证券研究报告 | 公司更新 | 游戏Ⅱ 超预期点一：《Whiteout Survival》等游戏的持续性，SLG 游戏的长生命周期 市场认为：《Whiteout Survival》和《Kingshot》的高流水已分别持续了一年和半 年，流水已达峰，后期流水应呈逐步下降趋势，难以持续。 依据：根据过往经验，新游上线前期是玩家充值意愿较高的时期，后期随着游戏 内容的消耗和竞品的推出，流水或逐步递减，导致其营收和利润贡献逐步衰弱。 我们认为：《Whiteout Survival》流水趋稳但是下降可能性较低，《Kingshot》流水 仍处爬坡阶段，特别是国服《奔奔王国》，小程序和 App 版上线时间较短，推广 后带来的流水仍存巨大空间。 SLG+X 的全球旗手，率先跑出的 A 股龙头 ——ST 华通更新报告 投资要点 一句话逻辑：公司是一家以 SLG 和经典 IP 为主，在游戏出海上见长的游戏研发 商。公司两款"SLG+X"品类的《Whiteout Survival》和《Kingshot》头部游戏 有望在游戏生命周期和利润率上持续超预期，且目前研发经验可复用、可累计， 同时叠加《Kingshot》国服的市场增量，公司 ...

2025东京电玩展Century Games展台 【编者按】昨天(9月28日)，被冠以"史上最大体量"之称的2025东京电玩展(TGS2025)，在聚焦了全球游 戏人的目光后落下帷幕。这场盛会也见证了Century Games——这家世纪华通旗下主攻海外的公司的努 力——过去4天，《Whiteout Survival》与《Kingshot》两款SLG力作在核心展区的亮相，成为TGS乃至 全球市场瞩目的焦点。而这次亮相的背后，正是公司深耕日本高价值市场的有效成果，更是其海外运营 体系的厚积薄发。 日本百亿美元市场：破局 从市场规模看，日本游戏市场的规模虽不及美国和中国，但其"含金量"却稳居全球前列。根据Sensor Tower发布的《2025日本游戏市场洞察报告》显示，2025年日本手游市场仍是全球的"价值天花板"—— 110亿美元的IAP收入牢牢占据全球第二席位，玩家ARPU值更是达到欧美市场的1.8倍。即便手游下载量 已趋于平稳(全年约6.28亿次)，但"高付费意愿、高用户留存、高品牌忠诚度"的特性，让这里一直是全 球厂商眼中的必争之地。 | | | | | | Top Hobile Game Market ...

Core Viewpoint - The article highlights the significant growth of Chinese gaming companies in the global mobile game market, particularly in July, with several leading firms experiencing substantial revenue increases from overseas operations [3][5][10]. Group 1: Industry Performance - In July, 32 domestic game companies entered the global mobile game publisher revenue ranking, collectively earning $1.95 billion, which accounts for 34% of the total revenue of the top 100 global mobile game publishers [5]. - The global mobile and PC gaming market is expected to exceed $120 billion by 2028, indicating strong growth potential for the industry [10]. Group 2: Company Highlights - Tencent's gaming revenue increased by 20% in July, driven by the strong performance of titles like "Honor of Kings" and "PUBG MOBILE," maintaining its position as the top global mobile game publisher [6]. - Century Huatong's subsidiary, DianDian Interactive, saw a 10% increase in overall revenue in July, with its games "Kingshot" and "Tasty Travels: Merge Game" experiencing revenue growth of 34% and 52%, respectively [6]. - Giant Network's game "Supernatural Action Group" gained popularity, contributing to a significant revenue increase for the company, which has seen its stock price rise by approximately 133% this year [8][10].

Group 1 - In July, several leading Chinese gaming companies experienced significant month-on-month revenue growth, continuing the upward trend from the first half of the year [1][4] - A total of 32 domestic game publishers entered the global mobile game publisher revenue ranking in July, collectively generating $1.95 billion, which accounts for 34% of the revenue of the top 100 global mobile game publishers [1] - Tencent maintained its position as the top global mobile game publisher, with a 20% increase in revenue driven by popular titles such as "Honor of Kings" and "PUBG MOBILE" [4][6] Group 2 - Century Huatong's subsidiary, Didi Interactive, showed strong performance overseas, with its games "Kingshot" and "Tasty Travels: Merge Game" seeing revenue increases of 34% and 52% respectively, contributing to a 10% overall revenue growth [4][5] - Other A-share companies like 37 Interactive Entertainment and Giant Network also ranked highly in the revenue list, with Giant Network's game "Supernatural Action Group" gaining popularity due to its unique theme and gameplay [5][6] - NetEase and miHoYo ranked third and fourth respectively, with NetEase's "Egg Party" seeing a 23% revenue increase and miHoYo's "Honkai: Star Rail" achieving a new revenue high for 2025, resulting in a 28% month-on-month growth [6] Group 3 - The overseas market for self-developed Chinese games saw actual sales revenue of $9.501 billion in the first half of the year, marking an 11.07% year-on-year growth [8] - The global gaming market is expected to continue its strong growth, with the combined market size of mobile and PC games projected to exceed $120 billion by 2028 [8][9] - The report anticipates a 4% year-on-year growth in global mobile game in-app purchase revenue in 2024, reaching $85.4 billion, and a further 6% increase in 2025, with projections of $106.5 billion by 2028 [9]

Core Insights - The gaming industry in China has shown significant growth in overseas revenue, with major companies reporting substantial increases in July [1][2][3] Group 1: Industry Performance - In July, 32 Chinese gaming companies entered the global mobile game publisher revenue ranking, collectively earning $1.95 billion, which accounts for 34% of the top 100 global mobile game publishers' revenue [2] - Tencent's games, including "Honor of Kings" and "PUBG MOBILE," saw a 20% increase in global revenue in July, maintaining Tencent's position as the top Chinese mobile game publisher [3] - Century Huatong's subsidiary, DianDian Interactive, reported a 10% increase in overall revenue, driven by significant growth in its games "Kingshot" and "Tasty Travels: Merge Game," which saw revenue increases of 34% and 52% respectively [3] Group 2: Company Highlights - Other notable A-share companies like 37 Interactive Entertainment and Giant Network also performed well, with Giant Network's game "Supernatural Action Group" becoming a hit, leading to a significant revenue increase [4] - NetEase and miHoYo ranked third and fourth in the revenue ranking, with NetEase's "Egg Party" and miHoYo's "Honkai: Star Rail" achieving revenue growth of 23% and 28% respectively in July [4] - Year-to-date stock performance for Century Huatong and Giant Network has been impressive, with increases of approximately 167% and 133% respectively, leading the A-share gaming sector [4] Group 3: Market Outlook - The global gaming market continues to grow, with projections indicating that the combined market for mobile and PC games will exceed $120 billion by 2028 [5] - The report anticipates a 4% year-over-year growth in global mobile game in-app purchase revenue in 2024, reaching $85.4 billion, with further growth expected in 2025 [5] - There remains significant market opportunity for Chinese gaming companies in overseas markets, as evidenced by the 11.07% year-over-year growth in actual sales revenue from self-developed games in the first half of the year [4][5]