Core Insights - In April 2025, 33 Chinese mobile game publishers ranked in the global top 100 by revenue, collectively earning $2 billion, which accounts for 38.4% of the total revenue of the top 100 publishers worldwide [1] Group 1: Revenue Performance - Tencent, DianDian Interactive, NetEase, MiHoYo, and Lemon Microfun ranked as the top five Chinese mobile game publishers by revenue [1] - "Honor of Kings" saw a global revenue increase of 71% in April, regaining the top position in global mobile game revenue, which contributed to a 10% increase in Tencent's mobile game revenue [1] - DianDian Interactive's game "Kingshot," launched in late February, experienced a revenue surge of 209% in April, becoming a new growth point following the success of "Whiteout Survival," which helped boost the publisher's revenue by 5% [1]

Core Insights - In April 2025, 33 Chinese companies made it to the global mobile game publisher revenue TOP 100, collectively earning $2 billion, which accounts for 38.4% of the total revenue of the global TOP 100 mobile game publishers [1] - Tencent, Diandian Interactive, NetEase, miHoYo, and Lemon Microfun remained the top five Chinese mobile game publishers by revenue [1] - "Honor of Kings" saw a significant revenue increase of 71% in April, regaining the top position in global mobile game revenue, contributing to a 10% rise in Tencent's mobile game revenue [1] Group 1 - Diandian Interactive's 4X strategy game "Kingshot" experienced a revenue surge of 209% in April, becoming a new growth point for the publisher, which saw a 5% increase in overall revenue [5] - miHoYo's "Honkai: Star Rail" celebrated its second anniversary with a new version launch, resulting in a 192% revenue increase in April, leading to a 51% rise in the publisher's revenue [5] - Florere Game's revenue increased by 21% in May, driven by the growth of its mobile games "Dark War Survival" and "Last Z: Survival Shooter," moving up one position to rank 9 [5] Group 2 - Yostar's mobile games "Blue Archive," "Mahjong Soul," and "Arknights" saw revenue increases of 110%, 458%, and 69% respectively, leading to a 91% surge in publisher revenue and a significant jump of 11 positions to rank 11 [6] - Joy Net Games' new titles "Endless Journey: Scroll World" and "Raising Godkkaebi" contributed to a 24% revenue increase in April, placing the publisher at rank 22 [6][7] - Tencent's "Honor of Kings" led the revenue growth in the Chinese App Store, with a 64% increase, while "Delta Force" and "Naruto" also saw significant revenue boosts of 115% and 91% respectively [8][9]

Core Insights - The article discusses the emergence of a new mobile game called "Chainsaw Juice King," which combines elements of fruit slicing and idle simulation gameplay, aiming to attract players with its unique concept and engaging mechanics [3][5][29] Game Concept and Mechanics - "Chainsaw Juice King" is a blend of idle simulation and action gameplay, where players operate a juice shop on a remote island, initially engaging in manual tasks before transitioning to automated gameplay [6][19] - The game introduces a quirky mechanic where players use a chainsaw to "harvest" fruits that run away, creating a humorous and engaging experience [6][7][24] - The visual style contrasts cute graphics with the violent act of fruit slicing, reminiscent of cult horror films, which helps the game stand out in the market [7][9][29] Development and Collaboration - The game is a collaboration between SayGames from Cyprus and Loadcomplete from South Korea, both of which have experience in idle games [4][10][11] - SayGames has previously achieved significant revenue with its idle simulation game "My Perfect Hotel," while Loadcomplete's "Legend of Slime" has also seen success in the RPG genre [10][11] Market Performance - "Chainsaw Juice King" has shown promising early performance, with daily revenue reaching approximately $45,000 and a daily active user (DAU) count between 150,000 to 250,000 [11][14] - The game experienced a notable increase in user engagement and revenue around early April 2025, coinciding with a peak in marketing efforts on Google Play [16][18] Gameplay Balance and Challenges - The game features a dual progression system where players must balance the action of fruit slicing with the slower-paced simulation elements, which may lead to a disconnect in player experience [18][20][29] - There are concerns regarding the resource allocation between the action and simulation components, with the action gameplay's upgrade speed being slower compared to the simulation aspect [20][26][28] Future Considerations - The article suggests that while "Chainsaw Juice King" has a unique premise, it needs to refine the integration of its gameplay mechanics and improve the balance between action and simulation to enhance player retention and satisfaction [29]

Investment Rating - The report indicates a cautious investment rating for the Russian gaming market, particularly in mobile advertising, reflecting a stable yet competitive landscape [4][6]. Core Insights - The Russian mobile gaming advertising market experienced a "rise and fall" trend in ad volume from January to February 2025, with a recovery noted at the end of February [4][6]. - Casual and puzzle games remain the primary focus for ad spending, with a notable interest in PVP and simulation elements among Russian players [4][11]. - Chinese developers dominate the advertising market in Russia, significantly outpacing other foreign competitors, with Vietnamese firms as key challengers [11][17]. Summary by Sections Overall Advertising Scale and Trends - In January-February 2025, the Russian mobile game advertising market showed a weekly trend of "rise and fall," with a 13.2% increase in ad volume in the second week of January, followed by a decline until a 12.2% increase at the end of February [6][7]. - The number of apps being advertised remained stable, with over 9,000 games consistently in the market, indicating a stable competitive landscape [6][8]. Advertising Volume Trends - The weekly advertising volume fluctuated, with notable increases and decreases, reflecting a dynamic market environment [7]. - The number of apps advertised showed minor fluctuations, maintaining a consistent presence in the market [8]. Category Advertising Volume and Competitive Insights - The distribution of advertising across game categories in Russia aligns closely with global trends, with casual and puzzle games leading in ad volume [11][12]. - The competitive landscape is heavily influenced by Chinese developers, who hold a significant market share, followed by Vietnamese developers [15]. Media Platform Insights - Advertising networks are the primary channel for game developers in Russia, accounting for 97% of the market, with local media platforms like Yandex and Vkontakte being significant players [17][19]. - The main game categories advertised on local platforms include role-playing and strategy games [20]. Creative Material Characteristics - Video ads dominate the advertising format, with vertical videos making up 40.3% of the total, and the most common video length being 16 to 30 seconds [24][25]. - The use of engaging video content aligns with current mobile user preferences, enhancing the effectiveness of advertising campaigns [24]. Developer and Product Insights - The report lists the top developers and their main products in the Russian market, highlighting the competitive nature of the landscape [30][33]. - New entrants in the market are also identified, indicating ongoing competition and innovation within the sector [35].

Core Viewpoint - Siyata Mobile Inc. is focusing on its merger with Core Gaming, which is expected to create new growth opportunities and enhance shareholder value [2] Financial Highlights - For Q4 2024, Siyata reported revenues of $1.5 million, a decrease of 20.3% from $1.9 million in Q4 2023 [5] - The net loss for Q4 2024 was $8.9 million, compared to a net loss of $3.9 million in the same period last year [5] - For the full year 2024, revenues increased by 41% to $11.6 million from $8.2 million in 2023 [5] - The net loss for the full year 2024 was $25.3 million, compared to a net loss of $12.9 million in 2023 [5] Liquidity and Capital Resources - As of December 31, 2024, the company had a cash balance of $0.2 million, down from $0.9 million as of December 31, 2023 [2] Upcoming Events - Siyata will present its growth strategy at the AI & Technology Virtual Investor Conference on April 3, 2025, where Core Gaming's CEO will also present [1][3] Company Overview - Siyata Mobile Inc. specializes in Push-to-Talk over Cellular handsets and accessories, serving various sectors including emergency services and enterprises [4][7] - Core Gaming, the company Siyata is merging with, is an AI-driven mobile games developer with a significant global presence [8]

Investment Rating - The report indicates a positive outlook for the mobile gaming industry, suggesting potential growth opportunities despite recent challenges [5][12]. Core Insights - The mobile gaming industry has faced significant challenges over the past 18 months, including a decrease in mergers and acquisitions and difficulties in securing investments. However, there are signs of recovery in various verticals, particularly in innovative areas like hybrid casual gaming and generative AI [5][12]. - The global gaming market is projected to reach $240 billion in 2024 and $269 billion in 2025, with mobile gaming expected to account for half of the total revenue [16][20]. - The report highlights the importance of collaboration with growth partners to effectively launch marketing campaigns and gather necessary data for feedback loops [9][12]. Market Performance - In 2023, mobile game installations decreased by 2%, and sessions dropped by 7%. However, there was a 7% year-over-year increase in installations in Q4 2023, with expectations for continued growth into 2024 [13][49]. - Latin America was the only region to show year-over-year growth in 2023, with installations increasing by 7% and sessions by 1% [13][64]. - The report notes that the average first-day retention rate for global gaming applications decreased from 29% in 2022 to 28.3% in 2023, with hybrid casual games performing better than the global average [100][101]. Growth Opportunities - The report emphasizes the potential for mobile game developers to leverage next-generation technologies, AI, and personalization to expand into new channels and platforms [12][20]. - 61% of game developers have started using AI to create elements within games, and 87% believe it will dominate the industry in the next decade [22][23]. - The report identifies that the highest growth rates in game installations were seen in racing (61%), simulation (53%), and arcade games (38%) [48][64]. Advertising and Marketing Insights - The report discusses the significance of optimizing App Tracking Transparency (ATT) consent rates for effective app marketing on iOS, especially with the upcoming privacy changes on Android [30][31]. - The average cost per thousand impressions (CPM) in the U.S. is the highest globally at $15.86, indicating a competitive advertising landscape [52][141]. - The report highlights the effectiveness of Connected TV (CTV) advertising as a growing channel for user acquisition, with significant improvements in return on ad spend (ROAS) reported by companies utilizing this strategy [102][105].

2024年前三季度营收20.95亿元。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，Uni-Star Interactive Holding Limited（以下简称"星邦互娱"）于2025年2 月27日正式向港交所递交招股说明书，拟主板挂牌上市，中金公司担任独家保荐人。 最早可追溯至2014年的星邦互娱自2017年专注于RPG游戏的移动游戏开发、发行及业务运营一体 化的产业化业务战略，并孵化出《九州仙剑传》和《天剑奇缘》等多款标志性游戏。 截至2 025 年 2月1 8 日， 《九州仙剑传》自正式推出以来已运营约62个月，《天剑奇缘》自正式推出以来已运 营约50个月 ， 显著超过一般RPG游戏介乎十个月至24个月的生命 周期 。 其中，2022年、2023年以及2024年前三季度，《九州仙剑传》和《天剑奇缘》各自贡献了约60亿 元的累计流水，《天剑奇缘》的累计流水在今年2月突破65亿元。 自2022年以来，星邦互娱对其模式作出战略优化，更专注于自主发行，并将游戏品类从RPG扩展到 SLG、卡牌游戏等多种类型。为加速增长与创新，星邦互娱还加大投资 ...

Core Viewpoint - The article discusses the decline in cultural engagement among contemporary internet users, highlighting the rise of simple and addictive mini-games that occupy users' fragmented time, leading to a cycle of temporary engagement and eventual abandonment [2][72]. Group 1: Mini-Games Popularity - Mini-games like "抓大鹅" and "羊了个羊" have seen a decline in social relevance, yet simpler games are emerging and gaining traction among users [4][9]. - Users are increasingly drawn to these games due to their straightforward mechanics and the ability to play in short bursts, making them ideal for filling fragmented time [17][18]. - The average user encounters numerous new games daily, increasing the likelihood of finding one that captures their interest [13][60]. Group 2: Game Mechanics and User Engagement - The simplicity of gameplay in these mini-games allows for easy onboarding, which is a significant factor in their appeal [32][35]. - Many games follow familiar templates, making it easy for users to transition between different titles without a steep learning curve [49][50]. - Game developers often replicate successful mechanics and aesthetics to create new titles, ensuring a steady stream of content that keeps users engaged [54][56]. Group 3: Revenue Generation - The mini-game market in China is projected to generate approximately 398.36 billion yuan in 2024, reflecting a 99.18% year-on-year growth [59]. - Most casual mini-games do not incorporate in-app purchases, relying instead on ad revenue generated from user engagement [61][62]. - The revenue model is heavily dependent on user activity, with a typical user generating about 0.05 yuan in ad revenue, necessitating high daily active users for profitability [65][66]. Group 4: Market Dynamics - The lifecycle of mini-games is short, with developers often creating a matrix of games to replace those that lose popularity [66][70]. - The production logic for these games mirrors that of short video content, focusing on rapid development and quick monetization through advertising [68][69]. - Users exhibit low loyalty to any single game, often switching between titles based on immediate interest, which aligns with the transient nature of modern entertainment consumption [70][71].