其中的大部分人或许不知道，就在 2025chinajoy 开始的不久之前，索尼向大洋彼岸的加州联邦法院，递 交了腾讯《荒野起源》侵权索尼的《地平线》系列游戏的起诉状。 作为腾讯游戏几年前立项潮的其中之一，《荒野起源》能到全国性的游戏展会与玩家见面，已经足以说 明，其完成度已经远远超过其他"中道崩殂"的项目。如今项目的前路，再度蒙上一层阴影，也不免令人唏 嘘。 到半年报披露前后，腾讯股价已经突破600港元，"长青游戏"的叙事固然已经引领行业风潮，但谁又能知 道，为了走上这条"长青之道"，腾讯在聚光灯外，又付出了怎样的代价？ 01 世上本无"长青" 某种意义上说，世上本没有"长青游戏"，项目活得久了，玩的人多了，挣的钱多了，也就成了长青游戏。 " 「害怕失去」之后，腾讯选择不再犹豫。 " 作者丨 胡家铭 编辑丨 董子博 2025年8月1日，上海浦东，新国际博览中心，N4 馆。 这里是腾讯的CJ展台所在地。相比需要安保拉起人墙，维持秩序的《无畏契约》，北极光旗下的《荒野起 源》虽然不算拥挤，但也门庭若市，人头攒动。 "长青游戏"这个词，在2023年腾讯的财报电话会上，还叫"重点热门游戏"，它是"经得住时间和市场检验 ...

Core Insights - The article discusses the historical significance of Shengda Network and its transformation into Shengqu Games, highlighting the emotional connection of the "Sheng Warriors" to the company's legacy and their aspirations for its future [1][4][6]. Group 1: Company History and Transformation - Shengda Network, founded by Chen Tianqiao, acquired the rights to the game "The Legend of Mir 2" in 2001, which significantly changed the company's trajectory and reshaped entertainment for Chinese youth [2][4]. - The success of games like "Bubble Hall" and "Adventure Island" led to Shengda's IPO on NASDAQ in 2004, establishing it as a major player in the gaming industry [4][6]. - The rebranding of Shengda Games to Shengqu Games in 2019 marked a formal separation from Shengda Network, although it retained significant brand value and user base [5][6]. Group 2: Leadership and Vision - Peng Cheng's return as CEO of Shengqu Games in 2024 is seen as a symbolic "Sheng Warrior return," aiming to revive the company's former glory and complete unfinished business [1][6]. - Peng Cheng emphasizes the need for a cultural and strategic shift within the company, focusing on innovation and revitalizing old IPs to drive growth [6][24]. Group 3: Financial Performance - Century Huatong's mid-year performance forecast indicates a revenue increase of approximately 83% to around 17 billion yuan, with a projected net profit growth of 107% to 159% [6][24]. - Shengqu Games has maintained a positive growth trajectory by refining gameplay and content, successfully rejuvenating the popularity and commercial value of its legacy IPs [6][24]. Group 4: Challenges and Strategies - The company faces challenges such as an aging workforce and the need for talent rejuvenation, with plans to lower the average age of employees while retaining experienced staff [18][19]. - Peng Cheng's strategy includes consolidating operations and focusing on core competencies, particularly leveraging existing IPs before exploring new product lines [24][25]. Group 5: Market Trends and Future Outlook - The gaming industry is evolving, with a focus on "evergreen games" and the challenge of reviving classic IPs while appealing to modern players [28][29]. - The company aims to balance nostalgia with contemporary gaming preferences, ensuring that new versions of classic games resonate with both old and new audiences [28][29].

Core Viewpoint - The concept of "evergreen games" has emerged as a strategic focus for major Chinese gaming companies Tencent and NetEase, aiming to maintain long-term revenue and player engagement in a mature market where creating new hits is increasingly challenging [1][2][15]. Group 1: Definition and Importance of Evergreen Games - "Evergreen games" refer to titles that sustain high revenue, popularity, and a stable player base over time, serving as cash cows for gaming companies [2][3]. - The strategy of focusing on evergreen games allows companies to leverage existing successful titles while minimizing the risks associated with new game launches [15][29]. Group 2: Market Share and Competition - Tencent and NetEase dominate the evergreen game market, with 20 out of 30 titles listed in the "2024 China Evergreen Game List," accounting for over 70% of the market share and an estimated revenue of $4.85 billion [3][4]. - The competition between Tencent and NetEase is characterized by their different game genres, with Tencent focusing on MOBA and shooting games, while NetEase emphasizes MMORPGs [6][7]. Group 3: Strategic Differences - Tencent has a larger portfolio of evergreen games, with 13 titles listed compared to NetEase's 7, indicating a significant lead in both current and potential evergreen games [8][10]. - The revenue structure also differs, with Tencent generating income from both domestic and international markets, while NetEase primarily relies on domestic revenue [11][14]. Group 4: Industry Context and Challenges - The rise of evergreen games is seen as a response to the industry's "hit-driven anxiety," where companies seek stability in a market that has matured and where user growth is limited [15][16]. - Both companies are adapting to a changing landscape by focusing on cross-platform games and GaaS (Games as a Service) models, which allow for ongoing content updates and player engagement [17][18]. Group 5: Future Outlook and Strategic Focus - The ongoing competition between Tencent and NetEase in the evergreen game sector is expected to intensify, with both companies aiming to secure dominance in their respective genres while exploring international markets [19][24]. - The strategic emphasis on evergreen games is not just a defensive measure but also a proactive approach to ensure long-term growth and sustainability in a highly competitive environment [27][29].

Core Insights - Tencent's Q2 2025 earnings report highlighted the unexpected success of the game "Delta Action," which has rapidly climbed to the top of the industry in terms of daily active users (DAU) and revenue [1][4][10] Game Performance - "Delta Action" launched in September last year and has shown significant growth, entering the top five in industry DAU and top three in revenue [1][4] - The game achieved over 10 billion yuan in revenue in Q4 last year and currently boasts over 20 million daily active users, marking a 66% quarter-on-quarter increase [4][10] - It has become a rare dual-platform evergreen product, performing exceptionally well on both PC and mobile [4][10] Strategic Importance - Tencent's management has consistently highlighted "Delta Action" as a key contributor in every earnings report since Q3 last year, positioning it alongside major titles like "Honor of Kings" and "Peace Elite" [2][5] - The game aligns with Tencent's strategy for long-term service-oriented games (GAAS), marking it as the most successful self-developed evergreen product since "Peace Elite" in 2019 [5][20] Market Dynamics - "Delta Action" has reached a peak of nearly 200,000 concurrent users on the Steam platform and ranks among the top three in net bar popularity [6] - On mobile, it competes closely with "Peace Elite," ranking in the top three of both the App Store free and revenue charts [8] - The game has the highest average daily active accounts among new releases in the past three years [9] Revenue Structure - The strong performance of "Delta Action" has shifted Tencent's revenue structure towards self-developed products, directly enhancing the gross margin of Tencent's value-added services, which saw a year-on-year increase of 23% [10] Competitive Landscape - Tencent's management has addressed concerns regarding potential cannibalization among its flagship games, emphasizing that the shooting game genre in China remains underexploited compared to Western markets [15] - The company believes that the introduction of new gameplay modes can expand the user base rather than merely competing for existing users [15] - "Delta Action" and "Peace Elite" currently have low overlap in user demographics, reducing immediate competition [15][18] Future Considerations - Tencent aims for "Delta Action" to complement "Peace Elite," potentially attracting players interested in extraction gameplay [18] - The company holds the IP for "Delta Action," allowing for greater revenue control and operational flexibility compared to "Peace Elite," which is based on an IP controlled by a third party [20] - The competition between Tencent's internal studios could lead to significant shifts in its game development strategy, especially if "Delta Action" continues to outperform "Peace Elite" [20]

Financial Performance - Net revenue for the second quarter reached RMB 27.9 billion, representing a year-on-year growth of 9.4% [1] - Revenue from games and related value-added services was RMB 22.8 billion, up 13.7% year-on-year, with online games accounting for 97.1% of this segment, approximately RMB 22.14 billion [1] Game Releases and Updates - Notable game releases include "Out of Bounds" on Xbox and PS5 in April, "All-Star Streetball Party" globally in May, and "Marvel Secret Wars" launched in June [4] - Existing titles like "Nirvana in Fire," "Seven Days World," and "Identity V" achieved strong market performance through version updates in Q2 [4] Product Pipeline - Upcoming products include a sci-fi shooting mobile game set to launch overseas on August 28, an ocean adventure RPG expected in 2026, and several other games in development [8] - "Nirvana in Fire" mobile and "Yanyun Sixteen Sounds" are set for global release, with the former having opened global pre-registration in May [10] Market Strategy and Performance - The CEO emphasized the commitment to developing "evergreen games" and enhancing player experiences through self-developed IPs [10] - "Yanyun Sixteen Sounds" has shown robust performance, exceeding pre-launch expectations in user engagement and monetization [10] Revenue Dynamics - "Seven Days World" experienced a revenue rebound following a significant update in July, with a balanced user and revenue ratio between domestic and overseas markets [11] - The company is focusing on the competitive landscape of shooting games, aiming to meet high user expectations for quality and innovation [12] Marketing and Expansion - The company employs a standard operational process for marketing, leveraging social media and AI tools, with a balanced approach to marketing expenditures [17] - Future expansion in overseas markets is a priority, with successful entries in regions like North America, Japan, and Southeast Asia [18] Game Performance Insights - "Marvel Secret Wars" saw a temporary rise in sales rankings on Steam, indicating effective seasonal update strategies [13] - "Dream of the Red Chamber" and "Egg Party" have shown data recovery, attributed to innovative content and marketing strategies [15]

Group 1 - NetEase's first major single-player game, "Wanmin Changge: Three Kingdoms," was canceled shortly after its demo release, indicating a cautious approach to project viability based on market demand [4][17] - The success of "Black Myth: Wukong" has revitalized the single-player game market in China, showcasing its potential beyond direct sales revenue and changing perceptions about the quality of domestic single-player games [4][5] - The number of new F2P games in China is declining, with a reported drop of over 22% year-on-year in the first half of 2025, indicating a challenging environment for free-to-play titles [4][12] Group 2 - The single-player game market in China saw significant growth, with sales reaching approximately 10.22 billion yuan in 2024, largely driven by "Black Myth: Wukong," which alone generated around 9 billion yuan [7][9] - Despite the growth in single-player games, they still lag behind top F2P games in revenue, with "Honor of Kings" generating approximately 2.419 billion USD (about 17.359 billion yuan) in 2024 [9][10] - The cost of developing AAA games has become a significant challenge, with budgets often exceeding 100 million USD, leading to a focus on fewer, more secure projects by major publishers [18][20] Group 3 - The cancellation of "Wanmin Changge: Three Kingdoms" highlights the high development costs associated with single-player games, where a team of 70 could incur costs of around 150 million yuan over three years, necessitating substantial sales to break even [17][21] - The industry is witnessing a shift towards mid-tier 2A games and independent titles as viable options for developers, allowing for better cost control while still delivering creative content [21] - The current landscape suggests that the single-player game market may be entering a favorable era, where both creative aspirations and financial viability can coexist [21]

Core Insights - The article highlights the impressive DAU achievement of "Metro Escape" mode in "Peace Elite," surpassing 37 million on May 1, indicating a strong market presence and potential for growth in the shooting game sector [1][3][4] - "Metro Escape" has established itself as a leading product in the new "search, fight, and retreat" genre, demonstrating the ability of established titles to adapt and thrive in changing market conditions [4][5][12] - The success of "Metro Escape" reflects a strategic shift towards more engaging gameplay experiences, appealing to both new and existing players, and signifies a potential new standard in the gaming industry [8][19][30] Summary by Sections DAU Performance and Market Position - "Metro Escape" achieved a DAU of over 37 million, leading the "search, fight, and retreat" genre and significantly outpacing other new titles [1][4] - The mode's success indicates a robust growth trajectory for established games that can pivot to new trends effectively [5][12] Gameplay Innovation - The "search, fight, and retreat" gameplay model enhances player experience by integrating strategy, character development, and resource management, making it appealing to younger audiences [8][9] - The mode's design focuses on accessibility and enjoyment, reducing barriers for new players while providing diverse gameplay options [24][27] Strategic Development and Market Trends - The article discusses how "Peace Elite" has leveraged its large user base to identify and capitalize on emerging gameplay trends, leading to sustained growth [11][12][15] - The introduction of "Metro Escape" in 2024 reflects a calculated response to market demands, showcasing the ability of established titles to innovate and adapt [12][19] Economic Impact and Community Engagement - The success of "Metro Escape" has driven significant engagement on social media platforms, with over 36.9 billion views on Douyin, indicating a thriving community around the game [33][35] - The mode has contributed to a resurgence in content creation related to "Peace Elite," enhancing its ecosystem and attracting new creators [35][36] Long-term Viability and Growth Strategy - The article emphasizes the importance of maintaining a dynamic product lifecycle, with "Metro Escape" exemplifying how established games can evolve to meet changing player expectations [17][19] - The success of "Metro Escape" is expected to have long-term positive effects on "Peace Elite," reinforcing its position in the competitive gaming landscape [36][39]

Core Insights - The global mobile game market is shifting from "traffic-driven" to "deep cultivation" of existing products, with Century Huatong's game "Whiteout Survival" demonstrating the logic of evergreen products through sustained operations [1][3] - "Whiteout Survival" ranks in the top three for new mobile game revenue in 2024, showcasing strong growth momentum [1][3] - The report indicates that RPG games dominate the market, with a 33.7% share, highlighting the importance of long-term operational capabilities in sustaining player engagement [5][7] Company Performance - Century Huatong's subsidiary, DianDian Interactive, has significantly improved its self-development capabilities, leading to high-frequency updates and new content for "Whiteout Survival" [3] - The introduction of AI tools has optimized production efficiency, allowing for rapid content generation and refinement, which enhances user experience [3] - Century Huatong's subsidiary, Shengqu Games, has successfully leveraged classic IPs, with "MapleStory" celebrating its 20th anniversary and "Final Fantasy XIV" maintaining strong user interest [4] Market Trends - The 2024 report shows that mid-core games, particularly RPGs and strategy games, occupy a significant portion of the top 1000 new games, indicating their mainstream status in the market [5] - The success of long-standing IPs like "Legend of Blood" and "Dragon Valley" demonstrates the effectiveness of continuous updates and deep operations in meeting player demands [5][6] - Looking ahead, Century Huatong aims to further explore the potential of classic IPs to create more sustainable and high-quality games, contributing to a healthier industry [7]

Investment Rating - The industry rating is "Recommended" [5] Core Views & Investment Suggestions - Significant progress has been made in China-US tariff negotiations, leading to cautious optimism. The US will suspend 24% tariffs on Chinese goods for 90 days while retaining 10%, and China will reciprocate. This agreement signals a phase of easing tensions and may alleviate export chain pressures [2][22] - Three major food delivery platforms, including JD, Meituan, and Ele.me, have been summoned for discussions regarding fair competition practices. This regulatory action is expected to enhance service quality and industry standards [2][27] Market Overview - In the week of May 12-16, 2025, the Shanghai Composite Index rose by 0.76%, while the SW Media Index fell by 0.77%, ranking 29th among 31 industries [1][11] - The top-performing sub-industries included Internet services, broadcasting, and sports, with respective increases of 1.86%, 0.37%, and 0.1% [1][11] Investment Opportunities - The report suggests focusing on the following investment opportunities: 1. Hong Kong Internet leaders, which are expected to benefit from consumption promotion and employment stabilization 2. The gaming industry, which is likely to see growth due to policy incentives and technological advancements 3. The film and cultural tourism sectors, which may recover due to consumer policies stimulating demand [3][23] Industry Data - The top three films by box office revenue for the week were "Dumpling Queen" (31.914 million yuan), "Hunting Gold: Game" (27.856 million yuan), and "Life Opens the Door" (12.039 million yuan) [50][51] - The iOS game sales rankings were led by "Honor of Kings," "Peacekeeper Elite," and "Golden Shovel," while the Android rankings were topped by "Heartfelt Town," "My Leisure Time," and "Honkai: Star Rail" [52][53] - The top three TV dramas based on viewership index were "Bending the Waist," "Huai Shui Bamboo Pavilion," and "A Good Life" [56]

Investment Rating - Industry Rating: Recommended [5] Core Views & Investment Suggestions - Significant progress in China-US tariff negotiations, maintaining cautious optimism. The US will suspend 24% tariffs on Chinese goods for 90 days while retaining 10%, and China will reciprocate. This agreement signals a phase of easing tensions and may alleviate export chain pressures [2][24] - Three major food delivery platforms, including JD, Meituan, and Ele.me, were summoned for discussions to enforce fair competition and protect rider rights. This regulatory push is expected to enhance service quality and industry standards [2][30] Market Overview - In the week of May 12-16, 2025, the Shanghai Composite Index rose by 0.76%, the CSI 300 Index increased by 1.12%, and the ChiNext Index grew by 1.38%. The Hang Seng Index saw a 2.09% rise, while the SW Media Index fell by 0.77%, ranking 29th among 31 industries [1][12] Investment Opportunities - Focus on leading technology companies in China, particularly in the context of increasing domestic demand and technological innovation. Suggested sectors include: 1. Hong Kong internet leaders benefiting from consumption and employment stabilization 2. Gaming industry, with policy incentives boosting domestic demand and overseas expansion potential 3. Film and cultural tourism sectors, with consumption policies aiding cinema recovery [3][25] Industry Data - Top three films by box office for the week include "Dumpling Queen" with 31.914 million yuan, "Hunting Gold: Game" with 27.856 million yuan, and "Life Opens the Door" with 12.039 million yuan [4][57] - iOS game sales rankings are led by "Honor of Kings," "Peace Elite," and "Golden Shovel," while Android rankings feature "Heart Town," "My Leisure Time," and "Honkai: Star Rail" [4][61] - The top three TV dramas by broadcast index are "Bending the Waist," "Huai Shui Bamboo Pavilion," and "A Good Life" [4][64]