Group 1 - The gaming sector is experiencing a notable rebound, with the gaming ETF (159869) showing a near 1% increase and potentially achieving a four-day winning streak [1] - In May, China's gaming market grew by 9.86% year-on-year, reaching a market size of 280.51 billion yuan, driven by new and mature products [2] - Mobile games saw a year-on-year growth of 11.96%, while self-developed games' overseas revenue increased by 8.3%, indicating robust growth dynamics [2] Group 2 - The release of GPT-5 by OpenAI is expected to enhance industry-leading model performance and improve application sentiment, marking a significant step towards achieving Artificial General Intelligence (AGI) [1] - The gaming sector is catalyzed by multiple factors including AI, content, and commercialization model transformations, suggesting potential investment opportunities in the gaming ETF (159869) [2]

Group 1 - The WeChat mini-game ecosystem has seen a 10% year-on-year increase in user online duration, with over 80% of users starting games through "pull-down, social, and search" methods [1] - There are over 400,000 mini-game developers, with more than 80% being small teams of fewer than 30 people; 70% of listed gaming companies are investing in the mini-game ecosystem [1] - Nearly 70 games have achieved over 1 million daily active users (DAU), and over 300 games have generated more than 10 million yuan in quarterly revenue [1] Group 2 - The mini-game platform is enhancing user interaction by gradually supporting features like virtual gifts, group competitions, and social sharing, leveraging WeChat's social capabilities [1] - The active user base for PC mini-games has increased by 55% year-on-year, with a 40% expansion in commercial scale and a fourfold increase in advertising spending [1] - Mini-game content on video accounts is gaining popularity, with live viewing time increasing by 54% and short video views rising by 22% [1] Group 3 - The mini-game team is providing comprehensive support for developers through technology, operations, and business enhancements, including the development of the LTVMax optimization tool [2] - The platform has upgraded its technical capabilities, expanding IAA mini-games from 200MB to 1GB, reducing rendering frame time by 10%, and improving trial advertisement efficiency [2] - Finnish game company Supercell is entering the Chinese WeChat mini-game market with a mini-game version of its competitive mobile game "Clash Royale," expected to launch in September [2]

Group 1 - Tencent's "Honor of Kings World" has launched a closed beta recruitment, aiming to explore the commercial potential of the original game [1] - The recruitment period for the beta test runs from June 25 to July 14, and it is limited to PC users [1] - Successful launch and market acceptance of "Honor of Kings World" could provide Tencent with new revenue growth opportunities, reinforcing its leading position in the gaming industry [1] Group 2 - The upcoming 4.0 version of "Love and Deep Space" is set to be previewed on June 27 and officially launched on July 3 [2] - The sustained popularity and high revenue of "Love and Deep Space" are expected to enhance the company's revenue and profit, increasing its attractiveness in the capital market [2] - If the new version performs well, it could solidify the company's position in the gaming industry and attract more investor interest for future projects [2] Group 3 - Lingxi Interactive Entertainment's "Detective Mystery" is scheduled for full platform public testing on July 24 [3] - The game's unique dark martial arts detective theme and engaging storyline may attract a significant player base, potentially boosting the company's revenue [3] - Previous successful launches, such as "Like a Kite," have shown that public testing can lead to substantial revenue growth, enhancing the company's ranking in revenue charts [3]

Core Insights - The National Press and Publication Administration released the approval information for domestic online games in June 2025, with a total of 147 domestic game licenses issued, marking a new monthly high for the year [1][3] - The number of imported game licenses has increased from bi-monthly approvals last year to monthly approvals this year [3] Domestic Game Licenses - Out of the 147 domestic licenses, 145 are mobile games, with 61 categorized as mobile-casual puzzle games, 9 as client games, and 1 as a web game. Additionally, 7 games received both mobile and client licenses [1] - A total of 757 domestic game licenses have been issued so far this year, indicating a consistent upward trend in monthly approvals [1] Notable Game Titles - Notable domestic titles include: - MiniPlay's "Chuxin Fishing" - Kying's "Soul Master Battle of Douluo Continent" - Guangzhou Gud's "Beast Era" - Tencent's "CF IP New Work: Crossfire: Rainbow" and "Tactical Squad: Dawn Offensive" [5][6][8] - The imported game licenses include: - Tencent's "Crossfire: Rainbow" - NetEase's "No Master Star Abyss" - Kingsoft's "Goose Duck Kill" [5] Game Development Details - Tencent's "Crossfire: Rainbow" is a new product under the CF IP, developed in collaboration with Tianmei Linlang and Tencent Interactive Entertainment K1 [6] - "Tactical Squad: Dawn Offensive" is a client game based on the tactical shooting game "Squad," featuring enhancements in server stability, gameplay experience, and content richness [8]

Core Insights - The mini-game market in China has transformed from a low-quality segment to a mainstream player in the gaming industry, with significant revenue growth projected for the coming years [1][5] - The success of mini-games is driven by user behavior changes, platform distribution logic, and strategic adjustments by developers [1][4] Market Growth - The domestic mini-game market size was 27.5 billion yuan in 2021, 50 billion yuan in 2022, and is expected to reach 200 billion yuan in 2023, with a projected 398.36 billion yuan in 2024 and over 600 billion yuan by 2025 [1][5] - The mini-game market's compound annual growth rate from 2022 to 2024 is estimated at 182.3%, indicating a shift from a blue ocean to a red ocean of competition [4] User Engagement - As of July 2024, the total number of WeChat mini-game users reached 1 billion, with 500 million monthly active users and increasing usage duration [2] - Over 240 mini-games on the platform achieved quarterly revenues exceeding 10 million yuan in the past year, showcasing the growing commercialization capabilities [2] Key Success Factors - The success of mini-games hinges on obtaining sufficient exposure and delivering quality gameplay to convert traffic into revenue [2][3] - The "time difference" in information flow distribution allows mini-game developers to acquire users at lower costs initially, leading to potential excess profits if user retention and monetization strategies are effective [4][5] Industry Dynamics - Major companies like Tencent, ByteDance, and Kuaishou are increasingly focusing on mini-games, reshaping the competitive landscape [6] - The entry of large players is creating pressure on new entrants, but established companies with deep user insights and strong content development capabilities may thrive [6] Future Challenges - The gaming industry faces inherent cyclicality, prompting companies to seek diversified growth strategies beyond relying on a few hit games [7] - Companies are exploring innovations such as AI integration and new product forms to sustain growth and reduce dependency on blockbuster titles [7]

Industry Summary - In June, 11 imported games were approved, including "Transformers: New Era" and "Crossfire: Rainbow," bringing the total to 55 imported games approved this year [1] - Domestic game approvals reached a new monthly high with 147 games approved in June, an increase of 17 from the previous month [1] - The domestic game market's actual sales revenue in Q1 2025 was 857 billion yuan, a year-on-year increase of 18%, with mobile game revenue at 636 billion yuan, up 20% [1] - The gaming industry is experiencing a recovery driven by favorable policies, including subsidies for R&D and overseas expansion starting in 2024 [1] - The approval frequency for imported game licenses is increasing, indicating a positive trend for the gaming industry [1] - The upcoming summer season is expected to improve the competitive landscape of the industry, with a good release schedule for new games [1] - The gaming industry appears attractive in terms of valuation, with potential cost reduction and revenue increase opportunities driven by AI applications [1] Company Summary - ShengTian Network reported a return to growth in Q1, with the self-developed IP fighting game "True: Three Kingdoms Unmatched" expected to launch within the year [2] - The company has developed an AI mini-game "Word Spirit Legend" and completed internal testing for the AI social reasoning mini-game "Secret Bomb" based on the DeepSeek model [2] - Zhangqu Technology is focusing on the SLG sector, actively advancing the development of "Code S" and "Code H" to accelerate their launch [2] - As of Q1 2025, Zhangqu Technology operates 20 games and has a stable cash reserve of 2.4 billion yuan [2]

Group 1 - The gaming market has shown significant recovery over the past year, with a notable increase in the number of game approvals [1][6] - In June, the National Press and Publication Administration approved 147 domestic game licenses and 11 imported game licenses, marking a recent high in the number of approvals [1][6] - For the first half of 2025, the number of domestic game licenses reached 757, with a consistent monthly increase in approvals [5][6] Group 2 - In 2024, a total of 1,416 new game licenses were issued, including 1,306 domestic and 110 imported licenses, returning to the approval levels seen in 2020 [6] - The Chinese gaming market size reached 280.5 billion yuan in May, reflecting a year-on-year growth of approximately 9.9% [6] - Tencent's games, such as "Honor of Kings" and "Crossfire: Gunfight King," achieved record quarterly revenues, contributing to the overall market growth [6][7] Group 3 - The approval speed for game licenses has accelerated, providing strong support for manufacturers to launch new products [7] - Despite the increase in the number of licenses, competition in the gaming market has intensified, emphasizing the importance of quality in addition to quantity [7]

Group 1 - The gaming sector is experiencing a strong rally, with the gaming ETF (159869) rising by 3.22% during the early trading session on June 24, 2023, and all holdings showing positive performance, including companies like Ice Glacier Network, E-Hualu Network, and others [1] - In the AI application sector, several significant developments occurred, including the launch of Mistral Compute cloud platform by Mistral AI in Europe, updates to Google's Gemini 2.5 models, and the anticipated release of GPT-5 by OpenAI this summer [1] - Beijing has issued a document promoting the deep integration of artificial intelligence and AIGC technologies with the gaming and esports industry, aiming to accelerate the innovative application of technological achievements in game development and operations [1] Group 2 - The gaming sector is catalyzed by multiple factors, including AI, content, and changes in commercialization models, making the gaming ETF (159869), which tracks the performance of A-share listed companies in the animation and gaming industry, an attractive investment opportunity [2]

Group 1 - The gaming sector is experiencing a significant rise, with the gaming ETF (159869) increasing over 3% in early trading on June 24, 2023, led by stocks such as Glacier Network, which surged over 15% [1] - According to Gamma Data, the Chinese gaming market is projected to reach a scale of 28.051 billion yuan by May 2025, reflecting a year-on-year growth of 9.86% and a month-on-month growth of 2.56% [1] - The mobile gaming market in China reached a scale of 21.177 billion yuan in May 2023, showing a year-on-year increase of 11.96% and a month-on-month increase of 3.69% [1] Group 2 - The client game market in China recorded a scale of 5.819 billion yuan in May 2023, with a year-on-year growth of 1.58% and a month-on-month growth of 0.34% [1] - The actual sales revenue of self-developed games in overseas markets reached 1.577 billion USD in May 2023, marking a year-on-year increase of 6.93% and a month-on-month increase of 1.50% [1] - Jianghai Securities noted that the Chinese gaming market achieved positive growth both year-on-year and month-on-month in May, slightly exceeding expectations [1] Group 3 - The gaming sector is catalyzed by multiple factors including AI, content, and changes in commercialization models, presenting potential investment opportunities in the gaming ETF (159869) which tracks the performance of A-share listed companies in the animation and gaming industry [2]

Core Insights - In May, China's gaming market reached a scale of 28.051 billion yuan, marking a year-on-year growth of 9.86% and a month-on-month increase of 2.56% [1] - The mobile gaming market contributed significantly with a scale of 21.177 billion yuan, showing a year-on-year growth of 11.96% and a month-on-month growth of 3.69% [3] - The client game market saw a scale of 5.819 billion yuan, with a year-on-year growth of 1.58% and a month-on-month growth of 0.34% [3] Mobile Gaming Market - Notable new releases and updates in May stimulated player engagement and spending, including the launch of new seasons and content updates for existing games [1][3] - Tencent's long-standing FPS game "Peacekeeper Elite" launched its SS33 season, which contributed to its ranking at the top of the App Store sales chart [3] - The game "Delta Force" also saw a significant increase in revenue, attributed to the introduction of a new game mode and promotional activities [4] Client Game Market - The client game market's growth was primarily driven by new and returning titles, with successful launches such as "Victory Goddess: New Hope" and "Romance of the Three Kingdoms: Fantasy Continent 2" [3] - The game "Yanyun Sixteen Sounds" received a major content update, contributing to its performance in the client game market [3] Overseas Market Performance - Chinese self-developed games achieved actual sales revenue of 1.577 billion USD in overseas markets, reflecting a year-on-year growth of 6.93% and a month-on-month growth of 1.50% [6] - Key contributors to this growth included "Kingshot" and "Genshin Impact," with the latter seeing a significant increase in revenue following a new version release [7] Top Performing Games - The top games in terms of revenue in May included "Kingshot," "Genshin Impact," and "Civilization Domination," with "Kingshot" experiencing a doubling of revenue [7][8] - "Genshin Impact" launched a new version that significantly boosted its overseas revenue by over 50% [7]