复盘2025年的科技圈时，我们发现了一个讽刺的现象： 当SaaS厂商绞尽脑汁向客户解释"为什么你需要一个AI副驾驶"，手机厂商还在发布会上演示"一键消除 路人"等不痛不痒的微创新，某些所谓的大厂频繁鼓吹AI战略刺激股价时，游戏行业悄无声息地完成了 AI的商业闭环。 比如外界还在讨论AI何时能落地时，腾讯的广告系统已经用AI把流量变现效率拉升到了新高度；人们 还在调戏对话机器人时，网易的NPC已经开始用情感羁绊让玩家心甘情愿地掏钱。 不客气地说，其他行业还在把AI当作"秀花活"的营销噱头，或者仅仅停留在"内化"工具来辅助写代码 时，国内的游戏公司已经率先把AI变成了利润表上实打实的增长引擎。 本文将剥离技术滤镜，用财务视角还原这场发生在中国游戏产业的静默革命。 01 腾讯的"大象起舞"：AI学会了赚钱 在外界的刻板印象里，腾讯的AI故事往往不如OpenAI那样性感。然而财报数据却讲述了一个完全不同 的故事：腾讯可能是这波AI浪潮中，变现最快、赚钱最狠的中国互联网巨头。 有趣的悖论在于，AI对腾讯游戏业务最大的贡献，并没有直接发生在"游戏开发"，而是发"卖游戏"环 节。 广告，成了AI变现的头号功臣。 根据财报数 ...

游戏板块具备AI、内容、商业化模式变革多点催化，游戏ETF(159869)跟踪中证动漫游戏指数，反映动 漫游戏产业A股上市公司股票的整体表现，关注游戏ETF(159869)布局机会。 2025年全球手游收入总量同比增长0.5%，共有8款产品全球分成后收入突破10亿美元。其中，《王者荣 耀》再次蝉联榜首，《Whiteout Survival》(无尽冬日)年度收入增幅约50%，成为10亿美元梯队的增长冠 军。 中原证券（601375）认为，2025年国内游戏产业继续保持稳步增长，市场规模和用户规模再创新高，行 业供需两旺，游戏板块基本面改善以及产品周期兑现带来高景气度，AI技术加速渗透带来的研发、运 营等效率的降本增效在报表端或逐步验证。 1月6日盘中，游戏板块持续走强，游戏ETF(159869)现涨超0.5%。持仓股中，三七互娱（002555）、吉 比特（603444）、名臣健康（002919）、奥飞娱乐（002292）、国脉文化（600640）等涨幅靠前，完美 世界（002624）、迅游科技（300467）、冰川网络（300533）等小幅回调。游戏ETF(159869)近10个交 易累计"吸金"达13.06亿 ...

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 Insights - The company, Diandian Interactive, aims to achieve an annual revenue of 15 billion yuan within three years through its transition from game agency to self-developed games [1][2]. Group 1: Company Performance - Diandian Interactive is expected to generate approximately 15 billion yuan in revenue for 2024, representing a year-on-year growth of 155% and accounting for nearly 70% of the total revenue of its parent company, Century Huatong [2][3]. - The flagship product, "Whiteout Survival," has consistently topped the charts in overseas revenue since its launch, while another game, "Kingshot," saw a revenue increase of 209% in April, reaching 19 million dollars in monthly revenue [2][5]. Group 2: Product Strategy - The core competitive advantage of "Whiteout Survival" lies in its unique blend of casual gaming elements with SLG (Strategy Game) mechanics, which has broadened its user demographic to include a significant number of female players [6][3]. - Diandian Interactive's success is attributed to its strategic focus on product lifecycle management, with multiple products currently in the explosive growth phase [3][5]. Group 3: Market Positioning - The company has successfully capitalized on a gap in the SLG market, leveraging its expertise in overseas distribution and product launch strategies to achieve significant market penetration [7][6]. - Century Huatong plans to maintain a balanced product structure by developing several mid-sized games alongside its blockbuster titles, aiming for a healthy business model [8]. Group 4: Future Outlook - The company is investing in AI and cloud data center businesses, viewing these as strategic growth areas for the future, despite current revenues being primarily driven by gaming [10][11]. - Century Huatong is committed to enhancing compliance management following past regulatory challenges, ensuring that all business operations adhere to legal frameworks [12].