Group 1 - Paper Games' title "Infinite Warmth" won the "Visual and Graphics" category at the 2025 Apple Design Awards, marking the first time in four years that a domestic game has received such an award, enhancing the company's brand value [1] - The award signifies that "Infinite Warmth" has reached international standards in artistic style and technical performance, including lighting rendering and character modeling [1] Group 2 - Shift Up announced that the PC version of the highly anticipated action RPG "Stellar Blade" has begun preloading and will officially unlock on June 12, with a free trial available on Steam [2] - The release of the PC version is expected to expand the user base, particularly among action game enthusiasts in Asia and Europe, potentially boosting the market value of Shift Up's parent company if preloading and trial data show strong performance [2] Group 3 - Funcom's sci-fi open-world multiplayer game "Dune: Awakening" has officially launched, with various editions available on Steam at different price points [3] - The game's release is a key product for Funcom this year, and positive market reception could solidify its position in the genre and contribute to the company's revenue growth [3]

每经记者｜张梓桐 每经实习编辑｜余婷婷 ｜2025年6月10日 星期二｜ NO.2 育碧公布《纪元117：罗马和平》新作 6月9日消息，育碧（Ubisoft）正式公布了《纪元》系列最新作品《纪元117：罗马和平》（Anno 117: Pax Romana），并发布最新预告片。游戏将于2025年11月开启发售，登陆PS5、Xbox Series X|S及PC （育碧商城、Epic、Steam）平台。目前游戏已在Steam开启预购，国区标准版售价298元，黄金版448 元。 点评：作为知名续作，《纪元117：罗马和平》的公布可能增强投资者对育碧产品线的信心，尤其在该 公司近年面临《碧海黑帆》等作品市场表现不佳的背景下。若预购数据强劲，或推动短期股价上行，但 长期仍需观察实际发售后的玩家反馈与销量变化。 NO.3《解限机》全球公测定档7月2日 NO.1 微软宣布Xbox全屏体验将登陆更多Windows掌机 6月9日消息，微软近日透露，其专为掌机优化的"Xbox全屏体验"（Xbox Full Screen Experience）将不仅 限于华硕最新发布的ROG Ally系列，未来还将适配更多Windows掌机设备，包 ...

Core Viewpoint - The revival of the classic game "Thunder Warplane" by Aileyou in the mini-game market demonstrates the cyclical nature of trends in the gaming industry, highlighting the potential for classic designs to regain popularity [1][5][22]. Group 1: Game Performance and Market Position - "Thunder Warplane: Gathering" reached the top of the WeChat mini-game sales chart, achieving the number one position shortly after its release [1][3]. - The game has maintained a strong presence, remaining in the top four of the rankings even days after its initial success [3]. - The original "Thunder Warplane" was a significant contributor to Tencent's success in the mobile gaming market, generating substantial revenue during its peak [2][18]. Group 2: Game Features and Mechanics - The gameplay of "Thunder Warplane: Gathering" retains the core mechanics of the original game, featuring simple controls and classic bullet-hell gameplay [6][17]. - Players can enhance their experience through various upgrades and character development systems, including weapon upgrades and pilot training [10][13]. - The game offers multiple modes, including endless mode and PVP, while maintaining a focus on the classic bullet-hell experience [17][26]. Group 3: Company Strategy and Market Trends - Aileyou's shift to the mini-game market represents a strategic pivot after experiencing a decline in the mobile gaming sector, aiming to capitalize on emerging opportunities [22][30]. - The mini-game market is characterized by a growing user base, with nearly 50% overlap with mobile game users, indicating a significant potential for new player acquisition [23][30]. - The revival of "Thunder Warplane" aligns with the current trend of simple, engaging gameplay that appeals to both nostalgic players and new users [26][30]. Group 4: Future Outlook - The mini-game market is projected to grow significantly, with a compound annual growth rate of 182.3% from 2022 to 2024, suggesting a favorable environment for Aileyou's continued success [27]. - The company aims to leverage lessons learned from past experiences in the mobile gaming market to enhance long-term operations and player engagement in the mini-game sector [29][30].

Market Growth - The mini-game market, also known as mini-program games, has experienced explosive growth, with a compound annual growth rate of 182.3% from 2022 to 2024, reaching nearly 400 billion yuan in 2024, a year-on-year growth of 99.18% [2][3] - Douyin's mini-game business saw a 130% increase in revenue and a 320% growth in paid user base in 2024 [2] Industry Potential - The mini-game market is expected to become the "second curve" of growth for the gaming industry, alongside the potential for PC games to leverage short video platforms for long-term marketing [3] - Tencent's mini-game platform has reached 1 billion users, with 500 million monthly active users and over 240 games generating over 10 million yuan in quarterly revenue [3] Company Strategies - Companies like Mingchen Health are increasing investments in mini-games, indicating that mini-games will be a key focus for future development [4] - 37 Interactive Entertainment has launched several successful mini-game products, with titles like "Time Explosion" and "Heroes No Flash" performing well in sales rankings [5] - Fuchun Co. plans to continue testing and optimizing mini-game products, aiming for a breakthrough in profitability by early 2025 [5] Monetization Models - The IAAP model, combining in-app advertising and in-app purchases, has emerged as a mainstream monetization strategy for mini-games, challenging previous assumptions about revenue limitations [2][6] - Mini-game developers are focusing on long-term growth strategies, ensuring player experience through thoughtful design and leveraging IP collaborations for sustained engagement [6]

Core Insights - The Chinese gaming market reached a scale of 27.351 billion yuan in April 2025, showing a year-on-year growth of 21.93% and a month-on-month growth of 2.47% [1] - The growth is primarily driven by long-term products with an operational cycle of one year or more [1] - April is traditionally a slow season for the gaming industry, making this performance noteworthy, especially with some games achieving record high active user numbers [1] - The actual sales revenue of China's gaming overseas market also saw a year-on-year increase of nearly 10% [1]

Core Viewpoint - Apple is launching a dedicated gaming application for its devices, aiming to strengthen its presence in the gaming market as Nintendo prepares to release the Switch 2 [1][4]. Group 1: New Gaming Application - Apple plans to pre-install a new gaming application on iPhone, iPad, Mac, and Apple TV, which will serve as a game launcher and manage in-game achievements, leaderboards, and other activities [1]. - The new app will provide access to the App Store's gaming section and promote Apple's monthly subscription service, Arcade, priced at $6.99 [1]. - This application will replace the Game Center social network, which was launched in 2010 but never gained significant market traction [1]. Group 2: Market Context and Challenges - Despite the new application potentially enhancing usability for Apple products in gaming, there are challenges in changing the perception of players and high-end game developers regarding Apple's gaming capabilities [4]. - Apple is not typically viewed as a gaming giant, with many developers and players believing that Mac still lags behind Windows computers [4]. - The application is set to launch with the next version of iOS in September, coinciding with the release of the next generation of iPhone [4]. Group 3: Financial Insights - Approximately two-thirds of Apple's App Store revenue comes from games and in-app purchases, including tokens, levels, and other game upgrades [5]. - The Mac platform has made progress in recent years, with faster chips improving graphics performance, and Apple has released tools to facilitate the porting of existing games to Mac [5]. - As part of its gaming strategy, Apple has acquired RAC7 Games, a small studio known for the popular game Sneaky Sasquatch [5].

Core Viewpoint - The release of "Three Kingdoms Fantasy Continent 2: Song of the Heroes" has faced a rapid decline in reputation within a week, despite a strong initial performance on the iOS free game chart [1][3]. Performance Summary - "Song of the Heroes" debuted at the top of the iOS free game chart but fell to 36th place by May 23, and briefly entered the Top 10 of the revenue chart before dropping out of the top 20 [3][5]. - The game's rating on TapTap plummeted to 5.3, with a significant number of one-star reviews, indicating a poor reception among players [3]. Comparison with Predecessor - The predecessor, "Three Kingdoms Fantasy Continent," launched in 2020 and consistently ranked in the top 10, ultimately generating over 10 billion in revenue, establishing itself as a phenomenon in the card game genre [5]. - In contrast, "Song of the Heroes" has struggled to maintain a competitive position, being compared unfavorably to lesser-known games [5]. Artistic and Gameplay Changes - The project team acknowledged the importance of art style in attracting players, noting that the original game's aesthetic successfully drew in a diverse user base [6]. - The sequel has undergone significant changes in art style, moving away from the previous aesthetic that appealed to many players, which may alienate existing fans while attempting to attract new ones [10][12]. Narrative and User Experience - The narrative approach in "Song of the Heroes" has been criticized for lacking depth and failing to engage players, with a focus on a "camera-like" character perspective that diminishes player involvement [10][12]. - The storyline has been described as superficial, with the game failing to effectively utilize the Three Kingdoms backdrop, leading to dissatisfaction among players [12]. Company Background and Future Outlook - Lingxi Interactive Entertainment, a subsidiary of Alibaba, has seen mixed results in its gaming ventures, with internal criticisms regarding its cultural alignment with Alibaba's broader goals [16][18]. - The company aims to become the third-largest game company in China within eight years, but the poor reception of "Song of the Heroes" poses significant challenges to achieving this goal [18].

Core Insights - The Chinese gaming market reached a scale of 857.04 billion yuan in Q1 2025, showing a year-on-year growth of 17.99% but a quarter-on-quarter decline of 1.21% [1][5]. Market Performance - The domestic client game market generated 179.19 billion yuan, with a year-on-year increase of 6.85% and a quarter-on-quarter growth of 3.62% [5]. - The mobile game market achieved actual sales revenue of 636.26 billion yuan, reflecting a year-on-year growth of 20.29% but a quarter-on-quarter decline of 2.18% [5]. - The web game market's actual sales revenue was 11.13 billion yuan, continuing a downward trend for four consecutive quarters [5]. Game Titles and Categories - Top-performing games in Q1 included "Honor of Kings," "Peacekeeper Elite," and "Crossfire: Gunfight King," with significant contributions from Tencent [6][7]. - The revenue share of MOBA, shooting, and strategy games increased, while the share of role-playing games saw a significant decline [7]. Overseas Market - The revenue from self-developed games in overseas markets grew by 17.92% year-on-year, reaching approximately 346.90 billion yuan (48.05 billion USD) [9]. - Key overseas titles with rapid revenue growth included "Frost Awakening," "Archery Legend," and "Love and Deep Space" [9][10]. User Experience Insights - A survey highlighted common issues in mobile gaming experiences, such as overheating, frame drops, and battery drain, prompting 78.51% of users to consider upgrading their devices [10][13]. - The report recommends mobile manufacturers focus on optimizing performance to address these user experience pain points [13].

Group 1 - The gaming industry is facing systemic issues leading to mass layoffs, studio closures, and stagnation in growth due to complex economic, technological, and demographic factors [1][2] - The industry's deep ties to stock market expectations for exponential growth are no longer feasible, with monetization models like free-to-play, battle passes, and microtransactions reaching saturation [3] - Global birth rates are insufficient to sustain the influx of new consumers that tech giants expect, indicating a demographic challenge for the industry [3] Group 2 - Major games like Fortnite, Call of Duty, and Minecraft are monopolizing player attention, reshaping consumer habits and sidelining smaller games and studios [3] - There is hope in independent studios like Larian Studios with Baldur's Gate 3 and Warhorse Studios with Kingdom Come: Deliverance, which have succeeded without investor pressure [4] - The industry is promoting smartphone apps and cloud gaming in developing countries more to appease investors than to enhance accessibility [3]

Core Viewpoint - Roblox aims to capture 10% of the gaming market in consumer spending, citing its low-cost entertainment model and historical resilience during economic downturns [1][4]. Financial Performance - The company's revenue increased by 29% year over year, reaching approximately $1.035 billion, while bookings rose by 31% to $1.207 billion [3]. - Average daily active users grew by 26% to 97.8 million, and average monthly unique payers increased by 29% to 20.2 million [3]. Market Position and Strategy - Roblox currently holds 3% of the gaming market and plans to expand by diversifying its platform to support various genres, including sports, racing, role-playing, and battle games [4]. - The growth in bookings is no longer concentrated among a few popular experiences; instead, experiences ranked No. 11 to No. 50 have seen growth accelerate from 5% to over 100% [5].