随着国内移动游戏市场步入存量竞争阶段，出海已从中国游戏企业的"附加题"变为"必答题"。中手游 （CMGE）发布的2025年上半年财报显示，其海外业务正迎来质变：海外发行收入达到2.35亿元，在整 体发行收入中的占比由去年同期的14.1%大幅攀升至30.8%，同比增长达33.2%。 图片摘自中手游官网 旗下另一款商业化产品《新射雕群侠传之铁血丹心》凭借经典的金庸武侠IP、成熟的卡牌养成玩法，在 国内上线后稳居榜单前列，五个月后启动出海。据发行团队负责人透露，考虑到中国港澳台地区用户对 游戏内容的消耗会更快，针对港澳台市场的游戏内容更新节奏较大陆版本加快了1.5倍。而在新马地 区，则针对华人用户熟悉的剧情进行本地化改编，如小龙女与杨过重新相见、张无忌为赵敏画眉等，实 现上线即登顶免费榜、挺进畅销榜前列。 而中手游另一款成功出海产品则瞄准了亚洲游戏市场对三国题材游戏的文化认同感。旗下产品《真·三 国无双霸》在国内取得上线前全网预约量突破800万、上线三小时内迅速登顶国区iOS免费榜的开局 后，稳步拓展至中国港澳台地区、新加坡、马来西亚等市场，长期稳居动作游戏分类榜单头部。2025年 9月进军日本时，迅速登上日本苹果 ...

Core Viewpoint - Caesar Culture has successfully removed the risk warning after rectification but continues to face financial losses, indicating ongoing challenges in its business performance [2][5]. Financial Performance - In the first three quarters of 2025, Caesar Culture reported revenue of 420 million yuan, a year-on-year increase of 28.62%, but incurred a net loss of 108 million yuan, a decline of 12.49% compared to the previous year [2][6]. Regulatory Issues - A year ago, Caesar Culture was penalized for inflating revenue, resulting in a fine of 4 million yuan and warnings issued to several executives [3][4]. - The company was found to have reduced bad debt provisions by 15.55% of its reported profit in 2021, amounting to 15.2467 million yuan [3]. Business Strategy - The company is focusing on its core business by continuing product development and optimizing its product structure to improve overall performance [7]. - Caesar Culture has a significant reserve of IP resources, including popular titles like "One Piece" and "Saint Seiya," which it aims to leverage for growth [7]. Asset Management - To support its operations, Caesar Culture has been mortgaging or selling non-core real estate assets, with plans to sell properties valued at 255 million yuan [8]. - As of September 2025, the company's investment properties were valued at 327 million yuan, reflecting a strategic shift to focus on its gaming business [8].

Core Viewpoint - Caesar Culture has successfully removed its risk warning after rectifying issues related to inflated revenue, but its financial performance remains poor, continuing to report losses despite a year-on-year increase in revenue [2][5]. Group 1: Regulatory Issues - One year ago, Caesar Culture was penalized by regulatory authorities for inflating revenue, leading to a risk warning being imposed [2][3]. - The company received a notice from the China Securities Regulatory Commission regarding its violations, which included manipulating accounts to reduce bad debt provisions and inflating profits by 15.55% in 2021 [3][4]. - The company was fined 4 million yuan, and several executives faced penalties, including fines totaling 1.2 million yuan for key management personnel [4]. Group 2: Financial Performance - In the first three quarters of 2025, Caesar Culture reported revenue of 420 million yuan, a year-on-year increase of 28.62%, but still incurred a net loss of 108 million yuan, a decline of 12.49% compared to the previous year [2][7]. - The company has been unable to turn a profit since 2022, when it reported a loss of 687 million yuan [6][7]. Group 3: Business Strategy and Operations - Caesar Culture has shifted its focus to the gaming industry, which has become its primary source of revenue since acquiring several gaming companies in 2015 [6]. - The company launched new games and is exploring new platforms to extend the lifecycle of existing titles, although these efforts have not yet significantly impacted profitability [7]. - To improve its financial situation, Caesar Culture plans to optimize its product structure and reduce costs while leveraging its extensive IP resources [7][9]. Group 4: Asset Management - As of September 2025, Caesar Culture's cash reserves decreased by 63.40% compared to the end of 2024, prompting the company to consider mortgaging or selling its investment properties [7][9]. - The company has already used properties valued at 165 million yuan and 43.66 million yuan as collateral for loans to support its operations [8][9]. - Additionally, Caesar Culture plans to sell 14 investment properties with a total book value of 255 million yuan to streamline its business and focus on its core gaming operations [9].

【深圳商报讯】（驻穗记者 姚嘉莉）深圳将打造中国游戏出海第一城，广州规划建设"大湾区游戏 谷"，广东的游戏产业版图不断扩展。12月23日，"拾级而上·粤创未来"2025广东游戏产业年会暨"金钻 盛典·年度游戏成果发布"仪式在广州举办。 从全国到全球，广东游戏更是逐渐成长为中国文化出海的核心力量之一。2024年，广东自研游戏海外收 入突破423.6亿元，全国每10元中，就有4元来自广东。今年的报告显示，2025年广东游戏出海营收预估 达到464.27亿元，同比增长9.60%。"硬核出海"已经成为广东游戏产业的重要发展趋势之一。 广东省游戏产业协会执行会长鲁晓昆在年会上发布《2025广东游戏产业发展报告》。报告显示，2025年 全球游戏市场规模达到1888亿美元，增速为3.4%，其中亚太地区市场规模为876亿美元，增长2.3%；中 国市场预估收入达到523亿美元。2025年广东游戏营收预估达到2836.13亿元，同比增长8.90%。 近几年，电竞越来越成为年轻人社交方式，形成线上与线下融合的电竞文化新社群。再加上一系列政策 的出台与扶持，电竞从依附游戏渐渐成长为初具生态的独立产业链。电竞手柄、电竞椅、电竞赛事门票 ...

Core Insights - Guangdong is positioning itself as a leading hub for the gaming industry in China, with initiatives to become the first city for game exports and the establishment of the "Greater Bay Area Game Valley" [2][3] Group 1: Market Growth and Projections - The global gaming market is projected to reach $188.8 billion by 2025, growing at a rate of 3.4%, with the Asia-Pacific region expected to generate $87.6 billion, a 2.3% increase [2] - China's gaming revenue is estimated to reach $52.3 billion by 2025, while Guangdong's gaming revenue is forecasted to hit ¥283.61 billion, reflecting an 8.9% year-on-year growth [2][3] Group 2: Guangdong's Market Share - Guangdong's gaming revenue accounts for over 80% of the national total, increasing from 79.94% the previous year, with a significant contribution from mobile games, client games, and mini-program games [3] - The province has seen an average annual growth rate of 12% in its gaming industry over the past decade, solidifying its status as a national leader [3] Group 3: Industry Development and Trends - The gaming industry in Guangdong is transitioning from "product management" to "emotional management," reinforcing its position as the "heart" of China's gaming sector [4] - The esports sector is rapidly evolving into a standalone industry, driven by new consumer trends and policies, with significant growth in esports-related products and events [4] Group 4: International Expansion - Guangdong's self-developed games are projected to generate over ¥42.36 billion in overseas revenue in 2024, with expectations for this figure to reach ¥46.43 billion by 2025, marking a 9.6% increase [4]

编者按： 如果说2003 年网络游戏被正式列入国家 863计划后的十多年，是中国游戏厂商起步发展的十年；那2015年游戏游艺设备生 产和销售解禁、《关于改进移动游戏出版服务管理的通知》与《移动游戏内容管理规范》宣布发布，则是中国游戏产业全 面崛起的又一里程碑式节点。 在2015年后的十年间，中国游戏产业年营收经历了从1407亿元到3257亿元的翻倍增长，移动游戏大发展、游戏出海开疆拓 土、经典IP的文化与商业价值塑造，均可在2015年找到增长加速的原始动力。 在这样的背景下，南方财经全媒体集团数字娱乐课题组策划"中国游戏产业10年纪事"专题，从游戏出海、产业趋势、企业 成长、长青产品、明星游戏人等多个维度，总览中国游戏产业在十年间的发展历程，展现中国游戏公司与从业者的专业能 力、市场潜力和文化创造力，探讨产业在下一个10年的发展路径。 在本专题的第五篇，我们将目光聚焦到作为经营主体的游戏公司本身，如果说早年游戏公司对海外市场的探索大多是单个 产品的海外发行，当前的经营路径则是自投资、立项、研发到测试、发行、运营的全面全球化，以全球市场为目标对象， 配置跨国团队与经营体系，成为中国游戏产业自商业影响力到资本、文 ...

凤凰网财经讯 12月24日，A股三大指数集体高开，沪指涨0.01%，深成指涨0.07%，创业板指涨0.07%。 贵金属、玻纤、玻璃等板块指数涨幅居前。 机构观点 华泰证券：中国游戏企业的出海已全面进入"高质量增长新时代" 华泰证券指出，全球游戏市场正从流量红利驱动转向结构性创新驱动，中国游戏企业的出海已全面进 入"高质量增长新时代"。从后续机会看，出海机遇来自于：1）区域扩张：从"广撒网"到"精耕细作"， 新兴市场与高价值市场并重；2）玩法与品类更新，混合玩法与跨平台成新趋势。 银河证券：国产GPU发展有望加速，带动集成电路制造以及设备和材料需求 银河证券指出，尽管市场担忧AI存在泡沫，但AI仍处在早期发展阶段，美国头部互联网公司财务状况 仍较健康，未来资本支出依然有增长空间。沐曦股份、摩尔线程和天数智芯陆续登陆资本市场，国产 GPU发展有望加速，从而带动集成电路制造以及设备和材料需求。 中信建投：量子计算产业正迎来高速增长阶段 中信建投表示，2025年是"国际量子科学与技术年"，亦是量子科技加速从理论研究向产业应用迈进的关 键之年。全球主要国家纷纷加码量子战略布局，我国"十五五"规划将量子科技列为未来产业之 ...

（文章来源：第一财经） 华泰证券指出，全球游戏市场正从流量红利驱动转向结构性创新驱动，中国游戏企业的出海已全面进 入"高质量增长新时代"。从后续机会看，出海机遇来自于：1）区域扩张：从"广撒网"到"精耕细作"， 新兴市场与高价值市场并重；2）玩法与品类更新，混合玩法与跨平台成新趋势。 ...

Investment Rating - The report maintains a "Buy" rating for several companies, including Giant Network, Xindong Company, and Kyeing Network, among others [10]. Core Insights - The Chinese gaming industry is experiencing robust growth in overseas markets, with self-developed game revenues increasing by 5.6% year-on-year in Q1-Q3 2025, projected to rise from $11.6 billion in 2019 to $18.56 billion by 2024, reflecting a CAGR of 9.1% [1][20]. - The global gaming market is shifting from a traffic-driven model to one focused on structural innovation, marking the entry of Chinese gaming companies into a "high-quality growth era" [1][16]. - The report emphasizes the importance of policy support and technological empowerment in driving overseas growth, with the gaming sector becoming a core vehicle for cultural export [2][16]. Summary by Sections Industry Growth Dynamics - The overseas revenue of self-developed games from China is expected to grow significantly, with mobile games maintaining a dominant share of around 90% since 2021 [20][25]. - Emerging markets like Southeast Asia and the Middle East show strong user engagement and growth potential, while mature markets like Europe and North America are focusing on premium content and localized operations [1][29]. Competitive Landscape - The competitive landscape is characterized by large companies like Tencent and NetEase leveraging global strategies and stable revenue from evergreen products, while mid-sized firms like Didi Interactive and Lemon Microfun are successfully carving out niches through focused strategies [4][18]. - The report highlights the success of SLG (Simulation and Strategy Games) genres, which accounted for 43.3% of overseas revenue in the first half of 2025, alongside the emergence of innovative gameplay that combines different genres [3][17]. Investment Opportunities - Future opportunities in the overseas market are identified in regional expansion and the evolution of gameplay and genres, with a recommendation for companies like Giant Network and Xindong Company [6][10]. - The report suggests that the market is not saturated, as there remains potential for growth in both mature and emerging markets through premium content and localized strategies [5][19].

转自：新快报 ■《鸣潮》周边商品。 ■工作人员正在调试动捕设备。 ■市民挑选《鸣潮》周边商品。 近日，素有"游戏界奥斯卡"之称的TGA（The Game Awards）各大奖项出炉，由广州库洛游戏研发并发 行的开放世界动作游戏《鸣潮》斩获了"玩家之声"奖项。这是去年继《黑神话：悟空》后又一中国游戏 获得该奖，也是今年TGA唯一获奖的国产游戏。《鸣潮》的获奖，不仅代表着全球玩家对中国游戏的 认可与喜爱，也让粤产游戏站上了世界的舞台，展现了"广东造"游戏的生猛实力。 获奖感受 获奖是意外之喜专注做出更好内容 Evans指出，《鸣潮》能得到玩家的认可，一是游戏的动作性；二是游戏中高质量的实时动画演出，包 括音乐、高品质的画面和精彩的剧情。值得一提的是，角色"卡提希娅"的主题EP歌曲《Against The Tide》此前也获得了好莱坞音乐传媒奖2025年度电子游戏歌曲的殊荣。 "玩家之声"奖项主要由全球玩家自主投票决定，直接反映游戏在玩家群体中的真实热度。此次获奖，标 志着《鸣潮》已经跻身全球玩家认可的一线作品行列。一家在广东本土成长的企业，如何能通过作品赢 得全球市场？《鸣潮》接棒《黑神话：悟空》获奖，研发背后又 ...