板块观点与关注标的：1）游戏：重点关注 ST 华通、吉比特、恺英网络、巨人网 络、神州泰岳、心动公司等，关注完美世界、冰川网络、华立科技等；2）AI：豆 神教育、盛天网络、上海电影、荣信文化、中文在线、易点天下、视觉中国、盛 通股份、焦点科技、世纪天鸿、佳发教育等；3）资源整合预期：中视传媒、国新 文化、广西广电、华智数媒、吉视传媒、游族网络等；4）国企：慈文传媒、皖新 传媒、中文传媒、南方传媒、凯文教育、大晟文化等；5）教育：学大教育、粉笔 等；6）港股：关注【阿里巴巴】【腾讯控股】【泡泡玛特】【中旭未来】，产业爆发 在即的【阜博集团】，K12 教培龙头【新东方】及业绩弹性较大的区域龙头【思考 乐教育】【卓越教育】。 【7 月游戏国产与进口游戏版号发放，共 134 款游戏获批。】国家新闻出版署发 布了 2024 年 7 月份国产网络游戏审批信息以及进口网络游戏审批信息。其中，国 产网络游戏版号发放数量为 127 款，涵盖了巨人网络《名将杀》、恺英网络《荒野 守则》、冰川网络《奇迹建造师》等游戏在列。进口网络游戏版号发放数量为 7 款， 包括腾讯《终极角逐》、网易《漫威秘法狂潮》等。此次版号发放，为游戏行业注 ...

证券研究报告|传媒 [Table_Title] 7 月游戏版号发放量维持高位，点点互动 《奔奔王国（Kingshot）》获批 3213 [Table_ReportType] ——传媒行业快评报告[Table_ReportDate] [行业事件： Table_Summary] 2025 年 7 月 22 日国家新闻出版署公告 7 月份国产游戏版号及进口游戏版 号，共有 127 款国产游戏和 7 款进口游戏过审。 投资要点： ⚫ 7 月游戏版号发放量维持高位态势，涵盖多类型产品与知名厂商，多款头 部大作获批。年初至今国产游戏合计通过审批 884 款，7 月份通过审批 127 款，虽较 6 月份减少 20 款，仍保持高位发放数量，包括点点互动《奔 奔王国》、雷霆游戏《大荒有妖兽》、恺英网络《荒野守则》、巨人网络 《名将杀》、冰川网络《奇迹建造师》、灵犀互娱《消消瓜果园》、三七 互娱《奇谋三国》、四三九九《阿尔法契约》、益世界《我独自漂流》、 英雄互娱《危机曙光》等；年初至今进口游戏合计通过审批 62 款，7 月 份通过审批 7 款，其中包括了腾讯的《终极角逐》、网易的《暗黑破坏神 4》《漫威秘法狂潮》等。7 月份游 ...

7月23日，港股恒指及A股沪指联袂上涨，前者站稳25500点，创2021年11月以来新高，后者一度触及3600点关键点位。 在交投情绪高涨市况之下，港股游戏板块获得资金流入较为明显，板块大涨4%。其中，"股王"腾讯（00700.HK）贡献最 大，资金流入最为显著，全天大涨4.94%，报552.0港元/股，创2021年6月以来新高。 紧随其后，金山软件（03888.HK）涨3.89%，网易-S（09999.HK）涨2.59%，哔哩哔哩-W（09626.HK）涨2.33%，心动公司 （02400.HK）涨1.56%。 | 代码 | 序号 | 名称 | | 最新价 | 涨跌额 | 涨跌幅 √ | | --- | --- | --- | --- | --- | --- | --- | | 01022 | 1 | 飞鱼科技 | (0) | 0.440 | +0.145 | 49.15% | | 00700 | 2 | 腾讯控股 | | 552.000 | +26.000 | 4.94% | | 01909 | 3 | 火岩控股 | | 2.020 | +0.080 | 4.12% | | 03888 | র্ব | 金 ...

Group 1 - Daiwa forecasts that NetEase's gaming business growth momentum will strengthen, driven by a robust product line of new games and the resilience of traditional games [1] - Based on higher gaming revenue projections, Daiwa has raised NetEase's earnings per share forecast for 2025 to 2027 by 2% to 5%, reiterating a "Buy" rating and increasing the 12-month target price from HKD 210 to HKD 235 [1] - NetEase showcased upcoming games at its annual gaming day, including titles like "Marvel Secret Wars" (expected in H2 2025, not yet licensed) and "Fate: Stars" (approved in May 2025) [1] Group 2 - The rising proportion of PC and console games is easing NetEase's profit margin performance, with domestic PC games offering higher gross margins due to lower platform fees [2] - The growth of cross-platform and international games is expected to cause fluctuations in profit margins, but overall profitability should remain stable through strict cost and resource management [2] - Marketing expenditures are projected to rise from Q1 2025 levels, with a renewed focus on brand building in the coming quarters [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9] Core Views - The company's game business is showing steady growth, with a diversified content strategy [1] - In Q1 2025, the company achieved revenue of 28.83 billion yuan, a year-over-year increase of 7.4% and a quarter-over-quarter increase of 7.8% [4] - The gross profit for Q1 2025 was 18.48 billion yuan, with a gross margin of 64.1%, reflecting a year-over-year increase of 0.7 percentage points [4] - The adjusted net profit for Q1 2025 was 11.24 billion yuan, a year-over-year increase of 32.0%, with a net margin of 39.0%, up 7.3 percentage points year-over-year [4] Summary by Sections Game Business Performance - The revenue from games and related services in Q1 was 24 billion yuan, a year-over-year increase of 12.1% [5] - Key titles contributing to revenue include "Identity V," which was the main revenue driver, and several new games like "Marvel Showdown" and "Yanyun Sixteen Sounds" performing well in the market [5] - Long-term operational games are showing stable performance, with titles like "Identity V" and "Naraka: Bladepoint" maintaining steady revenue streams [5] Youdao Business Strategy - Youdao's business is advancing its "AI-native" strategy, achieving a gross margin of 47.3% in Q1 [6] - The strategy focuses on AI-enabled products and services to drive intelligent transformation across various industries [6] Cloud Music Operations - Cloud Music achieved a gross margin of 36.7% in Q1, with a focus on community ecosystem building to enhance user engagement [7] - The platform is leveraging AI capabilities for song recommendations and content creation, enriching its creator ecosystem [7] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 113.86 billion yuan, 118.78 billion yuan, and 124.09 billion yuan respectively, with corresponding net profits of 38.81 billion yuan, 39.92 billion yuan, and 41.31 billion yuan [8] - The company expects a year-over-year revenue growth of 8.1% in 2025, followed by 4.3% and 4.5% in the subsequent years [11]

Core Viewpoint - NetEase held its annual 520 game launch event, unveiling over 40 new products, including key titles like "Yanyun Sixteen Sounds" and "Identity V" [1][30]. Product Announcements - "Wanmin Changge: Three Kingdoms" is a single-player strategy game developed by the team behind "Rate the Land." It received positive feedback during its initial testing [1][4]. - "Marvel Secret War" is a card RPG based on the Marvel IP, which has already opened pre-registration [7]. - "unVEIL the world," a collaboration between NetEase and Shueisha, is a playable manga with details revealed during the event [10]. - "Top Chase" is a fast-paced battle royale game that has received over 90% positive reviews during its overseas early access [13]. - "Uncharted Star Abyss," a space-themed FPS, will undergo its final open testing on Steam [16]. - "Spirit Beast Adventure" is a turn-based strategy mobile game with a focus on Chinese mythology [19]. - "Planet Party Time," a social game similar to Animal Crossing, will begin testing later this year [22]. - "Forgotten Sea," an ocean adventure RPG from the Joker studio, is expected to be significant given its development team's background [25]. Market Trends and Company Strategy - The trend of single-player games is on the rise, and NetEase's focus on this area is seen as a strategic move [4]. - The company has a diverse product matrix, including popular IPs like "Onmyoji" and "Dream Journey to the West," indicating its ability to cater to various gaming genres [33]. - The success of "Yanyun Sixteen Sounds," which surpassed 30 million players, highlights NetEase's potential for long-term growth in the gaming sector [30][31]. - The 520 event reflects NetEase's ongoing strategy of exploring and developing new gaming possibilities rather than rushing to market [28].

Core Insights - The core themes of the recent NetEase conference are "stability" and "transformation," focusing on long-term game development and the introduction of new titles [1]. Group 1: Long-term Strategy - NetEase emphasizes the development of evergreen games, with CEO Ding Lei stating that titles like "Egg Party" and "Marvel Showdown" are expected to operate for at least 10 years [1]. - The company showcased its commitment to long-term projects, highlighting "Yanyun Sixteen Sounds" as a sustainable project for the next 5-10 years [1]. Group 2: New Game Releases - The conference introduced 9 new games, indicating a desire to break out of comfort zones and explore new genres [2]. - The new titles include various genres such as strategy, shooting, card games, and adventure RPGs, with a focus on unique gameplay experiences [2][3]. Group 3: Platform and Quality Breakthroughs - A significant portion of the new games are PC-based, marking a strategic push into the PC gaming market [3]. - The new titles are backed by notable collaborations, including partnerships with Bungie and Marvel, indicating a focus on high-quality game development [3]. Group 4: Game Details - "Ten Thousand People Long Song: Three Kingdoms" is highlighted as NetEase's first standalone PC strategy game, featuring a seamless open world and strategic depth [6][8]. - "Destiny: Rising" is a shooting mobile game developed in collaboration with Bungie, featuring both FPS and TPS perspectives [10][12]. - "Marvel Mystic Mayhem" is a tactical RPG that incorporates dynamic storytelling and card-based gameplay [14][15]. - "unVEIL the world" is a card game developed with Shueisha, featuring character designs by renowned manga artists [17][19]. - "Supervive" is a tactical competition game developed by a studio founded by a former executive of "League of Legends," showcasing a unique gameplay style [20][22]. - "Uncharted Stars" is a team shooting game set in space, developed by a studio founded by Blizzard's co-founder [24][25]. - "Spirit Beast Adventure" is a flagship MMO with a focus on pet mechanics and lightweight gameplay [28]. - "Planet Party Time" is a life simulation game with party elements, expected to launch in the domestic market [29][31]. - "Forgotten Sea" is an ocean adventure RPG that recently revealed its concept trailer and is set for testing [32][34].

Core Viewpoint - The company has effectively controlled costs, leading to an upward revision of Non-GAAP net profit forecasts for 2025 and 2026 by 6% to 36.8 billion and 38.2 billion CNY respectively, with a maintained outperform rating due to strong gaming business performance and a target price increase of 25% to 225 HKD and 145 USD [1][2]. Financial Performance - In Q1 2025, the company's revenue increased by 7% to 28.8 billion CNY, while Non-GAAP net profit rose by 32% to 11.2 billion CNY, exceeding both the firm's and market expectations [2][3]. - The strong performance was attributed to better-than-expected gaming revenue and significant cost savings, with a declared dividend of 0.675 USD per ADS, totaling 428 million USD for the quarter [2]. Revenue Drivers - Key self-developed games contributing to revenue growth included "Identity V," which reached a new quarterly revenue high, and "Marvel Duel," with a second season update planned for 2025 [3]. - The company reported a strong performance in multi-platform games, with a 85% year-on-year increase in PC revenue, and deferred revenue grew by 19% quarter-on-quarter [3]. Cost Management - Sales expenses decreased by 33% and management expenses by 20%, significantly below market expectations, attributed to improved internal governance and marketing efficiency [4]. - R&D expenses increased by 5%, aligning with expectations, as the company continues to invest in game development and AI technology [4]. Game Development and Global Strategy - The company is focusing on several in-development games, including "Marvel Secret Wars" and "Destiny: Rising," while also expanding the overseas distribution of existing titles [5]. - Notable upcoming releases include "Frostpunk" and "All-Star Streetball Party," with participation in the 2026 Nagoya Asian Games for titles like "Identity V" [5].