2025年，女性向游戏没出现太多新品，然而，有一个女性玩家为主的品类却焕发出了新活力——休闲游戏赛道。它在游戏社区里通常不作为"女性向游 戏"被讨论，但公认女性玩家占大头。 这个品类的国产TOP级产品——北京柠檬微趣《Gossip Harbor》，全年累计分成后收入达5.5亿美元，高于《崩坏：星穹铁道》《恋与深空》《金铲铲之 战》《原神》等一众二游乙游自走棋产品（Appmagic数据），上线以来收入不断攀升。 这个品类的国产新秀产品——厦门麟贝互娱《我的花园世界》，APP端和小游戏端双开花，APP版本这个月刚刚冲入畅销榜TOP5，日常在TOP30左右徘 徊，小游戏版本也是畅销榜常客。 素来低调的休闲品类背后，隐藏着怎样的金矿？ 柠檬微趣出海记 在海外，尤其是北美市场，三消已经成为益智休闲游戏中的中流砥柱。然而，柠檬微趣的二合游戏另起炉灶，在三消为王的休闲品类里撕开了一道口子。 2025年全球内购收入前五的休闲游戏里，只有《Gossip Harbor》一款二合游戏，在Dream Games、King这类老牌龙头企业维持着两位数收入增速或负增长 时，柠檬微趣达到了165%的收入增速。 从2014年推出三消力作《宾 ...

Core Insights - The mobile gaming market is witnessing a significant rise in revenue, particularly in the casual gaming sector, with Chinese mobile games dominating the global revenue rankings for 2025 [1][2]. Group 1: Market Performance - Chinese mobile games occupy nearly half of the global revenue rankings for mobile games in 2025, showcasing their strong market presence [1]. - Casual games, especially those in the SLG (Simulation and Strategy Game) and merge genres, are emerging as strong contenders, with titles like FirstFun's "Last War" and Diandian Interactive's "Kingshot" making notable impacts [2][3]. Group 2: Game Highlights - "Gossip Harbor," a merge game developed by Lemon Microfun, achieved over $550 million (approximately 3.9 billion RMB) in revenue, marking a 242% year-on-year increase [2][3]. - Other merge games like "Tasty Travels" and "Vacation Home" are also gaining traction, with "Tasty Travels" generating over $50 million (approximately 350 million RMB) in its first year [6][10]. Group 3: Industry Trends - The trend of SLG companies entering the merge game sector indicates a strategic shift towards leveraging their strengths in gameplay design and marketing to capture a growing audience [10][12]. - The merge genre's appeal lies in its strong interactivity and compatibility with other gameplay styles, making it attractive for both players and developers [35][36]. Group 4: Player Demographics - The primary audience for merge games is predominantly located in Europe and North America, where players favor casual, low-barrier gaming experiences [46][41]. - The successful marketing strategies employed by SLG companies align well with the preferences of the merge game audience, enhancing their potential for revenue generation [38][39]. Group 5: Future Outlook - The merge game category is expected to continue its growth trajectory, with both new and existing titles showing strong commercial performance [49][51]. - The shift from narrative-driven gameplay to a focus on engaging mechanics and player retention is likely to define the future of the merge game market [30][51].

Core Insights - The global mobile game market is projected to grow steadily, reaching $82.3 billion in 2025, with a year-on-year increase of 1.3% [1] - Chinese mobile game publishers continue to show strong performance, generating $23.3 billion in revenue, maintaining a 35% share of the top 100 global mobile game publishers' income [1] Group 1: Tencent's Performance - Tencent retains the top position in the global mobile game publisher revenue ranking, driven by stable performance of flagship products and new releases [2] - The game "Honor of Kings" celebrates its 10th anniversary, achieving over $2 billion in revenue for 2025, a 5% increase year-on-year [2] - The new tactical shooter "Delta Force" has seen a remarkable revenue increase of 29 times since its launch, ranking 5th in China's iOS mobile game revenue and 29th globally [2] Group 2: Rising Competitors - Diandian Interactive ranks second with an 87% increase in global revenue, showcasing strong multi-category capabilities [2] - The strategy game "Whiteout Survival" continues to lead the overseas market with a 45% revenue increase, reaching $2.1 billion [2] - The game "Tasty Travels: Merge Game" has seen a revenue surge of 28 times, breaking $100 million and entering the overseas mobile game revenue ranking at 27th [2] Group 3: Growth in Niche Markets - The synthesis game segment has emerged as a significant growth driver, with a market size exceeding $2.4 billion and a year-on-year growth of 95% [3] - Lemon Microfun leads the synthesis segment with a 165% revenue increase, ranking 4th among publishers [3] - The game "Gossip Harbor" achieved a revenue increase of 242%, securing the second position in the overseas mobile game revenue ranking [3] Group 4: Strategy Game Market Expansion - The global strategy game revenue has increased by 20% year-on-year, surpassing $20 billion, with significant growth in key markets [4] - Florere Game's two 4X strategy games have seen a revenue increase of 20 times, entering the publisher revenue ranking at 6th [4] - The game "Last Z: Survival Shooter" has generated $470 million, ranking 6th in overseas revenue [4] Group 5: Notable Publisher Rankings - Several publishers have seen significant ranking improvements due to unique products, with Diandian Interactive's revenue up 45% to rank 8th [5] - The game "Archero 2" has experienced a revenue surge of 630%, contributing to Haipi Games' 35% revenue increase and 9th place ranking [5] - Kuro Games has seen a 56% revenue increase, moving from 26th to 16th place, driven by the game "Ming Chao" [5]

Core Insights - The global mobile game market is projected to grow steadily, reaching $82.3 billion in 2025, with a year-on-year increase of 1.3% [1] - Chinese mobile game publishers continue to show strong performance, generating $23.3 billion in global revenue, maintaining their share at 35% of the top 100 publishers' income [1] Group 1: Tencent's Performance - Tencent retains the top position in global mobile game publisher revenue, driven by stable performance of flagship products and new releases [2] - The game "Honor of Kings" celebrates its 10th anniversary, achieving over $2 billion in revenue for 2025, a 5% increase year-on-year [2] - New tactical shooter "Delta Force" has shown remarkable growth, with revenue skyrocketing 29 times since its launch, ranking 5th in China's iOS revenue and 29th globally [2] Group 2: Pointillist's Growth - Pointillist Interactive has seen an 87% increase in global revenue, securing the second position among publishers [3] - The strategy game "Whiteout Survival" leads the overseas market with a 45% revenue increase, reaching $2.1 billion [3] - The game has generated $4 billion cumulatively, with significant contributions from the U.S., South Korea, and Japan [3] Group 3: Emerging Game Genres - The synthesis game genre has emerged as a significant growth driver, with a market size exceeding $2.4 billion and a year-on-year growth of 95% [4] - Lemon Microfun leads this genre with a 165% revenue increase, ranking 4th among publishers [4] - The game "Gossip Harbor" has seen a 242% revenue surge, while "Seaside Escape" has increased by 70% [4] Group 4: Strategy Game Market - The global strategy game market has experienced a 20% revenue increase, surpassing $20 billion [5] - Florere Game has entered the publisher ranking at 6th place, with a 20-fold revenue increase from two 4X strategy games [5] - The game "Last Z: Survival Shooter" has generated $470 million, ranking 6th in overseas revenue [5] Group 5: Other Notable Publishers - Several companies have achieved significant revenue growth, with Deying Network rising to 8th place with a 45% increase [6] - The game "Love and Deep Space" has grown by 44%, reaching $550 million in global revenue [6] - Giant Network's "Supernatural Action Group" has generated over $75 million in the Chinese iOS market, doubling the company's revenue [6]

Investment Rating - The report maintains a "Buy" rating for the media industry, indicating a positive outlook for the sector [7][11]. Core Insights - The media industry (Shenwan) saw a significant increase of 13.10% from January 5 to January 11, 2026, outperforming the major indices [14][17]. - Key segments within the industry performed well, with advertising and marketing up 19.17%, television broadcasting up 15.15%, and gaming up 13.14% [14][17]. - The report highlights strong individual stock performances, particularly for companies like Inertia Media and BlueFocus, which saw increases of 52.62% and 49.13% respectively [17][18]. Industry Performance Summary Market Performance - The media industry outperformed the major indices, with the Shanghai Composite Index rising 3.82% and the Shenzhen Component Index rising 4.40% during the same period [14][16]. - The advertising and marketing sector led the gains, followed by television broadcasting and gaming [14][16]. Key Data and Updates AI Applications - AI product rankings showed significant growth, with Gemini and DeepSeek increasing by 28% and 30% respectively [19][20]. - OpenRouter's weekly token usage rose by 15%, indicating a growing demand for AI applications [19][20]. Gaming - The top five mobile games on iOS as of January 10, 2026, included "Honor of Kings" and "Peacekeeper Elite" [23][25]. - New game releases are anticipated, including Tencent's "Counter-Strike: Future" on January 13, 2026 [27][26]. Film and Television - Domestic box office revenue reached 362 million yuan during the week of January 5-11, 2026, with "Hidden Kill" leading the charts [29][30]. - Seven new films are set to be released from January 12 to January 18, 2026 [30][31]. Investment Recommendations - The report recommends focusing on themes such as AI applications and cultural exports, with specific attention to gaming, IP, short dramas, marketing, and publishing sectors [5][34]. - Notable companies to watch include Giant Network, Perfect World, and Kuaishou, all rated as "Buy" [5][34].

Core Insights - The report by Sensor Tower highlights the revenue and download rankings of Chinese mobile games in overseas markets for December 2025, focusing solely on in-app purchase (IAP) estimates from app stores, excluding ad revenue and third-party Android channel income from China [1] Revenue Rankings - The game "Whiteout Survival" by Dots Interactive achieved global cumulative revenue exceeding $4 billion, securing the top position in the overseas mobile game revenue rankings for December 2025 [2] - "Gossip Harbor" by Lemon Microfun saw a 7% increase in revenue, reaching a historical high and ranking second in the revenue chart, driven by dual events during December [2] - "Call of Duty Mobile" experienced a 36% increase in overseas revenue due to significant updates, ranking fifth in revenue and topping the growth chart [3] - "Genshin Impact" by miHoYo saw a 47% increase in overseas revenue, climbing five positions to rank ninth, following the release of a new version [3] - "BLEACH: Soul Resonance" continued to perform well, with overseas revenue doubling and entering the top 30 revenue rankings for the first time, ranking 26th [3] - "Where Winds Meet," the international version of NetEase's martial arts game, debuted at 27th in the revenue rankings in its first month [4] - "Love and Deep Space" by Zhe Paper Network achieved a 38% increase in overseas revenue, ranking 10th in revenue and 5th in growth [5] - "Zero Zone" by miHoYo saw a 56% increase in overseas revenue, ranking 6th in growth [5] - "Nobunaga's Ambition: True War" launched in Japan, resulting in a 207% increase in overseas revenue, ranking 8th in growth [5] Download Rankings - "Block Blast!" by Hungry Studio topped the download rankings with an 11% increase in downloads, reaching a historical high [6] - "Vita Mahjong" by Vita Studio ranked second in downloads, with cumulative downloads exceeding 170 million since its launch in December 2023 [7] - "Mobile Legends: Bang Bang" by Momo Technology saw an 8% increase in downloads, securing the third position in the download rankings [7]

Industry Highlights - The TGA 2025 awards concluded with "Light and Shadow: Expedition 33" by Sandfall Interactive winning nine awards, including Game of the Year and Best Narrative [1][2] - The Chinese game "Ming Chao" received the Player's Voice award at TGA 2025, marking another significant recognition for Chinese gaming [2] - In November 2025, 33 Chinese mobile game publishers made it to the global top 100 revenue list, collectively earning $1.95 billion, which accounts for 35.8% of the total revenue of the top 100 [3] - The esports industry in China is projected to generate revenue of 29.331 billion yuan in 2025, reflecting a year-on-year growth of 6.40% [9] Company Developments - Caesar Culture announced that its stock will resume trading without the ST designation starting December 11, 2025, after previously facing penalties for profit inflation [5] - Century Huatong disclosed its indirect investment in Moore Threads, with an estimated profit impact of 640 million yuan on its Q4 2025 net profit [6] - 37 Interactive Entertainment plans to invest up to $2 million in the Lighthouse Founders' Fund, which has a target size of $80 million, and has also acquired a 7.5% stake in Weihai Hanyuan Network [7] - Lingyoufang's action game "Shadow Blade Zero" is set to launch on September 9, 2026, showcasing a blend of dark martial arts and steampunk aesthetics [4] Regulatory Changes - Australia has enacted a strict law prohibiting users under 16 from owning social media accounts or accessing platforms like TikTok and Facebook, making it the first country to implement such a ban [8]

Core Insights - The report highlights the performance of Chinese mobile games in overseas markets for November 2025, showcasing significant revenue growth driven by seasonal events and promotional activities. Group 1: Top Performing Games - Point Interactive's leading titles, "Whiteout Survival" and "Kingshot," secured the top two positions in overseas mobile game revenue rankings, benefiting from Halloween and Thanksgiving events [1] - "Whiteout Survival" maintained its number one position in revenue due to successful seasonal activities and player engagement [1] - "Kingshot" achieved the second position, driven by promotional events during Double 11 and Thanksgiving [1] Group 2: Notable Revenue Growth - Lemon Micro's "Gossip Harbor" continued to show stable revenue growth, ranking third in the revenue chart, thanks to Thanksgiving and New Year events [2] - Florere Game's "Last Z: Survival Shooter" experienced an 11% revenue increase in November, reaching a total of over $400 million, with the U.S. and South Korea as key markets [2] - miHoYo's "Honkai: Star Rail" saw a 130% surge in overseas revenue following a major update, climbing to the sixth position in the revenue rankings [3] Group 3: New Game Launches - ByteDance's new 3D ARPG "BLEACH: Soul Resonance" launched on November 21, quickly topping download charts in multiple markets and ranking fifth in revenue growth within ten days [4] - Glacier Network's SLG game "X-Clash" reported a 200% revenue increase, marking its debut in the growth rankings at sixth place [4] - Lingxi Interactive's strategy game "Nobunaga's Ambition: True War" entered the growth rankings at ninth place, leveraging its strong IP appeal in the Taiwan, Hong Kong, and Macau markets [5] Group 4: Emerging Titles - New entries in the growth rankings include "Lootfiend: Idle Dungeons," "Blue Planet: The King is Busy," "Kaitian," and "Duet Night Abyss" [6] - Hungry Studio's puzzle game "Block Blast!" achieved a 4% increase in downloads, leading the overseas mobile game download rankings [6] - Glacier Network's "X-Clash" maintained its position as the second most downloaded game in November, with nearly 35 million downloads [6]

Core Insights - In November 2025, 33 Chinese companies made it to the global mobile game publisher revenue TOP 100, collectively generating $1.95 billion, accounting for 35.8% of the total revenue of the top 100 publishers [1] - Tencent maintained its position as the top global mobile game publisher, driven by strong performance from its flagship titles [1] - The mobile game market is witnessing significant revenue growth, with several companies reporting substantial increases in income due to new game releases and innovative gameplay [4][5] Group 1: Tencent's Performance - Tencent's "Delta Force" new season "Asala" launched on November 13, achieving a record high daily revenue, with a month-over-month increase of 12%, nearing $80 million in global mobile revenue [1] - "Delta Force" has become one of Tencent's highest-grossing mobile games, second only to "Honor of Kings" [1] Group 2: Point Point Interactive's Growth - Point Point Interactive ranked second among global mobile game publishers, with its flagship SLG "Whiteout Survival" contributing 54% of its revenue in November, totaling over $3.8 billion [2] - The new title "Kingshot" also performed well, accounting for 36% of revenue, while the casual merge game "Tasty Travels: Merge Game" saw a 10% revenue increase, ranking fourth in the global merge game revenue chart [2] Group 3: Lemon Microfun's Success - Lemon Microfun ranked third in publisher revenue, with three titles in the top ten of the global merge game revenue chart [3] - "Gossip Harbor" saw a 211% year-over-year revenue increase, while "Seaside Escape" maintained a strong position in the market [3] - The new title "Flambé: Merge & Cook" achieved a 20% revenue increase in November, further solidifying Lemon Microfun's dominance in the merge game sector [3] Group 4: Ice Age Network's Breakthrough - Ice Age Network's new game "X-Clash" experienced a 200% month-over-month revenue surge, contributing 45% to the publisher's total revenue [4] - The company returned to the revenue ranking at 26th place, showcasing its strength in gameplay innovation and overseas expansion [4] Group 5: Other Notable Performers - BeHeFun Games debuted at 30th place in the revenue ranking with "Top Tycoon: Coin Theme Empire," which saw a 30% revenue increase in November, nearing $30 million in total revenue [4] - Other Chinese mobile game publishers in the global TOP 100 include Xindong Network and Chaoxi Guangnian, among 32 companies [4] Group 6: Chinese App Store Rankings - Tencent's "Honor of Kings" and "Delta Force" topped the Chinese App Store revenue chart [5] - "Delta Force" experienced a 38% revenue increase following the launch of a new limited-time gameplay feature [5] - miHoYo's "Honkai: Star Rail" saw a 460% revenue surge in November, returning to the top 8 in the iOS market [5][6]

Core Insights - Live Ops has become the "central nervous system" for long-term operations in mobile F2P games, evolving from simple event scheduling to a complex, data-driven ecosystem that supports player engagement and monetization [3][4] - There is a noticeable trend of convergence in Live Ops strategies among leading games in the casual puzzle genre, indicating a unified and efficient approach [4][9] - Key performance indicators such as D90/D1 retention rates and average daily playtime are converging around 25% and 38 minutes, respectively, across major titles in the casual puzzle category [9][10] Live Ops Strategy Trends - Leading casual puzzle games are adopting similar Live Ops strategies, reflecting a high level of efficiency and effectiveness [4][9] - Daily prize events have become a standard feature in casual puzzle games, designed to attract daily logins through significant rewards [15][19] - A shift from purely competitive events to a hybrid model that includes personal achievement has been observed, enhancing participation among a broader player base [21][23] Key Live Ops Features - The introduction of an "infinite album" collection system has replaced traditional seasonal collection models, allowing for continuous engagement and completion motivation among players [29][30][34] - Live Ops strategies are increasingly designed to cater to diverse player segments, balancing engagement and monetization without compromising the gaming experience [35][36] - The dual focus on achievement/completion and social/competitive motivations is crucial for driving player retention and monetization [38][41] Conclusion - A robust Live Ops strategy is essential for success in the casual puzzle game market, as it not only meets the needs of key player segments but also drives fundamental business metrics [43]