TENCENT(HK:00700) 第一财经·2025-12-29 14:14Core Insights - The global gaming industry is witnessing a significant shift, particularly in the FPS (First-Person Shooter) segment, where Chinese developers are rapidly emerging as key players [1] - FPS games account for approximately one-third of the global gaming market, with a projected market size of around $72.68 billion in 2024, expected to soar to nearly $200 billion in the next decade [4][7] - Chinese FPS games have evolved from early development stages to becoming competitive global leaders, showcasing a full-chain capability from technology accumulation to IP operation [1][4] Market Dynamics - FPS games are not only a battleground for gaming companies but also a favorite genre among players due to their fast-paced and competitive nature [4] - The FPS market in China is projected to contribute over 10 billion yuan in growth by 2025, making it the second-largest game category domestically [7] - Tencent's Vice President, Ma Xiaoyi, highlighted the growth potential in the FPS market, noting that while it currently represents about 20% of the Chinese market, it could potentially double [7] Competitive Landscape - The FPS market is characterized by a "winner-takes-all" dynamic, with a few leading products dominating the revenue streams, making it challenging for new entrants [8][10] - Historically, Western companies have dominated the FPS genre, creating significant barriers to entry for new competitors [8][10] - Chinese developers have gained a unique advantage in long-term operation and content production, which has been crucial for their success in the FPS market [10][12] Development Strategies - Chinese companies have adopted a "long-term operation" philosophy, focusing on gradual development rather than quick wins, which contrasts with the perception of being short-sighted [12][13] - Tencent's approach to FPS development has evolved from following trends to leading innovation, with a clear trajectory from early titles to current self-developed cross-platform products [13][19] - The introduction of new gameplay mechanics, such as the "search, fight, and retreat" model, has positioned Chinese FPS games at the forefront of global innovation [16][17] Technological Advancements - The shift from mobile-first to cross-platform development, as seen with Tencent's "Delta Force," signifies a strategic move to meet high-quality standards in the PC gaming market [19][20] - Chinese developers have demonstrated significant advancements in technical capabilities, enabling them to compete with international teams on complex systems and high-quality production [20][21] - The success of titles like "Delta Force" and "Dark Zone Breakout" on platforms like Twitch indicates a growing recognition of Chinese FPS games in the global arena [21][23] Conclusion - The rapid rise of Chinese FPS games is attributed to their strong industrial capabilities, innovative gameplay, and a commitment to long-term development, making them a vital source of innovation in the evolving global FPS ecosystem [23]