本土游戏占 84% 支出、PC 市场强势复苏，中国游戏稳了吗？

Core Insights - The report by Epyllion's Matthew Ball provides a comprehensive overview of the global gaming market, with a specific focus on China's performance, offering valuable insights into the industry's development trajectory and market dynamics [1] Global and Chinese Market Performance - In 2025, global game content sales are projected to reach $195.6 billion (approximately 1.35 trillion RMB), reflecting a steady growth of 5.3% year-on-year, with Chinese players contributing 20% of global gaming expenditure [2] - Chinese players exhibit a strong preference for local games, with 84% of gaming expenditure directed towards domestic products, highlighting the rise of local game development capabilities and the influence of domestic IP [4] Domestic Game Revenue - The actual sales revenue of China's gaming market in 2025 is expected to be 350.79 billion RMB, with self-developed games generating 291.09 billion RMB, accounting for about 83% of the total [7] - Popular domestic games include Tencent's "Honor of Kings" with global revenue of $1.68 billion (approximately 11.59 billion RMB) and "PUBG Mobile" with $1.12 billion (approximately 7.73 billion RMB) [9] PC Gaming Market Recovery - The PC gaming market has shown significant resilience, with a 30% increase since 2020, becoming a key driver of growth in China's gaming sector [10] - In 2025, the actual sales revenue of the domestic client game market is projected to reach 78.16 billion RMB, marking a substantial year-on-year growth of 14.97% [14] Investment Trends and Challenges - Global private investment in the gaming industry has plummeted by 55% in 2025, impacting the Chinese gaming ecosystem and leading to financial difficulties for many mid-sized studios [15] - Major players like Tencent and NetEase are adapting their investment strategies, with Tencent making over eight public investments in 2025, while NetEase focuses on internal development [15][19] Emerging Opportunities - The report indicates a dual landscape of opportunities and challenges in the Chinese gaming market, characterized by strong consumer activity, dominance of local games, and a robust recovery in the PC market [19]