CITIC Securities: Online game license issuance maintains a stable pace; focus on leading companies with global expansion strategies

On March 25, the National Press and Publication Administration released the approval information for online games in March 2026, with a total of 133 online games approved. Among them, 130 are domestic games, and 3 are imported games. In the first quarter of 2026, a total of 467 game licenses were issued, including 453 domestic games and 14 imported games, with a monthly issuance maintaining over 100, continuing a normalized supply rhythm.

CITIC Securities pointed out that structurally, mobile online games remain the absolute main force, with 72 “mobile” games and 55 “mobile-casual puzzle” games in this batch of domestic games, accounting for over 97%; only 2 client-based online games were approved, along with 1 VR product, indicating that the industry continues to explore multi-platform and new forms (such as VR). Overall, the issuance of licenses is stable and the structure is clear, which ensures the continuity of product supply in the industry and strengthens the predictability of manufacturers’ schedules and revenue releases; on the other hand, the proportion of casual and light products is increasing, coupled with leading manufacturers’ ongoing layouts in mid-to-heavy and IP products, presenting a diversified supply pattern in the industry. It is recommended to continue focusing on leading manufacturers with rich product reserves, global distribution, and long-term operational capabilities.

The institution expressed optimism about the continued easing of online game license issuance and anticipates that the new product cycle in the gaming sector driven by AI and IP commercialization trends will lead to performance improvements. It is suggested to select targets from three dimensions: 1) High-performing and high-dividend targets: focus on quality game companies with robust fundamentals and dividend capabilities; 2) New technologies and new consumer trends: AI empowering game development and operational efficiency improvements, exploring new interactive modes for 2C applications, focusing on companies with technological accumulation and product innovation capabilities; 3) Quality content reserve targets in a relaxed regulatory environment: the stable release of game licenses will help promote the concentrated launch of new products, recommending companies with content reserves and product cycle advantages.