@前瞻经济学人APP 图表2:2025年中国游戏产业上市公司汇总 转自：前瞻产业研究院 行业主要上市公司：腾讯控股(00700.HK);网易(09999.HK);哔哩哔哩(09626.HK);友谊时光(06820.HK);中 手游(00302.HK);ST天润(002113.SZ);惠程科技(002168.SZ);游族网络(002174.SZ);天娱数科(002354.SZ);凯 撒文化(002425.SZ);恺英网络(002517.SZ);三七互娱(002555.SZ);巨人网络(002558.SZ);世纪华通 (002602.SZ);完美世界(002624.SZ);宝通科技(300031.SZ);星辉娱乐(300043.SZ);三五互联(300051.SZ);中青 宝(300052.SZ);顺网科技(300113.SZ);富春股份(300299.SZ);掌趣科技(300315.SZ);昆仑万维(300418.SZ);汤 姆猫(300459.SZ);迅游科技(300467.SZ);盛天网络(300494.SZ);盛讯达(300518.SZ);冰川网络(300533.SZ);大 晟文化(600892.SH); ...

Core Viewpoint - The domestic gaming industry in China has shown strong recovery momentum in the first half of 2025, with significant growth in revenue, profit, and overseas expansion [1][3]. Group 1: Market Performance - The actual sales revenue of the domestic gaming market reached 168 billion yuan in the first half of 2025, marking a year-on-year increase of 14.08%, a new historical high [1]. - The number of gaming users reached nearly 679 million, with a year-on-year growth of 0.72%, also a record high [1]. - A total of 766 domestic online games received licenses in the first half of the year, a 21.97% increase compared to 628 games in the same period of 2024 [3]. Group 2: Company Performance - Century Huatong achieved a revenue of 17.207 billion yuan in the first half of 2025, a year-on-year increase of 85.50%, with gaming revenue reaching 16.399 billion yuan, up 95.30% [5][6]. - 37 Interactive Entertainment reported a revenue of 8.486 billion yuan, with gaming revenue of 8.415 billion yuan, showing a decline compared to previous years [5]. - Kunlun Wanwei's revenue was 3.733 billion yuan, a year-on-year increase of 49.23%, but its gaming revenue decreased to 239 million yuan, accounting for less than 7% of total revenue [5]. Group 3: Industry Challenges - The gaming market has entered a phase of stock competition, with a growing disparity between companies that hold popular products and those facing revenue pressure [3][8]. - Sales expenses for 23 companies totaled 17.847 billion yuan, an increase of 18.84% year-on-year, while R&D investment was 5.427 billion yuan, only a 2.36% increase [9][10]. - The industry is experiencing a divide, with some companies shifting focus to AI and other sectors, leading to a decline in gaming revenue and overall profitability [8][15]. Group 4: Future Outlook - The gaming industry is expected to enter a new phase of rapid growth over the next decade, driven by the push for high-quality games and overseas expansion [11][13]. - Policies encouraging the gaming industry are expected to stimulate competition and innovation among game developers, enhancing the industry's growth potential [13][16].

Core Insights - The Chinese gaming industry showed strong growth in the first half of 2025, with total revenue reaching 168 billion yuan, a year-on-year increase of 14.08% [1][3] - A total of 23 A-share listed gaming companies reported a combined revenue of 53.84 billion yuan, up 22.78% year-on-year, with gaming revenue specifically increasing by 21.87% to 41.48 billion yuan [3][4] - The market is witnessing a polarization where leading companies are outperforming others, indicating a "stronger getting stronger" trend [2][8] Revenue Performance - Century Huatong led the A-share gaming companies with a revenue of 17.207 billion yuan, a remarkable increase of 85.50%, and gaming revenue of 16.399 billion yuan, up 93.60% [4][6] - 14 out of 23 companies reported revenue growth, with 10 companies seeing an increase in gaming revenue [3][4] - Companies like Kunlun Wanwei and Perfect World also showed significant growth, with Kunlun's revenue at 3.733 billion yuan (up 49.23%) and Perfect World's gaming revenue at 2.906 billion yuan (up 9.67%) [7][8] Profitability Trends - The net profit for 23 A-share gaming companies reached 8.027 billion yuan, significantly higher than the previous year's 4.758 billion yuan [14][15] - Century Huatong's net profit surged to 2.656 billion yuan, marking a 129.33% increase, while Perfect World returned to profitability with a net profit of 503 million yuan [15][17] - However, several companies, including Kunlun Wanwei, reported substantial losses, with a net profit decline of 110.90%, resulting in a loss of 859 million yuan [19][18] International Revenue - The overseas revenue for 15 companies with over 30% gaming revenue share reached 17.950 billion yuan, a 34.59% increase year-on-year [11][12] - Century Huatong was the standout performer with overseas revenue of 8.958 billion yuan, up 78.49%, primarily driven by successful game titles [12][13] - Other companies like Star Shine Entertainment also reported significant growth in overseas revenue, with a 139.83% increase [13][14] Cost and Investment Trends - The overall operating costs for the 23 companies increased by 22.02% to 17.368 billion yuan, while sales expenses rose by 18.84% to 17.847 billion yuan [24][25] - Research and development investment saw a modest increase of 2.36%, totaling 5.427 billion yuan, indicating a continued focus on marketing over R&D [24][26] - Companies like Century Huatong and Kunlun Wanwei experienced the highest increases in operating costs, with Century Huatong's costs reaching 5.249 billion yuan [23][25] Dividend Distribution - Among the 23 A-share gaming companies, only 5 announced mid-term cash dividends, with Jibite leading with a proposed dividend of 6.6 yuan per 10 shares [27][28] - Sanqi Interactive Entertainment has maintained a consistent dividend policy, proposing a cash dividend of 2.10 yuan per 10 shares for the eighth consecutive year [27]

Core Insights - The domestic gaming industry in China has shown a strong recovery in the first half of the year, with actual sales revenue reaching 168 billion yuan, a year-on-year increase of 14.08% [1] - The number of gaming users has also reached a historical high of 679 million, growing by 0.72% year-on-year [1] - The issuance of gaming licenses remains high, with 766 domestic online games approved in the first half of the year, a 21.97% increase compared to the same period in 2024 [2] Industry Performance - The gaming market is entering a phase of stock competition, with a significant disparity between companies holding popular products and those facing revenue pressures [2] - Among A-share and Hong Kong-listed gaming companies, 10 reported declines in both revenue and profit, while several others faced revenue declines or "increased revenue without increased profit" [2] Company Performance - Century Huatong leads the A-share gaming companies with a revenue of 17.2 billion yuan, up 85.5%, and a net profit of 2.656 billion yuan, up 129.33% [7] - Tencent and NetEase continue to dominate the market, with Tencent's domestic gaming revenue at 83.3 billion yuan and NetEase's at 51.6 billion yuan in the first half of the year [5] - 37 Interactive Entertainment reported a revenue decline of 8.08% to 8.486 billion yuan, but its net profit increased by 10.72% to 1.4 billion yuan [9][10] - Perfect World achieved a revenue of 3.691 billion yuan, a 33.74% increase, and turned a profit with a net profit of 503 million yuan [15][17] - Kunlun Wanwei's revenue reached 3.733 billion yuan, a 49.23% increase, but it reported a net loss of 856 million yuan [14] - G-bits reported a revenue of 2.518 billion yuan, up 28.49%, and a net profit of 645 million yuan, up 24.5% [18] Market Trends - The gaming industry is shifting towards high-quality game development and international expansion, moving away from imitation and low-quality products [4] - Companies are focusing on cost reduction and efficiency improvements to enhance profitability amid rising sales costs and market competition [18]

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].

Investment Rating - The report maintains a "Recommended" rating for the company Perfect World (002624.SZ) [2][7] Core Views - The company's performance has stabilized, with significant improvements in profit margins due to effective cost control measures. The new game releases are expected to contribute positively to revenue growth [7][8] - The company reported a revenue of 3.691 billion yuan for the first half of 2025, a year-on-year increase of 33.74%, and a net profit of 503 million yuan, marking a return to profitability [7] - The upcoming game releases, including "P5X" and "Zhu Xian 2," are anticipated to drive further revenue growth in the latter half of 2025 and into 2026 [7] Financial Performance Summary - **Revenue Forecasts**: - 2024A: 5,570.49 million yuan - 2025E: 6,700.55 million yuan (20.29% growth) - 2026E: 9,356.81 million yuan (39.64% growth) - 2027E: 10,027.37 million yuan (7.17% growth) [2][9] - **Net Profit Forecasts**: - 2024A: -1,287.56 million yuan - 2025E: 820.96 million yuan (163.76% growth) - 2026E: 1,425.65 million yuan (73.66% growth) - 2027E: 1,617.30 million yuan (13.44% growth) [2][9] - **Gross Margin**: - 2024A: 57.87% - 2025E: 57.68% - 2026E: 62.11% - 2027E: 62.34% [2][9] - **Earnings Per Share (EPS)**: - 2024A: -0.66 yuan - 2025E: 0.42 yuan - 2026E: 0.73 yuan - 2027E: 0.83 yuan [2][9] - **Price-to-Earnings Ratio (PE)**: - 2025E: 37.67 - 2026E: 21.69 - 2027E: 19.12 [2][9]

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 18.34 [1][5] Core Insights - The company reported a revenue of RMB 3.691 billion for H1 2025, representing a year-over-year increase of 33.74%, and a net profit of RMB 503 million, up 384.52% year-over-year [1][2] - The gaming business turned profitable in H1 2025, with revenue of RMB 2.906 billion, a 9.67% increase year-over-year, primarily driven by the launch of "Zhu Xian World" and growth in esports revenue [2][4] - The film and television segment saw significant growth, with revenue reaching RMB 767 million, a staggering 756.35% increase year-over-year, attributed to multiple successful releases [2][4] Financial Performance - The company achieved a gross margin of 56.68% in H1 2025, a decrease of 8.19 percentage points year-over-year, mainly due to the higher proportion of lower-margin film and television business [4] - The company’s operating expenses decreased, with a sales expense ratio of 8.9%, down 9.4 percentage points year-over-year, and a management expense ratio of 9.1%, down 7.8 percentage points year-over-year [4] Future Outlook - The company is optimistic about its self-developed games, with new products expected to enhance performance and profitability [1][2] - The upcoming game "Yihuan" is anticipated to perform well, with significant user engagement during testing phases [3][5] - The company is investing in AI tools to enhance research and development efficiency, which is expected to further improve performance in the future [4][5]

Industry Overview - In the first half of 2025, China's gaming market achieved actual sales revenue of 168 billion yuan, marking a year-on-year growth of 14.08%, setting a historical record [1] - The number of domestic gaming users reached 679 million, also a historical high [1] - The gaming market's actual sales revenue for the first quarter of 2025 was approximately 857.04 billion yuan, reflecting a significant year-on-year increase of 17.99% [1] - The second quarter's revenue is estimated to be around 823 billion yuan, maintaining above 800 billion yuan for the season [1] Market Performance - In 2024, the actual sales revenue of China's gaming market was 325.78 billion yuan, with a year-on-year growth of 7.53% [1] - The user base for gaming in 2024 was 674 million, both revenue and user numbers being historical highs [1] - From mid-2020 to mid-2024, the semi-annual actual sales revenue fluctuated between 140 billion to 150 billion yuan, indicating a breakthrough in the industry with the current figures approaching 170 billion yuan [1] International Market - In the first half of 2025, the actual sales revenue of Chinese self-developed games in overseas markets reached 9.5 billion USD (approximately 680 billion yuan), with a year-on-year growth of 11% [2] - The primary markets for Chinese games abroad are the United States, Japan, and South Korea, contributing 31.96%, 16.2%, and 7.47% of overseas revenue, respectively [2] Game Categories - The mobile gaming sector showed robust growth, with actual sales revenue of 125.31 billion yuan in the first half of 2025, reflecting a year-on-year increase of 16.55% [2] - The success is attributed to strong performances from MOBA, shooting, and strategy games, along with revenue growth from new shooting and action RPG titles [2] - Conversely, the revenue from the two-dimensional mobile game market declined significantly to 14.58 billion yuan, a year-on-year decrease of 8% due to factors like slowing growth of top games and reduced consumer spending [2] - Mini-games performed exceptionally well, with actual sales revenue of 23.28 billion yuan, marking a year-on-year growth of 40.2% [2] Company Performance - ST Huatuo expects a consolidated revenue of approximately 17 billion yuan for the first half of 2025, a year-on-year increase of about 83.27%, with a projected net profit of 2.4 billion to 3 billion yuan, reflecting a growth of 107.2% to 159% [3] - Youzu Network anticipates a net profit of 40 million to 60 million yuan, a year-on-year increase of 768.75% to 1203.13%, driven by stable operations of games like "Youth Three Kingdoms" [3] - Perfect World expects to turn a profit with a projected net profit of 480 million to 520 million yuan, compared to a loss of 177 million yuan in the same period last year, supported by the upcoming launch of its self-developed game "Zhu Xian World" [3]

Summary of Perfect World Conference Call Industry Overview - The gaming industry is expected to perform well in 2025, with major players like Tencent and NetEase showing strong results. The A-share gaming companies are also performing well. [2] - Trends indicate a shift in entertainment content consumption and a broadening user base, with increased spending power among female and younger users, which is a long-term growth driver for the industry. [2] - The valuation of the gaming sector is projected to rise to 15-20 times due to regulatory policy cycles, a surge in product launches, and the catalytic effect of AI technology. [2][4] Company Performance - Perfect World is anticipated to be a focal point in 2025, with stable revenue growth from core products and new product launches targeting female and younger users, indicating potential for high revenue generation. [2][5] - In Q1 2024, Perfect World reported a net profit of 300 million yuan, a year-on-year increase of over 1,000%, and a non-GAAP profit of 160 million yuan, up over 200%. This growth was primarily driven by the revenue from "Zhu Xian World" and increased esports revenue from Dota 2 and CS:GO. [2][5] - The traditional game "Zhu Xian" generated over 500 million yuan in revenue in 2024, while the total revenue from two Perfect World IP products reached approximately 1 billion yuan. The agency esports product CS:GO achieved record revenue exceeding 1 billion yuan. [2][5] Product Development - "Nishuihan," a highly anticipated open-world urban-themed game, is currently in its second testing phase, with a third test expected in Q3 and a public release anticipated in Q4 or by the end of the year. [2][6] - The new version of "Zhu Xian World" and the overseas version of P5X are also expected to contribute to revenue growth this year, with P5X potentially exceeding expectations. [6] Management and Strategy - Over the past three years, Perfect World has shifted from a loose management style to a more prudent approach, clarifying operational strategies and product layouts. Key management personnel changes have occurred, addressing historical burdens. [3][7] - 2025 is seen as a critical year for management improvement and revenue efficiency, with project performance expected to reflect governance effectiveness. [3][7] - Despite some uncertainties affecting profit forecasts, Perfect World's valuation is slightly above that of peer companies, and it is considered a potential investment target for the year based on strong growth prospects. [7]

Summary of Key Points from the Conference Call Industry Overview - The gaming sector in Q1 2025 experienced unexpected growth, primarily driven by the launch of new products from A-share gaming companies, such as ST Huatuo's King Shot, Perfect World's Zhu Xian World, and G-bits' Wen Jian Chang Sheng, which significantly contributed to revenue [1][2][3] - 2025 is anticipated to be a significant year for A-share gaming companies, with multiple new products expected to be launched, providing ongoing contributions to performance and profits [1][5] - The application of AI technology in game development and distribution is accelerating, with companies like Kaiying Network introducing AI companion products, indicating a trend towards the integration of AI in the gaming industry [1][6] Core Insights and Arguments - The policy environment for the gaming industry is improving, with a notable increase in the issuance of game licenses in 2024, and national leaders recognizing the role of online games in cultural dissemination, providing a solid valuation foundation for the gaming sector [1][7] - In Q1 2025, the combined revenue of 20 major gaming companies reached 26.7 billion yuan, a 23% year-on-year increase, with net profit growing by 45% to 3.5 billion yuan [2][3] - ST Huatuo's revenue and net profit surged by 91% and 107%, respectively, driven by the strong performance of its core game YET [2][3] Financial Performance Highlights - Kaiying Network reported a 3.5% increase in revenue and a 21.6% rise in net profit in Q1 2025, with a gross margin of 83.6% [8][9] - Perfect World achieved a revenue of 20.2 billion yuan in Q1 2025, a 52.2% increase year-on-year, with net profit exceeding 3 billion yuan, marking a growth of over 1000% [15][17] - ST Huatuo's overall revenue for 2024 was 22.6 billion yuan, with game revenue accounting for 21 billion yuan, primarily from Youdian Interactive [12] Future Outlook - The gaming sector is expected to maintain a positive growth trajectory in 2025, with more new products set to launch in the coming quarters, benefiting from a favorable market window due to delays in major releases from leading companies like Tencent and NetEase [5][7] - The integration of AI technology is anticipated to drive innovation and development within the industry, with several companies highlighting AI in their annual reports [5][23] Additional Important Insights - The competitive landscape for A-share gaming companies is expected to improve in 2025, with a significant increase in the number of game licenses issued, indicating a more favorable regulatory environment [7][24] - The external environment, particularly recent legal rulings in the U.S. regarding payment systems, is likely to positively impact Chinese gaming companies' overseas revenues [24] - Recommended companies for investment focus include Kaiying Network, Perfect World, and ST Huatuo, along with others like G-bits and Shenzhou Taiyue [25]