三七互娛閃崩，多個遊戲公司大跌或與渠道分成談判相關？
10月12日早盤，三七互娛閃崩跌停。開盤報41.6元，截至9.43分，該股封上跌停板，報37.58元，成交額超11億元。此外，傳媒互聯網板塊早盤表現低迷，截至上午收盤，吉比特跌8.29%，完美世界跌6.63%。
數據來源：wind
據悉，三七互娛主要以手機遊戲和網頁遊戲的研發、發行和運營為主，覆蓋中國大陸、港澳台及東南亞市場，旗下擁有 37wan 、6711 等國內知名網頁遊戲運營平台。代表遊戲包括《永恆紀元》《大天使之劍H5》等，覆蓋了ARPG、MMORPG、卡牌、SLG等多個遊戲品類。2020年上半年，A股14家遊戲公司中三七互娛上半年營收最高，達79.89億元，同比增長31.59%，淨利潤同比增長54.41%，研發投入較去同期實現翻倍增長，發展勢頭迅猛。
當前，三七互娛（002555）的總市值為793.78億元，完美世界（002624）市值為628.44億元，吉比特（603444）市值為419.34億元。
據悉，此次跌停或與近日多部遊戲公司與渠道重新談分成有關。
此前多家主流應用軟件平台相繼發佈官方公告，表示將無法在《原神》、《萬國覺醒》正式公測時提供下載服務，經過測試Oppo、Vivo等主要安卓渠道也無法下載。而近日多部頭遊戲也已與安卓等主流渠道開展談判，期待利潤鏈重新分配。今日傳媒互聯網板塊的大跌或與商談結果未達成一致相關。
長期以來，渠道在遊戲發行過程中佔據重要地位。遊戲公司過於依賴渠道，為此讓渡了不少利潤，而近年來遊戲公司發展迅速，遊戲已作為當下人們休閒放鬆、消磨時間的重要娛樂活動之一。在今年疫情環境下，全球遊戲公司的在線人數、營收更是創下了歷史新高。因此，多頭部遊戲公司尋求與渠道重新分配利益是發展的必然趨勢。
安信證券表示，內容渠道之間的此消彼長是週期性結果，自2019年開始遊戲行業已進入迭代後期，本輪內容為王時代持續演繹中，內容生態充分發達，內容不再需要渠道即可觸達用户，內容方強勢格局將持續3-5年左右，知道下一代技術革命進入實質性商用。
華泰證認為，多部遊戲公司沒有在主流渠道上架的事件反映出，在版號總量控制的背景下，傳統硬件渠道行業話語權弱化。堅持重研發做精品的龍頭遊戲公司，行業地位及盈利能力有望持續提升。另外，隨着疫情期間新增用户的留存和用户遊戲習慣的強化，遊戲行業基本盤也在擴大。
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