Core Insights - Tencent's game "Delta Operation" has become a significant revenue contributor, achieving an average daily active user count of 20 million by July 2025, marking a 66% increase in just three months [1][3] - The game has successfully launched on PS5 and Xbox platforms, indicating Tencent's strategic move into the console gaming market [1][4] Industry Overview - The FPS genre holds a central position in the global gaming market, with Western studios dominating for decades, creating a mature ecosystem [4][5] - Tencent's entry into the console gaming market is seen as a new growth opportunity, despite the challenges of building a competitive ecosystem from scratch [5][7] Product Development and Strategy - "Delta Operation" is positioned as a new growth engine for Tencent, showcasing strong performance in app store rankings and sales [13][20] - The game emphasizes high product quality and service-oriented content, leveraging advanced technology for cross-platform development [8][9] - The development team has focused on creating unique gameplay mechanics and a robust economic system, aiming to differentiate from traditional FPS games [11][12] Market Potential - The FPS genre in China is relatively scarce, but demographic changes and increasing sales of gaming peripherals present long-term growth opportunities [15][16] - Tencent's strategy includes not only self-developed titles like "Delta Operation" but also a synergistic approach with its publishing and investment arms, enhancing its market presence [20][21] Competitive Landscape - The success of "Delta Operation" indicates that Chinese self-developed games can compete with top international titles in the FPS category, marking a significant shift in the industry [21]

去年1月，马化腾在年度员工大会上批评腾讯游戏躺在功劳簿上不思进取，今年功劳簿焕发二春，一年 拿下双位数增长，收获"非常争气"的五星好评[1]；点点互动靠着小程序游戏弯道超车米哈游，跻身国内 前三。 东山再起的是少数，增长无策的是多数。根据不完全统计，2024年，已经发布财报的多家游戏公司里， 预盈的公司只占三分之一。完美世界这样的大户，也迎来上市后首次亏损。 乱流之下，"多端互通"变成为数不多的锚点。 长期以来， 移动端（手机） 与 桌面端（PC/游戏机） 是泾渭分明的两个市场，对应着迥异的需求偏好 与产品逻辑。 2020年9月，《原神》登陆多个不同平台，在性能各异的终端间维持了相对一致的游戏体验，终端间清 晰的分界线开始模糊。 2021年，《原神》挤进PS4游戏畅销榜单，此后连续四年锁定前十，与《使命召唤》、《堡垒之夜》等 现象级作品难分伯仲，让"多端互通"成为行业最大共识。 但眼下凛冬未远，这架引擎的余温能把游戏行业带出泥沼吗？ 一笔获客的账 "跨端"是一个技术问题，但也是一个算账问题。 作为第一个吃螃蟹的开发商，米哈游立项《原神》时面对着两个大背景： 一是移动互联网的流量日趋集中，游戏渠道商的话语权依然 ...

Core Viewpoint - The rise of PC and console gaming is becoming increasingly evident, with significant growth in revenue and user engagement, particularly driven by successful titles and multi-platform strategies [2][4][8]. Group 1: Company Performance - NetEase reported a revenue of 105.3 billion yuan for 2024, with a year-on-year growth of 1.73%, and its gaming segment generated 83.6 billion yuan, growing by 2.45% [2]. - The growth in NetEase's gaming business is attributed to stable performances from flagship products like "Naraka: Bladepoint," "World of Warcraft," and "Hearthstone" [2]. - The fourth quarter saw a 57% year-on-year increase in revenue from PC and console games, significantly contributing to NetEase's overall revenue growth [2]. Group 2: Market Trends - The gaming industry is witnessing a resurgence in PC gaming, with Tencent's new title "Delta Force" generating 70% of its revenue from the PC platform [4]. - The anticipated release of "Black Myth: Wukong" has reignited interest in AAA PC games, leading to increased market enthusiasm for the segment [4][8]. - Over two-thirds of users who purchased "Black Myth" also bought other console games, indicating a shift in consumer behavior towards multi-platform gaming [4]. Group 3: Industry Dynamics - The demand for high-quality graphics and gameplay is rising, pushing developers to enhance their offerings across platforms [5][8]. - Multi-platform connectivity has become a new industry consensus, with games like "Genshin Impact" leading the way in cross-platform integration [5][6]. - Despite the growth in PC gaming, mobile games still dominate the revenue landscape, accounting for 73% of the total gaming revenue in 2023, highlighting the need for a balanced approach [9].