SANQI HUYU(002555) 每日经济新闻·2025-04-20 01:29Core Viewpoint - The mini-game sector is emerging as a new battleground for major companies, with established IPs being revitalized and new entrants rapidly expanding their market presence. The industry leader, 37 Interactive Entertainment, is actively launching new titles to strengthen its competitive edge [1]. Financial Performance - In the 2024 fiscal year, 37 Interactive Entertainment reported a revenue of 17.441 billion yuan, representing a year-on-year growth of 5.40%. The net profit attributable to shareholders was 2.673 billion yuan, up 0.54% year-on-year. The company achieved a net profit of 776 million yuan in the fourth quarter, reflecting a quarter-on-quarter increase of 23% [1]. - The company plans to distribute a cash dividend of 3.70 yuan per 10 shares (tax included) for the 2024 fiscal year, totaling an estimated cash dividend of 2.2 billion yuan, which accounts for 82.29% of the net profit [1]. Market Trends - The mini-game market in China is experiencing rapid growth, with a revenue of 39.836 billion yuan in 2024, marking a year-on-year increase of 99.18%. However, the sector faces challenges such as content homogenization and rising user acquisition costs [2]. - 37 Interactive Entertainment's global mobile game revenue peaked at over 2.3 billion yuan in a month during the reporting period, driven by the sustained operation of hit games and a strong product pipeline [2]. Product Strategy - The company is implementing a diversification strategy to meet the needs of various user segments, expanding its game offerings beyond traditional MMORPGs and SLGs to include lighter, more diverse game types [3]. - A total of over twenty new products are in the pipeline, including self-developed titles like "Douluo Dalu: Hunting World," which is currently available for pre-registration [2][4]. Competitive Landscape - The mini-game sector is characterized by intense competition and a tendency towards similar game types, making it challenging for new titles to stand out [6]. - As competition intensifies, 37 Interactive Entertainment's sales expenses rose to 9.712 billion yuan in 2024, an increase of 6.84% year-on-year, indicating higher user acquisition costs [7]. IP Utilization - The company is leveraging its IP assets, including "Doupo Cangqiong" and "Douluo Dalu," to create a diverse product matrix and enhance long-term operational strategies [8]. - In 2024, domestic revenue accounted for 67.19% of total revenue, while overseas revenue was 32.81%, slightly down from the previous year [8]. AI Integration - 37 Interactive Entertainment is actively investing in AI technologies, with a focus on building an AI-enabled ecosystem that enhances game development and operations. AI-generated assets accounted for over 80% of 2D art and 30% of 3D models [10]. - The company aims to develop AI assistants to improve efficiency across various business functions, indicating a strategic shift towards integrating AI as a core component of its operations [9][10].