《原神》光环褪去，米哈游如何突围？

Core Insights - The article discusses the decline of miHoYo's flagship game "Genshin Impact" and the company's overall performance in the mobile gaming market, highlighting a significant drop in player engagement and revenue [1][2][4]. Group 1: Company Performance - miHoYo ranked fourth in the global mobile game publisher revenue list for April 2025, with Tencent, DianDian Interactive, and NetEase taking the top three spots [1]. - The revenue from "Honkai: Star Rail" surged by 192%, contributing to a 51% increase in miHoYo's overall income [1]. - Since October 2024, miHoYo has not returned to the top three in the global revenue rankings for mobile game publishers, marking seven consecutive months outside the top tier [1]. Group 2: Player Sentiment - Many long-time players of "Genshin Impact" expressed disappointment with the game's recent updates, particularly the 5.0 "Natlan" version, which they found unengaging and frustrating due to the game's gacha mechanics [2][4][8]. - Players reported feeling "heartbroken" over the game's monetization strategies, with significant costs associated with obtaining desired characters [2][4]. Group 3: Market Trends - The overall revenue for the domestic two-dimensional game market in China declined by 7.44% year-on-year, indicating a challenging environment for miHoYo and similar companies [9]. - "Honkai: Star Rail" and "Zhongli" have not achieved the breakout success needed to significantly expand their player base beyond the niche audience of two-dimensional games [9][11]. Group 4: Future Prospects - The success of "Honkai: Star Rail" during its two-year anniversary suggests potential for revenue recovery, but the sustainability of this growth remains uncertain [13]. - To maintain growth, miHoYo must balance the needs of its core two-dimensional player base with attracting a broader audience, similar to the success of "Genshin Impact" [12][15]. - The overseas market is crucial for miHoYo's revenue, with 70% of "Genshin Impact's" mobile revenue coming from outside China, yet the company has not yet established a strong presence in this market with its newer titles [15].