Core Insights - The mobile gaming market is experiencing intense competition as summer approaches, with notable performances from established titles and emerging new games [1] Download Rankings - Tencent's "Delta Action" maintains its position at Top 1, while "Honor of Kings" ranks at Top 3, and the new game "Brawling Chef" from Friendship Time secures Top 2 [1][12] - A total of 8 new games entered the Top 30 download rankings in June, with "Brawling Chef" showing particularly impressive performance, achieving over 8 million pre-registrations before its launch [4][6] Game Categories - Action and adventure games dominate the new entries, with 7 games each, followed by 6 role-playing games [8] - "Supernatural Action Team" from Giant Network saw a significant rise, climbing 16 spots in the rankings, highlighting its unique blend of action, adventure, and strategy [8] Revenue Rankings - In the revenue rankings, Tencent's "Honor of Kings" and "Peace Elite" occupy Top 1 and Top 2, respectively, while "Endless Winter" from Dot Interactive ranks at Top 3 [12] - Eight new products entered the revenue rankings, with "Three Kingdoms: Strategy of the World" and "Forever Blue Planet" being the standout titles [14][19] Marketing Strategies - "Brawling Chef" utilized a multi-channel marketing strategy, including collaborations with influencers and traditional IP tie-ins, to enhance its visibility and player engagement [6][23] - "Three Kingdoms: Strategy of the World" implemented a multi-platform release strategy, supporting cross-platform data sharing, which contributed to its strong performance [19] Conclusion - The mobile gaming landscape in June showcased a blend of innovative new titles and the sustained success of established franchises, emphasizing the importance of content innovation and targeted marketing strategies in navigating market challenges [23]

Core Insights - The report from Qimai Data reveals the top mobile games in terms of downloads and revenue for June 2025, highlighting the dominance of Tencent's titles in both categories [1][7]. Download Rankings - Tencent's "Delta Action" continues to hold the top position, while "King of Glory" ranks third. "Brawling Chef," developed by Friendship Time, has made a strong entry at second place [1][5]. - A total of eight new games entered the download rankings, with "Brawling Chef" achieving over 8 million pre-registrations before its launch [5][12]. - The most represented genres in the download rankings are action and adventure games, each with seven entries, followed by role-playing games with six [7][13]. Revenue Rankings - In the revenue rankings, Tencent's "King of Glory" and "Peace Elite" occupy the first and second positions, respectively, while "Endless Winter" from Didi Interactive ranks third [1][9]. - Eight new games entered the revenue rankings, with "Three Kingdoms: Strategize" and "Endless Winter" being notable newcomers [11]. - Tencent has a significant presence in the revenue rankings, with 11 titles listed, while NetEase has five [13].

Group 1 - The public beta of "Douluo Dalu: Hunting Soul World" by 37 Interactive Entertainment started on July 11, featuring open-world MMO gameplay that appeals to fans of the original IP [1] - The dark fantasy action game "Mingmo: Yuanshu Zhi Yu" showcased a complete chapter for the first time at the BW2025 exhibition, highlighting its gameplay and Cthulhu-style narrative [3] - The retro flying shooting mobile game "Winding Up" by Mutong Technology began its return test on July 10 [4] Group 2 - Multiple games announced shutdowns, including the Huawei channel version of "Minecraft," which will cease operations on October 8, 2025, and "Second Galaxy," which will stop operations on October 9, 2025, due to business strategy adjustments [6][8] - The 2025 Esports World Cup (EWC2025) commenced on July 7 in Riyadh, Saudi Arabia, featuring a record-breaking participation of 22 clubs and 23 competition projects from China [9] - The BW2025 exhibition, Asia's largest ACGN event, opened from July 11-13 in Shanghai, attracting 700 exhibitors and over 1,000 content creators, with ticket sales selling out in 35 seconds [11] - Tencent Games announced the establishment of the K9 Cooperation Department on July 8, focusing on the long-term transformation and strategic cooperation of Ubisoft's core IPs [13]

Core Viewpoint - The Nintendo Switch 2 (NS2) has introduced 4K HDR output, but users are experiencing difficulties with HDR settings and overall visual quality, raising concerns about the device's HDR implementation compared to competitors like Sony's PS5 and Microsoft's Xbox [1][4][30]. Group 1: HDR Implementation Issues - Users report that adjusting HDR settings on NS2 is cumbersome and results in unsatisfactory visual experiences, with many encountering similar problems online [3][4]. - The HDR adjustment process on NS2 is less intuitive than on PS5, requiring excessive clicks to achieve desired brightness levels, which can lead to frustration [20][24]. - NS2 lacks a method to determine minimum brightness levels, making it difficult to create an accurate brightness curve for optimal HDR performance [24][30]. Group 2: Technical Aspects of HDR - HDR video content is pre-produced with metadata that allows for accurate brightness mapping, while HDR in games is generated in real-time, complicating the adjustment process [5][9]. - The NS2's HDR adjustment only includes two screens for peak brightness and overall brightness, lacking comprehensive controls found in other gaming consoles [18][22]. - The absence of a standardized HDR adjustment process across devices contributes to inconsistent user experiences, with calls for a unified HDR standard in the industry [31]. Group 3: Recommendations and Standards - HDTVTest suggests enabling HGIG (HDR Gaming Interest Group) on compatible TVs to improve HDR performance on NS2, but this feature is not universally available [26][30]. - The current state of HDR standards is criticized for being chaotic, with a need for a unified approach to enhance user experience and simplify adjustments across different platforms [31].

Core Insights - The SLG (Simulation Game) genre has experienced a significant surge, with a year-on-year growth of 180%, making it one of the fastest-growing categories in the mini-game platform market [1] - Major titles like "Rate of the Land" and "Three Kingdoms: Strategy" have launched mini-game versions to tap into this emerging market, achieving high rankings in the WeChat mini-game sales charts [3][5] - The trend of integrating SLG into mini-game platforms reflects a shift towards lighter gameplay, aiming to attract a broader user base and enhance user engagement through social features [5][18] Industry Trends - The SLG products on mini-game platforms can be categorized into two types: those that blend SLG with casual gameplay (e.g., "Pocket Warrior") and traditional SLG titles that maintain their core gameplay [3][5] - The mini-game versions of established SLG titles have undergone significant adaptations, such as simplified mechanics and vertical screen formats, to cater to the platform's user experience [10][12] - The development environment for mini-games has matured, allowing for the successful adaptation of SLG games, which previously faced challenges in transitioning to lighter formats [16][18] User Demographics - The user demographics for SLG mini-games have diversified, with a notable increase in female users and younger audiences, indicating a shift from the traditional male-dominated user base [18][19] - The introduction of features like "youth servers" in titles like "Rate of the Land" has successfully attracted a younger demographic, enhancing the game's appeal [19][21] Competitive Landscape - The competition within the SLG genre is evolving, with a focus on integrating casual elements and exploring new themes to attract a wider audience [22][23] - The mini-game platform presents a unique opportunity for SLG titles to reach new users, leveraging the platform's social features and lower entry barriers [23][27] - As more SLG products enter the mini-game space, the potential for innovation in gameplay and monetization strategies is expected to increase, reshaping the competitive dynamics of the genre [21][22]

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Investment Rating - The report indicates a positive outlook for the equity market under the "anti-involution" policy, suggesting potential for improved margins despite a near-term negative impact on GDP growth [8][12]. Core Insights - The report discusses China's shift towards an "anti-involution" policy aimed at controlling excess supply-side capacity, which has contributed to deflation and reduced corporate profitability [2][3]. - It highlights the historical context of supply-side reforms in China, noting that the current phase is reminiscent of past capacity rationalizations that began in mid-2014 [4][7]. - The report identifies sectors with excess capacity, including Food Processing, Autos, Electronics, Chemicals, and Healthcare, which could see margin improvements if utilization rates increase [8][12]. Summary by Sections Supply-Side Reforms - The report outlines three phases of China's previous capacity rationalization cycle, emphasizing that the current situation is in the early stages of Phase 1, characterized by policy anticipation and a "hope rally" [4][7]. - It notes that low utilization rates across various sectors indicate a need for improved supply discipline, with recent policy comments from the Central Commission for Finance & Economic Affairs being particularly significant [7][8]. Sector Analysis - The report suggests that while addressing supply-side excesses may weigh on GDP growth in the short term, it is likely to benefit stock performance due to better margins [8][12]. - Solar Glass is highlighted as a sector to watch, with potential for significant upside if government-enforced capacity discipline is implemented, suggesting a possible increase in stock valuation from 0.9x P/B to 3x P/B [8][12]. Investment Themes - The report identifies three key investment themes: yield stocks benefiting from low interest rates, consumer leaders poised for growth, and companies that will benefit from improved supply discipline [12][13]. - Specific stock recommendations include Petrochina, CR Power, and Ping An for yield stocks, and Alibaba, Tencent, and JD for consumer leaders [13].

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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]

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