Core Viewpoint - ST Huatuo's stock price reached a new high of 13.32 yuan, with a daily increase of 4.47%, bringing its total market value to 992.68 billion yuan, nearing the 1 trillion yuan mark [1] - The company has seen a cumulative increase of over 280% since the low in September 2024, becoming the highest market value ST company in the A-share market [1] Financial Performance - In Q1 2024, ST Huatuo achieved revenue of 8.145 billion yuan, a year-on-year increase of 91.12%, and a net profit of 1.35 billion yuan, with a year-on-year growth of 107.2% [1] - The explosive growth in performance is closely related to its subsidiary, Diandian Interactive, which focuses on overseas gaming [1] Product Success - Diandian Interactive's flagship SLG product, "Whiteout Survival," has topped the SensorTower's revenue chart for Chinese overseas mobile games for 10 consecutive months [1] - As of March 2024, "Whiteout Survival" has achieved global cumulative revenue of 2.25 billion USD, making it one of the fastest mobile games to reach 2 billion USD in revenue in the past five years [2] Shareholder Composition - Notable shareholders in ST Huatuo include Linzhi Tencent Technology Co., Ltd., holding 10% of shares, and Hainan Qibing Network Technology Co., Ltd., holding 1 billion shares [2][3] - Linzhi Tencent is an investment platform under Tencent Group, indicating strategic interest from major industry players [3] Strategic Collaborations - ST Huatuo has established collaborations with other gaming companies, including a partnership with Yumeide for exclusive rights to the "Legend" series IP in mainland China [4] - A strategic cooperation agreement was signed with Hainan Qibing Network to deepen collaboration around the "Legend" series and its ecosystem [4] Industry Outlook - The gaming industry is experiencing a notable recovery, driven by seasonal demand, increased license approvals, and accelerated AI technology implementation [4] - The sector is expected to benefit from the emotional consumption needs of younger users, indicating potential for upward market correction [4]

证券研究报告 | 2025年07月07日 传媒互联网周报 优于大市 持续看好游戏板块机会，关注暑期档及 AI 应用板块机会 传媒板块本周表现：行业上涨 2.39%，跑赢沪深 300，跑赢创业板指。本周 （6.30-7.6）传媒行业上涨 2.39%，跑赢沪深 300（1.54%），跑赢创业 板指（1.50%）。其中涨幅靠前的分别为吉比特、巨人网络、神州泰岳、 三七互娱等，跌幅靠前的分别为慈文传媒、三维通信、博纳影业、元隆 雅图等。横向比较来看，本周传媒板块在所有板块中涨跌幅排名第 6 位。 重点关注：苹果调整欧盟应用商店规则，国内外 AI 模型及应用持续快速迭 代。1）苹果调整欧盟应用商店规则，以顺应《数字市场法案》新要求，为 开发者开辟更为广阔的空间；2）近日，微信支付正式推出了 MCP 功能，允 许 AI 在与用户互动时直接进行支付，为 AI 商业化铺平道路；3）近日， MiniMax 正式推出了全球首个开源大规模混合架构推理模型—— MiniMax-M1，在全球开源模型评测中排名第二；4)谷歌于近日宣布推出全新 AI 工具套件 Gemini for Education，面向所有使用该平台的学校免费开放， ...

Core Viewpoint - ST Huatuo has become one of the hottest "ST stocks" in the market, with a significant increase in market value and stock price driven by favorable industry conditions and strong game performance [1][2][3] Company Performance - As of July 7, ST Huatuo's stock price reached 12.25 yuan, with a market capitalization of 913 billion yuan, marking a nearly 90% increase since the second quarter and over 280% since the "924 market" began in 2024 [2][3] - The company reported a revenue of 81.45 billion yuan in Q1 2025, a year-on-year increase of 91.12%, with a net profit growth of 107.95% to 13.46 billion yuan [4] Industry Environment - The gaming industry is benefiting from improved market conditions, with a 9.86% year-on-year growth in China's gaming market, reaching 280.51 billion yuan, and a 11.96% increase in the mobile gaming sector [3] - Regulatory relaxations and rapid overseas expansion have further fueled market interest in gaming stocks like ST Huatuo, with 158 game licenses issued in June, the highest since 2022 [3] Key Products - The game "Whiteout Survival" has become a major revenue source for ST Huatuo, generating monthly revenues of 25 to 30 billion yuan, contributing over 60% to the company's overall performance [4] - Other successful titles include "Kingshot," which saw a 209% month-on-month revenue increase in April, and "Dragon Valley World," which debuted in the iOS top 10 on its launch day [3][4] Shareholder Dynamics - Kaixin Network has become a significant shareholder in ST Huatuo, holding 1 billion shares, which represents 1.35% of the total shares, with a market value of approximately 12.25 billion yuan [5][6] - The strategic partnership between Kaixin Network and ST Huatuo was formalized in January 2024, with an investment of up to 500 million yuan aimed at enhancing collaboration in IP and brand development [7][8]

行 业 及 产 业 2025 年 07 月 06 日 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 袁伟嘉 A0230519080013 yuanwj@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 赵航 A0230522100002 zhaohang@swsresearch.com 研究支持 黄俊儒 A0230123070011 huangjr@swsresearch.com 张淇元 A0230124080001 zhangqy@swsresearch.com 联系人 林起贤 (8621)23297818× linqx@swsresearch.com 看好游戏持续性和 AI 应用 看好 ——互联网传媒周报 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 传媒 相关研究 - ⚫ 从中期增长的角度看本 ...

近日，外媒Mobilegamer.biz发布了2025年6月的全球手游收入榜。（注：数据来源AppMagic，统计范围不包 括第三方安卓渠道、网页商店及广告收入，且已扣除平台分成） | | Honor of Kings Tencent | $143m | | --- | --- | --- | | | Whiteout Survival Century Games | $128m | | | LastWar | $127m | | | FunFly | | | | Royal Match Dream Games | $117m | | | Monopoly Go Scopely | $103m | | 2 | | | | | Candy Crush Saga King | $97m | | | PUBG Mobile | | | | Tencent | | | 10 | Pokémon Go | $62 | | | Niantic | | | | Pokémon TCG Pocket Pokémon Company | $56 | | | Coin Master Moon Active | $55 | 具体来 ...

Core Viewpoint - ST Huatuo (Century Huatuo, 002602.SZ) has a market value of 88.7 billion yuan, ranking 155th in A-share total market value, and has seen its stock price increase nearly 300% over the past year, significantly outperforming its competitor Giant Network by 40 billion yuan in market value [1][2]. Group 1: Stock Performance - On July 4, ST Huatuo's stock rose by 3.75% to 11.90 yuan per share, reaching its highest level since August 2020 [2]. - Following a period of risk warning due to false financial disclosures, the stock experienced a four-day limit down, dropping to around 4 yuan, before entering a significant upward trend after a month of adjustment [2]. Group 2: Game Development and Market Success - Century Huatuo's success is attributed to its game development, particularly in overseas markets, with its self-developed games achieving major breakthroughs [4]. - The games "Whiteout Survival" and "Endless Winter" have set records in the SLG genre, consistently ranking high in global game release charts, with "Whiteout Survival" surpassing 100 million downloads globally [4][5]. - The company has adopted a "dual-hit" strategy, focusing on revitalizing classic IPs and breaking into niche markets, which has led to sustained performance from multiple successful titles [5]. Group 3: Shareholder Dynamics - Hainan Qibing Network Technology Co., Ltd. emerged as a significant beneficiary of ST Huatuo's stock surge, holding 100 million shares, which accounted for 1.35% of the total shares, and realizing over 500 million yuan in profits during the stock's rise [7]. - The Huaxia Zhongzheng Animation Game ETF, which initially held 168 million shares, had to sell off its holdings due to the stock being classified as ST, missing out on the subsequent price increase [8].

再谈游戏布局机会 20250630 摘要 游戏行业正经历景气上行周期，受精神和情绪消费刚需及游戏供给增加 驱动，新消费趋势下，00 后、Z 世代和女性用户等新群体涌现，对二次 元、派对类等创新品类需求旺盛，AI 技术赋能游戏，长期成长空间广阔。 2024 年月均发放版号 118 款，2025 年上半年国产游戏版号数量持续 增加，6 月达 157 款，版号供给稳定增加，缓解了游戏公司新品上线压 力，使公司能更灵活地安排上线档期，减少了市场规模收入的波动性。 2025 年第一季度中国国内游戏市场规模达 857.04 亿元，同比增长 18%，4 月和 5 月移动游戏市场规模环比增长，未现淡季效应。新游表 现超预期，如《超自然行动组》、《爆炒萌厨》和《仗剑传说》等。 《超自然行动组》依靠优质内容口碑发酵，畅销榜排名显著上升；《爆 炒萌厨》凭借厨房派对竞技类题材吸引大量预约用户，上线后 DAU 稳居 百万级；《仗剑传说》长期维持在 iPhone 畅销榜前 20 名。 心动公司海外产品《异色重启日》进入全球超过 30 个国家地区 iPhone 畅销榜前 50 名，首月流水已过亿，心动小镇作为大 DAU 模拟经营游戏， 具 ...

Investment Rating - The report maintains a "Positive" outlook on the gaming sector, highlighting a monthly high in game approvals and encouraging summer promotions [4]. Core Insights - The gaming sector is expected to benefit from a significant increase in new game approvals, with 158 new games (147 domestic and 11 imported) approved in June, marking a new monthly high for the year. This trend indicates a clear easing of regulatory constraints [4]. - The mid-term growth drivers include the expansion of overseas markets and the consumption demands of the post-90s and post-00s generations, improved competitive dynamics leading to better-than-expected profit margins, and AI developments enhancing valuation options [4]. - Key companies such as Giant Network, Huya, and others are expected to show strong performance, with new game launches and innovative strategies aimed at attracting younger users [4]. Summary by Sections Gaming Sector - The report emphasizes the ongoing recommendation for the gaming sector, driven by new game approvals and summer promotional activities. The mid-term logic includes overseas expansion and evolving consumer preferences [4]. - Notable companies like Tencent, NetEase, and Giant Network are highlighted for their expected revenue and profit growth, with specific projections for 2025 and 2026 [6]. AI and Internet Media - AI applications in platforms like Kuaishou and Meitu are showing better-than-expected commercialization, with significant user engagement and innovative content offerings [4]. - The report discusses the potential of AI in education and advertising, with companies like New Oriental launching AI educational products and Tencent enhancing ad efficiency through AI [4]. Consumer Trends - The report identifies high-demand consumer segments in collectibles, music, and live events, with companies like Pop Mart and NetEase Music showing strong growth trajectories [4]. - The report also notes the resilience of advertising platforms like Focus Media, which is expected to benefit from partnerships that enhance media value [4].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 25年6月20日，作为中国游戏产业研究院战略合作伙伴，伽马数据公布25M5中国游戏产业市场规模、中国 自研游戏出海市场规模等跟踪数据。 本土：中国游戏市场延续较高景气度，新品贡献有所增强 根据伽马数据，25M5中国游戏市场实际销售收入达280.51亿元，同比增长9.86%，环比增长2.56%。相比 25Q1（同比+17.99%）及25M4（同比+21.93%）有所放缓，但仍保持较快增长。25M5重点新品上线节奏 加快，市场驱动因素由依赖长线产品商业化逐步转向新品增量拉动，新老产品协同支撑行业增长。 25M5中国移动游戏市场实际销售收入达211.77亿元，同比增长11.96% 1）逐步开始有重点新品上线，多款月流水破千万元。据七 ...

Core Insights - Century Games' subsidiary, Didi Interactive, has achieved significant success in the global mobile gaming market with two titles, "Whiteout Survival" and "Kingshot," both making strong appearances in revenue rankings [1][3]. Revenue Rankings - "Whiteout Survival" has climbed to the second position in the global mobile game revenue rankings for May 2025, showcasing its strong market performance [2][3]. - "Kingshot" has also shown impressive growth, moving up 36 places to rank 29th in global revenue, indicating its increasing popularity [7][9]. Game Performance - "Whiteout Survival," a strategy game with dynamic activities, has maintained a strong user engagement and has been a top performer in the Chinese mobile game market since its launch [6]. - "Kingshot," a 4X strategy game, has demonstrated robust market potential, particularly in the United States, United Kingdom, and Germany, with significant in-app purchase revenue from the U.S., South Korea, and Japan [9]. Market Impact - The success of these two titles reflects Century Games' deep expertise in the SLG (Simulation and Strategy Game) sector and suggests an expanding influence in overseas markets [9]. - The continued commercial success of these games is expected to provide strong and stable growth for Century Games, enhancing its position in the global mobile gaming market [9].