来源：市场资讯 （来源：胜马财经） 股王强势回归 作者 | 胜马财经 许可 编辑 | 欧阳文 资本开支激增119%的背后，是腾讯对AI技术"不计短期回报"的长期投入，如今这份坚持正转化为实实 在在的增长动能。 近日，腾讯控股交出令市场瞩目的中期答卷，财报显示，上半年总营收达3645.26亿元，同比增长 14%；归母净利润1034.49亿元，同比增长16%；其中第二季度营收1845亿元，同比增长15%，经营利润 692.5亿元，同比增长18%。 这份成绩单在资本市场引发强烈反响，财报发布当日，腾讯股价收报586港元，单日上涨4.74%，创下 2021年以来收盘新高，公司总市值升至5.364万亿港元。 三大业务板块协同发力 腾讯三大核心业务在2025年上半年均呈现稳健增长态势。二季度，增值服务业务实现收入914亿元，同 比增长16%，成为营收主力；营销服务业务收入358亿元，同比增长20%，创历史新高；金融科技及企 业服务业务收入555亿元，同比增长10%，企业服务增速明显加快。 盈利能力显著提升，二季度腾讯控股毛利率达57%，同比上升4个百分点；按非国际财务报告准则计算 的经营利润率更升至38%；充裕的现金流为 ...

Core Insights - Tencent's Q2 2025 earnings report highlighted the unexpected success of the game "Delta Action," which has rapidly climbed to the top of the industry in terms of daily active users (DAU) and revenue [1][4][10] Game Performance - "Delta Action" launched in September last year and has shown significant growth, entering the top five in industry DAU and top three in revenue [1][4] - The game achieved over 10 billion yuan in revenue in Q4 last year and currently boasts over 20 million daily active users, marking a 66% quarter-on-quarter increase [4][10] - It has become a rare dual-platform evergreen product, performing exceptionally well on both PC and mobile [4][10] Strategic Importance - Tencent's management has consistently highlighted "Delta Action" as a key contributor in every earnings report since Q3 last year, positioning it alongside major titles like "Honor of Kings" and "Peace Elite" [2][5] - The game aligns with Tencent's strategy for long-term service-oriented games (GAAS), marking it as the most successful self-developed evergreen product since "Peace Elite" in 2019 [5][20] Market Dynamics - "Delta Action" has reached a peak of nearly 200,000 concurrent users on the Steam platform and ranks among the top three in net bar popularity [6] - On mobile, it competes closely with "Peace Elite," ranking in the top three of both the App Store free and revenue charts [8] - The game has the highest average daily active accounts among new releases in the past three years [9] Revenue Structure - The strong performance of "Delta Action" has shifted Tencent's revenue structure towards self-developed products, directly enhancing the gross margin of Tencent's value-added services, which saw a year-on-year increase of 23% [10] Competitive Landscape - Tencent's management has addressed concerns regarding potential cannibalization among its flagship games, emphasizing that the shooting game genre in China remains underexploited compared to Western markets [15] - The company believes that the introduction of new gameplay modes can expand the user base rather than merely competing for existing users [15] - "Delta Action" and "Peace Elite" currently have low overlap in user demographics, reducing immediate competition [15][18] Future Considerations - Tencent aims for "Delta Action" to complement "Peace Elite," potentially attracting players interested in extraction gameplay [18] - The company holds the IP for "Delta Action," allowing for greater revenue control and operational flexibility compared to "Peace Elite," which is based on an IP controlled by a third party [20] - The competition between Tencent's internal studios could lead to significant shifts in its game development strategy, especially if "Delta Action" continues to outperform "Peace Elite" [20]

【深圳商报讯】（记者陈姝）深圳市体育中心体育馆翻新后迎来首个大型职业电竞赛事。8月9日，2025 《穿越火线》IP嘉年华暨双端夏季总决赛在此拉开战幕，白鲨.斗鱼与成都AG第六次会师CFPL S26总决 赛。最终，白鲨.斗鱼战队以3：0击败老对手，成功夺得CFPL S26赛季总冠军。 本赛季白鲨.斗鱼.战队横扫多支劲旅，以13胜5负的战绩锁定常规赛冠军，季后赛首轮轻松击败上届冠军 KZ.斗鱼战队，胜者组决赛中击败宿敌成都AG，以近乎碾压的姿态晋级总决赛。决赛舞台上，面对决 战场上多次击败自己的宿敌，白鲨.斗鱼战队秉持着锲而不舍的队伍韧性，拿出最佳状态迎战强敌。 本届赛事舞台上还迎来了一个特别的环节——2025EWC电竞世界杯分组抽签暨中国赛区出征仪式。本 次代表中国赛区出征EWC的队伍，除了凭借ACL冠军直通的白鲨.斗鱼外，还有位居积分榜前四成功晋 级的成都AG、EP.快手、KZ.斗鱼、Q9战队。 总决赛在深圳掀起电竞热潮。在万象天地"CF学院"主题展，主办方带来了高科技产品互动+主题COSER 互动+福利抽奖，玩家在科技武器模拟区体验狙击震动感的同时，还能够与"幽灵""灵狐"等数十名 COSER角色合影留念。 ...

Market Development - The Chinese esports market is projected to reach approximately 179 billion yuan in 2024, reflecting a year-on-year growth of 5.5%, indicating a robust development trend [1][3][4] - The user base for esports in China is estimated to be around 511 million in 2024, with a slight year-on-year increase of 0.6%, showing a stable user growth [1][6] Industry Dynamics - The current core dynamics of the Chinese esports industry include accelerated internationalization, establishment of standardized systems, diversification of ecosystems, and widespread public participation, all contributing to the market's growth and prosperity [1] - The esports industry is experiencing a shift towards globalization, emphasizing long-term value, diversified business models, and aging-friendly adaptations, which are expected to drive new breakthroughs in the industry [1][38][41] User Characteristics - Esports users are gradually expanding from a younger demographic to a broader age range, with 68.5% of users aged 30 and below, while those aged 30 and above have increased to 31.5% [1][26] - A significant majority of esports users, 79.4%, believe that esports are important to their lives, and 90.5% hold a positive and optimistic view of the industry's future [1][33] Internationalization - China's esports industry has made significant strides in internationalization, becoming a major venue for international esports events and enhancing the global recognition of Chinese esports IPs [1][16] - Major international events like the Esports Olympics and Esports World Cup are pivotal for establishing a cross-national esports ecosystem, laying a solid foundation for the global development of the industry [1][16] Standardization - The esports industry is in a critical phase of sportsification, with the establishment of industry and talent standards becoming a core driver of development [1][19] - National policies and local practices are working together to create stability and replicability in the industry, while dual-track vocational training and education are addressing the talent gap [1][19] Diversification - The diversification of esports content, ecosystem, and collaboration areas is unlocking further growth potential, transitioning from a gaming industry to a broader entertainment industry [1][22] - This diversification enriches the content and forms of esports, injecting innovation and market vitality into the industry [1][22] Popularization - The popularization of esports is breaking traditional user limitations, expanding participation from professional stages to broader public life scenarios [1][24] - This process not only promotes the development of esports culture but also aids in the dissemination of social goodwill and positive energy [1][24] Future Trends - The esports industry is expected to continue its growth trajectory, with projections indicating that the overall market size may exceed 200 billion yuan by 2027 [3][4] - The emergence of a "silver-haired esports" market is anticipated as the aging population increasingly engages with esports, highlighting the need for an age-friendly esports ecosystem [1][48]

Market Development - The Chinese esports market is projected to reach approximately 179 billion yuan in 2024, reflecting a year-on-year growth of 5.5%, indicating a robust development trend [1][3][4] - The user base for esports in China is expected to stabilize around 511 million people in 2024, with a modest year-on-year growth of 0.6% [1][6] Industry Dynamics - The current core dynamics of the Chinese esports industry include accelerated internationalization, establishment of standardized systems, diversification of ecosystems, and widespread public participation, all contributing to the market's growth and prosperity [1] - The internationalization of the esports industry has progressed significantly, with China becoming a major venue for international esports events and increasing recognition of Chinese esports IP abroad [16] User Characteristics - Esports users are gradually expanding from a younger demographic to a broader age range, with 68.5% of users aged 30 or below and 31.5% aged above 30 [26] - A significant majority of esports users (79.4%) believe that esports are important to their lives, and 90.5% hold a positive outlook on the future development of the industry [33] Development Trends - Future trends in the Chinese esports industry include globalization, a focus on long-term value, diversification of business models, and adaptation for older demographics, which are expected to drive new breakthroughs in the industry [1][38][41] - The esports industry is moving towards sustainable development and long-termism, balancing commercial gains with social value and cultural recognition [41] Diversification - The diversification of the esports industry is enhancing its growth potential through content innovation, ecosystem expansion, and cross-industry collaborations, transitioning from a gaming industry to a broader entertainment sector [22] - The emergence of a "silver-haired esports" market is noted, with an increasing number of older users engaging in esports, highlighting the need for an age-friendly esports ecosystem [48]

Core Viewpoint - Tencent's shooting game "Delta Action," launched in 2025, has rapidly gained popularity, contributing significantly to the growth of domestic game revenue by 24% alongside other major titles like "Honor of Kings" and "Peacekeeper Elite" [4][10]. Group 1: Game Performance and Market Position - "Delta Action" has surpassed long-standing games like "CrossFire" and "Dungeon & Fighter" in popularity, closely competing with "League of Legends" and "Valorant" [5][9]. - The game achieved the highest average daily active user scale among new games in the domestic gaming industry over the past three years [9]. Group 2: Tencent's Strategic Shift - Tencent's success with "Delta Action" reflects a long-term commitment to the shooting game (STG) genre, marking a strategic shift in its gaming approach [10][12]. - The development of "Delta Action" is seen as a culmination of Tencent's efforts in the STG category, which began with the success of "CrossFire" and continued through various self-developed titles [12][14]. Group 3: Innovation in Game Design - "Delta Action" distinguishes itself by simplifying complex mechanics found in other games, making it more accessible for mobile users while maintaining engaging gameplay [39][47]. - The game is notable for being Tencent's first project developed simultaneously for both PC and mobile platforms, showcasing innovation in gameplay design [39][47]. Group 4: Market Trends and Future Implications - The success of "Delta Action" has prompted other companies like NetEase and miHoYo to explore similar "search and escape" gameplay models, indicating a potential new trend in the gaming industry [43][44]. - Tencent's strategic pivot away from merely replicating successful game models to creating unique gameplay experiences is seen as a necessary evolution in response to changing market dynamics [42][46].

Core Viewpoint - The article emphasizes the importance of game operation in the current era of stagnant growth in the gaming industry, highlighting that effective player management and engagement are crucial for retaining users and extending the lifecycle of games [8][16][54]. Group 1: Game Operation Challenges - The gaming industry is transitioning into a phase where retaining existing users is more critical than acquiring new ones, as evidenced by a mere 0.94% growth in China's gaming user base in 2024 [15][16]. - The operational strategies of game companies must adapt to the new reality of stagnant user growth, necessitating a focus on player retention and satisfaction [16][54]. - A significant operational incident in the game "绝地潜兵2" illustrates how poor management can lead to player dissatisfaction, despite initial successes [5][7]. Group 2: Player Engagement Strategies - Effective player operation involves understanding user behavior and proactively addressing potential churn risks, with companies employing data-driven strategies to monitor player engagement [27][30]. - Companies are increasingly using personalized communication and incentives to keep players engaged, such as sending tailored messages or rewards to those showing signs of disengagement [28][30]. - The concept of "超预期服务" (exceeding expectations) is highlighted, where companies go beyond standard service to create emotional connections with players, thereby enhancing loyalty [42][45]. Group 3: Historical Context and Evolution - The evolution of game operation practices over the past two decades reflects a shift from basic customer service to sophisticated user lifecycle management, driven by technological advancements and market competition [46][50]. - The rising costs of acquiring new players have made it imperative for companies to invest in retaining existing users, as the cost of acquiring a light user has increased to 35-40 yuan by 2024 [53][54]. - Historical insights reveal that early game companies did not prioritize extensive user engagement, but the current landscape demands a more nuanced approach to player relationships [56][58].

Core Viewpoint - The article emphasizes the importance of game operation in the current market, highlighting that success or failure often hinges on effective player engagement and retention strategies in a saturated gaming environment [6][18][56]. Group 1: Game Operation and Player Engagement - The recent incident in "Battlefield 2" illustrates how crucial game operation is, as player dissatisfaction arose from perceived operational flaws despite the game's initial success [3][5]. - Tencent's strategic officer noted that stagnation in a game often points to issues within the operational team rather than the game itself, stressing the need for the right personnel to manage player engagement [15]. - The gaming industry is transitioning from a phase of rapid growth to one focused on retaining existing players, making player operation more critical than ever [17][18][19]. Group 2: Challenges in Player Retention - In 2024, China's gaming user growth was only 0.94%, indicating a shift towards a more competitive landscape where retaining existing players is paramount [17]. - Companies are now tasked with keeping older games engaging for long-term players, which presents unprecedented challenges for player operation roles [19][30]. - Effective player operation involves monitoring user behavior and intervening before players decide to leave, utilizing data-driven strategies to enhance user experience [28][30]. Group 3: Evolution of Game Operation - The evolution of player operation has been significant, moving from basic customer service to a comprehensive lifecycle management approach that addresses user needs at every stage [49][52]. - The cost of acquiring new players has increased dramatically, necessitating a focus on retaining existing users to justify the investment made in acquiring them [55][56]. - Companies are learning from successful long-standing games, implementing strategies to extend their lifecycle and maintain player interest [57][58]. Group 4: The Role of Player Operation Teams - Player operation teams are now expected to provide "exceeding expectations" services, creating emotional connections with players to enhance retention [43][48]. - Successful player operation involves not just addressing complaints but also proactively engaging with players through personalized interactions and community-building activities [43][44][67]. - The emotional aspect of player operation is highlighted, as operators often form bonds with players, which can lead to increased loyalty and reduced churn [66][72].

Core Viewpoint - The article emphasizes the critical importance of game operation in the current market, highlighting that success or failure often hinges on effective player engagement and retention strategies [5][7][9]. Group 1: Game Operation Importance - Game operation has become increasingly vital as the gaming industry transitions into a phase of stagnant user growth, with only a 0.94% increase in China's gaming user base in 2024 [8]. - The era of coarse growth in the gaming industry has ended, necessitating a focus on retaining existing users rather than acquiring new ones [9]. - Effective game operation can lead to significant player retention, as evidenced by the resurgence of player numbers in games like "绝地潜兵2" through strategic operational efforts [4][5]. Group 2: Player Engagement Strategies - Companies are now employing detailed player operation strategies, including personalized communication and proactive engagement to prevent player churn [14][15]. - The use of data analytics allows companies to identify at-risk players and intervene before they decide to leave, with some companies reporting a 70% chance of player loss if no action is taken [15][29]. - The concept of "全用户全生命周期服务" (full user lifecycle service) is being adopted, indicating that engagement starts from the moment a player shows interest in a game [15][28]. Group 3: Challenges in Player Operation - The operational teams face immense pressure to manage player expectations and emotions, often acting as a buffer between the players and the game developers [19][20]. - High turnover rates and the emotional toll of dealing with frustrated players are common challenges faced by game operation staff [20][21]. - Companies are implementing measures to support the mental health of their operational teams, recognizing the need for emotional resilience in high-stress environments [21][23]. Group 4: Historical Context and Evolution - The evolution of game operation practices has been significant over the past two decades, transitioning from basic customer service to sophisticated user engagement strategies [27][29]. - The gaming industry has shifted from a focus on acquiring new players to extending the lifecycle of existing games, driven by increased competition and rising user acquisition costs [29][30]. - Historical practices in player engagement, such as community events and personalized interactions, are being revisited and enhanced with modern technology [30][31].

Group 1 - Ubisoft's free multiplayer shooter game "Hyperscape" has officially ceased operations, with all game servers and official websites shut down, and player account data will be cleared [1] - The game was launched in May 2024 and initially performed well, but due to a lack of sustained interest, it was announced to stop operations in December of the same year [1] - This event highlights the importance of product lifecycle management in the gaming sector, indicating that continuous investment in development and operations is crucial due to intense industry competition [1] Group 2 - Tencent's "CrossFire" has made significant progress in addressing game violations, achieving a 99% removal rate of reported violations on certain platforms [2] - In the past six months, Tencent has successfully handled 30,204 reports, with a 30% increase in reported violations processed in April compared to November of the previous year [2] - The dismantling of a criminal gang selling "magic box" cheats, resulting in the arrest of 15 suspects and an involved amount of 7 million yuan, demonstrates Tencent's commitment to maintaining a healthy gaming ecosystem [2] Group 3 - The "Counter-Strike" (CS2) Major tournament is being held in Austin, Texas, marking the return of Major events to North America after several years [3] - Two Chinese teams, TYLOO and LVG, have secured their spots in the first phase of the tournament [3] - The hosting of the CS2 Austin Major presents an opportunity for companies to enhance brand exposure and commercial value, while also promoting the development of the entire gaming industry chain, including game development, streaming platforms, and esports equipment [3]