6月24日，《和平精英》宣布5.1当天进入地铁逃生模式（搜打撤）的活跃用户数突破3700万。 同一天国家新闻出版署公布了2025年6月游戏版号审批信息，共有147款国产网络游戏与11款进口网络游 戏获得审批。 腾讯《穿越火线：虹》、团队合作射击《战术小队：破晓攻势》，网易太空团队射击《无主星渊》等多 个射击产品位列其中。 一方面，《三角洲行动》、《和平精英》、《穿越火线》大行其道的当下腾讯还在加码；另一方面，网 易、莉莉丝、B站也在踊跃行动，进行正面搏杀。 与小游戏一堆相似玩法竞争不同，射击品类不仅仅是卷的红，成本投入也足够高，特别是跨端进一步拉 高了进场的能力门槛。 而去年收入排名前100的移动游戏中，射击类占比13.89%位居第三，这样的份额、如此的成本投入和竞 争强度，腾讯左右互搏、大家争先恐后踩油门提速到底冲什么来? 先抓DAU 一个有趣的现象，射击产品的战报不会聊流水多少，而是集中在DAU、MAU以及累计XX这些用户数据 上。这类产品本身在商业设计上也不会追求深挖ARPU，用户规模数据的重要性高于一时的收入流水。 众所周知，射击玩法当初发力移动端进行了设计妥协和很长时间的用户习惯培养，眼下新一轮射击 ...

同时，网易本次获得版号的游戏《无主星渊》，是由暴雪创始人Mike Morhaime的新工作室Moonshot Games打造的太空题材团队射击游戏。自游戏曝光以来，备受玩家和业内关注。 在147款国产游戏中，上市公司产品主要包括ST华通的《逐鹿玛法》《隆隆冒险号》、三七互娱的《骑 士与大龙》、恺英网络的《斗罗大陆：魂师大作战》、巨人网络的《无尽修仙》、电魂网络的《爆爆军 团》、冰川网络的《最后小队》、友谊时光的《铁胃料理王》、汤姆猫的《汤姆猫小镇》、ST中青宝 的《宠物精灵王》等。 在11款获得版号的进口游戏中，包括了4款移动游戏、4款客户端游戏和3款双端游戏。具体来看，有腾 讯控股的《穿越火线：虹》《战术小队：破晓攻势》、金山软件旗下金山世游《鹅鸭杀》等。其中， 《穿越火线：虹》是人气射击游戏《穿越火线》系列的全新作品。据悉，该游戏由腾讯《三角洲行动》 的开发团队"琳琅天上"和腾讯互娱K1合作部联合打造。从申报信息来看，《穿越火线：虹》将是一款 双端游戏。 6月24日晚，国家新闻出版署发布了6月份的国产和进口网络游戏审批信息。本次国产版号数量为147 个，进口网络游戏版号有11款，本批次版号数量创今年新高。 ...

Core Insights - The National Press and Publication Administration issued approval for 144 game titles in May 2025, including 130 domestic and 14 imported games [1] - Notable games receiving approval include Perfect World's "Yihuan" and NetEase's "Destiny: Stars" [1][4] - Perfect World's "Yihuan" has gained significant attention, with over 10 million views on Bilibili and 2.48 million reservations on TapTap [1][4] Group 1: Domestic Games - A total of 130 domestic games received approval, with key products from listed companies such as Shanghai Shulong's "Dragon Valley: Remake" and Baidu's "Greedy Snake Battle 2" [1] - Perfect World's "Yihuan" is highlighted as a potential turnaround product for the company, being the first urban supernatural open-world RPG in China [4] - The game's recruitment video has surpassed 5 million views, indicating strong interest [4] Group 2: Imported Games - 14 imported games were approved, including NetEase's "Destiny: Stars," which is the first mobile game based on the Bungie IP [4] - "Destiny: Stars" retains the series' world view and includes classic gameplay elements along with new features like Rogue mode [4] - Other notable imported titles include "Rainbow Island: Adventure" and "Eternal Tree Song: Genesis" from listed companies [4] Group 3: Changes in Game Approvals - Tencent's "Yuanmeng Star" received a new client version approval, while Blizzard's "Diablo II" had its operational unit changed, indicating a potential reconciliation between NetEase and Blizzard [5][8] - The approval for "Diablo II" marks a significant milestone for the classic ARPG, which has sold over 15 million copies globally since its release in 2000 [8]

本次国产版号数量为130个，以申报类别划分：其中"移动"类76款；"移动-休闲益智"54款；"客户端"6款；"游戏机（PS5）"1款，有6款同时拿到了移动端 和客户端版号，1款同时拿到移动端、客户端和游戏机版号。 除了国产版号之外，今天还下发了14款进口游戏版号，14款均是移动端版号，其中2款拿到了移动端和客户端版号，1款拿到了移动端和网页端版号。 值得注意的是，截至5月，今年已下发国产游戏版号共610个，如果从近一年的每月情况来看，每月过审数量在持续上升，今个月创下新高。 5月21日，国家新闻出版署发布了《2025年5月份国产网络游戏审批信息》。 | 序号 | 名称 | 申报类别 | 出版单位 运营单位 | | --- | --- | --- | --- | | 1 | 阿拉敲地鼠 | 移动-休闲益智 | 宁波东海岸电子音像 宁波哈虎网络科技有 | | | | | 出版社有限公司 限公司 | | 2 | 傲娇英雄 | 移动 | 广州谷得网络科技有 温州爱整蛊网络科技 | | | | | 限公司 有限公司 | | 3 | 白夜星魂 | 移动 | 湖南电子音像出版社 厦门嗨哩游网络科技 | | | | | 有限 ...

Group 1 - In May, the National Press and Publication Administration approved 130 domestic online games, including titles from Perfect World and Kaixin Network [1][2] - Among the approved games, 70 are mobile games, 54 are mobile-casual puzzle games, 5 are mobile + client games, and 1 is a tri-platform game [1] - 14 imported online games were also approved, including Blizzard's "Diablo II" which is set to launch in the Chinese market [1][4] Group 2 - Perfect World's "Yihuan," a three-platform game, received approval and is an open-world RPG developed on the Unreal Engine 5, generating significant interest with over 5 million views during its promotional phase [2] - The game has been compared to "GTA" due to its impressive graphics and is seen as a potential turnaround project for Perfect World [2] - Tencent's "Yuanmeng Zhi Xing" has added a client version, expanding its platform availability [7]

南方财经全媒体记者吴立洋实习生隆欣玲上海报道 本周，国内游戏业迎来多项政策利好，引发广泛关注。 具体来看，国务院出台方案明确支持游戏出海，布局从IP打造到运营的全产业链；教育部宣布将"游戏 艺术设计"专业首次列入本科专业目录，中国传媒大学等三所高校获批设置该专业；国家新闻出版署公 布了4月游戏版号审批信息，共127款新游戏获批。 国内游戏方面，多家企业发布财报及新动向。吉比特2025年Q1营业收入11.36亿元，同比增长22.47%； 巨人网络2024年净利润增长31%，小游戏业务增长显著；冰川网络2024年净利润亏损2.47亿元，同比下 降约190%，主因海外买量投入高企；在2024年业绩下滑后，完美世界、游族网络2025年一季度营收、 利润重回增长；腾讯Spark2025游戏发布会公布46款游戏动态，其中包括24款游戏新品；儒意景秀与 NBA中国达成合作，计划开发两款手机游戏，拓展体育游戏赛道；网易游戏全球投资与合作部总裁朱 原离职，李日强接任。 海外及合规监管方面，欧盟委员会对苹果和Meta因违反《数字市场法案》罚款7亿欧元，其中苹果因限 制第三方支付渠道被罚5亿欧元，Epic Games发声指控其不正 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company achieved revenue of 1.136 billion yuan in Q1 2025, representing a year-on-year increase of 22.47% and a quarter-on-quarter increase of 29.44%. The net profit attributable to shareholders was 283 million yuan, up 11.82% year-on-year, while the net profit excluding non-recurring items was 275 million yuan, up 38.71% year-on-year. This marks the first quarter of positive revenue growth since 2023 [2][4] - The new game "Wen Jian Chang Sheng" contributed over 360 million yuan in revenue increment, with other core products like "Wen Dao" and "Yi Nian Xiao Yao" also showing quarter-on-quarter revenue growth. The report emphasizes the importance of monitoring the revenue trends of core products and the progress of new game launches [5][7] Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 1.136 billion yuan, a year-on-year increase of 22.47% and a quarter-on-quarter increase of 29.44%. The net profit attributable to shareholders was 283 million yuan, reflecting an 11.82% year-on-year increase, while the net profit excluding non-recurring items was 275 million yuan, up 38.71% year-on-year [2][4] - The company’s revenue returned to positive growth for the first time in 2023 [4] Game Performance - The new game "Wen Jian Chang Sheng" significantly contributed to revenue, generating 363 million yuan in Q1 2025. The revenue from "Wen Dao" was 321 million yuan, down 16.3% year-on-year but up 34.9% quarter-on-quarter. "Wen Dao Mobile" generated 441 million yuan, down 15.9% year-on-year and down 4.3% quarter-on-quarter [5][6] - The report highlights the need to focus on the revenue trends of core products and the testing and launch schedules of new games [7] Investment and Expenses - The company increased its marketing expenses due to the launch of "Wen Jian Chang Sheng," with sales expenses rising to 360 million yuan, an increase of 66 million yuan year-on-year and 165 million yuan quarter-on-quarter. The sales expense ratio increased by 9.5 percentage points to 31.7% [6] - The report notes that the overall investment return on marketing spending remains good, with stable year-on-year sales expense ratios [6]