游戏：全年主线级推荐 20250706 今年游戏行业的整体表现如何？二线游戏公司是否值得关注？ 今年（2025 年），游戏行业整体表现非常亮眼，尤其是一些突出的个股。过 去一个月，整个游戏板块的行情表现出色。二线游戏公司在自己擅长的赛道和 品类上都有很多突破，日子过得不错。去年（2024 年），虽然有腾讯的 《DNF》这样的超级大单品，但二线游戏公司的表现也不差。例如心动网络的 《出发吧麦芬心动小镇》、哔哩哔哩的《三国谋定天下》和库洛的《明朝》等 产品都交付了不错的成绩。这些公司的创新和特色产品在市场上展现了差异化 竞争，并分享了属于自己的市场蛋糕。今年（2025 年），一些预期不高但上 线后流水表现超出预期的产品，如巨人的《超战行动组》和吉比特的 M88、M72 等，也证明了二线游戏公司的潜力。 吉比特 2025 年推出的 M72 和 M88 两款游戏表现超出预期，M72 首季 度流水 3.6 亿元，M88 首月流水预计 2-3 亿元，且留存、ROI 和利润率 表现优异。 游戏行业买量成本趋于稳定，各公司开始采用内容侧营销、直播和 KOL 推荐等多元化营销策略，有助于降低销售费用占比，提高 ROI。 为什么 ...

摘要 中国基础科研投入占比 GDP 显著提升，从 2018 年的 2.1%增至 2.7%，推动研发领域增长，Nature Index 科研机构数量显著增加，尤 其在化学、物理及地球环境科学等领域，但生物科学领域仍有差距。中 美贸易战后，中国加大了基础科研投入，使新兴产业投资显著增加。 中美在人工智能投入方面存在差异，中国虽略滞后美国约两年，但 2023-2024 年研发投入已明显增加。中国凭借商业应用场景优势，如 手机、工业机器人、5G 基站和电动汽车等庞大市场，在软件和应用场 景端快速迭代升级，有望实现弯道超车。 人工智能细分领域成交热度已降至近十年 30%分位值以下，估值也从峰 值回落至市场中位区间，相对收益处于适宜位置。云端算力方面，海外 算力链表现强势，受益于海外算力需求旺盛，预计将持续增长，北美算 力公司股价接近新高。 海外云计算场加大资本开支，AI 端侧应用成为变现渠道，包括 AI PC、AI 手机和 AI 眼镜。AI 眼镜功能日益丰富，市场潜力巨大，产业链 龙头如歌尔股份值得重视。上周 OpenAI 发布 O3 Pro 正式版本， Oracle 四季度财报超预期，推动了各个垂直类应用落地。 Q& ...

5 月底部 call 游戏，当前持续重点推荐 20250616 摘要 A 股游戏公司估值偏低，二线公司估值约为 15-18 倍，低于港股同类型 公司 30 倍的估值水平，存在估值提升空间。行业竞争格局趋缓，为二 线公司提供了充足的市场空间。 中小体量游戏产品表现超预期，如巨人的《超自然行动组》和吉比特的 《M88》，在当前竞争环境下盈利能力显著提升，对公司报表产生积极 影响。 2025 年游戏行业买量格局稳定，各公司销售费用率同比下降，宣发策 略多样化，通过直播、KOL 和社区营销等方式降低成本，提高 ROI。 游戏行业供给侧放松，版号数量增加，需求端回暖，4 月份单月游戏行 业增速达到 22%，显示出行业增长潜力。 大厂未来几年大单品数量减少，重心放在老游戏运营上，这为中小公司 在细分赛道深耕提供了机会。 游戏行业满足新消费的定义，具有即时情绪释放、社交属性、高频互动 和高景气度等特点，估值相对较低，更容易被资金青睐。 地方政府出台鼓励游戏发展的政策，整体政策环境回暖，版号数量增加， 为行业发展提供支持。推荐关注巨人网络、金山软件和吉比特等公司。 Q&A 今年游戏行业的整体表现如何？ 今年游戏行业表现出显著 ...

行情速递 ① 主板领涨，粤传媒(+10.04%)/东信和平(+10.01%)/吉大正元(+10.00%)格尔软件(+10.00%)/ 元隆雅图(+10.00%)/ ②创业板领涨，兆日科技(+20.01%)/川网传媒(+20.00%)/惠伦晶体(+19.98%)/ ③科创板领涨， 罗普特 (+19.98%)/新相微(+13.23%)/三未信安 (+13.08%)/ ④活跃子行业， SW通信网络设备及器件(+2.95%)/SW影视动漫制作(+2.71%)/ 国内新闻 ① 艾邦半导体网，钧联电子成功完成近亿元人民币A轮融资/所融资金将重点 投向两方面/一是加速推进钧联电子在安徽省内首条具备先进工艺的车规级碳 化硅（SiC）产线的产量提升/二是加快公司电控电驱产品抢占新能源乘用车/ 商用车/eVTOL等领域的市场份额/ ③烽火通信，发布2024年年度权益分派实施公告/2024年年度每股派发现金 红利0.179元（含税）/总派发现金红利212,020,849.58元/ ④兴森科技，发布关于2025年累计新增借款超过上年末净资产百分之二十的 公告/截至2025年5月31日/公司借款余额为504,676.86万元/较202 ...

行情速递 ① 主板领涨，粤传媒(+10.04%)/东信和平(+10.01%)/吉大正元(+10.00%)格尔软件(+10.00%)/ 元隆雅图(+10.00%)/ ②创业板领涨，兆日科技(+20.01%)/川网传媒(+20.00%)/惠伦晶体(+19.98%)/ ③科创板领涨， 罗普特 (+19.98%)/新相微(+13.23%)/三未信安 (+13.08%)/ ④活跃子行业， SW通信网络设备及器件(+2.95%)/SW影视动漫制作(+2.71%)/ ④兴森科技，发布关于2025年累计新增借款超过上年末净资产百分之二十的 公告/截至2025年5月31日/公司借款余额为504,676.86万元/较2024年末 增加100,281.26万元/累计新增借款占上年末净资产比例为20.32%/超过 20%/ 海外新闻 ①艾邦VR产业资讯， Cellid宣布推出两款新型波导产品/每款产品的亮 度都比之前的型号更高/同时推出专有的基于软件的校正技术/旨在通过 减少色彩不规则来提高 AR 图像质量/ 国内新闻 ① 艾邦半导体网，钧联电子成功完成近亿元人民币A轮融资/所融资金将重点 投向两方面/一是加速推进钧联电子在安徽省内 ...

今年（2025 年）游戏行业的整体表现如何？ 国内游戏市场保持高增，新游周期、出海及 AI 逻辑有望持 续验证 20250603 摘要 4 月游戏行业规模同比增长超 20%，环比增长近 2-3 个百分点，头部公 司如腾讯、米哈游的长期运营游戏及版本更新贡献显著，海外市场同比 增长近 10%，整体表现亮眼。 暑期档新游上线是重要催化剂，电魂、吉比特、完美世界、三七互娱等 公司均有新品推出或测试计划，每月版号新增亦构成积极影响，一季度 头部及 A 股公司利润率和流水超预期。 随着暑期档和新游周期到来，各公司业绩有望进一步提升，如巨人网络 《超自然行动组》已在部分渠道表现良好，预计全渠道上线及买量将带 动收入和利润增长。 吉比特 M72 一季度流水达 3.6 亿超预期，世纪华通旗下 King Shot、龙 之谷等产品表现出色，验证新游带动业绩释放逻辑，暑期档各公司将继 续推出新品并进行测试。 游戏板块在新游上线和 AI 商业化方面表现出色，M7 和 M88 上线初期 排名靠前，公司进入新游周期兑现收入和利润增长阶段，易华录等公司 也有类似情况。 Q&A 根据第三方统计数据，今年（2025 年）1 月至 4 月，游戏 ...

Core Insights - The article highlights the growth and significance of leading companies on the Sci-Tech Innovation Board, referred to as "chain master" enterprises, which are pivotal in driving innovation and collaboration within key industries such as integrated circuits, artificial intelligence, and innovative pharmaceuticals [1][7]. Group 1: Company Performance - The top 10 companies on the Sci-Tech Innovation Board achieved a revenue growth of 21.2% and a net profit growth of 24.3% in 2024, with cumulative revenue growth of 175.6% and net profit growth of 394.8% since their listing [2]. - Sichuan Baili Tianheng Pharmaceutical Co., Ltd. reported a net profit of 3.708 billion yuan in 2024, marking a 575% year-on-year increase and its first annual profit since listing [2]. - Semiconductor manufacturer SMIC reached a revenue milestone of 50 billion yuan, solidifying its position as the second-largest pure-play foundry globally, with a quarterly revenue growth of 29.4% and profit growth of 166.5% [2]. Group 2: Research and Development - The top 10 companies collectively invested 22.109 billion yuan in R&D in 2024, accounting for 14% of the total R&D investment on the board, with a year-on-year increase of 20.09% [4]. - These companies employed over 20,000 R&D personnel, with an average of 2,056 R&D staff per company, significantly higher than the overall board averages [4]. - The top 10 companies added 2,256 new invention patents in 2024, representing 11.1% of the total new patents on the board, and many are involved in national key technology projects [4]. Group 3: Industry Leadership - Leading companies are enhancing their roles as "chain masters" by fostering collaboration across the supply chain and driving technological innovation [7]. - Shanghai United Imaging Healthcare Co., Ltd. is recognized for its significant contributions to the high-end medical imaging equipment sector, creating numerous industry-firsts and fostering a domestic supply chain ecosystem [7]. - Haiguang Information Technology Co., Ltd. established the "Light and Harmony Organization" to promote collaboration among over 5,000 partners, enhancing the domestic computing platform ecosystem [8]. Group 4: Future Outlook - The continued growth of the Sci-Tech Innovation Board is expected to yield more technology innovation leaders, driving industrial upgrades and development in key sectors [8].

Core Viewpoint - The company, Runxin Technology, has reported a steady growth in revenue and net profit for the fiscal year 2024, driven by its focus on AIoT, automotive electronics, and audio sensors, while also emphasizing its strategic partnerships and technological innovations in the semiconductor industry [4][5]. Company Overview - Runxin Technology specializes in the distribution, application design, and technological innovation of wireless communication ICs, RF ICs, and sensors, positioning itself as a leading provider of IC products and solutions in China [3]. - The company collaborates with major suppliers such as Qualcomm and has established a strong customer base including Midea Group and DJI [3]. Financial Performance - For the fiscal year 2024, the company reported a revenue of 2.596 billion yuan, representing a growth of 20.16% compared to 2023 [4]. - The net profit attributable to shareholders for 2024 was 36.37 million yuan, an increase of 2.07% from the previous year [4]. - The net profit after deducting non-recurring gains and losses was 34.50 million yuan, reflecting a growth of 10.17% year-on-year [4]. - The adjusted net profit, excluding the impact of stock option expenses, was 50.81 million yuan for 2024, up 57.54% from 32.25 million yuan in 2023 [4]. Business Development - The company has seen robust business development in AIoT smart modules, automotive electronics, and audio sensors during the reporting period [4]. - Runxin Technology is enhancing its AIoT chip business capabilities by investing in edge computing and sensor integration technologies, aiming to meet the increasing demand for hardware performance in AI applications [5][6]. - The company has launched customized wireless smart appliance chips and has seen a 42.22% increase in sales from its self-developed and customized chip business, totaling 176 million yuan [6]. Technological Innovations - The company is actively involved in the development of innovative technologies such as AI and edge computing, which are expected to create new business opportunities [5]. - Runxin Technology is collaborating with the National Intelligent Sensor Innovation Center to develop integrated sensor solutions and enhance its technological capabilities in MEMS sensors [5]. - The introduction of Chiplet heterogeneous stacking technology aims to improve production efficiency and reduce costs, catering to diverse customer needs [6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company achieved revenue of 1.136 billion yuan in Q1 2025, representing a year-on-year increase of 22.47% and a quarter-on-quarter increase of 29.44%. The net profit attributable to shareholders was 283 million yuan, up 11.82% year-on-year, while the net profit excluding non-recurring items was 275 million yuan, up 38.71% year-on-year. This marks the first quarter of positive revenue growth since 2023 [2][4] - The new game "Wen Jian Chang Sheng" contributed over 360 million yuan in revenue increment, with other core products like "Wen Dao" and "Yi Nian Xiao Yao" also showing quarter-on-quarter revenue growth. The report emphasizes the importance of monitoring the revenue trends of core products and the progress of new game launches [5][7] Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 1.136 billion yuan, a year-on-year increase of 22.47% and a quarter-on-quarter increase of 29.44%. The net profit attributable to shareholders was 283 million yuan, reflecting an 11.82% year-on-year increase, while the net profit excluding non-recurring items was 275 million yuan, up 38.71% year-on-year [2][4] - The company’s revenue returned to positive growth for the first time in 2023 [4] Game Performance - The new game "Wen Jian Chang Sheng" significantly contributed to revenue, generating 363 million yuan in Q1 2025. The revenue from "Wen Dao" was 321 million yuan, down 16.3% year-on-year but up 34.9% quarter-on-quarter. "Wen Dao Mobile" generated 441 million yuan, down 15.9% year-on-year and down 4.3% quarter-on-quarter [5][6] - The report highlights the need to focus on the revenue trends of core products and the testing and launch schedules of new games [7] Investment and Expenses - The company increased its marketing expenses due to the launch of "Wen Jian Chang Sheng," with sales expenses rising to 360 million yuan, an increase of 66 million yuan year-on-year and 165 million yuan quarter-on-quarter. The sales expense ratio increased by 9.5 percentage points to 31.7% [6] - The report notes that the overall investment return on marketing spending remains good, with stable year-on-year sales expense ratios [6]

3月4日，吉比特发布的投资者调研沟通活动纪要提到项目调整。 实际上，就在公告前几天，有游戏媒体发表了一篇名为 《吉比特董事长卢竑岩回应一切：没有大 裁员，我没躺平》 的专访。在这篇报道中，吉比特创始人、董事长、总经理 卢竑岩 回应了关于 近期"吉比特解散广州研发团队"的传言。 原来，两周前，有人在职场社交平台上发表了"吉比特广州解散"的消息，并受到业界关注。天眼 查显示，吉比特在广州的研发公司主要为广州雷霆互动网络技术有限公司。该公司成立于2017年 3月，企业注册资本7000万元人民币，是一家以从事软件和信息技术服务业为主的企业。 日前，厦门吉比特网络技术股份有限公司（603444 SH，以下简称"吉比特"）被传公司广州研发 团队解散。为此，吉比特公司及创始人卢竑岩通过多方渠道澄清，表示广州研发中心并未解散， 公司也未进行大裁员。 停掉部分自研项目 董事长回应大裁员 3月4日，吉比特发布了最新的投资者调研沟通活动纪要，其中专门提到公司近期研发项目关停情 况。吉比特称："近几个月，公司对研发工作做了很多回顾、思辨和总结，对自研项目进行了评 审，停掉了部分不符合标准的项目"。同时，该纪要表示，本次调整会有一些人 ...