此次《游戏出海服务手册》的发布，是徐汇区近年来持续优化营商环境、大力扶持游戏及数字文创产业 发展的一个缩影和阶段性成果。作为上海中心城区中科技资源丰富、文化氛围浓郁、创新活力强劲的区 域，徐汇区早已将游戏产业视为区域经济转型升级的重要抓手。 发布会现场，包括莉莉丝、椰岛等多家扎根徐汇的游戏企业代表，对《游戏出海服务手册》和"6+1"的 发布表示欢迎。 11月5日，在徐汇区文化和旅游局指导下，徐汇区游戏产业服务中心联合Enjoy出海，共同主办了徐汇区 《游戏出海服务手册》（下简称《服务手册》）发布暨产业分享交流会。 这是徐汇区整合区域资源优势，精准赋能游戏企业开拓国际市场、打造全球化发展新引擎的关键一步， 标志着徐汇区在推动数字文化产业高质量发展、服务上海建设全球电竞之都和国际数字之都的征程上的 又一里程碑。 本次发布的《游戏出海服务手册》提出了"6+1"的概念，分别为六国（美国、日本、韩国、俄罗斯、印 尼、越南）和工具手册（从零到一玩转出海）。在编写过程中，团队基于对游戏企业出海过程中面临的 现实挑战进行了深入调研，多次征询行业专家与游戏企业的意见，最终形成的系统性、实操性解决方 案。 《服务手册》内容显示， ...

Core Viewpoint - The collaboration between South Korean game developer 111% and domestic game company Habby aims to establish a joint venture in Singapore, focusing on creative game development and global distribution, addressing the need for strategic adjustments in a changing market [1][3][19] Group 1: Joint Venture Objectives - The joint venture will leverage the strengths of both companies in creative game development and global distribution, with 111% handling distribution in South Korea and the joint venture managing other markets [3][19] - Both companies have faced challenges recently, with 111% struggling to replicate the success of "LuckyDefense" and Habby experiencing lackluster responses to recent titles [3][19] Group 2: Market Position and Competition - Both companies are recognized for their innovative game prototypes, influencing many top games in the domestic mini-game market [4][19] - The rapid growth of the mini-game market has intensified competition, leading to the need for both companies to enhance their product development and distribution efficiency [6][14] Group 3: Development and Operational Strategies - The joint venture aims to address efficiency issues in product development and global distribution, as both companies have previously relied on rapid iteration and data-driven decision-making [7][14] - Habby emphasizes a high standard for new game launches, with a retention rate exceeding 50% as a core metric for success [10][19] Group 4: Long-term Development Focus - The shift towards long-term game development is evident, with both companies recognizing the need for deeper engagement and sustainability in their game offerings [13][14] - The collaboration is seen as a necessary adjustment to maintain competitive advantages in a rapidly evolving market landscape [19]

Core Insights - Voodoo's game "Epic Plane Evolution" has achieved significant success since its launch in June 2024, reaching the top of the sales charts in its category by Q2 2025 [1][32] - The game experienced a dramatic increase in in-app purchase (IAP) revenue, rising from $590,000 in April 2025 to $1.4 million in May 2025, marking a 137% increase [3][32] - The game's monetization strategy shifted from primarily ad-based revenue to a more balanced approach that includes IAP, particularly in the U.S. market [10][21] Gameplay Mechanics - The gameplay is straightforward, where players launch planes using a slingshot to achieve distance, similar to other hyper-casual games [4][7] - The game incorporates tactical elements, allowing players to use rockets for acceleration and adjust flight paths to avoid obstacles, creating a cycle of flying, earning, and upgrading [7][9] Monetization Strategy - The monetization approach varies significantly between iOS and Android versions, with iOS focusing on IAP and Android primarily relying on ad revenue [10][19] - Key monetization features include the introduction of a "ticket" system for launching planes, which encourages players to either wait or pay for more tickets [11][19] - The game has transitioned from a one-time ad removal purchase to a VIP membership model, enhancing revenue potential through gradual exposure to high-value options [15][19] User Acquisition and Advertising - The game began advertising shortly after launch, with a notable increase in ad spend in April 2025, coinciding with gameplay adjustments [23][32] - The primary advertising markets are concentrated in North America and Europe, with the U.S. accounting for 33.41% of the ad spend [24][32] - Recent ad creatives focus on gameplay upgrades and enhancements, utilizing popular themes to attract users [28][30] Recent Performance and Challenges - Despite initial success, the game's daily revenue and downloads have recently declined, particularly in the U.S. market, highlighting reliance on a single market [32][34] - The game's simplistic nature may not meet player expectations for depth, leading to retention issues and challenges in acquiring new users as advertising costs rise [32][34] Conclusion - "Epic Plane Evolution" demonstrates that even simple hyper-casual games can transition to a mixed casual model through strategic adjustments in monetization and gameplay [33] - The gradual implementation of monetization strategies has proven effective in increasing revenue and shaping player expectations regarding spending [33]

Financial Performance - The company achieved revenue of $938 million in H1 2025, representing a year-on-year growth of 47%, with net profit reaching $32 million, a 3.4 times increase [2] - Revenue from advertising technology business was $929 million, up 47.6% year-on-year, primarily driven by the programmatic advertising platform Mintegral, which generated $897 million in revenue, a growth of 48.6% [2] Market Opportunities - The global economy is slowing down, yet the advertising industry continues to grow, aided by strengthened privacy protection policies and advanced AI and machine learning technologies that enhance user targeting without compromising privacy [3] - Antitrust measures are limiting the monopolistic behavior of large tech companies in the advertising market, creating more opportunities for other industry participants [3] Monetization Strategies - Hybrid monetization strategies are becoming mainstream for mobile app developers, combining ads, subscriptions, and in-app purchases to diversify revenue sources [4] - The introduction of smart bidding products has led to rapid growth, with smart bidding contributing over 80% of Mintegral's total revenue in H1 2025 [4] - In H1 2025, Mintegral's revenue from the gaming category was $662 million, a 51.7% increase, while non-gaming categories generated $236 million, up 40.6% [4] Earnings Forecast - The company has revised its earnings forecasts for 2025 and 2026 upwards, with EPS expected to be $0.06 and $0.08 respectively, and a new forecast for 2027 at $0.10 [1] - The target price has been raised to HKD 20.9 from HKD 12.8, maintaining a "Buy" rating [1]

Financial Performance - Company achieved revenue of $938 million in H1 2025, a year-on-year increase of 47%, with net profit of $32 million, up 3.4 times [1] - Revenue from advertising technology business reached $929 million, growing by 47.6%, primarily driven by the programmatic advertising platform Mintegral, which generated $897 million, a 48.6% increase [1] - Marketing technology business revenue was $8.794 million, reflecting a 1.1% year-on-year growth [1] Market Trends - Global economic growth is slowing, yet the advertising industry continues to show growth, supported by enhanced privacy protection policies [2] - Antitrust measures are limiting the monopolistic behavior of large tech companies in the advertising market, creating more opportunities for other industry participants [2] Business Strategy - Hybrid monetization strategies are becoming mainstream for mobile app developers, combining ads, subscriptions, and in-app purchases to diversify revenue sources [3] - The introduction of smart bidding products has led to rapid growth, with over 80% of Mintegral's total revenue in H1 2025 coming from this product line [3] - Mintegral's revenue from the gaming category reached $662 million, a 51.7% increase, while non-gaming categories generated $236 million, up 40.6% [3]

Financial Performance - In the first half of 2025, the company reported revenue of $938 million, a year-on-year increase of 47%, and a net profit of $32 million, a year-on-year increase of 3.4 times [1] - Revenue from the advertising technology business reached $929 million, growing by 47.6%, with the programmatic advertising platform Mintegral contributing $897 million, an increase of 48.6% [1] - Revenue from the marketing technology business was $8.794 million, showing a year-on-year growth of 1.1% [1] Market Trends - The global economy is slowing down in the first half of 2025, but the advertising industry continues to grow despite challenges [2] - Strengthened antitrust policies are creating more opportunities for industry participants by limiting the monopolistic behavior of large tech companies in the advertising market [2] Business Strategy - The hybrid monetization strategy is becoming mainstream among mobile app developers, combining various revenue sources such as ads, subscriptions, and in-app purchases [3] - The introduction of smart bidding products has led to rapid growth, with over 80% of Mintegral's total revenue in the first half of 2025 coming from this product line [3] - Mintegral's revenue from the gaming category reached $662 million, a year-on-year increase of 51.7%, while non-gaming categories generated $236 million, growing by 40.6% [3] Investment Outlook - The company has upgraded its earnings forecasts for 2025 and 2026, with new projections for 2027, expecting EPS of $0.06, $0.08, and $0.10 for 2025, 2026, and 2027 respectively [1][3] - The target price has been raised to HKD 20.9, reflecting a price-to-sales ratio of 2x for 2025, maintaining a "buy" rating [1][3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 20.9, up from a previous target of HKD 12.8 [1][4][7] Core Insights - The company reported a revenue of USD 938 million for the first half of 2025, representing a year-on-year growth of 47%, and a net profit of USD 32 million, which is a 3.4 times increase compared to the previous year [1][2] - The revenue from the advertising technology business reached USD 929 million, also growing by 47.6%, with the programmatic advertising platform Mintegral contributing USD 897 million, a growth of 48.6% [2][3] - The report highlights that the strengthening of antitrust policies is creating more opportunities for the industry, despite a slowdown in global economic growth [2] - The mixed monetization strategy is becoming mainstream, combining various revenue sources such as ads, subscriptions, and in-app purchases, which enhances revenue diversity [3] Financial Performance Summary - For 2025, the expected earnings per share (EPS) are projected at USD 0.06, with subsequent years forecasted at USD 0.08 for 2026 and USD 0.10 for 2027 [1][4] - The company’s revenue is expected to grow from USD 1,054.1 million in 2023 to USD 2,093.1 million in 2025, reflecting a growth rate of 38.8% [5][11] - Adjusted net profit is forecasted to increase significantly from USD 19.1 million in 2023 to USD 99.9 million in 2025, with a growth rate of 102.5% [5][11] Market Dynamics - The report notes that the advertising industry continues to grow despite challenges, driven by advancements in AI and machine learning technologies that enhance user targeting without compromising privacy [2][3] - The introduction of smart bidding products has significantly contributed to revenue growth, with over 80% of Mintegral's total revenue coming from this product line in the first half of 2025 [3]

Core Insights - The article discusses the rise of casual mini-games, particularly among office workers, highlighting their ability to capture attention and generate revenue through advertising rather than traditional in-app purchases [12][35][39]. Industry Overview - Mini-games have become a significant part of daily life for many workers, often referred to as "stress relief tools" alongside short dramas and live streams [12][18]. - The current monthly active users for WeChat mini-games exceed 500 million, and when combined with Douyin mini-games, the numbers are even more impressive [35]. - The mini-game market in China is projected to reach 500 billion yuan by 2024, with an expected growth to 610 billion yuan by 2025, indicating a 22% year-on-year increase [36][38]. Revenue Generation - Unlike traditional games that rely on sales and in-app purchases, these casual mini-games primarily utilize an advertising monetization model (IAA), where players watch ads to gain in-game benefits [39][42]. - The success of mini-games like "Grab the Goose" and "Screw Folding" demonstrates their ability to generate substantial revenue with minimal development costs, as seen with "Grab the Goose" reportedly earning over 100 million yuan within six months of launch [36][38]. User Demographics - The primary user base for mini-games consists of individuals aged 24-40, with a significant female demographic, which is higher than traditional gaming platforms [74][76]. - Approximately 50% of WeChat mini-game users have never played traditional client games, indicating that mini-games are attracting a new audience [72][74]. Gameplay Characteristics - Mini-games are designed for quick engagement, allowing users to play in short bursts, making them ideal for busy professionals looking to fill fragmented time [77][78]. - The simplicity of gameplay mechanics, often requiring minimal instructions, makes these games accessible to a broader audience, including those who typically do not engage with video games [66][70].

Core Viewpoint - The pure advertising monetization model may be reaching its limits due to declining user engagement and changes in regulatory frameworks affecting cost structures and revenue generation [8][14][18]. Group 1: Advertising Monetization Challenges - The pure advertising monetization model relies heavily on quick returns and high turnover, often resulting in low ROI around 1 [4][5]. - Recent advertising platform reforms have led to significant declines in click-through rates and effective cost per mille (eCPM), particularly for interstitial and splash ads, with no signs of recovery [8][9]. - Users are becoming increasingly immune to repetitive advertising tactics, leading to a decrease in engagement and effectiveness of ads [9][11]. Group 2: Regulatory Changes - The introduction of new regulations by the State Administration for Market Regulation has redefined the nature of advertising costs, limiting tax deductions for advertising expenses to 15% of annual revenue [14][15]. - This change in tax treatment increases the financial burden on companies, making the pure advertising model less sustainable [15][16]. Group 3: Product Value and User Engagement - Many current advertising-driven products lack real value for users, focusing primarily on ad exposure rather than solving user problems [18][19]. - Users are increasingly frustrated with products that prioritize ad revenue over user experience, leading to higher churn rates [25][27]. - The reliance on incentivized video ads has diminished as users engage less meaningfully with content, further complicating monetization efforts [19][20]. Group 4: Future Strategies - Companies must adopt mixed monetization strategies that combine advertising with paid offerings to enhance user value and mitigate risks [28][29]. - Emphasizing content quality and user engagement is crucial for long-term sustainability, as users are more likely to engage with products that provide genuine value [30][31]. - Exploring international markets may offer new growth opportunities, but companies must be aware of local market dynamics and regulatory environments [32][33]. Group 5: Industry Outlook - The current challenges in the advertising sector may accelerate industry consolidation, pushing out less viable players and creating opportunities for those who focus on genuine value creation [34][35]. - The core principle of business remains value exchange; companies that prioritize user needs and product quality will continue to find success despite market fluctuations [36].

Core Insights - The global gaming market is transitioning from "incremental growth" to "efficiency competition," with a notable shift in focus from expansion to refined operations and efficiency [1][4] - The share of gaming apps in the overseas market is projected to decline from 57.5% in 2020 to 51.8% by 2025, indicating a competitive landscape [1] - China's self-developed games generated $18.557 billion in actual sales revenue in overseas markets in 2024, accounting for 10% of the global gaming market [1] Industry Trends - The global gaming app market has seen a 397% increase in total installations from 2016 to 2025, but growth momentum has weakened since 2023 [1] - The overseas market for self-developed games in China achieved actual sales revenue of $9.501 billion in the first half of 2025, reflecting a year-on-year growth of over 11.07% [2] - The emergence of "mixed monetization" as a mainstream trend, where both in-app purchases (IAP) and advertising monetization (IAA) are utilized [4][5] Company Strategies - Companies like DianDian Interactive have reported an 81% revenue increase in the first half of 2025, driven by successful titles like Whiteout Survival and Kingshot [3] - The focus on long-term operations is emphasized, with companies aiming for product lifecycles of 8-10 years and adopting mixed monetization strategies to enhance sustainability [6] - The need for Chinese gaming companies to overcome challenges in producing high-quality AAA games is highlighted as essential for global competitiveness [3][4] Government Support - Various countries are implementing supportive measures for the gaming industry, such as tax incentives and funding for startups, to enhance their gaming sectors [4]