TENCENT(HK:00700) Guo Ji Jin Rong Bao·2025-10-15 09:24Core Insights - Tencent has unveiled a new shooting game titled "Graywalker," developed by its Aurora Studios, which is known for creating popular titles in various gaming genres [2] - The game features a PVEVP "hunt and loot" theme, utilizing the UE5 engine and incorporating horror elements inspired by Cthulhu [2] - The shooting game sector is experiencing growth, with Tencent maintaining a dominant position through its successful titles [4][8] Game Development and Features - "Graywalker" allows players to assume different roles while navigating a mysterious space called "Gray Realm," where they collect weapons and compete against monsters and other players for rare treasures [2] - Aurora Studios has previously developed the competitive shooting game "Rules of Survival," which was discontinued in December 2023 [2] Market Analysis - The PVEVP gameplay combines elements of PvP and looting, creating a unique gaming experience that emphasizes unexpected encounters and strategic thinking [4] - The first-person shooter genre is primarily categorized into traditional battlefield modes, battle royale, and the trending looting modes, with some overlap among these categories [4] - Despite the popularity of shooting games, there is a noted "ceiling" in user engagement, as the player base for shooting games is relatively small compared to the overall gaming community [4] Revenue Performance - Tencent's titles, including "Honor of Kings," "Delta Action," "Peacekeeper Elite," and "Gold Shovel Battle," dominated the Chinese App Store's revenue rankings in September 2023 [4][8] - "Delta Action" saw a 78% month-on-month revenue increase due to its new season, while "Valorant: Source Action" experienced a nearly 120% revenue surge since its launch [8] Future Prospects - Tencent is exploring multiple shooting game projects, including new entries in the "Crossfire" series and other titles, indicating a strategy of diversification within the shooting game genre [8] - The company is adopting a "racehorse" model, continuously testing various shooting game types to find the next potential blockbuster following the success of battle royale games [8]