CMSC: Stable and synchronized issuance of game licenses expected to boost industry market confidence, maintaining a "recommended" rating for the gaming industry.

CMSC released a research report stating that on November 26th, the National Press and Publication Administration announced the approval of 178 domestic editions and 6 imported editions. This year, the issuance of domestic and imported editions has been synchronized on a monthly basis, with a total of 1532 domestic editions and 92 imported editions issued by November. The number has significantly increased compared to the same period in 2024, which is expected to boost confidence in the gaming industry market. The firm maintains a "recommended" rating for the gaming industry and continues to favor targets such as TENCENT (00700) and BILIBILI-W (09626). Key points from CMSC: On November 26th, the National Press and Publication Administration announced the approval of 178 domestic editions and 6 imported editions. Of the 178 domestic editions, 167 were in the "mobile" category, 7 were in the "mobile, client" category, 3 were in the "client" category, and 1 was in the "mobile, client, webpage" category. Among the 6 imported editions, 4 were "mobile," 1 was "mobile, client," and 1 was "client." Company analysis: Among the approved editions, key games from specific listed companies and well-known gaming companies include Kingnet Network's "Ice and Snow King", Shenzhen Bingchuan Network's "Little Guardian Team", Perfect World's "Dream New Demon Slayer: Light Enjoyment", PokCity's "Naughty Adventure", "Elf Cute Stampede", Mango Interactive Entertainment's "Hello Saturday", 4399 Network's "Dream Journey to the West: The Li Youhao Disaster" and others. In addition, 7 games underwent changes in the approval, including Tencent's addition of a client version to "Peace Elite." In November 2025, 178 domestic editions and 6 imported editions were issued, with a stable frequency and quantity. Since 2025, domestic and imported editions have been synchronously issued on a monthly basis. By November, a total of 1532 domestic editions and 92 imported editions have been issued this year, showing a significant increase compared to the same period in 2024, which is expected to boost confidence in the gaming industry market. Maintaining a "recommended" rating: The firm continues to be optimistic about TENCENT's 14 long-lasting games, with continuous profit release from long-term operations; Giant Network Group's "Supernatural Action Team" performance exceeding expectations, and the company actively embracing AI; incremental income from Kingnet Network's "Legendary Box" gradually landing with a large number of approved editions; in terms of gaming overseas, the leading ST Huatong holding a top performing overseas mobile game "Whiteout Survival" with continuous new highs in revenue, the new game "kingshot" with continuous revenue growth and the domestic version already released, and "Tasty Travel" obtaining domestic approval, all expected to contribute to increased profits in 2025; the leading gaming company in overseas business, 37 Interactive Entertainment Network Technology Group's new game "Heroes Have No Flash" and "Time Explosion" ranking high in the mini program charts, "Douluo Continent" has started public testing, with many excellent SLG reserves; Perfect World's "Yi Huan" second beta testing started on June 26th; G-bits key products "Ask Sword Longevity", "Legend of Sword", "Dao Friend Come and Dig for Treasure" have been launched, with "Nine Pastures" expected to be launched by the end of the year to continue bringing performance increases; XD INC's self-developed mobile games "Heartbeat Town" and "Set off, Muffin" have performed well in revenue, "Ise" contributing to the increase, empowered by the taptap platform; Bilibili's "Three Kingdoms: Strategize the World" performing well, with future overseas releases, "Escape Duckov" performing well and topping Steam; Beijing Ultrapower Software's long-term stable SLG revenue, with new SLG games already overseas, the ICT business undergoing revaluation; Wuxi Boton Technology with a high proportion of gaming overseas operations (layout Siasun Robot & Automation), Ourpalm Co., Ltd., etc.; Shanghai Yaoji Technology, the leading casual game company with the addition of the "Canasta" game; Hangzhou Electronic Soul Network Technology, Shenzhen Bingchuan Network and other companies with a dense cycle of new products. Risk warning: Game launch time not as expected; revenue not as expected, etc.