7成上市游戏公司看好的赛道，也要变天了？

Core Insights - The mini-game market in China has become a focal point in the gaming industry, with significant growth and revenue data attracting numerous developers, but the market dynamics are shifting as competition intensifies and growth rates slow down [1][27] - By 2025, the domestic mini-game market is projected to generate revenue of 53.535 billion yuan, with a year-on-year growth rate of 34.39%, although this represents a slowdown compared to previous explosive growth [1][27] - Major companies are increasingly dominating the market, with over 70% of listed gaming companies investing heavily in mini-games, raising the industry entry barriers to the level of native apps [1][27] Platform Development - WeChat mini-games remain the largest platform in China, with over 400,000 developers and more than 300 teams generating over 10 million yuan in quarterly revenue [2][28] - The active user base on WeChat mini-games has surpassed 500 million, with a 10% increase in user online time expected in 2025 compared to 2024 [2][28] - Douyin mini-games have also seen remarkable growth, with revenue increasing by 100% and active user numbers rising by 120% in 2025 [4][30] Product Trends - WeChat mini-games have successfully explored heavy game genres, with several SLG, RPG, and card games achieving stable growth [4][30] - Douyin's unique short video ecosystem enhances content distribution, significantly impacting player engagement and revenue generation [6][31] - The revenue scale of WeChat and Douyin mini-games is expected to account for over 90% of the total domestic mini-game market [6][31] Manufacturer Segmentation - The mini-game market has seen a clear tiered structure, with large companies dominating the first tier, including over 70% of listed gaming firms [11][33] - Companies like Sanqi Interactive and Diandian Interactive lead the first tier, leveraging strong operational capabilities to produce multiple blockbuster games [13][35] - The second tier consists of niche market leaders that have emerged from the mini-game sector, maintaining high hit rates through rapid product iteration [15][37] Competitive Landscape - The competition in the mini-game market has evolved from a focus on traffic to a comprehensive strength competition involving product quality, traffic acquisition, long-term operations, and technological reserves [20][42] - The demand for higher quality mini-games is pushing developers to innovate and differentiate their products, moving towards a model that closely resembles native apps [21][43] - AI technology is becoming a critical competitive barrier, significantly enhancing the efficiency of game development, marketing, and customer service [25][47] Market Evolution - The mini-game industry is transitioning from rapid growth to a phase of meticulous cultivation, indicating that future opportunities will favor those who focus on quality content and technological mastery [26][48] - The market's slowdown is not a sign of diminishing returns but rather a necessary evolution towards sustainable growth and high-quality development [26][48]