Game Industry Chain

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【干货】游戏产业链全景梳理及区域热力地图
Qian Zhan Wang· 2025-10-16 05:56
Core Insights - The Chinese gaming industry is structured into three main segments: game development, publishing and operation, and distribution channels [2][3][7] - Guangdong province is the primary hub for gaming companies, followed by Beijing, Shanghai, Sichuan, Zhejiang, and Jiangsu [7][10] - Tencent and NetEase lead the gaming revenue among listed companies, with Tencent's revenue reaching 197.7 billion yuan and NetEase's at 105.3 billion yuan in 2024 [16][18] Industry Structure - The gaming lifecycle includes market research, game development, quality testing, publishing, user operation, and distribution [2] - Game development is divided into copyright holders and developers, with notable companies like Unity and Unreal Engine [3] - Major publishers include Tencent and other companies like Block Game and Thunder Game [3] Regional Distribution - The majority of gaming companies are concentrated in Guangdong, with 142 game licenses issued in the first half of 2025, followed by Shanghai (127), Beijing (98), and Zhejiang (67) [12][13] - Representative companies in Guangdong include Tencent, NetEase, and 37 Interactive Entertainment [10] Revenue Insights - Listed companies in the gaming sector show varied revenue, with Perfect World at 55.7 billion yuan and Kingsoft at 103.2 billion yuan [17][18] - 37 Interactive Entertainment reported a revenue of 174.41 billion yuan, while other companies like Giant Network and Yaoji Technology reported revenues of 29.23 billion yuan and 45.8 billion yuan respectively [18][19] Investment Trends - In 2023, Tencent acquired the casual game developer EasyBrain and invested in Ubisoft's IP subsidiaries [21] - NetEase established a Vancouver studio for cross-media IP projects, while 37 Interactive Entertainment invested in various tech companies to enhance its gaming capabilities [21] - Perfect World is exploring virtual reality through investments in VR game developers [21]