Sensor Tower商店情报平台显示，2025年9月共32个中国厂商入围全球手游发行商收入榜TOP100，合计 吸金19.5亿美元，占本期全球TOP100手游发行商收入36.1%。 中国手游发行商收入TOP 30 腾讯(00700)战术射击手游《三角洲行动》于9月17日推出全新赛季"烈火冲天"，强势点燃玩家热情。游 戏当日即登顶中国iOS手游畅销榜，并连续多日稳居榜首。得益于赛季热度带动，《三角洲行动》9月 收入环比大涨76%，加之《王者荣耀》与《和平精英》等头部游戏的出色表现，腾讯稳居中国手游发行 商收入榜之首。 受多款手游强势表现带动，网易(09999)稳居本期发行商收入榜第3名。8月末上线的《梦幻西游手游轻 享服》通过降低玩法门槛、强化社交回流与优化消费节奏，成功激发老玩家回归热情与新玩家付费意 愿，游戏9月收入环比增长46%。同样于8月末推出的科幻射击新游《天命：群星》表现亮眼，9月收入 环比飙升3倍，不仅夺得本月美国手游收入增长榜冠军，还跻身中国出海手游收入增长榜第2名，成为网 易本季度最具爆发力的新作之一。 9月全球合成手游持续发力，柠檬微趣凭多款精品稳固全球市场表现，整体收入环比提升10%， ...

Core Insights - The Tokyo Game Show (TGS) 2025 has set a record with over 1,100 exhibitors and more than 4,100 booths, marking the largest scale in its history [3] - Chinese game developers showcased significant advancements, with many titles gaining attention even before reaching the main venue [5][6] - The event highlighted the growing competitiveness of Chinese games in the global market, particularly in the anime-style game sector [9][10] Group 1: Event Scale and Attendance - TGS 2025 is the largest ever, with over 1,100 exhibitors and 4,100 booths, indicating a substantial increase in participation [3] - The number of attendees has also surged, with long queues observed before the event's opening [3] Group 2: Chinese Game Developers' Performance - Chinese games have made a strong impression at TGS 2025, with titles like "Endless Winter" and "Infinite" prominently displayed [5][6] - The success at both TGS and Gamescom 2025 suggests that Chinese developers are now capable of competing on a global scale [8][9] Group 3: Upcoming Titles and Market Trends - Many new titles are set to launch in 2026, indicating a potentially explosive year for the anime game market [10][11] - Notable games like NetEase's "Infinite" generated significant interest, with long wait times for hands-on experiences [13][15] Group 4: Diverse Game Offerings - The event featured a variety of genres beyond anime games, with Tencent showcasing titles like "Fate Trigger" and "Chasing Kaleido" [25][27] - Other popular titles included "Tomorrow's Ark: End of the World" and "Dual Spiral," which also attracted considerable attention [19][23] Group 5: Cultural Impact and Market Penetration - The presence of Chinese games at TGS reflects a broader trend of increasing cultural exchange and market penetration in Japan [45][47] - The success of titles like "Nirvana in Fire" and "Fifth Personality" demonstrates the appeal of Chinese games to Japanese audiences [41][43]

Group 1: Game Launch and Features - Bilibili's new strategy card game "Three Kingdoms: Hundred Generals Card" is set to enter the competitive market of strategy and casual card games, with a public test scheduled for October [2] - The game features asymmetric casual competitive gameplay, with each match lasting under three minutes, allowing players to collect famous generals from the Three Kingdoms era and experience iconic battles [2] - Unique gameplay mechanics include "hero skills" and a 2v3 mode with hidden roles, aiming to provide diverse strategies and enhance player engagement [2] Group 2: Financial Performance - Bilibili reported a total revenue of 7.34 billion yuan for Q2, marking a 20% year-on-year increase, with net profit reaching 218 million yuan [3] - The mobile gaming segment significantly contributed to this growth, with revenue from mobile games soaring by 60% to 1.61 billion yuan [3][4] - The success of the game "Three Kingdoms: Strategize the World" has been pivotal, achieving rapid user acquisition and high revenue, solidifying its long-term operational potential [4] Group 3: Market Competition and Challenges - The gaming market, particularly in the Three Kingdoms genre, is highly competitive, with numerous established titles and new entrants vying for market share [5] - Bilibili's new game faces challenges in differentiating itself from popular titles like "Three Kingdoms Kill" and "Hearthstone," which dominate the card game segment [5][6] - The company aims to adapt its offerings to meet the preferences of younger users, focusing on innovative gameplay experiences to stand out in a saturated market [4][5]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [13]. Core Viewpoints - The company has established a diversified business system covering platforms, games, and social interactions, with a solid foundation in the internet cafe management platform and a focus on AI and social gaming to expand its market potential [4][9]. Summary by Sections Company Overview - The company started as an internet cafe management platform and has gradually developed into a scene-based pan-entertainment platform, with a multi-faceted business system that includes platform services, gaming, and social interactions [4][9]. Platform Business - The internet cafe industry is expected to grow steadily, with the online service industry projected to increase from approximately 50 billion in 2023 to around 90 billion by 2024. The company's platform, 易乐游, holds a leading position in the market with a market share of 32.7% as of 2018 [10][66]. Gaming Business - The gaming segment is anticipated to see stable growth, with existing IP games maintaining strong performance and new titles like "真·三国无双 天下" expected to launch in 2025. The self-developed game "星之翼" has shown promising results, indicating the company's capability in game development [11][39]. Social Business - The company has a competitive edge in the social gaming sector with products like "带带电竞" and "给麦," which leverage AI to enhance user experience and create diverse monetization opportunities. The potential for overseas expansion in AI social products is also highlighted [12][39]. Financial Analysis - The company experienced a revenue decline of 14.56% in 2024, attributed to the absence of new IP games and a slight decrease in revenue from major products. However, a significant recovery was noted in Q1 2025, with a revenue growth of 24.16% [33][39]. Future Outlook - The company is expected to see a turning point in performance in 2025, driven by stable revenue from existing games and growth in social products. The forecasted net profits for 2025-2027 are 152 million, 202 million, and 245 million respectively, with corresponding EPS of 0.31, 0.41, and 0.50 [13][39].

Core Viewpoint - The reporting structure of Alibaba's gaming brand Lingxi Interactive Entertainment has changed, now reporting directly to Alibaba CFO Xu Hong, indicating a potential shift away from the Hu whale Entertainment Group [1][3]. Group 1: Company Structure Changes - Lingxi Interactive Entertainment's last organizational change occurred in January 2023, when it was reported that the head of Alibaba's entertainment division would oversee Lingxi, while it would remain independently operated within the group structure [3]. - The recent change in reporting suggests that Lingxi may be moving away from the Hu whale Entertainment Group, following a trend where other business lines like Taobao and Tmall have established independent CFOs after Alibaba's "1+6+N" restructuring [3][4]. Group 2: Financial Leadership - Xu Hong, the current CFO of Alibaba, has been with the company since July 2018 and previously served as the Deputy CFO [4]. - The restructuring allows for the possibility of independent financing and potential IPOs for various business groups, although there is no confirmation yet regarding Lingxi's plans for independent listing [4].

Core Viewpoint - Recent changes in the reporting structure of Alibaba's Lingxi Interactive Entertainment indicate a shift in its operational independence, with the CFO of Alibaba, Xu Hong, now overseeing the unit instead of the head of Whale Entertainment [2][4]. Group 1: Company Structure Changes - Lingxi Interactive Entertainment has transitioned its reporting line to Alibaba's CFO Xu Hong, suggesting a potential separation from Whale Entertainment [2][4]. - The last organizational change for Lingxi Interactive Entertainment occurred in January of the previous year, when it was reported that Whale Entertainment's head would manage Lingxi while maintaining its independent operation within the Alibaba Group structure [4]. - The "1+6+N" structural reform initiated by Alibaba in March 2023 established multiple business companies under the group, allowing for independent boards and CEO accountability for each business unit [4]. Group 2: Financial Management and Future Prospects - Following the restructuring, several Alibaba business lines, including Taobao Tmall and International Digital Commerce, have appointed independent CFOs, indicating a trend towards financial autonomy [4]. - Xu Hong, who has been with Alibaba since July 2018 and previously served as the Deputy CFO, is now responsible for overseeing the financial functions of Lingxi Interactive Entertainment [5]. - There is speculation regarding the potential for Lingxi Interactive Entertainment to pursue independent financing or an IPO in the future, although no official statements have been made regarding such plans [5].

Core Viewpoint - The Guangzhou Intellectual Property Court overturned the first-instance ruling that recognized copyright infringement by Lingxi Interactive Entertainment's "Three Kingdoms Strategy Edition" against NetEase's "Rate of the Land," emphasizing that game rules are considered "ideas" and not protected by copyright law [1][2]. Group 1: Legal Proceedings - The first-instance ruling in 2023 recognized 79 instances of structural plagiarism in "Three Kingdoms Strategy Edition," leading to a compensation order of 50 million yuan, marking a historic acknowledgment of gameplay mechanics under copyright [2]. - The second-instance ruling highlighted two critical issues: the use of a later version of "Rate of the Land" for comparison, which led to factual discrepancies, and the distinction between ideas and expressions, asserting that gameplay rules are operational methods that should not be monopolized [2]. Group 2: Market Dynamics - Following the second-instance ruling, NetEase signaled its intent to continue legal action, aiming to reinforce its brand image as a "true original" [3][5]. - "Rate of the Land" saw a 100% year-on-year increase in downloads in 2025, with a 28% rise in revenue, attributed to its youth-oriented gameplay model [5]. - Lingxi Interactive's "Three Kingdoms Strategy Edition" maintained a position in the top 20 bestsellers, with over 100 million global users in 2024, leveraging innovative designs and patented technologies [6]. Group 3: Industry Implications - The second-instance ruling clarified that copyright law protects only specific expressions, prompting companies to adjust their protection strategies by separating copyrightable elements and patenting technologies [7][8]. - The competitive landscape in the Three Kingdoms SLG sector has intensified, with both companies engaging in aggressive marketing strategies to attract younger users and deepen cultural connections [9]. Group 4: Future Outlook - The focus of the retrial will be on whether Lingxi's "Three Kingdoms Strategy Edition" intentionally mimicked the overall experience of "Rate of the Land," which could have broader implications for industry practices regarding gameplay innovation [10].

Industry Dynamics - Sensor Tower reported that in July, the top two mobile games in overseas revenue from China were "Whiteout Survival" and "Kingshot," both from Century Huatong [1][2] - Shenzhen has introduced new measures to support the development of the digital creative industry, focusing on gaming, esports, and other key sectors [1][3] - The Japanese Fair Trade Commission (JFTC) has released the Mobile Software Competition Act (MSCA), requiring major platforms like Apple and Google to allow external payment systems and provide more options for developers [1][10][11] Company Performance - Tencent's Q2 2025 revenue reached 184.5 billion yuan, a 15% year-on-year increase, with its gaming business growing by 18% [1][4] - NetEase reported a Q2 2025 revenue of 27.9 billion yuan, a 9.4% increase, with its gaming business revenue growing by 14.6% [1][5] Legal and Regulatory Developments - The trial for the lawsuit against Tencent regarding the matching mechanism of "Honor of Kings" has concluded, focusing on players' right to know and whether the matching mechanism is a trade secret [1][6][7] - The Guangzhou Intellectual Property Court ruled that "Three Kingdoms: Strategy Edition" did not infringe on the copyright of "Rate the Land" in a recent retrial [1][9] Esports Events - The national finals of the "Street Basketball" Super League (SFSA), organized by Century Huatong's Tianyou Software, concluded in Shanghai, with the Nanjing champion team winning [1][14] Corporate Changes - Duolingo has acquired the NextBeat team from Supercell, focusing on enhancing its "gamified learning" capabilities [1][12][13]

Core Viewpoint - The second-instance ruling in the copyright dispute between NetEase's "Rate of the Earth" and Lingxi Interactive's "Romance of the Three Kingdoms: Strategy Edition" reversed the first-instance decision, stating that "Romance of the Three Kingdoms: Strategy Edition" did not infringe on the copyright of "Rate of the Earth" [1][2][7] Summary by Sections Legal Ruling - The Guangzhou Intellectual Property Court ruled that the first-instance judgment was flawed, citing unclear basic facts and incorrect comparison methods, thus sending the case back for retrial [1][2] - The court emphasized that copyright law protects original expressions rather than ideas, indicating that the gameplay rules and design of "Rate of the Earth" fall under the category of ideas and systems, not copyrightable expressions [2][4][5] Game Industry Impact - The ruling signifies a maturation of legal standards regarding copyright disputes in the gaming industry, potentially influencing future cases [1][6] - The decision clarifies the "safe zone" for gameplay innovation, steering industry competition back to the realm of expression and preventing copyright abuse by dominant firms [7][8] - The case highlights a shift towards more nuanced copyright protections in the gaming sector, advocating for the separation of protections for different elements of a game, such as music, art, and text [8] Market Performance - "Romance of the Three Kingdoms: Strategy Edition" has performed strongly in the market since its launch in 2019, consistently ranking in the top 20 of sales charts, while "Rate of the Earth" remains in the top 40 [6] - Lingxi Interactive's position in the SLG market has been bolstered by the success of "Romance of the Three Kingdoms: Strategy Edition," which has attracted a large player base [6]

Core Viewpoint - The recent court ruling in favor of "Three Kingdoms: Strategy Edition" (referred to as "Three Wars") indicates that game rules are not protected under copyright law, which could impact the gaming industry and its approach to innovation [3][4][20]. Legal Context - The Guangzhou Intellectual Property Court overturned the initial ruling that found "Three Wars" infringed on the copyright of "Rate the Land," stating that the first instance lacked a systematic consideration of the facts [1][3]. - The court emphasized that copyright law protects the expression of ideas rather than the ideas or methods themselves, aligning with international standards [4][20]. Industry Implications - The ruling may set a precedent for how game rules and mechanics are treated legally, potentially encouraging more innovation within the gaming sector [3][4]. - The gaming industry has historically struggled with innovation due to the fear of legal repercussions, but this ruling could alleviate some of those concerns [20][22]. Product Performance - "Three Wars" has consistently ranked in the top 20 of the iOS sales charts, demonstrating strong market performance and player engagement [9][10]. - The game has introduced several innovative features, such as the "Red Cliffs" scenario and the "Long An Chaos" version, which have received positive feedback from players [11][13][15]. Innovation Strategy - The game has adopted a bold approach to innovation, introducing new gameplay mechanics like "Y-axis" movement and urban warfare, which distinguishes it from traditional SLG games [15][19]. - The development team aims to enhance player experience by focusing on core gameplay elements, such as team-based combat (GvG), to maintain player interest and engagement [20][24]. Future Outlook - The company plans to continue prioritizing product quality and innovation to sustain player interest and expand its user base in the competitive gaming market [28][29]. - The ongoing development of competitive events like the "Dragon Tiger Tournament" reflects the company's commitment to creating engaging and dynamic gameplay experiences [26][28].