Core conclusion
Game version number approval is restored. On April 11, the State Press and Publication Administration issued the first batch of edition numbers in 2022. A total of 45 games have been reviewed, including 39 mobile games. This is the first time that the edition numbers have been restored since July 22 last year. The products of several listed and head game companies have been reviewed. In the approval list of this edition number, the key products include the exciting self-developed mobile Tour “party star”, the tower hunter of thunder interactive ( G-Bits Network Technology(Xiamen)Co.Ltd(603444) subsidiary), the agent product of Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) dream voyage, Lilith’s “life party”, and Xishanju’s end Tour “Jianwang 3: origin”, etc. After the suspension of the edition number, the growth rate of the industry fell to single digits. According to Gamma data, the actual sales revenue of 4q21 China’s mobile game market was 55.3 billion yuan, a year-on-year increase of 2.1%, and the growth rate slowed down (vs 1h21 growth rate of 15% +). With the resumption of the release of the version number, high-quality new tours will be launched one after another, which will help the industry resume growth. Since the release of the version number was stopped, the valuation of the game industry has been under pressure. We believe that with the restart of the version number, the product launch expectation of head game manufacturers with strong R & D and operation strength is clearer, the performance certainty is enhanced, and the valuation of the game sector is expected to be repaired quickly. 1) It is suggested to pay attention to the head game manufacturers with rich product reserves, such as Tencent Holdings (0700. HK), netease-s (9999. HK), Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) ( Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) . SZ), G-Bits Network Technology(Xiamen)Co.Ltd(603444) ( G-Bits Network Technology(Xiamen)Co.Ltd(603444) . SH), Perfect World Co.Ltd(002624) ( Perfect World Co.Ltd(002624) . Sz), etc; 2) It is suggested to pay attention to the heart company (2400. HK), gradually realize the self-developed products, and improve the content richness of taptap platform, which is expected to promote the further growth of Mau.
The two departments notified to strengthen the management of game live broadcast on the online audio-visual program platform. The network audio-visual program management department of the State Administration of radio and television and the Publishing Bureau of the Publicity Department of the CPC Central Committee issued the notice on strengthening the management of game live broadcast on the network audio-visual program platform, which said that it is strictly prohibited to broadcast illegal games on the network audio-visual platform, and online video dramas, online variety shows, online live broadcasts, short videos and other online audio-visual programs are not allowed to broadcast online games without the approval of the competent department, It is not allowed to drain the illegal game content of various platforms through live broadcasting room and other forms; Strengthen the guidance of game anchor’s code of conduct; It is strictly prohibited for illegal and immoral personnel to make use of the live broadcast to appear on the camera; Urge the webcast platform to establish and implement a juvenile protection mechanism. Compared with the previous regulations on live game content, this notice adjusted the scope of supervision on illegal games and made more clear provisions on the code of conduct of anchor and the protection of minors. We expect that the supervision of live game will be further strengthened. It is suggested to pay attention to the head short video platform enterprises that have fully evaluated and managed their own platform risks in the trend of strict supervision in recent years, For example, Kwai -W (1024.HK).
Industry performance in one week:
The Shanghai Composite Index fell 1.25%, the Shenzhen composite index fell 3.21%, and the media (Shenwan) closed at 549.57 points, down 6.39%, underperforming the Shanghai Composite Index by 5.14 percentage points. Within the industry, the film and television index fell 3.48%, the animation index fell 7.12%, the game index fell 6.98%, the publishing index fell 6.71%, the radio and television index fell 1.72%, and the advertising and marketing index fell 8.29%.
Risk tip: policy risk, intensified competition, and the flow of the game does not meet expectations
