2025 年中国手游市场规模达 670 多亿元，同比增长超过 3%；端游市 场增长接近 30%，显示出游戏市场整体的增长态势。 中国游戏用户规模在过去三年持续增长，2023 至 2025 年的增速分别 为 0.61%、0.94%和 1.35%，主要得益于手游品质提升和创新玩法。 中国游戏玩家的 ARPU 值从 2024 年的 480 多元提升至 510 多元，同 比增速超过 6%，表明玩家付费意愿增强。 中国自研手游出海增速在 2024 年和 2025 年分别为 11.1%和 13.2%，世纪华通等公司表现突出，反映了中国游戏在国际市场的竞争 力。 主机游戏市场在 2025 年增速达到 86%，延续高增长态势；《三角龙行 动》等双端爆款带动端游市场增长 15%。 小程序游戏市场在 2025 年增速超过 30%，显示出强劲的增长潜力，为 游戏市场带来新的增长点。 上海市即将推出"沪 10 条"支持电竞产业发展，包括重视 IP 生态、电 竞产业和出海拓展，并提供资金支持，预示着电竞产业将迎来新的发展 机遇。 Q&A 2025 年国内游戏市场的整体情况如何？ 国内游戏市场延续景气，继续提示新游周期下的板块投资 机会 ...

Summary of Tencent's Game Industry and AI Developments Industry and Company Overview - The document discusses Tencent's gaming business and its recent success with the game "Delta Action" [1][4] - The gaming industry is experiencing significant changes, particularly with the integration of AI technologies [7] Key Points and Arguments - **Success of "Delta Action"**: - The game generated over 1 billion in revenue across all platforms in June and is expected to exceed 2 billion in July, with an annualized revenue close to 30 billion [1][3] - This success alleviated market concerns regarding Tencent's short-term revenue decline and corrected expectations for the company's fourth-quarter financial pressure [1][4] - The game is projected to contribute over 10 billion in profit to Tencent's overall profit growth [1][4] - **Market Dynamics**: - The success of "Delta Action" is attributed to favorable market timing, strong IP recognition, and improved product quality [1][5] - The game has attracted a broader user base without negatively impacting existing battle royale games [1][5] - Daily active users (DAU) for both PC and mobile versions have surpassed 20 million, indicating long-term operational potential [1][6] - **AI Technology Expectations**: - There is growing anticipation for AI technologies to enhance the commercialization of super apps, with companies like Duolingo and Spotify leading the charge [7] - Domestic platforms such as Douyin and Taobao are testing AI applications, suggesting a potential reevaluation of Tencent's revenue expectations [1][7] - **Investment Outlook**: - Tencent is currently viewed as a favorable investment opportunity, with a medium to low valuation and unadjusted earnings per share (EPS) projections for the next two years [2][8] - The expected growth rate for Tencent is projected to accelerate to around 18%, with potential valuation increases to 14-20 times earnings [2][8][9] Additional Important Insights - **Impact on Existing Products**: - The success of "Delta Action" has positively influenced market perceptions of Tencent's gaming business, correcting previous revenue decline expectations [4][5] - The game is expected to support sustained growth in the coming quarters, enhancing overall profit growth from approximately 10% to 18-20% [4][5] - **Long-term Viability**: - "Delta Action" is likely to become a long-term product, with ongoing updates and monetization strategies expected to further increase its user base and revenue [6] - **Market Trends**: - The document highlights the importance of monitoring AI developments and their implications for Tencent and the broader market, indicating a critical juncture for investment strategies [7]