Core Viewpoint - The release of the new game "Black Myth: Zhong Kui" has generated significant excitement and discussion within the gaming community, indicating a strong cultural impact and potential market growth for Chinese video games [3][5][11]. Group 1: Game Release and Reception - The official announcement of "Black Myth: Zhong Kui" has sparked mixed reactions, with some players expressing disappointment over the delay of the DLC for "Black Myth: Wukong," leading to an increase in negative reviews [3][5]. - Despite the initial backlash, the promotional content for "Zhong Kui" has achieved over 12 million views on Bilibili and more than 500,000 shares, showcasing its popularity [5]. - The character Zhong Kui, rooted in Chinese folklore, has attracted interest from international audiences, with overseas gamers actively researching his background during live streams [7][9]. Group 2: Cultural Impact and Market Potential - The surge in online searches for "Zhong Kui" following the game's announcement reflects a growing global interest in Chinese cultural elements [9]. - Analysts believe that if "Zhong Kui" maintains the quality of its predecessor, it could help the domestic single-player game market surpass 10 billion yuan and facilitate the export of Chinese cultural symbols [11]. - The increasing recognition of Chinese games is evident, with multiple titles showcased at the 2025 Cologne Game Show, indicating a trend towards global acceptance of Chinese gaming products [11].

Core Viewpoint - The article discusses the increasing prominence of Chinese games at international gaming events, particularly at the Cologne Game Show, highlighting the respect and attention they are receiving globally [4][10][39]. Group 1: Event Highlights - The Cologne Game Show featured a notable presence of Chinese games, with titles like "Black Myth: Zhong Kui" being showcased as significant new releases [4][10]. - The event included various Chinese games such as "Arknights: Endfield," "Honor of Kings: World," and "Shadow Blade Zero," indicating a strong representation of Chinese gaming products [4][10]. - The awards nominations for Chinese games, including "Shadow Blade Zero" for Best Sound and multiple nominations for "Arknights: Endfield," reflect the growing recognition of Chinese titles in the international arena [8][10]. Group 2: Historical Context and Evolution - The article contrasts the current state of gaming events with past highlights from E3, emphasizing how major gaming announcements used to create significant buzz and excitement [14][18]. - It notes the shift from physical to digital marketing strategies in the gaming industry due to the pandemic, leading to a decline in traditional events like E3 [21][22]. - Despite the rise of online marketing, there is a renewed interest in physical events, as evidenced by the high attendance at recent gaming conventions in both domestic and international contexts [21][22]. Group 3: Opportunities for Chinese Games - The success of titles like "Black Myth: Wukong" has opened new opportunities for Chinese developers in the single-player market, encouraging participation in global events [24][26]. - The article highlights the necessity for Chinese free-to-play (F2P) games to expand into global markets, especially as the mobile gaming market faces saturation [28]. - It emphasizes that the quality and design of Chinese games are breaking down barriers to international recognition, allowing them to compete on a global stage [28][39]. Group 4: Future Outlook - The article expresses optimism about the future of Chinese games, suggesting that they are on the verge of becoming significant players in the global gaming industry [39]. - It points out that the changing preferences of global gamers may provide further opportunities for Chinese developers to innovate and capture market share [39].

坦白说，这届科隆游戏展的ONL（Opening Night Live 开幕之夜）真的有些沉闷，甚至差点让我看睡着了。 不是没有令人期待的大作，只是《羊蹄山之魂》《鬼武者》《忍龙4》《生化危机安魂曲》这些东西早就被曝光了，真是没有一点惊喜感。 所以最后主持人杰夫宣布活动结束后，现场就有不少人急不可耐地准备离开现场了。随后杰夫急忙在那吐槽："你们为什么走了？应该留下看这个惊喜。" 我想应该不用我翻译什么叫惊喜了吧。 要知道，在海外游戏展前发布会或者开幕之夜这样的场合中，能被主持人说「One More Thing」，以彩蛋压轴形式登场的，都是绝对的重量级产品，不是 《战神》《神秘海域》《光环》就是《马里奥》《塞尔达》《任斗》这样的存在。 《黑神话：钟馗》能得到这样的待遇，已经充分说明了中国游戏赢得了全球游戏行业以及玩家们的尊重和关注。 事实上，这次ONL的开场是《古剑》，压轴是《黑神话：钟馗》，中间穿插着《三角洲行动》《命运扳机》《明日方舟：终末地》《王者荣耀世界》等 诸多产品。 而到了科隆展里，中国游戏的存在感也不要太强：《明日方舟：终末地》《影之刃零》《王者荣耀世界》......几乎每个展区都有一大块面积属于中 ...

Group 1 - The auction result for ST Huatuo (Century Huatuo) concluded with Wei Wei winning the bid for approximately 22.6173 million shares at a price of 279 million yuan, representing a 12.04% premium over the starting price of 249 million yuan [1] - The auction attracted three investors and involved 31 rounds of bidding, with the stock price of ST Huatuo rising by 2.66% to 12.75 yuan following the announcement, increasing the company's market capitalization to 95 billion yuan [1] - ST Huatuo has seen its stock price increase significantly since the "924 market" began, with a maximum increase of over 300%, and its market value once exceeding 100 billion yuan [1] Group 2 - Despite facing challenges, ST Huatuo reported impressive financial results for 2024, with total revenue of 22.62 billion yuan, a year-on-year increase of 70.27%, and a net profit of 1.213 billion yuan, up 131.51% [2] - The company expects strong performance in the first half of 2025, forecasting revenue of approximately 17 billion yuan, a year-on-year growth of 83.27%, and a net profit between 2.4 billion and 3 billion yuan, reflecting a growth rate of 107.2% to 159% [2] - The gaming industry is thriving, with 884 domestic games approved from January to July, an increase of 151 games compared to the previous year, and the Chinese gaming market reaching a size of 28.051 billion yuan, growing by 9.86% [2] Group 3 - Wei Wei's auction price of 12.35 yuan per share is only about 3% lower than ST Huatuo's current stock price of 12.75 yuan, indicating a strong interest in acquiring shares despite the recent price increase [3]

Core Insights - The cultural and entertainment consumption is on the rise during the summer, with various gaming and anime events attracting significant public attention [1] - Domestic games are showcasing strong performance and gaining popularity both locally and internationally [1][4] Industry Events - The offline demo event for the game "Shadow Blade Zero" took place at the Shougang Park in Beijing, featuring a unique industrial backdrop that enhances the gaming experience [2][3] - The first Shanghai Summer International Anime Month series is expected to attract over one million visitors, highlighting the growing interest in anime and gaming [4] Game Popularity - "Shadow Blade Zero" is one of the most anticipated AAA games, drawing attention for its blend of traditional martial arts and modern production techniques, and has garnered a significant international following [3][4] - The event attracted around 1,000 participants, including over ten influencers with more than one million followers each, collectively reaching an audience of over 40 million [3] Global Market Performance - Chinese self-developed games are projected to achieve over $18.5 billion in overseas sales in 2024, marking a 13.39% year-on-year increase [8] - The first quarter of 2025 is expected to see nearly $4.8 billion in overseas sales, reflecting a 17.92% growth [8] Cultural Exchange - Games are becoming a new medium for cultural exchange, allowing international players to experience Chinese culture through gameplay [9] - The gaming industry is recognized as a significant pillar of the cultural and entertainment economy, with the global gaming market projected to reach nearly $190 billion in 2024, significantly outpacing the film industry [11]

Group 1 - The gaming industry is a significant category and growth point in China's service trade, with over 4,000 gaming companies concentrated in Shenzhen, forming an ecosystem of "large companies leading + small teams innovating" [1][7] - In 2024, the overseas sales revenue of domestic games is expected to exceed $18.5 billion, showcasing the success of Chinese games in international markets [1][8] - Chinese games are increasingly recognized as a new "cultural business card" for contemporary China, appealing to millions of overseas players through traditional culture and innovative design [1][8] Group 2 - A "flower planting" game from China has gained immense popularity in Thailand, attracting 20,000 users daily [3] - The cultural dissemination through gaming is subtle yet impactful, allowing overseas players to experience Chinese traditional culture and aesthetics [4] - The game "Black Myth: Wukong" has gained global attention in 2024, demonstrating the strength of China's self-developed games, with other titles like "Delta Force" and "Ming Tide" also achieving significant user engagement [5][8] Group 3 - The acceleration of Chinese games entering overseas markets is evident, with a reported overseas market sales revenue of $4.805 billion in the first quarter of 2025, marking a year-on-year growth of 17.92% [8] - Overseas players are not only engaging with the games but are also interested in visiting real-life locations depicted in the games, indicating a deeper cultural connection [8]

Investment Rating - The industry investment rating is "Recommended," indicating a favorable outlook for the industry with expectations that the industry index will outperform the benchmark index [20]. Core Insights - The gaming market in China is showing steady recovery, with a market size of 28.051 billion yuan in May 2025, reflecting a year-on-year growth of 9.86% and a month-on-month increase of 2.56% [4][5]. - The issuance of game licenses has reached new highs, benefiting from policy support that has significantly reduced the average approval cycle and improved the efficiency of small and medium-sized enterprises [6]. - Mobile games are performing particularly well, with a market size of 21.177 billion yuan in May 2025, growing by 11.96% year-on-year, surpassing the overall industry growth rate [8][9]. - The overseas sales revenue of self-developed games reached 1.577 billion USD in May 2025, marking a year-on-year increase of 6.93% and a month-on-month growth of 1.50% [13][17]. Summary by Sections Market Overview - The gaming market in China has shown a steady recovery, with a market size of 28.051 billion yuan in May 2025, which is a 9.86% increase year-on-year and a 2.56% increase month-on-month [4][5]. - The client game market's growth is primarily driven by new and subsequent new releases, with significant contributions from titles like "Victory Goddess: New Hope" and "Three Kingdoms Fantasy Continent 2: Song of the Hero" [5]. Game License Issuance - The issuance of game licenses has shown a stepwise growth trend, with a total of 812 licenses issued from January to June 2025, a year-on-year increase of 21% [6]. - The average monthly issuance increased from 121 licenses in the second half of 2024 to 135 licenses in the first half of 2025, reflecting a 12% year-on-year growth [6]. Mobile Game Performance - The mobile game market size reached 21.177 billion yuan in May 2025, with a year-on-year growth of 11.96%, outpacing the overall industry growth [8]. - Notable new releases include "Brave Land" and "Three Kingdoms Fantasy Continent 2: Song of the Hero," which contributed significantly to the revenue [8]. Overseas Market Growth - The overseas sales revenue of self-developed games reached 1.577 billion USD in May 2025, with a year-on-year increase of 6.93% and a month-on-month increase of 1.50% [13]. - Several titles, such as "Kingshot" and "Tasty Travels: Merge Game," have shown remarkable performance in international markets, contributing to the overall growth [14][17].

不出海，就出局。 目前，"走出去"已成为游戏圈内共识。 5月7日，第三方数据分析公司Sensor Tower最新披露，今年4月，共有33家中国厂商入围全球手游发行 商收入百强，合计吸金20亿美元，占比全球TOP100手游发行商收入38.4%。 腾讯旗下《王者荣耀》以71%的收入涨幅，强势回归全球手游收入榜首，带动腾讯手游收入提升10%， 稳居中国手游发行商收入榜冠军。 点点互动、网易、米哈游、柠檬微趣和三七互娱紧随其后，占据中国手游发行商收入榜前6名。 此外有媒体统计发现，世纪华通、三七互娱、神州泰岳位列A股游戏公司2024年营业收入排行的前三 名，收入分别为226.2亿元、174.4亿元和64.5亿元，其中世纪华通和三七互娱呈现明显领先。 净利润方面，排名前三的是三七互娱、恺英网络和神州泰岳，依次为26.7亿元、16.3亿元以及14.3亿 元。 值得注意的是，据媒体统计，2024年26家A股公司中过半出现收入下滑，但是出海上押注较大的公司， 比如三七互娱、世纪华通，营收表现都非常不错。 透视此次游戏行业年报，出海已成为游戏公司的必答题。 结合Sensor Tower每月公布的手游出海榜单成绩来看，《Whit ...