Core Insights - The gaming industry in China has shifted from a reliance on channel resources for user acquisition to a focus on "buying traffic" as a core strategy for growth, especially with the rise of 4G and social media platforms [1][5] - As domestic traffic growth plateaus, overseas markets have become the new battleground for user acquisition, but challenges such as fragmented platforms and differing attribution mechanisms complicate this transition [1][6] - The industry is now facing the challenge of developing sustainable growth models through refined operations, brand building, and technological empowerment amidst rising costs and diminishing returns from traditional advertising methods [1][14] Group 1: Historical Context - In the early stages of the Chinese gaming industry, various promotional methods were employed to attract players, with channels playing a crucial role in game distribution [4] - The rise of mobile gaming around 2015 led to app stores becoming the primary distribution channels, significantly impacting the autonomy of game developers [4][5] - The introduction of developer support programs by major smartphone manufacturers and platforms further solidified the dominance of channels in the gaming market [4] Group 2: Overseas Expansion - Chinese gaming companies are increasingly investing in overseas markets, but many established domestic user acquisition strategies have not translated well internationally [6][7] - The overseas market is characterized by a fragmented channel landscape, requiring tailored advertising strategies for different platforms [7][8] - Local teams are being formed to adapt to the unique characteristics of various international markets, moving away from a one-size-fits-all approach [9][10] Group 3: Privacy Compliance - Stricter privacy regulations, such as GDPR and Apple's ATT, have significantly impacted the advertising landscape, making user tracking and audience targeting more challenging [11][12] - The industry is adapting by fostering broader collaborations and data sharing among platforms, service providers, and advertisers to enhance targeting precision within compliance frameworks [12] Group 4: Cost and Effectiveness - Despite fluctuations in the gaming market, global user acquisition costs continue to rise, with significant increases projected for top mobile games [13][14] - The rising costs have led to diminishing returns from traditional performance advertising, prompting a shift towards a balanced approach that includes both brand and performance advertising [14][15] - The introduction of AI technologies is seen as a key driver for improving advertising efficiency and effectiveness, with companies increasingly adopting automated and intelligent systems for user acquisition [15][16]

Core Insights - The article highlights the success of several low-profile gaming companies in Wuhan, particularly focusing on Wuhan Zhongyu, which has developed the top hunting mobile game "Hunting Sniper" that has seen significant revenue growth and popularity in the global shooting game market [1][6]. Company Overview - Wuhan Zhongyu was established in 2014, with a core team that has been involved in mobile game development for nearly 20 years. The company initially focused on mid to heavy-weight game genres before expanding into lighter categories [3][6]. - "Hunting Sniper" was launched in 2023 and has quickly gained traction, achieving a revenue of $55 million in its first year, marking a 292% year-on-year growth [1][12]. Product Performance - "Hunting Sniper" has become a top contender in the global shooting mobile game market, ranking among the top 10 shooting games worldwide. The game has generated over $55 million in revenue and has been downloaded more than 18 million times [2][12]. - The game is particularly popular in the U.S., with over 60% of its revenue coming from this market. The average player is predominantly male, around 35 years old, including core gamers and outdoor enthusiasts [12][30]. Marketing Strategy - The marketing strategy for "Hunting Sniper" heavily utilizes TikTok, with approximately 36% of its advertising spend allocated to this platform. The game has seen significant engagement, with some promotional videos achieving over 380 million views [14][24]. - The game employs a unique advertising approach that emphasizes immersive gameplay and dramatic scenarios to attract users, enhancing the overall user experience [16][18]. User Engagement and Retention - The game incorporates various retention mechanisms, including league rankings, achievement systems, and seasonal events to maintain player interest and engagement [28][30]. - Recent efforts to improve user acquisition have focused on enhancing user retention due to rising costs associated with acquiring new users in a competitive market [21][22]. Localization Efforts - The company has increasingly prioritized localization, launching versions of the game tailored to different regions and languages, which has contributed to a noticeable increase in downloads from emerging markets [30].

本报记者 李哲 北京报道 受游戏买量的影响，冰川网络（300533.SZ）在2024年"增收不增利"。 财报显示，冰川网络2024年实现营收 27.88亿元，同比增长0.17%；净利润则亏损2.49亿元，同比下滑 191.12%。 对于这样的业绩表现，冰川网络方面表示，其深入推进游戏产品出海，加大海外投放力度。其中， 《Hero Clash》《Epic War》《Titan War》《Merge Topia》《Kingdom Go！》等投放力度较大，导致销 售费用增长，运营成本增加。 而在2025年一季度，由于冰川网络降低预期回收较弱的项目的投放力度，销售费用较上年同期大幅下 降。其预计当期净利润为1.76亿元至2.28亿元，上年同期则为亏损4.46亿元。 买量挤压利润空间 财报显示，2024年冰川网络实现营收 27.88亿元，较上年同期增长0.17%；净利润亏损2.49亿元，同比下 滑191.12%；扣除非经常性损益后的归属于上市公司股东的净利润亏损3.17亿元，同比骤降257.13%。 冰川网络方面在2024年业绩快报中提到，2024年公司对海外市场及新上线产品的投放力度显著增强，其 中《Hero Cla ...