中国游戏市场：2025 年 7 月游戏市场收入同比增长 4.62%，环比增长8.14%。 全球游戏市场：市场收入同比下降，《崩坏：星穹铁道》跃居增长榜榜首。 2025 年 7 月，全球手游玩家在 App Store 和 Google Play 付费 307 亿元，同比下降 9.33%，收入占比前 三分别为美国、中国及日本；7 月共有 32 家中国厂商跻身全球手游发行商收入榜 TOP100，合计收入 19.50 亿美元，占 TOP100 发行商总收入的 34%。在全球手游收入增长榜方面，《崩坏：星穹铁道》 《DRAGON BALL Z》与《三角洲行动》分列前三。 榜单：游戏收入榜呈头部垄断，腾讯系游戏表现优异。 1）中国整体游戏市场：实际销售收入 290.84 亿元，环比增长 8.14%，同比增长 4.62%。 2）移动游戏市场：实际销售收入为 213.60 亿元，环比增长6.36%，同比增长 0.92%。由于次新品、成 熟产品表现强劲，部分热门手游通过新赛季、IP 联动等活动吸引玩家，市场实现同比、环比稳定增 长。 2025 年 7 月，中国区 App Store iPhone 端游戏收入榜 TOP10 中， ...

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 08 月 22 日 星期五 移动端次新品、成熟产品表现优异，游戏市场 7 月环比增长 8.14% | [Table_InnerMarketIndex] | 国内市场表现 | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌幅% | | 上证指数 | 3,771.10 | 0.13% | | 深证成指 | 11,919.76 | -0.06% | | 沪深 300 | 4,288.07 | 0.39% | | 科创 50 | 1,149.15 | 0.09% | | 创业板指 | 2,595.47 | -0.47% | | 上证 50 | 2,862.18 | 0.53% | | 上证 180 | 9,392.97 | 0.52% | | 上证基金 | 7,043.02 | 0.01% | | 国债指数 | 225.07 | -0.02% | | [Table_InterIndex] | 国际市场表现 | | | --- | --- | --- | | 指数名称 | 收盘 ...

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 - 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]

Investment Rating - The industry is rated as "Outperforming the Market" with an expected increase of over 10% relative to the market index in the next six months [4][36]. Core Insights - The Chinese gaming market showed a strong performance in April 2025, with a year-on-year revenue growth of 21.93% and a month-on-month growth of 2.47%, reaching a total revenue of 27.351 billion yuan [1][14]. - The mobile gaming sector specifically saw a revenue of 20.424 billion yuan, reflecting a year-on-year increase of 28.41% and a month-on-month increase of 3.07%, driven by strong performances from long-term products and new releases [1][15]. - The global gaming market experienced a decline in revenue, with a year-on-year decrease of 0.31% and a month-on-month decrease of 4.57%, totaling 6.5 billion USD in April 2025 [2][18]. - The top three revenue-generating games globally were "Honor of Kings," "Honkai: Star Rail," and "SD Gundam G Generation ETERNAL," with the first and third benefiting from strong IP collaborations [2][21]. Summary by Sections 1. Chinese Gaming Market - In April 2025, the actual sales revenue of the Chinese gaming market was 27.351 billion yuan, with a month-on-month growth of 2.47% and a year-on-year growth of 21.93% [14]. - The mobile gaming market achieved a revenue of 20.424 billion yuan, with a month-on-month increase of 3.07% and a year-on-year increase of 28.41%, supported by strong long-term products and new releases [15]. 2. Global Gaming Market - The global mobile gaming revenue in April 2025 was 6.5 billion USD, showing a year-on-year decline of 0.31% and a month-on-month decline of 4.57% [2][18]. - The top three games in terms of revenue growth were "Honor of Kings," "Honkai: Star Rail," and "SD Gundam G Generation ETERNAL," with significant contributions from IP collaborations and new character releases [21]. 3. Revenue Rankings - In the Chinese App Store's top 10 games for April 2025, Tencent's games occupied 7 positions, maintaining a dominant market presence [24]. - The top five games included "Honor of Kings," "Peacekeeper Elite," "Gold Shovel Battle," "Dungeon & Fighter: Origin," and "Endless Winter," with Tencent holding four of these spots [24]. 4. Overseas Market Performance - The revenue from self-developed games in overseas markets reached 1.554 billion USD in April 2025, showing a year-on-year increase of 9.62% despite a month-on-month decline of 4.40% [34]. - "Honkai: Star Rail" saw a significant increase in overseas revenue, rising by 136%, while "Kingshot" experienced a 209% increase in revenue [31][34]. 5. Investment Recommendations - The report suggests focusing on companies with rich license reserves, strong R&D capabilities, frequent high-quality IP collaborations, and stable content output capabilities, as the market shows robust growth potential [33].

Core Insights - The Chinese gaming market reached a scale of 27.351 billion yuan in April 2025, showing a year-on-year growth of 21.93% and a month-on-month growth of 2.47% [1] - The growth is primarily driven by long-term products with an operational cycle of one year or more [1] - April is traditionally a slow season for the gaming industry, making this performance noteworthy, especially with some games achieving record high active user numbers [1] - The actual sales revenue of China's gaming overseas market also saw a year-on-year increase of nearly 10% [1]

Core Insights - The Chinese gaming market reached a scale of 857.04 billion yuan in Q1 2025, showing a year-on-year growth of 17.99% but a quarter-on-quarter decline of 1.21% [1][5]. Market Performance - The domestic client game market generated 179.19 billion yuan, with a year-on-year increase of 6.85% and a quarter-on-quarter growth of 3.62% [5]. - The mobile game market achieved actual sales revenue of 636.26 billion yuan, reflecting a year-on-year growth of 20.29% but a quarter-on-quarter decline of 2.18% [5]. - The web game market's actual sales revenue was 11.13 billion yuan, continuing a downward trend for four consecutive quarters [5]. Game Titles and Categories - Top-performing games in Q1 included "Honor of Kings," "Peacekeeper Elite," and "Crossfire: Gunfight King," with significant contributions from Tencent [6][7]. - The revenue share of MOBA, shooting, and strategy games increased, while the share of role-playing games saw a significant decline [7]. Overseas Market - The revenue from self-developed games in overseas markets grew by 17.92% year-on-year, reaching approximately 346.90 billion yuan (48.05 billion USD) [9]. - Key overseas titles with rapid revenue growth included "Frost Awakening," "Archery Legend," and "Love and Deep Space" [9][10]. User Experience Insights - A survey highlighted common issues in mobile gaming experiences, such as overheating, frame drops, and battery drain, prompting 78.51% of users to consider upgrading their devices [10][13]. - The report recommends mobile manufacturers focus on optimizing performance to address these user experience pain points [13].