以下文章来源于远川研究所 ，作者罗雪妍 远川研究所 . 刻画这个时代 来源丨 远川研究所 （ YuanChuanInstitution ） 作者丨罗雪妍 编辑丨黎铮 图源丨Midjourney 今年4月，天美J3工作室创作的《三角洲行动》在海外上线移动端，并迅速拿下125个国家和地区的 Google Play免费游戏榜首，顺便讲了一则地狱笑话：全球最热门的射击游戏之一，来自一个禁枪国 家。 作为游戏主创的姚远，有自己梦开始的地方。2007年，由美国工作室Infinity Ward出品的《使命召 唤：现代战争》给他带来了日后反复回味的震撼，多年后，他又带着中国的射击游戏走向全球，好似 完成了一场快乐的延续。 出海过程中，当然不乏工作室名声不够、被玩家质疑会跑路的破冰困境 [1] 。不过好在结果已然证 明，游戏有产地，快乐无国界。 在Sensor Tower最新公布的中国手游发行商收入榜单中，紧跟在腾讯、点点互动、网易后面的，是 一家叫柠檬微趣的公司，比米哈游还要高一位。 这家公司早期代表作正是DAU破千万的国民级爆款游戏《宾果消消乐》，如今在海外市场闯出一番天 地，依然是靠以小搏大的策略。公司沿袭消除游戏的精髓 ...

最近一年来，merge-2出海市场还在不断增长。除了柠檬微趣持续推出新品巩固优势之外，更多的挑战者也陆续加入竞争，并同样闯到了赛道头部。 比如点点互动的《Tasty Travels》收入增长持续了一年，Sensor Tower报告显示其7~9月收入分别飙升52%、30%和26%。北京天天玩家的《Merge Cooking》在上线2年之后迎来飙升，其玩法甚至吸引了柠檬微趣跟注做出了《Flambé: Merge and Cook（简称为Flambé）》，同样在merge-2品类中迅速增 长至收入排行榜第7名。 | | A 浪漫餐厅™-Gossip Harbor | > $20,000,000 | | --- | --- | --- | | | icrofun Limited | | | 2 | Travel Town | > $10,000,000 | | | Moon Active | | | 3 | A 会 幻旅行 | > $5,000,000 | | | Microfun Limited | | | | Tasty Travels: Merge Game | > $5,000,000 | | | Centu ...

在Sensor Tower最新公布的中国手游发行商收入榜单中，紧跟在腾讯、点点互动、网易后面的，是一家叫柠檬微趣的公司，比米哈游还要高一位。 这家公司早期代表作正是DAU破千万的国民级爆款游戏《宾果消消乐》，如今在海外市场闯出一番天地，依然是靠以小搏大的策略。公司沿袭消除游戏 的精髓、融入更丰富的剧情，带着《Gossip Harbor》和《Seaside Escape》两款休闲游戏走向全球。 在海外摸索到掘金之道的不只柠檬微趣，最新的全球手游收入榜Top 100中，有32家是中国厂商。 这些年，中国游戏火遍全球的案例不在少数，整个行业的跃升历历在目。2024年，中国自主研发游戏在海外市场的实际销售收入185.57亿美元，同比增长 13.39%，而2014年，这个数字还是30.76亿美元，十年间翻了6倍有余。 Google数据也显示，美国市场收入Top 100的中国手游，在2025 年达到了27款，中国出海游戏的应用内付费收入增长达到 11%，大大超过全球2%的平均水 平。 掘金者满载而归，而这仅仅只是中国游戏出海与游戏行业变革的冰山一角。 快乐无国界 今年4月，天美J3工作室创作的《三角洲行动》在海外上线移动 ...

在Sensor Tower最新公布的中国手游发行商收入榜单中，紧跟在腾讯、点点互动、网易后面的，是 一家叫柠檬微趣的公司，比米哈游还要高一位。 这家公司早期代表作正是DAU破千万的国民级爆款游戏《宾果消消乐》，如今在海外市场闯出一番天 地，依然是靠以小搏大的策略。公司沿袭消除游戏的精髓、融入更丰富的剧情，带着《 Gossip Harbor 》和《 Seaside Escape 》两款休闲游戏走向全球。 在海外摸索到掘金之道的不只柠檬微趣，最新的全球手游收入榜Top 100中，有32家是中国厂商。 这些年，中国游戏火遍全球的案例不在少数，整个行业的跃升历历在目。2024年，中国自主研发游 戏在海外市场的实际销售收入185.57亿美元，同比增长13.39%，而2014年，这个数字还是30.76 亿美元，十年间翻了6倍有余。 Google数据也显示，美国市场收入Top 100的中国手游，在2025 年达到了27款，中国出海游戏的 应用内付费收入增长达到 11%，大大超过全球2%的平均水平。 掘金者满载而归，而这仅仅只是中国游戏出海与游戏行业变革的冰山一角。 快乐无国界 早年任天堂、索尼的成功共同证明了"快乐无国界" ...

Industry Trends - The September mobile game overseas revenue ranking was released, with Point Cloud Interactive's "Whiteout Survival" and "Kingshot" taking the top two spots [2] - Tencent and Ubisoft jointly established a new studio, Vantage Studios, which will be responsible for the development and operation of core IPs such as "Assassin's Creed" [3] - Century Games, a subsidiary of Century Huatong, rose from 7th to 1st place in the global Top 50 mobile game companies ranking [4] Company Developments - The actual controller and chairman of Dianhun Network, Hu Jianping, completed a reduction of 4.8692 million shares, cashing out 101 million yuan, with a total reduction exceeding 200 million yuan in six months [5][6] - Tencent subsidiary Funcom announced a round of layoffs and restructuring as it transitions from game development to long-term operations [7] - NetEase's MMO studio, Fantastic Pixel Castle, led by veteran producer Greg Street, is facing significant operational crises and potential layoffs [10] Compliance and Regulatory Issues - Discord confirmed that approximately 70,000 users' identity information and photos may have been leaked due to a hacker attack on a third-party supplier [11] Mergers and Acquisitions - EA announced it will be acquired in an all-cash transaction by a consortium led by Saudi Arabia's Public Investment Fund, with a total price of approximately 55 billion USD [12] - Microsoft reaffirmed its commitment to the development of the next-generation Xbox console amid rumors of cancellation [13] Esports Highlights - LCK team BFX won the Asian Invitational Championship by defeating DK with a score of 3:2 [14] - The 2026 Esports World Cup announced its main event projects, including popular titles like League of Legends and DOTA2 [15]

Core Insights - In September 2025, 32 Chinese companies made it to the global mobile game publisher revenue TOP 100, collectively earning $1.95 billion, which accounts for 36.1% of the total revenue of the global TOP 100 mobile game publishers [1] Group 1: Tencent's Performance - Tencent's tactical shooting game "Delta Force" launched a new season "Blazing Fire" on September 17, leading to a 76% month-on-month revenue increase [2] - "Delta Force" topped the iOS mobile game sales chart in China and maintained its position for several consecutive days, contributing to Tencent's top position in the Chinese mobile game publisher revenue ranking [2] - Tencent's other major titles, including "Honor of Kings" and "Peacekeeper Elite," also performed exceptionally well [2] Group 2: NetEase's Growth - NetEase secured the third position in the revenue ranking, driven by the strong performance of multiple mobile games [2] - The newly launched "Dream Journey Mobile Light Enjoyment" saw a 46% month-on-month revenue increase due to its lowered gameplay barriers and enhanced social features [2] - The sci-fi shooting game "Destiny: Stars" launched at the end of August experienced a threefold revenue increase in September, ranking second in the revenue growth list for Chinese mobile games going overseas [2] Group 3: Other Notable Publishers - Lemon Microfun maintained its fourth position in the revenue ranking with a 10% month-on-month revenue increase, supported by several successful titles [3] - MiHoYo's games, including "Genshin Impact" and "Honkai: Star Rail," saw a 33% month-on-month revenue increase, elevating the publisher to the fifth position [3] - "Genshin Impact" launched a new version on September 10, resulting in a 94% revenue surge, making it the top mobile game in terms of revenue growth for overseas markets [3] Group 4: Emerging Publishers - Florere Game's revenue increased by 15% month-on-month, ranking sixth in the revenue list, with a notable 250% increase compared to January 2025 [4] - Mu Tong Technology's new game "ACECRAFT" quickly gained popularity, leading to a 10% month-on-month revenue increase and elevating its ranking to 11th [4] - Lingxi Interactive's "Three Kingdoms: Strategic Edition" saw its revenue double in September due to a successful anniversary event, contributing to a 38% overall revenue increase for the publisher [4] Group 5: Additional Publishers - Other Chinese mobile game publishers in the global TOP 100 include ONEMT and Mattel163, totaling 32 companies [5] Group 6: App Store Rankings - Tencent's "Honor of Kings," "Delta Force," "Peacekeeper Elite," and "Gold Shovel" occupied the top four positions in the Chinese App Store mobile game revenue ranking [6] - "Delta Force" achieved a 78% month-on-month revenue increase, reaching a new daily revenue high [6] - MiHoYo's "Genshin Impact" experienced a 53% month-on-month revenue increase, re-entering the revenue ranking at 17th place [7]

Core Insights - The evaluation of a game's success has shifted from initial launch performance to long-term player retention, highlighting the increasing importance of Live Ops [1] - A recent report by Sensor Tower indicates that 78% of the top 1000 revenue-generating games in 2024 will experience a year-on-year revenue decline in the first half of 2025, with 6 games seeing revenue drops exceeding $100 million [1][4] - Despite challenges, there are standout games like "Whiteout Survival," "Last War: Survival," and "Gossip Harbor," which have achieved significant in-app purchase revenue growth, attributed to effective operational activities [4] Group 1: Successful Game Strategies - "Whiteout Survival" hosted 50 monetization events in July, while "Gossip Harbor" launched 39 major events this year, showcasing the importance of high-frequency, high-quality operational activities [7][11] - Both games have developed structured and well-paced activity strategies that enhance user retention and positively impact revenue [7][24] - The monthly activities in "Whiteout Survival" focus on team competition, fostering both individual and group competitive spirit among players [14] Group 2: Activity Design and Player Engagement - "Whiteout Survival" employs a core PvP activity called "Power Peak," which encourages player engagement through a competitive framework that minimizes individual impact on overall outcomes [16][18] - The game integrates various activities into a cyclical consumption ecosystem, enhancing player participation and spending [18][23] - "Gossip Harbor" maintains a high frequency of events, with up to 73 activities planned by April 2025, ensuring continuous player engagement [27] Group 3: Monetization Techniques - "Gossip Harbor" effectively creates urgency and scarcity through targeted offers, such as a limited-time package for rare cards, which stimulates impulse purchases [35][39] - The game’s weekly tasks are designed to reward players for daily logins, enhancing retention rates [41] - Both "Whiteout Survival" and "Gossip Harbor" demonstrate that successful games utilize a systematic approach to operational activities, categorizing them into monetization, progress, and social activities [49][70] Group 4: Market Trends and Future Outlook - The report indicates that core strategy games are expected to see a 25% increase in IAP revenue share in the first half of 2025 compared to the same period in 2024 [46] - The combined revenue from these game categories is projected to reach $7.7 billion, indicating a new growth path in the global market [46] - The competition in the gaming market has evolved from content development to comprehensive operational strategy, making effective operational strategies essential for sustained growth [73]

Core Viewpoint - Shenzhou Taiyue reported a decline in both revenue and net profit for the first half of 2025, primarily due to the underperformance of its gaming business, which constitutes the majority of its revenue [1] Revenue Performance - The company's total revenue for the reporting period was 2.685 billion yuan, a year-on-year decrease of 12.05% [1] - The net profit attributable to shareholders was 509 million yuan, down 19.26% year-on-year [1] - The gaming segment accounted for 75.53% of total revenue, generating 2.028 billion yuan, which represents a 16.41% decline compared to the previous year [1] Gaming Business Challenges - The decline in gaming revenue is attributed to the two main products, "Age of Origins" and "War and Order," which have transitioned from a high-growth phase to a stable phase, resulting in decreased revenue [1] - User metrics for "Age of Origins" showed a significant decline in Q2, with active users down 19.39%, paying users down 8.17%, and recharge revenue down 6% [2] - The game's ranking in the overseas mobile game market has dropped outside the top 10 this year [2] Market Competition - The SLG (strategy) mobile game market is experiencing intensified competition, with several companies showing strong growth, such as Diandian Interactive and Lemon Microfun [3] - The overseas market for self-developed games from China reached 9.5 billion USD (approximately 68 billion yuan) in the first half of the year, with a year-on-year growth of 11% [3] - The upcoming games "Stellar Sanctuary" and "Next Agers" may face significant market competition [3] Other Business Segments - The AI/ICT operations management and other business segments also saw declines, with revenues of 534 million yuan and 14.66 million yuan, down 1.67% and 20.96% year-on-year, respectively [4] - The IoT/communications and innovation businesses reported growth, with revenues of 54.68 million yuan and 53.55 million yuan [4] Cash Flow - The net cash flow from operating activities decreased by 37.48% to 369 million yuan, primarily due to reduced cash receipts from sales and increased payments for last year's employee bonuses [4]

Core Insights - The article highlights the performance and market landscape of Chinese games going overseas, emphasizing the importance of long-standing competitive products in establishing benchmarks for the industry [1] - The overseas sales revenue of Chinese self-developed games increased by 11.07% year-on-year to $9.501 billion (approximately ¥68.341 billion) in the first half of 2025, driven by long-term product revenue and new releases [2] - The collaboration between major and small game developers is crucial for the growth of the gaming industry abroad, with major companies leveraging their resources and experience while smaller firms capture emerging demands with innovative strategies [2] Group 1: Performance Metrics - In July, 25 games made it to the "Evergreen List," maintaining the same number as the first half of the year, while 13 games were included in the "Potential Evergreen List," a decrease of one from the previous half [3] - The total estimated revenue of the 25 games on the "Evergreen List" in July reached approximately $288 million (around ¥2.069 billion), with seven games exceeding ¥100 million in overseas revenue [8] - The top three games on the "Evergreen List" were "Gossip Harbor" ($41.8735 million), "PUBG MOBILE" ($34.7196 million), and "Genshin Impact" ($19.1059 million) [8] Group 2: Game Highlights - "Gossip Harbor," a female-oriented narrative merging game, topped the list with significant player engagement and content updates during its three-year anniversary [9] - "PUBG MOBILE" introduced a major update in July, enhancing gameplay with new features and social systems, contributing to its sustained popularity [9] - "Genshin Impact" launched a summer-themed update, adding new maps and events, which helped maintain its strong revenue performance [9] Group 3: Emerging Potential - The "Potential Evergreen List" featured 13 games, with "Whiteout Survival," "Honkai: Star Rail," and "Goddess of Victory: Nikke" leading in estimated revenues of $88.2839 million, $70.4912 million, and $31.5211 million respectively [12] - "Whiteout Survival" continued to lead the global SLG market with its summer update, while "Honkai: Star Rail" saw a revenue surge of 325% in July [13] - "Goddess of Victory: Nikke" capitalized on its unique gameplay and Tencent's global distribution resources to become a top-grossing title [13] Group 4: Market Trends - The global gaming market is projected to exceed $184 billion (approximately ¥1.32 trillion) in total revenue by 2024, indicating a robust growth trajectory [15] - The total revenue of the top 30 Chinese games going overseas reached $7.9 billion (approximately ¥56.74 billion) in 2024, reflecting a slight year-on-year increase and a 25% rise compared to 2019 [15]

Core Viewpoint - The Chinese gaming market continues to show strong growth, driven by new product launches and a shift from long-term product commercialization to new product contributions [3][4]. Domestic Market - In May 2025, the actual sales revenue of the Chinese gaming market reached 28.051 billion yuan, a year-on-year increase of 9.86% and a quarter-on-quarter increase of 2.56%. This growth rate has slowed compared to previous months but remains robust [3]. - The mobile gaming market in May 2025 generated actual sales revenue of 21.177 billion yuan, with a year-on-year growth of 11.96%. Key new releases have started to emerge, with several games achieving monthly revenues exceeding 10 million yuan [4]. - The client game market saw actual sales revenue of 5.819 billion yuan in May 2025, reflecting a year-on-year increase of 1.58%. The growth was primarily driven by new and recently launched products [5]. - The upcoming summer season is expected to see a significant increase in new game launches, with over 30 titles planned, covering various genres [6]. Overseas Market - In May 2025, the actual sales revenue of China's self-developed games in overseas markets reached 1.577 billion USD, marking a year-on-year increase of 6.93% and a quarter-on-quarter increase of 1.50% [8]. - Strategy games (SLG) remain the core category driving overseas revenue, with product structures continuously optimizing. Notably, the game "Kingshot" saw its revenue double compared to the previous month [8]. - New genres, including female-oriented and synthesis games, are emerging in the overseas market, contributing to revenue growth and diversification [8].