According to the Zhitong Finance APP, Huajin Securities released a research report stating that on June 24, the National Press and Publication Administration announced the approval information for domestic and imported online games for June 2025, with a total of 158 games (147 domestic games and 11 imported games) receiving licenses, setting a new high in recent years. Major companies have gradually received approvals for new games, and several companies' new products have passed the review steadily; combined with previous policies to improve review quality and efficiency and strengthen creative support, it is recommended to pay attention to the continuous explosion of high-quality content. The gaming industry developed steadily in May, with significant year-on-year growth in e-sports and self-developed overseas games, and new games like &#34;Kingshot&#34; performed excellently overseas, maintaining a long-term optimistic outlook for the gaming industry's development in the second half of the year.
<h2>The main points of Huajin Securities are as follows:</h2>
June's license issuance reaches a new high, with both content and quantity increasing
This time, domestic licenses and related listed companies: ST Huatuo &#34;Deer Hunting in Mafaa,&#34; &#34;Loud Adventure,&#34; SANQI HUYU &#34;Knights and Dragons,&#34; Kaiying Network &#34;Douluo Continent: Soul Master Battle,&#34; Giant Network &#34;Endless Cultivation,&#34; Dianhun Network &#34;Blast Legion,&#34; Glacier Network &#34;Last Squad,&#34; Fuchun Co., Ltd. &#34;True Dragon Fantasy,&#34; Friendship Time &#34;Iron Stomach Cooking King,&#34; Tom &#34;Tom Town,&#34; ST Zhongqingbao &#34;Pet Elf King,&#34; etc.
This time, imported licenses and related listed companies: Tencent Holdings &#34;Crossfire: Rainbow,&#34; &#34;Tactical Squad: Dawn Offensive,&#34; NetEase &#34;Unowned Star Abyss,&#34; Kingsoft &#34;Goose Duck Kill,&#34; etc. Among them, two new imported games under Tencent have attracted much attention; &#34;Unowned Star Abyss&#34; is a new game developed by NetEase in collaboration with Mike Morhaime's team, the founder of Blizzard, which has sparked discussions overseas due to its innovative mechanisms; &#34;Goose Duck Kill&#34; focuses on social reasoning as its core gameplay and has previously caused a download frenzy on overseas platforms. Major companies have gradually received approvals for new games, and several companies' new products have passed the review steadily; combined with previous policies to improve review quality and efficiency and strengthen creative support, it is recommended to pay attention to the continuous explosion of high-quality content.
Pay attention to recent new game trends
Dianhun &#34;Meet the Dragon 2&#34; has started testing on June 23; Jingxiu &#34;Da Feng Da Geng Ren&#34; has begun limited deletion charging testing on June 25; Tencent &#34;Under the Other&#34; will start limited deletion testing on June 26, and Mutong &#34;Silver and Scarlet&#34; will launch on the same day; &#34;Dragon Stone War&#34; will officially launch on June 26; Perfect World &#34;Other Ring&#34; and NetEase &#34;Forgotten Sea&#34; will start testing on June 27; Kingsoft &#34;Limit Break Machine&#34; will officially start public testing on July 2; SANQI HUYU &#34;Douluo Continent: Soul Hunting World&#34; will conduct a full-platform public test on July 11. Continuously pay attention to the dynamics of new games as a catalyst for related companies and industries.
The gaming industry developed steadily in May, with significant year-on-year growth in e-sports and self-developed overseas games
According to the &#34;May 2025 Monthly Report on China's Gaming Industry&#34; jointly released by the China Audio-Video and Digital Publishing Association Game Working Committee and Gamma Data, in May 2025, China's gaming market revenue reached 28.051 billion yuan (month-on-month +2.56%, year-on-year +9.86%). Among them, the actual sales revenue of China's mobile gaming market was 21.177 billion yuan (month-on-month +3.69%, year-on-year +11.96%); the actual sales revenue of China's e-sports gaming market was 14.523 billion yuan (month-on-month +2.14%, year-on-year +28.22%); the actual sales revenue of China's self-developed games overseas was 1.577 billion yuan (month-on-month +1.50%, year-on-year +6.93%)
Based on previous report views, new overseas games such as &#34;Kingshot&#34; have performed excellently, and we are optimistic about the development of the gaming industry in the second half of the year.
Target Aspects
Recommended to pay attention to: Tencent Holdings (00700), NetEase-S (09999), Kaiying Network (002517.SZ), Giant Network (002558.SZ), G-bits (603444.SH), Yaoji Technology (002605.SZ), Perfect World (002624.SZ), Kingsoft (03888), Dianhun Network (603258.SH), Shanghai Film (601595.SH), Dreamland (01119), Shenzhou Taiyue (300002.SZ), Shunwang Technology (300113.SZ), Friendship Time (06820), SANQI HUYU (002555.SZ), Glacier Network (300533.SZ), Fuchun Co., Ltd. (300299.SZ), etc.
Risk Warning
Game performance may be below expectations, policy uncertainty, macroeconomic environment volatility risks, etc

002555

300459

002624

002558

Huajin Securities released a research report stating that on June 24, 2025, the National Press and Publication Administration approved 158 game licenses, reaching a recent high, including 147 domestic and 11 imported games. The policy improves review quality and suggests paying attention to the continuous emergence of high-quality content. Leading companies' new games have been approved one after another, and the gaming industry showed steady growth in May, with significant year-on-year increases in e-sports and self-developed overseas games. The long-term outlook for the gaming industry in the second half of the year is optimistic

Zhitong

SANQI HUYU

PWRD

Giant Network

YAOJI TECHNOLOGY

E-Soul

BINGCHUAN

FRIENDTIMES

NTES-S

G-bits

TENCENT

ZQGAME

Fuchun Technology

IDREAMSKY

KINGNET

KINGSOFT

Shunwang Technology

Ultrapower

Huajin Securities: June version number issuance improves quality and increases quantity, setting a new record as a new game cycle begins