中概股小额IPO的新成员 虽然今年外部环境震荡不断，但中概股IPO的数量依旧不少。数据显示，今年以来共有31家中国企业在美股市场IPO上市，合计募资约7.72亿美元，与上年同 期相比IPO数量同比增长63%。 但也因为特殊的环境影响，今年以来中概股呈现出大额IPO较为冷清，小额IPO明显增多的情况。中概股整体募资金额同比减少55%。全部年内IPO新股的发 行市值合计不超过100亿美元，平均募资不足2500万美元，平均发行比例约为8%。其中仅霸王茶姬(CHA.US)募资超过2亿美元，其余中概股的募资规模基本 都不超过1500万美元，其中有22只募资不足1000万美元。 时至Q2季度，美股中概股IPO迎来了一家"另类"企业，即游戏行业的黑瞳科技。其实自2021年之后，选择赴纳斯达克上市的国内游戏企业便寥寥无几，在当 下中概股IPO行业格局呈现 "科技 + 医药 + 工业" 三足鼎立的背景下，一家手游企业的出现便格外显眼。 实际上，历史上黑瞳科技还有一家广州子公司 TuringGame 主要专注于移动游戏发行与知识产权资源管理。并且Turing一直作为公司的成本中心存在，依赖 研发人员为公司整体业务提供支持。而后公 ...

Core Insights - The game "Crystal of Atlan," developed by ByteDance's Oasis Studio, is a significant product in the company's gaming portfolio, especially during a period of strategic shifts in its gaming business [1][3] - The game has shown long-term operational capabilities, with its iOS monthly revenue remaining above 10 million for 19 months after its launch in China, contrasting with other titles that saw revenue drop below this threshold much sooner [3][20] Group 1: Game Launch and Performance - "Crystal of Atlan" was officially launched on May 28, 2025, across over 140 countries and regions, including mobile, PS5, and PC platforms, achieving top rankings in various regional iOS game charts on its first day [7][9] - The game accumulated approximately 6.5 million downloads within 24 days of its launch, with Indonesia, Brazil, and the United States being the top three markets by download share [12][17] - The estimated total revenue for "Crystal of Atlan" reached 42.3 million within the first 24 days, with Japan, the United States, and South Korea contributing the highest revenue shares [17][20] Group 2: Marketing and Localization Strategies - The marketing strategy for "Crystal of Atlan" included extensive localization efforts, such as engaging well-known voice actors for the Japanese market and hosting community events in various regions [14][26] - The game saw a significant increase in advertising material leading up to its launch, with over 3,000 creative ads deployed, indicating a robust marketing push [13][14] Group 3: Future Outlook and Company Strategy - ByteDance's gaming strategy has shifted to a more cautious and steady approach, with nearly 30 new games in development across various genres, suggesting a potential for future growth in the global market [26] - The company aims to maintain a balanced performance for "Crystal of Atlan" in the coming year, with expectations that sustaining current revenue levels would fulfill its product mission [23][26]

Core Insights - The article highlights the success of NetEase's game "Naraka: Bladepoint," which set a record for domestic buyout game sales in China before the anticipated release of "Black Myth: Wukong" in 2024 [2] - The game is rooted in Chinese martial arts culture, aiming to share this unique aspect with global gamers [3] - The innovative gameplay, inspired by the traditional game "Rock, Paper, Scissors," emphasizes a dynamic balance among players, which is a departure from previous gameplay styles in the Chinese gaming industry [4] Company Insights - "Naraka: Bladepoint" has gained significant recognition, with over 40 million global players across more than 100 countries since its launch [5] - The game has consistently ranked on Steam's annual platinum list and received nominations for prestigious awards, indicating its market acceptance and popularity [5] - The esports scene for "Naraka: Bladepoint" began almost simultaneously with the game's launch, with the first world championship achieving over 14 million live viewers, showcasing its potential in the competitive gaming landscape [6] Industry Insights - The Chinese gaming industry is projected to surpass 300 billion yuan in sales by 2024, accounting for a quarter of the global market [8] - The industry has experienced a significant transformation, moving away from traditional development methods towards a focus on high-quality, original content [9] - Recent reports indicate that the overseas market for Chinese-developed games generated approximately $4.805 billion in revenue in the first quarter of this year, reflecting a year-on-year growth of 17.92% [9]

Core Viewpoint - The Chinese gaming industry is experiencing strong growth this year, supported by favorable policies and a surge in new product launches during the summer season, indicating a potential new development cycle for the industry [1][2]. Policy Support - Multiple regions, including Beijing, Shenzhen, and Zhejiang, have introduced supportive policies aimed at enhancing the competitiveness of the gaming and esports sectors [1]. - Beijing's recent policy includes 11 measures to stimulate market activity and improve the development environment [1]. - Zhejiang's measures focus on financial support for game exports and establishing a statistical mechanism for tracking game exports [1]. - Shenzhen has implemented policies offering one-time rewards of up to 10 million yuan for outstanding gaming companies and has streamlined the game license application process [1]. Market Potential - The gaming industry is showing significant potential, with the global gaming market projected to reach 1,216.335 billion yuan in 2024, reflecting a year-on-year growth of 3.31% [3]. - The domestic gaming market is expected to achieve a record revenue of 455.06 billion yuan in 2024, with a compound annual growth rate of 26.8% over the past two decades [3]. - Chinese self-developed games are accelerating their overseas sales, with actual revenue expected to reach 18.557 billion USD in 2024, marking a year-on-year increase of 13.39% [3]. Market Performance - The gaming sector has shown a steady upward trend in the secondary market, with an overall increase of 24.09% year-to-date as of June 19 [4]. - Specific ETFs related to the gaming industry have also reported significant gains, with some nearing a 20% increase this year [4]. - Experts suggest that while the short-term recovery trend is evident, long-term sustainability will require continuous innovation due to the short lifecycle of most blockbuster games [4].

Core Viewpoint - The Chinese gaming market is experiencing significant growth, with a projected market size of 857.04 billion yuan in Q1 2025, reflecting a year-on-year increase of 17.99% [1]. Group 1: Market Performance - In April 2025, the Chinese gaming market size reached 273.51 billion yuan, showing a year-on-year growth of 21.93% and a month-on-month increase of 2.47% [1]. - The gaming industry is characterized by high demand driven by consumer sentiment, with trends such as "self-consumption" leading to increased engagement in gaming for enjoyment and achievement [1]. Group 2: Product Supply - In 2024, a total of 1,416 game licenses were issued, marking a 32% year-on-year increase, with an average of 118 licenses granted per month [2]. - The game license inventory is expanding, with notable titles from major companies like Tencent and NetEase, indicating a robust pipeline of new games [2]. Group 3: New Game Launches - New games are performing well, with titles like "暴吵萌厨" and "伊瑟" achieving high rankings in the iOS free game charts shortly after their release [3]. - Century Huatong's new game "Kingshot" has seen its revenue double month-on-month, reaching over 75 million USD in cumulative revenue within three months of launch [3]. Group 4: Policy Support - The Zhejiang provincial government has introduced measures to support the internationalization of the gaming industry, which includes 20 specific initiatives aimed at enhancing global competitiveness [4]. - The policy support is expected to further stimulate growth in the gaming sector, aligning with the upward product cycle and performance recovery [4]. Group 5: Recommended Companies - Key companies recommended for investment include Xindong Company, Kaixin Network, and NetEase, among others, which are expected to benefit from the industry's growth [5].

Group 1 - The gaming sector is experiencing volatility, with the gaming ETF (159869) dropping nearly 3% as of June 17, despite a significant rebound of 16.22% since May 16 [1] - New game releases are performing well, with titles like "暴吵萌厨" and "伊瑟" achieving top rankings in iOS game charts, indicating strong market interest and potential revenue growth for related companies [1] - Century Huatong's new 4X strategy game "Kingshot" has seen its revenue double month-over-month, reaching over $75 million in cumulative revenue within three months of launch, showcasing the potential for substantial earnings in the gaming industry [1] Group 2 - Zhejiang Province has introduced measures to support the international expansion of the gaming industry, proposing 20 specific initiatives aimed at enhancing global competitiveness and promoting cultural exchange [2] - The comprehensive support for the gaming sector from the government is expected to drive overall industry growth, with an upward product cycle and ongoing AI integration further enhancing performance [2]

Group 1 - The core viewpoint of the articles highlights the performance and strategic developments in the Chinese mobile gaming industry, showcasing both successes and challenges faced by different companies [1][2][3] Group 2 - In May, the mobile game "Gossip Harbor" by Lemon Microfun ranked second in overseas revenue, indicating strong performance of Chinese mobile games in international markets [1] - The cumulative revenue of the otome game "Love and Deep Space" by Paper Games reached $650 million (approximately 4.68 billion RMB), reflecting the potential of Chinese games in overseas markets [1] - Nexon's "KartRider: Drift" announced its shutdown after less than two and a half years of operation, raising concerns about the lifecycle management of gaming products [2] - The game director of "KartRider: Drift" emphasized the difficulty in providing satisfactory service for the racing IP, which may lead to cautious evaluations of similar casual racing game projects [2] - NetEase's "Nirvana in Fire" is set to introduce a new casual competitive gameplay mode called "Nirvana Chess," which merges classic auto-chess rules with its game universe, potentially impacting the competitive landscape of similar products [3] - The introduction of "Nirvana Chess" may prompt investors to assess NetEase's strategy to enhance competitiveness through new gameplay features [3]

Investment Rating - The industry is rated as "Outperforming the Market" with an expected increase of over 10% relative to the market index in the next six months [4][36]. Core Insights - The Chinese gaming market showed a strong performance in April 2025, with a year-on-year revenue growth of 21.93% and a month-on-month growth of 2.47%, reaching a total revenue of 27.351 billion yuan [1][14]. - The mobile gaming sector specifically saw a revenue of 20.424 billion yuan, reflecting a year-on-year increase of 28.41% and a month-on-month increase of 3.07%, driven by strong performances from long-term products and new releases [1][15]. - The global gaming market experienced a decline in revenue, with a year-on-year decrease of 0.31% and a month-on-month decrease of 4.57%, totaling 6.5 billion USD in April 2025 [2][18]. - The top three revenue-generating games globally were "Honor of Kings," "Honkai: Star Rail," and "SD Gundam G Generation ETERNAL," with the first and third benefiting from strong IP collaborations [2][21]. Summary by Sections 1. Chinese Gaming Market - In April 2025, the actual sales revenue of the Chinese gaming market was 27.351 billion yuan, with a month-on-month growth of 2.47% and a year-on-year growth of 21.93% [14]. - The mobile gaming market achieved a revenue of 20.424 billion yuan, with a month-on-month increase of 3.07% and a year-on-year increase of 28.41%, supported by strong long-term products and new releases [15]. 2. Global Gaming Market - The global mobile gaming revenue in April 2025 was 6.5 billion USD, showing a year-on-year decline of 0.31% and a month-on-month decline of 4.57% [2][18]. - The top three games in terms of revenue growth were "Honor of Kings," "Honkai: Star Rail," and "SD Gundam G Generation ETERNAL," with significant contributions from IP collaborations and new character releases [21]. 3. Revenue Rankings - In the Chinese App Store's top 10 games for April 2025, Tencent's games occupied 7 positions, maintaining a dominant market presence [24]. - The top five games included "Honor of Kings," "Peacekeeper Elite," "Gold Shovel Battle," "Dungeon & Fighter: Origin," and "Endless Winter," with Tencent holding four of these spots [24]. 4. Overseas Market Performance - The revenue from self-developed games in overseas markets reached 1.554 billion USD in April 2025, showing a year-on-year increase of 9.62% despite a month-on-month decline of 4.40% [34]. - "Honkai: Star Rail" saw a significant increase in overseas revenue, rising by 136%, while "Kingshot" experienced a 209% increase in revenue [31][34]. 5. Investment Recommendations - The report suggests focusing on companies with rich license reserves, strong R&D capabilities, frequent high-quality IP collaborations, and stable content output capabilities, as the market shows robust growth potential [33].

Core Insights - The article discusses the measures implemented by the Zhejiang Provincial Department of Commerce to support the gaming industry's international expansion, effective from July 10, 2024 [1][2] - It highlights the success of the game "Black Myth: Wukong," which has sold over 10 million copies globally, marking a significant achievement for Chinese gaming [2] Group 1: Policy Measures - The measures cover various aspects of the gaming industry, including development, platforms, and ecosystems, with a focus on targeted and actionable initiatives [1] - The policy aims to enhance institutional openness by exploring innovative mechanisms for cross-border settlement and data flow [1] - It promotes the internationalization of the gaming industry through cultural and technological integration, marketing support, and targeted strategies for development and operation [1][2] Group 2: Industry Performance - In 2024, China's self-developed games generated overseas sales revenue of $18.557 billion, reflecting a year-on-year growth of 13.39% [2] - Guangdong Province, as the largest gaming market in China, reported gaming industry revenue of 260.4 billion yuan, accounting for nearly 80% of the national market share [2] - The emergence of "Black Myth: Wukong" has shifted perceptions of Zhejiang's gaming industry, potentially attracting more gaming companies to the region [2][4] Group 3: Future Development - Zhejiang aims to enhance the gaming industry's capabilities by optimizing the ecosystem and talent resources, focusing on the development of headquarters and benchmark enterprises [4] - The province supports the development of original high-quality games and cultural IPs, emphasizing the creation of 3A game projects with strong cultural attributes and growth potential [4]

Core Viewpoint - The Zhejiang Provincial Department of Commerce and 17 other departments have jointly issued measures to support the overseas expansion of the gaming industry, focusing on enhancing industry capabilities, platform support, ecological optimization, and resource assurance [1] Group 1: Measures Overview - The measures include 20 specific actions aimed at supporting the gaming industry's overseas expansion and empowering the construction of a strong digital trade province [1] - The initiative encourages collaboration between gaming companies and smart terminal manufacturers to promote the joint overseas expansion of gaming content with AR/VR devices [1][6] Group 2: Policy Highlights - This is the first systematic policy document specifically targeting the overseas expansion of the gaming industry in Zhejiang [2] - Previous policies, while not focused solely on gaming, have provided some support for digital trade and cultural service exports [2] - The measures cover various aspects of the gaming industry, including internationalization, regulatory innovation, and the integration of cultural and technological advancements [3] Group 3: Challenges Faced - The gaming industry faces challenges such as cultural and legal differences, high localization costs, and a lack of localized talent [4][5] - Technical standards and underlying technologies are often constrained by foreign dependencies, complicating the overseas expansion process [5] - Issues with online public opinion and frequent piracy pose additional risks for gaming companies attempting to enter international markets [5] Group 4: Future Prospects - The collaboration between gaming and smart terminal industries is expected to enhance the immersive experience of games and open new application scenarios in education, tourism, and healthcare [6] - The policy encourages global promotion of gaming content, particularly in Asia-Pacific, Europe, and regions involved in the Belt and Road Initiative, to enhance the international influence of Chinese original games [6]