TENCENT(HK:00700) 3 6 Ke·2025-12-26 00:18Core Insights - The issuance of game licenses in December 2025 marks a significant increase, with 1,676 domestic and 95 imported game licenses, totaling 1,771, representing over a 20% growth compared to 2024 [3][4]. Group 1: License Issuance - In December 2025, 144 domestic and 3 imported game licenses were issued, including notable titles like Tencent's "QQ Classic Farm" and the imported "Prince of Persia: The Lost Crown" [1][22]. - The total number of licenses issued from January to November 2025 reached 1,624, with 1,532 being domestic and 92 imported [3]. - The issuance of domestic game licenses saw a significant increase, with a record high of 178 licenses in November 2025 [4]. Group 2: Industry Trends - The approval process for game licenses has improved, with the average time for self-applied licenses reduced to 4-6 months, and potentially shortened by over 20% with professional assistance [4]. - The trend in 2025 shows a diversification in game genres, with various categories like SOC, anime, SLG, console, and single-player games being represented, indicating a mature market [17]. Group 3: Major Players - Tencent emerged as the leading company in terms of game licenses for 2025, including those from its subsidiaries and agency products [7][9]. - NetEase follows as the second-largest player, with its subsidiaries and agency products also included in the count [9]. - 4399 ranked as the highest non-Tencent or NetEase company, focusing on overseas markets and showing strong performance in the mini-game sector [11]. Group 4: Notable Absences - Several well-known companies, such as Paper Games and Deep Blue, did not receive licenses in 2025 but are actively preparing for future projects [12][16]. - miHoYo only secured one license for "Honkai: Inheritance Spirit," with other anticipated titles delayed [14]. Group 5: Future Outlook - The industry is expected to maintain a positive momentum, with hopes for continuous surprises each month [6]. - The competition is shifting from merely obtaining licenses to winning market share, emphasizing product quality and long-term strategies [17].