投资建议： 版号审批节奏稳定，游戏产品供给丰富，我们看好具备优质内容储备、基本面扎实的公司。 报告导读： 8 月国产游戏版号下发 166 个，创下历史新高，多家上市公司有产品获批， 在政策支持、供给丰富的背景下，持续看好行业发展。 事件： 8月25日，国家新闻出版署官网发布2025年8月国产网络游戏审批信息，共166款游戏获批，创历史新高；同时下发新一批进口网络游戏审批信息，包 括7款游戏。 国产版号数量创历史新高，A、H股多家上市公司有产品获批。 8月批次国产游戏版号共166款，创下历史新高，今年以来8个月已经发放国产版号共1050 个，远高于去年同期的850个，月均发放数量从2023年的88.8个、2024年的108.8个，增长到今年1-8月的131个。具体产品来看，本月国产版号中包括网 易《天下：万象》、灵犀互娱（阿里）《宗师之上》、哔哩哔哩《逃离鸭科夫》《三国：百将牌》、三七互娱《超牛英雄》《斗破苍穹：斗帝之路》、恺英网 络《熊猫大作战》、ST华通《传奇外传》、雷霆（吉比特）《出动吧！库鲁》、冰川网络《超能战机》、汤姆猫《汤姆猫总动员2》、友谊时光《花与绯 想》。同日发放进口游戏版号7款，其中包括腾讯 ...

股票研究 /[Table_Date] 2025.08.26 国产游戏版号数量新高，看好政策鼓励、供给优质的游戏行业 [Table_Industry] 传播文化业 [Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 陈筱(分析师) | 021-38675863 | chenxiao@gtht.com | S0880515040003 | | 杨昊(分析师) | 021-38032025 | yanghao4@gtht.com | S0880524020001 | 本报告导读： 8 月国产游戏版号下发 166 个，创下历史新高，多家上市公司有产品获批，在政策 支持、供给丰富的背景下，持续看好行业发展。 投资要点： [Table_Report] 相关报告 传播文化业《迈入景气周期，关注产业趋势与产 品潜力》2025.08.25 传播文化业《DeepSeek 发布 V3.1 模型，可灵 25Q2 营收超 2.5 亿元》2025.08.23 传播文化业《点点互动表现持续强劲，3 款游戏 同时上榜 ...

Group 1 - The core viewpoint is that the approval of domestic game licenses has reached a historical high, with 166 games approved in August, contributing to a total of 1,050 licenses issued in the first eight months of the year, significantly higher than the 850 licenses in the same period last year [1][2] - The monthly average of domestic game licenses issued has increased from 88.8 in 2023 and 108.8 in 2024 to 131 in the first eight months of 2025, indicating a stable approval rhythm and a rich supply of game products [2] - Notable approved products include titles from major companies such as NetEase, Bilibili, and Tencent, showcasing a diverse range of offerings in the market [2] Group 2 - The gaming industry continues to show positive growth, with the domestic market size reaching 29.084 billion yuan in July 2025, a year-on-year increase of 4.62%, driven by strong performance in both mobile and client games [3] - The industry is expected to perform well in the third quarter, particularly during the summer peak season, supported by favorable policies and abundant supply [3] - Key games contributing to user engagement include Tencent's "Triangular Action" and the recently launched mobile game "Valorant," indicating a healthy consumer interest in gaming [3]

Investment Rating - The report maintains a "Buy" rating for Bilibili (BILI.O) [4][6] Core Insights - The company is expected to achieve revenue of 7.33 billion RMB in Q2 2025, representing a year-over-year growth of 19.7%. The revenue breakdown by business segment includes gaming at 1.61 billion RMB (yoy +60%), VAS at 2.82 billion RMB (yoy +10%), advertising at 2.42 billion RMB (yoy +19%), and e-commerce at 480 million RMB (yoy -8%) [1] - The report highlights the strengthening of advertising infrastructure through AI, including the reconstruction of recommendation algorithms and creative generation, which is expected to enhance efficiency and effectiveness in advertising [3] - The gaming segment is anticipated to see significant growth with the launch of new games and updates, which are expected to drive user engagement and monetization [2] Summary by Sections Revenue and Profit Forecast - The projected revenue for Bilibili is expected to grow from 22.53 billion RMB in 2023 to 30.24 billion RMB in 2025, with a growth rate of 12.7% in 2025 [5][10] - Adjusted net profit is forecasted to improve from a loss of 3.41 billion RMB in 2023 to a profit of 2.15 billion RMB in 2025 [5][10] Business Segment Performance - The gaming business is expected to contribute significantly to revenue, with notable titles like "FGO" and "碧蓝航线" driving user growth and revenue [2] - Advertising revenue is projected to grow due to enhanced AI capabilities, with an expected ROI achievement rate exceeding 75% in 2024 [3] Financial Metrics - The report provides a detailed financial outlook, including expected EPS growth from -11.46 RMB in 2023 to 1.91 RMB in 2025 [5][10] - The P/S ratio is projected to decrease from 3.3 in 2023 to 2.5 in 2025, indicating a potential increase in valuation attractiveness [5][10]