证券研究报告|传媒 [Table_Title] 2025 年游戏市场收入与用户规模达新高 点，移动端市场仍占主导地位 [Table_ReportType] ——传媒行业快评报告[Table_ReportDate] [行业Table_Summary] 事件： 2025 年 12 月 19 日，2025 年度中国游戏产业年会举办，会上对外发 布《2025 年中国游戏产业报告》。 投资要点： 国内游戏市场 2025 年市场收入与用户规模达新高点。2025 年，国 内游戏市场实际销售收入 3507.89 亿元，同比增长 7.68%，用户规模 6.83 亿，同比增长 1.35%，两者保持连续增长态势，同为历史新高 点。主要原因在于：一是移动游戏品质提升，新品市场表现出色；二 是多款头部长青游戏创新玩法、优化运营；三是小程序游戏增长强 劲；四是产品多端互通，玩家数量得以扩张。 从细分市场来看： （1）移动端市场仍占主导地位，长青产品及新产品共同发力带动规 模实现新突破。2025 年，国内移动游戏市场实销收入 2570.76 亿元， 同比增长 7.92%，规模又有新突破，占总体市场规模 72.39%。主要 由于《王者荣耀》 ...

12月19日，游戏行业的盛会——2025年度中国游戏产业年会在上海举行。会上，2025年游戏行业多项重 要数据相继披露。 中国音像与数字出版协会第一副理事长、游戏工委主任委员张毅君在会上正式对外发布《2025年中国游 戏产业报告》，并对报告进行详细解读。 从具体品类来看，移动游戏仍然占据国内游戏市场主导地位。2025年，国内移动游戏市场实销收入 2570.76亿元，同比增长7.92%，占游戏市场总销售收入的73.29%。 客户端、主机游戏等均保持稳健增长。2025年，国内客户端游戏市场实际销售收入为781.6亿元，同比 增长14.97%。报告提到，这主要得益于端游中的头部长青产品收入稳中有增，以及多款热门移动游戏 新品在PC端同步发行。 主机游戏在多款热门游戏的带动下，继续保持高速增长。2025年，国内主机游戏市场实销收入83.62亿 元，同比增长86.33%，延续了3年来的高速增长态势。 与此同时，连续下滑的网页游戏市场，规模继续萎缩。2025年，国内网页游戏市场实销收入同比下降 6.74%，整体规模为43.25亿元，收入下滑已持续10年。对比明显的是，小程序游戏市场规模正快速扩 张。报告显示，2025年， ...

Group 1 - The gaming concept stocks have declined, with Youzu Interactive falling over 7%, Giant Network down over 5%, and Kaiying Network dropping over 4% [1] - The gaming ETF has also experienced a decline, dropping over 2% [1] Group 2 - According to brokerages, the global gaming market is currently in an upward cycle, with long-term optimistic growth expected in terms of revenue and player numbers [2] - DeepSeek's strong generative capabilities may significantly enhance game development efficiency, creating more user-demanded virtual characters, maps, and storylines, thereby enriching gameplay and fostering paid scenarios [2]

Industry Dynamics - The Chinese gaming market reached a scale of 29.084 billion yuan in July 2025, with a year-on-year growth of 4.62% and a month-on-month increase of 8.14% [2] - The growth drivers include mobile and client games, with client games showing a market size of 6.637 billion yuan, up 13.13% month-on-month and 16.56% year-on-year [2] - The mobile gaming market size was 21.36 billion yuan, with a month-on-month growth of 6.36% and a year-on-year growth of 0.92% [2] Company Highlights - Game Science unveiled its new title "Black Myth: Zhong Kui" at the 2025 Gamescom, marking the second installment in the series and currently in early development [4] - G-bits reported a revenue of 2.518 billion yuan for the first half of 2025, a year-on-year increase of 28.49%, with net profit rising by 24.50% to 645 million yuan [5][6] - The revenue growth for G-bits was primarily driven by self-developed products such as "Wandao Mobile Game" and "Wanjian Changsheng (Mainland Version)" [6] Regulatory and Compliance - Paper Games' title "Infinite Warm Warm" issued a statement regarding unauthorized leaks of game content, initiating a comprehensive investigation [7] International Presence - The 2025 Gamescom saw over 1,500 exhibitors from 72 countries, with 50 Chinese companies participating, marking a record high [3] - Three out of five nominees for the "Best Mobile Game" award were from Chinese developers, showcasing the global recognition of Chinese gaming products [3] Market Pricing - Sony announced a price increase for the PS5 in the U.S. market, with the standard version rising from $500 to $550, effective August 21 [8]

Group 1: Chinese Game Market Performance - The overall game market in China achieved a revenue of 29.084 billion yuan in July 2025, with a month-on-month growth of 8.14% and a year-on-year growth of 4.62% [1] - The mobile game market generated a revenue of 21.360 billion yuan, showing a month-on-month increase of 6.36% and a year-on-year increase of 0.92%, driven by strong performance of new and mature products [1] Group 2: Global Game Market Insights - The global mobile game revenue in July 2025 was 30.7 billion yuan, reflecting a year-on-year decline of 9.33%, with the top three revenue-generating countries being the United States, China, and Japan [3] - In July, 32 Chinese companies made it to the global mobile game publisher revenue TOP 100, collectively earning 1.95 billion USD, which accounted for 34% of the total revenue of the TOP 100 publishers [3] Group 3: Revenue Rankings and Dominance - In the China App Store iPhone game revenue ranking for July 2025, Tencent's games occupied 7 out of the top 10 positions, maintaining a dominant market position [4] - The top five games included "Honor of Kings," "Peacekeeper Elite," "Delta Force," "Endless Winter," and "Dungeon & Fighter: Origin," with Tencent holding 4 of these spots [4] Group 4: Overseas Market Performance - The revenue from self-developed games in overseas markets reached 1.693 billion USD in July 2025, with a month-on-month increase of 8.20% and a year-on-year increase of 6.76% [5] - "Honkai: Star Rail" saw a significant revenue surge of 290% due to popular comic IP collaborations and limited-time promotional activities, ranking first in overseas mobile game revenue growth [5] Group 5: Investment Analysis - The Chinese game market showed stable growth in July 2025, driven by both new and mature products, indicating a robust growth momentum for the industry [7] - Companies with rich license reserves, strong R&D capabilities, quality IP collaborations, and stable content output are recommended for attention [7]

Group 1: Chinese Game Market - The Chinese game market showed stable growth in July 2025, driven by both new and mature products, with a year-on-year revenue increase of 4.62% and a month-on-month increase of 8.14% [1] - The overall market revenue reached 29.084 billion yuan, with mobile games contributing 21.360 billion yuan, reflecting a month-on-month growth of 6.36% and a year-on-year growth of 0.92% [1] - The growth was attributed to strong performances from new releases and established titles, with popular mobile games attracting players through new seasons and IP collaborations [1] Group 2: Global Game Market - The global mobile game market experienced a year-on-year revenue decline, with July 2025 revenues at 30.7 billion yuan, down 9.33% [2] - Chinese companies had 32 entries in the global mobile game publisher revenue ranking, collectively earning 1.95 billion USD, which accounted for 34% of the total revenue of the top 100 publishers [2] - The top three games in global mobile revenue growth were "Honkai: Star Rail," "DRAGONBALLZ," and "Delta Force" [2] Group 3: Revenue Rankings - The revenue ranking for games in China showed a concentration of power, with Tencent's games occupying 7 out of the top 10 positions in the App Store for iPhone in July 2025 [3] - The top five games included "Honor of Kings," "Peacekeeper Elite," "Delta Force," "Endless Winter," and "Dungeon & Fighter: Origin," with Tencent holding four spots [3] Group 4: Overseas Market - Revenue from self-developed Chinese games in overseas markets increased, reaching 1.693 billion USD in July 2025, with a month-on-month rise of 8.20% and a year-on-year increase of 6.76% [4] - "Honkai: Star Rail" saw a significant revenue boost of 290% due to popular comic IP collaborations and limited-time promotional events, leading the overseas mobile game revenue growth [4]

Core Insights - The A-share market experienced fluctuations with the Shanghai Composite Index rising by 0.13% to 3771.1 points, while the Shenzhen Component Index fell by 0.06% and the ChiNext Index decreased by 0.47%. The total trading volume in the A-share market reached 2.46 trillion RMB, with over 2100 stocks rising [2][6] - In the industry performance, the agriculture, forestry, animal husbandry, and fishery sectors led the gains, while the machinery and power equipment sectors lagged behind. Concept sectors such as combustible ice and digital currency saw significant increases, whereas rare earth permanent magnets and military equipment restructuring concepts faced declines [2][6] - The Hong Kong market saw the Hang Seng Index drop by 0.24% to 25104.61 points, and the Hang Seng Tech Index fell by 0.77%. In overseas markets, the three major U.S. stock indices experienced slight declines, with the Dow Jones down by 0.34%, the S&P 500 down by 0.4%, and the Nasdaq down by 0.34% [2][6] Important News - In July, the total electricity consumption in China reached 1.02 trillion kWh, marking an 8.6% year-on-year increase. The residential electricity consumption amounted to 203.9 billion kWh, showing an 18.0% year-on-year growth. The share of renewable energy sources, including wind, solar, and biomass, has significantly increased, accounting for nearly one-quarter of the total consumption [7][8] Industry Analysis - The Chinese gaming market saw a revenue increase of 4.62% year-on-year and an 8.14% month-on-month growth in July 2025, with actual sales revenue reaching 29.084 billion RMB. The mobile gaming sector generated 21.36 billion RMB, reflecting a month-on-month growth of 6.36% and a year-on-year growth of 0.92% [8][9] - The global mobile gaming market experienced a revenue decline of 9.33% year-on-year, with Chinese companies accounting for 34% of the total revenue among the top 100 global mobile game publishers, generating 19.50 billion USD [9][10] - Chinese self-developed games saw an increase in overseas revenue, reaching 1.693 billion USD in July, with a month-on-month rise of 8.20% and a year-on-year increase of 6.76%. The game "Honkai: Star Rail" achieved a remarkable 290% increase in overseas revenue, topping the growth chart for mobile games [10][12]

Investment Rating - The industry is rated as "Outperforming the Market," indicating a projected increase of over 10% relative to the broader market index in the next six months [31]. Core Insights - The Chinese gaming market saw a revenue of 29.084 billion yuan in July 2025, reflecting a year-on-year growth of 4.62% and a month-on-month growth of 8.14% [9][11]. - The mobile gaming sector generated 21.36 billion yuan in July, with a month-on-month increase of 6.36% and a year-on-year increase of 0.92%, driven by strong performances from new and mature products [11][12]. - Globally, mobile game revenue decreased by 9.33% year-on-year, with July 2025 revenues totaling approximately 30.7 billion yuan [13][14]. - Tencent's games dominated the Chinese App Store's top revenue rankings, holding seven of the top ten spots, with titles like "Honor of Kings" and "Peacekeeper Elite" leading the charge [20][19]. - Chinese self-developed games saw overseas revenue of 1.693 billion USD in July, marking a year-on-year increase of 6.76% and a month-on-month increase of 8.20% [26][28]. Summary by Sections 1. Chinese Gaming Market - The overall gaming market in China achieved a revenue of 29.084 billion yuan in July 2025, with a year-on-year growth of 4.62% and a month-on-month growth of 8.14% [9]. - The mobile gaming market's revenue reached 21.36 billion yuan, with a month-on-month increase of 6.36% and a year-on-year increase of 0.92%, supported by strong performances from new and established titles [11][12]. 2. Global Gaming Market - The global mobile gaming market experienced a revenue decline of 9.33% year-on-year, with July revenues at approximately 30.7 billion yuan [13][14]. - "Honkai: Star Rail" topped the global revenue growth chart, benefiting from significant updates and player engagement [15]. 3. Revenue Rankings - Tencent's games occupied seven positions in the top ten revenue rankings on the Chinese App Store, with "Honor of Kings" and "Peacekeeper Elite" among the top earners [20][19]. - The top three Chinese game publishers in global revenue rankings were Tencent, Point Interactive, and NetEase, with Tencent leading the charge [19]. 4. Overseas Revenue - Chinese self-developed games generated 1.693 billion USD in overseas markets in July, reflecting a year-on-year increase of 6.76% and a month-on-month increase of 8.20% [26][28]. - "Honkai: Star Rail" achieved a remarkable 290% increase in overseas revenue due to successful IP collaborations and updates [28]. 5. Investment Recommendations - The report suggests focusing on companies with rich license reserves, strong R&D capabilities, frequent quality IP collaborations, and stable content output capabilities, as the market shows steady growth potential [29].

Group 1: Global Game Market Insights - The global mobile and PC game market is expected to regain growth momentum, with a combined market size projected to exceed $120 billion by 2028 [1] - Mobile game in-app purchase revenue is forecasted to grow by 4% year-on-year in 2024, surpassing 2020 levels, and will continue to increase by 6% in 2025, reaching $85.4 billion [1] - The global PC game market is also showing significant growth, with a projected 22% year-on-year increase in 2024 and a further 12% rise in 2025, nearing $12 billion [3] Group 2: Mobile Game Market Trends - The overseas mobile game market continues to thrive, with $34 billion in in-app purchase revenue achieved in the first half of 2025, indicating robust growth [7] - Despite slower growth in mature markets like the US, Japan, and South Korea, emerging markets in Southeast Asia, Latin America, and the Middle East are becoming key drivers of mobile game revenue growth [7] Group 3: Game Genre Performance - Strategy mobile games saw a significant revenue increase of 24% year-on-year, reaching $7.4 billion in the first half of 2025, making it the highest-grossing genre in overseas mobile games [11] - Sub-genres such as 4X strategy games, simulation, and card battle games experienced revenue surges of 20%, 97%, and 75% respectively, reflecting a growing enthusiasm among overseas players for casual gameplay [11] Group 4: Company Performance - The game "Kingshot" has quickly gained traction, achieving over $200 million in global cumulative revenue by the end of July 2025, contributing significantly to the performance of the publisher, DianDian Interactive [15] - DianDian Interactive reported an 81% year-on-year revenue increase in the first half of 2025, leading the overseas mobile game publisher rankings in both revenue and growth [15]

Core Insights - The global mobile and PC gaming market is regaining growth momentum, with the total market size expected to exceed $120 billion by 2028 [1] - In 2024, global mobile game in-app purchase revenue is projected to grow by 4% year-on-year, surpassing 2020 levels [1] - The growth trend is expected to continue in 2025, with a 6% increase, reaching $85.4 billion [1] - By 2028, global mobile game in-app purchase revenue is anticipated to reach $106.5 billion [1]