G-bits(SH:603444) Zheng Quan Shi Bao·2025-12-24 18:47Core Insights - The domestic gaming industry in China is experiencing record-high revenue and user growth, with actual sales revenue projected to reach 350.79 billion yuan in 2025, a year-on-year increase of 7.68% [1] - The user base is expected to grow to 683 million, reflecting a 1.35% increase [1] - Mini-program games are identified as a significant growth driver, with revenue expected to reach 53.54 billion yuan in 2025, marking a substantial year-on-year growth of 34.39% [1] Group 1: Market Growth - The overall gaming market revenue for 2024 is projected at 325.78 billion yuan, with a 7.53% year-on-year increase [1] - The revenue from mini-program games in 2024 is estimated at 39.84 billion yuan, showing a remarkable growth of 99.18% compared to the previous year [1] - The mini-program games are expected to contribute approximately 13.7 billion yuan in additional revenue in 2025 compared to 2024 [1] Group 2: Mini-Program Games - Mini-program games are characterized by their lightweight nature, allowing users to engage without downloading or installing, which appeals to casual gamers [2] - The market revenue for mini-program games is projected to grow from 20 billion yuan in 2023 to 53.54 billion yuan in 2025, reflecting a compound annual growth rate of 300% from 2023 to 2024 [2] - Companies like Gigabit (吉比特) are increasingly investing in mini-program games, with successful titles contributing to revenue growth [2] Group 3: Industry Trends - The console gaming market is also experiencing rapid growth, with projected revenue of 8.36 billion yuan in 2025, a year-on-year increase of 86.33% [3] - The gaming industry is expected to see a bifurcation between lightweight mini-program games and heavier console games, both growing simultaneously [3]