来源：飞书深诺 2024年全球经济仍处于复苏阶段，移动市场的收入保持着8%的增速，但获客表现有小幅回落。与此同时，中国移动市场出海获客增长进入瓶颈期，下载量 明显回落，而应用内收入还在保持上涨的态势，其中出海的移动游戏收入增速超整体移动游戏表现，且在大部分地区的收入增速均高于海外发行商，出海移 动应用的收入增速仍保持在20%以上，在日本、北欧及拉美地区的收入增速均超50%。 2025年，全球移动市场将进入更加成熟和分化的阶段。收入增长将趋于平稳，增速预计仅5%,市场饱和及用户付费意愿下降将成为主要制约因素。获客难度 和成本将继续上升，厂商将更加注重用户留存和精细化运营。中国移动出海业务仍将面临地缘政治风险和本地化挑战，但AI技术的应用与创新可能为行业 带来新的增长点。 2025年全球 移动市场趋势洞察 Meet Intelligence 出品 Q Powered by Meetsocial 飞 书 课 诺 INDEX 目录 01 全球移动市场趋势变化 02 移动游戏市场回顾及中国出海表现 03 移动应用市场回顾及中国出海表现 全球移动市场 趋势变化 全球移动市场 | 宏观环境趋势 挑战叠加的2025年，移动出 ...

Core Insights - The live broadcast hosted by HuiiMedia focused on the growth of the global mobile gaming market by 2025, addressing challenges such as traffic saturation and rising acquisition costs [1] - Key industry figures discussed strategies for sustainable growth in a competitive landscape, emphasizing the importance of localization in global expansion [3][5] Group 1: Global Market Trends - The Chinese mobile gaming market is highly concentrated, with Tencent products dominating the top ten bestsellers in 2024, indicating an oligopolistic structure [3] - North America and Europe are projected to contribute nearly 60% of global mobile gaming revenue in 2024, making them critical markets for developers [3] Group 2: Game Genre Insights - Strategy games are expected to account for over 30% of the top 50 global games in 2025, highlighting their significance due to high monetization potential and long-term engagement [5] - Localization is crucial for success, as understanding local cultures can enhance user engagement and acceptance [5] Group 3: Target Demographics - The emergence of senior players in the U.S. mobile gaming market is identified as a new growth engine, with a focus on casual and puzzle games [7][9] - Effective marketing strategies should cater to the preferences of older demographics, emphasizing clarity and emotional resonance in advertising [9] Group 4: Industry Initiatives - HuiiMedia's "Overseas Empowerment Academy" aims to provide industry professionals with insights and foster community engagement through monthly sessions [11]

Core Viewpoint - ST Kevin reported a revenue of 273 million RMB for the first half of 2025, marking a year-on-year increase of 14.37%, driven by the successful launch of new game products [1] Group 1: Financial Performance - The company achieved a revenue of 273 million RMB, reflecting a 14.37% increase compared to the previous year [1] - The growth was attributed to the active iteration and launch of new game products, which contributed to incremental revenue [1] Group 2: Market Strategy and Operations - ST Kevin continued to deepen its market layout and optimize product structure in the gaming sector, achieving steady operational growth despite intensified competition [1] - The company is focusing on innovative business models and has made significant progress in its operational strategies [1] Group 3: Shareholder Composition - The top ten shareholders of ST Kevin include seven well-known "bull teams," indicating potential market movements [1][6] - Notable shareholders include Wei Wei and members of the "bull team F4," who have a history of collaborative investments [2][4] - The presence of these influential shareholders may impact the future market performance of ST Kevin [6] Group 4: Future Prospects - Upcoming highlights for ST Kevin include the release of games like "World of the Veil" and "All-Star Awakening," which are set to be published by Tencent [6] - The company plans to apply for the removal of its ST designation in December, which could enhance its market perception [6] - The general manager, He Xiaowei, has acquired a 5% stake from the controlling shareholder, indicating confidence in the company's future [6]

Core Viewpoint - Duolingo is expanding into the music education sector through the acquisition of the London-based music game startup NextBeat, aiming to enhance its music course offerings and gamify the learning experience [1][3]. Company Strategy - Duolingo has experienced significant growth since its founding in 2011, leveraging gamification, social mechanisms, and user incentives to maintain a low user entry barrier while generating stable cash flow through a "free + ads + premium" business model [3]. - In 2023, Duolingo launched music and math courses, marking its first major expansion beyond language learning, utilizing gamified formats to provide engaging learning experiences [3]. - The partnership with Sony Music in 2024 will integrate over 60 songs from renowned artists into Duolingo's music courses, allowing users to learn music theory through popular music [5]. Market Trends - The music education market is projected to be more lucrative than traditional entertainment, with the total market size for music education training in China expected to exceed 155.48 billion yuan in 2024, surpassing the combined revenue of the music performance and digital music industries [25]. - The global immersive training market is anticipated to grow from approximately $16.4 billion in 2024 to $69.5 billion by 2030, with a compound annual growth rate of 28.3% [24]. Industry Dynamics - The integration of music, gaming, and education is becoming increasingly recognized as a powerful combination, with successful examples like Ubisoft's Rocksmith+ demonstrating the effectiveness of this model in enhancing user skills [16][18]. - The gaming industry is facing challenges in innovation, which presents new opportunities for education and music sectors to collaborate and create engaging learning experiences [28]. - The commercial potential of music content is growing, with diverse monetization strategies such as subscription models and classroom licensing becoming more prevalent [28][31]. Future Outlook - The combination of music, gaming, and education is not a fixed relationship but a flexible model that can yield unexpected synergies, emphasizing the need for deep exploration in areas like copyright compliance and quality of education to ensure long-term success [33]. - The advancement of technologies such as VR, AR, and AI is expected to revolutionize the integration of music, gaming, and education, making learning more engaging and personalized [34].

Financial Data and Key Metrics Changes - The company reported revenue of $696 million for Q2 2025, reflecting a 1.4% sequential decline but an 11% year-over-year increase [12] - Adjusted EBITDA for the quarter was $167 million, showing a slight sequential decline of 0.2% and a year-over-year decrease of 12.6% [12] - GAAP net income for the quarter was $33.2 million, representing an 8.5% sequential increase but a 61.7% year-over-year decrease [12] Business Line Data and Key Metrics Changes - D2C revenue for the quarter was $175.9 million, reflecting a 1.8% sequential decline and a 1.3% year-over-year increase [13] - Bingo Blitz revenue was $160.2 million, down 1.3% sequentially but up 2.9% year-over-year [14] - Slotomania revenue was $86.5 million, down 22.7% sequentially and 35.4% year-over-year [16] - June's Journey revenue was $69.1 million, up 0.3% sequentially but down 7.4% year-over-year [17] Market Data and Key Metrics Changes - The average DAU decreased by 2.2% sequentially but increased by 8.6% year-over-year to 8.8 million [23] - The average DPU declined by 3.1% sequentially and increased by 26.8% year-over-year to $378,000 [23] - ARPDAU was flat versus Q1 and increased by 2.4% year-over-year to $0.87 [23] Company Strategy and Development Direction - The company is increasing its long-term target for D2C revenue from 30% to 40% to sustain EBITDA and free cash flow [7][14] - The development of a new slot game is on track for launch in Q4 2025, viewed as a key growth driver [9] - The company is focusing on expanding its advertising business, which saw double-digit growth sequentially [34] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing headwinds in mobile gaming but remains committed to strategic priorities [5] - The company is optimistic about the performance of Disney Solitaire and the Super Play portfolio [6] - Management noted that while some mature titles are experiencing revenue declines, recently acquired titles are transitioning from EBITDA negative to positive [7] Other Important Information - The company has approximately $592.1 million in cash, cash equivalents, and short-term investments as of June 30 [22] - Cost of revenue increased by 16.4% year-over-year, driven by revenue growth and increased amortization expenses [19] - Operating expenses increased by 22.6% year-over-year, primarily due to higher performance marketing spending [20] Q&A Session Summary Question: Insights on stabilizing older titles like Slotomania - Management shared that they are learning from the monetization issues in Slotomania and are encouraged by the changes being made [25][27] Question: Economics of Disney Solitaire - Management indicated that while licensing costs are not disclosed, Disney Solitaire is scaling faster than previous titles and is a successful collaboration [30][32] Question: Structural shifts in the mobile gaming market - Management stated that investments are focused on category-leading games, with less emphasis on older titles lacking leadership [33] Question: Impact of sweepstakes on social casino business - Management acknowledged pressure in the social casino category but could not provide specific numbers related to sweepstakes [39] Question: Appetite for more IP or licensing arrangements - Management expressed openness to pursuing licensed IP opportunities that align with their strategy [42] Question: Development of Jackpot Tour - Management indicated that Jackpot Tour is expected to differentiate itself in the market, with more details to be shared in the future [44][45] Question: Impact of app store fee changes - Management noted that changes in the payment landscape have been a positive tailwind, aiding in the increase of D2C penetration [49][50]

Group 1 - Southeast Asia is projected to be the second-largest mobile game market globally by Q1 2025, with 1.93 billion new downloads, reflecting a 3% year-on-year growth [1] - In-app purchase (IAP) revenue in Southeast Asia for Q1 2025 is expected to reach $625 million, ranking seventh globally, indicating significant untapped monetization potential [1] - Indonesia leads the region with 870 million mobile game downloads in Q1 2025, showing a 9% increase, followed by the Philippines and Vietnam with 366 million and 329 million downloads, respectively [1] Group 2 - Southeast Asian publishers are increasingly influential in the global market, with total downloads exceeding 5.8 billion in 2024, making them the top region worldwide [2] - Three Vietnamese publishers have entered the global top 15 in download volume, highlighting Vietnam's growing strength in game publishing [2] - The Southeast Asian mobile game market is characterized by a large and active player base, with significant growth and innovation potential, driven by evolving consumer habits and increasing monetization opportunities [2]

Core Insights - Supercell, a leading mobile game developer, has returned to the market with two new titles, "Squad Busters" and "mo.co," after a six-year hiatus, but both games have underperformed commercially [1][3][4] - The release strategies for both games were experimental, bypassing traditional soft launch processes, which may have contributed to their lack of success [3][6] - Despite the disappointing performance, the new titles reflect Supercell's willingness to innovate and take risks in game design and distribution strategies [3][6] Group 1: Commercial Performance - "Squad Busters" generated approximately $70 million in its first year, significantly lower than "Brawl Stars," which earned $340 million in its first year [4] - In May 2025, "Squad Busters" only earned $1.2 million, marking a low point for Supercell compared to its previous titles [4][6] - "mo.co," still in a soft launch phase, earned $2.5 million in its first three months, which is also below Supercell's historical performance [6] Group 2: Game Release Strategies - "Squad Busters" was launched globally without a soft launch, while "mo.co" utilized an invitation-only system for its soft launch, which deviated from typical practices [8][11] - The invitation system for "mo.co" created a sense of exclusivity and urgency among players, leading to approximately 2.5 million downloads in its first month [13][11] - Both games experienced a rapid decline in downloads post-launch, indicating that even Supercell's brand power may not be enough to sustain interest without effective gameplay [16] Group 3: Gameplay and Target Audience - "Squad Busters" aimed to create a highly casual experience but had to pivot towards a more mid-core gameplay style due to initial player feedback [17][18] - The game underwent significant changes in its 2.0 version, introducing a hero system and a revamped progression system to enhance player control and strategic depth [19][23] - "mo.co" was designed for mid-core players from the outset, featuring a cooperative action RPG format with various game modes, but it lacks some casual elements that could broaden its appeal [32][33] Group 4: Monetization Strategies - "Squad Busters" initially focused on a pay-to-win model, which was later adjusted to include more cosmetic items as the game evolved [44][51] - "mo.co" relies heavily on cosmetic monetization, similar to PC and console games, but this approach may limit long-term revenue potential if not balanced with functional upgrades [44][48] - The contrasting monetization strategies of the two games highlight Supercell's experimentation with different revenue models in the mid-core gaming space [54][56] Group 5: Operational Activities - Supercell has historically excelled in operational activities, but "Squad Busters" has not yet reached the level of engagement seen in titles like "Brawl Stars" [56][60] - The game has hosted numerous events, focusing on collection and cooperation, but lacks the depth and variety of activities that keep players engaged long-term [60][62] - "mo.co" has a more streamlined approach to events, focusing on fewer but more impactful activities, which may help maintain player interest without overwhelming them [73][85] Group 6: Future Outlook - Both "Squad Busters" and "mo.co" represent Supercell's bold experiments in game design, with the former transitioning towards a more structured mid-core experience and the latter aiming to refine its core gameplay [87][88] - The potential for "mo.co" to evolve its monetization strategy and operational activities remains, as Supercell is known for its ability to adapt and innovate [89][90] - The limited social features in both games indicate an area for improvement, as enhancing community engagement could significantly impact player retention and satisfaction [86][91]

Group 1 - The core viewpoint of the articles highlights the intense competition among e-commerce platforms during the 618 shopping festival, with aggressive pricing strategies and promotional tactics being employed to attract consumers [2][4] - E-commerce platforms are using deceptive pricing strategies, such as inflating original prices to create the illusion of discounts, and complicating price protection policies to avoid honoring them [4][6] - In contrast, the gaming industry, particularly the game "Three Kingdoms: Strategize the World," is setting a new standard with transparent and straightforward reward systems, offering players clear benefits without hidden traps [6][8] Group 2 - The game "Three Kingdoms" provides a "zero-trick welfare system," where new players receive substantial rewards, making it more appealing compared to the complex discount structures of e-commerce platforms [8][10] - The game features efficient resource management systems that allow players to maximize their gains, contrasting sharply with the convoluted strategies required in e-commerce to achieve savings [10][12] - Pricing transparency is a significant innovation in the gaming sector, with clear pricing for in-game purchases, unlike the ambiguous pricing strategies often seen in e-commerce [12]

Core Insights - Mobile game developers are expected to gain billions in additional revenue due to a court ruling that allows them to bypass Apple's App Store rules [1][4] - Aldora Intelligence estimates that $4.1 billion will be transferred from Apple to developers annually, increasing the funds available for game creators [1] - Wedbush Securities predicts that developers could see up to $19.5 billion in additional revenue over the next few years, which was previously collected by the App Store [4] Group 1: Impact of Court Ruling - The ruling mandates that Apple must allow developers to sell products outside of the App Store, which typically charges a commission of 15% to 30% on transactions [4] - Developers are already incentivizing players to make purchases outside of Apple's ecosystem, as seen with Epic Games' actions leading to the removal of Fortnite from the App Store [4][5] - Aldora's report suggests that the commission rate paid by mobile game developers to app stores will decrease by one-third to around 20% [4][6] Group 2: Developer Responses and Market Trends - Major mobile game publishers like Take-Two Interactive and others have refrained from commenting on the commission impact, although Take-Two has created a direct-to-consumer web store [5] - The CEO of Take-Two noted that their direct-to-consumer store has become a significant part of their business, reflecting a trend towards a more open app distribution ecosystem [5] - Payment management companies like Xsolla and Stash are facilitating the creation of direct-to-consumer web stores for mobile game companies, charging significantly lower commissions than the App Store [6]

Group 1 - The core viewpoint of the news is the performance and characteristics of the convertible bond issued by Yaoji Technology, which has seen a price increase and has a specific conversion rate and credit rating [1] - Yaoji Technology, originally established as Shanghai Yaoji Poker Co., Ltd. in 1994, has transformed from a traditional manufacturing company into a modern innovative enterprise, becoming a leader in the global playing card industry with an annual production capacity of 800 million decks [2] - The company has diversified its investments into high-quality internet technology and healthcare companies, focusing on mobile gaming and expanding into the internet and health sectors [2] Group 2 - For the first quarter of 2025, Yaoji Technology reported a revenue of 778.7 million yuan, a year-on-year decrease of 20.67%, and a net profit attributable to shareholders of 140.7 million yuan, down 6.7% year-on-year [2] - As of March 2025, the shareholding structure of Yaoji Technology is relatively dispersed, with the top ten shareholders holding a combined 53.5% and the top ten circulating shareholders holding 43.04% [2] - The number of shareholders is approximately 37,390, with an average circulating shareholding of 8,916 shares and an average holding amount of 243,200 yuan [2]