Core Insights - The 2025 China Game Industry Conference highlighted the release of the "2025 China Game Industry Report," indicating record highs in domestic game market sales revenue and user scale [1][3]. Market Performance - The actual sales revenue of the domestic game market in 2025 is projected to reach 350.79 billion yuan, a year-on-year increase of 7.68% [3]. - The number of game users in China is expected to exceed 683 million, growing by 1.35% year-on-year [3]. - Self-developed games are anticipated to generate 291.09 billion yuan in sales revenue, marking an 11.64% increase [3]. Market Segmentation - Mobile games dominate the market with actual sales revenue of 257.08 billion yuan, up 7.92% [5]. - Client games, benefiting from multi-platform strategies, achieved revenue of 78.16 billion yuan, a 14.97% increase [5]. - Console games saw a significant revenue increase of 86.33%, reaching 8.36 billion yuan [5]. - The web game market continues to decline, with a revenue drop of 6.74%, totaling 4.32 billion yuan [5]. E-sports and New Trends - The e-sports market is projected to generate 170.05 billion yuan in sales, reflecting an 18.96% growth, driven by long-term operations and new product launches [8]. - Mini-program games are experiencing explosive growth, with revenues of 53.54 billion yuan, a 34.39% increase [8]. International Market Expansion - Chinese game companies are showing resilience in overseas markets, with self-developed games generating $20.45 billion (approximately 147.4 billion yuan) in 2025, a 10.23% increase [11]. - Mobile games account for $18.48 billion in overseas revenue, growing by 13.16% [11]. - The largest overseas markets for Chinese games are the United States (32.31%), Japan (16.35%), and South Korea (9.15%) [12]. Future Outlook - The report predicts continued rapid growth for mini-program games in 2026, alongside a sustained increase in PC and console game market shares [12].

Core Viewpoint - The gaming industry must adopt a long-term perspective to address multiple challenges in the new era, focusing on global market expansion, AI technology integration, and deepening the fusion of digital and physical realms for high-quality development [2]. Group 1: Market Insights - The actual sales revenue of the domestic gaming market is projected to reach 350.79 billion yuan by 2025, representing a year-on-year growth of 7.68% [2]. - The industry faces challenges such as geopolitical fluctuations and changing consumer demands, which hinder high-quality advancement [2]. Group 2: Cultural and Market Adaptation - The essence of China's gaming expansion overseas is not merely profit generation but sharing Chinese culture's joy, kindness, and wisdom with global players [3]. - Gaming companies should avoid a one-size-fits-all approach and instead adapt to overseas market demands by aligning narrative styles with foreign user habits and respecting local cultural customs [3]. Group 3: Technological Integration - The gaming industry has evolved beyond mere entertainment, becoming a testing ground for cutting-edge technology and a incubator for cultural innovation, with clear pathways for driving new productive forces [3]. - The high demand for AI technology within gaming companies accelerates the application of AI, leading to a value leap in the integration of digital and physical realms [3]. Group 4: Long-term Value Creation - Focusing on short-term financial returns in extending gaming from online to offline is unproductive; instead, companies should transform this exploration into trusted value assets, fostering a long-term coexistence of responsibility and profit [4].

在国内细分市场结构方面，移动游戏实际销售收入同比上升，达到2570.76亿元，同比增长7.92%，占比 73.29%，继续保持主导地位；客户端游戏实际销售收入增幅明显，达到781.60亿元，同比大幅增长 14.97%，占比22.28%；网页游戏市场实际销售收入则继续下滑，仅为43.25亿元，同比下降 6.74%，占 比仅为1.23%。 2025年电子竞技游戏市场增长迅猛。国内电子竞技游戏市场实际销售收入达到1700.51亿元，同比增长 18.96%，已成为游戏产业中规模庞大且增长迅速的核心板块。二次元移动游戏市场则处于调整期， 2025年实际销售收入为282.81亿元，同比下降 3.64%，已是自2023年达到峰值317.07亿元后，连续两年 小幅下滑。 新华财经上海12月19日电（李一帆）在19日下午举办的2025年中国游戏产业年会上，游戏出版工作委员 会与游戏产业研究专家委员会联合发布了《2025年中国游戏产业报告》。《报告》数据显示，2025年国 内游戏市场实际销售收入达到3507.89亿元人民币，同比增长7.68%；用户规模为6.83亿人，同比增长 1.35%，创下历史新高。其中，自主研发游戏在国内市 ...

Core Viewpoint - The launch of "Saint Seiya EX - Official" (Saint Seiya: Rebirth 2) in the European and American markets has had a positive impact on the company's performance and has provided valuable experience for future market expansion [1]. Group 1 - The game was launched on November 13 and has met performance expectations [1]. - The company acknowledges that the game's success contributes positively to its overall performance [1]. - The company plans to continue exploring opportunities in the European and American markets to launch more products [1].

12月17日，游戏板块午盘持续走强，游戏ETF（159869）现涨近2.5%。持仓股中，三七互娱、巨人网络 领涨近6%，完美世界、吉比特跟涨超4.5%，恺英网络、冰川网络、神州泰岳等涨幅居前。截至12月16 日，产品规模达110.48亿元，助力投资者一键布局A股游戏龙头。 （文章来源：每日经济新闻） 12月16日，网易旗下武侠开放世界游戏《燕云十六声》宣布海外版本发布首月玩家数量突破1500万。此 次移动端上线不仅支持与PC端数据互通，真正实现"跨端无缝畅玩"，更针对移动设备的操作习惯与交 互特性进行优化，带来流畅沉浸的操作体验。据介绍，游戏中的点穴、太极、轻功等经典武侠元素引发 全球热议，更掀起了一股学习中文、研读古诗词、模仿中式舞蹈的文化热潮。值得一提的是，国产AI 捏脸技术惊艳海外，众多外国玩家纷纷晒出自己的"国风造型"，技术创新成为传播中式审美的新窗口。 游戏出海是文化软实力和科技硬实力的双重展现，无论是3A级的画质表现，或者是传统文化的创新展 现，都建立在扎实的自研技术之上。据了解，《燕云十六声》采用"弥赛亚"国产自研引擎，能在宏观上 支撑如开封城般结构复杂的宏大场景与上万名NPC的实时生态计算，以 ...

另外，早在2024年，《鸣潮》就已获得了TGA年度最佳移动游戏和玩家之声两个奖项的提名。 12月12日，被誉为"游戏界奥斯卡"的TGA2025（The Game Awards）年度游戏颁奖典礼在美国拉斯 维加斯如期举行。 对于本次获奖，库洛游戏方面对《国际金融报》记者表示，"非常荣幸能获得玩家和行业肯定， 《鸣潮》将在未来继续努力为玩家带来更好的游戏体验与内容，也希望越来越多的中国游戏能够被全球 玩家认识与喜爱。" 放眼游戏行业，库洛游戏算是一家年轻的公司，其于2017年在广州成立，前身为2014年成立的珠海 库洛。公司旗下主要产品包括《鸣潮》《战双帕弥什》等。通过长期的精品游戏研发、全球化发行及原 创IP孵化，库洛游戏成为中国游戏出海代表企业之一。据12月11月移动应用数据分析公司Sensor Tower 发布了2025年11月中国出海手游收入增长榜，《鸣潮》成功跻身前10位。 本届TGA上，开放世界动作游戏《鸣潮》斩获了"玩家之声"奖项。这是继《黑神话：悟空》之后， 又一款斩获该奖项的中国游戏。 作为全球知名的角色扮演类游戏之一，《鸣潮》由广州库洛游戏研发并发行。该游戏自2024年正式 公测上线后，迅速在 ...

Core Insights - The article highlights the ongoing trend of Chinese gaming companies successfully expanding into overseas markets, with large firms optimizing classic titles and smaller firms innovating to break through [2][10] - The "Evergreen List" and "Potential Evergreen List" are introduced, showcasing games that have maintained strong performance in international markets [2][10] Group 1: Evergreen Games - In November, 26 games made it to the "Evergreen List," an increase of 3 titles from October, with notable entries including "Gossip Harbor," "PUBG MOBILE," and "Puzzles & Survival" [2][9] - The total estimated revenue for these 26 games in November reached approximately $299 million, equivalent to about 2.11 billion yuan, with 9 games exceeding $10 million in revenue [2][9][10] Group 2: Potential Evergreen Games - The "Potential Evergreen List" features 14 games, with a decrease of 4 titles from October, indicating a competitive landscape [2][10] - "Whiteout Survival" led the list with an estimated revenue of $86.21 million (approximately 609 million yuan) in November, followed by "崩坏:星穹铁道" and "Top Heroes," each surpassing $20 million [10][11] Group 3: Industry Trends and Support - The gaming industry faces challenges due to global economic pressures, but there are supportive policies from various cities in China aimed at facilitating game exports [11] - The adoption of AI technologies is helping to reduce costs and improve efficiency in game development and marketing strategies, providing a more sustainable path for Chinese games in international markets [11]

2025.12. 10 本文字数：1281，阅读时长大约2分钟 作者 | 第一财经 刘晓洁 12月10日，A股市值第一的游戏厂商世纪华通（002602.SZ）发布公告，因间接投资摩尔线程，预 计给今年第四季度带来净利润6.4亿元，约占2024年度公司经审计归母净利润的53%。 这意味着，一笔成功的跨界投资，几乎贡献了一家游戏龙头去年过半的利润体量。不过，如果按 2025年前三季度世纪华通43.6亿元的净利润计算，这笔投资带来的利润占比预计会在20%以下。 以摩尔线程12月10日收盘价为基准初步估算，世纪华通所持份额预计对公司2025年第四季度净利润 影响金额为6.4亿元，约占2024年度公司经审计归母净利润的53%。作为参考，世纪华通2024年营 收226.2亿元，归母净利润12.1亿元。 不过，公告提醒，摩尔线程上市后，受股票二级市场价格波动影响，世纪华通所间接持有的摩尔线程 股份的公允价值也会相应变动，对公司2025 年度及以后业绩影响存在不确定性。 12月10日，世纪华通上涨2.81%，报17.57元/股，总市值1305亿元，目前位列A股游戏厂商市值 第一。年初世纪华通的股价在5元/股附近浮动，随后一路 ...

Group 1 - The core viewpoint of the article highlights that the overseas gaming policy in Zhejiang is a significant benefit for the industry, particularly for companies like Fuchun Co., Ltd. [1] - The company is focusing on deepening its mobile game business in overseas markets and plans to leverage its accumulated experience in research and development as well as operations to enhance its competitiveness in these markets [1]

Core Viewpoint - The compliance rectification process for Caesar Culture has concluded, and the gaming industry may be entering a new "golden decade," which is a positive factor for the company's delisting risk warning removal. However, the lack of strong performance to support this change means rebuilding market trust will be a long-term effort [2]. Group 1: Compliance and Financial Performance - Caesar Culture received an administrative penalty notice from the Guangdong Securities Regulatory Commission on September 13, 2024, for inflating profits by 15.55% in 2021, leading to a total penalty of 13 million yuan [3]. - The company has undergone financial statement corrections for the years 2021 to 2023 and the first half of 2024 to meet the requirements for removing the delisting risk warning [3]. - Despite the upcoming delisting risk removal, the company has reported continuous losses, with a total loss exceeding 2 billion yuan over three years [5]. Group 2: Financial Data Summary - In the first three quarters of 2025, Caesar Culture achieved revenue of 420 million yuan, a year-on-year increase of 28.62%, but reported a net loss of 108 million yuan, a decrease of 12.49% [5]. - The company's revenue for 2022, 2023, and 2024 was 621 million yuan, 431 million yuan, and 454 million yuan, respectively, with net losses of 687 million yuan, 795 million yuan, and 528 million yuan [5]. - As of the end of 2024, total assets were approximately 3.42 billion yuan, a decrease of 16.88% from the previous year, and net assets attributable to shareholders were approximately 2.99 billion yuan, down 14.99% [6]. Group 3: Market Opportunities and Strategies - The Chinese gaming market is showing a significant upward trend, with actual sales revenue reaching 168 billion yuan in the first half of 2025, a year-on-year increase of 14.08% [8]. - Caesar Culture plans to leverage its IP resources by launching new games based on popular IPs, including "One Piece" and "Ultraman," while also adopting AI technology to enhance development efficiency [8]. - Industry experts suggest that the focus should shift from merely leveraging IP to innovating gameplay and technology to retain players in a competitive market [9].