伽马数据：1-6月中国主要上市游戏企业平均销售费用率为21.8% 系近5年首次明显下降

Group 1 - The core viewpoint of the report indicates that the average sales expense ratio of major listed gaming companies in China decreased to 21.8% in the first half of 2025, marking a significant decline of 2.9 percentage points compared to the same period last year, which is the first notable decrease in five years [1][2] - The report highlights that 77.8% of the companies that reduced their sales expense ratio saw an increase in net profit, and 63% of these companies also experienced revenue growth, indicating that the decline in sales expense ratio did not negatively impact performance [4] - The report emphasizes that 60% of users prefer to receive game information through short video advertisements, with content marketing focusing on user acquisition and retention [6] Group 2 - The report notes that mobile game marketing is shifting from quantity to quality, with content marketing emerging as a significant pillar alongside traditional user acquisition marketing [12] - The number of advertisements for app games has decreased significantly in 2025 compared to 2024, but the advertising expenditure has continued to grow, indicating a focus on higher-quality advertising materials [14][16] - The gaming industry is facing intensified competition from other industries, with the share of advertising expenditure for the gaming sector dropping to 12.8%, a decrease of 7 percentage points year-on-year [17] Group 3 - MMORPGs and fishing games remain the most advertised categories, accounting for 40% of product quantity and 42.3% of advertising expenditure, with MMORPGs still leading due to nostalgia and the success of classic IPs [24] - The report indicates that casual games, particularly idle and simulation games, are showing significant growth potential, with increased advertising expenditure as more high-profile new products are released [27] - The report states that mini-program games are continuously developing, with Tencent's ecosystem being the most preferred platform for users, capturing 87.6% of the user base [29][30] Group 4 - IAA games dominate the mini-program game market, accounting for 81.9% of the total number of games, while IAP and mixed monetization models account for over 80% of advertising expenditure [30] - The report identifies casual games as a key focus within mini-program games, with a high user penetration rate of 56.9% and a strong willingness to accept in-game advertisements [34][37] - The report highlights that effective advertising strategies for casual games should focus on performance ads, as 62.6% of users discover new products through this channel [41]