传媒行业快评报告：2025年游戏市场收入与用户规模达新高点，移动端市场仍占主导地位

Investment Rating - The industry investment rating is "stronger than the market," indicating that the industry index is expected to outperform the market by more than 10% in the next six months [8]. Core Insights - The domestic gaming market is projected to reach a record high in both revenue and user scale in 2025, with actual sales revenue of 350.79 billion yuan, a year-on-year increase of 7.68%, and a user base of 683 million, growing by 1.35% [2]. - The mobile gaming sector remains dominant, contributing 257.08 billion yuan in revenue, a 7.92% increase, accounting for 72.39% of the total market size [3]. - The client game market shows significant growth, with revenue reaching 78.16 billion yuan, a substantial increase of 14.97% [3]. - The mini-program gaming market has seen a remarkable growth of 34.39%, with revenue of 53.54 billion yuan, driven by the trend of "APP games miniaturization" [4]. - The self-developed overseas gaming market has consistently exceeded 100 billion yuan in revenue for six consecutive years, with actual sales revenue of 20.45 billion USD, a year-on-year increase of 10.23% [7]. Summary by Sections Market Overview - The gaming market in China is expected to achieve new highs in both revenue and user numbers by 2025, driven by improved mobile game quality, successful long-standing titles, and the growth of mini-program games [2]. Mobile Gaming - The mobile gaming market continues to lead, with significant contributions from both established titles and new releases, resulting in a revenue of 257.08 billion yuan [3]. Client Gaming - The client gaming sector has experienced a notable revenue increase of 14.97%, attributed to the performance of long-standing titles and the success of cross-platform products [3]. Mini-Program Gaming - The mini-program gaming market has shown a robust growth rate of 34.39%, with a revenue breakdown indicating a strong performance from in-app purchases and advertising monetization [4]. Overseas Market - The self-developed overseas gaming market has maintained a strong performance, with revenue surpassing 100 billion yuan for six consecutive years, indicating a healthy growth trajectory [7].