2025.12. 25 具体来看这次的版号，12月共发放了147个，其中国产游戏版号发放了144个，进口游戏版号3个， 腾讯、三七互娱、4399、恺英网络等公司都有版号在列。其中值得关注的产品包括腾讯的《QQ 经 典农场》手游、三七互娱《荒漠沙舟》、上海乐元素《白银之城》、进口游戏《波斯王子：失落的王 冠》等。 从月度分布看，2025年版号发放整体稳定，每月均超过100个，其中11月以184个达到全年高峰， 8月以173个紧随其后，这是近些年较为稳定、厂商收获颇丰的一年。 2025年国产游戏版号总计达到了1676款，进口游戏版号为95款，加起来今年共发放了1771款，相 较于2024年的1416个增长超过20%。 回看近八年，游戏行业的版号发放呈现触底反弹的趋势，2018年版号数量超过2000个，随后逐年下 滑，到2022年最低为512个，2023至2024年开始反弹，2025年更是接近爆发，超过了2019年的 1570个，创下近七年新高。 本文字数：1377，阅读时长大约2.5分钟 作者 | 第一财经 刘晓洁 12月25日，随着国家新闻出版署公布12月份网络游戏版号，2025年全年版号发放正式收官。今年 版 ...

游戏产业分析师张书乐对第一财经记者表示，今年的版号爆发并非简单放量，而是在游戏精品化成为行业共识后，精品游戏爆发带动版号数量提升。 "在版号放量、游戏质量提升、游戏出海路径不断拓宽，以及各地密集出台游戏电竞激励政策的大背景下，中国游戏产业正在开启新一轮的黄金十年。"张书 乐判断。 版号数量的稳步提升，为游戏公司新产品上线提供了更明确的预期。 12月25日，随着国家新闻出版署公布12月份网络游戏版号，2025年全年版号发放正式收官。今年版号总数定格于1771个，创下自2019年以来近七年的新高， 较2024年增长超过20%，游戏行业持续回暖。 回看近八年，游戏行业的版号发放呈现触底反弹的趋势，2018年版号数量超过2000个，随后逐年下滑，到2022年最低为512个，2023至2024年开始反弹， 2025年更是接近爆发，超过了2019年的1570个，创下近七年新高。 版号数量的稳步提升，为游戏公司新产品上线提供了更明确的预期。张书乐认为，今年游戏版号发放，放量不降质，同时在品类上更注重多元化，让游戏产 业在垂直细分市场中寻找到了新增量、增速有效保持。 市场数据同样印证行业回暖态势。根据《2025年中国游戏产业 ...

Core Insights - The 二次元 (2D) gaming industry is experiencing a significant downturn, with a noticeable gap emerging in 2025 as the market matures and competition intensifies [1][4][36] - Despite the overall growth of the gaming industry, the 二次元 mobile market saw a decline in actual sales revenue by 8% year-on-year in the first half of 2025 [4] - The success of past titles like 《阴阳师》 and 《原神》 has led to an influx of developers, but many new projects struggle to sustain operations, with a third of 二次元 games ceasing operations last year [3][4] Market Trends - The 二次元 gaming market is characterized by a lack of new standout products, with players primarily discussing established titles that have maintained long-term operations [6][36] - The emotional connection between players and characters is crucial, as seen in marketing strategies that emphasize character-driven experiences [9][12] - The rise of related cultural events, such as conventions, indicates a growing interest in the 二次元 culture, which supports the gaming market [12][14] Challenges and Opportunities - The market is becoming increasingly difficult for new entrants, as players are less willing to pay for games that do not meet high creative and quality standards [36][38] - Successful products often require a strong creative vision and a commitment to quality, as exemplified by titles like 《明日方舟：终末地》 and 《Varsapura》 [25][30] - Developers must innovate in gameplay and aesthetics to stand out in a saturated market, as traditional models of success are no longer effective [36][39] Future Outlook - The 二次元 gaming sector is expected to remain a focal point in 2026, with anticipation surrounding new products that could potentially revitalize the market [45][47] - The industry's idealistic nature continues to drive developers to pursue high-quality, emotionally resonant games, despite the challenges [20][45]

Core Viewpoint - The Chinese "ACG (Anime, Comic, Game)" gaming sector is experiencing a resurgence after a period of stagnation, with several major titles receiving approval or launching, marking a new industry peak similar to previous waves in 2015 and 2020 [1][2][5] Industry Trends - The current wave of ACG games is characterized by domestic developers no longer blindly following trends but instead focusing on developing their own intellectual properties (IPs) and integrating ACG elements with familiar game types, exploring niche markets [1][11] - The market is seeing a significant influx of new and established players, leading to a competitive environment that may result in a reshuffling of market positions [4][11] Game Launches and Performance - Notable game launches include "Victory Goddess: NIKKE," which achieved $1 billion in global revenue by January 2025, and "Pretty Derby," which returned after a 622-day hiatus, generating approximately $203 million in its first 12 days [2][3] - Other successful titles include "杖剑传说," which generated over 200 million yuan in its first month, and "最终幻想14：水晶世界," which began testing in June 2025 [3][4] Market Dynamics - The ACG gaming sector has experienced three major peaks over the past decade, with the current trend being driven by a more mature understanding of the market and player preferences [5][6] - Previous failures in the sector were often due to a lack of depth in storytelling and gameplay, leading to a "winner-takes-all" scenario where only a few titles succeeded [6][10] Cultural Shifts - The rise of "Guochao" (national trend) has allowed domestic developers to resonate more with local audiences, reducing cultural barriers and enhancing emotional connections with players [12][13] - The development of game-related merchandise is gaining traction, reflecting a shift in focus towards creating a broader ecosystem around ACG titles [12][13] Future Outlook - The current trend indicates a diversification of gameplay styles, with developers exploring various genres such as ARPG, shooting, and open-world games, which may lead to new market opportunities [11][12] - There is speculation about the potential for a "GTA-style" ACG game to emerge, with titles like "异环" and "无限大" being closely watched for their market impact [14][15][16]

Core Insights - The recent rankings highlight the strong performance of the ACG (Anime, Comic, and Game) industry, with miHoYo recognized as the company creating the most wealth, followed by its significant valuation in the unicorn list [2][3] Group 1: Financial Performance - MiHoYo has been identified as the company with the highest number of wealth creators, with a valuation of 180 billion yuan, ranking sixth among China's top unicorns [2] - In June, miHoYo's "Genshin Impact" and Paper Games' "Love and Deep Space" topped the iOS sales chart, with estimated weekly revenues of approximately 774.1 million USD and 711.3 million USD respectively [3] - Paper Games' iOS monthly revenue is estimated at 245.1 million USD, showing a 37.15% month-on-month increase, while miHoYo's revenue is estimated at 185.9 million USD, driven by "Honkai: Star Rail" and "Genshin Impact" [3] Group 2: Market Trends - The success of "Genshin Impact" has established a competitive landscape in the open-world gaming sector, transforming it from a blue ocean to a red ocean [4] - Major gaming companies are actively engaging in the ACG market, with new releases and updates driving renewed interest [6] - The user base for the "pan-ACG" market is projected to reach 503 million by 2024, with market size expected to grow from nearly 300 billion yuan in 2019 to 597.7 billion yuan by 2024 [7][8] Group 3: Industry Developments - New titles such as "Silver City" and "Victory Goddess: New Hope" are being launched, with the latter achieving over 100 million downloads on its first day [6] - The "pan-ACG" market is expanding, with significant growth in related sectors such as merchandise and IP licensing, indicating a robust consumer willingness to spend [8] - The collaboration between game IPs and commercial brands has shown promising results, with events like "Ming Chao x Pizza Hut" selling out quickly [8]