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 ...

Core Insights - The article highlights the rapid growth and international success of Chinese mobile game developers, with Lemon Microfun ranking just below major players like Tencent and NetEase in revenue [1][3] - The overall revenue from self-developed Chinese games in overseas markets reached $18.557 billion in 2024, marking a 13.39% increase from the previous year [1] - The article emphasizes the importance of content platforms and social media in promoting games, allowing smaller developers to gain visibility and success [9][19] Industry Overview - In the latest global mobile game revenue rankings, 32 out of the top 100 companies are Chinese, showcasing the industry's significant international presence [1] - The revenue from Chinese mobile games in the U.S. market is projected to reach 27 titles by 2025, with in-app purchase revenue growing by 11%, significantly outpacing the global average of 2% [3] - The success of games like "Genshin Impact," which has generated over $9 billion globally, illustrates the potential for Chinese games in international markets [22][33] Market Trends - The 4XSLG genre has emerged as a high-value segment, contributing 86% of the global in-app purchase revenue in this category, with Chinese developers dominating the top rankings [7] - The article notes a 20% increase in the female user base for 4XSLG games, alongside a 78% rise in daily active users and a 90% increase in monthly revenue peaks [7] - The gaming industry is witnessing a shift towards leveraging content platforms for marketing, with platforms like YouTube becoming crucial for game promotion [19][20] Developer Strategies - Developers are increasingly focusing on global market adaptation, with games like "Delta Action" and "Whiteout Survival" being designed for international audiences from the outset [23][24] - The use of social media and content platforms has proven effective for smaller developers, allowing them to reach wider audiences and extend the lifespan of their games [12][21] - Google for Games is highlighted as a strategic partner for developers, providing insights and advertising solutions to enhance their market presence [26][30] Future Outlook - The global gaming market is expected to recover, with a projected 4.4% growth in in-app purchases in 2024, indicating a positive trend for the industry [31] - The article suggests that the long-term success of games will depend on their ability to engage users and maintain relevance through community-driven content [15][31]

Core Viewpoint - The article highlights the significant growth and global success of Chinese mobile game developers, particularly focusing on companies like Lemon Microfun and their strategies for international expansion, showcasing the industry's evolution and potential for future opportunities [2][5]. Group 1: Industry Growth and Trends - In the latest revenue rankings by Sensor Tower, Lemon Microfun ranks just behind major players like Tencent and NetEase, surpassing MiHoYo, indicating a strong position in the market [2]. - The actual sales revenue of Chinese self-developed games in overseas markets reached $18.557 billion in 2024, marking a 13.39% year-on-year growth, significantly up from $3.076 billion in 2014, illustrating over sixfold growth in a decade [2]. - In the global mobile game revenue rankings, 32 out of the top 100 companies are Chinese, reflecting the increasing influence of Chinese developers in the global gaming landscape [2][4]. Group 2: Successful Game Examples - The game "Delta Action," developed by TiMi Studio Group, quickly topped the Google Play free game charts in 125 countries, demonstrating the potential for Chinese games to resonate globally [7]. - "Genshin Impact" has generated over $9 billion in revenue globally, with nearly 70% of its income coming from overseas markets, showcasing a successful case of Chinese games achieving international acclaim [32]. Group 3: Market Dynamics and Strategies - The 4XSLG game genre has become a high-value segment for Chinese developers, contributing 86% of the global in-app purchase revenue in this category, with 19 out of the top 20 games being from Chinese companies [12][13]. - The article emphasizes the importance of content platforms like YouTube for game promotion, where 90% of gamers use the platform, and the cost-effectiveness of advertising on these channels compared to traditional methods [28][30]. Group 4: Challenges and Opportunities - Despite the successes, challenges remain for developers, including rising user acquisition costs, which have increased by over 80% for top-ranking games in the first half of the year [33]. - The article suggests that finding reliable strategic partners, such as Google for Games, can enhance operational strategies and improve return on investment for game developers [35][37].

Core Insights - The mobile gaming industry in China is witnessing a strong performance in the overseas market, particularly in the mini-game category, which occupies three out of the top five spots in revenue rankings for May 2025 [1][3] Group 1: Performance of Mini-Games - Mini-games have filled a gap in the overseas market, where they were previously undervalued, leading to significant growth opportunities [3] - DotDot Interactive's game "Whiteout Survival" continues to lead the revenue chart, while "Kingshot" has rapidly climbed to the fifth position within three months of its launch [1][4] - "Kingshot," a 4X strategy game, features a medieval kingdom theme and has seen its revenue double in May, surpassing $75 million in total earnings by June 8 [4][6] Group 2: Notable Games and Their Innovations - Lemon Micro's "Gossip Harbor" has made a remarkable entry into the revenue rankings, achieving second place by combining narrative-driven gameplay with synthesis mechanics, resulting in an 8% month-over-month revenue increase and a 254% year-over-year growth [4][5] - The female-oriented game "Love and Deep Space" has also performed well, with a 24% increase in overseas revenue in May, reaching a total of $650 million globally, with 52% of its revenue coming from overseas markets [6] Group 3: Overall Market Trends - The overseas market is increasingly significant for Chinese mobile games, with major titles like "Genshin Impact" and "Ning Tide" also showing substantial revenue growth due to new updates and events [6][7]

Emerging Markets Dynamics - Vietnam has officially joined the BRICS cooperation mechanism as a partner country, welcomed by the Brazilian government, which currently holds the rotating presidency of BRICS [1] - The BRICS partner countries now include Nigeria, Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Thailand, Uganda, and Uzbekistan, expanding the total number of BRICS members to 11 [1] Financial Cooperation - The People's Bank of China and the Central Bank of Turkey have renewed a bilateral currency swap agreement with a scale of 350 billion RMB (approximately 189 billion Turkish Lira), effective for three years [2] - A memorandum of cooperation was signed to establish a RMB clearing arrangement in Turkey, enhancing financial cooperation and facilitating cross-border trade and investment [2] Platform Developments - TikTok announced an investment expansion in the UK to approximately £140 million (around 1.36 billion RMB), including the establishment of a new office in London and an increase in employee numbers to 3,000 [3] - TikTok Shop in Southeast Asia has relaxed entry policies for businesses, removing e-commerce experience requirements, allowing individual sellers to enter the market more easily [4] - TikTok Shop has launched a "Hot Product Takeoff Plan" in the US and Europe, providing various support resources to help merchants boost sales during the summer season [5] Industry Observations - Vietnam's commercial air conditioning market is projected to reach $600 million in 2024, with a year-on-year growth of 14.9%, while the first quarter of 2025 is expected to see a market size of $123 million, growing by 13.9% [9] - In Indonesia, the commercial air conditioning market is expected to reach $218 million in the first quarter of 2025, reflecting a year-on-year growth of 7.2% [10] - The Chinese mobile gaming industry accounted for 36.6% of global revenue in May 2025, with 33 Chinese companies making it to the top 100 global mobile game publishers [11] Shipping and Logistics - In the first five months of the year, Chinese shipbuilders secured 274 new ship orders, accounting for approximately 49% of the global market share, while global new ship orders have dropped to a near four-year low [12][13] - The demand for OLED display panels is expected to grow significantly, with a projected annual growth rate of 69% in 2025, driven by strong demand in the gaming sector [14] Policy Changes - Starting July 1, Vietnam will require e-commerce platforms to withhold and pay taxes on behalf of sellers, including VAT and personal income tax, with specific rates outlined for different types of transactions [21]

Group 1 - In May 2025, 33 Chinese companies made it to the global mobile game publisher revenue TOP 100, collectively earning $2.02 billion, which accounts for 36.6% of the total revenue of the TOP 100 publishers [1] - Point Interactive's flagship product "Whiteout Survival" showed strong growth despite a high revenue base, contributing to a 13% month-over-month revenue increase for the company, securing the second position in the global revenue ranking for Chinese mobile game publishers [2] - Lemon Micro's multiple synthesis games, including "Gossip Harbor," achieved a 10% month-over-month revenue growth, setting a new historical high and reinforcing its leading position in the synthesis game segment [2] Group 2 - Florere Game's two survival strategy games, "Dark War Survival" and "Last Z: Survival Shooter," saw revenue growth of 4% and 33% respectively, leading to a 12% increase in overall revenue and advancing to the 8th position in the revenue ranking [4] - Lilith Games' "AFK Journey," in collaboration with the popular IP "Fairy Tail," experienced a 55% revenue surge, contributing to a 12% month-over-month revenue increase and moving up to the 10th position in the ranking [4] - Joy Net Games' RPG "갓깨비 키우기" (Korean version of "Idle Journey: Illustrated World") saw a remarkable 208% revenue increase, propelling the company to the 20th position in the global revenue ranking [6] Group 3 - Tencent's "Peacekeeper Elite" experienced a 21% revenue increase due to the SS33 season update and collaboration with DC, maintaining its second position in the Chinese App Store mobile game revenue ranking [8] - The mobile game "Arknights" saw a 250% revenue surge following the launch of a new side event, successfully returning to the revenue ranking at the 13th position [8]

Market Performance - The main board led the gains with notable increases from Guangxi Guangdian (+10.08%), Tianwei Vision (+10.05%), and Hubei Guangdian (+10.03) [1] - The ChiNext board saw significant growth with Langke Technology (+20.01%) and Hanbang High-tech (+20.00%) [1] - The Sci-Tech Innovation board was led by Hongquan Wulian (+14.26%) and Tianyue Advanced (+11.42%) [1] - Active sub-industries included SW Other Communication Equipment (+2.39%) and SW Communication Engineering and Services (+2.14%) [1] Domestic News - Zhongdian Electric has integrated with DeepSeek large model, marking a significant step towards intelligent and technological development [1] - Hesai Technology announced a long-term exclusive partnership with a top European OEM, reportedly Mercedes-Benz, to provide high-performance lidar for next-gen automotive platforms [1] - SensorTower reported that the mobile game "Whiteout Survival" by Diandian Interactive achieved a global revenue of $2.07 billion by the end of February, with significant growth from other titles [1] - Daguo Media, authorized by multiple government bodies, has launched a comprehensive internet + traffic + content ecosystem service to enhance content promotion and reach [1] Company Announcements - Shenzhen South Circuit announced a 2024 revenue of 17.907 billion yuan (+32.39%), with significant contributions from PCB, electronic assembly, and packaging substrate [3] - Gehua Cable reported a 2024 revenue of 2.314 billion yuan, a decrease of 4.92% year-on-year, with a net profit of -72.55 million yuan [3] - Pengding Holdings achieved a 2024 revenue of 35.140 billion yuan (+9.59%) and a net profit of 3.620 billion yuan (+10.14%) [3] - Yunzhu Technology announced a share reduction plan for its directors and supervisors [3] International News - Anson Semiconductor launched its first real-time indirect time-of-flight sensor, Hyperlux™ID, capable of high-precision measurements and 3D imaging [4] - Amazon Web Services and Pearson Group expanded their long-term partnership to enhance AI-powered personalized learning experiences [4] - Samsung's foundry has commenced mass production of fourth-generation 4nm chips, improving performance and reducing manufacturing costs [4]