Core Viewpoint - The gaming sector in the A-share market has seen a significant rise, with an overall increase of over 60% in 2025, driven by favorable policies and market conditions [1] Group 1: Market Recovery and Growth - The number of approved domestic online games reached a historical high of 1,771 in 2025, a 25.07% increase from 1,416 in 2024 [2] - The recovery in game approvals is attributed to a combination of factors, including improved policies and social attitudes towards the gaming industry [4][5] - In April 2025, the government introduced three measures to support the gaming industry, including tax incentives and support for IPOs and mergers [6] - The approval process for game licenses has been optimized, reducing the time to under a year, with some approvals taking as little as three months [8] - Negative impacts from past regulations, such as restrictions on minors and license suspensions, are gradually dissipating [9] Group 2: Industry Investment and Revenue - Leading gaming companies have significantly increased their R&D expenditures, with Century Huatong, Giant Network, and G-bits spending 760 million, 340 million, and 280 million yuan respectively, all showing over 45% growth year-on-year [11] - The actual sales revenue of the domestic gaming market reached 350.79 billion yuan in 2025, reflecting a year-on-year growth of 7.68% [13] - The user base grew by 1.35% to 683 million, marking a historical peak [16] - The gaming industry is experiencing a surge in user engagement and spending, with the overall revenue growth for the industry’s stocks showing increases of 22%, 22%, and 29% in the first three quarters of the year [23] Group 3: Evolving Game Genres and Trends - The gaming industry is witnessing a rapid evolution in game genres, with a notable rise in party games and FPS titles since 2022 [30][32] - The success of games like "Genshin Impact" has set a precedent for future game releases, indicating a trend towards innovative and hybrid game types [35] - WeChat mini-games have emerged as a significant growth area, with market revenue reaching 53.54 billion yuan in 2025, a 34.39% increase [39] - The monthly active users of WeChat mini-games reached 500 million, with daily online time increasing by 10% [40] Group 4: Future Outlook and Competitive Landscape - The gaming market is expected to continue expanding, driven by the rise of high-quality mobile games and the integration of AI in game development and operations [46][47] - Despite the positive outlook, competition within the gaming industry is intensifying, prompting companies to pursue mergers and global market expansion [50][51] - The most promising companies are those that can innovate gameplay and develop platform-based gaming experiences, which may lead to growth and valuation increases [55] - The darkest times for the gaming industry appear to be over, signaling a potential turning point for sustained growth [56]

2025 年版号数量创多年新高，继续推荐游戏板块投资机 会 20251230 2025 年游戏版号发放情况如何？ 2025 年游戏版号发放数量创下新高，体现了行业供给的充足性。12 月国家新 闻出版署发放了 147 个版号，其中 144 个为国产游戏，3 个为进口游戏。腾讯 的《QQ 经典农场》手游、凯英网络的《梦境守望者》、三七互娱的《荒漠沙 洲》、华通的《青松传奇》和神州泰岳旗下可木的《破晓危城》等上市公司产 品均获得版号。此外，乐元素的二次元开放世界项目《白银之城》也获批。 2025 年游戏版号发放有哪些亮点？ 2025 年有几个显著亮点：首先，全年过审版号总量达到 1,771 款，同比增长 25%，其中国产 1,676 款，进口 95 款。其次，进口版号发放节奏加快，自 2024 年 10 月起按月规律发放。第三，受益于主机和 PC 游戏兴起及多端互通 趋势，双端和三端游戏版号数量显著增长。双端游戏 131 个，比去年 106 个 主机游戏平台增速超过 80%，增长显著。双端游戏版号 131 个，三端 游戏 8 个，为历年来最高，受益于主机和 PC 游戏兴起及多端互通趋势。 小程序游戏平台保持 34% ...

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Insights - The total supply of game licenses continues to increase, with a significant rise in new products expected in 2026. The number of game licenses issued in 2025 reached 1,771, a 25.07% increase from 1,416 in 2024, marking a new high since the regulations were established in 2018 [8] - The approval process for imported game licenses has been optimized, with the average number of licenses issued per batch increasing from approximately 80 in 2023 to 160 in the second half of 2025, indicating a supportive policy environment [8] - The number of cross-platform headlining games has significantly increased, with 1,729 mobile games, 159 client games, 19 web games, and 8 console games licensed in 2025. The growth of cross-platform products is expected to continue, driven by high-end engine usage [8] - The gaming market is expected to see intense competition in genres such as simulation, RPG, and open-world games in 2026, with a notable presence of low ARPU (Average Revenue Per User) games that may exhibit stronger resilience against deflationary pressures [8] Summary by Sections Investment Suggestions and Targets - The report suggests focusing on companies with a reserve of cross-platform headlining projects and those with a strong portfolio of enduring games that have high daily active users (DAU) but low ARPU. Recommended stocks include Tencent Holdings (00700, Buy), NetEase (09999, Buy), and others [3] Industry Dynamics - The gaming industry is experiencing a robust growth trajectory, with a notable increase in the number of game licenses and an improved business environment for game developers due to policy support [8]

来源：证券日报 作者：李豪悦 2025年是中国游戏市场和中国游戏"出海"规模爆发的一年，被业内视为"游戏大年"。越来越多优秀游戏 涌现，得益于近两年版号数量的增长。据《证券日报》记者梳理，2025年，我国累计发放国产网络游戏 版号1676款，相比2024年的1306款同比增长28.33%。 值得一提的是，越来越多游戏厂商在申请游戏版号时，不再局限于移动端，而是增加客户端或主机端的 申请，实现多端并进。其中，2025年多端游版号数量达到了103款，相比2024年的94款同比增长 9.57%。 大厂纷纷布局多端游戏 2025年，多家上市公司及头部企业的核心游戏在申请版号时都增加了客户端或主机端。 例如，腾讯旗下的《王者荣耀世界》，在今年5月份的版号审批中变更信息，在原移动端版本基础上， 新增了客户端版本；完美世界旗下的《异环》，在5月份版号审批中，更是同时申报了移动端、客户端 和主机（PS5）三个类别；创梦天地的《幻幻灵之战》，在12月份的审批中，也同时申请了移动端、客 户端和主机（PS5）。 "当前来看，客户端和主机游戏在中国开始进入高速发展期，之后的市场规模大概率会越来越大。最重 要的原因是，2025年游戏厂 ...

Group 1 - The year 2025 is anticipated to be a significant year for China's gaming market and the "going global" trend, with a total of 1,676 domestic online game licenses issued, representing a 28.33% increase from 1,306 in 2024 [1] - The number of multi-platform game licenses reached 103 in 2025, up 9.57% from 94 in 2024, indicating a shift towards more diverse gaming platforms beyond mobile [1] - Major companies are increasingly applying for licenses for client and console versions alongside mobile versions, reflecting a strategic shift in the gaming industry [2] Group 2 - Tencent's "Delta Action" and NetEase's "Yanyun Sixteen Sounds" have achieved significant success, with the latter surpassing 15 million global players within a month of its overseas launch, setting a new record for Chinese games going global [2] - The client game market is experiencing a strong recovery, with actual sales revenue reaching 78.16 billion yuan in 2025, a 14.97% year-on-year increase, while the console game market saw an 86.33% increase to 8.362 billion yuan [3] - The rise of multi-platform games is attributed to their broader player base and increased confidence in producing AAA games, which require higher technical standards [3] Group 3 - The revenue-sharing model with distribution channels has become increasingly contentious, with Android channels demanding up to 50% and Apple around 30%, squeezing profit margins for game developers [4] - High distribution fees have led several top companies to withdraw popular games from Android channels, marking a significant shift in the industry [4] - Adjustments in revenue-sharing agreements, such as Apple's reduction to 15% and some Android channels negotiating down to 10-20%, indicate a changing landscape for game distribution [4][5] Group 4 - The increase in client games is seen as a strategic response by game developers to combat high mobile game distribution fees, suggesting a potential shift away from the current "channel dominance" model [6]

文 | 贝果树 编辑 | 刘士武 新游速递 腾讯《王者荣耀》IP自走棋新作《王者万象棋》开启大规模测试 12月25日，《王者万象棋》开启首轮大规模测试。《王者万象棋》是腾讯基于《王者荣耀》IP开发的一款策略对战游戏。在游戏中，玩家需要通过构建英 雄阵容、升级英雄等级、布局合理站位来取得胜利。本次测试为不计费删档性质，不开放付费功能，允许内容直播与传播。 《王者万象棋》 国产抗日谍战FPS《抵抗者》发布实机演示 12月26日，由国内团队浩汤科技开发的抗日谍战题材第一人称射击游戏《抵抗者》发布实机演示视频。《抵抗者》是一款以1940年代的中国为背景的第一 人称射击游戏，融合了谍战解迷和动作射击元素，章节将会跨越中国的不同战场，玩家将以不同身份投入到抵抗侵略者的行动中。目前游戏已上线Steam 页面。 《抵抗者》 老游情报 《光与影：33号远征队》独立游戏奖项因使用AI违反评选规则被撤回 独立游戏大奖组委会发布公告正式撤销游戏《光与影：33号远征队》所获得的"年度游戏"与"最佳首作"两项大奖。撤销原因是开发商在提交参评时曾书面 承诺未使用生成式AI，但后续被证实游戏在开发过程中使用了该技术。目前，年度游戏奖授予《蓝 ...

12月25日晚间，国家新闻出版署发布《2025年12月份国产网络游戏审批信息》，合计发放147个版号， 包括144款国产网络游戏获版号，3款进口网络游戏获版号；另外还有7款游戏审批信息发生变更。 但在经营业绩方面，二次元游戏市场今年持续遇冷。据《2025年中国游戏产业报告》，2025年，国内二 次元移动游戏市场实销收入282.81亿元，同比下降3.64%。 报告指出，其流水下滑主因有二：一是多款头部产品流水下行；二是多数新品上市表现未达预期。 多家游戏厂商在这一赛道有所布局，目前已有包括腾讯《虚环》《归环》、鹰角网络《明日方舟：终末 地》、完美世界（002624）《异环》在内的多款二游大作曝光，《白银之城》能否顺利突围仍值得关 注。 具体来看，12月发放的游戏版号中，腾讯、快手、乐元素、壳木、恺英、四三九九、上海数龙等游戏厂 商均有所收获，国内多家上市公司、知名厂商的重点产品过审，包括腾讯游戏《QQ经典农场》、乐元 素《白银之城》、三七互娱（002555）《荒漠沙洲》、百度多酷《口袋王者》、恺英网络（002517） 《梦境守望者》、盛趣游戏《轻松传奇》、四三九九《勇者与幻兽》、北京壳木《破晓危城》、电魂网 络 ...

12月25日，随着国家新闻出版署发布的12月版号信息，2025年的版号终于迎来了收官。 12月国产版号144款，进口版号3款。本月值得关注的包括腾讯《QQ 经典农场》手游、乐元素《白银之城》、进口游戏《波斯王子：失落的王冠》等。详 细名单可在最下方查看。 其中，腾讯的《QQ 经典农场》绝对的情怀之作，毫不意外将成为一个"养老"型游戏，而乐元素的《白银之城》是采用了虚幻5引擎开发的奇幻冒险开放 世界ARPG游戏，在5月首曝的时候，三小时播放超百万，可见其关注度之高。游戏目前已经开启封闭B测招募，截止到2026年1月6日。 2025年国产游戏版号的发放数量有大幅增加，特别是从11月开始，单月178个国产版号创年内新高。对于厂商而言，稳定的节奏有助于他们进行长线产品 规划，为市场持续注入新的内容。而且从2025年的版号信息来看，陈年版号基本上是没有看见了，这对于游戏企业来说是一个好消息，据一些开发者透 露，目前版号的审批时间相较之前大大缩短，其中自主申请版号平均周期为 4-6 个月，如果找到一些靠谱的专业机构帮忙申请，时间还有几率缩短20%以 上。 另外，从2024年10月至今，进口游戏版号就变成每月发放，保证了供 ...

Core Insights - The number of game licenses issued in China has steadily increased, reaching a total of 1,771 in 2025, marking a nearly seven-year high and a growth of over 20% compared to 2024 [1][7] - The surge in licenses is attributed to the industry's consensus on game quality improvement and the emergence of high-quality games, indicating a new golden decade for the Chinese gaming industry [1][7] License Distribution - In December 2025, a total of 147 game licenses were issued, with 144 for domestic games and 3 for imported games, including notable titles from Tencent and other companies [5] - The monthly distribution of licenses has been stable, with each month exceeding 100 licenses, peaking at 184 in November 2025 [6] Market Performance - The domestic gaming market's actual sales revenue reached 350.79 billion yuan in 2025, a year-on-year increase of 7.7%, with a user base of 683 million, also reflecting a growth of approximately 1.4% [7] - The gaming industry's economic impact has been assessed, with direct and indirect contributions exceeding 1.2 trillion yuan in 2025, highlighting the sector's role in the "cultural + technological" economic model [7] Industry Challenges - Despite the increase in licenses, the market remains competitive, with higher expectations for game quality and increased development costs, posing risks for developers [8] - Major gaming companies are focusing on maintaining the longevity of existing IPs and iterating on technology to meet player expectations and ensure engagement [8]

Core Insights - The National Press and Publication Administration approved a total of 147 game titles, including 144 domestic online games and 3 imported online games, with a significant focus on mobile games, which accounted for 143 titles [1]. Group 1: Game Approval Details - The approved games include notable titles such as Tencent's "QQ Classic Farm," Le Element's "Silver City," and Chuangmeng Tiandi's "Fantasy Battle" [1]. - The breakdown of the approved games shows that there are 143 mobile games, 10 client games, and 1 console game [1]. Group 2: Specific Game Titles and Publishers - Specific titles and their respective publishers include: - "QQ Classic Farm" by Tencent [9] - "Silver City" by Le Element [4] - "Fantasy Battle" by Chuangmeng Tiandi [4] - "Attack! Airship" by Electric Soul Network [5] - "Pocket Elite" by Ice River Network [7] - The approval dates for these titles are all listed as December 24, 2025 [2][4][5][6][7].