2025年11月底，瑞典游戏巨头Embracer Group宣布将旗下Arc Games与Cryptic Studios以3000万美元净收 益出售给新成立的Project Golden Arc公司。这笔看似普通的资产剥离交易，因中国游戏公司心动网络的 深度介入而引发市场关注——心动通过子公司向收购方提供4000万美元融资贷款，以6%的年利率撬动 了一场涉及经典IP、全球市场与战略转型的资本博弈。 Embracer的"断臂求生"与管理层的回归 心动网络的战略布局：债权投资背后的IP野心 心动网络在此次交易中扮演了"战略金主"角色。其全资子公司XD Entertainment向Project Golden Arc提 供4000万美元贷款，其中2500万美元为1年期短期贷款，1500万美元为5年期长期贷款，年利率均为 6%。尽管这一利率在高风险高回报的游戏行业堪称"地板价"，但心动网络的真正目标远非利息收入。 协议中隐藏的关键条款揭示了心动的深层意图：优先合作权与资产控制权。若Project Golden Arc未来开 展新游戏合作或转让IP，心动享有独家优先磋商权；同时，心动还获得Project Golden ...

Core Insights - The Game Awards (TGA) recognized the Chinese game "Mingchao" with the "Player's Voice" award, marking a significant achievement for Chinese gaming in the global market [1] - The success of "Mingchao" and "Black Myth: Wukong" illustrates the evolution of Chinese games from one-off hits to a more sustainable and competitive presence in the global gaming industry [3] Group 1: Awards and Recognition - "Mingchao" won the "Player's Voice" award at TGA, following "Black Myth: Wukong," which won two awards in the previous year [1] - "Black Myth: Wukong" achieved sales of 22.4 million copies and over $1.1 billion in revenue on Steam alone, showcasing the commercial viability of Chinese AAA games [2] Group 2: Market Dynamics - The transition from "Black Myth: Wukong" to "Mingchao" reflects a shift in Chinese gaming towards cross-platform development and long-term operational strategies [3] - "Mingchao" topped the App Store free charts in 107 countries and regions shortly after its global launch, indicating strong market penetration [2] Group 3: Industry Ecosystem - The success of "Mingchao" is attributed to a supportive local industry ecosystem in Guangdong, which fosters game development through favorable policies and a robust industry chain [4] - The local government's initiatives have provided critical support for game companies, enhancing their confidence and capabilities in global markets [4] Group 4: Corporate Strategies - Major Chinese gaming companies like NetEase and Tencent are expanding their global presence through innovative products and strategic investments, creating a dual approach of self-developed and acquired content [5] - Smaller companies, like Kuro Games, are also accelerating their international expansion, emphasizing the importance of collaboration and leveraging resources from larger firms [6]

【文 陈济深】2025年11月13日，全球知名游戏媒体IGN为《燕云十六声》国际服打出了6分。在评测中，他们留下了一句颇为辛辣的比喻："这就是一个塞入 太多东西的游乐园，每个设施却只有半速在运转。" 在西方游戏媒体的评价体系里，这几乎是对一款作品"贪多嚼不烂"的盖棺定论。 两天之后，当游戏正式上线后仅过了40分钟，全球玩家就声势浩大地回击了这份"专业判断"：海外服务器瞬间涌入50万人，Steam热玩榜光速冲入Top 5，最 高在线人数更是冲破25万大关，上线两周收获900万海外玩家，游戏好评率稳定在"特别好评"。 拥有700多万粉丝的知名游戏主播 Asmongold 直接冲到 IGN 的推特下留言开怼："别听他们胡扯！这游戏至少值8到9分！"他的这番话迅速获得了社群的疯狂 点赞，无数玩家在评论区声援：媒体的傲慢，早已与玩家的真实体验严重脱节。 这种"IGN觉得杂乱，但玩家玩疯了"的反差，恰恰撕开了所谓"权威评测"与玩家真实体验之间的一道裂痕。所谓的"半速运转"，在玩家眼中，其实是万物皆 可交互的"中式江湖生态"。一位美国主播在直播中盯着屏幕目瞪口呆——他刚刚在游戏里遇到了一头黑熊，本以为是一场恶战，结果主角竟 ...

Core Insights - Chinese gaming companies have established a significant presence in the global mobile gaming market, with 32 companies generating $2.04 billion, accounting for 35.1% of the total revenue of the top 100 mobile game publishers worldwide [1] - The overseas sales revenue of self-developed Chinese games has surged from $3.1 billion to $18.6 billion over the past decade, with overseas revenue now constituting over 30% of total income [1] - Appier, an AI-driven SaaS company, provides advertising and marketing automation solutions to assist Chinese gaming companies in expanding into international markets [2][4] Industry Trends - The trend of Chinese gaming companies going overseas is seen as an opportunity for both established giants and innovative studios, despite the challenges of cultural and market differences [1] - Appier's services include user acquisition, user re-engagement, and personalized marketing automation across various channels, significantly enhancing the marketing capabilities of Chinese gaming companies [8][12] - The focus on testing smaller markets before entering larger ones has become a common strategy, allowing companies to optimize their marketing strategies based on user behavior and retention rates [14][15] Market Dynamics - The U.S. remains the top market for game applications, followed by China and Japan, with many Chinese companies now directly targeting the U.S. market due to successful case studies [12] - Different regions exhibit distinct gaming preferences and advertising material aesthetics, necessitating tailored marketing strategies for each market [13] - The average user acquisition cost has been increasing by 3% to 5% annually, prompting companies to be more cautious with their marketing budgets and strategies [16] Appier's Role - Appier's AI technology enhances advertising effectiveness by identifying high-value users, optimal advertising contexts, and timing for ad exposure [20] - The company assists in localizing marketing efforts, particularly for Japanese and Korean gaming companies, while Chinese companies often establish local teams for direct market insights [18] - Appier's AI solutions have been successfully implemented globally, optimizing ad spend and improving return on ad spend (ROAS) for clients [19][21]

Core Insights - The Brazil Game Show has showcased a significant presence of Chinese gaming products and hardware, creating a "Chinese wind" in the Brazilian gaming market [1][3][5] Group 1: Event Overview - The Brazil Game Show, one of the largest gaming exhibitions in Latin America, took place from October 9 to 12 at the Anhembi Exhibition Center in São Paulo, featuring around 400 booths and various gaming-related activities such as esports competitions and music concerts [1][6] - The event attracted a record number of attendees, contributing to a cumulative audience of over 3 million since its inception in 2009 [6] Group 2: Chinese Gaming Products - MiHoYo's game "Genshin Impact" had a prominent booth, drawing large crowds of Brazilian players, many of whom dressed as game characters, highlighting the game's popularity in Brazil [1][3] - The booth offered a new version for trial, and many official merchandise items were available for the first time in Brazil, indicating strong demand [1][3] Group 3: Other Chinese Contributions - Smile.One showcased the martial arts game "Yan Yun Shi Liu Sheng," developed in collaboration with NetEase, which attracted significant interest from attendees due to its appealing graphics and action design [5] - TCL presented new gaming products, including QD-MiniLED gaming TVs and large curved gaming monitors, aiming to enhance the entertainment experience for young consumers in Latin America [5]

Group 1 - The Brazil Game Show, one of the largest gaming exhibitions in Latin America, took place from October 9 to 12, showcasing around 400 booths and various gaming-related activities such as esports competitions and music concerts [1][2] - MiHoYo's game "Genshin Impact" attracted significant attention, with a large fan base in Brazil, where the game is considered an important overseas market [1][2] - The exhibition featured a new version of "Genshin Impact" for players to experience, along with exclusive merchandise that was highly sought after [1] Group 2 - Smile.One collaborated with NetEase to showcase four games, including the highly anticipated martial arts game "Yan Yun Shi Liu Sheng," which drew considerable interest from attendees [2] - Chinese electronic products, particularly from TCL, were also highlights of the exhibition, featuring new QD-MiniLED gaming TVs and immersive gaming experience zones [2] - TCL aims to demonstrate its latest products to the young consumer base in Latin America, recognizing Brazil as a significant gaming market with a large young audience [2]

Core Insights - The article discusses the release of the "2025 August China Game Overseas Evergreen List" and the "2025 August China Game Overseas Potential Evergreen List," which categorize Chinese mobile games based on their overseas revenue performance [1][5]. Group 1: Evergreen List - A total of 25 games made it to the "Evergreen List," maintaining the same number as the previous month, with notable titles including "Gossip Harbor," "PUBG MOBILE," and "Age of Origins" [1][5]. - The cumulative estimated overseas revenue for these 25 games in August reached approximately $313 million, equivalent to about 2.23 billion yuan, with 9 games exceeding 100 million yuan in revenue [5]. - "Gossip Harbor" continued to hold the top position with an estimated revenue of $46.65 million (approximately 333 million yuan) in August [5]. Group 2: Potential Evergreen List - The "Potential Evergreen List" saw an increase to 15 games, up by 2 from the previous month, indicating a growing number of games showing potential for long-term success [1][9]. - Century Games had the most entries with 3 games, while Tencent and miHoYo each had 2 games listed [9]. - "Whiteout Survival" from Century Games led the potential list with an estimated revenue of $107.21 million (approximately 765 million yuan) in August [9][11]. Group 3: Game Performance and Updates - "PUBG MOBILE" introduced new gameplay features and updates in August, contributing to its strong revenue performance [6]. - "Age of Origins" also saw significant updates, enhancing its gameplay and user engagement [6]. - Other notable games like "Puzzles & Survival," "Genshin Impact," and "Mobile Legends: Bang Bang" reported revenues exceeding $15 million in August, showcasing their continued popularity [7][8]. Group 4: Industry Trends and Strategies - The article highlights the importance of user retention and cultural integration for the long-term success of Chinese games in overseas markets [12]. - Strategies include localized content development, community building, and leveraging AI for improved user experience [12].

Core Insights - The release of the teaser for "Black Myth: Wukong" at the Cologne International Game Show highlights the growing popularity of Chinese games globally, marking a golden period for overseas expansion [1][2] - Chinese games are evolving from mere entertainment to cultural dialogue, utilizing rich narratives and aesthetics to engage global players [2] Group 1: Cultural Significance - Early Chinese games often relied on quick profits through "martial arts + thrill" or superficial adaptations of Western elements, leading to labels like "skin-swapping" and "IP imitation" [1] - "Black Myth" uses mythological narratives to convey humanistic themes, while "Yan Yun Sixteen Sounds" emphasizes Song Dynasty aesthetics, facilitating cross-cultural dialogue [1] Group 2: Technological Advancements - Previously, Chinese games were criticized for relying on commercial engines and copying overseas gameplay; however, "Black Myth" employs advanced technologies like virtual geometry and dynamic global illumination [1] - "Genshin Impact" showcases high-quality graphics and performance across multiple platforms using a self-developed engine, with AI integrated throughout the development process [1] Group 3: Industry Ecosystem - The success of Chinese games abroad is not limited to a few companies; it involves a collective effort with globalized thinking in game development and distribution [2] - The Chinese government is facilitating this growth by streamlining approval processes for game exports and providing support in areas like international compliance and intellectual property protection [2] - The industry is transitioning from merely exporting products to promoting cultural narratives, akin to the transformation seen in the Chinese mobile phone sector [2]

Core Insights - The article discusses the evolving presence and perception of Chinese games at the Cologne Game Show, highlighting both achievements and challenges faced by the industry in gaining recognition in the global market [1][5][47]. Group 1: Chinese Games at Cologne Game Show - In 2025, a total of 18 Chinese games had independent booths at the core exhibition halls, indicating a significant increase in presence compared to previous years [10][31]. - Tencent's influence is notable, with 12 out of the 18 games being part of its portfolio, showcasing the company's dominance in the Chinese gaming market [11][31]. - Despite the increased presence, the atmosphere during the showcase of Chinese games was relatively subdued compared to the enthusiastic reception of Japanese and Western games [3][5]. Group 2: Market Performance and Growth - In 2024, the overseas revenue of self-developed Chinese games grew by 13.39%, significantly outpacing the global game market's growth of 3.2% [53][55]. - The article emphasizes that the growth is not limited to traditional mobile game genres but also includes shooting, action, and anime-style games, reflecting a diversification of appeal [53]. Group 3: Cultural and Strategic Shifts - The article notes a shift in the approach of Chinese game companies, moving from a defensive posture to a more confident and open engagement with international audiences [60][70]. - Companies are increasingly recognizing the importance of creating immersive experiences at exhibitions, with elaborate setups and interactive elements to attract players [39][41][46]. - The narrative suggests that the long-term strategy for Chinese games involves building relationships and ecosystems rather than aggressive market entry tactics [63][70]. Group 4: Future Outlook - The article concludes with a hopeful perspective on the future of Chinese games, suggesting that the industry is on a path to greater global integration and recognition, moving towards a collaborative rather than competitive stance in the global gaming landscape [70][73].

Core Insights - The 2025 Cologne International Game Show, held from September 20 to 24, showcased a larger and more prominent presence of Chinese gaming companies, reflecting their growing confidence and influence in the European market [1][4]. Group 1: Chinese Presence and Popularity - The number of Chinese exhibitors at the Cologne Game Show reached a record high of 50, with over 1,500 exhibitors from more than 70 countries participating [4]. - Chinese games are increasingly well-received, with companies focusing on enhancing the quality of their original works, leading to higher international competitiveness and positive evaluations from overseas media and players [4]. - The game "Black Myth: Wukong" by Game Science gained significant attention, with its sequel "Black Myth: Zhong Kui" being highlighted as a major reveal at the event [2][3]. Group 2: Market Data and Trends - Germany, as Europe's largest gaming market, has approximately 37.5 million gamers, with mobile and console platforms being the most popular [5]. - In 2024, four games developed by Chinese companies are projected to enter the top ten mobile download rankings in Germany [5]. Group 3: Localization and Collaboration - Chinese gaming companies are adopting a global perspective, emphasizing localization and community engagement to resonate with European players [7]. - MiHoYo's game "Genshin Impact" exemplifies this trend by incorporating European cultural elements and actively engaging local players through events and themed cafes [7]. - Collaboration between Chinese and European game studios is increasing, with Tencent showcasing multiple new titles developed in partnership with international IPs and studios [8].