Group 1 - Tencent's new game "Under the Other" has started a beta test, indicating its entry into the competitive market of 2D games [1] - The Chinese 2D game market is expected to see a significant turning point by May 2025, with several new titles receiving approval from the National Press and Publication Administration [1] - The 2D game sector, which was once thriving, is now experiencing a downturn with a reduction in new game releases and ongoing service terminations [1][2] Group 2 - Major companies are adjusting their strategies in the 2D game market, with Tencent notably reducing its investments in this area [2] - The success of miHoYo's "Genshin Impact" has led to increased competition and investment in the 2D game sector, but Tencent's focus has shifted towards maintaining its core competitive games [2][3] - The demand for deeper gameplay and content updates is rising among players, which has posed challenges for existing games like "White Night: Aurora" [2][3] Group 3 - The market for "pan-2D" users in China is projected to grow from 354 million in 2019 to 570 million by 2029, indicating a strong potential for 2D game IPs [4] - The revenue from the pan-2D market is expected to increase significantly, from 298.3 billion yuan in 2019 to 834.4 billion yuan by 2029 [4] - The unique cultural appeal and user engagement of 2D games continue to attract major companies despite the current market challenges [4] Group 4 - Tencent's recent release "Victory Goddess: New Hope" has performed well, reaching the top of the iOS free charts and maintaining a position in the top 20 of the best-selling charts [5] - Tencent is focusing on a niche of "2D beautiful girls" combined with shooting games, which reflects its strengths in traffic generation and social retention [5] - The competitive landscape is shifting, with companies needing to balance visual appeal and innovative content to attract younger audiences [6] Group 5 - NetEase is restructuring its approach to 2D games, focusing on long-term operations of established IPs like "Onmyoji" while reducing investment in new projects [6] - The 2D game market is undergoing a new round of reshuffling, with established IP holders focusing on sustaining existing products while newcomers aim to disrupt the market with innovative gameplay [6] - The future success in the 2D game market will depend on companies' abilities to balance visual appeal with engaging content that resonates with Generation Z [6]

Core Insights - The article discusses the decline of miHoYo's flagship game "Genshin Impact" and the company's overall performance in the mobile gaming market, highlighting a significant drop in player engagement and revenue [1][2][4]. Group 1: Company Performance - miHoYo ranked fourth in the global mobile game publisher revenue list for April 2025, with Tencent, DianDian Interactive, and NetEase taking the top three spots [1]. - The revenue from "Honkai: Star Rail" surged by 192%, contributing to a 51% increase in miHoYo's overall income [1]. - Since October 2024, miHoYo has not returned to the top three in the global revenue rankings for mobile game publishers, marking seven consecutive months outside the top tier [1]. Group 2: Player Sentiment - Many long-time players of "Genshin Impact" expressed disappointment with the game's recent updates, particularly the 5.0 "Natlan" version, which they found unengaging and frustrating due to the game's gacha mechanics [2][4][8]. - Players reported feeling "heartbroken" over the game's monetization strategies, with significant costs associated with obtaining desired characters [2][4]. Group 3: Market Trends - The overall revenue for the domestic two-dimensional game market in China declined by 7.44% year-on-year, indicating a challenging environment for miHoYo and similar companies [9]. - "Honkai: Star Rail" and "Zhongli" have not achieved the breakout success needed to significantly expand their player base beyond the niche audience of two-dimensional games [9][11]. Group 4: Future Prospects - The success of "Honkai: Star Rail" during its two-year anniversary suggests potential for revenue recovery, but the sustainability of this growth remains uncertain [13]. - To maintain growth, miHoYo must balance the needs of its core two-dimensional player base with attracting a broader audience, similar to the success of "Genshin Impact" [12][15]. - The overseas market is crucial for miHoYo's revenue, with 70% of "Genshin Impact's" mobile revenue coming from outside China, yet the company has not yet established a strong presence in this market with its newer titles [15].

Core Insights - The second dimension gaming industry experienced a downturn in 2023, with a significant revenue decline of over 7% year-on-year, leading to a perception of a "mass exodus" from the sector [2][4] - However, entering 2025, the industry appears to be at a turning point, with new high-quality IP products emerging and non-traditional developers entering the market, indicating a potential resurgence in user interest [4][8] - The game "Azur Lane" has shown remarkable stability in its sales rankings, defying the typical lifecycle decline seen in the industry, suggesting a strong user base and ongoing engagement [6][8] Industry Trends - The gaming landscape is shifting, with a blend of traditional second dimension elements and new genres like shooting and MMO games adopting anime aesthetics, indicating a diversification of user preferences [4][8] - The user base for second dimension games is still present, but there is a need for innovative products to meet evolving expectations [4][8] Azur Lane's Performance - "Azur Lane" celebrated its eighth anniversary with significant milestones, including a research participant count surpassing 100,000, up from around 8,000 during its fifth anniversary, and achieving a record high in full collection achievements [9][11] - The game's ability to maintain user engagement is attributed to continuous content updates, including new characters and gameplay mechanics that resonate with both new and returning players [17][20] User Engagement Strategies - The game emphasizes emotional engagement over traditional monetization strategies, focusing on providing a rich companionship experience for players [21][23] - Recent updates have improved interactive features, such as the "dormitory function," enhancing the immersive experience for players [23][26] - The game has expanded its offline presence through events in multiple cities, fostering a sense of community among players [31][33] Future Outlook - The second dimension gaming market is expected to remain chaotic for the next 6 to 12 months, but "Azur Lane" is well-positioned to capitalize on this environment due to its established user base and understanding of player preferences [34][36] - The game is likely to continue thriving as players seek long-term engagement with products that meet their emotional and gameplay needs [34][36]

一家比一家狠。 去年的二游市场无疑是"残酷"的，或许是等不到太多爆款的涌现，又或者是见过了太多小厂商的落幕以及种种二游遇到的挫折。 在这种情况下，业内未免产生一种悲观的情绪，笔者也不止一次看到过"二游泡沫已经破裂" "大厂不相信二游" 等等类似的观点反复被提及。 如今入局二次元的风险确实是越来越高了，规模小的产品也不好做，且不论要和同体量的产品竞争，如果整体质量够不到如今玩家的高标准则会被无情淘 汰；规模大的产品就更难说了，像大世界、3D等等tag明显存在着极高的难度，要和第一梯队的产品竞争，势必要投入对等的资源成本。 面临这种难以入局，不敢入局的情况，二游市场迫切需要有更多具备潜力的，全新的高规格产品涌现。但这种情况真的有可能发生吗？有的各位，有的。 笔者在这里也整理了一份今年这些焦点二游的动向表格，以供各位参考。 | | | | | | | 制图:手游利点事 | | --- | --- | --- | --- | | 名称 | 厂商 | 关键词 | 近期动向 | | 白银之城 | 乐元素 | 维多利亚风、悬疑 | 5月13日正式曝光 | | 异环 | 完美世界 | 二次元GTA、新怪谈 | 即将进行二测 ...

Core Viewpoint - The emergence of the game "Mingchao" has created a significant shift in the competitive landscape of the ACG (Anime, Comic, and Game) gaming sector, positioning it as a formidable rival to miHoYo's flagship titles like "Genshin Impact" [1][4][13]. Group 1: Industry Dynamics - The competitive landscape has shifted from a stable three-player dominance (Tencent, NetEase, and miHoYo) to a more fluid situation, with "Mingchao" emerging as a serious contender [15][30]. - The gaming market is experiencing a decline, with the actual sales revenue of China's ACG mobile game market dropping to 29.348 billion yuan in 2024, a year-on-year decrease of 7.44% [27]. - The introduction of "Mingchao" has prompted miHoYo to abandon its complacency and re-engage with the market, leading to a renewed focus on content and player engagement [21][24]. Group 2: Company Performance - "Mingchao" initially struggled upon launch, with first-week revenue estimated at approximately 947 million yuan, significantly lower than "Genshin Impact," which earned between 3.5 billion to 4 billion yuan in its first week [9][10]. - Despite a rocky start, "Mingchao" has seen a resurgence in popularity, with its revenue recovering due to subsequent updates and improvements [10][16]. - miHoYo's revenue from its three main products is projected to decline by nearly 10 billion yuan in 2024 compared to 2023, indicating challenges in long-term product sustainability [14]. Group 3: Future Outlook - The competitive pressure from "Mingchao" is expected to stimulate innovation and investment in the ACG gaming sector, potentially leading to a more diverse range of successful titles [20][30]. - Both Tencent and NetEase are intensifying their efforts in the ACG space, with Tencent launching "Xinghen Gongming" and NetEase focusing on "Wuxianda," indicating a strategic shift towards this growing market segment [29][30]. - The industry may witness a new wave of competition, with "Mingchao" setting a precedent for future titles to challenge established players like miHoYo [30].

Core Insights - The performance of miHoYo's flagship games, particularly "Genshin Impact" and "Honkai: Star Rail," has declined compared to their peak periods, with revenue failing to surpass popular apps like Douyin [1][3] - Despite the decline, "Honkai: Star Rail" experienced a significant revenue increase of 192% in April, driven by anniversary events and player engagement strategies [4][6] - The overall market for mobile games, especially in the two-dimensional genre, is facing challenges, with a reported 7.44% decline in revenue year-on-year [15][18] Group 1 - "Honkai: Star Rail" celebrated its second anniversary with various player incentives, leading to a notable revenue boost [4][6] - The game's anniversary events successfully re-engaged dormant players, indicating a potential recovery in player interest [8][25] - "Genshin Impact" has shown signs of a rebound with new content updates, although it still faces challenges in retaining players [11][29] Group 2 - The two-dimensional gaming market is experiencing increased competition and a decline in player spending, particularly among younger demographics [15][20] - miHoYo's strategy appears to be shifting towards catering to core players, which may alienate casual gamers [20][29] - The company's strong emotional connection with players, stemming from its early successes, provides a buffer against market challenges [25][26] Group 3 - miHoYo's overseas performance remains strong, with "Genshin Impact" generating over $4 billion in the U.S. alone, indicating a solid international player base [26][27] - The company's commitment to its core two-dimensional identity may limit its ability to diversify and attract new players [27][29] - The narrative and gameplay design choices have received mixed feedback, with some players expressing frustration over lengthy storylines and lack of quality-of-life improvements [24][29]

Core Viewpoint - The recent updates of fishing gameplay in popular anime-style games like "Zhongqu Zero" and "Mingchao" have sparked discussions and comparisons among players, highlighting a trend in the gaming industry towards simplified mini-games as a means to engage users and provide rewards [2][4][9]. Group 1: Game Updates and Comparisons - Both "Zhongqu Zero" and "Mingchao" introduced fishing-themed activities within a day of each other, leading to player comparisons and discussions across both domestic and international platforms [2][6]. - Players have criticized the fishing mini-games for being unoriginal and lacking depth, with some expressing disappointment over the simplistic gameplay mechanics [7][30]. - The trend of integrating fishing mechanics into anime-style games reflects a broader industry shift towards casual gaming experiences, as seen in other titles like "Infinite Nuan Nuan" and "Dust White Zone" [9][11]. Group 2: Mini-Game Design and Player Experience - The fishing mini-games in "Zhongqu Zero" and "Mingchao" are designed to be easy and accessible, catering to players who prefer to complete tasks quickly for rewards rather than engaging in challenging gameplay [19][28]. - Both games utilize narrative elements and popular characters to enhance player engagement, but the mini-games themselves are often perceived as repetitive and lacking excitement [31][32]. - The simplification of mini-game mechanics is a response to player feedback, aiming to avoid frustration while still providing a sense of accomplishment through rewards [20][36]. Group 3: Industry Trends and Business Models - The prevalence of mini-games in anime-style games is linked to the industry's reliance on gacha mechanics, where players are incentivized to engage in repetitive tasks to earn resources for character upgrades [35][39]. - The design of mini-games serves as a tool for resource distribution, balancing the need for player engagement with the necessity of maintaining a sense of value in the rewards earned [36][37]. - The ongoing challenge for developers is to innovate within the constraints of the gacha model, as the current approach often leads to a cycle of uninteresting gameplay experiences [38][41].

要论五一期间二游圈最重磅的活动，其中之一必有《崩坏：星穹铁道》演唱会。 我们173的编辑这次也很有幸，前往现场亲身体验米哈游为《崩铁》玩家带来的视听盛宴。 要说这场演唱会给人的第一印象，那就是"富有"。人声曲目都请来了原唱、几乎所有曲目都有着配套舞美与现场演奏，更不必说大量令人身 临其境的舞台道具，以及炫酷的激光表演与AR演出了，可以说每一首曲目都有让人印象深刻的独特记忆点。 据了解，这次演唱会其实是亏本在办的，在各种舞台效果上狠狠烧钱，只为玩家能获得更好的观看体验。 除了富有，这次的演唱会在还原剧情氛围上也下了不少功夫。 先是奏响了充满神圣感的管风琴，随后管弦乐与电吉他先后登场，跟着舞台中美声合唱团的歌声，无不将氛围推至高点。 尤其是卡芙卡PV曲的激光，相较于去年有了更密集的灯阵与更复杂的编排设计，高密度的红色激光单单是存在于场面中，就充满了视觉冲击 力，现场也时不时传来震撼的欢呼声。 之后大屏幕上的画面再现了"神主日"Boss战流程，Boss不断向观众的方向发起攻击，随后进入二阶段。最后神切歌画面一转，切入知更鸟演 唱的《希望有羽毛和翅膀》，同时屏幕中冲出一辆星穹列车，在AR技术下环绕于观众席上空而行，连 ...

Core Viewpoint - 2024 presents both opportunities and challenges for the gaming industry, with established companies like Perfect World needing to adapt to remain competitive [1] Financial Performance - Perfect World reported a total revenue of 5.57 billion yuan in 2024, a decline of 28.50% from 7.79 billion yuan in the previous year [3] - The company incurred a net loss of 1.29 billion yuan, compared to a profit of 491 million yuan in 2023 [3] - The gaming segment, which accounts for 93% of total revenue, generated 5.18 billion yuan, down 22.32% year-on-year [3] Dividend and Shareholder Returns - Despite the losses, Perfect World plans to distribute a cash dividend of 2.3 yuan per 10 shares, totaling 437 million yuan [3] - Since 2015, the company has distributed a cumulative total of 5.49 billion yuan in dividends, representing over 60% of cumulative net profit [3] Recent Developments - The launch of "Zhu Xian World" in December 2024 is seen as a potential turning point, contributing to a revenue of 2.02 billion yuan in Q1 2025, a 52.22% increase year-on-year [7] - The gaming business in Q1 2025 achieved a revenue of 1.42 billion yuan, up 10.37% from the previous year, attributed to the success of "Zhu Xian World" [7] Project Cancellations and Losses - Several projects were canceled due to poor expected returns, resulting in a combined loss of approximately 397 million yuan [4] - The underperformance of games like "One Punch Man: World" and "Kairi's Million Arthur: Ring" led to additional losses of about 343 million yuan [4] Future Prospects - Perfect World is focusing on new game releases, having recently received approval for two new titles, "Golden Flash Knight Group" and "Lost" [8] - The anticipated game "Yihuan" is expected to be a key player in the company's transformation, with a global pre-registration of 2.8 million [9][10] Esports Strategy - The successful hosting of the Shanghai Major in 2024 has positioned Perfect World favorably in the esports sector, contributing to stable revenue from titles like "DOTA2" and "CS:GO" [12] - The esports business model is still evolving, with event revenues making up only 8.75% of the total esports market revenue [13] Conclusion - 2025 is critical for Perfect World as it seeks to maintain its core MMO offerings while breaking into new genres [14] - The success of "Zhu Xian World" provides a boost, but sustained growth will require additional successful titles and innovative strategies [14]

以下文章来源于定焦One ，作者定焦One团队 定焦One . 深度影响创新。 将投中网设为"星标⭐"，第一时间收获最新推送 各家的财报，也印证着这一趋势。 作者丨 刘毓航 编辑丨 魏佳 来源丨 定焦One 游戏厂商的"新品焦虑症"得到缓解。 就 在 厂商 们 苦于 二次元类游戏（以下简称"二游"） 吸引不动年轻人，就连品类头部《原神》和《崩铁》等都不可避免地迎来数据下滑之际 ，"叔系 手游"正在成为游戏行业的隐形金主。 这里的"叔系"，包含两重含义： 其一，指产品层面运营时间相对较长。像腾讯的《王者荣耀》《和平精英》，网易的《梦幻西游》都上线超过8年，且一直贡献着稳定的流水。 Sensor Tower发布的《2025移动游戏市场报告》显示，2024年，在大多数游戏类型中，老牌游戏的消费者支出占比超过80%。 其二，指玩家群体相对更成熟。这种成熟并不是完全指年龄更长，而是去圈层化且社交方式上相对更成熟。 当行业哀叹"年轻人玩不动了"，这些"叔系手游"的闷声发财，或许正是游戏行业逐渐醒悟的信号：不再一窝蜂模仿爆款，而是以长线运营为王。 "叔系手游" ，高歌猛进 这一轮在用户数量及流水方面创下好成绩的手游，可以被 ...