Core Insights - The 2025 Tokyo Game Show has seen significant attendance and interest in both domestic and international games, highlighting the growing popularity of Chinese games abroad [1][2][4] - Chinese games have made notable achievements in international markets, with several titles receiving awards and achieving high user engagement [4][20] - The gaming industry is experiencing a shift towards "mini-games" and innovative marketing strategies, which are proving successful in retaining users and generating revenue [5][10][24] Group 1: Event Highlights - The Tokyo Game Show 2025 opened on September 25, attracting large crowds and long queues for popular titles like "Persona 3 Reload" and "Nintendo Switch 2" [1] - Domestic Chinese games also drew significant attention, with players struggling to secure demo tickets for titles like "Arknights: End of the World" [2] Group 2: Chinese Games' International Success - "Whiteout Survival" has achieved over $3.3 billion in revenue within two years of its overseas launch, showcasing the potential of Chinese strategy games in international markets [5] - The game has a retention rate of 42% and a monthly retention rate of 8%, significantly higher than the average for similar games [5] - "Kingshot," another SLG game, generated $75 million in revenue within four months of its launch, indicating a trend of successful mini-games in the market [5][6] Group 3: Marketing and User Engagement - The success of "Whiteout Survival" is attributed to its innovative gameplay that combines light and heavy SLG elements, enhancing user retention [6][8] - The game has successfully attracted a diverse player base, with over 20% of its users being female, breaking traditional gender norms in the SLG genre [8] - Marketing strategies have evolved, with games utilizing platforms like TikTok and YouTube for targeted advertising and local cultural integration [10] Group 4: Performance of Otome Games - "Love and Deep Space" has set a record for Chinese otome games, generating nearly 6 billion RMB globally, with 64% of revenue from the Chinese market [11][13] - Despite its success, the game has faced a decline in revenue, with a 73% drop in the week following its peak [14][16] - The game's lack of engaging content and updates has led to player dissatisfaction, impacting its overall performance [16] Group 5: Industry Growth and Future Prospects - In 2024, China's game export revenue reached $18.56 billion, accounting for nearly 40% of the domestic market, reflecting significant growth over the past decade [20] - Major companies like Tencent and NetEase are leading the charge in overseas markets, focusing on localization and strategic investments [20][21] - The gaming industry is witnessing a diversification of successful titles, with both "mini-games" and high-quality productions finding their place in the global market [27][28]

Group 1 - The game ETF (159869) has seen a narrowing decline of 0.25% as of September 30, with a net inflow of funds amounting to 1.298 billion yuan over the past five trading days, indicating strong investor interest [1] - The product scale of the game ETF has reached a new high of 10.574 billion yuan since its inception, facilitating investors in easily accessing leading A-share gaming companies [1] - In September 2025, a total of 145 domestic game licenses and 11 imported game licenses were issued, with several major companies receiving approvals for their games [1] Group 2 - The gaming sector is experiencing multiple catalysts including AI, content, and commercialization model transformations, making the game ETF (159869) an attractive investment opportunity [2]

Core Viewpoint - The report emphasizes the growth potential of TapTap platform driven by the resumption of game license approvals and AI-enabled game development, alongside the strategic adjustments in the company's self-developed game pipeline [1][2]. Group 1: TapTap Platform Value - TapTap has become a significant channel for game promotion, with online promotion service revenue reaching 976 million in the first half of 2025, capturing approximately 3.27% of the mobile game advertising market [1]. - The platform offers low or no revenue sharing, making it friendly for small and independent developers, and has emerged as a vital promotional channel due to the fragmentation of user time and the rise of vertical communities [1]. - TapTap provides comprehensive services including analysis, testing, and marketing promotion, enhancing its value to developers [1]. Group 2: Growth Drivers for TapTap - The developer-user flywheel effect is established, with over 240,000 developers and 300,000 games launched, and an average monthly active user (MAU) of 43.6 million in the first half of 2025, with a year-on-year increase of 37% in user advertising ARPU [2]. - The total number of game licenses issued in 2025 reached 1,195, a 25% year-on-year increase, boosting the demand for promotion [2]. - The strategic expansion into multi-platform and international markets, along with AI-enabled game development, is expected to enhance TapTap's revenue potential, with projections estimating revenue could reach 5 billion by 2030 [2]. Group 3: Self-Developed Game Capabilities - The self-developed game strategy has shown positive results since 2024, with a focus on core categories and efficient resource allocation, leading to successful titles like "Torchlight" and "Muffin" [3]. - The company has demonstrated the ability to develop enduring games through focused resources, continuous optimization, and frequent updates, with successful overseas contributions [3]. - Future game pipeline includes promising titles such as the strategy card game "Ither" and the open-world MMO "Ragnarok RO: Guardians of Eternal Love 2," indicating a solid reserve of upcoming products [3].

Core Insights - The article highlights the emergence of the software and gaming industry in Guangzhou's Keyun Road area, which has become a hub for over 20 well-known gaming companies and is referred to as the "Huangpu Military Academy" of China's gaming industry [1][2] - The establishment of the "Keyun Bay" software talent home aims to support the software industry and enhance talent services in the region, contributing to the high-quality development of Tianhe District [2][3] Group 1: Industry Development - Keyun Road has produced a significant number of gaming industry leaders, with over 75% of gaming company founders or executives originating from this area [1] - The software industry in Tianhe District is projected to generate over 235 billion yuan in revenue by 2024, ranking fifth among urban districts in China [2] - The digital cultural and creative industry in the region has surpassed 111.6 billion yuan, forming a comprehensive industry chain from research and development to international expansion [2] Group 2: Talent and Policy Initiatives - The "Keyun Bay" software talent home is part of a broader initiative to create a supportive environment for software talent, enhancing the integration of talent and industry [2][3] - Tianhe District has introduced the "12126" modern industrial system, which includes software and internet industries as strategic emerging sectors [3] - The district plans to invest 500 million yuan over three years to support talent and industry development through targeted policies [3] Group 3: Community and Service Enhancements - The "Keyun Bay" initiative aims to create a "harbor-style" service matrix that addresses the comprehensive needs of talent in areas such as living, working, and personal development [3][4] - Activities like the "Keyun Road Spirit Citywalk" are designed to promote local culture and community engagement, enhancing the area's appeal [4]

Core Insights - The domestic gaming market in China has not produced new breakout hits this year, despite a total revenue of 1970.84 billion yuan from January to July 2025, reflecting a year-on-year growth of 12.58% [1] - The growth is primarily driven by the sustained performance of leading titles like "Honor of Kings" and "Peacekeeper Elite," as well as the strong performance of new IPs like "DNF Mobile" [1] - Tencent and NetEase are both focusing on different strategic paths, with Tencent emphasizing the deep development of high-value IPs while NetEase pursues a diversified product strategy [10][16] Group 1: Market Performance - The Chinese gaming market saw a month-on-month revenue increase of 4.70% in June and 6.87% in July, indicating a continuous recovery momentum [1] - The client game market is also recovering, with new titles like "Delta Action" and "Yanyun Sixteen Sounds" reactivating a significant number of old users and core players [1] - The proportion of older games in the ecosystem is increasing, suggesting a more solidified market where major companies struggle to produce innovative new titles [1] Group 2: NetEase's Strategy - NetEase is focusing on a diversified strategy, with a net income from games and related services of 228 billion yuan in Q2 2025, accounting for 81.7% of total revenue [3] - The company has invested over 10 billion yuan in the "Shooting Eagle" project, which has faced challenges due to outdated gameplay and poor optimization [6] - NetEase's overseas revenue share has increased to nearly 20%, with a 1:1 ratio of users between China and overseas markets [9] Group 3: Tencent's Strategy - Tencent's strategy is characterized by a "guarding small cities" approach, focusing on its strengths and high-value IPs, which helps in building competitive barriers [11][12] - The company has seen historical highs in revenue from long-standing products like "Honor of Kings" and "Peacekeeper Elite" in Q1 2025 [10] - Tencent is exploring new growth points in game channels and distribution, including launching mini-games based on popular titles to attract a broader audience [14][15] Group 4: Industry Challenges - Both companies face challenges in their respective strategies, with NetEase's diversification potentially leading to resource dispersion and strategic focus issues [16] - Tencent's reliance on established IPs may hinder its ability to innovate and respond to emerging trends and user shifts [17] - The gaming industry is entering an ecological competition phase, with different strategic approaches from Tencent and NetEase shaping the future landscape [16]

Core Insights - The AGF Asia Game Expo will take place from October 2 to 5 in Guangzhou, featuring over 1,000 top brands and 7,000 IP-related products, with more than 100 special events planned [1] - The event aims to enhance tourism in Guangzhou during the National Day holiday, with dedicated public transport routes and extensive city-wide advertising [1] Group 1: Exhibition Highlights - The exhibition will showcase a luxurious lineup of exhibitors, including major gaming companies like Tencent, NetEase, and Ubisoft, presenting popular game IPs [2] - A new "Game Cabin" area will facilitate interaction between game brands, independent studios, and players, featuring over 40 quality games for immersive experiences [2] - 28 Hong Kong gaming brands will participate, along with cosplay interactions, emphasizing the regional collaboration in the gaming industry [2] Group 2: Competitive Events - The expo will host top esports competitions, including the War Horse Energy Cup and the WEC2025 Huali Esports Finals, attracting participants from over 30 provinces [3] - The event will also feature the China Animation Golden Dragon Award COSPLAY finals and various dance competitions, creating a vibrant entertainment atmosphere [3] Group 3: Industry Development - Guangdong aims to establish itself as a global gaming industry hub, with projected gaming revenue of 260.43 billion yuan in 2024, accounting for approximately 80% of the national total [4] - The province's gaming revenue is expected to reach 140.67 billion yuan in 2024, maintaining its status as the "gaming capital" of China [4] - Recent policies have been introduced to support high-quality development in the gaming sector, including financial incentives for quality projects and a focus on AI and innovative technologies [4]

Core Insights - The issuance of game licenses in September remains high, with 145 domestic games and 11 imported games approved, indicating a stable trend in the normalization of license issuance and ongoing industry recovery [1][2] Group 1: Game License Issuance - In 2023, a total of 1,195 domestic games have been approved, with 145 approved in September alone, including titles from major companies like Tencent and miHoYo [2] - For imported games, 80 have been approved year-to-date, with 11 approved in September, featuring titles from companies such as Chuangmeng Tiandi and Xinghui Games [2] Group 2: Market Trends and Competitive Landscape - miHoYo's new game, "Honkai: Inheritance Spirit," combines world exploration with pet-raising elements and features a PVE auto-chess gameplay, which is expected to enhance player engagement [3] - The game has garnered significant interest, with over 4.09 million pre-registrations by September 25, indicating strong market potential [3] - The competition in the pet-raising game segment is intensifying, with several major players like Tencent and other developers also launching similar titles [3]

Core Points - The AGF Asia Game Expo will take place from October 2 to 5 in Guangzhou, coinciding with the CICF China International Comic Festival, serving as a significant platform for promoting the "game dimension economy" during the National Day holiday [1] Group 1: Event Overview - The main venue covers an area of 82,000 square meters, featuring over 1,000 top brands and more than 7,000 IP-related products, with over 100 special events planned and hundreds of popular guests attending [2] - An estimated 800,000 fans are expected to participate in city-wide activities, creating an immersive experience of Guangzhou's "dimension culture" [2] Group 2: Industry Participation - Major gaming companies such as Tencent Games, NetEase Games, and others will showcase numerous popular game IPs [3] - Ubisoft will host the first offline trial event for the new DLC of "Assassin's Creed: Shadows" at the expo [4] Group 3: Experience and Collaboration - Various brands will present limited-edition merchandise and collaborate with companies like Luckin Coffee and KFC to create themed pop-up stores and exclusive products [4] - Top-tier gaming peripherals and photography equipment will be available for hands-on experiences [5] Group 4: Esports Events - The expo will feature high-profile esports competitions, including the War Horse Energy Cup and the WEC2025 Huali Esports Finals, attracting top players from over 30 provinces [6] Group 5: City-Wide Engagement - Guangzhou will transform into a "dimension theme park" with 10 themed bus routes and over 150 IP-related advertisements across major commercial areas [7] - More than 20 shopping centers will serve as sub-venues, offering various cultural performances and interactive competitions to enhance the festive atmosphere [7] Group 6: Logistics and Services - Official ticketing platforms and hotel partnerships have been established to facilitate travel and accommodation for fans, with discounts and special offers available [8]

Core Insights - The article discusses the transformation of Kingsoft's gaming division, Kingsoft Game, which has recently become an independent entity from the Kingsoft Group, aiming for a differentiated market position compared to its sister company, Xishanju [1][2]. Group 1: Company Structure and Strategy - Kingsoft Game is defined as a startup within the Kingsoft ecosystem, emphasizing its independent operational approach while still being part of the Kingsoft Group [1]. - The split from Xishanju was initiated to create distinct management structures and allow for focused growth in different gaming segments, with Xishanju concentrating on traditional game development and Kingsoft Game leaning towards international and trendy content [2]. - The company aims to shift from a single-game release strategy to a long-term IP operation model, focusing on building valuable IPs rather than just individual game titles [2][3]. Group 2: IP Operation Focus - Kingsoft Game's strategy centers on IP operation, leveraging the emotional connection and commercial potential of IPs, which can be effectively monetized through gaming [3]. - The company has established a strategic partnership with Rovio to reintroduce the Angry Birds IP to the Chinese market, indicating a focus on leveraging existing popular IPs [2]. - The upcoming game "Goose Duck" is designed with an IP-centric approach, aiming to create a unique user experience that resonates with current cultural trends among younger audiences [4][5]. Group 3: Project Development and Market Positioning - "Goose Duck" is positioned as a social deduction game with a strong emphasis on entertainment value, aligning with the preferences of the younger demographic [5]. - The game has already garnered significant interest, with over 600,000 pre-registrations, and is expected to reach 1 million shortly after testing [5]. - Kingsoft Game plans to develop "Goose Duck" through multiple channels, including gaming, online variety shows, and offline experiences, creating a comprehensive ecosystem around the IP [5][6]. Group 4: Performance Metrics and Future Outlook - The company aims for "Goose Duck" to achieve a stable daily active user (DAU) count of over 1 million, with aspirations for further growth [7]. - Success in IP operation will be measured by the ability to create independent revenue streams from various content extensions, ensuring a sustainable business model [7].

Core Viewpoint - The article highlights the significant presence and influence of Chinese companies at the Tokyo Game Show (TGS), showcasing advancements in AI technology and its integration into the gaming industry [1][36]. Group 1: Chinese Companies at TGS - Major Chinese gaming companies such as NetEase, Tencent, and others have established impressive exhibition spaces, attracting numerous players [2][8]. - AI companies are also making their mark at TGS, demonstrating their capabilities and innovations in the gaming sector [8][10]. Group 2: AI Technology Showcase - Alibaba's booth prominently featured its open-source models, including Tongyi Qianwen and Tongyi Wanxiang, offering a range of commercial solutions from IaaS to SaaS [11][12]. - The Model Studio platform and AI development platform PAI were highlighted as part of Alibaba's offerings, indicating a strong push for AI integration in gaming [13][15]. Group 3: 3D Generation Technology - Tencent Cloud emphasized its cloud computing capabilities for game security and operations, while also discussing the potential of mixed reality 3D technology [21][22]. - VAST's Tripo, a leading open-source 3D generation project, is gaining attention from game developers both domestically and internationally [26][27]. Group 4: AI Applications in Gaming - HakkoAI, an AI gaming companion, showcased its ability to understand and interact with various games, outperforming several top general models in specific gaming scenarios [34]. - The integration of AI in gaming is creating new possibilities and enhancing player experiences, indicating a growing trend in the industry [36].