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]

智通财经APP获悉，万联证券发布研报称，7月份中国游戏市场稳中向好，次新品、成熟产品双轮驱动 市场规模同比、环比增长，整体来看，行业发展具备稳健增长动力。建议关注版号储备丰富、研发能力 较强、进行优质IP联动、具备稳定内容输出能力的企业。 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》《DRAGONBALLZ》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。2025年7月，中国区App Store iPhone端游戏收入榜 TOP10中，腾讯系占据7款，稳居市场主导地位，网易系、点点互动和叠纸游戏均上榜一款产品。《王 者荣耀》《和平精英》《三角洲行动》《无尽冬日》《地下城与勇士：起源》位列前五，腾讯系占4 席。 出海 自研游戏出海收入同比、环比上涨。2025年7月， ...

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]

| BILI 哔哩哔哩 | | 0 | | --- | --- | --- | | 22.280 + -0.160 -0.71% | | 收盘价 07/30 16:00 美东 | | 22.850 ↑ 0.570 +2.56% | | 盘前价 07/31 04:31 美东 | | 盤 ½ 24 少 Ｓ Ｓ 母 目 ♡ | | ● 快捷交易 | | 最高价 22.945 | 开盘价 22.430 | 成交量 389.88万 | | 最低价 22.020 | 昨收价 22.440 | 成交额 8745.14万 | | 平均价 22.430 | 市盈率ITM 亏损 | 总市值 91.97亿 (…) | | 振 幅 4.12% | 市盈率(静) | 总股本 4.13亿 | | 换手率 1.37% | 市净率 4.598 | 流通值 63.21亿 | | 52周最高 31.770 | 委 比 -- | 流通股 2.84亿 | | 52周最低 12.720 | 量 比 1.34 | 色 主 1股 | | 历史最高 157.660 股息TTM -- | | 换股比率 1.00 | | 历史最低 8.230 | | | 哔哩 ...

Core Insights - The Chinese gaming market achieved a record actual sales revenue of 168 billion yuan in the first half of 2023, marking a year-on-year growth of 14.08% [1] - The number of gaming users reached approximately 679 million, reflecting a growth of 0.72% year-on-year, also a historical high [1] - The growth in market revenue and user base is attributed to several factors, including the successful launch of new games, the steady performance of established games, and the strong growth of esports and mini-program games [1] Market Segmentation - The actual sales revenue of the mobile gaming market in China was 125.31 billion yuan, with a year-on-year increase of 16.55% [2] - The client game market generated 35.40 billion yuan, growing by 4.86% year-on-year, while the console game market saw a significant increase of 29.78%, reaching 1.03 billion yuan [2] - The web game market, however, experienced a decline, with actual sales revenue of 2.20 billion yuan, down by 5.87% [2] Esports and Other Segments - The esports gaming market achieved actual sales revenue of 80.65 billion yuan, reflecting a year-on-year growth of 16.64% [3] - The two-dimensional mobile game market saw a decline in revenue, totaling 14.58 billion yuan, down 8% year-on-year, attributed to factors such as slowing revenue growth of leading games and a lack of innovation [3] - The mini-program gaming market reported actual sales revenue of 23.28 billion yuan, with a remarkable growth of 40.2% year-on-year, where in-app purchases accounted for 65.7% of the revenue [3]

Core Insights - The domestic gaming market in China achieved a record actual sales revenue of 168 billion yuan in the first half of 2025, representing a year-on-year growth of 14.08% [1] - The number of gaming users reached approximately 679 million, marking a historical high with a year-on-year increase of 0.72% [1] Market Segmentation - Mobile gaming generated actual sales revenue of 125.31 billion yuan, showing a year-on-year growth of 16.55% and accounting for 74.59% of the total market share [1] - Client-based games saw actual sales revenue of 35.40 billion yuan, with a year-on-year increase of 4.86%, representing 21.07% of the market [1] - Web-based games reported actual sales revenue of 2.20 billion yuan, experiencing a decline of 5.87% year-on-year, making up 1.31% of the market [1]