Guotai Haitong Securities released a research report stating that 145 domestic game licenses were issued in the September batch. Over the first nine months of this year, a total of 1,195 domestic licenses have been granted, significantly higher than the 959 issued during the same period last year. The monthly average distribution has increased from 88.8 in 2023 and 108.8 in 2024 to 132.8 in the first nine months of this year.

Looking at leading products, Tencent's "Delta Force" saw daily active users further increase to 30 million in September, topping the iOS revenue charts. As a cross-platform PC-mobile product, it contributes substantial profits. Additionally, the new game "VALORANT: Mobile" is expected to generate over 300 million yuan in revenue in its first month. The firm remains optimistic about the gaming industry's performance during the third-quarter summer peak season and maintains a positive outlook on the long-term development of the gaming sector.

Key observations from Guotai Haitong include:

**Event Overview**: On September 24, the National Press and Publication Administration's official website published approval information for domestic online games for September 2025, with 145 games receiving approval. Simultaneously, a new batch of imported online game approvals was issued, covering 11 games.

**Abundant License Supply**: The number of domestic licenses issued this year has reached 1,195, far exceeding the same period last year. The September batch included 145 domestic game licenses, bringing the nine-month total to 1,195, well above the 959 issued during the same period last year. Monthly average distributions have grown from 88.8 in 2023 and 108.8 in 2024 to 132.8 in the first nine months of this year.

**Specific Products**: This month's domestic licenses include Tencent's (Saros) "Return Ring," NetEase's "Star Drawing Sunny Day," Diandian's (ST Huatong) "Seaside Gourmet Paradise," Giant's "Hot Blood Dynasty: Basketball," Kaiying Network's "Black Cat Detective: Guardian," 37 Interactive Entertainment's "Endless Night," miHoYo's "Honkai: Karma Spirit," and Alibaba's (Lingxi Interactive Entertainment) "Basketball Girl: Leap to the Peak."

On the same day, 11 imported game licenses were issued, including iDreamSky's "Super Hole Adventure" and Spherex Entertainment's "MapleStory: New Chapter." Notable single-player titles also received approval, including "Dave the Diver," "Twin Mirror," "Astro Bot," and "Backpack Battles."

**August Market Performance**: According to Game Publishing Committee data, China's domestic gaming market generated 29.263 billion yuan in revenue in August 2025, up 0.61% month-over-month but down 13.01% year-over-year, primarily due to the high base effect from "Black Myth: Wukong" in August 2024.

Breaking down the figures: mobile gaming revenue reached 21.521 billion yuan, up 0.85% month-over-month and down 4.25% year-over-year. PC gaming revenue totaled 6.563 billion yuan, down 1.11% month-over-month but up 17.59% year-over-year, both maintaining steady performance. PC products showed positive growth due to the launch of cross-platform titles. Guotai Haitong believes that since PC products typically have higher profit margins than mobile games, development companies will see an increased share of value in the industry chain.

**Leading Product Performance**: Tencent's "Delta Force" saw daily active users further increase to 30 million in September, topping the iOS revenue charts. As a cross-platform PC-mobile product, it contributes substantial profits. The new game "VALORANT: Mobile" is expected to generate over 300 million yuan in first-month revenue. Giant Network's "Supernatural Squad" saw its August revenue chart ranking further improve, consistently maintaining positions around the top 15 and achieving a new high of 4th place. Revenue is expected to show considerable growth compared to July, with outstanding user retention. The product remained stable in the top 20 revenue charts entering September.

The firm remains optimistic about the gaming industry's performance during the third-quarter summer peak season and maintains a positive outlook on the long-term development of the gaming sector.

**Investment Recommendations**: With stable license approval processes and abundant game product supply, the firm favors companies with quality content reserves and solid fundamentals. Recommended stocks include Kaiying Network (002558.SZ), G-bits (603444.SH), Giant Network (002558.SZ), Perfect World (002624.SZ), Ultrapower Software (300002.SZ), 37 Interactive Entertainment (002555.SZ), and Yao Ji Technology (002605.SZ). Related targets include ST Huatong (002602.SZ), Shunwang Technology (300113.SZ), Spherex Entertainment (300043.SZ), Shengquan Network (300494.SZ), Glacier Network (300533.SZ), and NetDragon Websoft (603258.SH).

**Risk Warnings**: Product launch revenue may fall short of expectations, and intensified industry competition could drive up costs.