临近年尾，已经到了年度总结满天飞的时间。12月上旬，游戏新知介绍了在2025年停运下架的2222款产品，而在这些产品之间，二次元游戏算得上是一个 不可忽视的品类。 提起「二次元」，在业内曾是当之无愧的风口，有不少厂商在这个领域拿到了不错的成绩，甚至一举凭此发家。但近几年来，这个品类的市场规模似乎触 达瓶颈，头部厂商增速放缓甚至下滑，大多数新入局的厂商结局都比较惨淡，伤筋动骨已算幸运，更有甚者直接倒闭。 游戏新知曾经介绍过2022-2024年的二游概况，这三年共有124款二游拿到版号，但41款游戏在去年就无了。而今年同样惨淡，从年初到年尾，几乎每个月 都会有产品宣告停运。 游戏新知通过Sensor Tower统计的数据拉出了一份名单（放在文末），国内拥有二次元Tag的产品共有717款。从整体趋势来看，二游市场的两极分化相当 严重。 一方面，头部产品吸金能力依然非常夸张，有1款产品仅iOS渠道营收就达到10亿量级，有14款游戏营收破亿；另一方面，大部分入局者并未拿到什么成 果——名单中共计有407款游戏（占比57%）有流水数据，换句话说，43%的产品在今年近12个月的时间里没有产生收入。 值得一提的是，有112款 ...

25年的二游市场，说得夸张点，用"尸横遍野"来形容可能都不为过。 据竞核不完全统计，2025年有超过20款以上的二游宣布停服或停更。他们有的是大厂出身，有的是中小厂商最后的绝唱，有的则是运营超过七年的产品， 游戏类型涵盖乙游，战棋，卡牌，MMORPG，箱庭等多个领域。 | 产品名 | 开发/发行 | 紫型 | 上线时间 | 停运/停更时间 | | --- | --- | --- | --- | --- | | 筑梦公馆 | 监港互动 | 乙女 | 2022.5.10 | 2025.1.3 | | 少女的王座 | 星辉娱乐 | 乙女 | 2021.4.22 | 2025.1.6 | | 机动都市阿尔法 | 网易游戏 | 机甲射击 | 2021.1.21 | 2025.1.13 | | 白夜极光 | 腾讯永航科技 | 策略卡牌RPG | 2023.6.13 | 2025.1.24 | | 失落四境 | 之幻网络 | 箱庭探索RPG | 2024.8.29 | 2025.2.10 | | 干年之旅 | 英澈游戏 | 策略卡牌RPG | 2023.8.10 | 2025.2.25 (已重新上线) | | 猫之宿约者 ...

Core Insights - The year 2025 marks a continued cooling in the two-dimensional (2D) gaming sector, with several notable games ceasing updates or operations, despite some having been initially promising [1] - The market is characterized by a mix of stagnation and opportunity, as established titles like "Genshin Impact" and "Honkai: Star Rail" continue to perform well, while new releases struggle to gain traction [1][11] - The industry is experiencing a shift towards a more cautious and conservative approach, with a focus on proven content and established IPs, as new titles face significant challenges in user acquisition and retention [10][12] Industry Trends - The number of new users in the 2D gaming sector is declining, with existing products dominating the market, making it difficult for new entries to break through without strong IP or content differentiation [6][12] - Investment in 2D projects is becoming more scrutinized, with tighter cash flow and recovery cycle expectations, leading to increased pressure on content quality and production costs [7][9] - The trend of low-cost, safe-to-play games is no longer viable, as the market demands higher quality and more innovative gameplay experiences [13][18] Market Dynamics - The absence of a "national-level" blockbuster in 2025 has left many older titles stable, as they rely on their established user bases and ongoing content updates [11][12] - Players are increasingly opting for well-established titles over new releases, reflecting a preference for reliability in a market filled with uncertainty [12] - The industry is witnessing a shift in focus from creative gameplay to minimizing risk and ensuring player retention, leading to a more formulaic approach to game development [10][11] Challenges Faced - The pressure on developers has intensified, with a need for community management and risk assessment becoming critical components of game development [4][10] - Recruitment challenges persist, as the industry faces a shortage of skilled professionals who can effectively contribute to 2D game development [4][5] - The overall sentiment in the industry reflects a sense of fatigue and caution, with many professionals feeling overwhelmed by the pressures of maintaining quality and meeting player expectations [4][10]

12月25日晚间，国家新闻出版署发布《2025年12月份国产网络游戏审批信息》，合计发放147个版号， 包括144款国产网络游戏获版号，3款进口网络游戏获版号；另外还有7款游戏审批信息发生变更。 但在经营业绩方面，二次元游戏市场今年持续遇冷。据《2025年中国游戏产业报告》，2025年，国内二 次元移动游戏市场实销收入282.81亿元，同比下降3.64%。 报告指出，其流水下滑主因有二：一是多款头部产品流水下行；二是多数新品上市表现未达预期。 多家游戏厂商在这一赛道有所布局，目前已有包括腾讯《虚环》《归环》、鹰角网络《明日方舟：终末 地》、完美世界（002624）《异环》在内的多款二游大作曝光，《白银之城》能否顺利突围仍值得关 注。 具体来看，12月发放的游戏版号中，腾讯、快手、乐元素、壳木、恺英、四三九九、上海数龙等游戏厂 商均有所收获，国内多家上市公司、知名厂商的重点产品过审，包括腾讯游戏《QQ经典农场》、乐元 素《白银之城》、三七互娱（002555）《荒漠沙洲》、百度多酷《口袋王者》、恺英网络（002517） 《梦境守望者》、盛趣游戏《轻松传奇》、四三九九《勇者与幻兽》、北京壳木《破晓危城》、电魂网 络 ...

Core Viewpoint - The article emphasizes the growth of China's gaming industry in overseas markets, highlighting that the actual sales revenue of self-developed games reached $9.501 billion, a year-on-year increase of 11.07% [6]. Group 1: Market Performance - Tencent's international market revenue grew by 43%, marking the highest growth rate since the segment's performance was disclosed [9]. - NetEase's overseas deferred revenue increased by 25.3% to 19.47 billion yuan, indicating that the overseas market is becoming a second growth curve for its gaming business [9]. - By 2025, China's self-developed game overseas revenue is expected to exceed $20 billion, reflecting a significant upward trend in overseas income [9]. Group 2: Leading Companies - Century Games has been identified as the "first factory" for overseas expansion, ranking first in the global mobile game manufacturers list, with notable titles like "Endless Winter" and "Kingdom of Bouncing" contributing to its success [12][13]. - Other companies like FunPlus and Lilith Games also continue to perform well in the overseas market, particularly in the SLG genre, which is popular in emerging markets [14]. Group 3: Game Genres and Player Demographics - SLG games remain a popular category for Chinese games going abroad, appealing to a wide range of players, including those in conflict zones seeking escapism [14]. - Casual games from companies like Habby, which include titles like "Archero" and "Dungeon of the Endless," have also shown strong performance in overseas markets due to their low entry barriers and engaging gameplay [16]. - Lemon Microfun targets ultra-casual players, primarily women, with games like match-3 and simulation genres, catering to players looking for quick entertainment during daily routines [19]. Group 4: Trends in Game Development - The article notes that shooting games continue to be a traditional strong category for overseas markets, with Tencent's "Delta Force" performing exceptionally well [20]. - The second dimension (二游) games, while not mainstream, have a dedicated following in overseas markets, with players attending conventions to connect with others [22]. - The success of titles like "Ming Tide" and "Yuan Yun Sixteen Sounds" indicates a growing interest in Chinese cultural themes, particularly in the martial arts genre, which has gained traction among overseas players [41][43]. Group 5: Future Directions - The article suggests that the combination of martial arts, immersive experiences in second dimension games, and detailed narratives in female-oriented games will shape the future landscape of Chinese games going abroad [48]. - The industry is transitioning from a rough expansion phase to a more refined competition stage focused on quality, culture, and gameplay [49]. - Companies will need to balance global adaptation with local expression to maintain competitive advantages in the international market [49].

文 | 娱乐资本论 毛丽娜 2025年的游戏市场，出海仍是关键词。 根据中国音像与数字出版协会发布的《2025年1-6月中国游戏产业报告》，中国自主研发游戏在海外市场的实际销售收入达到95.01亿美元，同比增长 11.07%，证明海外市场对国产游戏有着持续需求。 从腾讯游戏、网易游戏的Q3财报能发现，大厂在海外市场斩获颇丰。鹅厂国际市场收入同比增速高达43%，是该市场板块单独披露业绩以来的最高增 速；猪厂海外市场递延收入同比增长25.3%至194.7亿元，机构指出海外市场将成为其游戏业务的第二增长曲线。 根据上半年数据以及季度增长趋势，2025年中国自研游戏海外收入将突破200亿美元大关。面对出海收入再创新高，欣喜之余未免也充满了探究与好奇： 与过去几年相比，国游出海的品类构成是否出现变化？是哪些海外玩家在为中国游戏氪金买单？出海收入的提升过去存量玩家的基础上加大了氪金力度与 次数，还是触及到了新玩家？ 通过数据以及对真实海外玩家的采访，我们想看看国游出海这一年发生了什么新变化。 01 谁是出海"第一厂" 虽说文无第一武无第二，但诸多厂商出海，势必还是要分出个坐次排序。 在你心里出海第一厂是哪家？或许有人会说 ...

Summary of Perfect World Conference Call Company Overview - **Company**: Perfect World - **Industry**: Gaming, specifically focusing on heavy games and open-world RPGs Key Points and Arguments - **Upcoming Game Release**: Perfect World’s new game "One Ring" is expected to launch in 2026, targeting a revenue of over 5 billion RMB in its first 12 months with a profit margin estimated between 30%-50%, potentially contributing 0.9-3 billion RMB in profit [2][3] - **Previous Success**: The predecessor "Honkai: Star Rail" generated 4 billion RMB in revenue over two years, indicating strong market potential for "One Ring" [2][4] - **Market Expectations**: The game has completed preliminary testing, with positive feedback on content richness and commercial potential, leading to high player anticipation for its Q2 2026 launch [2][6] - **Revenue Projections**: If "One Ring" launches in April or May 2026, it is projected to generate around 3 billion RMB in revenue, contributing 0.9-1.5 billion RMB in profit, with an overall net profit for the company expected to reach approximately 1.83 billion RMB, a significant increase from 2025 [7][9] - **Valuation Insights**: Current stock price corresponds to a 17x P/E ratio, with a target valuation of 20x, indicating potential for price appreciation [7][9] Additional Important Insights - **Game Features**: "One Ring" includes enhanced character diversity, graphics, and gameplay mechanics, such as urban activities and social features, which increase its commercial viability [2][8] - **Multiplayer Functionality**: The game features a "hand-in-hand running" mode that enhances interactivity and social engagement, attracting more users [10] - **Character Design**: High-quality character interactions and details, such as water effects and unique character designs, elevate the game's appeal [11] - **Map Design**: The game features a large and complex map design, allowing for high-altitude tasks and diverse gameplay experiences [13] - **Global Testing**: "One Ring" has begun overseas testing with support for multiple languages, indicating a strong international market strategy [14] - **Market Competition**: While there are concerns about competition, the game is positioned to capture market share due to its unique offerings and timing of release [15] - **Investment Timing**: Current market conditions and upcoming developments make Perfect World a compelling investment opportunity, especially with anticipated ETF adjustments [16]

完美世界(002624) 报告日期：2025 年 12 月 23 日 证券研究报告 | 公司点评 | 游戏Ⅱ 《异环》三测宣传视频公布，重点关注新内容与上线档期 ——完美世界更新报告 投资要点 一句话逻辑 公司是一家以重度游戏开发见长的老牌游戏研发商，公司前期开发的《幻塔》口 碑营收双丰收，但近两年存在处于产品周期底部，组织架构调整，部分传统资产 出清等情况，导致利润水平和股价受到影响。如今上述问题大多已解决，《幻 塔》开发团队的重点新作《异环》将上线，我们认为公司已经进入合适投资时 点。我们看好《异环》在上线后给公司带来的营收利润增量，同时看好公司的长 线运营能力，提示重点关注。 超预期的逻辑 3）组织架构调整带来的产能效率提升 当前时间点，公司组织架构完善，开发和运营水平均有较大提升。具体说，公司 原以项目中心为主，下设游戏工作室，经过一段时间的调整后，全面调整为工作 室制，更加体现"产品为本"的研发思路，研发效率有望提升。 我们认为公司在《异环》流水上和未来长线运营能力上均有望超市场预期，具体 来说： 1）《异环》流水有望超市场预期 通过对《异环》游戏的实际体验以及市场反馈，我们首先认为《异环》是一款质 ...

今天（12月15日）上午，蛮啾旗下的大世界二次元新作《蓝色星原：旅谣》正式官宣了一系列关于海外发行的新消息。其中，游戏在韩国地区将由 NEXON独家代理发行，日本地区将由蛮啾与悠星两家厂商联合发行，港澳台地区则已经与NIJIGEN达成了代理协议。 作为目前二游市场最受关注的旗舰项目之一，自去年年初首曝开始，《蓝色星原：旅谣》就凭借着"美少女+捉宠"的差异化卖点积累了不少热度与人气。 而继今年3月招募线下试玩、8月开启"星至测试"、9月亮相东京电玩展之后，蛮啾如今又赶在2025行将结束之前敲定了海外发行主体，能够看出游戏目前 的开发进度相当顺利，各个关键节点都在紧锣密鼓地持续推进。 值得注意的是，尽管蛮啾此前在发行领域的经验算不上丰富，但对于《蓝色星原：旅谣》这款产品，他们采用的发行思路却意外的「细」——既非自 己"大包大揽"也没有全权交给合作方，而是在不同地区分别实行自研自发、代理发行、联合发行的"混合式"策略。 即便放眼整个二游品类，这种发行模式在过往实际上也并不多见。但综合产品特点、市场环境与厂商资源等各方面来看，这的确也是最适合蛮啾，也最 有"蛮啾风格"的一条发行路线。 韩国市场：联手Top1大厂，国产 ...

Core Insights - The 二次元 (2D) gaming industry is experiencing a significant downturn, with a noticeable gap emerging in 2025 as the market matures and competition intensifies [1][4][36] - Despite the overall growth of the gaming industry, the 二次元 mobile market saw a decline in actual sales revenue by 8% year-on-year in the first half of 2025 [4] - The success of past titles like 《阴阳师》 and 《原神》 has led to an influx of developers, but many new projects struggle to sustain operations, with a third of 二次元 games ceasing operations last year [3][4] Market Trends - The 二次元 gaming market is characterized by a lack of new standout products, with players primarily discussing established titles that have maintained long-term operations [6][36] - The emotional connection between players and characters is crucial, as seen in marketing strategies that emphasize character-driven experiences [9][12] - The rise of related cultural events, such as conventions, indicates a growing interest in the 二次元 culture, which supports the gaming market [12][14] Challenges and Opportunities - The market is becoming increasingly difficult for new entrants, as players are less willing to pay for games that do not meet high creative and quality standards [36][38] - Successful products often require a strong creative vision and a commitment to quality, as exemplified by titles like 《明日方舟：终末地》 and 《Varsapura》 [25][30] - Developers must innovate in gameplay and aesthetics to stand out in a saturated market, as traditional models of success are no longer effective [36][39] Future Outlook - The 二次元 gaming sector is expected to remain a focal point in 2026, with anticipation surrounding new products that could potentially revitalize the market [45][47] - The industry's idealistic nature continues to drive developers to pursue high-quality, emotionally resonant games, despite the challenges [20][45]