从《拳皇》IP改编的卡牌游戏，到主打宇宙种田玩法的新作；从正版《鹅鸭杀》手游，到《王者荣耀》衍生的自走棋产品，这个年末上线的每一款新游， 都背负着厂商冲刺业绩、抢占用户心智的双重目标。 这场年末狂欢的背后，是游戏行业存量竞争日益激烈的大背景。Steam年度报告显示，2025年全球新游数量飙升至1.9万款，但玩家花在新作上的时间仅占 总游戏时长的14%。 玩家越来越挑剔，厂商冲业绩的心情越来越迫切，这场年末对决早就不是单纯的产品比拼，而是对厂商IP运营、玩法创新、营销能力和长线运营功底的综 合考验。谁能在这场厮杀中突围，不仅会决定2025年的业绩排名，更可能影响未来一年的行业竞争格局。 离2025年收官不足两天，距离农历马年春节也不足两个月，游戏行业的"年末冲刺战"已经进入白热化阶段。 为了冲击年度业绩，国内游戏厂商纷纷拿出压箱底的作品。腾讯、网易、B站、灵犀互娱、金山等大厂动作频频，Tech星球独家获悉，字节跳动也悄悄加 入战局，成立全新子公司棱晶互娱，专攻小游戏赛道，旗下的自走棋小游戏《伙伴冲冲冲》已正式上线。 据《游戏日报》统计，光12月就有13款新游计划上线，腾讯、灵犀互娱、金山世游等一众厂商悉数入局， ...

Core Viewpoint - The article discusses the unveiling of miHoYo's new game "Varsapura," highlighting its development under the leadership of founder Cai Haoyu and the integration of AI technology into gameplay [5][10][30]. Group 1: Game Development and Features - "Varsapura" is being developed with a focus on immersive storytelling, featuring a hyper-realistic art style and vehicle gameplay, utilizing the UE5 engine [10][30]. - The game aims to integrate AI deeply into its mechanics, allowing player choices to dynamically influence relationships and events within the game world [10][30]. - The development team is globally distributed, with talent from Shanghai, Singapore, Los Angeles, and Montreal, indicating a significant investment in diverse expertise [10][30]. Group 2: Market Context and Competition - The gaming industry is experiencing a shift towards gameplay innovation, with players increasingly favoring gameplay mechanics over narrative content, as evidenced by the success of games like "Endless Winter" [27]. - miHoYo has faced challenges in maintaining its market position, having dropped out of the top three global mobile game publishers and seeing a decline in revenue from its previous hits [24][25]. - The overall market for two-dimensional games in China has contracted, with a reported 7.44% decrease in actual revenue [23]. Group 3: Strategic Implications - "Varsapura" represents a significant gamble for miHoYo, with the potential to restore its status among top gaming companies if successful [30]. - The game is part of miHoYo's broader ambition to create a "virtual world for a billion people," indicating a long-term strategic vision [30]. - The company is also exploring another project using UE5 technology, emphasizing large-scale boss battles, which reflects its commitment to high-quality game development [30].

Core Viewpoint - The article discusses the challenges faced by the game "Black Beacon" and the broader implications for the mobile gaming industry, particularly in the context of a declining market and the difficulties of new game development. Group 1: Company Challenges - "Black Beacon" has faced significant delays in version updates, with the latest announcement pushing the end of version 1.2 to October 14, a delay of 50 days [3] - The company has experienced a relocation of its headquarters, which has led to speculation about potential downsizing and operational difficulties [4] - Technical challenges have hindered the development of "Black Beacon," with reports indicating that the dual perspective design and complex gameplay mechanics have extended the development cycle by 30% [8][9] Group 2: Market Conditions - The mobile gaming market has seen a decline, with a reported 8% drop in actual sales revenue in the first half of 2025 compared to the previous year [12] - The number of new games in the mobile gaming sector has decreased by nearly 40% from peak levels, indicating a stagnation in innovation and new product launches [14] - The market is characterized by a "frozen" state, where older games maintain player engagement through continuous updates, while new games struggle to gain traction due to high technical demands and market pressures [15][17] Group 3: Industry Trends - The article highlights a growing divide between large developers and smaller teams, with larger companies taking on the responsibility for innovation, which may lead to a concentration of resources and potential stagnation in creativity [21] - There is a notable trend of nostalgia among players, with older games like "FGO" and "Arknights" continuing to perform well, while new titles face challenges in capturing player interest [15][17] - The industry is witnessing a restructuring, with opportunities for smaller teams to find niches in the market, despite the overall competitive landscape becoming more intense [21]

Core Viewpoint - The company's 1H25 performance was below expectations, with revenue of 1.34 billion yuan, a year-on-year increase of 27.9%, and adjusted net profit of 320 million yuan, a year-on-year increase of 10%, primarily affected by the pace of new product launches and increased promotional spending [1][2]. Group 1: Performance Overview - Revenue for 1H25 reached 1.34 billion yuan, up 27.9% year-on-year [1]. - Adjusted net profit for 1H25 was 320 million yuan, reflecting a 10% year-on-year increase, but below expectations [1]. - The company introduced 273 new SKUs, bringing the total to 925, with new SKU revenue accounting for 53.1% of total revenue [1]. Group 2: Market Trends - The main growth drivers were the lower-tier markets and overseas expansion, with domestic revenue of 1.23 billion yuan (up 18.5% year-on-year) and overseas revenue of 110 million yuan (up 899% year-on-year) [1]. - The company commercialized 19 IPs, with the top four IPs contributing 83.1% of revenue [1]. Group 3: Profitability Challenges - Gross margin decreased by 4.5 percentage points to 48.4% due to increased SKU and mold numbers, leading to higher costs [2]. - Adjusted net profit margin fell by 4.0 percentage points to 23.9% as sales and R&D expense ratios increased [2]. Group 4: Product Innovation - The company launched innovative products such as combination accessory packs for Transformers and new features for Minions, enhancing consumer engagement [2]. - The introduction of the "Dado" category aimed at female consumers simplified the assembly process and provided new creative expression opportunities [2]. Group 5: Future Outlook - The adjusted net profit forecasts for 2025 and 2026 were lowered by 27% and 28% to 800 million yuan and 1.05 billion yuan, respectively [2]. - The target price was adjusted down by 29% to 135 HKD, reflecting a potential upside of 15% based on the new earnings projections [2].

Core Insights - IGG has become more conservative after experiencing significant fluctuations in its business performance, with a revenue of over 5.7 billion HKD (approximately 5.2 billion RMB) last year, marking a 9% year-on-year growth, and a profit increase of 697% to 580 million HKD, compared to previous losses [1][27] - Despite the recovery, IGG's competitive edge is diminishing, as evidenced by its drop from around 15th to over 20th place in the global revenue rankings by Sensor Tower [1] Product Strategy - IGG maintains a testing rhythm of about 30 new products annually, shifting its focus back to the SLG genre, moving away from niche categories [3][4] - Over half of the new products tested in the past two years are SLG games, with three major upcoming titles: SLG "Project PSS," casual social game "Tycoon Master," and SLG "Frozen War" [4][20] - "Project PSS" is a significant investment, building on the previous title "Rebirth of Glory," which incorporates elements from top competitors while adding RTS features [4][5] Game Development - "Rebirth of Glory" features enhanced production mechanics and a more complex gameplay structure compared to its competitors, focusing on resource management and strategic gameplay [5][6] - IGG is also exploring various SLG gameplay innovations, including titles like "Dawn Gathering" and "Myco Citadel," which incorporate different thematic elements and gameplay styles [8][10] - The company is testing new SLG products that blend RPG elements and casual gameplay, indicating a shift towards integrating lighter mechanics into traditional SLG frameworks [18][20] Financial Performance - Despite last year's recovery, the revenue from the gaming segment has slightly declined due to the drop in income from "King of Kingdoms," indicating that the gaming business has not fully returned to growth [27][30] - The APP business has seen significant growth, with monthly active users increasing from 9.5 million in 2023 to 62 million in 2024, contributing to a revenue increase from 100 million HKD in 2022 to 1.09 billion HKD in 2024 [32] Market Position - IGG's anxiety about its market position is evident, as it struggles to find new hits that can surpass "King of Kingdoms," leading to a more cautious approach in product development [33] - The company is focusing on creating reliable products rather than taking risks on innovative but uncertain concepts, reflecting a strategic shift in response to market pressures [33]

Group 1 - The global mobile game market is experiencing a slowdown, but the SLG (Simulation Game) segment presents structural investment opportunities due to high user spending, long lifecycle, and global adaptability [1][2] - In 2024, the global strategy game revenue is projected to reach $17.5 billion, making it the top category in mobile games, with significant contributions from Chinese titles like "Last War: Survival" and "Whiteout Survival" [2] - The proportion of strategy games among the top 100 self-developed mobile games in overseas markets is 41.38%, indicating a strong presence and growth potential for SLG games [2] Group 2 - SLG developers are innovating gameplay to attract lighter users and reduce user acquisition costs, with successful cases emerging from SLG+ simulation and mini-games [1][3] - The industry is focusing on two main strategies: maintaining core SLG features while reducing player investment ("降肝降氪") and integrating lighter gameplay elements to broaden user appeal [3] - The enduring popularity of Three Kingdoms themes and the combination of new themes and IPs are helping SLG games to explore new market spaces [3] Group 3 - Notable products are successfully entering overseas markets, providing stable revenue support, such as "Whiteout Survival," which has generated $2.25 billion globally by March 2025 [4] - The games "Age of Origins" and "War and Order" have shown stable growth in ARPU and revenue, contributing 96.83% to the total revenue of Shenzhou Taiyue's gaming business [4] - New games like "Stellar Sanctuary" and "Next Agers" are undergoing commercialization testing overseas, potentially offering new revenue streams for the company [4]