《王者荣耀》半年狂揽10亿美元

Core Insights - Tencent reported a strong performance in Q2 2025, with online gaming revenue reaching 59.2 billion yuan, a year-on-year increase of 22% [1] - The international gaming revenue was 18.8 billion yuan, growing 35% year-on-year, marking a record high for four consecutive quarters [1] - The success of long-standing games like "Honor of Kings" and "Peacekeeper Elite" has been attributed to their platform evolution and increased AI application [1][3] Gaming Performance - "Honor of Kings" was the only mobile game to surpass $1 billion in revenue in the first half of the year, maintaining its position as the top-grossing game globally for three consecutive years from 2022 to 2024, with a projected 26% revenue growth in 2024 [1][5] - The shooting game genre has seen a rise in popularity, with its share of the top 100 mobile games increasing from 13.89% in 2024 to 17.03% in the first half of this year [4] - "Delta Action" has achieved over 20 million daily active users and is expected to grow further with its launch on PS and Xbox platforms [5] Market Trends - The overall gaming revenue growth is expected to stabilize due to an expanded product portfolio and enhanced platform characteristics, although individual games may still experience cyclical performance [3] - The international market for self-developed Chinese games saw a revenue increase of 11.07% to $9.501 billion in the first half of the year, with Tencent's international gaming revenue reaching 18.8 billion yuan [7] - Tencent's management emphasized that service-type games will remain the mainstay of the Chinese gaming market, despite the growing audience for AAA games [9] Future Outlook - Tencent's management believes that the success of "Delta Action" reflects the company's ability to produce high-quality content that sustains user and revenue growth over time [9] - The management also noted that while AAA games could achieve stable profitability, they will remain a minority in the Chinese market due to players' long-standing preference for free-to-play models [9]