Core Insights - The report by AppsFlyer highlights the profound impact of AI technology, scaled content production, and rising customer acquisition costs on the mobile gaming marketing landscape in 2025 [1][4][11] Group 1: AI as a Core Driver - AI technology has become the most significant transformative force in mobile game marketing, leading to a 20% increase in ad display volume due to enhanced material production capabilities [4] - Top-tier advertisers are producing 2,400 to 2,600 material versions quarterly, marking a 25% to 30% year-on-year growth [4] - The benefits of AI are unevenly distributed, primarily favoring top and small-scale advertisers, while mid-sized firms see limited advantages [4][11] Group 2: Global Customer Acquisition Landscape - Global customer acquisition spending for game applications reached $25 billion in 2025, reflecting a 3.8% year-on-year growth, with notable regional disparities [5][6] - The U.S. market, while still the largest, saw a 5% decline in spending, whereas emerging markets like Turkey (29% growth) and India (19% growth) are driving overall growth [5][6] - Chinese firms contributed 35% to global customer acquisition spending, with a 22% year-on-year increase, showcasing their strength in competitive Western markets [6][7] Group 3: Platform and Channel Trends - iOS is emerging as a growth focus, while Android is experiencing a contraction, attributed to the effective adaptation of probabilistic attribution techniques [8][9] - The average number of media channels used by advertisers has increased, with top-tier advertisers utilizing more channels than smaller ones [9] - The paid activation rate for all game categories has risen by approximately 10% year-on-year, indicating intensified competition and rising acquisition costs [8] Group 4: Monetization Model Evolution - In-app purchase (IAP) revenue remains concentrated in mature markets, with the U.S. and Europe contributing significantly to Android and iOS IAP revenues [10] - Mixed monetization strategies are gaining traction, although they still account for less than 30% of total revenue, with a clear upward trend [10] - Casual and hyper-casual games are more receptive to mixed monetization, while mid-core and gambling games prefer IAP as their primary revenue source [10]

Group 1 - JoyByte Holdings Limited submitted its prospectus to the SEC for a NASDAQ listing on January 27, 2026, after initially filing a confidential application on September 23, 2025 [1][3] - The company is headquartered in Hong Kong and operates as a mobile game publisher, focusing on marketing, user acquisition, monetization, and community management [3] - As of June 30, 2025, JoyByte had 16 mobile games, including titles like "Annie's Pursuit" and "Wasteland Billionaire" [3] Group 2 - For the fiscal years ending June 30, 2024, and June 30, 2025, JoyByte reported revenues of $1.13 million and $2.94 million, respectively, with net losses of $190,000 and net income of $1.08 million [3] - The company has not disclosed the number of shares to be issued or the offering price in its prospectus [3] - Prior to the IPO, Yujie CHEN held a 55.5% stake, while Tak Wai, CHU owned 20% [6]

Core Insights - The Chinese mobile gaming industry is experiencing significant growth in research and development (R&D) investments, with the top 20 companies projected to invest over 99 billion yuan in 2024, marking an 8.8% year-on-year increase [1] - The domestic revenue from self-developed games is expected to exceed 260 billion yuan in 2024, reflecting a 1.7% increase compared to the previous year [4] - The overseas revenue from self-developed games is anticipated to surpass 18.5 billion USD in 2024, showing a 13.39% year-on-year growth [6] R&D Investments - The total R&D investment by the top 20 mobile gaming companies in China is projected to reach 99.02 billion yuan in 2024, with a continuous increase from 2017 to 2024 [1] - The number of R&D personnel in these companies has shown a declining trend, with a total of 15,721 employees in 2024, down by 1.66% year-on-year [3] - The median percentage of R&D personnel in the top 20 companies is 47.24% in 2024, which is a decrease of 5.97 percentage points from the previous year [3] Domestic Revenue - The actual sales revenue from self-developed games in the domestic market is projected to be 260.736 billion yuan in 2024, reflecting a 1.7% increase year-on-year [4] - The growth in domestic revenue is attributed to the expanding and maturing domestic gaming market, with companies focusing on self-developed games to capture market opportunities [4] Overseas Revenue - The overseas revenue from self-developed games is expected to reach 18.557 billion USD in 2024, marking a 13.39% increase compared to the previous year [6] - The overseas revenue has consistently exceeded 100 billion yuan for five consecutive years, driven by advancements in cloud gaming and AI technologies [6] - The primary markets for overseas revenue are the United States, Japan, and South Korea, contributing 31.06%, 17.32%, and 8.89% respectively to the total overseas income [8]

Group 1: Global Game Market Overview - The global game market is projected to reach $188.8 billion in 2025, with a year-on-year growth of 3.4%, indicating a stable recovery phase [2] - Mobile games remain the core revenue source, accounting for 55% of the total market, with an estimated revenue of $103 billion, growing by 2.9% [2] Group 2: Chinese Mobile Game Revenue - Chinese mobile game revenue from overseas markets is expected to reach $18.478 billion in 2025, a year-on-year increase of 13.16%, surpassing the previous year's growth of 11.14% [4] - The growth in overseas markets is increasingly driven by product structure optimization, regional diversification, and long-term operational capabilities [4] Group 3: Revenue Distribution by Game Category - Strategy games dominate the revenue distribution among the top 100 overseas mobile games, accounting for nearly half of the total, showing a significant upward trend [7] - Shooting and RPG genres remain in the second tier, while casual games have shown rapid growth, particularly in North America [7] Group 4: Overseas Mobile Game Advertising Trends - The number of mobile games advertised overseas is expected to average around 49,000 per month in 2025, with nearly 2.75 million creative materials [9] - The advertising trend shows a "steady start, mid-rise, and late surge" pattern throughout the year [9] Group 5: Company Participation in Overseas Advertising - Approximately 22,000 companies are expected to participate in overseas mobile game advertising monthly in 2025, indicating a gradual recovery in market participation [11] - The market is experiencing a return of mid-tier companies as the advertising environment stabilizes [11] Group 6: Monetization Structure of Overseas Mobile Games - The monetization structure remains stable, with an average of 17,500 IAP products, 9,300 IAA products, and 11,200 hybrid monetization products advertised monthly [13] - Companies are adopting a more robust monetization mix to mitigate market uncertainties [13] Group 7: Creative Material Trends - High-frequency keywords in advertising materials focus on emotional themes such as "family," "betrayal," and "revenge," reflecting a shift towards narrative-driven content [16] - This contrasts with the previous year's emphasis on gameplay mechanics [16] Group 8: Popular Markets for Chinese Mobile Games - The U.S. remains the largest single market for overseas mobile game advertising, with 4,460 games advertised in 2025, although this represents a 6% decline from 2024 [24] - Emerging markets like Brazil, the Philippines, and Indonesia are showing clear growth trends in advertising [25] Group 9: Game Type Distribution in Overseas Markets - RPG remains the most advertised game type, but it has seen a nearly 39% decline compared to 2024, reflecting a global trend [27] - In contrast, hyper-casual games have shown stability, with nearly 1,000 games advertised throughout the year [27] Group 10: Market-Specific Trends - In the U.S., hyper-casual games account for over 21,000 products, making up 31% of the total advertising [32] - In Japan, the advertising for board games has surged by 198.8%, driven by puzzle and board game genres [34] - The Korean market shows a notable focus on MMORPGs, with specific products concentrating heavily on that market [37]

Core Insights - The global mobile game market is projected to grow steadily, reaching $82.3 billion in 2025, with a year-on-year increase of 1.3% [1] - Chinese mobile game publishers continue to show strong performance, generating $23.3 billion in revenue, maintaining a 35% share of the top 100 global mobile game publishers' income [1] Group 1: Tencent's Performance - Tencent retains the top position in the global mobile game publisher revenue ranking, driven by stable performance of flagship products and new releases [2] - The game "Honor of Kings" celebrates its 10th anniversary, achieving over $2 billion in revenue for 2025, a 5% increase year-on-year [2] - The new tactical shooter "Delta Force" has seen a remarkable revenue increase of 29 times since its launch, ranking 5th in China's iOS mobile game revenue and 29th globally [2] Group 2: Rising Competitors - Diandian Interactive ranks second with an 87% increase in global revenue, showcasing strong multi-category capabilities [2] - The strategy game "Whiteout Survival" continues to lead the overseas market with a 45% revenue increase, reaching $2.1 billion [2] - The game "Tasty Travels: Merge Game" has seen a revenue surge of 28 times, breaking $100 million and entering the overseas mobile game revenue ranking at 27th [2] Group 3: Growth in Niche Markets - The synthesis game segment has emerged as a significant growth driver, with a market size exceeding $2.4 billion and a year-on-year growth of 95% [3] - Lemon Microfun leads the synthesis segment with a 165% revenue increase, ranking 4th among publishers [3] - The game "Gossip Harbor" achieved a revenue increase of 242%, securing the second position in the overseas mobile game revenue ranking [3] Group 4: Strategy Game Market Expansion - The global strategy game revenue has increased by 20% year-on-year, surpassing $20 billion, with significant growth in key markets [4] - Florere Game's two 4X strategy games have seen a revenue increase of 20 times, entering the publisher revenue ranking at 6th [4] - The game "Last Z: Survival Shooter" has generated $470 million, ranking 6th in overseas revenue [4] Group 5: Notable Publisher Rankings - Several publishers have seen significant ranking improvements due to unique products, with Diandian Interactive's revenue up 45% to rank 8th [5] - The game "Archero 2" has experienced a revenue surge of 630%, contributing to Haipi Games' 35% revenue increase and 9th place ranking [5] - Kuro Games has seen a 56% revenue increase, moving from 26th to 16th place, driven by the game "Ming Chao" [5]

Core Insights - The global mobile game market is projected to grow steadily, reaching $82.3 billion in 2025, with a year-on-year increase of 1.3% [1] - Chinese mobile game publishers continue to show strong performance, generating $23.3 billion in global revenue, maintaining their share at 35% of the top 100 publishers' income [1] Group 1: Tencent's Performance - Tencent retains the top position in global mobile game publisher revenue, driven by stable performance of flagship products and new releases [2] - The game "Honor of Kings" celebrates its 10th anniversary, achieving over $2 billion in revenue for 2025, a 5% increase year-on-year [2] - New tactical shooter "Delta Force" has shown remarkable growth, with revenue skyrocketing 29 times since its launch, ranking 5th in China's iOS revenue and 29th globally [2] Group 2: Pointillist's Growth - Pointillist Interactive has seen an 87% increase in global revenue, securing the second position among publishers [3] - The strategy game "Whiteout Survival" leads the overseas market with a 45% revenue increase, reaching $2.1 billion [3] - The game has generated $4 billion cumulatively, with significant contributions from the U.S., South Korea, and Japan [3] Group 3: Emerging Game Genres - The synthesis game genre has emerged as a significant growth driver, with a market size exceeding $2.4 billion and a year-on-year growth of 95% [4] - Lemon Microfun leads this genre with a 165% revenue increase, ranking 4th among publishers [4] - The game "Gossip Harbor" has seen a 242% revenue surge, while "Seaside Escape" has increased by 70% [4] Group 4: Strategy Game Market - The global strategy game market has experienced a 20% revenue increase, surpassing $20 billion [5] - Florere Game has entered the publisher ranking at 6th place, with a 20-fold revenue increase from two 4X strategy games [5] - The game "Last Z: Survival Shooter" has generated $470 million, ranking 6th in overseas revenue [5] Group 5: Other Notable Publishers - Several companies have achieved significant revenue growth, with Deying Network rising to 8th place with a 45% increase [6] - The game "Love and Deep Space" has grown by 44%, reaching $550 million in global revenue [6] - Giant Network's "Supernatural Action Group" has generated over $75 million in the Chinese iOS market, doubling the company's revenue [6]

Core Insights - Sensor Tower data indicates that the mobile game "Whiteout Survival" by DianDian Interactive has successfully launched a Christmas-themed event, significantly boosting global player spending and securing its position as the top-grossing mobile game for overseas markets, with projected total revenue exceeding $4 billion by December 2025 [1] Group 1: Game Performance and Revenue - "Gossip Harbor" by Lemon Microfun saw a 7% increase in revenue this month, reaching a historical high and ranking second in overseas mobile game revenue [1] - "Call of Duty Mobile" experienced a 36% month-over-month revenue increase due to extensive updates, including a sixth anniversary celebration and new game modes, ranking fifth in revenue [2] - "Genshin Impact" achieved a 47% increase in overseas revenue with the launch of the new version "Moon's Three," climbing five spots to ninth in revenue rankings [2] - "Where Winds Meet," an international version of NetEase's martial arts open-world game, debuted in the overseas market, ranking 27th in overseas mobile game revenue in its first month [3] - "Love and Deep Space" by Die Paper Network saw a 38% increase in overseas revenue, ranking tenth in revenue and fifth in growth, with total overseas revenue surpassing $400 million [4] - "Zero Zone" by miHoYo experienced a 56% increase in overseas revenue, achieving its highest daily revenue since launch and topping various market charts [4] - "Nobunaga's Ambition: True War" launched in Japan, resulting in a 207% increase in overseas revenue, ranking eighth in growth [4] Group 2: Download Rankings - "Block Blast!" by Hungry Studio topped the overseas mobile game download chart with an 11% increase in downloads [6] - "Vita Mahjong" by Vita Studio ranked second in downloads, with over 170 million downloads since its launch in December 2023 [6] - "Mobile Legends: Bang Bang" by Mouton Technology saw an 8% increase in downloads, securing the third position in the download rankings [7]

Core Insights - The mobile gaming industry continues to see significant revenue growth, with several titles achieving record earnings and player engagement in December 2023 [1][2][4]. Group 1: Revenue Highlights - "Whiteout Survival" by DianDian Interactive achieved global cumulative revenue exceeding $4 billion by December 2025, solidifying its position as the top-grossing mobile game in the overseas market [1]. - "Gossip Harbor" by Lemon Microfun saw a 7% increase in revenue this month, reaching a historical high and ranking second in overseas mobile game revenue [1]. - "Call of Duty Mobile" experienced a 36% month-over-month revenue increase, ranking fifth in overall revenue due to significant updates and events [2]. - "Genshin Impact" by miHoYo reported a 47% increase in overseas revenue, climbing five positions to rank ninth in revenue [2]. - "Where Winds Meet," the international version of "燕云十六声" by NetEase, entered the overseas revenue rankings at 27th place in its first month [3]. - "恋与深空" by Paper Games saw a 38% increase in overseas revenue, ranking tenth in revenue and fifth in growth [4]. - "绝区零" by miHoYo experienced a 56% increase in overseas revenue, achieving its highest daily revenue since launch [4]. - "信长之野望 真战" by Lingxi Interactive saw a 207% increase in overseas revenue after launching in Japan [4]. Group 2: Download Performance - "Block Blast!" by Hungry Studio led the download rankings with an 11% increase in downloads, reaching a historical high [5]. - "Vita Mahjong" by Vita Studio ranked second in downloads, surpassing 170 million total downloads since its launch in December 2023 [5]. - "Mobile Legends: Bang Bang" by Mutong Technology saw an 8% increase in downloads, maintaining its position in the top three for downloads [5].

Core Insights - The report by Sensor Tower highlights the revenue and download rankings of Chinese mobile games in overseas markets for December 2025, focusing solely on in-app purchase (IAP) estimates from app stores, excluding ad revenue and third-party Android channel income from China [1] Revenue Rankings - The game "Whiteout Survival" by Dots Interactive achieved global cumulative revenue exceeding $4 billion, securing the top position in the overseas mobile game revenue rankings for December 2025 [2] - "Gossip Harbor" by Lemon Microfun saw a 7% increase in revenue, reaching a historical high and ranking second in the revenue chart, driven by dual events during December [2] - "Call of Duty Mobile" experienced a 36% increase in overseas revenue due to significant updates, ranking fifth in revenue and topping the growth chart [3] - "Genshin Impact" by miHoYo saw a 47% increase in overseas revenue, climbing five positions to rank ninth, following the release of a new version [3] - "BLEACH: Soul Resonance" continued to perform well, with overseas revenue doubling and entering the top 30 revenue rankings for the first time, ranking 26th [3] - "Where Winds Meet," the international version of NetEase's martial arts game, debuted at 27th in the revenue rankings in its first month [4] - "Love and Deep Space" by Zhe Paper Network achieved a 38% increase in overseas revenue, ranking 10th in revenue and 5th in growth [5] - "Zero Zone" by miHoYo saw a 56% increase in overseas revenue, ranking 6th in growth [5] - "Nobunaga's Ambition: True War" launched in Japan, resulting in a 207% increase in overseas revenue, ranking 8th in growth [5] Download Rankings - "Block Blast!" by Hungry Studio topped the download rankings with an 11% increase in downloads, reaching a historical high [6] - "Vita Mahjong" by Vita Studio ranked second in downloads, with cumulative downloads exceeding 170 million since its launch in December 2023 [7] - "Mobile Legends: Bang Bang" by Momo Technology saw an 8% increase in downloads, securing the third position in the download rankings [7]

Core Insights - In December 2025, 33 Chinese companies made it to the global mobile game publisher revenue ranking TOP 100, collectively generating $1.95 billion, accounting for 34.6% of the total revenue of the global TOP 100 mobile game publishers [1] Group 1: Tencent's Performance - Tencent secured the top position in global mobile game publisher revenue for December 2025, driven by multiple successful titles, with "Honor of Kings" leading the Chinese iOS mobile game sales chart and generating over $2 billion in revenue for the year [1] - The game "Delta Force" saw a remarkable revenue increase of 2900% year-on-year, surpassing $500 million in cumulative revenue [1] Group 2: Point Point Interaction's Growth - Point Point Interaction ranked second in the global mobile game publisher revenue ranking, with "Whiteout Survival" achieving over $4 billion in cumulative revenue, showcasing its long-term operational value [2] - The game "Tasty Travels: Merge Game" experienced a 30% month-on-month revenue increase in December, contributing significantly to Point Point Interaction's revenue growth [2] Group 3: Lemon Games' Steady Growth - Lemon Games maintained its third position in the revenue ranking with a 10% revenue growth, driven by holiday-themed events for flagship products like "Gossip Harbor" and "Seaside Escape," which saw revenue increases of 11% and 6% respectively [2][3] - The overall revenue for Lemon Games surged by 165% year-on-year [2] Group 4: NetEase's Success - NetEase's "Where Winds Meet" launched on December 12, 2025, and quickly topped the iOS download charts in several regions, achieving high sales and positive reviews [4] - The game contributed to a 16% month-on-month revenue increase for NetEase in December, placing it fourth in the revenue ranking [4] Group 5: Paper Games' Record Performance - Paper Games' "Love and Deep Space" topped the global mobile game sales chart in December, with a 122% month-on-month revenue increase, reaching $930 million in global revenue [5][6] - The game is expected to surpass the $1 billion revenue mark soon, significantly boosting Paper Games' overall revenue by 90% [5] Group 6: Other Notable Publishers - Other Chinese mobile game publishers in the global TOP 100 include BeHeFun Games, Giant Network, and Xindong Network, totaling 33 companies [5] - Tencent's titles "Honor of Kings," "Delta Force," and "Peace Elite" dominated the Chinese App Store mobile game revenue ranking, occupying the top four positions [5]