Core Insights - The article highlights the emergence of a new wave of Chinese gaming companies venturing into global markets, exemplified by the launch of "Black Myth: Zhong Kui" by Game Science, which showcases confidence in innovation and a shift in global positioning for Chinese games [1][3] Group 1: Game Development and Innovation - Game Science has chosen to develop a new IP instead of following the traditional route of releasing DLCs after a successful title, indicating a strong belief in their team's innovative capabilities [1] - The success of "Black Myth: Wukong," which sold over 28 million copies and generated over 9 billion yuan in revenue, demonstrates the potential for high-quality standalone games in the global market [3] - The use of advanced technologies, such as Unreal Engine 5, and the integration of AI in game development have significantly lowered production costs and enhanced the quality of games [4] Group 2: Market Trends and Opportunities - The Chinese gaming industry is experiencing a "going global" trend, with a projected overseas revenue of $9.501 billion in the first half of 2025, reflecting an over 11% year-on-year growth [2] - The PC gaming market is becoming a new growth point, with a projected market size of $43.2 billion in 2024, growing at a rate of 4%, which is higher than the overall gaming market growth [3] - Multi-platform and global distribution strategies are becoming standard, as seen with "Black Myth: Zhong Kui," which plans to launch on both PC and major console platforms [5] Group 3: Cultural and Technical Advancements - The integration of traditional Chinese cultural elements into games is becoming a competitive advantage for Chinese developers, allowing them to tell deeper stories and engage with global audiences [4] - The gaming industry is witnessing a significant improvement in technical capabilities and aesthetic expression, with leading companies now able to customize and develop their own engines [4] - The balance between innovation investment and market returns remains a challenge for companies, as they navigate the costs associated with developing AAA titles and the need for diverse revenue streams [5]

Core Insights - The 2025 Cologne International Game Show showcased a significant increase in the presence and influence of Chinese gaming companies, reflecting their growing confidence in entering the European market [1][2][4] Group 1: Chinese Game Presence - The number of Chinese exhibitors at the Cologne Game Show reached a record high of 50, with over 10 new companies participating [4] - Chinese game developers are increasingly focusing on original content, enhancing their international competitiveness in visual style, narrative logic, and gameplay mechanics [4] - The game "Black Myth: Wukong" by Game Science was highlighted, with its sequel "Black Myth: Zhong Kui" being a major attraction at the event [2][3] Group 2: Market Impact - Germany, as Europe's largest gaming market, has approximately 37.5 million gamers, with mobile and console platforms being the most popular [5] - Four Chinese-developed games are projected to enter the top ten mobile download rankings in Germany in 2024 [5] Group 3: Sino-European Cooperation - Chinese gaming companies are increasingly localizing their content and operations to better connect with European players, as seen with miHoYo's "Genshin Impact" [6] - Collaborations between Chinese and European game studios are on the rise, with Tencent showcasing multiple new titles developed in partnership with international IPs and studios [7] - The focus on high-quality localization and community building is seen as essential for success in the competitive European market [6][7]

Group 1 - The Cologne International Game Show, the largest gaming exhibition globally, is currently being held in Cologne, Germany, with over 1,500 exhibitors from 72 countries, marking an 11% increase from last year [1] - More than 50 Chinese gaming companies are participating, including Tencent, MiHoYo, and others, representing a 32% growth compared to the previous year [1] - Notable Chinese games such as "Honor of Kings World," "Delta Action," and "Arknights: End of the World" have released new promotional materials at the event [1] Group 2 - Tencent's subsidiary, Salors, showcased "Destiny Trigger," introducing new breakthroughs in tactical shooting games [2] - Tencent's international gaming brand, Level Infinite, presented four products, including "Dying Light: The Beast" and "PUBG MOBILE" at the exhibition [2] - The event attracted game developers and technical teams from around the world, with Tencent's AI creative solution, VISVISE, making its debut [2]

Group 1 - The core viewpoint of the article highlights the successful launch of the new game "Black Myth: Zhong Kui" by Game Science, which has gained significant attention with over 7.65 million views and more than 50,000 comments on domestic video platforms shortly after its announcement [1] - The gaming industry is experiencing a stable demand trend, with the number of players remaining around 670 million in the 2020s after a high growth period in the 2010s [1] - Average consumer spending in the gaming sector is on the rise, with projections indicating that per capita spending will approach 500 yuan in 2024, reflecting a high level of consumer engagement [1] Group 2 - In terms of international expansion, revenue from self-developed games overseas is expected to reach $18.5 billion in 2024, marking a 13% year-on-year increase and accounting for 10% of the global gaming market [1] - The share of mobile games in the global mobile gaming market has increased from 22% in 2018 to 28% in 2024, indicating a growing trend in mobile gaming [1] - The gaming ETF (516010) tracks the anime and gaming index, selecting listed companies involved in the anime, gaming, and related industries from the A-share market, serving as an important indicator of the development of China's anime and gaming industry [1]

创新题材+Merge-2+解谜，蓝色奥义持续验证方法论 作为一款二合游戏，相较于市面上的其他竞品，《Haunted Merge》最大的亮点便是选择了中式民俗恐怖这个极为小众的题材。 就游戏出海而言，在SLG之外，合成应该是当下行业关注度、厂商参与度、爆款产出率以及收益情况最好的赛道，尤其是更为细分的Merge-2方向。 近期点点出海发现一款中式恐怖题材的Merge-2游戏《Haunted Merge: Horror Story》（《谁来救救我》），该作的出现表明了赛道正在朝着题材多元化、 玩法创新化的方向"狂奔不止"，另外其背后厂商似乎也是我们熟悉的赛道重点厂商，作为后来者他用自己的方法论实现了突围，而这种成功的突围又与赛 道的发展进程密切相关。 01 《Haunted Merge》东南亚5国开测 根据简单体验到的剧情，玩家扮演的女主沈昭昭八字极阴，父母都是精通风水之人，但就在一个月之前父母却完全失联，她翻遍家里找到一张照片，照片 指向了闹鬼严重的幸福公寓，为了追寻父母的下落，女主便以租客的身份入住了公寓，在寻找父母的同时探寻这栋不寻常的公寓的秘密。 下文中，点点出海将详细分析《Haunted Merge》是 ...

Group 1 - The Gamescom 2023, the largest gaming exhibition globally, opened in Cologne, Germany, with over 1,500 exhibitors from 72 countries, marking an 11% increase from last year [1] - More than 50 Chinese companies participated, including Tencent, MiHoYo, and others, representing a 32% increase in participation compared to the previous year [1] - The event featured the debut of the game "Black Myth: Wukong," which received enthusiastic applause during the Opening Night Live [1] Group 2 - Chinese companies, led by Tencent, have become key players at the Gamescom, with numerous booths attracting international gamers [2] - Tencent's VISVISE, an AI-driven creative solution for game art production, was globally unveiled at the event, covering various aspects of game development [2] - The presence of Chinese gaming companies is increasingly significant in the global gaming industry, contributing to industry advancements and becoming essential participants [2]

Core Insights - The Gamescom event in Cologne, Germany, has set a record with over 1,500 exhibitors from 72 countries, marking an 11% increase from last year [1] - More than 50 Chinese companies are participating, representing a 32% growth compared to the previous year, with notable firms like Tencent and miHoYo [2] Group 1: Event Highlights - The event features major game releases, including the highly anticipated "Black Myth: Wukong," which received enthusiastic applause during the Opening Night Live [2] - Tencent's "Delta Action" is the first self-developed FPS game from China to support cross-platform data sharing and global distribution [2] - Various Chinese games, such as "Gujian," "Honor of Kings World," and "Tomorrow's Ark: End of the World," showcased new trailers and updates during the event [2] Group 2: Exhibitor Presence - Tencent's booth for "Honor of Kings World" attracted significant attention, with players queuing to try the game [3] - Lingyoufang's "Shadow Blade Zero" featured a 500 square meter experience area, allowing players to engage in challenging boss battles [6] - Tencent's subsidiary, Salros, presented "Fate Trigger," which combines anime aesthetics with tactical gameplay, while Level Infinite showcased multiple titles including "Dying Light: The Reckoning" [9] Group 3: New Game Releases - "Rust Mobile," a mobile adaptation of the classic PC survival game, was available for public testing, maintaining the core gameplay elements of exploration and PvP combat [10] - Tencent's "Silicon Universe," now titled "Interstellar Ideal Country," offers a sandbox adventure experience with cross-platform capabilities [10] - The AI creative solution VISVISE was unveiled, covering various aspects of game art production and attracting interest from international developers [11]

Investment Rating - The industry is rated as "Outperforming the Market," indicating a projected increase of over 10% relative to the broader market index in the next six months [31]. Core Insights - The Chinese gaming market saw a revenue of 29.084 billion yuan in July 2025, reflecting a year-on-year growth of 4.62% and a month-on-month growth of 8.14% [9][11]. - The mobile gaming sector generated 21.36 billion yuan in July, with a month-on-month increase of 6.36% and a year-on-year increase of 0.92%, driven by strong performances from new and mature products [11][12]. - Globally, mobile game revenue decreased by 9.33% year-on-year, with July 2025 revenues totaling approximately 30.7 billion yuan [13][14]. - Tencent's games dominated the Chinese App Store's top revenue rankings, holding seven of the top ten spots, with titles like "Honor of Kings" and "Peacekeeper Elite" leading the charge [20][19]. - Chinese self-developed games saw overseas revenue of 1.693 billion USD in July, marking a year-on-year increase of 6.76% and a month-on-month increase of 8.20% [26][28]. Summary by Sections 1. Chinese Gaming Market - The overall gaming market in China achieved a revenue of 29.084 billion yuan in July 2025, with a year-on-year growth of 4.62% and a month-on-month growth of 8.14% [9]. - The mobile gaming market's revenue reached 21.36 billion yuan, with a month-on-month increase of 6.36% and a year-on-year increase of 0.92%, supported by strong performances from new and established titles [11][12]. 2. Global Gaming Market - The global mobile gaming market experienced a revenue decline of 9.33% year-on-year, with July revenues at approximately 30.7 billion yuan [13][14]. - "Honkai: Star Rail" topped the global revenue growth chart, benefiting from significant updates and player engagement [15]. 3. Revenue Rankings - Tencent's games occupied seven positions in the top ten revenue rankings on the Chinese App Store, with "Honor of Kings" and "Peacekeeper Elite" among the top earners [20][19]. - The top three Chinese game publishers in global revenue rankings were Tencent, Point Interactive, and NetEase, with Tencent leading the charge [19]. 4. Overseas Revenue - Chinese self-developed games generated 1.693 billion USD in overseas markets in July, reflecting a year-on-year increase of 6.76% and a month-on-month increase of 8.20% [26][28]. - "Honkai: Star Rail" achieved a remarkable 290% increase in overseas revenue due to successful IP collaborations and updates [28]. 5. Investment Recommendations - The report suggests focusing on companies with rich license reserves, strong R&D capabilities, frequent quality IP collaborations, and stable content output capabilities, as the market shows steady growth potential [29].

Core Insights - The Chinese gaming market experienced significant growth in July 2025, with a total market size of 29.084 billion yuan, reflecting a month-on-month increase of 8.14% and a year-on-year increase of 4.62% [1] - The client game market reached 6.637 billion yuan in July, showing a month-on-month growth of 13.13% and a year-on-year growth of 16.56% [1] - The mobile game market size was 21.36 billion yuan, with a month-on-month increase of 6.36% and a year-on-year increase of 0.92% [1] Market Performance - The client game market's growth was driven by mature products, new releases, and cross-platform products, with notable contributions from new titles like "Douluo Dalu: Hunting Soul World" and "The Legend of the Great Voyage" [1] - The mobile game market saw strong performance from new releases and mature products, particularly "Delta Action," which doubled its revenue due to seasonal updates and promotional activities [1] - "Honor of Kings" implemented multiple operational activities in July, contributing to its revenue growth [1] International Expansion - In July 2025, the actual sales revenue of Chinese self-developed games in overseas markets reached 1.693 billion USD, with a month-on-month increase of 8.2% and a year-on-year increase of 6.76% [2] - The new title "Staff Sword Legend" performed well, ranking first on the iOS free chart in Japan shortly after its launch [2] - A series of supportive policies for the gaming industry have been introduced since 2025, including initiatives to promote game exports and the development of the entire industry chain from IP creation to overseas operations [2][3] Policy Support - Various regions, including Guangdong, Zhejiang, and Beijing, have implemented policies to support the gaming industry, with Guangdong launching the first provincial-level special policy for high-quality development in the gaming sector [2] - The policy includes 13 measures focusing on original content, technological innovation, and industry clusters, with rewards of up to 5 million yuan for quality projects [2] - Zhejiang's measures aim to support game companies in international development and foster high-quality AAA game projects [3]

Group 1 - The core viewpoint of the article highlights the growth of China's gaming market, with the client game market reaching 6.637 billion yuan in July 2025, showing a month-on-month increase of 13.13% and a year-on-year increase of 16.56% [2] - The growth in the client game market is primarily driven by mature products, new releases, and cross-platform products, which allow account and data interoperability between client and mobile platforms [2] - Notable new releases contributing to the market growth include "Douluo Dalu: Hunting Soul World" and "The Legend of the Great Voyage," while the long-term product "Honkai: Star Rail" also saw significant revenue growth [2] Group 2 - The mobile game market in China reached 21.36 billion yuan in July 2025, with a month-on-month increase of 6.36% and a year-on-year increase of 0.92% [2] - The new release "Delta Operation" performed well due to seasonal updates and collaborative events, achieving a month-on-month revenue doubling [2] - Mature product "Honor of Kings" implemented multiple operational activities in July, which contributed to its revenue growth [2] Group 3 - In terms of overseas sales, China's self-developed games generated actual sales revenue of 1.693 billion USD in July 2025, reflecting a month-on-month increase of 8.2% and a year-on-year increase of 6.76% [2] - The new release "Staff Sword Legend" performed notably well, ranking first on the iOS free chart in Japan for three consecutive days after its launch [2]