日本手游行业有着独特的发展脉络。 其中「手游」的前身应当叫做「社交游戏」，这是一种「通过社交网络账号登录、依托社交平台传播」的轻量化游戏，它可以简单比作网页手游。 这类游戏随着GREE、DeNA等本土SNS企业的崛起而自2007年后逐步兴盛，市场规模在5年内从49亿日元增长到3429亿日元（2.36亿元~165.13亿元），后 来又因为智能机的普及而在2012年后逐步走向衰落。 有从业者在2013年记录下了那个年代最后的疯狂：「那时候，成本2000万日元（约96万元）、月流水超过1亿日元（约480万元）的情况屡见不鲜，许多公 司纷纷涌入社交游戏开发领域，希望借此淘金。但从2012年开始，单个项目投入成本超过2亿、3亿日元的情况，已经是常态。」 「那些根本不想做游戏、不想让玩家享受游戏乐趣的人，却因为觉得赚钱而进入这个行业，并乐于在短时间内赚点快钱，这真是太可悲了。」野蛮资本入 局带来的影响是社交游戏泡沫的快速膨胀，并在短时间内将行业搅成了一锅粥。 于是很快，行业泡沫破裂造就了「成本飙升→风险提升→游戏失败率上升→大量人员失业→转行转外包」这样的连锁反应，并且智能手机的普及大幅加速 了这个连锁反应的进程，于是日 ...

Core Viewpoint - The gaming sector has experienced a significant surge in stock prices this year, with various companies achieving remarkable growth, indicating a potential new phase of high-speed growth in the Chinese gaming industry [3][10]. Group 1: Stock Performance - ST Huatuo (002602) has seen a year-to-date increase of nearly 303%, becoming a leader in the A-share gaming sector with a total market capitalization of 153.8 billion yuan [1]. - Tencent (0700.HK) and NetEase (9999.HK) recorded stock price increases of over 60% and 70% respectively, while Giant Network (002558) surged over 260% [3]. - Other notable performers include G-bits (603444) with a rise of over 166%, Perfect World (002624) with an increase of over 88%, and 37 Interactive Entertainment with a growth of over 46% [6]. Group 2: Reasons for Stock Surge - The stock price increases are attributed to multiple factors, including high certainty in performance growth, improved internal control capabilities, and expectations for future delisting [3][6]. - The gaming industry is shifting from imitation to innovation, focusing on high-quality game development and international expansion, which enhances the industry's outlook [3][10]. - The release of new products exceeding expectations and stable performance from existing products have contributed to significant revenue and profit growth [7][11]. Group 3: Financial Performance - Century Huatuo reported a revenue of 17.2 billion yuan for the first half of the year, a year-on-year increase of 85.5%, with a net profit of 2.656 billion yuan, up 129.33% [7]. - G-bits achieved a revenue of 2.518 billion yuan, a growth of 28.49%, with a net profit of 645 million yuan, up 24.5% [7]. - Giant Network's revenue was approximately 1.662 billion yuan, reflecting a growth of 16.47%, while net profit was about 777 million yuan, up 8.27% [7]. Group 4: Policy and Market Dynamics - The issuance of game licenses has been a key driver for the gaming sector, with a significant number of licenses granted this year, indicating a favorable regulatory environment [8][10]. - The total number of game licenses issued in 2025 has reached 1,275, with 1,195 for domestic games and 80 for imported games [8]. - The Chinese gaming market's actual sales revenue grew by 14.08% year-on-year in the first half of the year, marking a historical high [10]. Group 5: Future Outlook - The gaming industry is expected to continue its upward trajectory, supported by policy incentives and technological advancements, particularly in AI and international market expansion [11][14]. - The focus on maintaining IP relevance and leveraging technology for game development is seen as crucial for sustaining growth [11][15].

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%， ...

Group 1 - The Tokyo Game Show 2025 opened on September 25 in Chiba, Japan, attracting significant attention and long queues for popular games [1] - Chinese games have gained notable popularity overseas, with titles like "Black Myth: Wukong" winning prestigious awards and Tencent's "Delta Force" mobile game registering over 10 million users within four days of its global launch [10][11] - The gaming industry is witnessing new trends in overseas expansion, with a surge in the popularity of "mini-games" in the SLG (Strategy and Simulation Games) sector [12] Group 2 - "Whiteout Survival," a mini-game, achieved over $3.3 billion in cumulative revenue within two years of its overseas launch, showcasing a new trend in the SLG market [13][15] - The game has a retention rate of 42% and a monthly retention rate of 8%, significantly higher than the average for SLG games [15] - The success of "Whiteout Survival" is attributed to its innovative gameplay that combines light and traditional SLG elements, appealing to a broader audience [20][25] Group 3 - The female-oriented game "Love and Deep Space" achieved significant success, generating nearly 6 billion RMB in revenue globally, with 64% coming from the Chinese market [38] - Despite its success, the game has seen a 73% decline in revenue in the 34th week of 2025 compared to the previous week, indicating potential issues with gameplay engagement [42] - The decline in interest may be due to a lack of updates and engaging content, as well as competition from other entertainment forms like K-pop [44][48] Group 4 - The overseas revenue of Chinese self-developed games reached $18.557 billion in 2024, accounting for nearly 40% of the domestic market's actual sales revenue [55] - Major players like Tencent, NetEase, and DianDian Interactive are leading the market, with Tencent focusing on localization and industrialization through numerous investments [56][57] - The gaming industry is experiencing a significant increase in the number of Chinese companies in the global market, with 32 Chinese publishers making it to the top 100 global mobile game publishers list [66][67]

Core Insights - The 2025 Tokyo Game Show has seen significant attendance and interest in both domestic and international games, highlighting the growing popularity of Chinese games abroad [1][2][4] - Chinese games have made notable achievements in international markets, with several titles receiving awards and achieving high user engagement [4][20] - The gaming industry is experiencing a shift towards "mini-games" and innovative marketing strategies, which are proving successful in retaining users and generating revenue [5][10][24] Group 1: Event Highlights - The Tokyo Game Show 2025 opened on September 25, attracting large crowds and long queues for popular titles like "Persona 3 Reload" and "Nintendo Switch 2" [1] - Domestic Chinese games also drew significant attention, with players struggling to secure demo tickets for titles like "Arknights: End of the World" [2] Group 2: Chinese Games' International Success - "Whiteout Survival" has achieved over $3.3 billion in revenue within two years of its overseas launch, showcasing the potential of Chinese strategy games in international markets [5] - The game has a retention rate of 42% and a monthly retention rate of 8%, significantly higher than the average for similar games [5] - "Kingshot," another SLG game, generated $75 million in revenue within four months of its launch, indicating a trend of successful mini-games in the market [5][6] Group 3: Marketing and User Engagement - The success of "Whiteout Survival" is attributed to its innovative gameplay that combines light and heavy SLG elements, enhancing user retention [6][8] - The game has successfully attracted a diverse player base, with over 20% of its users being female, breaking traditional gender norms in the SLG genre [8] - Marketing strategies have evolved, with games utilizing platforms like TikTok and YouTube for targeted advertising and local cultural integration [10] Group 4: Performance of Otome Games - "Love and Deep Space" has set a record for Chinese otome games, generating nearly 6 billion RMB globally, with 64% of revenue from the Chinese market [11][13] - Despite its success, the game has faced a decline in revenue, with a 73% drop in the week following its peak [14][16] - The game's lack of engaging content and updates has led to player dissatisfaction, impacting its overall performance [16] Group 5: Industry Growth and Future Prospects - In 2024, China's game export revenue reached $18.56 billion, accounting for nearly 40% of the domestic market, reflecting significant growth over the past decade [20] - Major companies like Tencent and NetEase are leading the charge in overseas markets, focusing on localization and strategic investments [20][21] - The gaming industry is witnessing a diversification of successful titles, with both "mini-games" and high-quality productions finding their place in the global market [27][28]

中国青年报客户端讯（中青报·中青网记者 夏瑾）记者近日从万达电影获悉，国庆假期，万达电影将与 现象级游戏IP《恋与深空》展开大型联名合作，推出以"一部电影诞生的故事"为主题的沉浸式影院体验 活动。玩家将以游戏中"猎人小姐"的身份走入影城，与男主角共同参与电影拍摄的全流程，实现从观众 到"剧中人"的跨越。 本次活动覆盖万达电影全国200余座城市的超700家影城，分别设置为2家"光影开拍"店、100家"心动热 映"店与605家"爱意流光"店。参与者将在影城中被工作人员全程以"猎人小姐"相称，并可参与"对暗号 领取片场放饭"等互动环节。预约"光影开拍"店的玩家可解锁深度沉浸的"拍电影"全流程体验。 这并非万达电影首次布局IP联名赛道。自去年以来，《原神》《第五人格》《光与夜之恋》等热门游戏 IP的合作已持续为万达电影引入大量年轻消费者。数据显示，部分联名活动的观影转化率达30%，其中 25岁以下用户占比高达85.5%，显示出极强的年轻群体吸引力。 来源：中国青年报客户端 万达电影相关负责人表示，随着Z世代逐渐成为文化消费主力，其对于情感认同与自我构建的需求日益 显著，动漫、游戏等内容成为其精神消费的重要组成部分。此 ...

Core Viewpoint - The case marks the first instance in China where a lawsuit was filed against a game boosting service using cheats, highlighting the legal actions taken by companies to protect their gaming environment and player rights [1][4]. Group 1: Legal Action and Outcome - MiHoYo has successfully sued a game boosting studio for using cheats in its game "Genshin Impact," resulting in a court ruling that the studio must pay 3 million yuan in damages [4]. - The studio's activities included over 7.6 million orders and generated sales exceeding 7 million yuan, which were deemed to disrupt the fair gaming environment [1][4]. Group 2: Impact on Gaming Environment - The court found that the studio's actions hindered the normal operation and service provision of the game, affecting server security and stability, and damaging the game's ecological environment [4]. - MiHoYo's legal action aims to uphold player rights and maintain a fair gaming experience, reflecting the company's commitment to combating unfair competition in the gaming industry [4].

Core Viewpoint - The article discusses the ongoing recruitment efforts by Anuttacon, a company founded by former Mihayou CEO Hugh Tsai, highlighting the fierce competition for AI talent in the industry [3][5][11]. Company Overview - Anuttacon is focused on developing AGI (Artificial General Intelligence) and has begun hiring extensively for roles such as AI trainers, with a particular emphasis on pre-training and LLM (Large Language Model) talent [5][7]. - The company aims to create a highly creative team to innovate in the AI and gaming sectors, reflecting a shift in game development paradigms due to advancements in AI technology [5][6]. Recruitment Strategy - Anuttacon's recruitment efforts have expanded beyond the initial focus on the San Francisco Bay Area to include locations such as Singapore and Beijing, indicating a broader strategy to attract global AI talent [7]. - The company is offering competitive salaries for positions, with AI trainers earning between $20 to $30 per hour [7]. Industry Context - The AI industry is experiencing a talent war, with top-tier AI experts being a scarce resource. Companies are willing to invest heavily to secure these individuals, as evidenced by Meta's $15 billion investment in Scale AI [12][13]. - The article notes that the number of elite AI experts globally is less than a thousand, primarily concentrated in major tech firms like OpenAI, Google, and Meta, highlighting the competitive landscape for talent acquisition [12][13]. Talent Landscape - Chinese AI researchers are particularly sought after, with 50% of AI research personnel globally coming from China, indicating a significant talent pool that companies are eager to tap into [12][13]. - The article suggests that the future of AI competition may hinge on the ability to attract and retain top talent, with many of these individuals coming from prestigious academic backgrounds [12][13].

■中华神话，这个拥有数千年历史积淀的文化宝库，正通过《黑神话》系列这样的数字内容走向世 界舞台 ■在信息过载的时代，同质化的产品很难在激烈的竞争中脱颖而出，只有那些具有独特价值主张和 鲜明文化特色的产品，才能在消费者心中留下深刻的印象 当《黑神话：钟馗》在2025年的科隆游戏展上以先导预告片的形式正式公开时，许多人尚沉浸于 《黑神话：悟空》带来的视觉盛宴之中。从七十二变美猴王到驱魔判官钟馗，游戏科学的这次选择显然 带着深层的定位与文化考量。钟馗，这一在中华民间信仰中占据重要地位的神祇，既不如孙悟空那般耳 熟能详，也不像哪吒、杨戬等神话人物那样拥有丰富的故事脉络。这种"熟悉的陌生感"似乎为创作者与 玩家留下了广阔的想象空间。 在全球文创产业激烈的竞争中，中华神话体系的价值正在被重新发现和阐释。从古希腊神话支撑起 的漫威宇宙，到北欧神话催生的雷神系列，西方神话体系早已在今天的创意内容中建立起成熟的商业模 式和文化输出体系。而中华神话，这个拥有数千年历史积淀的文化宝库，眼下正通过《黑神话》系列这 样的数字内容走向世界舞台。 为什么是钟馗 钟馗这一人物选择的巧妙之处，在于文化深度与创作空间的平衡——既具备足够的文化辨 ...

Group 1 - The core observation is that the gaming industry is witnessing a shift from content-driven games to gameplay-driven games, with notable declines in the performance of content-focused titles like "Genshin Impact" and "Honkai: Star Rail" [1][8][15] - The rise of gameplay-driven games is attributed to the emergence of innovative gameplay types, particularly "playable mini-games" and the "search-shoot-retreat" genre, which have gained significant popularity [2][4][6] - The overall market performance indicates that while content-driven games are cooling off, gameplay-driven games are experiencing a resurgence, reflecting a return to the fundamental question of whether games are enjoyable [3][6] Group 2 - Content-driven games face challenges such as high development costs and long production cycles, making them less accessible for smaller developers, which limits overall market output [10][12] - The marketing costs for content-driven games are rising, with difficulties in effectively conveying the game's appeal through short advertisements, leading to lower ROI compared to gameplay-driven titles [13] - Content-driven games often have weaker social features, resulting in lower user engagement and retention, as players may seek more interactive experiences found in gameplay-driven games [14] Group 3 - The perceived "cooling" of content-driven games does not indicate a decline in demand for high-quality narratives; rather, it suggests a market correction where only games with exceptional experiences will thrive [15] - The relationship between gameplay and content is complementary, with both elements necessary for a successful game, indicating that the market is evolving rather than diminishing [15]