心动公司 20251217 摘要 机游戏营收占比已上升至 92%。与此同时，手机应用商店垄断导致研发厂商更 注重氪金和爆款效应，这种环境促使心动公司推出 TapTap 平台，以重新整合 行业规则。 TapTap 平台于 2016 年上线，通过破解安装包冷启动积累用户流 量，并通过论坛互动增强用户粘性。然而，由于盗版问题，该平台在 2017 年 被整顿停战三个月。这一事件促使公司反思并调整策略，同时加大海外发行力 度。从 2016 年的海外收入占比 2%增长到 2018 年的 62%，目前仍保持过半 水平。心动 Global 负责海外发行，通过策展、广告和 PR 活动确保新游上线前 预热效果良好，从而实现较高的首充流水及活跃用户数据。 TapTap 平台是如何建立并发展的？ TapTap 平台由黄一梦与 BT China 创始人黄锡蔚及 VeryCD 产品经理张干共 同构建，于 2016 年 3 月上线。张干凭借其在聊天室、社交类产品及即时通讯 类产品方面的深刻洞察，为 TapTap 初期的发展奠定基础。早期用户主要通过 破解安装包冷启动积累流量，例如 Pokemon Go 等热门海外游戏吸引大量玩 家。 此外 ...

Core Insights - The "2025 Annual China Game Industry Conference" will be held from December 17 to 19 in Shanghai, serving as a significant platform for industry dialogue and a window into the development of China's gaming sector [1] Group 1: Industry Overview - Shanghai's Xuhui District is home to over 70 leading gaming companies, with the gaming industry revenue expected to exceed 70 billion yuan in 2024, accounting for nearly half of the city's total [1] - Major companies such as Tencent, NetEase, and miHoYo have established their strategic bases in Xuhui, alongside emerging players like Lilith Games and Eagle Horn Network, as well as international studios from Garena and Ubisoft [1] Group 2: Technological and Creative Drivers - The growth of the gaming industry in Xuhui is driven by technology and innovative scenarios, supported by national platforms like the Shanghai Artificial Intelligence Laboratory, enhancing both development efficiency and content creativity [2] - The "Meta World Neo World" metaverse district, spanning 1.9 kilometers, integrates various cultural and commercial spaces, creating immersive experiences that blend industry and consumer engagement [2] Group 3: Supportive Ecosystem - Xuhui has established a comprehensive support system for the digital entertainment industry, including the Game Industry Service Center, which streamlines processes for business registration and provides policy consultation [4] - The district's policies, such as the "Opinions on Promoting High-Quality Development of Cultural and Creative Industries," aim to support key sectors like gaming and esports, with potential funding of up to 30 million yuan for qualifying projects [4] Group 4: Intellectual Property Protection - A robust intellectual property protection network has been established, including a copyright protection alliance and a comprehensive protection center, ensuring a secure environment for innovation [5] Group 5: Emerging Trends and Future Outlook - The gaming industry's boundaries are expanding through integration with consumption, culture, and technology, leading to the emergence of new business models [6] - The upcoming conference is positioned as a celebration of past achievements and an invitation for global gaming professionals to collaborate on the future of the industry, emphasizing Xuhui's open ecosystem and innovative services [8]

Core Insights - The gaming industry in Shanghai has shown strong growth in the first half of 2025, with total sales revenue reaching 83.283 billion yuan, a year-on-year increase of 10.8% [1] - The overseas market for Chinese games is growing faster than the domestic market, with a compound annual growth rate of 18.36% compared to 10.75% for domestic sales from 2015 to mid-2025 [2][3] - The success of Chinese gaming companies in international markets reflects a broader trend of globalization within the industry, with many companies focusing on overseas expansion [1][2] Industry Performance - In the first half of 2025, Shanghai's online gaming industry achieved a total sales revenue of 83.283 billion yuan, with domestic sales at 68.737 billion yuan and overseas sales at 14.546 billion yuan, marking increases of 10.73% and 11.12% respectively [1] - The electronic sports sector contributed 3.254 billion yuan, growing by 6.91% year-on-year [1] Globalization Trends - Chinese gaming companies are increasingly focusing on global strategies, with overseas market revenue growth outpacing domestic growth due to slower user growth in China [2][3] - The average spending per user in overseas markets is significantly higher, with U.S., Japan, and South Korea users spending 221, 249, and 218 USD respectively, compared to 63.34 USD for Chinese users [3] Technological Advancements - The development of AI technologies is facilitating the international expansion of Chinese gaming companies, enabling better localization and market analysis [4][5] - Companies like Mu Tong Technology are leveraging AI for player sentiment analysis and content creation, significantly reducing development costs and time [4][6] Challenges in International Markets - Despite the growth potential, Chinese gaming companies face challenges such as political and economic fluctuations, cultural differences, and legal barriers in foreign markets [6][7] - Smaller companies, particularly those with overseas revenues below 100 million yuan, are experiencing revenue declines due to these challenges [6] Strategic Recommendations - Companies are advised to focus on original IP development and long-term operational capabilities to enhance their presence in international markets [8][9] - The importance of cultural localization and community engagement is emphasized, with successful examples of integrating local cultural elements into games [10][11] Market Dynamics - The competitive landscape is intensifying, with rising costs of customer acquisition and increased competition from local developers in emerging markets [7][12] - The concentration of game types in the overseas market, particularly in strategy games, poses a risk as user preferences in developed countries lean towards casual and social games [7][12] Future Directions - Companies are encouraged to diversify their platforms and collaborate with overseas firms to enhance their global footprint [12][13] - The trend of establishing overseas studios is growing, with over 20 companies setting up operations in various countries to support their international strategies [13]

Core Insights - Shanghai's online gaming industry achieved remarkable growth in the first half of 2025, with sales revenue reaching 83.2 billion yuan, a year-on-year increase of 10.8%, marking a historical high [2][4] - The esports sector generated revenue of 3.254 billion yuan, growing by 6.91%, with Shanghai leading the nation in key metrics such as live streaming revenue and the number of high-level clubs [2][4] - The city is enhancing its global influence in the gaming industry, with significant spillover effects impacting traditional sectors through technology innovations like game engines and AI [2][4] Industry Performance - Domestic and overseas sales revenue growth rates for Shanghai's gaming industry were 10.7% and 11.12%, respectively [2] - The compound annual growth rate of Shanghai's overseas gaming sales revenue from 2015 to 2024 reached 20.32%, surpassing the national average [4] - The number of game-related projects in the national cultural export key project list increased from 6.2% in 2019 to 12.4% in 2025-2026 [4] Global Expansion - The Shanghai government introduced measures to facilitate foreign gaming companies' operations, potentially simplifying the approval process for game licenses [3] - Chinese gaming companies are increasingly focusing on global expansion, with overseas actual sales revenue for self-developed games projected to grow by 13.39% to $18.557 billion in 2024 [4] - Shanghai's gaming enterprises are building internationally influential IP systems, exemplified by the success of the mobile game "Girls' Frontline" in overseas markets [5][6] Challenges and Solutions - Chinese gaming companies face challenges such as intellectual property disputes and regulatory hurdles when entering global markets [6] - Industry organizations are forming alliances to assist gaming companies with compliance and operational processes for overseas expansion [6][7] - Shanghai plans to release guidelines for companies looking to enter international markets, along with establishing a research center to support overseas operations [7]

Group 1 - Lilith Games' self-developed shooting game "Far Light 84" is scheduled for a July test, which will be available on both PC and mobile platforms, potentially attracting market attention towards the "gaming + AI + esports" concept [1] - NetEase's turn-based pet-catching mobile game "Spirit Beast Adventure" will begin testing on June 19, featuring a unique blend of "vertical screen + pet-catching + home management" gameplay, targeting casual players and aiming for rapid annual revenue growth if a stable user base is formed [2] - Sunborn Network's "Girls' Frontline" issued an apology for server issues experienced after its June 12 launch, attributing the problems to an underestimation of server capacity, which may weaken market confidence in its future products [3]

Group 1 - Tencent has launched the "Mixed Yuan Game Visual Generation Platform," which is the first industrial-grade AIGC game content production engine based on the Mixed Yuan model, significantly optimizing game asset generation and production processes [1] - The platform provides a series of AI tools for game art designers, enabling game design companies to quickly generate high-quality game materials that align with creative intentions, potentially increasing art design efficiency by several times [1] - This innovation is expected to enhance Tencent's core competitiveness in the gaming sector and drive technological upgrades in the industry, attracting more capital attention [1] Group 2 - Nintendo announced its participation in the "2025 Cologne Game Show" after missing the event last year, with the new console NS2 set to launch on June 5 [2] - The announcement is likely to boost market expectations for Nintendo's product line and future performance, enhancing investor confidence [2] - Nintendo's return to the event is expected to draw attention to new products and increase market competition, particularly in the context of hardware and software collaboration, potentially invigorating the upstream and downstream industry chain [2] Group 3 - Ubisoft has publicly showcased a new gameplay demonstration for its upcoming title "Anno 117: Roman Peace," which is set to be released in 2025 on PC, Xbox Series X|S, and PlayStation 5 [3] - This reveal is anticipated to elevate market expectations for Ubisoft's product line and demonstrate its ongoing innovation in the strategy game sector, potentially impacting investor revenue forecasts [3] - The announcement may also heighten market interest in strategy games and multi-platform titles, particularly in the PC and console gaming segments [3] Group 4 - Sanbai Network's game "Girls' Frontline" has delayed its launch on Steam due to not receiving final approval from the platform, leading to uncertainty regarding the release date [4] - The delay may negatively affect market expectations for the company's short-term performance, highlighting the strictness of approval policies in the industry [4] - This situation could prompt a reassessment of operational risks across the gaming sector, especially for companies reliant on single blockbuster titles [4]