Group 1 - TapTap held its 2025 game release conference, showcasing a record 50 new game updates, including 45 unreleased titles and 13 PC games [1] - The introduction of PC games at the conference marks a significant expansion for TapTap, with titles like "Mingmo: Yuanshu" and "Zongmen Qiyuan" featured [1] - TapTap's PC version has been launched, allowing users to purchase and download over 100 top games without revenue sharing, which is expected to enhance growth potential [1] Group 2 - The self-developed game "Yise" has been successful in international markets, ranking in the top 50 in over 30 countries, with a domestic launch scheduled for September 25 [2] - "Xindong Xiaozhen" is set to celebrate its anniversary with a collaboration event, and its international version is anticipated to launch in late 2025, potentially increasing revenue [2] - The upcoming MMORPG "Xianjing Chuanqi RO: Shouhu Yongheng de Ai 2" is expected to leverage the established IP and the company's experience to perform well in the global market [2]

传媒/游戏Ⅱ 相关研究报告 《授出购股权加强绑定，TapTap PC 版 或打开成长空间—港股公司信息更新 报告》-2025.4.18 《"游戏+平台"飞轮效应逐步显现， 驱动长期成长—港股公司信息更新报 告》-2025.3.30 心动公司（02400.HK） 2025 年 07 月 10 日 投资评级：买入（维持） | 日期 | 2025/7/9 | | --- | --- | | 当前股价(港元) | 50.900 | | 一年最高最低(港元) | 51.950/15.500 | | 总市值(亿港元) | 251.04 | | 流通市值(亿港元) | 251.04 | | 总股本(亿股) | 4.93 | | 流通港股(亿股) | 4.93 | | 近 3 个月换手率(%) | 35.86 | 股价走势图 数据来源：聚源 -60% 0% 60% 120% 180% 240% 2024-07 2024-11 2025-03 心动公司 恒生指数 《2024 年业绩超预期，新游戏及 TapTap 继续驱动成长—港股公司信息 更新报告》-2025.3.5 《伊瑟》国服及《守爱 2》首测定档，驱动长期成长 ——港股 ...

关注暑期文娱表现，AI 应用商业化加速与 IP 经济提振估值 20250618 摘要 从 5 月以来，传媒行业整体表现相对平稳，剧集综艺的创新节奏稳定且稳步增 长。游戏板块市场情绪随着新游定档、新活动和新赛季的节奏回暖。电影板块 快手 AI 视频工具估值约 60 亿美元，预计 2025 年底营收达 2 亿美元。 按 30 倍估值倍数计算，快手 2025 年净利润预期约 201 亿元。鉴于快 手在赛道布局上的领先性及 AI 生态系统升级，给予 2025 年约 16 倍市 盈率估值，对应目标价 80 港元。 5 月份全国票房同比下降 41%，观影人次下降 40%。3 月至 5 月票房平 淡，受春节档影响，头部影片较少。端午档票房同比增长 9%，进口片 表现突出。暑期档容量大，弹性大，各片方通常会选择在此期间上映头 部商业化影片，有望展现更大的弹性和情绪回暖迹象。 数字媒体方面，爱奇艺、腾讯视频、芒果 TV 和优酷视频 5 月份活跃用 户分别为 3.5 亿、3.7 亿、2.8 亿和 2.0 亿。芒果 TV 和优酷视频环比提 升，爱奇艺和腾讯视频环比下降。《歌手 2025》表现良好，有望贡献 二季度广告收入。暑期是古 ...

证券研究报告 | 行业定期报告 2025 年 06 月 10 日 游戏板块估值有望修复，心动公司新游《伊瑟》已上线 传媒互联网行业周报 TMT 及中小盘/传媒 近期我们继续坚定推荐各个细分行业龙头公司，我们继续坚定看好【神州泰岳】 【南方传媒】【分众传媒】【完美世界】【恺英网络】【巨人网络】【腾讯控 股】【昆仑万维】【中国科传】【芒果超媒】【哔哩哔哩】【中文在线】等 ❑ 过去的一周，传媒行业上涨了 2.52%，在所有行业中排名第 7 位，传媒板块 年初到现在上涨了 7.98%，排名所有板块第 5 名。近期，我们继续坚定看好 传媒和游戏板块，我们的推荐逻辑如下：1 游戏和传媒就是最好的新兴消费 板块之一。相对于传统消费，新兴消费我们认为要更加符合：让用户产生快 乐和热爱，且不打价格战。比如苏超，周杰伦，LADY GAGA 演唱会，黑悟空 游戏，泡泡玛特拉布布，哪吒衍生品，王者荣耀的皮肤，迪士尼琳娜贝儿等 等，游戏和传媒很多公司正在承载着新兴消费的大部分需求，游戏和传媒的 估值在新兴消费里仍然是估值洼地，近期港股传媒公司乐华，巨星，阿里影 业，猫眼，云音乐等纷纷大涨，我们认为是传媒游戏估值修复的开始；2 海 外 ...

Group 1 - The core viewpoint is that instead of completely blocking minors from electronic devices, it is more effective to guide them positively and enhance content selection and cognitive protection [1] - The use of electronic devices for educational tasks has expanded the "reasonable space" for children, but it also raises concerns about prolonged exposure to unrelated content [1] - There is a concern about the impact of short video products on minors' thinking, as they often present information in a compressed manner that can lead to cognitive biases [1] Group 2 - The spread of "black language" among teenagers is noted, with unregulated language from live-streamers and short video creators affecting children's language expression [2] - The mobile gaming platform TapTap launched a "minor mode" in 2023, allowing parents to manage content recommendations, download permissions, and time control [2] - TapTap has implemented over 100 protective strategies for minors since 2022, with a curated content pool of over 2,000 games and daily processing of over 3,000 potentially harmful content items [2] Group 3 - Game companies are encouraged to consider the design phase to avoid exploiting human weaknesses, particularly in creating inducements for low-age users [3] - Reducing excessive in-game purchases and daily check-in mechanisms is essential for establishing a positive interaction between game manufacturers, guardians, and minors [3]

从行业层面来看，随着2024年以来游戏版号按节奏发放、新产品陆续上线，游戏行业整体恢复性增长态 势显著。智通财经APP了解到，心动公司在2024年不仅成功实现扭亏目标，还录得显著净利润增长;世 纪华通(SZ.002602)于2025年一季度实现营收81.45亿元，同比增长91.12%，扣非后净利润13.46亿元，同 比增长107.95%，业绩增速远超行业平均水平。 伽马数据发布的2025年第一季度中国游戏产业季度报告显示，2025年第一季度中国游戏市场收入857.04 亿元，同比增长17.99%。其中，海外市场表现突出，中国自主研发游戏海外市场实际销售收入48.05亿 美元，同比增长17.92%。 网易(09999)交出的一份超预期单季财报，带动游戏板块一片飘红。5月16日，网易盘中股价快速上扬， 最高攀升至195港元以上，单日涨幅超14%，市值突破6100亿港元，创下历史新高;迅游科技(300467.SZ) 与冰川网络(300533.SZ)分别上涨4.31%与4.07%，心动公司(02400)、中旭未来(09890)也涨超2%。 网易Q1财报显示，得益于《漫威争锋》、《燕云十六声》等近期上线的多款新游屡创佳 ...

Industry Overview - Goldman Sachs updated its views on mid-sized game publishers, highlighting that domestic expansion opportunities have generally narrowed due to market consolidation, with Tencent and NetEase outperforming smaller peers in China [1][2] - The demand for new games has shifted towards high-quality and casual/mini games, putting pressure on traditional games from mid-sized publishers [1][2] - Despite challenges, there are opportunities for single games to achieve annual revenues of RMB 2-3 billion through differentiated gameplay [1] Company Insights - Tencent and NetEase remain Goldman Sachs' top picks in the Chinese internet/gaming sector, while Bilibili is viewed positively due to its advertising strength and profit margin expansion potential [3][7] - Goldman Sachs upgraded Xindong Company to neutral due to longer game lifespans and profit expansion through marketing discipline [3][10] - G-bits was downgraded to sell due to weak performance in traditional games and a lack of new product launches [3][12] - 37 Interactive was downgraded to neutral due to intense competition in mini-games and high customer acquisition costs [3][21] - Perfect World maintains a neutral rating, with key focus on upcoming game releases [3][28] Financial Projections - Bilibili is expected to see a 21% year-over-year revenue growth in 2025, driven by the anniversary of "Three Kingdoms: Strategic Edition" and new game releases [7][8] - Goldman Sachs anticipates a 3% year-over-year revenue decline for G-bits in 2025, with operating profit expected to drop by 17% [12][16] - For 37 Interactive, a 1% revenue decline and a 5% drop in operating profit are projected for 2025 [21][27] - Perfect World is expected to see a 16% year-over-year revenue growth in 2025, with operating profit estimated at RMB 2.17 billion [28][31] Rating Adjustments - Goldman Sachs maintains a buy rating for Bilibili, with a target price of RMB 23.7, reflecting a 35% upside [5][7] - Xindong Company’s rating was upgraded to neutral with a target price of HKD 34, reflecting improved visibility in its game business [10][11] - G-bits was downgraded to sell with a target price of RMB 194, indicating a 19% downside [5][12] - 37 Interactive's rating was downgraded to neutral, with a target price of RMB 16.3, reflecting a 9% upside [5][21] - Perfect World maintains a neutral rating with a target price of RMB 11.8, indicating a 12% downside [5][28]

作 者丨吴立洋 编 辑丨肖潇 图 源丨IC 据 央 视 新 闻 报 道 ， 美 国 联 邦 法 官 当 地 时 间 4 月 3 0 日 裁 定 ， 苹 果 公 司 违 反 了 此 前 的 一 项 法 院 命 令，必须进行整改以更好地促进市场竞争。该法院命令要求苹果开放应用商店，允许用户采用 外部支付方式。 "这是禁令，不是谈判。 "判决文件指出，苹果公司明确知道自身的义务，但仍阻挠了禁令的 执行，继续进行反竞争以维持收入，且认为法院无法看穿其"明显的掩盖行为"。 虽然苹果已对该判决发起上诉，但在上诉结果公布前的至少两个月时间内，iOS生态内的开发 者都可以开始尝试引导消费者前往第三方支付渠道。 目前，已有应用上线进行三方支付且未 支付iOS佣金的版本，该更新也获得了APP St o r e的通过。 国内厂商方面，多家游戏公司向记者表示正对事件"保持密切关注"并视情况跟进，相关要求落 地有望进一步提升其海外盈利空间。与此同时，作为全球最主要的数字市场之一，中国厂商与 渠道关系同样暗流涌动，在全球监管收紧、开发者话语权提升的趋势下，二者间的市场格局或 将迎来更深层的重构。 "库克的选择很糟糕" 在加州地方判决的判 ...

Core Viewpoint - The recent ruling by the California District Court against Apple regarding its App Store practices has significant implications for developers and the competitive landscape of digital payments, allowing developers to direct users to external payment channels without incurring Apple's commission [1][3][4]. Legal Developments - The court found that Apple failed to comply with previous orders to provide developers with external payment options and imposed a ban on charging commissions for purchases made through these channels [1][2]. - The ruling highlighted Apple's attempts to maintain its revenue through anti-competitive practices, including imposing new barriers and discouraging users from using alternative payment methods [2][3]. Impact on Developers - Developers within the iOS ecosystem are now authorized to guide users towards external payment options, potentially increasing their revenue by avoiding Apple's 27% commission on external purchases [3][4]. - Companies like Epic Games have already announced plans to eliminate fees for developers on their platform, indicating a shift towards more favorable terms for developers [6][10]. Market Dynamics - The ruling is expected to reshape the competitive landscape, as developers may increasingly adopt external payment methods, leading to a decline in Apple's control over app distribution and payment processing [3][4][9]. - Chinese developers are also closely monitoring the situation, with some considering implementing external payment options for their games in the U.S. market [9][10]. Regulatory Environment - The ruling comes amid increasing scrutiny and regulatory actions against major tech companies, including a recent €5 billion fine imposed by the EU on Apple for similar anti-competitive practices [10][11]. - The evolving regulatory landscape is likely to pressure dominant platforms like Apple and Google to lower their commission rates and adapt to new market conditions [11].

【环球网财经综合报道】五月伊始，游戏界本周在行业数据、国内企业动态、合规监管及海外市场等方面呈现多元态势。 合规监管方面，韩国将实行"海外游戏公司国内代理商指定制度"，自10月23日起，被纳入指定对象的国外游戏公司须书面指定在韩运营代理商并 履行法律责任，代理商若不履行指定义务将被处以最高2000万韩元罚款，原游戏公司也将承担同等责任。此前该制度曾包含两年以上监禁惩罚， 现已取消。目前，韩国文化体育观光部计划在6月4日前收集立法通告意见，经法规审查和法制内务局审核后确定施行令。 海外市场有喜有忧。Nexon有望拿下《守望先锋手游》韩日运营权，并将与暴雪合作开发《星际争霸》IP内容，这是暴雪首次与韩国游戏公司深 度合作。而EA开发工作室正在裁员，旗下Respawn Entertainment约100名员工受影响，涉及开发、质检、发行等部门，导致《泰坦陨落》等两款游 戏开发停止。（陈十一） 从行业数据看，游戏工委与伽马数据发布的2025年第一季度中国游戏产业季度报告显示，Q1中国游戏市场收入达857.04亿元，同比增长17.99%。 其中，移动游戏市场实际销售收入636.26亿元，同比增长20.29%；客户端游戏 ...