Core Viewpoint - Chengdu Fighting Technology Co., Ltd. (91ACT) has successfully launched the action game "BlazBlue: Chaos Effect" on PC and mobile platforms, achieving over 1 million sales on PC and more than 1.2 million paid users on mobile by March 2025, marking it as a significant success in the domestic gaming industry [1][3]. Game Development and Challenges - "BlazBlue: Chaos Effect" is a derivative work of the 2D fighting game series "BlazBlue" developed by Arc System Works, praised for its quality and ability to attract both original fans and new players [1][3]. - The development team faced significant challenges, including a near-disbandment in February 2024, but through perseverance and player feedback, they managed to revitalize the game and achieve impressive sales [3][4]. - The upcoming release of "BlazBlue: Chaos Effect X" on PlayStation 5, Nintendo Switch, and Xbox Series X|S will include new playable characters, game modes, and a storyline supervised by the original creators [1][3][4]. Future Outlook - The company aims to develop original action game IPs, aspiring to create higher quality and more extreme action games, reflecting confidence in the future of the Chinese gaming industry [4][20]. - The success of "BlazBlue: Chaos Effect" has positioned 91ACT as a model for long-term operation of buyout games, with plans for continuous updates and new content post-launch [3][15]. - The company believes that as Chinese developers mature, they can establish a strong presence in the global buyout game market, similar to the dominance seen in other industrial sectors [20][21].

Core Insights - The gaming industry is experiencing increasing concentration, with top companies dominating the most lucrative segments, attracting most user engagement with evergreen products [1] - Many companies are exploring opportunities on the Steam platform, particularly focusing on buyout games due to their stable return expectations and lower risk of loss compared to more competitive segments [2][3] Group 1: Changes in Steam's Bestsellers - The recommendation algorithm for Steam's new product festival has changed, allowing for targeted recommendations, which has led to the emergence of several retro-style small-scale hit products [5] - Domestic major companies' investments in overseas studios are starting to show results, with these studios releasing products that incorporate popular gameplay trends [6] - There is a noticeable trend of fewer original IPs among this year's bestsellers, with many being sequels to classic series or remakes, developed by teams experienced in specific gameplay styles [7] Group 2: Performance of Small-Scale Games - In the first half of 2025, 40% of the top 30 selling games on Steam were independent or AA games, indicating a decline in the dominance of traditional AAA companies [9] - Successful small-scale hit products often focus on single classic gameplay mechanics, relying on low-cost control, shareable design, and deep optimization of the experience [12] - Notable small-scale hits include "Heroes of Hammerwatch II," "The Headliners," and "Age of Darkness: Final Stand," showcasing simple yet engaging gameplay [14][15][16] Group 3: Trends in Medium and Large Games - Approximately 70% of successful medium to large games in the first half of 2025 are sequels or remakes of classic IPs, while only about 10% are new IPs created through innovative gameplay [21] - Domestic companies are increasingly focusing on buyout games, which provide stable returns and allow for the testing of new gameplay ideas [23][24] - Major companies like Tencent and NetEase are investing in promising single-player game teams to mitigate risks while developing new IPs [25] Group 4: Upcoming Trends and Predictions - The second half of 2025 is expected to see a continuation of the trend towards classic IP sequels, with players showing a strong interest in nostalgic gameplay experiences [37] - Anticipated titles include new entries in established franchises and remakes, which are likely to perform well in the market [39][40] - The market is looking for products that not only leverage established IPs but also meet modern player demands for engaging and shareable gameplay experiences [42]