"高抽成"模式走向终结 撰文/ 孟会缘 编辑/ 陈邓新 排版/ Annalee 近日，苹果和腾讯自2024年开始的"抽成之争"迎来终局——苹果将对腾讯APP内小游戏的内购项目抽成15%，低于苹果App Store通常实行的30%比例。 要知道在达成这项协议之前，腾讯正通过微信生态的特性设计支付跳转路径，以此绕开苹果iOS平台的内购抽成政策。即说，如"游戏公司给手机厂商打 工"之类的论调，有望得到较大程度地缓解。 当然，这一消息对于不少游戏开发者而言，更大意义在于它释放了一个相当积极的信号。 长期以来，高额的抽成比例一直是压在游戏公司心头的一块大石，不论是iOS端30%的抽成，还是华为、OPPO等安卓渠道50%的抽成，都让游戏开发者在 盈利之路上步履维艰。 如今这15%的新抽成比例方案横空出世，终于为游戏行业带来一丝转机与希望。因为这不仅意味着游戏公司在收益分配上将获得更大的自主权，更预示着 整个行业生态都将迎来全面的优化与重塑。 其实在苹果和腾讯的"抽成之战"止戈之前，或许有人也关注到了游戏圈的另一件大事：部分网易游戏在OPPO渠道停服，原因是与网易的合作终止。 网易和OPPO之间的拉锯进程也不短，据相关报道 ...

Core Insights - The article highlights the trends and changes in the overseas revenue of Chinese mobile application and game developers for October 2025, based on data from the "Diandian Data" platform [1] Non-Game Developers Revenue Summary - ByteDance leads the non-game developers' revenue ranking with its video editing app "CapCut," achieving an estimated overseas monthly revenue exceeding $31.36 million, continuing a growth trend since April [4] - Huya Group (NASDAQ: YY) and Ruqi Software follow, with both experiencing a decline in revenue [4] - Meitu (HK: 01357) saw a significant revenue increase of over 11.48% month-on-month, driven by its apps "Meitu" and "BeautyCam" in East Asian markets [4] - Xiaohongshu maintained a 16.2% growth in overseas revenue, supported by strong performance in its lifestyle social app [4] - iQIYI (NASDAQ: IQ) reported a revenue increase of over 13.3%, attributed to the success of its series in Taiwan and Thailand [5] - Baidu (NASDAQ: BIDU) experienced a revenue recovery of over 11.5% from its browser and cloud storage applications [5] Game Developers Revenue Summary - The game market showed signs of recovery in October, with many domestic developers experiencing slight revenue increases [9] - Diandian Interactive (SZ: 002602) maintained its top position, with a revenue growth rate of approximately 0.6% [9] - Lemon Microfun's games continued to perform well, with a revenue increase exceeding 34.5% due to a Halloween-themed event [10] - Youxing Network's new RPG "Star Tower Traveler" generated over $7.12 million in revenue within two weeks of its overseas launch, with a significant portion coming from Japan [10] - Heartbeat Network (HK: 02400) saw a revenue increase of over 89.5% driven by new game launches and seasonal events [11] - BeheFun's social gaming app "Top Tycoon: Coin Theme Empire" achieved a revenue growth of 29.8%, setting new revenue records [12]

Core Viewpoint - ASUS Computer (Chongqing) Co., Ltd. issued an apology to Tencent Game Security ACE for a misleading video that raised concerns about software safety and computer performance among players [1][4] Group 1: Apology and Response - ASUS has removed the controversial video and is conducting an internal investigation and process review [2] - The company acknowledged that the incident stemmed from management oversights regarding the supplier team and a lack of strict content review processes [4] - Tencent Game Security expressed gratitude for ASUS's sincerity and looks forward to future collaboration to promote a healthy gaming industry and public opinion environment [4] Group 2: Product Background - Tencent Game Security ACE is a self-developed game security product focusing on comprehensive safety protection throughout the game lifecycle, serving hundreds of games and over 700 million players [6] - ACE evolved from Tencent's early anti-cheat systems and was officially launched in November 2021, transitioning into a comprehensive security solution covering anti-cheat, content security, and economic safety [6] - The controversial video claimed that the ACE anti-cheat system excessively scans the hard drive, leading to memory usage issues and performance drops in games [6] Group 3: Ongoing Issues - Despite the removal of the original video by ASUS, copies have been circulated on Bilibili, and various user-uploaded tutorials on disabling ACE continue to appear [7] - As of the report, Tencent Game Security has not provided further responses regarding the issues mentioned in the video [7]

Market Overview - The A-share market saw all three major indices rise last Friday, with the Shanghai Composite Index up by 0.71%, the Shenzhen Component Index up by 2.02%, and the ChiNext Index up by 3.57%. The total trading volume in the Shanghai and Shenzhen markets reached 19,740.21 billion [1][7] - In terms of industry performance, the telecommunications, electronics, and defense sectors led the gains, while the oil, coal, and food and beverage sectors lagged behind. Concept sectors such as storage chips and state-owned enterprise reforms saw significant increases, while coal and rental rights concepts experienced declines [1][7] - The Hong Kong market also saw the Hang Seng Index rise by 0.74%, while the Hang Seng Technology Index remained unchanged. In overseas markets, all three major US indices rose, with the Dow Jones up by 1.01%, the S&P 500 up by 0.79%, and the Nasdaq up by 1.15% [1][7] Important News - Recent US-China trade talks took place in Kuala Lumpur, focusing on key economic issues such as maritime logistics, tariff extensions, and agricultural trade. Both sides reached a basic consensus on addressing mutual concerns and agreed to further define specific details [2][8] - The Ministry of Science and Technology emphasized the importance of strengthening strategic planning and innovation to seize opportunities in the new technological revolution and industrial transformation [2][8] Industry Insights - The recent Fourth Plenary Session of the 20th Central Committee outlined a blueprint for future economic development, emphasizing high-quality growth and structural reforms during the 14th Five-Year Plan period. The focus will be on developing new productive forces to drive economic transformation [9][10] - The session highlighted the need to build a modern industrial system, with advanced manufacturing as a backbone, and to accelerate the transition of traditional industries towards high-end, intelligent, and green development [10][11] - There is a strong emphasis on enhancing domestic demand and consumption to strengthen the domestic economic cycle, with plans to cultivate a complete domestic demand system [12] - The session also called for market-oriented reforms to improve resource allocation efficiency and expand high-level openness, aiming to break down barriers to the construction of a unified national market [12] Gaming Industry Update - In October, a total of 166 game licenses were approved, including 159 domestic games and 7 imported games. This high volume of approvals indicates a continued recovery in the gaming industry [13][14] - Notable games such as "Arknights" by Eagle Horn Network have been approved, which is expected to strengthen its position in the market. The game has seen significant success since its launch, with high download rates and positive reviews [14][15] - The overall trend in game license approvals suggests a normalization in the regulatory environment, which is expected to benefit leading companies with diverse product offerings and strong R&D capabilities [15]

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market over the next six months [4][7]. Core Insights - The approval volume of game licenses in October remains high, with a total of 159 domestic games and 7 imported games approved, contributing to a total of 1,354 domestic games approved year-to-date [2]. - The launch of the client version of "Arknights" by Eagle Dynamics is expected to strengthen its leading position in the two-dimensional tower defense genre, having generated nearly 600 million yuan in revenue in its first month and achieving a download count of 30.92 million [2]. - The overall supply side continues to release, with a normalization trend in license issuance, indicating a sustained recovery in the industry [3]. Summary by Sections Game License Approval - In October, 159 domestic games and 7 imported games received approval, maintaining a high issuance volume [2]. - Year-to-date, 1,354 domestic games and 87 imported games have been approved [2]. Market Performance - The client version of "Arknights" has achieved significant market success, ranking in the top 15 of the iOS bestsellers shortly after launch and maintaining a high rating on platforms like TapTap and App Store [2]. - The game is noted for its unique art style and rich narrative, contributing to its popularity and extensive fan engagement [2]. Investment Recommendations - The report suggests focusing on leading companies with product reserves, R&D capabilities, and diverse thematic layouts, as the industry continues to recover and expand [3].

Group 1: Market Overview - The overall market showed a slight recovery with major indices closing up, including the Shanghai Composite Index rising by 0.22% to 3922.41 points and the CSI 300 Index increasing by 0.30% to 4606.34 points [7][10] - The performance varied across different market segments, with large-cap stocks leading while small-cap stocks lagged behind [8][10] - The trading volume in the market was approximately 16607.09 billion, reflecting a decrease of 295.48 billion compared to the previous trading day [7] Group 2: Industry Dynamics - In October 2025, the National Press and Publication Administration approved 159 domestic video game licenses, marking a year-on-year increase of 46 licenses [24][25] - The National Energy Administration reported that the total electricity consumption in September 2025 reached 8886 billion kWh, a year-on-year growth of 4.5% [26][27] - The production of industrial feed in September 2025 was 30.36 million tons, showing a year-on-year increase of 5.0% [28][29] Group 3: Company Updates - Juhua Co., Ltd. reported a total revenue of 20.394 billion with a year-on-year growth of 13.89% for the first three quarters of 2025, and a net profit of 3.248 billion, up 160.22% year-on-year [30][31] - Lihua Technology's revenue for the first three quarters of 2025 was 558 million, with a net profit growth of 2.18% year-on-year [32][33] - Hunan's electric vehicle exports reached 8.62 billion in the first three quarters of 2025, a significant increase of 85.9% year-on-year [34][35]

Core Viewpoint - The article highlights the significant growth and global success of Chinese mobile game developers, particularly focusing on companies like Lemon Microfun and their strategies for international expansion, showcasing the industry's evolution and potential for future opportunities [2][5]. Group 1: Industry Growth and Trends - In the latest revenue rankings by Sensor Tower, Lemon Microfun ranks just behind major players like Tencent and NetEase, surpassing MiHoYo, indicating a strong position in the market [2]. - The actual sales revenue of Chinese self-developed games in overseas markets reached $18.557 billion in 2024, marking a 13.39% year-on-year growth, significantly up from $3.076 billion in 2014, illustrating over sixfold growth in a decade [2]. - In the global mobile game revenue rankings, 32 out of the top 100 companies are Chinese, reflecting the increasing influence of Chinese developers in the global gaming landscape [2][4]. Group 2: Successful Game Examples - The game "Delta Action," developed by TiMi Studio Group, quickly topped the Google Play free game charts in 125 countries, demonstrating the potential for Chinese games to resonate globally [7]. - "Genshin Impact" has generated over $9 billion in revenue globally, with nearly 70% of its income coming from overseas markets, showcasing a successful case of Chinese games achieving international acclaim [32]. Group 3: Market Dynamics and Strategies - The 4XSLG game genre has become a high-value segment for Chinese developers, contributing 86% of the global in-app purchase revenue in this category, with 19 out of the top 20 games being from Chinese companies [12][13]. - The article emphasizes the importance of content platforms like YouTube for game promotion, where 90% of gamers use the platform, and the cost-effectiveness of advertising on these channels compared to traditional methods [28][30]. Group 4: Challenges and Opportunities - Despite the successes, challenges remain for developers, including rising user acquisition costs, which have increased by over 80% for top-ranking games in the first half of the year [33]. - The article suggests that finding reliable strategic partners, such as Google for Games, can enhance operational strategies and improve return on investment for game developers [35][37].

Core Viewpoint - The article highlights the approval of 166 games in October 2025, maintaining a high level of game approvals, which is significant for the gaming industry in China [2][5]. Game Approval Summary - In October 2025, a total of 159 domestic games and 7 imported games received approval, totaling 166 games [2]. - Among the 159 domestic games, 73 are categorized as mobile-casual games, and 70 are categorized as mobile games, with the rest falling into various categories [2]. Company Performance and Market Trends - Several listed companies have products that received approval, including 37 Interactive Entertainment's "Survival for 33 Days," Kying Network's "Blue Moon Hero," and Glacier Network's "I Want to Be the Ancestor" [5]. - The total number of games approved in 2025 has reached 1,440, with 1,354 being domestic and 86 imported [5]. - The A-share gaming sector has seen significant growth, with the Shenwan secondary gaming index rising approximately 66% year-to-date, ranking eighth among all Shenwan secondary industries [5]. Stock Performance - Multiple gaming stocks have doubled in price this year, with ST Huatuo up 271.6%, Giant Network up 219.47%, and G-bits up 119.05% [7]. - Other companies like Glacier Network, ST Kevin, Kying Network, and Star Shine Entertainment have also seen increases exceeding 70% [7]. Earnings Forecasts - G-bits expects a net profit of 1.032 billion to 1.223 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 57% to 86% [7]. - Glacier Network anticipates a net profit of 435 million to 565 million yuan, indicating a turnaround from losses in the previous year [7].

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].

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].