每经记者｜张梓桐 每经编辑｜张益铭 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》五周年庆收入增长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11名。 | | F游及发行商 | | | | --- | --- | --- | --- | | 1 | Whiteout Survival | 16 | 08 20 | | | 点点互动 | | 库洛游戏 | | 2 | Kingshot | 17 | Destiny: Rising | | | 点点互动 | | 网易 | | 3 | ...

转自：前瞻产业研究院 行业主要上市公司：腾讯控股(00700.HK);网易(09999.HK);哔哩哔哩(09626.HK);友谊时光(06820.HK);中手游 (00302.HK);ST天润(002113.SZ);惠程科技(002168.SZ);游族网络(002174.SZ);天娱数科(002354.SZ);凯撒文化 (002425.SZ);恺英网络(002517.SZ);三七互娱(002555.SZ);巨人网络(002558.SZ);世纪华通(002602.SZ);完美世界 (002624.SZ);宝通科技(300031.SZ);星辉娱乐(300043.SZ);三五互联(300051.SZ);中青宝(300052.SZ);顺网科技 (300113.SZ);富春股份(300299.SZ);掌趣科技(300315.SZ);昆仑万维(300418.SZ);汤姆猫(300459.SZ);迅游科技 (300467.SZ);盛天网络(300494.SZ);盛讯达(300518.SZ);冰川网络(300533.SZ);大晟文化(600892.SH);电魂网络 (603258.SH);吉比特(603444.SH);中科 ...

此外，腾讯旗下《王者荣耀》等四款手游凭借稳定的用户基础与持续的内容运营，在9月中国App Store 手游收入榜单中表现突出，成功包揽榜单前四名，进一步彰显了中国头部手游产品在国内市场的强大号 召力。 整体来看，9月中国手游厂商在全球市场的收入占比与榜单入围数量均保持较高水平，头部企业通过产 品更新、玩法创新与海外市场拓展，不断提升核心竞争力，为中国手游产业的持续健康发展注入强劲动 力。 10月9日消息，据Sensor Tower商店情报平台最新发布的《2025年9月中国手游发行商全球收入排行榜》 显示，9月共有32家中国手游厂商成功跻身全球手游发行商收入榜TOP100，合计创收19.5亿美元，在同 期全球TOP100手游发行商总收入中占比达36.1%。 从具体企业表现来看，网易凭借多款手游的强势发力，稳固占据本期全球发行商收入榜第3名。其中，8 月末上线的《梦幻西游手游轻享服》通过创新优化玩法门槛、强化社交回流机制与科学调整消费节奏， 有效激活老玩家回归热情与新玩家付费潜力，9月收入较8月环比增长46%，成为拉动网易收入的重要力 量。另一款8月末推出的科幻射击新游《天命：群星》表现尤为亮眼，9月收入环比大幅 ...

来源：环球网 此外，腾讯旗下《王者荣耀》等四款手游凭借稳定的用户基础与持续的内容运营，在9月中国App Store 手游收入榜单中表现突出，成功包揽榜单前四名，进一步彰显了中国头部手游产品在国内市场的强大号 召力。 整体来看，9月中国手游厂商在全球市场的收入占比与榜单入围数量均保持较高水平，头部企业通过产 品更新、玩法创新与海外市场拓展，不断提升核心竞争力，为中国手游产业的持续健康发展注入强劲动 力。（纯钧） 从具体企业表现来看，网易凭借多款手游的强势发力，稳固占据本期全球发行商收入榜第3名。其中，8 月末上线的《梦幻西游手游轻享服》通过创新优化玩法门槛、强化社交回流机制与科学调整消费节奏， 有效激活老玩家回归热情与新玩家付费潜力，9月收入较8月环比增长46%，成为拉动网易收入的重要力 量。另一款8月末推出的科幻射击新游《天命：群星》表现尤为亮眼，9月收入环比大幅增长3倍，不仅 斩获本月美国手游收入增长榜冠军，还成功跻身中国出海手游收入增长榜第2名，成为网易本季度最具 市场爆发力的新作之一。 米哈游则借助旗下核心产品的版本更新实现业绩跃升。9月，米哈游《原神》《崩坏：星穹铁道》等作 品先后推出重磅更新内容，带 ...

Core Insights - The article highlights the significant presence of Chinese anime games at TGS 2025, indicating a potential boom in the industry for 2026 with major titles like "Infinite," "Eternal Ring," and "Blue Star: Journey" set to launch [1][16] - The closure of the GiGO 1 building, previously a prominent advertising space for miHoYo, marks a shift in the landscape of the Akihabara area, contrasting sharply with the past dominance of "Genshin Impact" [1][29] - Despite the visible decline of miHoYo's advertising presence, its products remain popular in local stores, suggesting a change in strategy rather than a complete withdrawal from the market [6][11] Industry Dynamics - The surrounding business of merchandise, or "Gaozi economy," is increasingly seen as a marketing tool rather than a primary revenue source for game developers, with companies focusing more on enhancing user engagement [9][31] - MiHoYo's recent strategy reflects a shift towards cost-effective marketing, as evidenced by its absence from TGS this year, contrasting with its previous aggressive promotional tactics [11][15] - The rise of new Chinese titles at TGS indicates a growing recognition among Japanese players of these products, suggesting a shift in market dynamics and consumer preferences [13][16] Market Trends - The article notes a distinct difference in the types of games showcased at TGS compared to those in Akihabara, with a focus on new Chinese titles that are actively engaging players through innovative marketing strategies [16][22] - The upcoming release of several high-profile Chinese games is expected to revitalize the Akihabara area, which has seen a decline in its anime culture prominence [29][36] - The competitive landscape for 2024 is anticipated to be intense, with over ten major titles expected to launch, challenging the current market structure and consumer engagement strategies [38][39]

Core Viewpoint - The legal dispute between Zulong Entertainment and Paper Games highlights issues of trademark infringement and unfair competition in the gaming industry, particularly regarding the use of popular keywords for advertising purposes [3][4][6]. Group 1: Legal Dispute Overview - Zulong Entertainment was found to have infringed on Paper Games' trademark by using their registered game titles as keywords in WeChat advertisements, leading to user confusion [3][4]. - The court ruled in favor of Paper Games, ordering Zulong Entertainment to pay 150,000 yuan in damages for trademark infringement and unfair competition [6]. - Zulong Entertainment's defense claimed that the keyword settings were managed by an outsourced advertising company, but evidence showed that they had added the keywords themselves [5][6]. Group 2: Financial Impact - Following the launch of its game "In the Name of Shine," Zulong Entertainment reported significant revenue growth, achieving 634 million yuan in revenue for the first half of 2025, a 44.4% increase compared to the same period in 2024 [7]. - The success of "In the Name of Shine" contributed to Zulong Entertainment's overall financial performance, alongside other game releases [7]. Group 3: Industry Context - The case reflects a broader trend in the gaming industry where companies may engage in competitive advertising practices that can lead to legal disputes over intellectual property rights [8][9]. - Legal experts suggest that companies should proactively protect their trademarks and avoid using similar names or branding to prevent confusion and potential legal issues [9][10].

Core Viewpoint - The article discusses the evolution of China's gaming industry policies, highlighting the government's support and regulatory measures aimed at fostering growth and addressing challenges within the sector [2][3][4]. Policy Evolution - The gaming industry in China has transitioned from "cultural market management" to "digital content industry cultivation" and finally to "cultural industry pillarization and digital strategy" as outlined in national economic plans from the "Eighth Five-Year Plan" to the "Fourteenth Five-Year Plan" [2][3][4]. - The "Eleventh Five-Year Plan" (2006-2010) encouraged the development of digital content industries, including gaming, and emphasized cultural innovation and quality improvement [3]. - The "Twelfth Five-Year Plan" (2011-2015) aimed to make the cultural industry a pillar of the national economy, enhancing its overall strength and competitiveness [3]. - The "Thirteenth Five-Year Plan" (2016-2020) introduced the term "gaming" and focused on accelerating the development of emerging industries such as online audio-visual, mobile multimedia, and digital publishing [3]. - The "Fourteenth Five-Year Plan" (2021-2025) emphasizes expanding the supply of quality cultural products and implementing a digital strategy for the cultural industry [4]. National Policy Summary - Since 2000, various government bodies have issued policies to support and regulate the gaming industry, covering aspects such as technological development, industry standards, and minor user regulations [7][8]. - Key policies include the "Network Game Management Measures" aimed at ensuring the healthy development of the gaming industry and the "Technical Requirements for Minor User Monitoring Systems" which impose restrictions on gaming time and spending for minors [9][10]. Provincial Policies - Coastal provinces like Guangdong, Beijing, and Zhejiang have introduced supportive policies for the gaming industry, focusing on high-quality development, technological innovation, and overseas expansion [23][24]. - Specific measures include optimizing game approval processes, encouraging the development of 3A games, and supporting collaborations with historical IPs [24][25]. Market Outlook - As of mid-2025, China's gaming industry is projected to have an overseas market size of $9.501 billion, reflecting a year-on-year growth of 11.07% [20]. - The government aims to enhance the global competitiveness of the gaming industry by promoting the entire value chain from IP creation to overseas operations [20].

Investment Rating - The report maintains a "Buy" rating for several companies in the media sector, including Giant Network, Kaiying Network, and others [4][9][6]. Core Insights - The media industry has shown strong performance with a weekly increase of 4.27%, ranking 4th among industries, while the Shanghai Composite Index rose by 1.52% [12][20]. - The gaming market remains robust, with significant revenue growth from major players like Tencent and Point Interactive, and the upcoming National Day film releases are anticipated to boost box office performance [3][4][41]. Market Performance - The media industry (Shenwan) increased by 4.27% from September 6 to September 12, 2025, outperforming the Shanghai Composite Index, which rose by 1.52% [12]. - The gaming II sector saw a rise of 6.61%, while the film industry also experienced a notable increase of 6.58% during the same period [15][12]. Key Data and Dynamics AI Applications - In August, the top five AI products by web traffic included ChatGPT and New Bing, with Deepseek leading domestic traffic at 316 million visits, despite a month-over-month decline of 8.52% [24][25]. - The domestic AI search engine Nano AI ranked second with 307 million visits, also showing a decline of 7.52% [24][25]. Gaming Data - In August, Tencent, Point Interactive, and NetEase were the top three mobile game publishers globally, with total revenues of $2.04 billion, accounting for 35.1% of the top 100 publishers' income [29][30]. - Giant Network's revenue surged by 72% due to the success of "Supernatural Action Group," which entered the top ten for global mobile game revenue [29][30]. Film Data - The total box office for the week of September 6-12 was 358 million yuan, with "Chasing the Wind" leading at 120 million yuan [41]. - Nine films have been scheduled for release during the National Day holiday, indicating a strong upcoming box office potential [41][42]. Investment Recommendations - The report highlights a positive outlook on themes such as AI applications and cultural exports, with a focus on sub-sectors like gaming, IP, short dramas, and publishing [4]. - Specific companies recommended for investment include Giant Network, Kaiying Network, and Perfect World, among others [4][9].

Core Points - The article discusses the controversy surrounding the character design in the game "Genshin Impact," specifically the new character "Laiuma," whose outfit was criticized for being too revealing [1] - The game "Genshin Impact: Song of the Moon" version 6.0 was officially launched on September 10 [1] - Following the criticism, the character's design was altered on the App Store to include flowers covering exposed areas [1] Company Overview - "Genshin Impact" is developed and published by Shanghai MiHoYo Network Technology Co., Ltd., which was established in 2011 [1] - MiHoYo aims to provide users with exceptional products and content, having released several popular titles including "Honkai Impact 2," "Honkai Impact 3," and "Honkai: Star Rail" [1] - The company also creates a variety of products around original IPs, including animations, comics, music, novels, and merchandise [1]

Group 1: AI Tool Launch - Tencent Games has launched an AI creation tool called VISVISE, aimed at enhancing the efficiency of game art production across four major pipelines: animation production, 3D model production, intelligent NPCs, and digital asset management [2] - The tool significantly improves efficiency in various stages of game creation, such as skin binding, which can be reduced from 1-3.5 days per item to over 8 times faster with VISVISE [2] - The core value of VISVISE is to balance quality and efficiency in game production, addressing the industry's need for cost reduction and efficiency improvement [2] Group 2: Revenue Challenges - Tencent's flagship game, Honor of Kings, has experienced a revenue decline, with June's income dropping to $143 million, a nearly 25% decrease month-over-month [3] - Despite maintaining a daily active user count of over 100 million, the game's revenue growth shows significant uncertainty, with no substantial increase in user scale since November 2020 [4] - The revenue for Honor of Kings fell from $2.22 billion in 2022 to $1.48 billion in 2023, with a slight recovery projected for 2024 at $1.87 billion, indicating volatility in earnings [5] Group 3: Competitive Landscape - Tencent faces increasing competition from emerging companies like miHoYo and Eagle Dynamics, which have successfully launched popular titles such as Genshin Impact and Arknights, respectively [6][7] - The contrasting strategies between Tencent's established titles and the innovative approaches of competitors highlight a potential stagnation in Tencent's game development capabilities [8] - miHoYo's Genshin Impact generated $4 billion in revenue in 2023, showcasing the effectiveness of its global content strategy, while Tencent's reliance on traditional revenue models is under scrutiny [9] Group 4: International Expansion - Tencent has invested approximately 978.67 billion yuan in 33 overseas game companies since 2012, indicating a strategy to bolster its game business through international partnerships [9] - The company has successfully acquired rights to popular games like CrossFire and Dungeon & Fighter, which have contributed significantly to its portfolio [9] - However, there are concerns that relying heavily on acquisitions may lead to a lack of focus and potential inefficiencies in Tencent's international strategy [10][11] Group 5: Future Considerations - Tencent must reconsider its dependency on social and channel strategies as it introduces VISVISE to the market, aiming to break free from past reliance [12] - The company faces a critical decision on whether to adapt to changing market dynamics or risk becoming a stable yet unremarkable cash cow [12]