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 ...

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%， ...

记者 周楠 "我是二次元资深玩家，但像这样以浦东璀璨天际线为幕布，在黄浦江畔露天舞台上演奏的二次元 音乐会，还是第一次见到，很震撼！"大学生羽瑶告诉记者。 当晚，她cos（扮演）的是《崩坏：星穹铁道》里的人物"三月七"，做造型就花了近3小时。站在北 外滩滨江看演出，羽瑶自己也成了风景，不断被"粉丝"求合影。 这个国庆长假，北外滩国客中心码头"燃"了起来。"超动感·北外滩次元音乐嘉年华"活力开启，数 十个人气IP、艺术装置与沉浸式展陈遍布会场，国潮文化与二次元在此激情碰撞，带来国际范、年轻 力、艺术性和潮流感。 以"文旅商体展"联动、激活北外滩滨水岸线、抢占年轻消费新赛道，北外滩国客中心码头变身次元 文化新地标，联动北外滩区域打造多元化的消费新场景。 打造沉浸式打卡圣地 在许多二次元玩家看来，一次集结国内外数十个人气IP，是"超动感·北外滩次元音乐嘉年华"最吸 引人的地方。每个IP精心打造的实景展陈，也打破了次元壁垒。 顶流国漫《狐妖小红娘》用"相思树"和"月老办事处"两大核心装置，打造了一个充满中式浪漫 的"祈福圣地"，观众通过抽红绳、挂祈愿牌、摇签筒等形式参与其中。 聚人气、展形象，也是促消费、兴产业。以北 ...

Core Insights - Chinese gaming stocks have experienced a significant increase, with major companies like Tencent, NetEase, and Century Huatong seeing stock price growth of 64%, 72%, and 303% respectively since the beginning of the year [1] - The overall market sentiment towards gaming stocks has improved, driven by favorable policies and a recovering economic environment [5][10] Industry Growth Factors - The gaming industry's profitability has improved due to supportive government policies, such as multiple initiatives in Shanghai and Shenzhen aimed at boosting the gaming sector [5] - The approval process for game licenses has become more stable, allowing companies to plan product development and release schedules more effectively [5] - Public perception of the gaming industry has shifted positively, recognizing its contributions to technology, education, and cultural confidence, exemplified by the success of the game "Black Myth: Wukong" [7] Financial Performance - The first half of 2025 has been described as the best financial reporting season for the industry in years, with over 80% of companies reporting profits and top companies achieving record revenue and profit levels [8][10] - Century Huatong's market capitalization has tripled, surpassing 150 billion [8] Market Outlook - Investors are optimistic about the future growth potential of the gaming industry, particularly in global markets, which is seen as a key driver for stock price increases [13][19] - The gaming sector is exploring new markets and technologies, with significant growth opportunities identified in shooting games, mini-games, and single-player games [17][18] Global Expansion - Chinese gaming companies are increasingly focusing on global markets, with many launching products simultaneously worldwide rather than treating overseas markets as secondary [20] - Companies like Century Huatong have successfully penetrated international markets, contributing to their stock price increases [21] - Collaborations between Chinese and global firms are becoming more common, enhancing the global presence of Chinese gaming companies [23][28] Technological Advancements - Major companies are investing in AI and other technologies to improve game development processes, which is expected to yield significant results [30][32] - The market for gaming-related merchandise is also growing, with projections indicating substantial revenue potential in the coming years [34][35]

Summary of the Gaming Industry Conference Call Industry Overview - The gaming industry in China has maintained high activity levels since the summer, with a market size of approximately 29 billion yuan in July, reflecting a year-on-year growth of nearly 5% [1][4] - Mobile game revenue showed a slight increase, with several new games performing well, such as "Douluo Dalu: Soul Master World," which generated over 100 million yuan in its first month [1][4] - The market size remained stable in August compared to July, but there was a year-on-year decline, with mobile game revenue decreasing by 4% [1][4] Key Insights - The overall performance of the gaming industry has been positive this year, supported by a relaxation of policies and an acceleration in supply growth [2] - The industry is in an upward trend, with new game launches significantly boosting company performance [2] - The release of 156 game licenses in September, including 145 domestic and 11 imported, indicates a healthy regulatory environment [6][7] Company-Specific Developments - Huatuo's core overseas products have shown strong performance, leading to an 11% month-on-month increase in revenue for Diandian Interactive [8] - Giant Network's game "Supernatural" has exceeded expectations in revenue stability, with plans to launch an overseas version next year [8] - Key products approved include new titles from Tencent, NetEase, and miHoYo, indicating strong competition among major players [6][7] International Market Performance - Chinese self-developed games generated nearly 1.7 billion USD in overseas revenue in July, with a year-on-year growth in single digits [5] - Despite a 10% year-on-year decline in August due to high base effects, some products like KingShow's "Frost Knight" maintained strong growth, with a 20% month-on-month increase [5] Future Trends - The legendary game market is substantial, with annual revenues of 30-40 billion yuan, and more legendary games are expected to enter the market [9] - Future growth will come from expanding partnerships with larger companies, the introduction of 25 key legendary games, and enhancements in PC, live streaming, and item trading functionalities [9] Product Development and AI Initiatives - Kaiying Network is entering a new product cycle, with "Blood of the River and Lake" launched in South Korea and plans for several new titles by 2025-2026 [10] - The AI product EVE is expected to launch by the end of the year, and the AI gaming platform Soon may begin commercialization [10] Performance of Key Companies - Gigabit has consistently outperformed expectations, with "Sword of the Hero" showing strong overseas revenue growth of 14% month-on-month in August [11] - Perfect World and Shenzhou Taiyue have new titles in development, with Perfect World's "Yihuan" showcased at the Tokyo Game Show [12] Overall Market Sentiment - The gaming industry remains strong, with companies performing well even in the traditionally slower month of September [13] - Continued investment opportunities are recommended in companies such as Giant Network, Kaiying Network, ST Huatuo, Perfect World, Gigabit, Shenzhou Taiyue, and Sanqi Interactive [13]

Market Overview - The total revenue from in-app purchases (IAP) in the Japanese mobile gaming market is projected to be $11 billion (approximately 78.2 billion RMB) from August 2024 to July 2025, reflecting a year-on-year decline of 2.2% [1] - Despite a slight market contraction and a 2.5% decrease in downloads, the market remains stable due to a high average revenue per user (ARPU) and effective monetization strategies, maintaining annual revenue above 1.6 trillion yen (approximately 77.2 billion RMB) since 2021 [1] Category Performance - RPG games continue to dominate the Japanese mobile gaming market, contributing 37.4% of total revenue, with titles like "Uma Musume," "Monster Strike," and "FGO" leading the revenue charts [3] - Strategy games rank second with a 21.8% revenue contribution, driven by 4X strategy games like "Last War: Survival" and "Whiteout Survival," which saw a 35% revenue increase, and the card battle game "Pokémon TCG Pocket," which achieved a 305% revenue surge [5] - Casual puzzle games are the primary drivers of download volume, accounting for 33.2% of total downloads, with games like "Car Jam" and "Screw Sort 3D" experiencing over 70% year-on-year growth in downloads [5] IP Importance - Local IPs play a crucial role in the Japanese gaming market, with the "Pokémon" IP achieving a 32% year-on-year revenue increase due to the success of "Pokémon TCG Pocket" [10] - The "Gundam" IP, through the new release "SD Gundam GGENERATION ETERNAL," saw over 800% year-on-year growth, highlighting the effective operational strategies that enhance IP value [10][12] Publisher Landscape - Japanese publishers dominate the market, contributing over 52% of total IAP revenue while accounting for only 31% of downloads [14] - Major Japanese companies like Bandai Namco, Sega, and Capcom rank among the top ten global publishers on Steam, indicating strong influence in the PC and console gaming markets [14] - Overseas publishers adopt differentiated strategies to penetrate the Japanese market, focusing on core paying users and launching casual games that appeal to a broader audience [16][18] Advertising Strategies - The gaming sector is a leading category for digital advertising in Japan, with significant ad spending and display volume [19] - LINE is the most prominent channel for game advertising, with successful campaigns often aligning with major in-game events [19][20] - Targeted advertising strategies are employed, such as "Whiteout Survival," which focuses on male users aged 25-34, utilizing platforms like TikTok and Instagram to resonate with younger audiences [22]

Core Viewpoint - The article discusses the evolving relationship between voice actors (CVs), players, and game developers in the gaming industry, highlighting recent controversies surrounding voice actor changes and the impact on player satisfaction and brand reputation [1][4][27]. Group 1: Voice Actor Changes - The recent departure of CV Wu Lei from the game "Love and Producer" has been met with mixed reactions, with some players celebrating the change while others express dissatisfaction with current CV performances [1][2][21]. - The industry has seen multiple instances of CV changes due to various reasons, including personal issues affecting performance, leading to a shift in how players perceive and react to these changes [5][20][29]. - The relationship between CVs and game developers has become more complex, with developers now more cautious about publicizing CV identities due to potential backlash from players [41][55]. Group 2: Player Expectations and Reactions - Players have become increasingly critical of CV performances, demanding higher standards and expressing dissatisfaction when they feel a CV does not match the character's persona [20][24][48]. - The emotional connection players have with characters is significant, making it challenging for new CVs to replace established ones without losing the original character's essence [48][49]. - Players' reactions to CV changes can lead to significant backlash against both the CVs and the game developers, as seen in the cases of "Overwatch" and "Honor of Kings" [15][17][43]. Group 3: Industry Trends and Future Directions - The rise of AI technology in voice acting is becoming a consideration for game developers, with discussions around its potential to replace human CVs in the future [55]. - Developers are exploring new methods to manage CV relationships, including keeping CV identities confidential and utilizing AI to mitigate risks associated with human performance variability [41][55]. - The industry is at a crossroads, where the traditional model of CVs being integral to character identity is being challenged by technological advancements and changing player expectations [54][56].

Core Viewpoint - The recent lawsuit between Shanghai Mihayou and Shenzhen Tencent is primarily initiated by Mihayou to legally obtain user data, which Tencent cannot provide without following proper judicial procedures [1][4][5]. Company Summary - Mihayou has filed a lawsuit against Tencent to access QQ user data, citing the need for legal procedures to obtain such information due to privacy laws [2][4]. - Mihayou's legal department has been actively addressing data leaks, with two significant incidents reported in May 2025 involving unauthorized disclosures of game content [5][7]. - The company has released multiple videos detailing its legal actions against data leaks, gaining significant attention on platforms like Bilibili [7]. Industry Summary - The gaming industry, particularly in the two-dimensional (2D) game sector, faces frequent data leak incidents, with Mihayou's response being notably more aggressive compared to other game types [7][10]. - The core competitiveness of 2D games relies heavily on original artistic materials and storyline content, making leaks detrimental to player engagement and revenue [10][11]. - The industry experiences a 2.3 times greater revenue fluctuation due to leaks compared to other game types, highlighting the financial impact of such incidents [11]. - Legal frameworks regarding the protection of unpublished game content remain ambiguous, particularly concerning what constitutes a commercial secret [12].

Group 1 - MiHoYo has taken measures against over 260 leakers of unreleased game content for "Genshin Impact" and "Honkai: Star Rail" to protect its intellectual property and maintain operational integrity [1] - The company aims to enhance player engagement and monetization by preventing leaks that could diminish the excitement and anticipation for new content [1] - The gaming industry is experiencing a decline in the popularity of the two-dimensional genre, with a reported 8% decrease in actual sales revenue for the mobile game market in the first half of 2025 [4][5] Group 2 - MiHoYo has been positioned as the fourth largest mobile game publisher in China for over six months, with its revenue growth stagnating compared to competitors like Tencent and NetEase [2][3] - The company has seen a significant revenue increase of 28% due to the successful launch of version 3.4 for "Honkai: Star Rail," which led to a 325% revenue surge in July 2025 [10][11] - Despite the success of "Honkai: Star Rail," MiHoYo's other titles have not reached the heights of "Genshin Impact," indicating a need for innovation and diversification in its game offerings [8][18] Group 3 - MiHoYo is exploring new game development opportunities, with 6-7 projects in the pipeline that cover various popular genres, including a new title featuring auto-chess mechanics [17][18] - The company is facing increased competition in the gaming market, with emerging players like Point Interactive gaining traction and challenging established giants [22] - To maintain its position, MiHoYo must adapt its strategies and potentially expand beyond the two-dimensional genre to achieve sustainable growth [22]

Group 1 - MiHoYo is breaking out of its comfort zone with the new game "Honkai: Resonance Spirits," which combines auto-chess, spirit cultivation, and exploration gameplay, marking its first foray into the PVP arena [1][8] - The official announcement of "Honkai: Resonance Spirits" garnered over 1 million views on Bilibili within 7 hours, and the pre-registration count exceeded 3 million [1][2] - The game features a sunny coastal town where players, as "Fate Masters," interact with various spirits, emphasizing exploration and combat [2][4] Group 2 - Combat is the core gameplay of "Resonance Spirits," with each spirit having unique attributes that contribute to the auto-chess mechanics, alongside additional strategies like in-game equipment and buffs [4][11] - The game also includes various interactive mini-games to enhance non-combat entertainment, increasing its appeal to players [4][7] - The design of spirits is engaging, with 31 spirits showcased, which could lead to potential merchandise opportunities [4][7] Group 3 - The introduction of "Resonance Spirits" adds a new option in the auto-chess genre and represents MiHoYo's exploration of PVP games or high DAU games [8][12] - The mobile game market saw a decline of 8% in actual sales revenue in the first half of 2025, highlighting the challenges faced by traditional content-heavy games [8][15] - MiHoYo's shift towards lighter and fragmented gameplay in "Resonance Spirits" aligns with current player preferences for casual experiences [11][12] Group 4 - The game signifies a fundamental shift in MiHoYo's business logic, moving from content-driven models to gameplay-driven models, potentially creating a mixed commercial model centered on competitive gameplay [11][12][16] - The success of "Honkai: Resonance Spirits" could redefine player engagement and monetization strategies in the gaming industry [12][16] - The overall Chinese gaming market is recovering, with actual sales revenue reaching 168 billion yuan in the first half of 2025, growing by 14% [13][15] Group 5 - The emergence of "Resonance Spirits" reflects a broader trend in the gaming industry towards innovative gameplay experiences, as seen in other successful titles that combine different genres [15][16] - MiHoYo's attempt to innovate in the PVP space could set a precedent for future developments in the gaming sector, encouraging more companies to explore gameplay integration [16]