(၇) Sensor Tower 报告 东好亚: 2025年移动游戏 市场洞察报告 Sensor Tower 把握全球数字经济脉搏 Sensor Tower 是全球领先的移动应用、数字广告、零售媒体 和受众洞察数据提供商，服务于全球顶级品牌和应用发行商。 Sensor Tower致力于把脉全球数字经济，通过顶尖平台，提供 关于移动应用及数字生态的深刻见解，赋能企业紧跟市场动态 并做出明智的战略决策。 自2013年成立以来，Sensor Tower的移动应用洞察助力营销专 家、应用开发者及游戏制作者透过使用情况、参与度及付费获 取策略，洞悉移动应用生态的奥秘。时至今日，我们的数字市 场洞察平台已涵盖受众、零售媒体及Pathmatics数字广告洞 察，让品牌与广告公司能够全方位掌握其在网络、社交及移动 平台上的竞品广告策略与目标受众。 商务合作:sales@sensortowe (p) Sensor Tower - All Rights Reserved Sensor Tower | 我们的客户 全球数字领域领导者的信赖之选 Sensor Tower App Performance Insights 应用表现洞察 ...

Group 1 - Tencent's "Honor of Kings World" PC version has begun pre-download and will officially launch on July 24, 2025, attracting significant player interest [1] - Successful launch and market response of "Honor of Kings World" could provide Tencent with a new revenue growth point, leveraging its existing user base to increase market share [1] - The introduction of a new hit game in a competitive industry can enhance Tencent's market position and boost investor confidence [1] Group 2 - The media reviews for the domestic action game "Mingmo: Yuanshu Zhi Yu" have been released, with the PC version receiving an average score of 73 from 13 media outlets, while the Xbox version scored 88 from 5 reviews, and the PS5 version received 75 from 52 reviews [2] - High media ratings can significantly impact the game's reputation and stimulate sales growth, potentially increasing the valuation and attractiveness of the developer Chengdu Lingze Technology [2] - Continued positive sales and player feedback could attract more capital into the domestic gaming sector, promoting industry development [2] Group 3 - Ubisoft's Q1 2025 financial report shows that "Assassin's Creed: Shadows" has surpassed 5 million players, indicating strong player engagement since its launch [3] - The game has achieved impressive metrics, including 2 billion stealth kills and interactions with 38 million animals, showcasing its appeal in the market [3] - Despite the strong performance of "Assassin's Creed: Shadows," lower-than-expected net bookings may raise concerns about Ubisoft's short-term profitability [3]

中经记者 李哲 北京报道 受部分老游戏流水下滑、新游戏上线后推广效果不及预期拖累，电魂网络（603258.SH）预计上半年业 绩由盈转亏。 近日，电魂网络披露的业绩预告显示，其预计上半年净利润亏损750万至1100万元。《中国经营报》记 者注意到，这是自2016年上市以来，电魂网络首次在半年报期间出现亏损。 事实上，近年来电魂网络的营业收入及净利润长期处于下滑态势。这与其主营游戏作品《梦三国》系列 端游的经营业绩表现不佳息息相关。这一系列端游作品的最初版本《梦三国》于2009年上线，随后2015 年《梦三国2》上线。2024年财报显示，《梦三国》系列端游在电魂网络的营收占比达65.27%。 上半年业绩预亏 根据电魂网络披露的业绩预告，其上半年预计实现归属于母公司所有者的净利润为-1100万元至-750.00 万元；预计归属于母公司所有者的扣除非经常性损益后的净利润-1800万元至-1200万元。而在2024年上 半年，电魂网络的净利润为5930.69万元。 对于上述业绩表现，记者联系电魂网络方面采访，截至发稿未获回应。 此前，在2020年，电魂网络旗下核心游戏作品《梦三国2》突破历史最高充值纪录，并于2021 ...

Fund Issuance and Performance - The issuance of new funds has reached record levels this year, with the Dachen Insight Advantage Mixed Fund raising 2.46 billion yuan, setting a new high for active equity fund launches in 2023. This follows the Huashang Zhi Yuan Return Mixed Fund, which raised 2.082 billion yuan just a day earlier. The total issuance of active equity funds has increased by 28.01% year-on-year [1][2] - A total of 50 active equity funds have been liquidated this year, with 6 funds entering liquidation procedures in July alone [3] ETF Market Dynamics - The first batch of Sci-Tech Bond ETFs has seen significant inflows, with the Huaxia Sci-Tech Bond ETF surpassing 14.2 billion yuan in size, reflecting a daily increase of over 378%. Additionally, the Penghua Sci-Tech Bond ETF has also exceeded 10.9 billion yuan [2] - The overall market showed mixed performance, with the Shanghai Composite Index rising by 0.5%, the Shenzhen Component Index by 0.37%, and the ChiNext Index by 0.34%. The total trading volume in the two markets reached 1.57 trillion yuan, an increase of 31.7 billion yuan from the previous trading day [5] Notable Fund Manager Activities - Gao Nan, Chief Equity Investment Officer at Yongying Fund, has concentrated his portfolio in TMT and innovative pharmaceutical sectors. His flagship fund, Yongying Ruixin, includes top holdings such as Pop Mart, Zhongji Xuchuang, and Kangfang Biotech, with several stocks being newly added or increased in weight [4] Sector Performance Insights - The rare earth permanent magnet sector has shown strong performance, with stocks like Huahong Technology hitting the daily limit. The rare metal ETFs led the market with a gain of 4.12% [5][7] - The gaming market is in an upward cycle, with expectations for long-term growth in revenue and player numbers. The introduction of advanced generative capabilities in game development is anticipated to enhance efficiency and user engagement [8]

在东南亚，各国呈现出不同的发展趋势。印度尼西亚在2025年第一季度以8.7亿次移动游戏下载量领 跑，同比增长9%。菲律宾和越南分别以3.66亿和3.29亿次下载量紧随其后。 在收入方面，泰国位居东南亚地区之首，2025年第一季度应用内购买（IAP）收入达到1.62亿美元。这 得益于其完善的数字支付体系以及消费者对应用内付费的较高意愿。印度尼西亚和马来西亚的收入表现 也十分强劲。 新华财经上海7月16日电全球领先的移动情报平台Sensor Tower16日发布报告称，2025年第一季度，东 南亚以19.3亿次新增游戏下载量位居全球第二大移动游戏市场，同比增长3%，展现出该地区高度活跃 且不断增长的用户群体，对新游戏体验的强烈需求。尽管东南亚在2025年第一季度的应用内购买 报告分析认为，东南亚本土发行商在全球市场的影响力日益凸显。2024年，东南亚移动游戏发行商整体 下载量位居全球第一，累计超过58亿次。其中，三家越南发行商跻身全球下载量前15名，彰显了越南在 游戏发行领域不断壮大的实力。值得注意的是，这些下载量大部分来源于海外市场，展现了该地区打造 全球化移动游戏的强大能力。 （IAP）收入为6.25亿美元， ...

Core Viewpoint - The article discusses the challenges and complexities faced by game publishers in dealing with copyright infringement and the increasing prevalence of unauthorized use of game licenses, particularly in the mini-game sector. Group 1: Complaints and Infringement Issues - A player reported issues with accessing a game after spending over 20,000 yuan, suspecting foul play by the game company [1] - The publisher confirmed that the game in question was not theirs, indicating a case of license theft [2][3] - Complaints about unauthorized use of game licenses have become more common, especially with the rise of mini-games that also require licenses [4] Group 2: Complaint Handling Process - Publishers have established processes for handling complaints, which include gathering evidence and submitting it to the relevant platforms [4][9] - Platforms like Douyin and Kuaishou have specific requirements for processing infringement complaints, with varying response times [7] - Publishers must retain documentation for at least five years to support their claims [8] Group 3: Regulatory Environment and Market Dynamics - The regulatory environment for game licenses is strict, with significant penalties for unauthorized use, but finding infringers can be challenging [15][16] - The mini-game market has seen rapid growth, with revenues exceeding 200 billion yuan in 2023 and projected to reach nearly 400 billion yuan in 2024 [16] - Major platforms like WeChat, Douyin, and Kuaishou are increasingly involved in the mini-game sector, creating a competitive landscape [17] Group 4: Developer Experiences and Monetization - Developers face high costs and lengthy processes to obtain game licenses, with some abandoning the process due to complexity [36][47] - The monetization strategies in mini-games are evolving, with a shift towards in-app purchases (IAP) over ad-based revenue models [35][36] - Developers are adapting their games to fit the mini-game format, often prioritizing quick engagement and monetization [34] Group 5: Future Outlook and Industry Support - Recent government policies are expected to facilitate the licensing process and support the growth of the gaming industry [49] - The industry is at a crossroads, with opportunities for growth but also significant challenges related to regulation and competition [48]

Group 1: Employment Data - In June, the ADP employment numbers in the U.S. decreased by 33,000, marking the first negative growth since March 2023, with May's figures revised down to an increase of only 29,000 [1] - The service sector saw a significant decline, losing 66,000 jobs, primarily in professional and business services, as well as healthcare and education [1] - Despite the job losses, year-on-year wage growth remained stable at 4.4%, only slightly down from 4.5% in May [1] Group 2: Trade Relations - President Trump announced that Vietnam agreed to open its market to U.S. products at zero tariffs, while U.S. exports to Vietnam would face at least a 20% tariff [3] - The trade deficit with Vietnam exceeds $123 billion, with the U.S. importing over $136 billion from Vietnam in 2024 [3] - The potential trade agreement could impact China's transshipment trade, as Vietnam's supply chain heavily relies on Chinese technology and materials [4] Group 3: Technology Exports - The U.S. government has lifted some export restrictions on EDA software to China, which could enhance China's semiconductor design capabilities [5] - Major EDA companies hold approximately 82% of the Chinese market, indicating a significant reliance on U.S. technology [5] - The easing of restrictions may encourage Chinese firms to increase their preference for domestic EDA software solutions [6] Group 4: Real Estate Policies - Guangzhou is proposing a "commercial to public loan" policy to convert commercial housing loans to public housing loans when the public loan rate is below 75% [7] - This policy aims to stimulate demand in the real estate market while ensuring liquidity safety [8] Group 5: Gaming Market - Tencent and ByteDance are competing for the burgeoning mini-game market, which is projected to generate revenues of 39.836 billion yuan in 2024, a 99.18% increase year-on-year [9] - The mini-game sector benefits from low entry barriers and high user engagement, making it an attractive area for both companies [10] Group 6: IPO Activity - In the first half of the year, A-share IPO applications exceeded the total for the previous year, with 177 companies applying [11] - The total financing scale reached 38 billion yuan, a 25.53% increase year-on-year [12] - The surge in IPO applications is attributed to companies rushing to submit before the financial reports expire [12] Group 7: Market Trends - A-share new account openings reached 1.65 million in June, a 53% year-on-year increase, with a total of 12.6 million new accounts in the first half of the year [13] - The overall trading volume in June was 26.72 trillion yuan, reflecting a 79.57% increase compared to the previous year [13] - The market's performance in June was characterized by a lack of significant upward momentum, despite the increase in new accounts [14]

Core Insights - In May, China's gaming market reached a scale of 28.051 billion yuan, marking a year-on-year growth of 9.86% and a month-on-month increase of 2.56% [1] - The mobile gaming market contributed significantly with a scale of 21.177 billion yuan, showing a year-on-year growth of 11.96% and a month-on-month growth of 3.69% [3] - The client game market saw a scale of 5.819 billion yuan, with a year-on-year growth of 1.58% and a month-on-month growth of 0.34% [3] Mobile Gaming Market - Notable new releases and updates in May stimulated player engagement and spending, including the launch of new seasons and content updates for existing games [1][3] - Tencent's long-standing FPS game "Peacekeeper Elite" launched its SS33 season, which contributed to its ranking at the top of the App Store sales chart [3] - The game "Delta Force" also saw a significant increase in revenue, attributed to the introduction of a new game mode and promotional activities [4] Client Game Market - The client game market's growth was primarily driven by new and returning titles, with successful launches such as "Victory Goddess: New Hope" and "Romance of the Three Kingdoms: Fantasy Continent 2" [3] - The game "Yanyun Sixteen Sounds" received a major content update, contributing to its performance in the client game market [3] Overseas Market Performance - Chinese self-developed games achieved actual sales revenue of 1.577 billion USD in overseas markets, reflecting a year-on-year growth of 6.93% and a month-on-month growth of 1.50% [6] - Key contributors to this growth included "Kingshot" and "Genshin Impact," with the latter seeing a significant increase in revenue following a new version release [7] Top Performing Games - The top games in terms of revenue in May included "Kingshot," "Genshin Impact," and "Civilization Domination," with "Kingshot" experiencing a doubling of revenue [7][8] - "Genshin Impact" launched a new version that significantly boosted its overseas revenue by over 50% [7]

Core Insights - The Chinese gaming market reached a scale of 28.051 billion yuan in May 2025, reflecting a year-on-year growth of 9.86% and a month-on-month growth of 2.56% [1] Market Segmentation - The client game market in China was valued at 5.819 billion yuan in May 2025, showing a year-on-year increase of 1.58% and a month-on-month increase of 0.34% [1] - The mobile gaming market in China achieved a scale of 21.177 billion yuan in May 2025, with a year-on-year growth of 11.96% and a month-on-month growth of 3.69% [1]

证券研究报告|传媒 [Table_Title] 移动端长线产品、次新品表现优异，游戏市 场 4 月同比增长 21.93% [Table_ReportType] ——传媒行业跟踪报告[Table_ReportDate] [投资要点： Table_Summary] 中国游戏市场：2025 年 4 月游戏市场收入同比增长 21.93%，环比增长 2.47%。1）中国整体游戏市场：实际销售收入 273.51 亿元，环比增长 2.47%，同比增长 21.93%。2）移动游戏市场：实际销售收入为 204.24 亿元，环比增长 3.07%，同比增长 28.41%。由于长线产品、次新品表现 强劲，部分热门手游通过新赛季、IP 联动等活动吸引玩家，同时游戏 版号稳定发放推动新品上线，市场实现双位数同比增长、环比稳定增长。 全球游戏市场：市场收入同比、环比下降，《王者荣耀》重返双榜榜首。 2025 年 4 月，全球手游玩家在 App Store 和 Google Play 付费 65 亿美 元，同比下降 0.31%，环比下降 4.57%，收入占比前三分别为美国、中 国及日本；4 月共有 33 家中国厂商跻身全球手游发行商收入榜 ...