小游戏出海，正在成为大公司的游戏？

Core Viewpoint - The article highlights that while leading companies in the mini-game sector continue to generate significant revenue, the opportunities for smaller developers to benefit from overseas expansion are diminishing [2][17]. Group 1: Company Performance - Century Huatong reported a revenue of 17.2 billion yuan for the first half of 2025, representing a year-on-year growth of 85.5%, with a net profit of 2.656 billion yuan, up 129.33% [3][20]. - The overseas gaming business contributed over 50% of the revenue, with "Whiteout Survival" leading the Chinese mobile game revenue rankings [3][10]. Group 2: Market Dynamics - The mini-game market is experiencing increased competition, with many developers attempting to replicate the success of "Whiteout Survival" and "Kingshot" [19][21]. - The rising costs of user acquisition are squeezing the survival space for many smaller game developers, as larger companies can afford higher advertising expenses [21][22]. Group 3: Challenges in Overseas Expansion - The article discusses the challenges faced by developers when attempting to launch mini-games overseas, including cultural and language barriers, as well as inadequate payment systems [9][19]. - The phenomenon of "skin-swapping" games, where existing popular games are rebranded for overseas markets, is becoming more common, complicating the path for original games to succeed [23]. Group 4: User Behavior and Game Design - Users are increasingly seeking lightweight games that can fit into fragmented time slots, which has driven the popularity of mini-games both domestically and internationally [18]. - "Whiteout Survival" employs a strategy of "bait and switch" in its advertising, attracting users with misleading content but managing to retain them through engaging gameplay [12][16].