世纪华通四款产品跻身出海收入榜TOP30 2月6日，全球知名移动应用数据分析平台Sensor Tower发布2026年1月中国手游出海收入TOP30榜单，世纪华通（002602.SZ）旗下Century Games凭借 《Whiteout Survival》《Kingshot》《Tasty Travels:Merge Game》《Truck Star》四款产品同步入围的亮眼成绩，刷新公司出海产品登榜数量纪录。 世纪华通四款产品跻身出海收入榜TOP30 榜单中，《Whiteout Survival》和《Kingshot》两款明星SLG产品延续了强势表现，继续稳居三甲。"旅行+烹饪"题材合成手游《Tasty Travels:Merge Game》则凭借精细的运营活动实现收入的持续攀升。Sensor Tower分析指出，1月中旬游戏上线的"Coral Isles"主题活动，将核心合成玩法与海岛建造深度 融合，为玩家带来全新体验；本月末推出的"Echoes of Vitality"春日卡牌收集活动再添增长动力，日流水创下历史新高，游戏月收入环比上涨33%，首次跻 身收入榜前十，跃居全球合成手游收入榜季军，成为Cent ...

2005年，《街头篮球》由世纪华通（002602.SZ）旗下天游软件引入中国。此后，《街头篮球》迅速占 领了中国玩家的电脑桌面。中韩两国玩家在这一方"球场"上的比拼便从未停止，IMA国际大师赛应运而 生。 "IMA国际大师赛作为《街头篮球》全球顶级赛事，核心初衷就是搭建中外玩家交流竞技的桥梁。"天游 软件市场部经理、赛事负责人陆湧向《中国经营报》记者表示，"《街头篮球》自诞生以来，就始终将 篮球文化与电竞元素深度融合，各类赛事的举办，正是我们传播篮球文化、推动中外玩家融合的核心载 体。" 搭建中外电竞桥梁 《2025年中国电子竞技产业报告》显示，2025年中国电子竞技产业收入293.31亿元，同比增长6.40%； 用户规模超4.95亿人，增长1.06%。 随着中国电竞受众群体的不断壮大，多款电竞游戏跟随着玩家的视野一同走向海外。作为中国电竞中的 元老级游戏，20年时间里，《街头篮球》在中韩两国建立了深厚的玩家基础。 如今经过20年的发展，《街头篮球》已经形成了以游戏内容驱动，以电竞赛事引领，融合中外玩家的发 展模式。其中，IMA国际大师赛作为《街头篮球》全球顶级赛事，成为一座搭建中外玩家交流竞技的桥 梁。 2 ...

Core Insights - Several leading A-share gaming companies have released performance forecasts, with some expecting net profit growth due to overseas business expansion, long-term operation of classic products, and cost reduction measures, while others face declines in existing game revenue or post-acquisition challenges leading to goodwill impairment and losses [1] Group 1: Company Performance Forecasts - Perfect World expects a net profit of 720 million to 760 million yuan for 2025, marking a turnaround from losses [1] - Century Huatong's net profit is projected to increase by 357% to 475%, with estimated revenue of approximately 38 billion yuan, a 68% year-on-year growth [3] - G-bits anticipates a net profit of 1.69 billion to 1.86 billion yuan, representing a 79% to 97% increase compared to the previous year [4] Group 2: Key Products and Market Position - Century Huatong's success is attributed to two major global hits, "Whiteout Survival" and "Kingshot," which have positioned the company among the top in the global mobile gaming market [2][3] - Perfect World's upcoming game releases, including "Zhu Xian World" and "Persona: Night Shadow," are expected to contribute significantly to its 2025 performance [5] Group 3: Challenges Faced by Companies - Electric Soul Network is projected to incur its first annual loss since going public, with expected losses of 160 million to 230 million yuan due to declining revenue from acquired subsidiaries and goodwill impairment [6] - Toma Cat's losses are expected to widen to 1.1 billion to 1.4 billion yuan, attributed to intensified competition and underperformance of new game products [7] Group 4: Industry Trends and Future Outlook - The gaming industry is experiencing a surge in new game releases, with several titles achieving significant user engagement and revenue shortly after launch [8] - The issuance of game licenses has increased significantly, with 177 domestic and 5 imported licenses issued in January 2026, indicating a positive trend for the industry [9] - The industry is expected to enter a "golden decade" starting in 2025, driven by a focus on high-quality game production and technological advancements [10]

Core Viewpoint - Century Huatong Group Co., Ltd. has reported significant growth in its 2025 performance forecast, driven by the synergy between its domestic and overseas gaming sectors, which has become the core growth engine [1] Financial Performance - The company expects a consolidated revenue of approximately 38 billion yuan for 2025, representing a year-on-year increase of about 68% [2] - Net profit attributable to shareholders is projected to be between 5.55 billion yuan and 6.98 billion yuan, reflecting a year-on-year growth of 357.47% to 475.34% [2] - The net profit after deducting non-recurring gains and losses is anticipated to be between 5.8 billion yuan and 6.33 billion yuan, showing a year-on-year increase of 252.97% to 285.22% [2] - Basic earnings per share are expected to be between 0.77 yuan and 0.97 yuan, compared to 0.17 yuan in the same period last year [2] - Operating cash flow is estimated to grow by over 70% year-on-year, indicating high operational quality [2] Growth Drivers - The company has achieved continuous quarter-on-quarter revenue growth for 12 consecutive quarters and has doubled its net profit for two consecutive years, setting historical highs [3] - The core growth drivers are the sustained efforts in both domestic and overseas gaming sectors, leading to a "multi-hit" development trend [3] Overseas Gaming Sector - Century Games, a subsidiary, has leveraged its integrated R&D, operation, and marketing advantages, employing data-driven operational methodologies [4] - The company is the only overseas gaming firm with leading products in both major gaming sectors, with the hit game "Whiteout Survival" entering the global mobile game "billion-dollar club" and ranking first in China's mobile game exports [4] - The new hit "Kingshot" has achieved rapid growth, ranking 14th in global mobile game revenue and 3rd in China's mobile game exports [4] - The company has also made strides in the casual gaming sector, with the product "Tasty Travels: Merge Games" entering the top 5 in casual merge games and the top 15 in China's mobile game exports [4] Domestic Gaming Sector - The collaboration between Diandian Interactive and Shengqu Games has solidified the performance base [5] - Diandian Interactive has excelled in the SLG category, with the game "Endless Winter" achieving rapid revenue growth and maintaining its position as a leader in the domestic SLG market [5] - Shengqu Games has successfully implemented a "revival" strategy, with new IP mobile games performing well and overall profits increasing by over 30% year-on-year [5] - The company is accelerating the application of AI technology to enhance product development efficiency and operational precision [5] Market Position and Future Outlook - The company has been included in the Shenzhen Stock Connect, which may attract more passive funds and various investors, enhancing liquidity [6] - The company has completed a share buyback of 3 billion yuan, with a total buyback exceeding 13 billion yuan in the last two months, reflecting confidence in future development [6] - The profit forecast remains unchanged, with net profit estimates of 5.5 billion yuan, 8.5 billion yuan, and 10 billion yuan for 2025-2027 [7]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 28.07 CNY per share based on a 23X PE valuation for 2026 [6]. Core Insights - The company is experiencing a continuous upward trend in operations, with significant performance across multiple segments, particularly in the SLG (Simulation Game) and casual gaming categories [6]. - The company’s revenue for 2025 is projected to be approximately 38 billion CNY, representing a year-on-year growth of 68.2% [2]. - The net profit attributable to shareholders is expected to reach between 55.5 billion CNY and 69.8 billion CNY in 2025, indicating a substantial growth range of 357% to 475% year-on-year [6]. Financial Projections - Revenue Forecast: - 2023A: 13,285 million CNY - 2024A: 22,620 million CNY - 2025E: 38,036 million CNY - 2026E: 49,425 million CNY - 2027E: 54,029 million CNY - Growth Rates: 15.8% (2023A), 70.3% (2024A), 68.2% (2025E), 29.9% (2026E), 9.3% (2027E) [2][6]. - EBITDA Forecast: - 2023A: 2,666 million CNY - 2024A: 4,805 million CNY - 2025E: 8,536 million CNY - 2026E: 11,552 million CNY - 2027E: 15,297 million CNY [2]. - Net Profit Forecast: - 2023A: 524 million CNY - 2024A: 1,213 million CNY - 2025E: 6,076 million CNY - 2026E: 8,996 million CNY - 2027E: 12,072 million CNY - Growth Rates: -107.8% (2023A), 131.5% (2024A), 400.8% (2025E), 48.1% (2026E), 34.2% (2027E) [2][6]. - EPS Forecast: - 2023A: 0.07 CNY - 2024A: 0.16 CNY - 2025E: 0.82 CNY - 2026E: 1.22 CNY - 2027E: 1.64 CNY [2]. Market Position and Product Performance - The company has maintained a leading position in the SLG segment, with its flagship product "Whiteout Survival" achieving record highs in the overseas mobile game rankings [6]. - The casual gaming segment has also seen breakthroughs, with products like "Tasty Travels: Merge Game" entering the top 15 of the overseas mobile game rankings [6].

Century Huatong (002602.SZ) Conference Call Summary Company Overview - Century Huatong is an online game developer and auto parts manufacturer, with significant revenue contributions from both sectors. In 2018, the company generated total revenue of RMB 8,124 million, with 66% from online gaming and 34% from auto parts [doc id='29'][doc id='30']. Key Financial Highlights - **FY25 Preliminary Results**: Revenues are expected to increase by 68% year-over-year to RMB 38 billion, with Q4 2025 revenues projected at approximately RMB 10.7 billion [doc id='1']. - **Earnings Projections**: Reported earnings for FY25 are estimated between RMB 5.55 billion and RMB 6.98 billion, reflecting a year-over-year increase of 253% to 285% [doc id='5']. - **Future Growth**: Revenue and profit growth for FY26 is projected at 25% and 52%, respectively, with a reaffirmed 30% earnings CAGR [doc id='1']. Revenue Breakdown - **Kingshot**: Expected to generate monthly gross revenues of approximately USD 130 million, with profitability anticipated starting September 2025. This title is projected to be a significant earnings driver in FY26 [doc id='3']. - **Casual Games**: Titles like Tasty Travel and Truck Star are maintaining strong momentum, with management committed to investing in this segment despite longer payback periods due to larger total addressable markets (TAM) [doc id='4']. Earnings Adjustments - Adjustments to FY25-27 revenue estimates reflect a ramp-up in overseas Kingshot and casual games, with revenue revisions of -0.7%, +1.1%, and +1.6% for the respective years [doc id='2']. - Reported earnings for FY25-27 have been raised by 8.8%, 8.7%, and 8.4% to RMB 5.9 billion, RMB 9.0 billion, and RMB 9.6 billion, respectively, due to operating leverage from sales and marketing (S&M) and R&D [doc id='2']. Profitability Metrics - **Gross Profit Margin**: Expected to remain strong, with gross margins projected at 69.7% for FY25 and improving to 70.1% in FY26 [doc id='22']. - **Net Profit**: Projected net profit for FY25 is RMB 5.9 billion, with a diluted EPS of RMB 0.788, reflecting a significant increase from previous years [doc id='6']. Market Position and Strategy - Century Huatong has emerged as the third-largest game company in China, leveraging successful titles like Whiteout Survival and Kingshot to differentiate itself from market leaders Tencent and NetEase [doc id='30']. - The company maintains a "Buy" rating with a target price increase to RMB 24, based on a 20x FY26E PE ratio, aligning with the average for A-share gaming companies [doc id='31']. Risks and Considerations - Potential risks include delays in launching significant game titles and a faster-than-expected slowdown in the auto parts business, which could impact overall performance [doc id='32']. Conclusion - Century Huatong is positioned for robust growth driven by its gaming segment, particularly through successful titles and strategic investments in casual games. The company's financial outlook remains positive, with significant revenue and profit growth anticipated in the coming years.

2026.01.30 1月29日，A股游戏龙头世纪华通（002602.SZ）发布业绩预告，提及2025年公司收入、利润、现金流均 实现同比大幅增长。 本文字数：1044，阅读时长大约2分钟 作者 |第一财经 刘晓洁 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司股东的 净利润 | 盈利:555,000万元-698,000万元 | 盈利: 121,319.82万元 | | | 比上年同期增长:357,47%-475.34% | | | 扣除非经常性损益后的 净利润 | 盈利:580,000万元-633,000万元 | 盈利:164,320.27万元 | | | 比上年同期增长:252.97%-285.22% | | | 基本每股收益 | 盈利:0.77元/股-0.97元/股 | 盈利:0.17元/股 | 2025年世纪华通营收约380亿元，同比增长约68%；归母净利润预估区间为55.5亿至69.8亿元，同比增长 预估区间为357%至475%，这意味着2025年其净利润增幅最高将超4倍。公告显示，世纪华通已实现收 入连续12个季度环比增长。 过去两年是世纪华通 ...

Core Viewpoint - Century Huatong (002602.SZ), a leading player in the A-share gaming sector, forecasts significant growth in revenue, profit, and cash flow by 2025, with net profit expected to increase by up to 475% year-on-year [2][3]. Financial Performance - The projected net profit for 2025 is estimated to be between 5.55 billion and 6.98 billion yuan, representing a year-on-year growth of 357.47% to 475.34% [3]. - The net profit after deducting non-recurring gains and losses is expected to be between 5.8 billion and 6.33 billion yuan, indicating a growth of 252.97% to 285.22% compared to the previous year [3]. - Basic earnings per share are projected to be between 0.77 yuan and 0.97 yuan, up from 0.17 yuan in the previous year [3]. Product Performance - The past two years have been significant for Century Huatong, launching multiple hit products, including the phenomenon-level game "Whiteout Survival," which has seen renewed success three years post-launch [4]. - The new hit game "Kingshot" ranks third in the Chinese mobile game overseas market, while "Tasty Travels: Merge Games" has entered the top 15 [4]. - According to Sensor Tower, Century Huatong's subsidiary, Diandian Interactive, ranks second in global revenue among mobile game publishers, surpassing major competitors like NetEase and miHoYo, with a projected global revenue growth of 87% in 2025 [4]. Market Position - As of January 29, Century Huatong's stock price increased by approximately 1% to 18.86 yuan per share, with a total market capitalization of 139 billion yuan, making it the highest-valued gaming company in the A-share market [6]. - The stock price has risen from 5 yuan to 17 yuan per share, reflecting a cumulative increase of about 240% [6]. - The gaming industry in China is experiencing intensified competition, with resources increasingly concentrating among leading firms, yet companies with blockbuster products continue to thrive [7].

Core Viewpoint - Century Huatong expects a significant increase in net profit for 2025, projecting a growth of 357.47% to 475.34% compared to the previous year, driven by strong performance in multiple game products [1] Financial Performance - The company anticipates consolidated operating revenue of approximately 38 billion yuan for 2025, representing a year-on-year increase of about 68% [1] - Expected net profit attributable to shareholders is projected to be between 5.55 billion and 6.98 billion yuan, with a year-on-year growth of 357.47% to 475.34% [1] - The non-recurring net profit is forecasted to be between 5.8 billion and 6.33 billion yuan, indicating a year-on-year increase of 252.97% to 285.22% [1] - Operating cash flow is expected to grow by over 70% year-on-year [1] Market Position and Product Performance - Century Huatong is recognized as one of the fastest-growing gaming companies globally over the past three years, achieving continuous revenue growth for 12 consecutive quarters since 2023 [1] - The company has doubled its net profit year-on-year for two consecutive years, setting new historical highs [1] - Key products contributing to this growth include: - "Whiteout Survival," which has entered the global mobile game "1 billion USD revenue club," ranking fourth in global mobile game revenue for 2025 and first in China's mobile game overseas revenue [1] - "Kingshot," which has emerged as the third in China's mobile game overseas revenue [1] - "Endless Winter," which maintains rapid revenue growth as a leading product in the SLG category [1] - New product "Beng Beng Kingdom," which is showing a continuous growth trend [1]

Core Viewpoint - The company expects significant growth in its financial performance for the year 2025, with net profit projected to increase by over 50% compared to the previous year [2][3]. Financial Performance Forecast - The performance forecast period is from January 1, 2025, to December 31, 2025 [2]. - The company anticipates a net profit in the range of 5.55 billion to 6.98 billion, representing a year-on-year growth of approximately 357% to 475% [3]. - The estimated consolidated operating revenue is around 38 billion, reflecting a year-on-year increase of about 68% [3]. - The forecast for non-net profit attributable to the parent company is between 5.8 billion and 6.33 billion, with a year-on-year growth of 253% to 285% [3]. - Operating cash flow is expected to grow by over 70% year-on-year [3]. Growth Drivers - The company has achieved continuous revenue growth for 12 consecutive quarters and has doubled its net profit year-on-year for two years [3]. - In the overseas market, the company has successfully leveraged its integrated research, development, and operation capabilities, leading to record-breaking performance [3]. - The company is the only game company with top products in both major gaming segments, with the hit product "Whiteout Survival" ranking first in the Chinese mobile game export list and "Kingshot" ranking third [3]. - The company is positioned as one of the fastest-growing game companies globally, particularly in the mobile gaming sector, with multiple hit products [3]. Domestic Market Performance - The company continues to excel in the SLG category domestically, with the product "Endless Winter" achieving rapid revenue growth and becoming a leading product in the SLG segment [4]. - New product "Bengben Kingdom" is also showing a continuous growth trend, solidifying the company's leading position in the domestic SLG market [4]. - Another company, Shengqu Games, has successfully revitalized classic IPs with new mobile games, achieving over 30% year-on-year profit growth [4].