TENCENT(HK:00700) Guo Ji Jin Rong Bao·2025-12-26 12:57Group 1 - The core point of the article highlights the significant increase in the approval of domestic video game licenses in December 2025, with a total of 147 licenses issued, surpassing the total of 1,416 licenses in 2024 and reaching a new high since 2019 [1] - As of December 2025, the total number of game licenses issued in the year reached 1,771, with 1,676 for domestic games and 95 for imported games, indicating a stable issuance of domestic game licenses since January 2024, averaging over 124 licenses per month [1] - Notable companies such as Tencent, Kuaishou, and Le Element received approvals for key products, including Tencent's "QQ Classic Farm" and Le Element's "Silver City," reflecting the ongoing interest in both established and new gaming titles [1][2] Group 2 - The imported game sector saw three titles approved, including "Prince of Persia: The Lost Crown" by Shanghai Bihan, indicating a continued interest in international gaming content [2] - Despite the increase in approvals, the performance of the domestic two-dimensional mobile game market has faced challenges, with a reported revenue of 28.281 billion yuan in 2025, a year-on-year decline of 3.64% [3] - The decline in revenue is attributed to two main factors: the downward trend in revenue from several leading products and the underperformance of many new releases, raising questions about the future success of titles like "Silver City" [4]