Core Insights - The gaming industry is facing challenges in generating revenue, with traditional genres like SLG (Simulation and Strategy Games) struggling to attract new users and maintain profitability [2][4] - Google has released a report titled "Lightweight SLG Player Insights," which provides data and interviews from players in the US and South Korea, highlighting how SLG games can break through existing limitations and tap into new user bases [2][6] Group 1: Incremental Growth - To attract players outside the traditional SLG demographic, the visual style of games has shifted towards bright, colorful, and cartoonish designs, making them more approachable for casual users [6][10] - The thematic design of lightweight SLGs focuses on personal growth experiences rather than competitive elements, which resonates more with casual players [6][7] - There are notable differences between US and South Korean players, with US players placing higher importance on art style and character design compared to their South Korean counterparts [8][10] Group 2: Player Engagement Strategies - Lightweight SLGs utilize mini-games and narrative-driven introductions to guide players through the game mechanics, ensuring that each action has a clear objective [10][20] - Players appreciate the ability to progress in short play sessions, which enhances their engagement and satisfaction [20][25] - The design of social features in lightweight SLGs is more flexible, allowing players to join alliances without mandatory requirements, thus reducing the pressure to participate [22][25] Group 3: Monetization and Player Retention - The monetization strategy for lightweight SLGs includes offering smaller, customizable in-game purchases, catering to players' specific interests [25][39] - Both US and South Korean players prioritize multiplayer PVP experiences as a key driver for in-game purchases, indicating a strong preference for competitive gameplay [41][42] - The report suggests that there is still significant room for improvement in SLG games regarding playability, guidance efficiency, and overall enjoyment [44]

Core Insights - Saudi Arabia has significantly invested in the gaming industry, with over $70 billion spent in the past five years, indicating a strong commitment to becoming a major player in the global gaming market [3][5][12] - The acquisition of Electronic Arts (EA) by a Saudi investment consortium marks a pivotal moment in the country's gaming ambitions, as it seeks to expand its influence and cultural output through gaming [1][14] - The Saudi Public Investment Fund (PIF) has established a dedicated gaming subsidiary, Savvy Games Group (SGG), with an initial capital reserve of approximately $38 billion, focusing on global gaming investments and acquisitions [9][12] Investment and Acquisition Strategy - In 2020, Saudi Arabia began its aggressive investment strategy in gaming, highlighted by the acquisition of a 51% stake in SNK, a prominent game developer [8][9] - SGG has made substantial investments in various gaming companies, including a $30 billion acquisition of a 5.01% stake in Nintendo, positioning itself as a significant player in the gaming industry [9][10] - The recent acquisition of EA, along with investments in companies like Scopely and partnerships with major gaming firms, showcases Saudi Arabia's ambition to dominate the gaming landscape [14][26] Cultural and Economic Impact - The Gamers8 esports event in Riyadh, with a prize pool of $45 million, reflects Saudi Arabia's growing influence in the esports sector, surpassing traditional gaming events like the League of Legends World Championship [12][14] - The gaming market in Saudi Arabia is projected to generate approximately $1.19 billion in revenue in 2024, with expectations to grow to $1.64 billion by 2028, indicating a robust growth trajectory [18][19] - The region's gaming players exhibit high spending potential, with an average payment capability of $46, aligning with the global trend of increasing gaming consumption [18][30] Future Prospects and Challenges - Saudi Arabia aims to attract global gaming talent and companies, offering incentives for developers to establish operations in the country, which could enhance its gaming ecosystem [21][22] - Despite significant financial investments, the challenge remains for Saudi Arabia to cultivate original game development and creativity, as it currently lacks influential homegrown titles [25][30] - The ongoing global trend of layoffs in the gaming industry presents an opportunity for Saudi Arabia to recruit talent and enhance its gaming capabilities [19][31]

报告导读： SLG赛道因其高用户付费、长生命周期、全球化适配性，具备结构性投资机 会。中国厂商在出海领域的快速发展，以及SLG轻量化、融合化的转型，为其带来新的 发展机会，建议关注拥有成熟产品矩阵、全球化发行能力及融合玩法储备的优质公司 。 建议关注拥有成熟产品矩阵、全球化发行能力及融合玩法储备的优质公司。 在当前全球手游市场增速放缓 的背景下， SLG 赛道因其高用户付费、长生命周期、全球化适配性，仍具备结构性投资机会。 SLG 厂家 切入玩法创新赛道， SLG+ 模拟经营等玩法吸引轻度用户，降低买量成本，副玩法买量通过塔防、肉鸽等 机制提升转化率； SLG 与小游戏的结合已经涌现成功案例，未来有望进一步成为赛道主流发展方向之 一。头部厂商具备长线运营能力和技术壁垒，叠加技术降本能力和本地化深度，护城河较为稳固，成熟产 品有望为厂商持续提供盈利支撑。 热门单品表现强势，国内厂商出海优势显著。 SLG （ Simulation Game ，策略游戏）具有长生命周 期、高用户付费（ ARPU ）和强社交粘性等特点。 2024 年全球策略游戏以 175 亿美元收入位居手游品 类榜首，中国厂商发行的《 Last W ...

Group 1 - The global mobile game market is experiencing a slowdown, but the SLG (Simulation Game) segment presents structural investment opportunities due to high user spending, long lifecycle, and global adaptability [1][2] - In 2024, the global strategy game revenue is projected to reach $17.5 billion, making it the top category in mobile games, with significant contributions from Chinese titles like "Last War: Survival" and "Whiteout Survival" [2] - The proportion of strategy games among the top 100 self-developed mobile games in overseas markets is 41.38%, indicating a strong presence and growth potential for SLG games [2] Group 2 - SLG developers are innovating gameplay to attract lighter users and reduce user acquisition costs, with successful cases emerging from SLG+ simulation and mini-games [1][3] - The industry is focusing on two main strategies: maintaining core SLG features while reducing player investment ("降肝降氪") and integrating lighter gameplay elements to broaden user appeal [3] - The enduring popularity of Three Kingdoms themes and the combination of new themes and IPs are helping SLG games to explore new market spaces [3] Group 3 - Notable products are successfully entering overseas markets, providing stable revenue support, such as "Whiteout Survival," which has generated $2.25 billion globally by March 2025 [4] - The games "Age of Origins" and "War and Order" have shown stable growth in ARPU and revenue, contributing 96.83% to the total revenue of Shenzhou Taiyue's gaming business [4] - New games like "Stellar Sanctuary" and "Next Agers" are undergoing commercialization testing overseas, potentially offering new revenue streams for the company [4]