华鑫证券指出， 2025年国内游戏市场收入同比增长7.68%，版号常态化发放下行业进入精细化运营 阶段，轻量化休闲产品为主，中重度及AI原生游戏仍待突破，竞争格局呈现头部厂商主导与细分赛道 黑马并存的特点。虚拟现实技术加速与影视产业融合，国内首家虚拟现实影院落地推动内容创作与产业 闭环构建。 每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 游戏ETF（516010）跟踪的是动漫游戏指数（930901），该指数从沪深市场中选取涉及游戏开发运 营、动漫制作及衍生品开发等业务的上市公司证券作为指数样本，以反映动漫游戏相关上市公司证券的 整体表现。该指数聚焦于动漫游戏产业链，充分体现了行业的高成长性和创新性特征。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供 参考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变 ...

2025.12.30 本文字数：3958，阅读时长大约6分钟 作者 |第一财经刘晓洁 2025年的中国游戏行业，是"回暖"与"内卷"并存的复杂图景。 市场收入突破3500亿元、用户规模超过6.8亿、版号数量创七年新高、游戏股估值持续修复……种种数据显示，这是游戏行业持续回暖的一年。然而，具 体到企业，在行业大盘触顶的存量竞争格局下，内卷仍是常态，耗资过亿的项目也很难成功了，游戏行业"挣钱越来越难"。 市场分化还在加剧，游戏产业分析师张书乐认为，强者越强是包括游戏产业在内的互联网科技领域的大势所趋，游戏行业的"二八定律"甚至在变成"一九 定律"。不过，单机和AI原生游戏正在成为中小团队突围的新机会。 谈及游戏行业这一年的关键词，渶策资本创始合伙人胡斌提到"转型"，产业正在从中国制作向中国创造，从数值驱动到创意驱动，从好卖到好玩。张书乐 判断，在游戏质量提升、游戏出海路径拓宽，以及各地密集出台激励政策的大背景下，中国游戏产业正在开启新一轮"黄金十年"的增长周期。 成功越来越难了 在高基数背景下，2025年国内游戏市场收入与用户规模再度刷新历史。 根据《2025年中国游戏产业报告》，今年国内游戏市场收入约3508亿 ...

Core Viewpoint - The Chinese gaming industry in 2025 is characterized by a complex landscape of "recovery" and "internal competition," with market revenue exceeding 350 billion yuan and user base surpassing 680 million, yet competition remains fierce and profitability increasingly challenging [3][4]. Market Overview - The domestic gaming market revenue for 2025 is approximately 350.8 billion yuan, reflecting a year-on-year growth of 7.7%, while the user base has grown by about 1.4% to over 680 million [4]. - Self-developed games have generated overseas revenue of approximately 20.46 billion USD, maintaining a scale exceeding 100 billion yuan for six consecutive years [4]. - The industry has entered a phase of stock competition, with a saturated user base and a significant increase in self-developed game output, leading to heightened competition among companies [4][5]. Industry Trends - The gaming industry is experiencing a trend of increasing investment in research and development, particularly in art and quality, but the risk of failure for new games is rising due to intense competition in the stock market [4][5]. - The "winner-takes-all" phenomenon is intensifying, with top companies capturing a larger market share, leading to a shift from the "80/20 rule" to a potential "90/10 rule" in the industry [8][12]. Company Performance - Tencent's gaming revenue for Q3 2025 exceeded 63.6 billion yuan, marking a significant milestone, while NetEase's gaming revenue surpassed 70 billion yuan in the same period, indicating stable growth [10][11]. - The top ten mobile games in terms of revenue are dominated by Tencent, which has seven titles in the list, showcasing its strong market position [9][10]. New Opportunities - The rise of single-player games is a notable trend, with companies increasingly investing in AAA titles following the success of "Black Myth: Wukong," indicating a structural opportunity in the gaming industry [12][13]. - AI-native games are emerging as another exploration direction, with companies like miHoYo leading the way in integrating AI into game narratives, suggesting a potential shift in game development dynamics [14][15]. Future Outlook - The gaming industry is expected to enter a new "golden decade" of growth, driven by improved game quality, expanded overseas market pathways, and supportive policies, marking a transition from rapid growth to a focus on creativity and technology [15][16].

2025年的中国游戏行业，是"回暖"与"内卷"并存的复杂图景。 市场收入突破3500亿元、用户规模超过6.8亿、版号数量创七年新高、游戏股估值持续修复……种种数 据显示，这是游戏行业持续回暖的一年。然而，具体到企业，在行业大盘触顶的存量竞争格局下，内卷 仍是常态，耗资过亿的项目也很难成功了，游戏行业"挣钱越来越难"。 市场分化还在加剧，游戏产业分析师张书乐认为，强者越强是包括游戏产业在内的互联网科技领域的大 势所趋，游戏行业的"二八定律"甚至在变成"一九定律"。不过，单机和AI原生游戏正在成为中小团队突 围的新机会。 谈及游戏行业这一年的关键词，渶策资本创始合伙人胡斌提到"转型"，产业正在从中国制作向中国创 造，从数值驱动到创意驱动，从好卖到好玩。张书乐判断，在游戏质量提升、游戏出海路径拓宽，以及 各地密集出台激励政策的大背景下，中国游戏产业正在开启新一轮"黄金十年"的增长周期。 成功越来越难了 在高基数背景下，2025年国内游戏市场收入与用户规模再度刷新历史。 根据《2025年中国游戏产业报告》，今年国内游戏市场收入约3508亿元，同比增长7.7%；用户规模超 过6.8亿，同比增长约1.4%。自研游戏海外收 ...

Core Viewpoint - The legal case surrounding the poisoning incident involving Xu Yao, former CEO of SanTi Company, has concluded with the Shanghai High People's Court upholding the death sentence for Xu Yao, marking the end of a five-year legal saga that has captivated public attention [2][6]. Case Details - Xu Yao meticulously planned the poisoning, utilizing forged seals and renting secret storage to acquire various toxic substances, spending hundreds of thousands on these materials [4][8]. - The case began in December 2020, but preparations started as early as May 2020, when Xu began researching lethal toxins and their effects, indicating a premeditated approach to his crime [7][8]. - Xu's actions escalated to the point where he created a fully equipped "toxic laboratory" in a warehouse, where he conducted experiments with various poisons [8][9]. Background of Xu Yao - Xu Yao, originally from Guiyang, graduated from prestigious law schools in France and the United States, and had a successful career in law before joining Youzu Network [10][12]. - His aggressive ambition led to conflicts within the company, ultimately resulting in his dismissal and subsequent resentment towards the company's chairman, Lin Qi [12][15]. Impact on Youzu Network - Following Lin Qi's death from poisoning, Youzu Network's stock price plummeted, and the company faced significant financial losses, with a reported 11.75% decline in revenue and a staggering 522% drop in net profit in 2024 [18][19]. - The company underwent a major restructuring, with new leadership and a focus on revitalizing its operations, leading to a remarkable recovery in profits by 989% in the first half of 2025 [20][21]. Future of the "Three-Body" IP - The "Three-Body" IP, which had been a focal point for Youzu, is now being developed through partnerships and licensing, with successful adaptations like the Chinese and English series gaining popularity [22][24]. - Youzu is also exploring innovative gaming experiences, such as "My Three-Body: 2277," which incorporates AI to enhance player engagement [24]. - The company is attempting to shed its negative reputation while leveraging the "Three-Body" IP to establish a more robust market presence, emphasizing the need for a shift in corporate values alongside business transformation [27].

Core Insights - Sanqi Interactive Entertainment has made a strategic investment of $20 million in BrainCo, aiming to explore the commercialization of brain-computer interface (BCI) technology in entertainment and XR fields [1] - The partnership is expected to enhance the application of BCI technology, which has a potential market size reaching trillions [1] - Sanqi Interactive has previously invested in the BCI sector, indicating a long-term commitment to this technology as a new generation of human-computer interaction [1][2] Investment Details - The investment in BrainCo is part of Sanqi Interactive's broader strategy to integrate technology into its core gaming business [1] - BrainCo specializes in non-invasive BCI technology and has developed various smart products, including bionic limbs and sleep aids [1] - The collaboration aims to enrich the consumer application matrix, enhancing user interaction in gaming and entertainment [1] Market Trends - The BCI technology is transitioning from laboratory research to industrial application, with significant policy support in China [2] - The market is witnessing a shift towards non-invasive BCI solutions, contrasting with the invasive approaches seen in companies like Neuralink [2] - The gaming industry is poised to leverage BCI technology to create new interactive experiences and potentially new game genres [2]

Core Viewpoint - The article discusses the emergence of AI-native games, highlighting the upcoming release of "Distant Planet: Builder" by Guangzhou Gedao Technology, which is set to launch a beta version in Q4 2025. The game represents a significant step in the gaming industry's "AI revolution" [2][5]. Group 1: AI in Gaming - The gaming industry is experiencing a dual approach to AI integration: enhancing efficiency and decision-making on the supply side, and exploring gameplay innovations through generative AI models [2]. - Major gaming companies are leveraging AI tools to improve efficiency in game development, transitioning from single models to mature platforms [2]. - Independent game teams are primarily focused on exploring unique gameplay experiences based on AI, as large companies have not yet established successful precedents in this area [2]. Group 2: Company Background - Liu Han, the head of Guangzhou Gedao Technology, has a background in developing popular games like "Invisible Guardian" and "My Hero" while working with Tencent's Aurora Plan before founding Gedao Technology in 2024 [3]. - The parent company, Superparameter Technology, established in 2019, focuses on game AI-related businesses and aims to empower more game developers through AI technology [5]. Group 3: Game Features - "Distant Planet: Builder" is a simulation game centered on space exploration and civilization building, featuring over 600 AI NPCs that interact with players in an AI-generated world [5]. - The AI in the game is designed to have autonomous goals, memory, and emotions, differentiating it from traditional scripted programs [5]. - Liu Han envisions AI transitioning from a "production tool" to a "service tool" in gaming, enhancing gameplay and content to provide new experiences for players [7]. Group 4: Market Outlook - The gaming industry is expected to see multiple AI-native games launched between late 2023 and mid-2024, aiming to replace some manually created gameplay elements and narratives with AI capabilities [7]. - "Distant Planet: Builder" is anticipated to be one of the first AI-driven game projects to launch, marking a new beginning in the exploration of AI-driven gameplay and development paradigms [7].

Core Insights - In 2023, generative AI began to gain traction in the gaming market, with major domestic companies establishing independent AI departments to enhance 3D asset production and development efficiency [1] - By 2024, the gaming industry recognized AI as a clear monetization path, with 49% of game developers admitting to using generative AI in their daily work [3] - The emergence of AI-native games and the integration of AI features into existing products are expected to accelerate by 2025, with significant advancements in AI technology [3][4] Group 1: AI Development in Gaming - Major companies like Tencent and NetEase have set up dedicated AI labs to explore AI applications in gaming [1] - Smaller firms are forming AIGC research teams, often consisting of fewer than 10 members, to experiment with AI technologies [1] - The academic community contributed to the concept of AI-native games, exemplified by Stanford's "Smallville" project, which showcased AI-driven NPCs in a virtual community [1] Group 2: Market Trends and Future Projections - The gaming industry is expected to see a significant shift towards AI-native games and AI-enhanced gameplay by 2025, with new tools and engines being developed [3][4] - The introduction of AI tools is anticipated to improve efficiency in game development, with reports of up to 50% efficiency gains in art production and community management [18][22] - The integration of AI into user-generated content (UGC) platforms is seen as a way to enhance player creativity and extend game lifecycles [20][25] Group 3: Emotional Companionship and Player Engagement - AI-driven emotional companionship is viewed as a promising direction for game development, though challenges remain regarding technology and compliance [5][7] - The market for AI companionship products is divided, with male-oriented products facing regulatory challenges, leading to a predominance of small companies in this space [8][11] - AI companionship products are still largely in the testing phase, with no clear commercial model established yet [17][18] Group 4: Perspectives from Industry Professionals - Industry professionals express optimism about AI's potential in gaming, with larger companies taking a cautious approach while smaller teams are more willing to experiment [26][28] - There is a divide in opinions regarding the concept of AI-native games, with some believing in its potential while others view it as a challenging proposition [32][33] - The future of AI in gaming is seen as a blend of creativity and technology, with the possibility of creating dynamic, evolving game worlds driven by AI [28][34]

Core Viewpoint - Youzu Interactive (002174.SZ) reported a strong performance in the first half of 2025, with significant revenue growth and profitability improvements [1] Financial Performance - The company achieved an operating revenue of 688 million yuan in the first half of the year [1] - Net profit attributable to shareholders reached 50.1553 million yuan, marking a year-on-year increase of 989.31% [1] - The non-recurring net profit was reported at 13.7433 million yuan [1] Operational Strategy - Youzu Interactive focuses on refined operations, maintaining stable revenue streams from popular titles such as "少年三国志" series, "少年西游记" series, and "Game of Thrones: Winter is Coming" [1] - The company has expanded into emerging channels like WeChat mini-programs, significantly enhancing the value of classic IPs [1] - The mini-program for "少年三国志" generated over 50 million yuan in revenue, with active user growth increasing by 41% quarter-on-quarter [1] Product Development - Youzu Interactive is diversifying its product line, actively launching over ten new titles including "少年三国志3", "援军来了", "代号: Ball", and "大皇帝H5" [1] - The company is also developing "我的三体：2277", an "AI native game" that incorporates AI tools for user-generated content creation [1]

Company Performance - Jibite reported a revenue of 2.518 billion yuan for the first half of 2025, representing a year-on-year growth of 28.49% [2] - The net profit attributable to shareholders was 645 million yuan, an increase of 24.50% year-on-year [2] - The net cash flow from operating activities reached 1.077 billion yuan, showing a significant growth of 81.18% [2] Dividend Distribution - Jibite announced a profit distribution plan, proposing a cash dividend of 66 yuan per 10 shares (including tax), totaling approximately 474 million yuan, which accounts for 73.46% of the net profit for the period [3] - Over its 8 years of listing, Jibite has implemented 12 cash dividend distributions, totaling over 6 billion yuan, significantly exceeding the 960 million yuan raised during its IPO [3] Business Overview - Jibite specializes in the research and operation of online games, with popular titles including "Wandao," "Wandao Mobile," "Yinian Xiaoyao," "Wanjian Changsheng," and "Qipa Zhandoujia" [6] - The company has expanded into IP incubation and internet publishing services, starting its IP incubation business in 2019, focusing on novel, animation, and film adaptations to enhance user engagement and IP influence [6] Industry Trends - The domestic gaming market in China reached new highs in scale and user data in the first half of the year, indicating robust industry demand [7] - There is an expectation for more AI-driven games to emerge, which could help the gaming industry achieve a value reassessment [7]