The Zhitong Finance App learned that Wanlian Securities released a research report saying that the number of editions continued to be high in September, further verifying the stability of the normalized operation of version supply. Simultaneous acquisition of dual-end qualifications will help expand user coverage and extend product life cycle, and leading manufacturers are expected to continue to benefit from stronger R&D and dual-end operation capabilities. In the medium to long term, it is recommended to focus on leading manufacturers with multi-end R&D and operational reserves, as well as manufacturers with rich overseas product lines and mature operating experience in synthetic and strategic circuits.
The main views of Wanlian Securities are as follows:
In September, 209 game versions were approved, and the supply pace was stable
The bank believes that the number of editions continued to be high in September, further verifying the stability of the normalized operation of version supply. Since the beginning of the year, the pace of version approval has gradually stabilized, and supply-side expectations of the industry have continued to consolidate. Stable version supply will continue to push new products from various stores into the testing and launch cycle, and drive the sector's performance to be gradually realized. In addition, 16 of the approved products this month have passed the “Mobile and Client” certification, including Miha Tour's “The Beginning” and Zulong Entertainment's “Master of Secrets: The Fool”. At the same time, there are also many new client or mobile versions, such as 4399 “Operation Velvet Snow”. Simultaneous acquisition of dual-end qualifications will help expand user coverage and extend product life cycle, and leading manufacturers are expected to continue to benefit from stronger R&D and dual-end operation capabilities. The recommendation focuses on leading manufacturers with rich product reserves and dual-end R&D capabilities, as well as the progress of new product launches and the continuity of the pace of subsequent version approval.
August 2026 China Game Industry Monthly Report Released
According to the report, the actual sales revenue of the domestic game market was 31,627 billion yuan, up 1.7% month-on-month and 8.08% year-on-year. The bank believes that the game industry continued its steady growth trend in August, and that mobile devices and clients jointly supported the year-on-year performance of the market. Among them, the actual sales revenue of the mobile game market reached 23.395 billion yuan, up 1.39% month-on-month, and 8.6% year-on-year. Leading products such as “Peace Elite”, “Operation Delta” and “Fearless Contract: Operation Source Energy” achieved revenue growth through version content continuation and linked activities, constituting the main source of incremental growth for mobile devices; the actual sales revenue of the client game market reached 6.703 billion yuan, down 2.34% month-on-month, and 2.13% year-on-year. The decline in dividends for some dual-end interconnection versions of old products brought seasonal decline, but “Operation Delta” and “Secret” New product formation Replenishment, the overall pattern is divided; the actual sales revenue of self-developed games in the overseas market reached US$2,030 billion, up 0.88% month-on-month and 20.87% year-on-year, continuing to achieve both year-on-month growth. Mature products realized increases through high-frequency operation activities, and synthetic and strategic products went hand in hand. It is recommended to continue to track the pace of new product launches in September, the sales performance of double-end products, and the expansion of key overseas markets.
Key investment points
Industry News: (1) Games: 209 game versions were approved in September, with a stable supply pace; (2) Game: China's game industry monthly report released in August 2026; (Game: “Wang Zhe Rongyao” 3) Chinese team defends the Asian Games gold medal; (4) Game: “Operation Delta” surpasses 58 million active users on National Service Day; (5) Movie: The 2026 National Day program officially comes to an end, with a total box office of 1,165 million yuan
Industry valuation: The PE (TTM) valuation of the SW media industry rose last week, fluctuating from 24.64X to 25.38X, but it is still below the 2018-2025 average level of 26.24X, a decrease of 3.29%.
Risk warning: changes in the policy environment; consumption recovery falls short of expectations; market competition intensifies; application of innovative technology falls short of expectations; risk of infringement of AI applications; risk of impairment of goodwill.