Core Insights - The article highlights the impressive performance of "Whiteout Survival," developed by Century Huatong, which has risen from eighth to fourth place in the global mobile game revenue rankings for 2025, with a revenue nearing $1 billion in 2024 and a projected annual growth rate of approximately 50% for 2025 [1][4]. Group 1: Game Performance - "Whiteout Survival" is recognized as the world's first ice and snow survival-themed SLG game, achieving significant revenue growth and becoming the champion of growth within the $1 billion revenue tier [1][4]. - The game has a broad market presence, with the United States, Japan, South Korea, and Taiwan being the top four revenue-generating markets, showcasing a doubling of revenue in Japan and a 70% increase in South Korea [1][4]. Group 2: Market Trends - The success of "Whiteout Survival" aligns with the explosive growth of the strategy game genre, which is projected to generate $13 billion in in-app purchase revenue in 2025, making it the highest-grossing game type globally [2][5]. - The game contributes significantly to the SLG segment and utilizes a "SLG+X" fusion gameplay approach, breaking user barriers and driving market growth [2][5]. Group 3: Company Strategy - Century Huatong's systematic capabilities support the game's success, leveraging a data-driven "research, operation, and development" collaborative system to create a competitive and differentiated product matrix [3][6]. - The company employs deep localization strategies to tailor activities and marketing content to regional player needs, enhancing user engagement in key overseas markets [3][6]. - The rise of "Whiteout Survival" reflects Century Huatong's leading position in the global mobile gaming sector, with a dual strategy of "strong leadership and multi-category collaboration" [3][6].

Core Insights - Sensor Tower's report reveals that Century Huatong ranks second among Chinese mobile game publishers globally, driven by explosive growth across multiple product categories [1] - The company has three core products listed: "Whiteout Survival" leads the overseas mobile game revenue chart, "Kingshot" secures third place, and "Tasty Travels: Merge Game" debuts at 27th [1] Industry Overview - The global mobile game market is projected to grow steadily, with revenues expected to reach $82.3 billion in 2025, marking a 1.3% increase [4] - The overseas market for mobile games on App Store and Google Play is anticipated to rise by 2%, reaching $69.8 billion [4] - Strategy games are identified as the key growth driver, with a projected 20% increase in global revenue, surpassing $20 billion in 2025 [4] Company Performance - Century Huatong's "Whiteout Survival" has maintained its position as the top overseas mobile game revenue generator for 24 consecutive months [7] - "Kingshot" has rapidly climbed the revenue charts, leveraging a unique art style and innovative gameplay to establish a strong market presence [7] - The company has successfully implemented localized operational strategies, resulting in significant revenue increases in Japan and South Korea, with growth rates of 92% and 70% respectively [7] Market Trends - The casual gaming segment is experiencing robust growth, with the global merge game market projected to increase by 95% in 2025, reaching a market size of over $2.4 billion [8] - "Tasty Travels: Merge Game" has capitalized on this trend, achieving a remarkable 28-fold increase in revenue and debuting at 27th in the overseas revenue rankings [8] - Century Huatong is transitioning from a single blockbuster approach to a multi-category matrix strategy, enhancing its global presence and operational capabilities [8] Future Outlook - The company plans to focus on the casual gaming segment in 2026, aiming to strengthen its dual-track business structure of "SLG + Casual" games [8] - By leveraging its global development capabilities and localized operational experience, Century Huatong aims to capture additional market share in the global mobile gaming landscape [8]

Core Insights - The global mobile gaming market is projected to grow steadily, with total revenue increasing by 0.5% year-on-year and total downloads rising by 4.6% in 2025, indicating a continuous expansion of market size [2][4]. Group 1: Company Performance - Century Huatong's game "Whiteout Survival" has shown remarkable performance, ranking 4th in global mobile game revenue for 2025, with a strong annual growth rate of approximately 50%, making it the top growth champion in the $1 billion revenue tier [1][4]. - "Kingshot," another title from Century Huatong, debuted in 2025 and achieved a revenue ranking of 14th, becoming the only new game to make it to the top 30 revenue list for the year [1][6]. Group 2: Market Dynamics - The top 30 global mobile games list includes 8 titles that surpassed $1 billion in revenue, showcasing the competitive landscape of the mobile gaming industry [2]. - "Whiteout Survival" has established a solid foundation in key markets such as the United States, Japan, and South Korea, with revenue in Japan experiencing a doubling growth [4][6]. Group 3: Strategic Insights - Century Huatong's success is attributed to its data-driven "research, operation, and development" integrated system, which has created a competitive and differentiated product matrix, enhancing overseas business quality and efficiency [7]. - The company aims to transition towards a platform-oriented model, expanding its product matrix and deepening its global layout to provide more high-quality gaming experiences for players worldwide [7].

Core Insights - The global mobile gaming market revenue has only slightly increased by 3.4%, with growth concentrated in specific segments such as strategy, simulation, and hybrid casual games, indicating a structural transformation in the industry [1][19]. Market Trends - The revenue trend for leading store platforms from 2023 to 2025 shows that developed markets like the US, Europe, and Japan are experiencing growth slowdowns, yet they maintain high average revenue per paying user (ARPPU), which is crucial for industry revenue stability [3][19]. - The industry is witnessing a Matthew effect, where over 40% of revenue comes from the top five paid packages or top ten games, highlighting the increasing market concentration [3][19]. Strategy Game Growth - Strategy games are identified as a significant growth engine, with a stable and strong growth trend since mid-2024. The total revenue for strategy games is projected to grow from $10.8 billion to $13.5 billion from October 2024 to September 2025, reflecting a year-on-year increase of 25.55%, significantly surpassing the global market average [4][20]. - Within the strategy game segment, the 4X strategy (SLG) category shows remarkable performance, with revenue increasing from $5.4 billion to $6.9 billion, marking a 25.84% growth [5][21]. Player Spending Behavior - Players of strategy games exhibit exceptional spending capabilities, with US strategy game players spending twice as much as those in gambling games within the first 90 days of gameplay. The ARPPU for strategy games on the App Store is eight times that of Google Play, indicating high user value and engagement [6][22]. Company Performance - Century Games has effectively leveraged industry trends with its innovative "SLG+X" strategy, creating a competitive advantage by aligning with mobile users' preferences for lightweight experiences and enhancing user spending willingness [8][24]. - The company has launched successful titles like "Whiteout Survival" and "Kingshot," which have rapidly gained traction in the global market, establishing a positive cycle of hit iterations and new product reserves [8][24]. Puzzle and Casual Game Growth - The puzzle and casual gaming market is also experiencing steady growth, with an overall revenue increase of 14.72% projected for 2025. The App Store is expected to see an 18.54% increase, driven by strong performances in T1 markets like the UK and Ireland [9][25]. - Merge games within the puzzle segment have shown a significant revenue increase of 61.36%, growing from $898 million to $1.5 billion, appealing to a broad user base due to their accessibility and engaging gameplay [11][27]. Long-term Strategy - Century Games recognizes the strategic value of the casual gaming segment, having explored various approaches since "Family Farm Adventure," which has led to valuable user insights and operational experience [13][29]. - The upcoming release of "Tasty Travels: Merge Game" is expected to drive growth, with the company preparing multiple products for a concentrated launch cycle, aiming to create a new growth cluster alongside the SLG segment [15][31]. Data-Driven Decision Making - The company has established a data-driven "research, operation, and development" collaborative system, ensuring that all decisions are based on extensive A/B testing and ROI analysis, which has led to growth exceeding industry averages [16][32]. - Century Games ranks second in global mobile publisher revenue, with flagship titles consistently topping revenue charts, demonstrating a strong dual-driver growth model [16][32]. Market Valuation - Recent reports suggest that the market should view Century Games beyond traditional gaming company metrics, focusing on its high certainty of performance growth and the scarcity of its global market position, justifying a valuation of 23 times the 2026E P/E ratio [17][33].