10月市场收入313.59亿元 运营活动与双端产品共促增长 2025年10月，中国移动游戏市场收入达226.33亿元，环比增长5.33%，同比增长2.36%。多款头部产品通过周年庆活动与版本更新有效激发用户活跃度与付 费动力，带动市场收入回升。 海外市场方面，10月中国自主研发游戏海外市场实际销售收入为17.99亿美元，环比增长10.96%，同比增长11.90%。 中国游戏市场实际销售收入 智通财经APP获悉，伽马数据发布的《2025年10月中国游戏产业月度报告》显示，10月中国国内游戏市场收入为313.59亿元，环比增长5.66%，同比增长 7.83%。运营活动与双端产品双轮驱动。 按不同类型看，2025年10月，中国客户端游戏市场收入为72.27亿元，环比增长1.92%，同比增长29.39%。双端互通产品数量、流水双增长。 2025年10月中国国内游戏市场收入为313.59亿元，环比增长5.66%，同比增长7.83%。环比来看，移动游戏市场贡献主要增量，部分产品依托周年庆、版本 更新及相关活动实现有效拉新与留存；同时，《逃离鸭科夫》等单机产品表现亮眼，为单机游戏市场带来环比增量。同比方面，客户端游戏市场成 ...

10月22日，随着《原神》更新"月之二"游戏版本，预热已久"千星奇域"终于实装，玩家们可以在千星沙箱编辑器里自由调用除角色以外的绝大部分游戏资 产。 自曝光以来，千星奇域就备受玩家和行业关注，这次实装直接引爆了《原神》社区讨论。但作为UGC玩法，千星奇域带给玩家的体验依赖于玩家的产 出，这需要时间的积累和沉淀。一个月过去，千星奇域的现状到底如何？ACGx在此时进行体验，发现这个新生板块虽仍处于"开荒"阶段，但玩家创造力 已初露锋芒。 千星奇域里，由玩家产出的"奇域"是社区讨论最为集中的部分。其中高人气作品大致分为两类，其一是玩法经典、操作简单、流程短小的休闲娱乐类型。 热度榜单第一的《提瓦特世界杯》就集合了这几个特点，完美适配玩家利用碎片化时间的需求。 《提瓦特世界杯》热度高达39.4万、玩家好评率80.9%，玩法为3v3团队足球赛，每局限时7分钟。其乐趣在于根据角色技能选择、团队配合以及个人操作 等因素，对局结果也会受到影响，如果双方队伍是菜鸡互啄，那可能会看到谁持球谁被围殴的搞笑情景；高手对决时则会上演精彩配合或个人秀，总之放 平心态、享受游戏，就能在欢声笑语间打发不少时间。 图源水印 另一类奇域体量与小 ...

Investment Rating - The report assigns a favorable investment rating to the Chinese internet sector, highlighting its attractiveness compared to U.S. tech stocks due to lower valuations and promising earnings growth [1][2]. Core Insights - The Chinese internet stocks have risen due to improved sentiment, catch-up effects, and relatively low valuations, with a projected PE ratio of 17 times for 2025, significantly lower than the 31 times for U.S. tech stocks [1][2]. - The consumption market in China is experiencing significant emotional consumption growth, with online retail growth at 6.3%, surpassing offline growth of 3.7% [1][4]. - AI technology is being widely applied across various sectors, including e-commerce recommendations, game design, and education, with companies like Alibaba leveraging AI to enhance cloud services and user engagement [5][18]. Summary by Sections 1. Overall Performance of the Internet Industry - The Chinese internet sector has seen a stock price increase of approximately 37% from the beginning of 2025, despite a 19% decline in profit expectations due to pressures from e-commerce and retail investments [2]. 2. Changes in the Consumption Market - Emotional consumption has become a highlight, particularly in gaming, music, and tourism, with a notable increase in online retail driven by algorithm optimization and a growing number of online shoppers [3][4]. 3. AI Development in China - China is advancing in AI through self-developed chips and local GPU efficiency, with Alibaba Cloud experiencing a growth increase from 18% to 26% in recent quarters [5]. 4. Development of Instant Retail - Instant retail has emerged as a significant trend, with companies like JD and Alibaba increasing their investments in food delivery, although growth rates have slowed due to seasonal factors and regulatory influences [6]. 5. Competition in the Food Delivery Sector - The food delivery market is highly competitive, with low-price strategies affecting user experience and merchant profits, while machine retail is accelerating the shift from offline to online [7]. 6. Regulatory Changes in Platform Economy - The government has implemented new policies to encourage healthy competition and protect small businesses, resulting in a more manageable regulatory environment for internet companies [8]. 7. Policy Environment for the Gaming Industry - The gaming industry has seen a positive shift in policy, with a significant increase in the issuance of new game licenses and recognition of efforts to protect minors [9]. 8. Future Focus of the Gaming Industry - The gaming sector should focus on evergreen games and the launch of new titles, with major companies expected to continue leveraging their IPs for sustained performance [10]. 9. Recent Changes in Long Video Industry Regulations - New measures from the broadcasting authority aim to enhance content supply in the long video sector, which could increase user subscriptions [11]. 10. Impact of New Advertising Regulations - The new advertising tax policy may increase marketing costs for certain industries, posing a potential downside risk for the advertising sector [12]. 11. Current Status and Future of the Education Sector - The education market remains robust despite economic challenges, with a significant demand-supply gap expected to drive long-term growth [13]. 12. Opportunities for Chinese Internet Companies Overseas - Chinese online games have a competitive edge due to lower development costs and a large talent pool, enabling them to expand internationally [14][15]. 13. Recent Developments in Cross-Border E-commerce - Cross-border e-commerce GMV has stabilized and shows signs of recovery, driven by innovative business models and improved logistics efficiency [16]. 14. Impact of ChatGPT on E-commerce - The introduction of ChatGPT's e-commerce features may have limited impact on China's e-commerce landscape, as major platforms already dominate traffic [17]. 15. Growth Potential and Competition in the Domestic Gaming Industry - The domestic gaming industry is expected to grow at around 5% in the coming years, with AI playing a crucial role in game development and player interaction [18][19].

Core Insights - MiHoYo's market head for Genshin Impact, Xie Qiliang (also known as Maikou), has announced his departure for personal reasons and career development [1] - MiHoYo expressed gratitude for Xie Qiliang's contributions over the past six years and wished him success in future endeavors [1] Company Overview - Xie Qiliang previously worked at NetEase, where he was responsible for marketing the game Identity V before joining MiHoYo in early 2020 [1] - Since its launch in 2020, Genshin Impact has executed several successful marketing campaigns, including collaborations with KFC and the "Shen Nü Pi Guan" event, promoting Chinese culture through content [1][1] Industry Impact - Xie Qiliang also played a role as a producer, overseeing the development of Genshin Impact's animation-related projects [1]

Core Insights - The market head of miHoYo's "Genshin Impact," Xie Qiliang (also known as Maikou), has officially announced his departure due to personal reasons and career development plans [1] - miHoYo expressed gratitude for Xie Qiliang's contributions over the past six years and wished him success in his future endeavors [1] Company Summary - Xie Qiliang previously worked at NetEase, where he was responsible for marketing "Identity V," before joining miHoYo in early 2020 to oversee domestic market operations as "Genshin Impact" was approaching its public beta [1] - Since its launch in 2020, "Genshin Impact" has executed several successful marketing campaigns, including collaborations with KFC and cultural initiatives linked to the Sanxingdui archaeological site, showcasing Chinese culture [1] - Xie Qiliang was also a core member of the "Genshin Impact" project team and played a significant role in advancing the animation-related business for the game [1] Industry Summary - The departure of Xie Qiliang may indicate that "Genshin Impact" is entering a new long-term operational phase, as the game has seen a decline in attention over the past two years [2] - The overall marketing strategy for "Genshin Impact" has shifted to a more low-key approach, and the exit of key employees like Chen Zhiyi and Xie Qiliang may impact the product to some extent [2]

Group 1: Cross-Border Expansion and Market Trends - China and UAE's bilateral trade has surpassed $100 billion, with over 15,000 Chinese companies operating in the UAE, 90% of which plan to expand into the Middle East market [2][3] - The Dubai IFZA Free Zone has established its first office in Shanghai to facilitate Chinese companies' entry into the UAE and Middle East, aiming for a 30% increase in the number of serviced Chinese companies by 2024 [2][3] - The Chinese gaming industry is experiencing a significant reshuffle in the overseas mobile game market, with Tencent maintaining the top position but slowing growth, while MiHoYo and Muto Technology have seen substantial ranking increases [5] Group 2: Industry-Specific Developments - The global market for AI short dramas is expected to grow significantly by 2025, with China focusing on local production and AI optimization to enhance efficiency and reduce costs [6] - China's commercial aerospace sector is accelerating its international cooperation, with the successful launch of satellites for various countries, showcasing the maturity and cost-effectiveness of its technology [8] - The Chinese home robot market is thriving globally, with a 16.5% year-on-year increase in shipments, and Chinese brands holding four of the top five positions in the global market share [13] Group 3: Brand Strategies and Market Penetration - Chinese tea brands are rapidly expanding overseas, with Mixue Ice Cream and Heytea adopting different strategies to capture markets in Southeast Asia and Europe, respectively [19][20] - The sports goods industry in China is projected to reach an export value of $28.396 billion in 2024, driven by brand building and supply chain efficiency [18] - BYD has achieved impressive overseas sales, with a significant market share in Europe and plans to surpass Toyota by 2025, despite facing challenges in market education and after-sales service [27] Group 4: Technological Innovations and Globalization - Haier Biomedical is transitioning from product export to ecosystem co-building, focusing on laboratory solutions and smart medication to enhance its global competitiveness [28] - Chery Automobile has seen a 26.2% year-on-year increase in exports, emphasizing a strategy of localized production and a comprehensive product matrix [29] - SHEIN is transforming from a super retail entity to a super ecological entity, leveraging flexible supply chains and digital tools to enhance its global manufacturing capabilities [25]

Core Insights - MiHoYo has launched a new recruitment campaign for 63 positions related to its upcoming UE5 realistic fantasy project, marking the first public appearance of this product since the announcement of five mysterious new games last September [1][3]. Group 1: Game Development and Features - The new project is characterized as a "fantasy epic world" with significant elements such as "large-scale boss battles," suggesting a gameplay style reminiscent of the "God of War" series [3]. - The game will incorporate AIGC technology, featuring "ecological AI simulation" and "full-terrain combat AI," indicating MiHoYo's advancements in integrating AI into gaming [5]. - The game world will include themes of ancient mysteries, evil beasts, and legendary heroes, emphasizing a strong "Western fantasy" flavor in its narrative [5][10]. Group 2: Recruitment and Talent Needs - The recruitment covers four main functional categories: planning, art, programming, and comprehensive roles, with a focus on "extremely high quality" and "super high sensitivity" in talent requirements [7]. - The job descriptions highlight the need for skills related to "character abilities," "impact feel," and "large-scale synchronized monster simulation," indicating a strong emphasis on action combat mechanics [10]. - This recruitment effort suggests that MiHoYo is accelerating its transition from a "2D-focused company" to a "comprehensive game developer," aiming to leverage advanced technologies like UE5 and AI for its next major release [10].

Core Insights - In October 2025, 32 Chinese companies made it to the global mobile game publisher revenue TOP 100, collectively generating $2.01 billion, accounting for 35.6% of the total revenue of the TOP 100 publishers [1] - Tencent retained its position as the top global mobile game publisher in October, while DianDian Interactive achieved a revenue increase of 6%, securing the second place [1] Group 1: Tencent's Performance - Tencent's flagship MOBA game, "Honor of Kings," saw a revenue surge of 32% in October due to various events and rewards, reaching a new revenue peak [2] - The S41 season activities and the 10th anniversary celebration significantly boosted player engagement and spending [2] Group 2: Other Notable Publishers - DianDian Interactive's revenue increased by 6%, driven by strong performances from flagship products like "Whiteout Survival" and new hits such as "Kingshot" and "Tasty Travels: Merge Game" [5] - Lemon Microfun's revenue grew by 12%, reaching a historical high, with a year-on-year increase of 165%, reflecting strong market demand for innovative merge games [5] - Florere Game's revenue rose by 16% in October, with cumulative revenues for its games "Last Z: Survival Shooter" and "Dark War Survival" reaching $310 million and $350 million, respectively [5] Group 3: Rising Stars - Youxing Network's revenue surged by 54% in October, ranking 9th in the revenue list, with significant contributions from "Arknights" and "Mahjong Soul" [6] - Xindong Network's revenue increased by 30%, with "Etheria: Restart" and "Torchlight: Infinite" performing exceptionally well [6] - "Endless Winter" saw a 60% revenue increase during the first week of October, with total revenues exceeding $600 million by the end of the month [9]

Core Insights - "Honor of Kings" by Tencent returns to the top of the revenue chart with $134.1 million in October, showing a significant increase of nearly $20 million from September, although still below the peak of approximately $180 million in January and February [2] - "LastWar: Survival" sees a slight revenue increase from $112 million in September to $125 million in October, maintaining levels similar to earlier this spring [2] - "Roblox" ranks third with October revenue of $121.9 million, remaining stable compared to September but significantly lower than its summer peak of over $150 million [3] Revenue Performance - "Monopoly Go" and "Royal Match" maintain regular performance with revenues of $117.5 million and $106.6 million respectively in October [3] - "Whiteout Survival" experiences a decline, falling below $100 million for the first time since September 2024, with a drop in revenue after two consecutive months of decline [3] - "Candy Crush Saga" continues to show stable performance, maintaining around $80 million in revenue [4] Rankings and Changes - "Kingshot" achieves a new record high with October revenue of $66.8 million, while "Gossip Harbor" surpasses $60 million [4] - "Clash Royale" sees a revenue decrease to approximately $58.6 million, down nearly $10 million from the previous month, but still significantly higher than its spring levels of around $13 million [4] - The global revenue rankings for mobile games in October show "Delta Force" by Tencent at 11th place with $48.3 million, while "Pokémon TCG Pocket" rises significantly to 13th place with $44 million, boosted by a new card pack release [5] Notable Declines - "PUBG Mobile" experiences a revenue drop from $131 million in August to $41.9 million in October [6] - "Genshin Impact" and "Royal Kingdom" see notable rank increases, while other titles like "Honkai: Star Rail" and "Crossfire" show significant declines in the top 50 rankings [6]

Group 1 - Shanghai Civil Affairs Bureau clarified that the marriage registration must be done at the Huangpu District Civil Affairs Bureau, not at INS New Paradise, and there is no registration process on-site [3] - Nokia plans to apply for delisting from the Paris Stock Exchange, continuing to be listed on the Helsinki Nasdaq and the New York Stock Exchange [4] - The 2026 holiday schedule has been announced, with the Spring Festival holiday lasting 9 days, marking the longest holiday in history [5] Group 2 - The Ministry of Education in Sichuan has implemented a spring and autumn break for primary and secondary schools, allowing for flexible arrangements based on local conditions [12] - Coupang reported a 51% increase in operating profit for Q3, driven by strong performance in product commerce and new business sectors [21] - Evonik's Q3 sales decreased by 12% year-on-year, with an expected continued weak market demand until the end of the year [21] Group 3 - Apple has issued a notice prohibiting offline distributors in China from selling products online, aiming to maintain price stability [9] - The "private shipping king" Ren Yuanlin's restructuring plan for the Shanshan Group was rejected at the last moment due to irreconcilable demands from various parties [10] - Hippocratic AI raised $126 million in its latest funding round, achieving a valuation of $3.5 billion [19]