从《拳皇》IP改编的卡牌游戏，到主打宇宙种田玩法的新作；从正版《鹅鸭杀》手游，到《王者荣耀》衍生的自走棋产品，这个年末上线的每一款新游， 都背负着厂商冲刺业绩、抢占用户心智的双重目标。 这场年末狂欢的背后，是游戏行业存量竞争日益激烈的大背景。Steam年度报告显示，2025年全球新游数量飙升至1.9万款，但玩家花在新作上的时间仅占 总游戏时长的14%。 玩家越来越挑剔，厂商冲业绩的心情越来越迫切，这场年末对决早就不是单纯的产品比拼，而是对厂商IP运营、玩法创新、营销能力和长线运营功底的综 合考验。谁能在这场厮杀中突围，不仅会决定2025年的业绩排名，更可能影响未来一年的行业竞争格局。 离2025年收官不足两天，距离农历马年春节也不足两个月，游戏行业的"年末冲刺战"已经进入白热化阶段。 为了冲击年度业绩，国内游戏厂商纷纷拿出压箱底的作品。腾讯、网易、B站、灵犀互娱、金山等大厂动作频频，Tech星球独家获悉，字节跳动也悄悄加 入战局，成立全新子公司棱晶互娱，专攻小游戏赛道，旗下的自走棋小游戏《伙伴冲冲冲》已正式上线。 据《游戏日报》统计，光12月就有13款新游计划上线，腾讯、灵犀互娱、金山世游等一众厂商悉数入局， ...

1.卢伟冰：小米汽车出海首站欧洲市场是全球汽车最难的市场 12月3日晚间，小米集团合伙人、总裁，手机部总裁，小米品牌总经理卢伟冰发布视频，谈及汽车出海问 题。卢伟冰表示，第一站欧洲市场是全球汽车最难的市场。我们希望在最难的市场立足之后，再进入其他 的市场。"这次出差我去了德国，感受非常的多。德国在汽车工业方面非常的成熟，还有很多值得我们学习 的地方。试驾之后我也跟当地的同事们开了一个会，进一步会讨论接下来的方向，大家期待的不会太晚。" 点评：小米挑战欧洲高端市场，彰显全球化雄心与自信。 2.博杰股份：与T客户在机器人、汽车业务上有合作 博杰股份12月4日披露的投资者关系活动记录表显示，公司于12月3日接待华金证券、华福证券、招商证 券、华安合鑫、平安基金、国泰海通等机构调研，并就AI服务器出货情况、机器人业务的进展情况等进行 了回应。博杰股份介绍，当前公司的机器人业务主要是与T客户的机器人测试需求进行对接，从imu、 camera、电子皮肤力传感器到麦克风检测等，imu设备小批量发货。另外，公司也在同步研发一些电子皮肤 测试设备，现在还是实验室环节。"除了上述业务，公司与T客户在汽车、Robotaxi都有合作 ...

12月4日，腾讯天美工作室正式宣布旗下新品《王者万象棋》全面启动冬季测试招募。本次测试为大规 模非保密测试，玩家可通过游戏官网及各大主流分发渠道申领测试资格。官方同步披露了核心玩法细 节，引发行业与玩家群体广泛关注。 NO.1魔方《暗区突围：无限》S4赛季定档12月26日 12月4日消息，在腾讯魔方工作室15周年庆直播活动中，制作人Dave正式官宣，旗下硬核战术射击端游 《暗区突围：无限》S4赛季将于12月26日重磅上线。官方明确此次更新为该作上线以来规模最大的版 本迭代，将囊括新地图、创新玩法、全新枪械及高价值稀有物资，为玩家带来全方位升级的战术博弈体 验。 NO.2《王者万象棋》启动冬季测试招募 NO.3《菜鸡梦想家》月底全平台上线 12月4日消息，由天津虞北文化科技有限公司研发的模拟经营游戏《菜鸡梦想家》正式官宣定档，将于 12月27日全平台上线。作为小红书网红IP"小菜鸡"的首款衍生游戏，作品以"治愈陪伴"为核心，构建了 充满萌系风格的菜菜小镇世界观，玩家可在探索菜鸡起源之谜的过程中结交NPC伙伴、自由装扮家园 等。 （文章来源：每日经济新闻） ...

Core Insights - Tencent's Q3 2025 performance shows strong growth in both revenue and profit, driven by overseas gaming and marketing services [1] - The company continues to leverage AI technology to enhance advertising and e-commerce operations, improving efficiency and creating new opportunities [2] - The gaming segment exhibits robust performance from both new and existing titles, with a rich pipeline for future growth [3] Financial Performance - In Q3 2025, Tencent achieved revenue of 192.9 billion yuan (up 15% year-on-year, up 5% quarter-on-quarter) and net profit attributable to shareholders of 63.1 billion yuan (up 19% year-on-year, up 13% quarter-on-quarter) [1] - Non-IFRS net profit was 70.6 billion yuan (up 18% year-on-year, up 12% quarter-on-quarter) [1] - The gross margin increased by 3 percentage points year-on-year to 56%, driven by high-margin self-developed games and services [1] Business Segments - Value-added services revenue reached 95.9 billion yuan (up 16% year-on-year), with domestic gaming revenue at 42.8 billion yuan (up 15% year-on-year) and overseas gaming revenue at 20.8 billion yuan (up 43% year-on-year) [1] - Marketing services revenue was 36.2 billion yuan (up 21% year-on-year), benefiting from increased user engagement and AI-driven improvements in advertising efficiency [1] - Financial technology services revenue was 58.2 billion yuan (up 10% year-on-year), driven by growth in commercial payments and AI-related services [1] AI Technology Development - The company is continuously upgrading its AI models, with its latest image generation model ranking first globally as of November 12 [2] - New advertising products enhance marketing ROI and support small and medium-sized advertisers [2] - AI integration in e-commerce is boosting transaction volumes on platforms like WeChat [2] Gaming Performance - New games like "Delta Force" and "Valorant" are performing well, with "Valorant" achieving over 50 million monthly active users in China [3] - Established titles like "Honor of Kings" continue to show strong user engagement, with daily active users surpassing 139 million [3] - Upcoming game launches, including "Honor of Kings World" and "Honor of Kings Chess," are expected to drive further business growth [3]

Core Insights - Tencent reported Q3 2025 revenue of 192.87 billion RMB, a 15% increase year-over-year from 167.19 billion RMB in Q3 2024 [1] - Operating profit reached 63.55 billion RMB, up 19% year-over-year, while adjusted net profit was 70.55 billion RMB, an 18% increase [1] - For the first three quarters of 2025, total revenue amounted to 557.40 billion RMB, a 14% increase compared to 487.81 billion RMB in the same period of 2024 [1] Gaming Business Performance - Tencent's gaming revenue for Q3 was 63.60 billion RMB, with domestic market revenue at 42.80 billion RMB (15% growth) and international market revenue at 20.80 billion RMB (43% growth) [1][4] - International gaming revenue accounted for 33% of total gaming revenue, marking the highest growth rate since the segment began disclosing performance separately [4] - The growth in international revenue was driven by Supercell's game performance and contributions from recently acquired game studios, particularly the success of "Dying Light: Stay Human" [4] Key Game Titles and Innovations - Supercell's titles, including "Clash Royale" and "Brawl Stars," achieved record highs in daily active users and revenue, contributing to international growth [4] - "Dying Light: Stay Human," released by Techland, has seen pre-orders exceed 1 million, with estimated total sales surpassing 1.5 million [4][6] - Tencent's long-standing games like "Honor of Kings" and "Peacekeeper Elite" continue to drive growth, with "Peacekeeper Elite" achieving a peak DAU of 37 million [6][10] Future Outlook - Tencent's gaming segment is expected to maintain steady growth, with upcoming titles like "Ultimate Showdown" and "Rock Kingdom: World" set to launch in Q4 [12] - The company is focusing on a diverse gaming ecosystem, leveraging long-term strategic investments in R&D, global expansion, and product innovation [10][12]