玩乐时刻等多家香港游戏企业，更有多名动漫游戏角色Coser在现场与 观众近距离互动，大湾区次元力量集结。 顶级赛事落地，百团争霸决战广州 展会期间，战马能量杯英雄联盟挑战赛、WEC2025 华立电竞总决赛、卡普空《街霸6》世界巡回赛中国 赛区广州站、2025三国杀 ...

今年A股多家游戏上市公司股价涨幅情况 ST华通演绎了"戴维斯双击"行情，业绩与估值共振。截至9月23日收盘，ST华通以年内300.78%的涨幅傲视整个游戏板块，凭借1530亿元总市值成为板块龙 头。ST华通披露的半年报显示，上半年公司营收和归母净利润增幅均为板块第一，收入达172.07亿元。 同样，巨人网络股价在经过几年的长期低位徘徊后，今年大幅上涨，9月18日盘中触达47.66元／股，持续创出近8年来新高。截至9月23日收盘，巨人网络年 内涨幅超过240%，总市值达到832亿元，位居游戏板块次席。此外，吉比特的股价也在今年9月重回500元／股大关，年内股价涨超170%。 游戏股的"高光"行情能否持续？是否属于板块价值回归？浙商证券研报指出，2025年上半年国内游戏市场实际销售收入1680亿元，同比增长14.08%，创下历 史新高。行业基本面强势，A股游戏板块上半年营收同比增长22.8%，业绩已在拐点右侧，25H2及2026年有望持续上调业绩，后续将靠EPS预期修复继续驱 动板块景气度提升。游戏板块估值仍处低位，整体2026年有望达20倍P/E估值（当前时间点对应2026年平均估值约16倍P/E），进入25Q ...

Group 1 - The A-share market opened positively on September 22, with the Shanghai Composite Index rising by 0.05%, the Shenzhen Component Index by 0.37%, and the ChiNext Index by 0.10% [1] - The gaming sector experienced fluctuations, with the gaming ETF (159869) dropping over 1% after a low opening, but it has seen a net inflow of 507 million yuan over the past five trading days, indicating strong investor interest [1] - According to CITIC Securities, the gaming industry is expected to rejuvenate in 2025 after a period of self-reflection and external changes from 2021 to 2024, with a 19% year-on-year growth in the domestic self-developed online gaming market in the first half of this year [1] Group 2 - The current gaming industry boom is driven by strong supply and demand, leading to increased gaming hours and market expansion, with a noticeable easing of competition among leading companies [2] - Changes in marketing strategies and channel transformations have reduced pressure on sales expenses and channel sharing, benefiting gaming communities and live streaming platforms [2] - The integration of AI into game development is enhancing productivity, reflected in the decrease of overall R&D expense ratios from 48% in Q1 2023 to 29% in Q2 2025, indicating a clear upward trend in profit margins for the sector [2]

Core Insights - Century Huatong reported a revenue of 17.2 billion yuan for the first half of 2025, representing a year-on-year growth of 85.5%, with a net profit of 2.656 billion yuan, up 129.33% [1] - The overseas gaming business contributed over 50% of the revenue, with "Whiteout Survival" leading the Chinese mobile game revenue charts [1][2] - The success of "Whiteout Survival" and its follow-up "Kingshot" highlights the effectiveness of the established methodologies of the subsidiary, Didi Interactive, in the gaming market [2][4] Company Performance - "Whiteout Survival" has become the top-grossing mobile game overseas, surpassing competitors like MiHoYo's "Honkai: Star Rail" and Tencent's "PUBG MOBILE" [1] - The game has maintained a high retention rate despite the "bait-and-switch" advertising strategy, which contrasts the gameplay shown in ads with the actual game experience [5][7] - Century Huatong's sales expenses increased by 121.72% to 6.564 billion yuan, driven by rising marketing costs associated with game revenue growth [9] Industry Trends - The mini-game export trend is gaining traction, with many developers attempting to replicate the success of "Whiteout Survival" and "Kingshot" [8][10] - The market is becoming increasingly competitive, leading to higher user acquisition costs, which may squeeze the survival space for smaller game developers [10][11] - The phenomenon of "skin-swapping" games, where existing popular games are rebranded for overseas markets, is becoming more common, complicating the landscape for original game developers [11]

Summary of Stella Sanctuary Conference Call Industry and Company Overview - The conference call discusses **Stella Sanctuary**, a game that combines simulation management and SLG (Strategy Game) elements, set in a sci-fi pixel art style environment, focusing on home building and exploration [2][4]. Core Points and Arguments - **Game Mechanics**: Stella Sanctuary features a mature 4X SLG structure, emphasizing home construction, exploration, and user-friendly onboarding for new players, differentiating itself from other games in the frozen apocalypse genre [2][4]. - **Combat Strategy**: The game includes large map exploration, PVPVE events, and various combat strategies such as unit type advantages and skill combinations, appealing to both traditional SLG players and casual gamers [5][6]. - **User Experience**: The game offers a variety of content to enhance user experience, including automated management features and a detailed onboarding process that reduces entry barriers for new players [6][14]. - **Monetization Strategy**: Commercialization is achieved through various means such as passes, gift packs, construction acceleration, and hero recruitment, with base decorations evolving as the central hub upgrades [2][6][13]. - **Hero Design**: Stella Sanctuary has a unique equipment system where equipment is produced by a manufacturing building, categorized into different levels, with SSR heroes having exclusive equipment slots available for purchase [11][12]. Additional Important Content - **Diverse Gameplay**: The game includes various side activities such as planetary arenas, relic trials, resource gathering, and transportation, which enhance gameplay variety and extend the game's lifecycle [9][10]. - **Player Engagement**: The alliance battle design is lightened, allowing most activities to be managed automatically, reducing psychological pressure on players, while still catering to more engaged PVP players [6][7]. - **Comparison with Competitors**: Stella Sanctuary's combat experience is more simulated compared to competitors like Last Word, which requires manual control, thus providing a different gameplay feel [8][10]. - **Payment Structure**: The game features a range of payment options from $2.99 to $99.99, including growth and convenience payments, with significant options for players looking to enhance their experience through in-game purchases [13][15]. - **User Demographics**: The game targets a broad audience, particularly appealing to female and casual players through its light-hearted theme and engaging graphics, while also accommodating hardcore SLG enthusiasts [16]. This summary encapsulates the key aspects of Stella Sanctuary as discussed in the conference call, highlighting its unique features, gameplay mechanics, and market positioning.

Core Viewpoint - The game "Endless Winter" has achieved significant success in both domestic and overseas markets, making its developer, "DianDian Interactive," the second-largest mobile game publisher in global revenue from China, only behind Tencent [2][3]. Group 1: Game Performance and Revenue - "Endless Winter" has driven a 155% year-on-year revenue increase for "DianDian Interactive," reaching 15 billion yuan, which constitutes about 70% of the total revenue for its parent company, "Century Huatong" [4]. - The overseas version, "Whiteout Survival," has quickly climbed to the top of the best-selling charts in the European and American markets, significantly boosting the company's overseas revenue [3][4]. Group 2: Marketing Strategies - The game employs a "buying traffic" strategy, utilizing paid advertising across platforms like WeChat and Douyin in China, and Instagram and Facebook overseas, leading to the highest advertising expenditure in the industry [4][5]. - Innovative advertising materials, including real-life scenarios and influencer commentary, have been used to enhance the appeal and conversion rates of ads [5]. Group 3: User Engagement and Game Design - The game is designed to cater to the fragmented entertainment habits of users, offering simple gameplay that allows for easy engagement during short breaks [6]. - "Endless Winter" features a gradual transition from casual gameplay to more complex strategy elements, which helps maintain user retention and encourages in-game purchases [8][9]. Group 4: Market Dynamics and Challenges - The success of "Endless Winter" is partly attributed to the booming mini-game ecosystem on WeChat, which has become a significant revenue source for the platform [7]. - However, the game faces rising competition and increasing advertising costs as other developers adopt similar marketing strategies, leading to a more challenging environment for original game developers [9].

Group 1 - The core viewpoint of the articles highlights the performance of popular mobile games in August 2025, with specific rankings for downloads and revenue [1][2] - The game "My Garden World," launched on August 5, has rapidly climbed to the second position in the downloads chart, showcasing a unique blend of gameplay and real-life rewards [1] - The game features a combination of planting, flower arrangement, and garden decoration, allowing players to witness the growth of flowers from seed to bloom, and includes an innovative "planting for real flowers" feature [1] Group 2 - In the revenue rankings, "Honor of Kings" and "Peacekeeper Elite" maintain their positions as the top two games, while "Endless Winter" from DotDot Interactive enters the top three [2] - Four new games made it to the revenue chart in August, including "Fearless Covenant: Source Action" and "Arknights," with Tencent's "Fearless Covenant: Source Action" performing well in both download and revenue rankings [2]

Investment Rating - The report indicates a positive investment outlook for the gaming sector, highlighting its strong performance compared to other sub-industries within the media and internet sectors [3][5]. Core Insights - The gaming industry is experiencing significant growth, with mobile game market size increasing by 16% year-on-year in the first half of 2025, while PC games show a 5% increase [3][14]. - The report emphasizes the high demand for entertainment consumption, particularly in gaming, music, and trendy toys, while long-form video content has reached a low point [3][8]. - Cloud computing and AI applications are accelerating, with notable revenue growth in cloud services, particularly from Alibaba Cloud and Kingsoft Cloud, which reported year-on-year growth of 26% and 24% respectively [3][8]. - The advertising sector shows resilience, particularly in short video platforms and elevator advertising, with initial signs of AI integration [3][8]. - The internet healthcare sector is witnessing an uplift in market conditions, indicating a positive trend [3][8]. Summary by Sections 1. Overview - The report summarizes the performance of the media and internet sectors, noting the standout performance of the gaming industry [3][4]. 2. Entertainment Consumption - The gaming, music, and trendy toy IPs are thriving, while long-form video content is struggling [3][4]. - The gaming sector's revenue growth is driven by regulatory easing, increased demand from younger users, and innovative overseas strategies [3][14]. 3. Cloud Computing and AI Applications - Cloud services are experiencing accelerated growth, with significant investments from major players like Alibaba and Tencent [3][8]. - AI applications are beginning to monetize effectively, particularly in emotional consumption and productivity tools [3][8]. 4. Advertising - The advertising sector remains robust, with short video platforms and elevator ads showing resilience [3][8]. 5. Internet Healthcare - The report notes an improvement in the internet healthcare sector's market conditions [3][8]. 6. Publishing - The publishing sector is experiencing flat revenue growth, but tax exemptions are helping to restore profit margins [3][8].

Group 1: Overview of China's Gaming Industry Growth - The Chinese gaming industry is experiencing a new wave of growth in overseas markets, with actual sales revenue from self-developed games reaching $9.501 billion in the first half of 2025, a year-on-year increase of over 11% [1] - Traditional markets such as North America, Japan, South Korea, and Western Europe remain key revenue contributors, but competition is intensifying, prompting Chinese companies to explore underdeveloped emerging markets [1] - Emerging markets in the Middle East, Latin America, and Southeast Asia are rising, presenting new growth opportunities for manufacturers [1] Group 2: Vietnam's Gaming Market - Vietnam has emerged as a significant player in the global gaming scene, with mobile game downloads reaching the highest globally in 2024, surpassing China [5] - Chinese games dominate the Vietnamese market, with 81% of approved games being from China, and titles like "Sword of Legends Online" have historically held a significant market share [7] - The success of Chinese games in Vietnam is attributed to cultural proximity, effective localization strategies, and integration with local payment platforms [9] Group 3: Challenges in the Vietnamese Market - Despite the potential, challenges such as strict approval processes and market size versus commercial return discrepancies exist, requiring companies to adjust expectations [9] - The Vietnamese gaming market is projected to reach $1.5 to $2 billion by 2025, with an annual growth rate of 15% to 25% [9] Group 4: Middle East Gaming Market - The Middle East is becoming a new blue ocean for the gaming industry, driven by a large population, strong consumer spending, and government support [12] - Saudi Arabia's government has elevated the gaming industry as a national strategy, planning to invest $38 billion in gaming and esports [14] - The market is characterized by high consumer spending, with Saudi users' average revenue per user (ARPU) being twice that of the U.S. and five times that of China [14] Group 5: Russia's Gaming Market - Russia's mobile game downloads reached 1.18 billion in the first half of 2024, making it the fifth largest globally, supported by a smartphone penetration rate of 83% [17] - The local digital ecosystem has shown resilience despite international sanctions, with in-app purchase revenue expected to reach $247 million in 2024, growing 12% year-on-year [17] - The exit of Western companies has created a "window of opportunity" for Chinese developers to fill the gap in the market [20] Group 6: Latin America's Gaming Market - Latin America is a growing market with approximately 150 million gamers and a market size of around $3.8 billion, with Brazil being the largest market [21] - The effectiveness of marketing strategies has shifted towards leveraging KOLs (Key Opinion Leaders) for brand promotion, especially in gaming [23] - The market is in a recovery phase, with Chinese companies increasingly establishing local teams for customized operations [24] Group 7: Future Outlook - The Chinese gaming industry is entering a new phase focused on strategic depth and localization, moving away from a reliance on traffic and short-term gains [25] - The next decade will see competition driven by the ability to transition from "game developers" to "localization partners," enabling sustainable global development [26]

Core Viewpoint - The A-share gaming sector has shown resilience with multiple stocks experiencing significant gains, indicating a positive market sentiment towards the industry [1][2]. Group 1: Stock Performance - Giant Network (002558.SZ) saw a rise of over 9%, while Shenzhou Taiyue (300002.SZ) and G-bits (603444.SH) increased by over 4% [1]. - As of September 3, the Wind gaming concept index has recorded a year-to-date increase of 37.96%, with four companies, including ST Huatuo and Giant Network, seeing their stock prices double [3][10]. - ST Huatuo led the revenue rankings among 35 listed companies with 17.207 billion yuan, a year-on-year increase of 85.5% [4][6]. Group 2: Company Financials - In the first half of 2025, ST Huatuo, Sanqi Interactive Entertainment, and Kunlun Wanwei reported the highest revenues, with ST Huatuo's net profit reaching 2.656 billion yuan [4][6]. - 20 out of 35 listed companies reported an increase in net profit, with nine companies achieving over 100% growth [7]. - Notable performers include Tuowei Information and Sheng Tian Network, with net profit growth rates of 2262.83% and 1186.02%, respectively [7]. Group 3: Product Performance and Strategy - ST Huatuo's success is attributed to its popular games like "Whiteout Survival" and "Kingshot," which have performed well in both domestic and international markets [4][5]. - Sanqi Interactive Entertainment has focused on a diversified strategy, launching multiple successful games, including "Time Explosion" and "Heroes Have No Flash," which have achieved high rankings in app stores [5][6]. - Kunlun Wanwei has emphasized AI technology, with significant growth in overseas revenue, which accounted for 92.17% of its total revenue [6][11]. Group 4: Market Trends - The gaming sector's growth is partly driven by the broader market trends and the integration of AI technologies within gaming [11][12]. - The overall positive sentiment in the gaming sector is reflected in the substantial stock price increases following the release of quarterly financial reports [10][11].