10月11日，Sensor Tower商店情报平台发布的最新数据显示，中国手游出海市场在短短一个月内上演了 激烈的排名洗牌。 《每日经济新闻》记者注意到，在9月中国手游发行商收入TOP30中，超过半数厂商出现排名波动，既 有头部阵营的微妙角力，也有中坚力量的排位互换，更有新贵势力的强势跃升。 具体来看，头部阵营中，腾讯稳坐榜首，但9月增长动能减弱，点点互动凭借《Whiteout Survival》 《Kingshot》双爆款巩固第二，前者累计收入35亿美元，后者单月破1亿美元，网易则凭借新品稳居第 三。中坚层中，米哈游借《原神》5周年庆收入增长33%跃升至第五，Florere Game稳步进阶。新贵中， 沐瞳科技靠《ACECRAFT》飙升7位至第十一名。 头部厂商巩固优势 在中国手游发行商收入榜头部，腾讯与点点互动的双雄格局虽未颠覆，但排名背后产品的实力对比已出 现细微变化。 8月，腾讯凭借《和平精英》与《哪吒之魔童闹海》重磅联动，以绝对优势稳坐中国厂商榜首，旗下 《王者荣耀》《和平精英》《三角洲行动》更包揽中国App Store手游收入榜TOP3。 8月，沐瞳科技虽有《Mobile Legends:Bang ...

此次登顶绝非偶然，Century Games早已构建起多品类、长线化的产品矩阵。除双爆款外，其旗下 《Family Farm Adventure》《Tasty Travels: Merge Game》《Truck Star》等涵盖SLG、休闲、卡牌三大核 心品类的产品均有不俗表现。依托"微创新"策略，公司深度结合AI技术，显著提升研发与运营效率，强 化产品差异化竞争力。 2025年上半年，Century Games的母公司世纪华通实现营收172亿元，同比增长85.5%；归属于上市公司 股东的净利润26.56亿元，同比增长129.33%。持续增长的财务数据与全球化布局，印证了Century Games长线发展的稳健根基，和母公司世纪华通提供的坚实后盾，已经达成"双向奔赴"的良性循环。 《2025年全球TOP50移动游戏商》榜单部分名单 PocketGamer还表示，Century Games绝非"单款爆款走天下"。2023年，公司凭借4X策略游戏《Whiteout Survival》打造出一款营收超10亿美元的现象级产品。目前这款游戏全球下载量突破2亿大关，在数十个 国家和地区的iOS畅销榜名列前茅，并于202 ...

《2025年全球TOP50移动游戏商》榜单部分名单 Pocket Gamer还表示，Century Games绝非"单款爆款走天下"。2023年，公司凭借4X策略游戏《Whiteout Survival》打造出一款营收超10亿美元的现象级产品。目前这款游戏全球下载量突破2亿大关，在数十个 国家和地区的iOS畅销榜名列前茅，并于2025年3月登顶全球手游收入榜，彰显出强大的市场生命力与 商业价值。 全球知名游戏媒体Pocket Gamer近日重磅发布《2025年全球TOP50移动游戏商》榜单，世纪华通旗下 Century Games展示了势不可挡的加速度，从去年的第7位一跃登顶，这一晋升速度也创下该榜单的新纪 录。 2025年上半年，Century Games的母公司世纪华通实现营收172亿元，同比增长85.5%；归属于上市公司 股东的净利润26.56亿元，同比增长129.33%。持续增长的财务数据与全球化布局，印证了Century Games长线发展的稳健根基，和母公司世纪华通提供的坚实后盾，已经达成"双向奔赴"的良性循环。 Pocket Gamer指出，Century Games去年才首次跻身"全球TOP5 ...

Core Viewpoint - The gaming sector has experienced a significant surge in stock prices this year, with various companies achieving remarkable growth, indicating a potential new phase of high-speed growth in the Chinese gaming industry [3][10]. Group 1: Stock Performance - ST Huatuo (002602) has seen a year-to-date increase of nearly 303%, becoming a leader in the A-share gaming sector with a total market capitalization of 153.8 billion yuan [1]. - Tencent (0700.HK) and NetEase (9999.HK) recorded stock price increases of over 60% and 70% respectively, while Giant Network (002558) surged over 260% [3]. - Other notable performers include G-bits (603444) with a rise of over 166%, Perfect World (002624) with an increase of over 88%, and 37 Interactive Entertainment with a growth of over 46% [6]. Group 2: Reasons for Stock Surge - The stock price increases are attributed to multiple factors, including high certainty in performance growth, improved internal control capabilities, and expectations for future delisting [3][6]. - The gaming industry is shifting from imitation to innovation, focusing on high-quality game development and international expansion, which enhances the industry's outlook [3][10]. - The release of new products exceeding expectations and stable performance from existing products have contributed to significant revenue and profit growth [7][11]. Group 3: Financial Performance - Century Huatuo reported a revenue of 17.2 billion yuan for the first half of the year, a year-on-year increase of 85.5%, with a net profit of 2.656 billion yuan, up 129.33% [7]. - G-bits achieved a revenue of 2.518 billion yuan, a growth of 28.49%, with a net profit of 645 million yuan, up 24.5% [7]. - Giant Network's revenue was approximately 1.662 billion yuan, reflecting a growth of 16.47%, while net profit was about 777 million yuan, up 8.27% [7]. Group 4: Policy and Market Dynamics - The issuance of game licenses has been a key driver for the gaming sector, with a significant number of licenses granted this year, indicating a favorable regulatory environment [8][10]. - The total number of game licenses issued in 2025 has reached 1,275, with 1,195 for domestic games and 80 for imported games [8]. - The Chinese gaming market's actual sales revenue grew by 14.08% year-on-year in the first half of the year, marking a historical high [10]. Group 5: Future Outlook - The gaming industry is expected to continue its upward trajectory, supported by policy incentives and technological advancements, particularly in AI and international market expansion [11][14]. - The focus on maintaining IP relevance and leveraging technology for game development is seen as crucial for sustaining growth [11][15].

Core Insights - The 2025 Tokyo Game Show (TGS2025) showcased Century Games' efforts, highlighting their two SLG titles, "Whiteout Survival" and "Kingshot," which gained significant attention in the global market [1][11]. Market Overview - Japan's gaming market, while smaller than the US and China, is highly valuable, with a projected mobile game market revenue of $11 billion in 2025, ranking second globally [2][6]. - The average revenue per user (ARPU) in Japan is 1.8 times higher than in Europe and the US, indicating a strong willingness to pay among Japanese gamers [2]. Competitive Landscape - Japanese gaming market is dominated by local companies, with domestic IPs holding 63% market share, making it challenging for foreign products to penetrate the top rankings [7][11]. Century Games' Strategy - Century Games has successfully entered the Japanese market with "Whiteout Survival" consistently ranking in the top 20 free and top 10 grossing games [11][12]. - The company established a local team in Japan since 2019 to enhance community engagement and user feedback, moving beyond mere product exportation [13][18]. Marketing and Localization Efforts - The marketing strategy for "Whiteout Survival" included collaborations with local events and cultural elements, significantly boosting brand recognition [14][16]. - Century Games employed a comprehensive marketing approach, utilizing both online and offline channels to reach players effectively [16][18]. Future Outlook - With the ongoing demand for SLG games in Japan and the company's accumulated user data and brand reputation, Century Games is poised to expand its market share [25]. - The methodologies developed in Japan are expected to be replicable in other international markets, enhancing long-term growth potential [25][26].

Market Overview - The total revenue from in-app purchases (IAP) in the Japanese mobile gaming market is projected to be $11 billion (approximately 78.2 billion RMB) from August 2024 to July 2025, reflecting a year-on-year decline of 2.2% [1] - Despite a slight market contraction and a 2.5% decrease in downloads, the market remains stable due to a high average revenue per user (ARPU) and effective monetization strategies, maintaining annual revenue above 1.6 trillion yen (approximately 77.2 billion RMB) since 2021 [1] Category Performance - RPG games continue to dominate the Japanese mobile gaming market, contributing 37.4% of total revenue, with titles like "Uma Musume," "Monster Strike," and "FGO" leading the revenue charts [3] - Strategy games rank second with a 21.8% revenue contribution, driven by 4X strategy games like "Last War: Survival" and "Whiteout Survival," which saw a 35% revenue increase, and the card battle game "Pokémon TCG Pocket," which achieved a 305% revenue surge [5] - Casual puzzle games are the primary drivers of download volume, accounting for 33.2% of total downloads, with games like "Car Jam" and "Screw Sort 3D" experiencing over 70% year-on-year growth in downloads [5] IP Importance - Local IPs play a crucial role in the Japanese gaming market, with the "Pokémon" IP achieving a 32% year-on-year revenue increase due to the success of "Pokémon TCG Pocket" [10] - The "Gundam" IP, through the new release "SD Gundam GGENERATION ETERNAL," saw over 800% year-on-year growth, highlighting the effective operational strategies that enhance IP value [10][12] Publisher Landscape - Japanese publishers dominate the market, contributing over 52% of total IAP revenue while accounting for only 31% of downloads [14] - Major Japanese companies like Bandai Namco, Sega, and Capcom rank among the top ten global publishers on Steam, indicating strong influence in the PC and console gaming markets [14] - Overseas publishers adopt differentiated strategies to penetrate the Japanese market, focusing on core paying users and launching casual games that appeal to a broader audience [16][18] Advertising Strategies - The gaming sector is a leading category for digital advertising in Japan, with significant ad spending and display volume [19] - LINE is the most prominent channel for game advertising, with successful campaigns often aligning with major in-game events [19][20] - Targeted advertising strategies are employed, such as "Whiteout Survival," which focuses on male users aged 25-34, utilizing platforms like TikTok and Instagram to resonate with younger audiences [22]

Core Viewpoint - The report from Guosen Securities highlights the rapid advancement of domestic 3D models and lightweight AI models, with significant developments from Tencent, Alibaba Cloud, and Baidu, alongside a strong box office performance for the film "731" [1][3]. Group 1: Industry Performance - The media sector saw a weekly increase of 0.38%, outperforming the CSI 300 index which fell by 1.01%, but underperforming the ChiNext index which rose by 1.22% [3]. - The top gainers in the media sector included Jishi Media, Guomai Culture, and Liou Shares, while the biggest losers were Happy Blue Ocean and Shanghai Film [3]. Group 2: Key Developments - Tencent launched the mixed Yuan 3D 3.0 model, enhancing modeling precision with its 3D-DiT grading carving technology and introduced the mixed Yuan 3D Studio platform to improve production efficiency [3]. - Alibaba Cloud open-sourced the Tongyi DeepResearch model, achieving state-of-the-art results with only 30 billion parameters [3]. - Baidu's new model ERNIE-4.5-21B-A3B-Thinking topped the HuggingFace leaderboard [3]. - The film "731" grossed nearly 1 billion yuan within three days of its release [3][4]. Group 3: Investment Recommendations - The company maintains a positive outlook on the gaming sector's new product cycle and the potential recovery of the film industry, emphasizing the importance of AI applications [5]. - Recommended stocks in the gaming sector include Kaiying Network, Gigabit, and Xindong Company [5]. - In the media sector, companies like Focus Media and Bilibili are highlighted due to expected growth in advertising spending [5]. - For the film content sector, attention is drawn to Wanda Film and Huace Film for potential supply-side improvements [5]. - The report also suggests focusing on high-dividend, undervalued state-owned publishing companies [5]. Group 4: Emerging Trends - The industry continues to favor high-demand IP toys and AI applications in their early stages [2]. - Recommended stocks in the IP toy sector include Pop Mart, Zhejiang Digital Culture, and Yaoji Technology [2]. - Key application areas for AI include gaming, toys, advertising, education, e-commerce, and social media, with specific focus on 2B/2G and 2C opportunities [2].

Core Insights - The game "Kingshot" (domestic name "奔奔王国") is expanding its strong performance from overseas to the domestic market, indicating a strategic shift towards local engagement [1][3]. Group 1: Game Launch and Performance - The domestic version of "奔奔王国" initially launched on WeChat Mini Games on August 28, after receiving its game license in late July, leading to a significant stock price increase for Century Huatong [3]. - The game achieved a stable position in the WeChat Mini Games sales chart, reaching the top 25, with a peak ranking of 19 during mid-September [7][9]. - The app version was quietly launched on September 7, just 11 days after the Mini Games version, quickly climbing to the 16th position in the iOS free games chart [10]. Group 2: User Engagement and Revenue - The iOS version saw initial downloads of less than 200 on the first day, but surged to over 30,000 the next day, maintaining an average of over 24,000 downloads per day, totaling approximately 340,000 downloads in two weeks [12]. - Daily revenue for the iOS version started at 73,000 yuan, growing to an estimated 380,000 yuan, with total revenue reaching 3.14 million yuan in the first two weeks [15][17]. - The revenue per download (RPD) for the iOS version has reached 9.3 yuan, indicating a solid monetization strategy [17]. Group 3: Market Position and Future Outlook - "Kingshot" is positioned as a strong contender in the market, with its revenue performance second only to "Whiteout Survival," which has generated 18.02 billion yuan since its launch [21][26]. - Century Huatong reported a significant revenue increase of 85.5% year-on-year, with game business revenue soaring by 93.06%, highlighting the success of both "Kingshot" and "Whiteout Survival" [28]. - The company is expected to continue its strong market performance, with further growth anticipated as "奔奔王国" has yet to fully unleash its potential in the domestic market [31].

Core Viewpoint - The performance of A-share game companies in H1 2025 is expected to be strong, driven by industry dynamics and the emergence of "micro-horror search and destroy" and "overseas SLG" games, leading to performance and valuation upgrades for relevant companies [1][2] Group 1: Micro-Horror Search and Destroy - The "search and destroy" model creates a closed loop of "investment-risk-return," incentivizing players through high failure penalties and strong victory rewards, potentially leading to long-lasting game hits [2] - Games like "Delta Action," "Dark Zone Breakthrough," and "Fog Shadow Hunter" focus on combat, while "Supernatural Action Group" targets casual social gameplay, appealing to female audiences [2] - The game "Supernatural Action Group" is expected to become another evergreen title for Giant Network (002558.SZ), significantly enhancing the company's performance and stabilizing revenue streams [2] Group 2: Overseas SLG Market - The overseas SLG mobile game market is projected to reach $124.64 billion in 2024 and $73.08 billion in H1 2025, with year-on-year growth rates of 17% and 25%, respectively [3] - Chinese companies are expected to generate $185.57 billion in overseas revenue in 2024, with strategy games accounting for 41.38% of the top 100 overseas games, indicating a strong competitive advantage [3] - The success of overseas SLG games relies on user acquisition through advertising and brand promotion, with a focus on improving user lifetime value (LTV), click-through rates (CTR), and conversion rates (CVR) while reducing customer acquisition costs (CPM) [3] Group 3: Innovation and Market Expansion - Companies like Yuanqu with "Last War" and Diandian Interactive with "Whiteout Survival" have achieved breakthroughs in integrating secondary gameplay and casual gameplay, reducing acquisition costs and improving long-term retention [4] - The industry is entering a new expansion phase, with leading companies expected to continue product iterations, resulting in steady performance growth [4]

Industry Dynamics - In August, the overseas revenue ranking was released, with DianDian Interactive's two games generating over 25 billion, securing the top two spots in the overseas revenue ranking [1][3] - The game "Gui Long Chao" announced its shutdown due to unsustainable operational conditions, with a refund policy for unspent purchases [1][4] - MiHoYo established two AI-related companies, focusing on AI application software development and game development [1][5] Regulatory Compliance - The Mexican government announced an 8% tax on "violent games" starting in 2026, aimed at curbing consumption of products deemed harmful to public health [1][6] - A company in Zhengzhou was found guilty of unfair competition for providing in-game currency through an online platform, resulting in a compensation of over 3 million [1][7] - Steam tightened its review policy, prohibiting games with explicit content from being submitted through the Early Access model [1][8] Esports - Chinese player Dodo from Shenzhen Ao Jia esports team won the 2025 FC PRO Championship, marking a significant achievement for Chinese esports [1][9] - The TI14 finals concluded with the Chinese team XG finishing as runners-up, and the next TI15 will be held in Shanghai in August 2026 [1][10]