1)平台端/用户端：微信+小程序的流量红利。微信小程序作为微信流量重要的载体，2024年10月用户规 模同比增长3%已达9.49亿，月活用户规模同比增量达到2784万。QuestMobile数据显示，2022至2024年 的10月数据来看，微信小游戏连续成为抢占用户时长占比最高的应用类型。2024年10月，微信小游戏月 活用户规模达到5.55亿，同比增长5.9%。2)渠道/变现模式：更灵活、更优质。微信已经推出一系列激励 政策，微信小游戏在不同阶段可享不同额外激励，到手的收益预估在50%至100%以上不等。3)研发端： 更快的周期和周转。目前厂商针对分端原生制作与H5版本兼容制作均有成熟的技术能力支持开发。即 使是原生制作的小游戏，研发周期与成本至少能降低至手游APP的50%。此外，Unity为微信小游戏做了 特殊的支持与优化，微信推出Unity WebGL小游戏适配(转换)方案，以降低Unity游戏转换到微信小游戏 的开发成本。 当前时点看趋势：把握生态的成熟放量 1)中重度化趋势有望强化用户粘性和ARPU。小游戏未来可能形成轻度化玩法为入口、重度化内容做留 存的融合趋势。所谓"轻度化玩法"，是为了降低用户 ...

格隆汇12月12日｜中手游(0302.HK)今日股价表现强势，一度涨7.35%。市场分析认为，此次上涨或与公 司加速推进小游戏赛道布局及海外业务进展受到投资者关注有关。 此前发布的2025年上半年财报显示，公司海外发行收入达2.35亿元，占整体游戏收入比重提升至 30.8%，同比增长33.2%。这一增长不仅得益于《仙剑奇侠传》《斗罗大陆》等主力IP产品的持续输 出，也受益于一批新兴轻量化产品在海外市场的初步释放，为公司注入了新的增长动能。 当前，全球移动游戏市场正经历结构性变化。随着用户获取成本持续攀升，以"免费下载+广告变现"为 核心的小游戏形态（IAA）迅速崛起，成为驱动行业增长的重要力量。据悉，中手游已开始着手布局多 款IAA产品进行海外验证，此类产品具备上线周期短、用户门槛低、ROI回收快等特点，契合当前全球 移动游戏市场对高效运营与广泛触达的需求。 随着更多产品进入商业化验证阶段，中手游能否在全球轻量化游戏市场中建立可持续竞争力，将持续成 为市场关注焦点。 ...

Core Viewpoint - The Hong Kong gaming sector, particularly Zhongyou Mobile (00302.HK), experienced a significant stock price increase of 5.56%, attributed to breakthroughs in the mini-game overseas market and effective IP ecosystem operations [1] Group 1: Mini-Game Overseas Expansion - Mini-game overseas expansion has become a crucial growth engine for Zhongyou Mobile, with the mini-game "Spring and Autumn Fantasy" generating over 100 million yuan in revenue within three months of its launch, ranking among the top ten in WeChat's game sales [1] - The strong monetization capability of mini-games is highlighted by their performance in the market [1] Group 2: IP Ecosystem Development - The continuous deepening and value release of the IP ecosystem provide solid support for the company's stock price [1] - Zhongyou Mobile has 18 new products planned for 2025, with 11 of them being IP derivative games such as "New Three Kingdoms: Cao Cao's Biography" and "Naruto: Leaf Ninja," most of which have already obtained licenses and will be launched in the second half of the year, ensuring ample momentum for future performance growth [1] Group 3: Financial Performance - The company's operating cash flow turned positive in the first half of 2025, reaching 108 million yuan, indicating a potential turning point for profit recovery [1] - The combination of mini-game overseas growth and the monetization potential of the IP ecosystem positions the company favorably for future profitability [1] - The growth logic is expected to be further strengthened with the launch of new products like "Code: Dark Night Legend" and advancements in the Web3 sector [1]

Core Insights - Century Huatong reported a revenue of 17.2 billion yuan for the first half of 2025, representing a year-on-year growth of 85.5%, with a net profit of 2.656 billion yuan, up 129.33% [1] - The overseas gaming business contributed over 50% of the revenue, with "Whiteout Survival" leading the Chinese mobile game revenue charts [1][2] - The success of "Whiteout Survival" and its follow-up "Kingshot" highlights the effectiveness of the established methodologies of the subsidiary, Didi Interactive, in the gaming market [2][4] Company Performance - "Whiteout Survival" has become the top-grossing mobile game overseas, surpassing competitors like MiHoYo's "Honkai: Star Rail" and Tencent's "PUBG MOBILE" [1] - The game has maintained a high retention rate despite the "bait-and-switch" advertising strategy, which contrasts the gameplay shown in ads with the actual game experience [5][7] - Century Huatong's sales expenses increased by 121.72% to 6.564 billion yuan, driven by rising marketing costs associated with game revenue growth [9] Industry Trends - The mini-game export trend is gaining traction, with many developers attempting to replicate the success of "Whiteout Survival" and "Kingshot" [8][10] - The market is becoming increasingly competitive, leading to higher user acquisition costs, which may squeeze the survival space for smaller game developers [10][11] - The phenomenon of "skin-swapping" games, where existing popular games are rebranded for overseas markets, is becoming more common, complicating the landscape for original game developers [11]

Core Viewpoint - The article highlights that while leading companies in the mini-game sector continue to generate significant revenue, the opportunities for smaller developers to benefit from overseas expansion are diminishing [2][17]. Group 1: Company Performance - Century Huatong reported a revenue of 17.2 billion yuan for the first half of 2025, representing a year-on-year growth of 85.5%, with a net profit of 2.656 billion yuan, up 129.33% [3][20]. - The overseas gaming business contributed over 50% of the revenue, with "Whiteout Survival" leading the Chinese mobile game revenue rankings [3][10]. Group 2: Market Dynamics - The mini-game market is experiencing increased competition, with many developers attempting to replicate the success of "Whiteout Survival" and "Kingshot" [19][21]. - The rising costs of user acquisition are squeezing the survival space for many smaller game developers, as larger companies can afford higher advertising expenses [21][22]. Group 3: Challenges in Overseas Expansion - The article discusses the challenges faced by developers when attempting to launch mini-games overseas, including cultural and language barriers, as well as inadequate payment systems [9][19]. - The phenomenon of "skin-swapping" games, where existing popular games are rebranded for overseas markets, is becoming more common, complicating the path for original games to succeed [23]. Group 4: User Behavior and Game Design - Users are increasingly seeking lightweight games that can fit into fragmented time slots, which has driven the popularity of mini-games both domestically and internationally [18]. - "Whiteout Survival" employs a strategy of "bait and switch" in its advertising, attracting users with misleading content but managing to retain them through engaging gameplay [12][16].

Group 1 - The gaming sector experienced a low opening but saw a rebound, with the gaming ETF (159869) rising nearly 0.5% after three consecutive trading days of net capital inflow totaling 147 million yuan [1] - According to Gamma Data's report on the Chinese gaming industry for the first half of 2025, the mini-game market reached a record high of 23.276 billion yuan, reflecting a year-on-year increase of 40.20% [1] - The IAA (In-App Advertising) mini-games showed strong performance, generating advertising revenue of 7.973 billion yuan, which accounted for 34.30% of the mini-game market share [1] Group 2 - The core logic for mini-games going overseas in 2025 is to "race against time," with game developers focusing on growth and market trends [1] - Key strategies include aligning products with market trends, leveraging the rapid integration of IAA features, and expanding user bases [1] - Marketing strategies involve utilizing platforms like TikTok for targeted user engagement through precise advertising materials and collaborations with influencers [1] Group 3 - Open Source Securities expresses optimism about both established and new games that can achieve longevity through continuous operational activities, content updates, and regional expansion [2] - Specific games highlighted include Giant Network's "Supernatural Action Group," Xindong Company's "Xindong Town," and G-bits' "Staff Sword Legend," along with the upcoming launch of Xindong Company's "Iser" on September 25 [2]

Core Insights - The mini-game market in China has seen significant growth, with revenue reaching 23.276 billion yuan in the first half of the year, a year-on-year increase of 40.20% [1] - Despite the market growth, companies are experiencing anxiety due to the emergence of a "Matthew Effect," where leading firms dominate the market by investing heavily in user acquisition [1][4] - The increasing resistance of players to similar mini-games has led companies to seek breakthroughs, particularly through overseas expansion, as they aim to capitalize on the growing market [4][6] Market Dynamics - The mini-game market is characterized by a "surge" in user numbers and market size, with projections estimating the market could reach 61 billion yuan by 2025, a tenfold increase since the inception of mini-games [7] - Companies are racing against time to capture market share, especially in less competitive overseas markets, as evidenced by the increasing number of mini-game projects launched at events like ChinaJoy [7][10] - Successful overseas mini-games, such as "Mushroom Hero," have demonstrated the potential for high revenue, with monthly earnings reaching 50 million USD, prompting more companies to enter the market [8][10] Competitive Landscape - The mini-game industry is facing intense competition, particularly in nearby markets like Southeast Asia, where many companies are vying for dominance [12][14] - As competition intensifies, companies are shifting their focus to more distant markets, such as Europe and the Middle East, which present greater potential but also higher entry barriers [14][16] - The challenges in the European and Middle Eastern markets include differing consumer habits and higher costs for user acquisition, making it essential for companies to adapt their strategies [17] Strategic Recommendations - Companies are advised to be strategic in product development, aligning with market trends and consumer preferences to maximize user engagement [20] - Leveraging short video platforms like TikTok for marketing can enhance user acquisition and engagement, as these platforms resonate well with mini-game audiences [25] - Collaboration with local marketing channels is crucial for successful overseas expansion, as companies need to navigate diverse market dynamics effectively [25]

Core Viewpoint - Feiyu Technology (01022) has seen its stock price increase by over 120% since July, with a current rise of 18.75% to HKD 0.57, and a trading volume of HKD 15.09 million [1] Company Summary - Feiyu Technology has issued a profit warning, expecting a post-tax net profit of approximately RMB 55 million to 70 million in the first half of 2025, while anticipating a post-tax net loss of about RMB 2 million in the first half of 2024 [1] - The significant increase in revenue is attributed to the upcoming game "One Step Two Steps," which is set to launch in the second half of 2024 and enter its recovery phase in the first half of 2025, alongside successful preliminary marketing efforts [1] - The company also expects to recognize investment income of approximately RMB 300,000 to 1 million from a non-listed limited partnership during this period, contrasting with an anticipated investment loss of RMB 11.6 million in the first half of 2024 [1] Industry Summary - According to CICC, the core catalyst for the mini-game overseas market is the rapid expansion of the domestic mini-game market in 2023, attracting more developers and resulting in a number of excellent mini-game products [1] - There is a global trend favoring lightweight gameplay, which forms the basis for the mini-game overseas market, as low barriers to entry and positive feedback align with current global user entertainment demands [1] - From a competitive perspective, the lightweight gaming sector currently faces weak competition, providing space for medium-sized companies to expand overseas, leveraging years of experience in overseas game marketing and localized operations to enhance product popularity [1]

Core Viewpoint - Feiyu Technology (01022) has seen its stock price increase by over 120% since July, with a current rise of 18.75% to HKD 0.57, and a trading volume of HKD 15.09 million [1] Financial Performance - The company anticipates a post-tax net profit of approximately RMB 55 million to 70 million for the first half of 2025, following a projected post-tax net loss of about RMB 2 million for the first half of 2024 [1] - The significant increase in revenue is attributed to the upcoming game "One Step Two Steps," which is set to launch in the second half of 2024 and enter its revenue recovery phase in the first half of 2025 [1] - The company expects to recognize investment income of approximately RMB 300,000 to 1 million from a non-listed limited partnership during this period, contrasting with an anticipated investment loss of RMB 11.6 million in the first half of 2024 [1] Industry Insights - According to CICC, the rapid expansion of the domestic mini-game market in 2023 has attracted more developers, leading to the emergence of several excellent mini-game products [1] - There is a global trend favoring lightweight gameplay, which forms the basis for mini-game expansion abroad, as low barriers to entry and positive feedback align with current global user entertainment demands [1] - The lightweight gaming sector currently faces low competition, providing medium-sized companies with opportunities for overseas expansion, leveraging years of experience in user acquisition and localized operations to enhance product popularity [1]

Core Viewpoint - Feiyu Technology (01022) has seen its stock price increase by over 120% since July, with a current rise of 18.75% to HKD 0.57, driven by positive earnings expectations and significant revenue growth [1] Company Summary - Feiyu Technology anticipates a post-tax net profit of approximately RMB 55 million to 70 million in the first half of 2025, following a projected post-tax net loss of about RMB 2 million in the first half of 2024 [1] - The revenue growth is primarily attributed to the upcoming game "One Step Two Steps," which is set to launch in the second half of 2024 and enter its revenue recovery phase in the first half of 2025 [1] - The company also expects to recognize investment income of approximately RMB 300,000 to 1 million from a non-listed limited partnership, while it recorded an investment loss of about RMB 11.6 million from the same partnership in the first half of 2024 [1] Industry Summary - The mini-game market in China has rapidly expanded in 2023, attracting more developers and resulting in the emergence of several high-quality mini-game products [1] - There is a global trend favoring lightweight gameplay, which forms the basis for mini-game expansion overseas, as low barriers to entry and positive feedback align with current user entertainment demands [1] - The lightweight gaming sector currently faces low competition, providing opportunities for medium-sized companies to expand internationally, leveraging their years of experience in overseas game marketing and localized operations to enhance product popularity [1]