今年，ST 华通作为游戏板块的龙头个股，率先在 A 股市场中脱颖而出。公司在 SLG 加 X 品类中表现突出，其两款主要产品 Wild Out Survival（无尽冬日） 和 King（奔奔王国）目前在全球游戏排行榜上名列前茅，并且未来有望在生命 周期和利润率上持续超越市场预期。公司的研发经验可复用、可积累，因此未 来营收和净利有望持续高增长。 SLG 加 X 品类游戏的市场表现如何？ SLG 加 X 品类游戏具有较长的生命周期，流水趋稳且下降可能性较低。目前 KingShop 这款游戏流水仍处于爬坡阶段，特别是近八九月份全球数据明显上 升。国服版本小程序和 APP 上线时间较短，但推广后带来的流水空间巨大。根 据过往经验，公司历史产品如阿瓦隆之王、火枪纪元等 SLG 游戏生命周期超过 6 年，而 Wild Out Survival 约 3 年、KingShop 约 1 年，均处于生命周期青 壮年阶段。因此，这些产品未来利润释放潜力巨大。 ST 华通 20251012 摘要 奔奔王国》在全球游戏排行榜领先，预计生命周期和利润率将超预期， 公司研发经验可复用，营收和净利有望持续高增长。 SLG 加 X 品类游 ...

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]

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].