--- title: "China Aviation Securities: Steady Increase in Licenses, AI Empowerment, and Resonance with Going Global - Structural Recovery of the Gaming Industry" type: "News" locale: "en" url: "https://longbridge.com/en/news/241939426.md" description: "China Aviation Securities released a research report indicating that the gaming industry will enter a new development stage of \"content refinement + AI industrialization + systematic overseas expansion\" by 2025. By May 2025, the issuance of domestic and imported game licenses will significantly increase, improving industry supply and accelerating the release of high-quality content, leading to a recovery in the sector's prosperity. Gaming companies are expected to achieve steady growth in performance, and the valuations of leading A-share gaming companies still offer cost-effectiveness, although risk factors need to be monitored" datetime: "2025-05-27T05:43:04.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/241939426.md) - [en](https://longbridge.com/en/news/241939426.md) - [zh-HK](https://longbridge.com/zh-HK/news/241939426.md) generator: "portal-rs" --- # China Aviation Securities: Steady Increase in Licenses, AI Empowerment, and Resonance with Going Global - Structural Recovery of the Gaming Industry According to Zhitong Finance APP, China Aviation Securities released a research report stating that as of May 2025, 654 domestic game licenses and 44 imported game licenses have been issued within the year, a significant increase year-on-year. The supply side of the industry has improved significantly, which is beneficial for accelerating the launch of high-quality content and driving the recovery of the sector's prosperity. The pace of game license issuance is steadily accelerating, with AI and overseas expansion driving growth. The gaming industry will enter a new development stage of "content refinement + AI industrialization + systematic overseas expansion" by 2025. Short-term policies are stable, mid-term AI implementation improves efficiency, and long-term globalization opens up opportunities, while the current sector valuation still offers cost-effectiveness. ## The main points of China Aviation Securities are as follows: **The stable issuance rhythm of game licenses continues, and the industry regulatory environment continues to improve** On May 21, the National Press and Publication Administration announced 130 domestic game licenses and 14 imported game licenses, with key products covering Tencent's "Secret Realm Knife", Perfect World's "Otherworld", and SANQI HUYU's "Good Dish", among other listed companies, continuing to release policy-friendly signals. As of May 2025, 654 domestic licenses and 44 imported licenses have been issued within the year, a significant year-on-year increase. The supply side of the industry has improved significantly, which is beneficial for accelerating the launch of high-quality content and driving the recovery of the sector's prosperity. In terms of license structure, multiple products have been approved for both mobile + client/game console licenses, reflecting the supply direction of "cross-end integration + quality". **Game companies maintain steady growth, and the sector's valuation center is expected to recover** According to data released by the Game Working Committee of the China Audio-Video and Digital Publishing Association (GPC), the actual sales revenue of China's gaming market in the first quarter of 2025 was 85.704 billion yuan, a year-on-year increase of 17.99%. In Q1 2025, Century Huatong's revenue increased by 91% year-on-year, reaching 8.145 billion yuan, a record high; YOOZOO achieved a net profit attributable to the parent company of 24.7 million yuan, a year-on-year increase of 43.7%; Perfect World saw a revenue increase of 52% driven by the successful launch of "Zhu Xian World". Based on Wind's consensus expectations, the dynamic PE of leading A-share gaming companies in 2025 is concentrated in the range of 11 to 17 times, still at the historical valuation bottom. Coupled with the continuous high dividends from companies like SANQI HUYU, G-bits, and Yaoji Technology (with dividend yields of 4% to 6%), they offer a cost-effective configuration of "growth + dividends". **Risk Warning** Risks of macro policy changes; uncertainties in the international environment; risks of consumer confidence falling short of expectations ### Related Stocks - [002555.CN](https://longbridge.com/en/quote/002555.CN.md) - [603444.CN](https://longbridge.com/en/quote/603444.CN.md) - [002624.CN](https://longbridge.com/en/quote/002624.CN.md) - [002602.CN](https://longbridge.com/en/quote/002602.CN.md) - [002174.CN](https://longbridge.com/en/quote/002174.CN.md) - [002605.CN](https://longbridge.com/en/quote/002605.CN.md) - [00700.HK](https://longbridge.com/en/quote/00700.HK.md) ## Related News & Research - [13:40 ETWhat If Your Selfie Became a Game? 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