2025年又进入了尾声! 这一年, 无论是头部的腾讯、网易、米哈游、世纪华通等，还是腰部的B站、巨人网络等，都取得了 可圈可点的成绩。 这意味着，在游戏行业里, 不少公司日子过得还挺滋润的。但也有一些大家都很熟悉的公司却亏惨了, 下面咱们来一起看看! 中手游, 手里有《仙剑奇侠传》、《大富翁》这些大家都很熟悉的IP，主要在国风仙侠、玄幻这些领域发力。今年上半年， 公司营收有7.63亿元，不过调整后净亏损达到了6.38亿元。 亏钱的主要原因，是今年初上线了两款自研新品《仙剑世界》和《春秋玄奇》，营销推广花了一大笔钱。同时，公司对 《仙剑世界》项目做了人员调整，产生了一次性的遣散费用。再加上一些合同到期的预付款核销和资产减值，利润就受到 了拖累。 虽然短期的压力不小，但有些变化是值得留意的。一是海外业务增长挺猛，收入涨了33.2%，占公司总收入的比重第一次 超过了30%，像《斗破苍穹：无双》在海外表现就不错。二是小游戏成了新的增长点，《春秋玄奇》上线三个月流水就过 亿。 目前市场看法是，中手游布局有一定的前瞻性，如果"海外+小游戏"这两块能持续做好，公司有望慢慢扭亏。不过，大家也 在盯着《仙剑世界》后续运营得怎么 ...

每经AI快讯，12月19日，港股游戏股集体走强，截至发稿，创梦天地(01119.HK)涨3.70%、网易- S(09999.HK)涨1.42%、中手游(00302.HK)涨1.37%。 ...

格隆汇12月12日｜中手游(0302.HK)今日股价表现强势，一度涨7.35%。市场分析认为，此次上涨或与公 司加速推进小游戏赛道布局及海外业务进展受到投资者关注有关。 此前发布的2025年上半年财报显示，公司海外发行收入达2.35亿元，占整体游戏收入比重提升至 30.8%，同比增长33.2%。这一增长不仅得益于《仙剑奇侠传》《斗罗大陆》等主力IP产品的持续输 出，也受益于一批新兴轻量化产品在海外市场的初步释放，为公司注入了新的增长动能。 当前，全球移动游戏市场正经历结构性变化。随着用户获取成本持续攀升，以"免费下载+广告变现"为 核心的小游戏形态（IAA）迅速崛起，成为驱动行业增长的重要力量。据悉，中手游已开始着手布局多 款IAA产品进行海外验证，此类产品具备上线周期短、用户门槛低、ROI回收快等特点，契合当前全球 移动游戏市场对高效运营与广泛触达的需求。 随着更多产品进入商业化验证阶段，中手游能否在全球轻量化游戏市场中建立可持续竞争力，将持续成 为市场关注焦点。 ...

近日，2025年度优秀游戏评选大赛（金翎奖）获奖名单正式公布。中手游荣获"最具影响力移动游戏发行商"称号，旗下产品《火影忍者：木叶高手》荣 获"最佳二次元移动游戏"，《新三国志曹操传》荣获"玩家最喜爱的移动网络游戏"。 本次获奖的游戏，充分展现了中手游的产品阵容和IP底蕴。荣获"最佳二次元移动游戏"的《火影忍者：木叶高手》是一款正版火影动画级剧情全新手游， 深度复刻火影忍者动画的精髓，从经典角色的一颦一笑，到跌宕起伏的剧情脉络，再到炫酷夺目的忍术特效，皆实现了高度还原。更有原班声优倾情加 盟，以全新演绎赋予角色鲜活生命力，为玩家精心构筑一个原汁原味的忍者世界。游戏上线首月登顶iOS免费榜，凭借正版火影IP和放置卡牌玩法，吸引 大量粉丝用户，市场表现稳健。 荣获"玩家最喜爱的移动网络游戏"的《新三国志曹操传》由光荣特库摩游戏正版授权。作为策略玩家的头号之选，《新三国志曹操传》重新定义战棋策略 性，全新的神兽可以直接驾临战场，神兽技能可以影响天气，地形等战场要素，合理的搭配即可为手下阵容抢得先机。全新无双武将签到即可获取。独有 的点将台功能，让玩家每日登录签到，收获指定的橙色品质武将，定期获得顶级无双武将。原作武 ...

12月3日，由国内领先的港美股资讯平台智通财经、中资海外私募基金一站式服务平台新智基金网联合主办的"第十届智通 财经资本市场年会"上市公司颁奖典礼顺利举办，中手游凭借在履行企业社会责任方面的突出表现与持续贡献，荣获"最具 社会责任上市公司奖"。 自2016年启动以来，智通财经上市公司评选已连续成功举办十届，建立了良好的市场口碑与深远的社会影响力。"最具社会 责任上市公司"奖旨在表彰努力践行社会责任，积极履行对消费者、社区和环境的责任，在精准扶贫、生态保护、公益捐赠 等方面作出积极贡献的港、美股上市公司。此次获奖，充分彰显了资本市场对中手游践行社会责任、推动行业健康发展的 高度认可。 中手游亦高度重视企业治理与可持续发展，持续推进绿色办公、节能减排，并在游戏研发与运营中强化未成年人保护机 制，严格落实国家关于网络游戏防沉迷系统的各项政策要求，致力于营造健康、绿色的网络环境。 荣誉，亦是责任与担当。未来，中手游将在稳健经营的基础上，坚持经济效益与社会效益并重，在创造优秀文化产品的同 时，持续深化社会责任实践，为股东、员工、用户及社会创造长期价值。 自成立以来，中手游将公益和社会责任纳入企业核心文化，在持续打造高品 ...

Core Viewpoint - The 30th anniversary concert of the national-level IP "The Legend of Sword and Fairy" is scheduled to take place on December 20 at the Ma'anshan Sports and Exhibition Center, inviting thousands of players to a nostalgic gathering [1][4]. Group 1: Event Details - The concert will focus on music and feature an immersive stage presentation that aims to recreate emotionally impactful moments from the game [3][6]. - The lineup includes popular artists such as Fu Xinbo, JS (Brother and Sister group), and Qingniao Feiyu - Huhu, along with voice actors who will perform classic dialogues that have moved audiences [3][6]. - The theme of the concert is "Thirty Years of Seeking Immortals, Returning Still Carefree," representing not just a fan celebration but also a collective reflection on youth, memories, and Chinese gaming culture [3][6]. Group 2: IP Development - "The Legend of Sword and Fairy" is recognized as one of the earliest single-player RPGs in China with a complete narrative system, evolving from a single game into a comprehensive cultural symbol spanning film, television, comics, and music [3][6]. - The continued operation by Zhongyou Mobile has allowed the IP to maintain its vitality over the years [3][6].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中手游科技集团有限公司 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00302 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.0001 | USD | | 500,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.0001 | USD | | 500,000 | 本月底法定/註冊股 ...

Core Insights - The game "Limitless Mecha" by Xishanju has failed to meet player expectations, leading to a significant drop in active users from a peak of 132,800 at launch to under 5,000 by November [1] - Other high-investment games like "Sword World" by Zhongyou and "The Legend of the Condor Heroes" by NetEase have also underperformed, resulting in substantial financial losses [1][2] - The gaming industry is facing challenges due to increased competition, high sunk costs, and the need for better long-term project management [2][3] Industry Challenges - The overall market growth has plateaued, making it common for even high-investment games to underperform [3] - A significant portion of new games released on platforms like Steam fail to generate sufficient revenue, with 40% earning less than $100 [3] - The high costs associated with mid-to-heavyweight products reduce their flexibility and increase the impact of individual game performance on overall company health [3] Product-Specific Issues - "Sword World" struggled due to its reliance on an older IP and traditional aesthetics, failing to attract a broader audience [4] - "The Legend of the Condor Heroes" and "Limitless Mecha" faced issues with innovation and mismatched monetization strategies, leading to poor market reception [5][6] - Many developers rely on past successful experiences, which can stifle innovation and lead to repetitive game designs [8] Market Predictions and Adjustments - Companies often have opportunities to adjust their products before launch, but many fail to do so due to cognitive biases and reliance on existing product models [7][9] - The disconnect between marketing promises and actual gameplay experiences can lead to low user retention rates [7] - Companies face difficult decisions regarding whether to continue investing in underperforming products due to high sunk costs [8] Future Strategies - Some companies are attempting to pivot by restructuring teams and adjusting monetization strategies to recover initial investments [12] - Understanding consumer needs and differentiating products in a saturated market is crucial for future success [12][13] - The gaming industry must reconcile the tension between commercial viability and creative expression to find sustainable success [13]

Core Insights - The Chinese gaming industry has experienced significant growth since 2015, with annual revenue increasing from 140.7 billion to 325.7 billion yuan, driven by mobile gaming expansion and overseas market exploration [1] - The industry is now facing challenges with high-investment games underperforming in the market, leading to potential financial burdens for developers [2][3] Industry Trends - The normalization of game approvals has led to a saturated market, where many new products struggle to meet player expectations, resulting in underperformance [4] - A significant portion of new games released on platforms like Steam fail to generate sufficient revenue, with 40% earning less than $100 [5] Company Challenges - High-investment games are particularly vulnerable to market fluctuations, as their development and operational costs are substantial, impacting overall company performance [3][5] - Companies like Zhongyou and NetEase have faced significant losses due to underperforming titles, leading to asset impairments and project cancellations [2][6] Product-Specific Issues - "Xianjian World" struggled due to its reliance on an older IP and traditional aesthetics, failing to attract a broader audience [6] - "射雕" and "解限机" faced challenges with innovation and mismatched audience expectations, leading to poor market reception [7] Market Dynamics - The gaming market is increasingly competitive, with players demanding higher quality and innovation, while many products fail to differentiate themselves sufficiently [4][9] - Companies often rely on past successful models, which can hinder innovation and adaptability in a rapidly evolving market [10][11] Strategic Adjustments - Companies are attempting to pivot their strategies post-launch, with some opting for restructuring and new leadership to improve project outcomes [12][13] - Understanding consumer needs and differentiating products are critical for success, as many games currently suffer from a lack of unique value propositions [13][14]

Core Viewpoint - The Hong Kong gaming sector, particularly Zhongyou Mobile (00302.HK), experienced a significant stock price increase of 5.56%, attributed to breakthroughs in the mini-game overseas market and effective IP ecosystem operations [1] Group 1: Mini-Game Overseas Expansion - Mini-game overseas expansion has become a crucial growth engine for Zhongyou Mobile, with the mini-game "Spring and Autumn Fantasy" generating over 100 million yuan in revenue within three months of its launch, ranking among the top ten in WeChat's game sales [1] - The strong monetization capability of mini-games is highlighted by their performance in the market [1] Group 2: IP Ecosystem Development - The continuous deepening and value release of the IP ecosystem provide solid support for the company's stock price [1] - Zhongyou Mobile has 18 new products planned for 2025, with 11 of them being IP derivative games such as "New Three Kingdoms: Cao Cao's Biography" and "Naruto: Leaf Ninja," most of which have already obtained licenses and will be launched in the second half of the year, ensuring ample momentum for future performance growth [1] Group 3: Financial Performance - The company's operating cash flow turned positive in the first half of 2025, reaching 108 million yuan, indicating a potential turning point for profit recovery [1] - The combination of mini-game overseas growth and the monetization potential of the IP ecosystem positions the company favorably for future profitability [1] - The growth logic is expected to be further strengthened with the launch of new products like "Code: Dark Night Legend" and advancements in the Web3 sector [1]