Investment Rating - The report does not explicitly state an investment rating for the gaming industry Core Insights - The Chinese gaming market reached a scale of 857.04 billion yuan in Q1 2025, showing a year-on-year growth of 17.99% but a quarter-on-quarter decline of 1.21% [5] - The mobile gaming market generated 636.26 billion yuan in Q1 2025, with a year-on-year increase of 20.29% and a quarter-on-quarter decrease of 2.18% [15] - The client game market saw a revenue of 179.19 billion yuan in Q1 2025, reflecting a year-on-year growth of 6.85% and a quarter-on-quarter increase of 3.62% [8] - The web game market continues to decline, with a revenue of 11.13 billion yuan in Q1 2025, marking a quarter-on-quarter decrease of 1.54% [13] Summary by Sections Market Overview - The overall Chinese gaming market is valued at 857.04 billion yuan, with mobile and client games contributing to the growth [5] - The mobile gaming sector is the largest, with significant contributions from long-standing titles and new releases [15] Client Games - The client game market achieved a revenue of 179.19 billion yuan, driven by seasonal events and the return of popular titles [8] - New dual-end products have contributed to revenue growth, with notable performances from games like "Hearthstone" and "Delta Action" [8] Mobile Games - The mobile gaming market's revenue reached 636.26 billion yuan, with significant growth attributed to long-term operational potential of leading titles [15] - Major titles like "Honor of Kings" and "Crossfire: Gun Battle" achieved record revenues during the quarter [15] Web Games - The web game market has seen a continuous decline, with revenues dropping for four consecutive quarters [13] New Releases - The new game "Heroes No Flash" topped the new release revenue chart, with significant contributions from IP adaptations [39] - The iOS download rankings saw "Yanyun Sixteen Sounds" debuting strongly, indicating a positive reception for new titles [32] Overseas Market - The overseas revenue for self-developed games reached 48.05 billion USD, marking a year-on-year growth of 17.92% [47] - Key titles like "Last War: Survival Game" and "Whiteout Survival" have driven this growth, alongside new releases [47] User Experience Insights - User experience remains a critical factor, with 60% of users considering gaming experience when upgrading devices [67] - Performance issues such as overheating and frame drops are significant pain points for mobile gamers [69]

Investment Rating - The report indicates a strong investment rating for the AI industry, highlighting a significant increase in investment scale, reaching a historical high of 482.9 billion RMB in 2024, which represents a year-on-year growth of 77.2% [30]. Core Insights - The AI industry has experienced rapid development since the release of ChatGPT in 2022, with generative AI and large language models making significant breakthroughs, leading to widespread application across various sectors [2][3]. - The report emphasizes the importance of regulatory frameworks, with the EU's AI Act being a landmark legislation that sets standards for AI development and governance globally [12][27]. - Investment trends show a shift towards quality over quantity, with an average investment amount per deal increasing significantly, indicating a more mature investment landscape focused on high-quality projects [30]. Summary by Sections Global AI Trends - The AI industry is witnessing explosive growth, with applications penetrating key sectors such as healthcare, finance, and manufacturing, and investment in the AI sector surpassing 400 billion RMB in 2024 [2][3]. Policy Situation - There is a noticeable regional disparity in AI policy development in China, with Guangdong, Zhejiang, and Beijing leading in the number of AI-related policies [21]. - A significant portion of AI policies (44%) focuses on computing power infrastructure, reflecting the growing demand for AI capabilities [24]. - The regulatory landscape is becoming more refined, with new guidelines and frameworks being established to ensure compliance and safety in AI applications [26][27]. Investment Situation - The total investment in the AI industry reached 482.9 billion RMB in 2024, marking a 77.2% increase from the previous year, despite a decrease in the number of investment deals [30]. - General models dominate the investment landscape, accounting for over 50% of total financing, indicating strong confidence in foundational AI capabilities [33]. - The ToB market is showing more maturity compared to the ToC market, which is still exploring viable business models [36]. AI Application Analysis - The total access volume for AI applications grew from 3.6 billion visits in January to 7.6 billion in December 2024, reflecting a 111% increase in user engagement [45]. - Chat assistant products led the access volume with over 40 billion visits, showing a significant increase of 116% compared to the previous year [49]. - The AI video sector also saw substantial growth, with access volume reaching approximately 2.5 billion visits, a 141.28% increase from 2023 [71].

Industry Investment Rating - The report does not explicitly provide an overall investment rating for the mobile gaming industry, but it highlights key growth areas and challenges [3][7][52] Core Viewpoints - The Chinese mobile gaming market achieved actual sales revenue of 2382.17 billion yuan in 2024, a year-on-year increase of 5.01% [3] - High-quality new games such as "Dungeon & Fighter: Origin" and "Love and Deep Space" have driven market activity, with some achieving billions in revenue [3] - The competition from other gaming terminals, such as PC and console games, is intensifying, with titles like "Black Myth: Wukong" boosting the single-player and console gaming markets [3] - The mini-program gaming market grew by 99.18% in 2024, reaching 39.836 billion yuan, but competition is becoming fiercer [52] Market Performance - The mobile gaming market remains dominant in China, but its revenue share has slightly decreased due to competition from other gaming platforms [3] - The mini-program gaming market is rapidly expanding, with a 99.18% growth rate in 2024, reaching 39.836 billion yuan [52] - The sales expense ratio of major listed gaming companies has risen, with over 30% of companies exceeding a 30% sales expense ratio, indicating increased marketing costs [7] Marketing Trends - Marketing expenses for gaming companies are becoming more polarized, with some companies increasing spending while others focus on cost reduction [7] - The use of AIGC (AI-generated content) has improved advertising efficiency, leading to a decrease in the proportion of mobile game ads in overall ad spending [11] - Platforms like Tencent Ads and Baidu Marketing have seen growth in their share of game ad placements, driven by improved ad models and traffic ecosystems [13] - Content marketing is gaining traction, with platforms like Bilibili, Douyin, and Kuaishou showing steady growth in MAU, providing a broader audience for game marketing [43] User Behavior and Preferences - Mobile gaming users in China reached 1.09072 billion in 2024, with a slight increase in user scale [5] - Users are increasingly seeking emotional value and companionship from games, with 66.7% of users citing these factors as reasons for increased spending [28] - Mini-program games are gaining popularity, with 81.6% of users playing mini-program games on WeChat, which has a stable and growing ecosystem [65] Competitive Landscape - The competition in the mini-program gaming market is intensifying, with long-term operation and fine-tuned marketing strategies becoming key to success [52] - The return of popular games like "World of Warcraft" and "Hearthstone" has boosted the PC gaming market, adding to the competitive pressure on mobile games [3] - The advertising market for games is becoming more competitive, with short-form video platforms like Douyin and Kuaishou seeing increased ad placements [147] Technological Advancements - AIGC and other new technologies are enhancing the efficiency of ad production, leading to a decrease in the proportion of game ads in overall ad spending [11] - Tencent Ads' AI-driven creative platform, "Miaosi," has shown significant improvements in ad material production, with some cases achieving a cumulative consumption of 330,000 for a single ad [211] Future Opportunities - The integration of games into daily life through marketing strategies like co-branding and offline events is becoming a key focus for enhancing user engagement and emotional value [193] - The mini-program gaming market is expected to continue growing, with long-term operation and fine-tuned marketing strategies being crucial for success [52] - The use of multi-channel payment methods, such as game websites and short video platforms, is seen as a potential new marketing point, with 59.6% of users having paid through these channels [59]

Investment Rating - The report indicates a positive investment outlook for the gaming industry, highlighting significant growth potential in various segments [44]. Core Insights - The domestic market and self-developed overseas market have both reached historical highs in revenue, driven by multiple sub-markets contributing to growth [27][44]. - Key trends include the rise of nostalgic gaming servers, the increasing popularity of female-oriented games, and the potential for mini-program games to expand internationally [10][22][25]. Summary by Sections Domestic Market Performance - The actual sales revenue of the Chinese gaming market reached 3029.64 billion yuan in 2023, with a growth rate of 7.53% [2]. - The self-developed overseas market for games saw actual sales revenue of 3257.83 billion yuan, with a growth rate of 13.95% [2]. Key Trends - The mini-program gaming market is expected to grow at a compound annual growth rate (CAGR) of 182.3% from 2022 to 2024, with over 50% of the top 30 best-selling mini-program games having launched overseas [10]. - Nostalgic gaming servers have shown potential, with 44.8% of users returning due to emotional connections to earlier game versions [25]. - The female-oriented gaming market is projected to reach 80 billion yuan in 2024, growing by 124.1% year-on-year, driven by content preferences and emotional value [22]. User Engagement and Preferences - 66.7% of users reported increased gaming expenditure due to emotional and companionship values, indicating a shift towards games that provide positive emotional experiences [19]. - There is a significant interest in open-world elements, with 56.05% of users wanting these features combined with casual competitive gameplay [16]. Future Opportunities - The report emphasizes the long-term potential of various sub-markets, suggesting that the growth factors identified for 2024 are just the beginning of a larger trend [29]. - The report also highlights the importance of user demand for "low-effort, high-reward" gaming experiences, particularly in strategy games [31].

Investment Rating - The report does not explicitly provide an investment rating for the gaming industry regarding minor protection measures. Core Insights - The report highlights the significant progress made in protecting minors in the gaming industry, particularly following the implementation of stricter regulations since September 2021. The percentage of minors playing games for more than three hours a week has decreased by 37.2 percentage points, reaching 24.9% in 2024, indicating effective measures against gaming addiction [5][51][63]. - The report emphasizes the need for continuous improvement in minor protection strategies, as challenges remain, including issues related to identity verification and the management of adult accounts used by minors [5][27][171]. Summary by Sections Current Status of Minor Internet Users - As of December 2023, the number of minor internet users in China reached 196 million, with an internet penetration rate of 97.3% among minors. The report indicates a concerning trend of younger children accessing the internet, with nearly 90% of surveyed students having their first internet experience before junior high school [47][49]. Measures and Initiatives - Various gaming companies have implemented measures to protect minors, such as Tencent's comprehensive protection system that includes real-name verification and strict spending limits for minors. Tencent has also introduced new tools to prevent account sharing and unauthorized access [23][25][26]. - NetEase has launched an AI-based minor protection patrol system and has established a "Minor Protection Platform" to enhance parental control over children's gaming activities [26][30][28]. Parental Involvement and Awareness - The report reveals that over 90% of parents are aware of at least one method to manage their children's gaming activities, with many expressing a desire for more information on effective control strategies [41][92][166]. - Parents generally allow their children to play games as long as they do not become addicted, indicating a recognition of the social and emotional needs that gaming can fulfill [64][84]. Challenges and Areas for Improvement - Despite the progress, the report identifies ongoing challenges, such as the use of adult accounts by minors and the existence of unregulated games that do not require authentication [171]. - The report calls for a multi-faceted approach to enhance minor protection, including better communication between parents, schools, and gaming companies, as well as the promotion of alternative activities to reduce reliance on gaming for entertainment [170][171]. Conclusion - The report underscores the importance of ongoing efforts to protect minors in the gaming industry, highlighting both achievements and areas that require further attention to ensure a safe and healthy gaming environment for young users [5][27][49].

Industry Overview - The AI industry has experienced rapid growth across foundational, technical, and application layers, with AI technologies widely applied in sectors such as healthcare, finance, manufacturing, and autonomous driving [4] - The report aims to provide a comprehensive analysis of the AI industry's development trends and data changes as of October 2024, offering insights from macro, meso, and micro perspectives [5][6] Macro Environment - Policy trends focus on breakthroughs in niche areas, driving regional industrial clusters, with examples like Qingdao's humanoid robots and Guangdong's optical chips [9] - Scenario-driven and commercialization efforts are accelerating AI technology adoption, with initiatives like Hangzhou's "computing power vouchers" and Beijing's AI benchmark schools [10] - Standardization and governance are being promoted to enhance global competitiveness, with policies like Hong Kong's "dual-track model" for AI innovation and risk governance [11] Investment Trends - Global AI investment in October 2024 decreased by 20% year-on-year and 25.42% month-on-month, marking the first decline since June 2024, primarily due to reduced funding for application-layer companies [17][18] - A total of 44 financing events occurred in October, with application-layer companies accounting for 65% of the total, though both application and foundational layers saw declines compared to the previous month [19][20] AI Application Traffic - Global AI application traffic increased by 13.64% month-on-month in October 2024, driven by significant growth in Chat assistant products, indicating continued recognition of AI's value in daily life and work scenarios [24][25] - Among 15 AI application categories, 14 saw traffic growth, with Chat assistant products accounting for 64% of total traffic, while image design was the only category to experience a decline [26][27] Top AI Applications - Chat assistant and virtual chat applications dominate the global AI application market, with ChatGPT maintaining stable traffic and mid-tier products like Janitor AI and SpicyChat AI showing rapid growth through niche functionalities [43] - Emerging applications like Pika experienced a 790.91% month-on-month growth, demonstrating strong potential [43] Domestic Advertising Trends - Advertising spending by top AI products in China increased by 24.51% month-on-month in October 2024, with KIMI and Tencent Yuanbao driving the growth with increases of 172% and 326%, respectively [46][47] - ByteDance's products, including Doubao and Maoxiang, accounted for three of the top five advertising spenders [46] Model Updates and Innovations - Pika led the growth charts with a 791% increase in traffic, driven by the release of its 1.5 version, which introduced new video effects [56][57] - Meta, Apple, and Walmart launched new models like MovieGen, Depth Pro, and Wallaby, showcasing advancements in multimodal capabilities and retail applications [59] - Updates to models like Grok, Claude, and Llama3.2 focused on performance optimization, hardware compatibility, and specialized functionalities such as image understanding and data analysis [60]

Industry Investment Rating - The report provides a positive outlook on the gaming IP industry, highlighting its significant growth potential and value [34][35] Core Viewpoints - The gaming IP market in China reached 1960.6 billion yuan in the first three quarters of 2024, with IP products accounting for 82% of the total game market revenue [34] - Original Chinese game IPs contributed nearly 50% of the total market revenue, with new IPs like "Egg Party" generating billions in revenue [40] - Cross-domain IPs, such as those from literature and film, are gaining traction, with a market size of 150.8 billion yuan in the first three quarters of 2024 [65] Market Analysis Chinese Entertainment Market IP Status - Over 90% of surveyed users have used IP-related products in the past year, with gaming IPs being the most preferred [6] - Gaming IPs dominate the revenue share, accounting for 73.3% of the top 10 products in major entertainment fields [9] - Animation and anime IPs have a strong fan base, with some achieving millions of views and high ratings [15] Chinese Game Market IP Scale - The Chinese game IP market achieved a revenue of 1960.6 billion yuan in the first three quarters of 2024, driven by both original and established IPs [34] - Original Chinese game IPs accounted for 48.2% of the market share, while cross-domain IPs contributed 7.7% [40] Chinese Game Market IP Development - Original Chinese game IPs generated 945.8 billion yuan in revenue in the first three quarters of 2024, maintaining a stable market share [46] - Introduced licensed game IPs, such as "Dungeon & Fighter" and "League of Legends," contributed 864.1 billion yuan, showing significant growth [55] - Cross-domain IPs, despite a smaller market share, have potential for growth, especially with the recovery of content creation in related fields [65] Chinese Game Market IP Value Enhancement - Gaming IPs are the most developed, with representative IPs generating over 2000 billion yuan in revenue [22] - Cross-domain IPs, such as virtual idols and collectibles, show strong commercial potential, with future revenue expected to exceed current levels [25] IP Value Assessment - Gaming IPs have the highest development level, with significant revenue generation and strong user engagement [22] - Animation and anime IPs have a large fan base, with high scores in fan base metrics [15] - Literature IPs, while having high attention, need to improve their monetization capabilities [18] - Cross-domain IPs, such as virtual idols, show strong future revenue potential [25] IP Development Strategies - Original Chinese game IPs are seeing increased investment from companies, with a focus on content creation and brand building [48] - Introduced licensed game IPs show significant individual differences, with deeper collaborations leading to higher IP value [59] - Cross-domain IPs are leveraging user sentiment and nostalgia to enhance monetization [67] IP Marketing and Operations - Multi-channel operations are common, with 53.2% of top products using 7 or more channels [42] - TikTok is a key platform for user engagement, with 75.6% of users using it to follow games of interest [43] - Offline events, merchandise, and music are important for IP value enhancement, with high user engagement and willingness to pay [82][86] Future Trends - Game music is becoming more diverse, with a focus on live performances and virtual concerts [89] - Derivative products, especially collectibles and figurines, are growing rapidly, with virtual derivatives showing potential [99] - Cross-domain IPs, particularly in the secondary dimension, are leveraging derivative products for overseas expansion [106]

中国游戏产业新质 生产力发展报告 G A M M A D A T A 前 言 2024年"新质生产力"不仅首次被写入《政府工作报告》，亦是2024年十 大工作任务之首。中央经济工作会议指出，要以科技创新推动产业创新， 特别是以颠覆性技术和前沿技术催生新产业、新模式、新动能，发展新 质生产力。 游戏产业作为数字经济的重要组成部分，其发展过程中与人工智能、互 联网、云计算等先进技术的融合与应用紧密联系，并借助科技创新实质 性推动新质生产力的持续发展。同时，游戏产业本身也需要围绕"新质生 产力"进行技术创新、精品研发以及产业价值拓展，进而全面拓宽游戏产 业的发展前景。 基于相关背景，本报告将围绕中国游戏产业推动"新质生产力"发展的关 键路径和重点领域进行深入讨论。同时，报告将通过对相关数据和典型 案例的深入分析，清晰呈现当前中国游戏企业在发展新质生产力过程中 的探索与实践。 什么是新质生产力？ 优化劳动者、生产工具和生产关系的组合 将科技创新作为核心驱动力 在探索游戏产业与新质生产力的关联之前，首先需要理解新质生产力的定义。新质生产力以创新起主导作用，摆脱传统的经济增长方式与生产力发展路径，具有高科技、高效能 、高 ...

(内部版) 2024 中国游戏产业 月度报告 月 北京伽马新媒文化 传播有限 公 司 郑重声明 《2024年7月中国游戏产业月度报告（内部版）》 所有内容均为内部参考，伽马数据（CNG）将在 未来根据实际变化情况对报告所涉数据进行校正。 通过指定渠道获得本报告读者仅允许阅读，不可 作为企业投资、决策等行为的依据。因擅自使用 报告数据所造成损失的，伽马数据（CNG）不承 担任何责任。 中国游戏市场规模 市场规模连续3月环比增长 为近5个月最大值 2024年7月，中国游戏市场规模为278亿元，环比增长4.26%，同比下降2.83%。市场规模连续3个月保持环比增长，本月市场规模为近5个月最大值。环比增长受 多个终端共同带动，移动端、客户端等市场均呈现增长趋势，长线产品、新品均有增长贡献。 中国游戏市场实际销售收入（环比） 中国游戏市场实际销售收入 环比增长率 300.00 255.33 266.64 278.00 20.00% 234.17 224.32 250.00 13.83% 200.00 10.00% 150.00 4.43% 4.26% 100.00 0.00% -4.21% 50.00 -5.86% 0 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report emphasizes the significant potential of AIGC in the gaming industry, highlighting its ability to reduce costs, enhance development efficiency, and optimize marketing strategies [2][26] - AIGC is expected to play a crucial role in the transformation of the gaming industry, driven by a trillion-dollar global commercialization space and the increasing globalization of the Chinese gaming industry [26][28] - The gaming industry has made substantial R&D investments, exceeding one trillion yuan over the past decade, which supports the continuous advancement of AIGC technologies [28] Summary by Sections 1. AIGC Industry Development Background - The report outlines the supportive policy environment for AI development in China, with multiple government documents emphasizing the importance of AI as a strategic technology [4][5][6] - Recent regulations, such as the "Interim Measures for the Management of Generative Artificial Intelligence Services," aim to promote AI exploration while managing potential risks [7] 2. AIGC and Gaming Industry Relationship - AIGC is seen as a key driver for the gaming industry, with over 60% of top gaming companies already engaging in AIGC initiatives [29] - The report identifies various application areas for AIGC in gaming, including content creation, gameplay optimization, localization, and marketing material generation [27][28] 3. Global and Domestic Enterprise Layout - The report highlights that over 80% of representative AI companies are based in the United States, with major tech firms leading the development [13][14] - In China, while there is a strong R&D capability among AI companies, some segments of the industry, particularly in chip technology and large models, lag behind international competitors [16][19] 4. Gaming Companies' AIGC Deployment - The report indicates that 27 out of the top 50 gaming companies in China are actively applying AIGC across various processes, including development, marketing, and operations [29][30] - Notable companies like NetEase and 37 Interactive Entertainment are highlighted for their significant investments in AIGC technologies and their contributions to the industry ecosystem [36][38]