A research report from CICC notes that Google has announced adjustments to its Google Play service fee structure. Under the new rules, third-party payment channels will be further opened, and the commission rate will be reduced. These new regulations will take effect gradually starting June 30 in regions including the United States. In the short term, the lower commission rate is expected to gradually increase the profitability of overseas game products. From a medium to long-term perspective, the reduction in commission rates essentially reflects a shift in pricing power within the gaming industry from content channels to content creators. The report suggests focusing on the value of high-quality game content and the sustained contribution of evergreen games to profits and cash flow over their extended lifecycles. Given that the new fee rules have not yet officially taken effect, the ratings, profit forecasts, and target prices for the mentioned companies are maintained for now. For A-shares, recommendations include Century Huatong (002602.SZ), 37 Interactive Entertainment (002555.SZ), Perfect World (002624.SZ), Giant Network (002558.SZ), G-bits (603444.SH), and Kingnet Network (002517.SZ). For Hong Kong and US-listed stocks, NetEase-S (09999) and XD Inc. (02400) are recommended.