China Merchants Securities: Stable and simultaneous distribution of game versions is expected to boost industry market confidence and maintain the game industry's “recommended” rating

The Zhitong Finance App learned that on November 26, China Merchants Securities released a research report saying that on November 26, the China Press and Publication Administration announced 178 domestic editions and 6 imported editions. This year, domestic and imported editions have achieved stable and simultaneous monthly distribution. As of November, a total of 1,532 domestic editions and 92 imported editions have been distributed this year. The number has increased significantly compared to the same period in 2024, which is expected to boost market confidence in the game industry. The bank maintains a “recommended” rating for the game industry and continues to be optimistic about targets such as Tencent Holdings (00700) and Bilibili-W (09626).

The main views of China Merchants Securities are as follows:

On November 26, the State Press and Publication Administration announced 178 domestic editions and 6 imported editions

Of the 178 domestic versions, 167 in the “mobile” category, 7 “mobile and client” models, 3 “client” models, and 1 “mobile, client, web page” category; of the 6 imported versions, there are 4 “mobile” models, 1 “mobile client” model, and 1 “client” model.

Look at the company

Looking at specific listed companies and well-known game companies, the key games that have been reviewed this time include Kaiying Network's “Ice and Snow King”, Hikawa Network's “Little Guardian”, Perfect World's “Dream New Immortals: Easy to Enjoy”, Polk City's “Haunted Adventure”, “Xianmeng Runaway Group”, Mango Entertainment's “Hello Saturday”, and “Dream West: Journey to the West: Lai Yu Hao Heist”, etc. In addition, 7 game change information has been reviewed, including the new client version of Tencent's “Peace Elite”.

In November 2025, 178 domestic versions and 6 imported versions will be released. The frequency and quantity are stable

Since 2025, domestic and imported versions have been distributed steadily and simultaneously every month. As of November, a total of 1,532 domestic versions and 92 imported editions have been distributed this year. The number has increased significantly compared to the same period in 2024, which is expected to boost market confidence in the game industry.

Maintaining a “Recommended” rating

The bank continues to be optimistic that Tencent Holds' 14 Evergreen games are in hand, and long-term operations continue to release profits; Giant Network's “Supernatural Operations Group” performance has exceeded expectations, and the company is actively embracing AI; “Kaiying Network” has gradually achieved incremental revenue, with a large number of mobile numbers; in terms of games going overseas, the leading ST Huatong mobile game “Whiteout Survival” continues to rise. The domestic version of “Tasty Travel” continues to rise. The domestic version of “Tasty Travel” is expected to be obtained for 25 years. Continued explosions contributed to profit growth; the new game “Heroes Don't Flash” and “The Explosion of Time” are at the top of the leaderboard game, “Doulo Continent” has been released for public beta, and there are many reserves in the SLG category; Perfect World's “Another Ring” test began on June 26; Gibbit's key products “Asking for the Eternity of Sword”, “Legend of the Daoist” and “Daoist Friends Digging for Treasure” are launched. At the end of the year, the launch of “Jiumu no Yo” is expected to continue to bring increased performance; the launch of Heartland's own mobile game “Heartland” “Moving Town” and “Let's Go Muffin” have excellent streaming performance. “Ether” contributed increased, and the Taptap platform gave Neng; Bilibili's “Three Kingdoms: Designing the World” performed well, and “Escaping the Duck” was released overseas, and “Escape from Duck” reached the top with excellent performance; Shenzhou Taiyue's long-term SLG flow is stable; new SLG games have already been released overseas, and the ICT business has ushered in a revaluation; Baotong Technology (layout robots), palm fun technology, etc.; and Yao Ji Technology, a leading casual game for whipped egg games; and E-Soul Network and Hikawa Network, which have an intensive new product cycle.

Risk warning: Game launch time falls short of expectations; turnover falls short of expectations, etc.