【券商聚焦】中信建投:游戏板块整体利润率的上行趋势明显 短期看Q3游戏业绩快速增长

金吾财讯
Sep 22

金吾财讯 | 中信建投表示,在历经2021~2024年的自我梳理与外部变化后,游戏行业在2025年重新焕发生机,今年上半年,国内自研网络游戏市场规模同比增长19%,在该机构统计的17家A+H股核心公司中,Q2收入增速的中位数为18%,头部公司与中型公司趋势共同向好,腾讯《三角洲行动》,巨人《超自然行动组》、点点《无尽冬日》《Kingshot》,吉比特《仗剑传说》在各自的优势赛道上获得亮眼的流水表现。该机构认为,这一轮游戏景气变化的核心是,供给、需求双旺盛带动的游戏总时长提升和大盘扩容,并且竞争格局明显趋缓,头部公司发力长青游戏,中型公司布局垂类优势赛道。此外,今年营销范式转移(轻买量、重内容营销),渠道变革(轻安卓联运、重自有渠道)带来销售费用、渠道分成压力的减轻,与此同时游戏社区与直播平台受益。此外,AI对管线的赋能和产能提升,也逐渐体现在报表端(申万游戏整体研发费用率从1Q23的48%降低到2Q25的29%),板块整体利润率的上行趋势明显。展望未来,该机构认为这是一轮以年为单位的产品创新周期,短期看Q3游戏业绩快速增长,中期看国庆档、春节档的新品上线潮,长期观察AI对情感陪伴游戏、UGC游戏平台等原生玩法的催生。

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