事件 公司发布2025 年中期报告：2025 年上半年年公司实现营业收入84.86亿元，同比下降8.08%；归母 净利润14.00 亿元，同比上升10.72%；扣非归母净利润13.87 亿元，同比上升8.83%。其中，2025Q2 单 季度公司实现营业收入42.43 亿元，同比下降5.33%；归母净利润8.51 亿元，同比上升31.24%；扣非归 母净利润8.51 亿元， 同比上升29.16%。 新游上线表现亮眼，关注后续确认收入节奏 2025 年上半年，公司上线《时光大爆炸》《英雄没有闪》 等多款产品。《时光大爆炸》1 月登顶App Store免费榜第一，后续小程序版本在微信小游戏畅销榜最高 排名第4。由于新游收入确认存在滞后，公司H1 收入同比略降。同时，公司储备有《代号MLK》《奇 谋三国》《赘婿》《代号XSSLG》等多款产品，关注后续的收入确认节奏以及新游的开发、上线情 况。 控制费用减投放，推动利润端释放 公司2025H1 销售费用44.10 亿元，同比下降17.73%，销售费用率为 52.0%，同比下降6.1pct。销售费用的下降主要因为《寻道大千》《霸业》等游戏本期进入成熟期，流 量投放减少。我 ...

多款新游表现亮眼，AI 多模态应用成效显著 业绩概览：2025H1 公司实现营业收入 84.86 亿元，同比下滑 8.08%；实现归母净 利润 14.00 亿元，同比增长 10.72%；实现扣非归母净利润 13.87 亿元，同比增长 8.83%。公司 2025 年上半年利润分配预案拟向全体股东每 10 股派 2.1 元（含税）。 《时光大爆炸》等新品表现优异，长线运营优势持续巩固。公司于 2025 年初推出 《时光大爆炸》《英雄没有闪》等多款产品。其中《时光大爆炸》1 月 APP 首发荣 获 iOS 免费榜第一，后续上线小程序版本，迅速跻身微信小游戏畅销榜第 4 名； 《英雄没有闪》APP 版上线后进入 iOS 畅销榜前五，小程序版也随后登顶微信小 游戏畅销榜。同时公司多款在运营产品仍保持强生命力。例如《寻道大千》以联动 模式实现多维突破，携手国漫顶流《斗破苍穹》IP 打造沉浸式消费场景、联动玄 幻经典《神墓》IP，并于二周年庆时融合国民级 IP《葫芦兄弟》，深耕用户运营， 推动游戏收入回升；模拟经营手游《时光杂货店》稳健运营，通过营销结合、城市 巡游等内容构建更完善的用户运营模式，与《大话西游》等经典影视 ...

AI 提效，控费得当带动 Q2 业绩超预期 ——三七互娱点评报告 投资要点 事件：公司 8 月 25 日披露 2025 年中报 1H25，公司实现营收 84.86 亿元，同比-8.08%；实现归母净利润 14.00 亿元，同 比+10.72%；扣非净利润 13.87 亿元，同比+8.83%。其中，25Q2，营收 42.43 亿 元（YoY-5.33%，QoQ-0.01%）；归母净利润 8.51 亿元（YoY+31.24%， QoQ+54.97%）；扣非净利润 8.51 亿元（YoY+29.16%，QoQ+58.58%）。 收入端：新游处于爬坡期导致 1H25 营收同比下滑 1H25，公司实现营收 84.86 亿元，同比-8.08%。主要是受运营的游戏产品所处生 命周期不同影响。具体来说，1H24 成熟期存量游戏多，流水贡献稳定，而 1H25 《英雄没有闪》《时光大爆炸》等新游处于起量期：《时光大爆炸》1 月 App 首 发荣获 iOS 免费榜第一，后续上线小程序版本，迅速跻身微信小游戏畅销榜第 4 名；竖屏横版卷轴放置 ARPG 刷宝游戏《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 ...

Summary of Conference Call Records Company and Industry Overview - The conference call focuses on the gaming industry, specifically discussing the performance and future prospects of the company related to popular games such as "Douluo Dalu" and "Hunting Soul World" [1][2][4]. Core Insights and Arguments - The report emphasizes the potential for valuation recovery of leading games like "Douluo Dalu" and "Hunting Soul World" [1]. - The company has experienced over two years since regulatory penalties and is expected to see the resolution of these issues in the second half of the year [2]. - Profit forecasts for the company indicate expected revenues of 2.76 billion, 3.28 billion, and 3.79 billion for 2025 to 2027, representing year-on-year growth of 3%, 19%, and 16% respectively [2]. - The current valuation is projected at 15x, 12.5x, and 10.8x for the years 2025, 2026, and 2027, indicating a low valuation compared to peers [2][3]. - The company is expected to achieve a target market value of 65.6 billion with a target stock price of 29.7, suggesting significant upside potential [3]. Financial Performance and Projections - The company’s Q1 2025 revenue was 4.24 billion, a year-on-year decline of 10.7%, attributed to product lifecycle impacts [5]. - The new games "Time Explosion" and "Heroes No Flash" are anticipated to contribute significantly to profits in Q2 2025 [7]. - The company has a strong dividend policy, with a payout ratio ranging from 30% to 84%, indicating a commitment to shareholder returns [6]. Game Pipeline and Market Position - The upcoming game "Douluo Dalu: Hunting Soul World" is set for full platform release on July 11, 2025, with over 1 million pre-registrations [7]. - The game pipeline includes various genres such as MMORPG, SLG, and card games, with several titles already having obtained licenses [8]. - Historical performance of the previous title "Douluo Dalu: Soul Master Duel" shows strong revenue sustainability, suggesting that the new title may perform even better [9][11]. Additional Important Insights - The company’s financial health is stable, with a focus on maintaining a robust game portfolio and exploring new market opportunities [4][6]. - The competitive landscape includes comparisons with companies like Kingnet, Giant Network, and Perfect World, with average PE ratios indicating a favorable valuation for the company [3][12]. - The report highlights the importance of marketing and user acquisition strategies in sustaining game performance over time [10].

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]

Core Viewpoint - The recent removal of 37 Interactive Entertainment from major indices like the CSI 300 and the Shenzhen 100 highlights the company's struggles with market performance, including stagnant revenue growth and increasing financial risks [2][3][34]. Group 1: Company Performance - 37 Interactive Entertainment has faced significant challenges, including stagnant revenue between 16.5 billion and 17 billion yuan from 2021 to 2023, with a slight increase to 17.44 billion yuan in 2024, representing a 5.4% year-on-year growth [5][10]. - The company's net profit has remained in the range of 2.5 billion to 3 billion yuan, with a reported net profit of 2.673 billion yuan in 2024, showing only a 0.54% increase [5][10]. - In Q1 2025, the company reported a revenue decline of 10.67% to 4.243 billion yuan and a net profit drop of 10.87% to 549 million yuan [10][13]. Group 2: Financial Health - The company's cash flow from operating activities decreased by 4.74% in 2024, leading to a net cash flow of approximately 2.998 billion yuan [9]. - Short-term borrowings surged by 71% to 2.654 billion yuan by the end of 2024, raising concerns about liquidity despite having over 10 billion yuan in cash and cash equivalents [8][20]. - The company has seen a significant increase in restricted assets, totaling 2.905 billion yuan, primarily due to pledged deposits [21]. Group 3: Management and Governance - High executive compensation has raised concerns, with several executives receiving substantial salary increases, while employee compensation has decreased [14][18]. - The company has been under investigation by the China Securities Regulatory Commission for alleged information disclosure violations, which has affected its financial reporting [29][32]. Group 4: Market Position and Strategy - 37 Interactive Entertainment has struggled to produce hit games, leading to a "hit drought" in 2024, despite having over 20 games in development [23][34]. - The company's R&D expenditures have decreased significantly, from 9.05 billion yuan in 2022 to 6.46 billion yuan in 2024, which may impact its competitive edge [24]. - The company is attempting to leverage AI for growth, but its current applications have not led to significant innovation breakthroughs [33][34].

Investment Rating - The report does not explicitly state an investment rating for the gaming industry Core Insights - The Chinese gaming market reached a scale of 857.04 billion yuan in Q1 2025, showing a year-on-year growth of 17.99% but a quarter-on-quarter decline of 1.21% [5] - The mobile gaming market generated 636.26 billion yuan in Q1 2025, with a year-on-year increase of 20.29% and a quarter-on-quarter decrease of 2.18% [15] - The client game market saw a revenue of 179.19 billion yuan in Q1 2025, reflecting a year-on-year growth of 6.85% and a quarter-on-quarter increase of 3.62% [8] - The web game market continues to decline, with a revenue of 11.13 billion yuan in Q1 2025, marking a quarter-on-quarter decrease of 1.54% [13] Summary by Sections Market Overview - The overall Chinese gaming market is valued at 857.04 billion yuan, with mobile and client games contributing to the growth [5] - The mobile gaming sector is the largest, with significant contributions from long-standing titles and new releases [15] Client Games - The client game market achieved a revenue of 179.19 billion yuan, driven by seasonal events and the return of popular titles [8] - New dual-end products have contributed to revenue growth, with notable performances from games like "Hearthstone" and "Delta Action" [8] Mobile Games - The mobile gaming market's revenue reached 636.26 billion yuan, with significant growth attributed to long-term operational potential of leading titles [15] - Major titles like "Honor of Kings" and "Crossfire: Gun Battle" achieved record revenues during the quarter [15] Web Games - The web game market has seen a continuous decline, with revenues dropping for four consecutive quarters [13] New Releases - The new game "Heroes No Flash" topped the new release revenue chart, with significant contributions from IP adaptations [39] - The iOS download rankings saw "Yanyun Sixteen Sounds" debuting strongly, indicating a positive reception for new titles [32] Overseas Market - The overseas revenue for self-developed games reached 48.05 billion USD, marking a year-on-year growth of 17.92% [47] - Key titles like "Last War: Survival Game" and "Whiteout Survival" have driven this growth, alongside new releases [47] User Experience Insights - User experience remains a critical factor, with 60% of users considering gaming experience when upgrading devices [67] - Performance issues such as overheating and frame drops are significant pain points for mobile gamers [69]

Core Insights - The Chinese gaming market reached a scale of 857.04 billion yuan in Q1 2025, showing a year-on-year growth of 17.99% but a quarter-on-quarter decline of 1.21% [1] - Both mobile and client games contributed to the overall year-on-year growth of the gaming market, with new products and cross-platform games providing additional revenue [1] - The overseas sales revenue of self-developed Chinese games was 4.805 billion USD, reflecting a year-on-year increase of 17.92% [27] Mobile Gaming Market - The actual sales revenue of the mobile gaming market in Q1 2025 was 636.26 billion yuan, with a year-on-year growth of 20.29% but a quarter-on-quarter decline of 2.18% [9] - Key long-standing products like "Honor of Kings" and "Crossfire: King of Guns" achieved historical revenue highs, demonstrating their long-term potential [9] - New products such as "Dungeon & Fighter: Origin" and "Endless Winter" contributed significantly to the year-on-year growth of the mobile gaming market [14] Client Gaming Market - The client gaming market reached a scale of 179.19 billion yuan in Q1 2025, with a year-on-year growth of 6.85% and a quarter-on-quarter growth of 3.62% [5] - Revenue growth in the client gaming market was driven by operational activities during holidays and the performance of new cross-platform products [5] - "Delta Force" saw a continuous increase in active users, reaching a new high this quarter [5] New Game Releases - The top new game in Q1 2025 was "Heroes Never Die," which maintained a strong presence in the iOS game sales rankings [25] - Two IP adaptation products entered the top three, with "Dragon Nest World" attracting a significant number of new and returning users [25] - The first-month revenue estimates for the top new games included "Heroes Never Die" and "Dragon Nest World," both exceeding 300 million yuan [26] Overseas Market Performance - The overseas market for self-developed Chinese games saw significant contributions from titles like "Last War: Survival Game" and "Whiteout Survival," with a total revenue of 4.805 billion USD [27] - "Frost Survival" and the new title "Inferno Nine" were highlighted for their strong performance in key overseas markets [31] - The marketing strategies for "Inferno Nine" included collaborations with local KOLs and high-quality promotional materials, enhancing its appeal in the competitive MMORPG market [31]

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by more than 15% in the next six months [4]. Core Views - The company experienced pressure on its performance in Q1 2025, with a year-on-year revenue decline of 10.67% to 4.243 billion yuan, and a net profit decrease of 10.87% to 549 million yuan. This was attributed to the early promotional phase of several new games and the natural decline in revenue from mature products [2][3]. - The company has a rich product pipeline, with new games like "Time Grocery Store" and "Heroes No Flash" showing strong market performance, indicating potential for future growth [3]. - The company is expected to achieve revenues of 19.033 billion yuan, 20.533 billion yuan, and 21.769 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 2.839 billion yuan, 3.156 billion yuan, and 3.482 billion yuan [3][4]. Financial Summary - For 2023, the company reported a revenue of 16.547 billion yuan, with a projected growth rate of 0.9% year-on-year. The net profit for the same year was 2.659 billion yuan, reflecting a year-on-year decline of 10% [1][2]. - The company's return on equity (ROE) is projected to be 20.6% in 2023, gradually decreasing to 17.4% by 2027 [1][3]. - The price-to-earnings (P/E) ratio is expected to decrease from 13.0 in 2023 to 9.9 by 2027, indicating a potentially more attractive valuation over time [1][3].

Core Viewpoint - Sanqi Interactive Entertainment has faced continuous pressure on its performance, with its revenue and market value lagging behind ST Huatuo in 2024, losing its position as the leader in the A-share gaming industry [1][4]. Group 1: Financial Performance - In Q1 2025, Sanqi Interactive reported a revenue of 42.43 billion yuan and a net profit attributable to shareholders of 5.49 billion yuan, representing a year-on-year decline of 10.67% and 10.87% respectively [4][11]. - For the full year 2024, the company achieved a revenue of 174.41 billion yuan, marking a new high but with a significant slowdown in growth; net profit remained flat at 26.73 billion yuan [4][11]. - The company's overseas revenue in 2024 was 57.22 billion yuan, a decrease of 1.47% year-on-year, reducing its share of total revenue from 35.1% to 32.81% [4]. Group 2: Market Position and Competition - ST Huatuo's revenue surged by 70% in 2024, surpassing 200 billion yuan for the first time, thus taking the lead in the industry [4]. - Sanqi Interactive's gaming business shows a clear trend of "heavy on user acquisition, light on R&D," with over 90% of its sales expenses attributed to internet traffic costs, amounting to 91.51 billion yuan, which is 14 times its R&D expenses [9]. Group 3: Regulatory Issues - Sanqi Interactive is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, with no conclusive results as of now [10][11]. - The company's stock price has plummeted from a high of 33.94 yuan in June 2023 to below 12 yuan, reflecting a loss of nearly half its market value in less than two years [11]. Group 4: R&D and Employee Trends - The number of R&D personnel at Sanqi Interactive has decreased from 1,654 in 2022 to 1,318 in 2024, a decline of 10.40%, while the proportion of R&D staff in total employees fell from 46.57% to 40.57% [9]. - In contrast, ST Huatuo maintained a stable number of R&D personnel at around 2,200, with an increasing proportion of R&D staff [9].