Postal Securities: Normalization of Game Edition Numbers Supply, Cross-border and Overseas Demand Maintaining Resilience

China Post Securities released a research report, stating that the State Administration of Press and Publication announced the approval information for game licenses in February 2026. A total of 146 domestic online games and 6 imported online games were approved for licenses, with 6 game licenses being changed. The stable policy environment has led game developers to focus more on refined game operations, optimize business models, and lay the foundation for innovative overseas expansion. In January, the domestic game market maintained steady growth, with impressive growth in new cross-platform games and overseas games. The securities firm recommends paying attention to game developers with a sustainable product supply capacity. Key points from China Post Securities: - The normalization of game license issuance in February is expected to drive high-quality development of game products in 2026. The approval of game licenses has remained stable with around 100 to 200 domestic games approved per month over the past year. Many well-known developers such as Tencent, 37 Interactive, 4399, KAIYING, Yishijie , Lingxi, Youka, Lilith, Thunder, and MiGu have had their games approved for licenses. The issuance of licenses sets a solid policy foundation for the recovery and high-quality development of the gaming industry, providing opportunities for developers to release their products. - In January, the domestic game market maintained steady growth, with impressive growth in new cross-platform games and overseas games. According to Gamma Data, the actual sales revenue of the domestic game market in January was 32.468 billion yuan, up 2.99% month-on-month and 4.47% year-on-year. The strong performance of existing games and the activation of new users and good payment performance of new products contributed to this growth. Meanwhile, new cross-platform games in January saw rapid growth driven by new releases, such as "Arknights: The End" and "Counter Strike: Future", with a combined revenue increase of over 5 billion yuan. Risk factors: - Game launch delays, policy implementation delays, increased industry competition, etc.