CITIC Securities: September version numbers issued, new products approved to promote the upturn of the game industry.

CITIC Securities research report stated that in September 2025, the State Administration of Press and Publication issued a total of 145 domestic game licenses and 11 imported game licenses. The number of domestic licenses remained high, while the issuance of imported licenses continued at a regular pace of "one batch per month," stabilizing the overall supply. Major works received approval, with top companies focusing on advantageous tracks, and mid-tier companies actively exploring differentiated themes. Looking ahead, the relaxed licensing environment is expected to boost the short-term prosperity of the gaming industry, laying the groundwork for product reserves and long-term research and development innovation. Key recommendations include companies that benefit from the continual relaxation of licensing and the trend of AI and IP commercialization, which brings performance improvement in the new product cycle.