Core Insights - October will see the launch of over 20 new games, with key titles from major companies like NetEase, Tencent, and Bilibili, showcasing a diverse range of genres and trends in the gaming industry [1][3] Game Releases - Notable new releases include NetEase's "Marvel Secret Wars," "Destiny: Stars" (domestic version), and "unVEIL the world" (overseas), along with Tencent's "Kaeis Dreamland" and Bilibili's "Escape from Duckov" [1][3] - The new games cover various genres such as shooting, strategy RPG, and action, reflecting a trend towards high-quality production, IP value enhancement, and innovative gameplay [1][3] Industry Trends - The gaming industry is experiencing a trend of simultaneous multi-platform releases, indicating a focus on expanding user reach and ensuring consistent player experiences [1][8] - The recent surge in game releases is attributed to the normalization of game license approvals and the overall heightened interest in the gaming sector [4][8] Market Dynamics - The delay of "GTA6" to May 2026 has led to a crowded release schedule in October, with many companies launching new titles to capitalize on the gaming market's momentum [4][8] - The shooting game genre remains particularly competitive, with titles like "Destiny: Stars" achieving significant pre-registration numbers and revenue growth [6][7] Strategic Insights - Companies are increasingly adopting multi-platform strategies to enhance product quality and provide a unified experience for players, moving away from traditional genre-specific competition [8] - The gaming landscape is shifting, with companies exploring new growth opportunities in niche segments rather than competing solely within established genres [8]

Core Insights - Over 20 new games are set to launch in October, with key titles from major companies like NetEase, Tencent, and Bilibili, showcasing a diverse range of genres and trends in the gaming industry [2][3] Game Releases - NetEase is releasing three major titles: tactical team RPG "Marvel Secret Wars," multiplayer sci-fi shooter "Destiny: Stars" (domestic version), and strategy adventure RPG "unVEIL the world" [3] - Tencent is launching the card RPG "Kaeas Dream" overseas, marking its entry into the sub-genre of anime games [3] - Other companies like Hero Game, Dream Creation, and Bilibili are also releasing new titles, indicating a crowded market in October [3] Industry Trends - The new games reflect three core trends: a pursuit of high-quality products, continuous revaluation of IP value, and ongoing micro-innovations in gameplay [2] - Multi-platform releases have become a common strategy, allowing companies to expand user reach while ensuring a consistent experience across platforms [6] Market Dynamics - The gaming industry is experiencing a surge in new releases, driven by increased interest and a normalization of game license approvals, with 156 licenses issued in September alone [4] - The delay of "GTA6" to May 2026 has led to speculation about its impact on the market, but analysts suggest that the concentration of new releases is a broader trend rather than a direct consequence of this delay [4] Performance Metrics - "Destiny: Stars" has seen significant pre-launch interest, with over 10 million players completing reservations [5] - "Kara Bichu" mobile version has surpassed 10 million pre-registrations, indicating strong market demand [3] - "Escape from Duckov," published by Bilibili, has performed well in both domestic and international markets, showcasing its global appeal [5]

Industry Investment Rating - The report rates the internet industry as "Leading" for the period ending May 2025, indicating an expectation of attractive performance relative to the benchmark index [45]. Core Insights - Domestic mobile game revenue showed a slight increase of 8 million CNY or 8% year-on-year, primarily driven by the game "MDnF" [1]. - Tencent's new game "Delta Action" ranked 6th on the iOS game sales chart as of May 6, 2025, with April revenue exceeding 350 million CNY [1]. - NetEase experienced a year-on-year decline of 5% or 20 million CNY in domestic revenue, mainly due to high base effects from "Nirvana in Fire" [1]. - The report highlights the potential for double-digit growth in overseas mobile game revenue in Q2, despite a 19% decline in Tencent's overseas revenue due to high base effects from "Brawl Stars" [1][21]. Summary by Sections Domestic Mobile Game Performance - In April 2025, the total revenue of tracked top mobile games increased by 4% year-on-year and 2% month-on-month, with a cumulative increase of 5% from January to April 2025 [4][6]. - Tencent's domestic mobile game revenue increased by 8 million CNY or 8% year-on-year, while NetEase's revenue decreased by 5% or 20 million CNY [15][18]. New Game Launches - Tencent's "Delta Action" mobile game launched on April 22, 2025, is estimated to generate 30-40 million CNY in its first month [5]. - NetEase's "Seven Days World" mobile game launched on April 24, 2025, is projected to generate 60-80 million CNY in its first month [5]. Overseas Mobile Game Revenue - Tencent's overseas revenue decreased by 5.3 billion CNY or 19% year-on-year, while NetEase's overseas revenue increased by 70 million CNY or 23% [21]. - The report anticipates that new game contributions will help maintain double-digit growth in overseas mobile game revenue in Q2 2025 [21]. Market Trends and Valuation - The report indicates that the gaming industry is experiencing a normalization in license issuance, which is beneficial for healthy industry development [32]. - The average price-to-earnings ratio for key gaming companies is projected at 18.0 for 2025, with Tencent and NetEase having P/E ratios of 17.1 and 14.3, respectively [43].