智通财经APP获悉，2025年12月17-18日，"光 LIGHT·增长无界" 2025腾讯广告游戏生态峰会在上海成功 召开。中国音像与数字出版协会常务副理事长兼秘书长敖然在会上致辞并发布《2025中国移动游戏广告 营销报告》，介绍中国移动游戏营销的现状和发展。报告显示，产业现状方面，目前，中国移动游戏市 场已进入成熟发展阶段，单年市场规模稳定在2000亿元以上，并占据国内整体游戏市场约四分之三的份 额。在新品与长线产品的共同作用下，2025年中国移动游戏市场实际销售收入同比增速超7%，全年收 入再创新高。 移动游戏的用户构成较往年出现了变化，以年轻用户为主力的同时，中老年用户占比有所增加。小程序 游戏是促进中老年用户占比提升的重要因素。而从性别构成来看，男性用户相对较多，占比为52%，在 女性向游戏的带动下，男性、女性用户占比正逐步接近1:1。 营销现状方面，2025年1—6月中国主要上市游戏企业销售费用率均值为21.8%，较去年同期下降2.9个百 分点，是近5年来首次明显下降。注重深度营销指标是上述变化的核心成因，深度营销指标能进一步强 化营销投入与创收间的关联，进而提升营销回报。 2025年1—6月销售 ...

Investment Rating - The report maintains a "Buy" rating for Bilibili (BILI US) with a target price of $26, representing a potential upside of 21.2% from the current price of $21.46 [6][7]. Core Insights - The report emphasizes Bilibili's focus on enhancing advertising commercialization efficiency and long-term operation of core game IPs. The company aims to expand its advertising ceiling while exploring diversified monetization models primarily targeting C-end users, supplemented by B-end strategies [1]. - Bilibili's advertising strategy involves deepening the value of mid-to-long video content, with a significant increase in advertising revenue from the content consumption and consumer goods sectors, showing a year-on-year growth of 90% and 30% respectively in the first half of the year [1]. - In gaming, Bilibili is concentrating on the long-term operation of core IPs, with successful titles like "Three Kingdoms" achieving record daily active users and maintaining strong revenue contributions from various platforms [1]. Summary by Sections Advertising Strategy - Bilibili is implementing a dual strategy in advertising, focusing on both content quality and market share expansion. The company is leveraging AI to enhance its advertising capabilities, including recommendation systems and intelligent ad placements [1]. - The report highlights that the advertising revenue from the gaming sector is expected to grow as Bilibili assists leading game companies in user retention and marketing budget allocation [1]. Gaming Operations - The report outlines Bilibili's successful game titles, including "Three Kingdoms," which has consistently ranked in the top three of the iOS bestseller list. The company plans to launch new versions and expand its gaming ecosystem [1]. - Upcoming game releases include a new PVE game and expansions for existing titles, indicating a robust pipeline for future growth [1]. Financial Projections - The report projects an adjusted net profit of 2.3 billion RMB for 2025, with expectations for improved gross margins and profit release driven by scale effects and revenue structure optimization [1].