Game Releases - Xishanju officially announced the first seamless open-world MMO "Sword侠世界4:无限" on October 16, with a global pre-registration channel launched, featuring a game world of 1 million square meters and over 30 types of terrain and unique towns [1] - ByteDance's "境・界刀鸣" began Android testing on October 16, with global pre-registration exceeding 12 million, set to launch globally on November 21 [3] - NetEase's "命运：群星" launched on October 16, topping the domestic iOS free chart on its first day, with the overseas version previously achieving top downloads in 19 markets, contributing over 70% of revenue from the US market [5] - Bilibili's top-down shooter "逃离鸭科夫" officially launched on October 16 on PC, achieving a 94% positive rating on Steam and a peak concurrent player count of over 35,000 on its first day [7] Industry News - The first national standard for the protection of trade secrets in the online gaming sector was officially released on October 14, under the guidance of the Shanghai Municipal Market Supervision Bureau [13] - The Hainan Free Trade Port Game Industry Ecological Innovation Development Conference was held on October 18, announcing support policies for the game industry, with individual companies eligible for up to 15 million yuan in promotional vouchers [15] - Legendary game producer Tomonobu Itagaki passed away on October 16, known for founding Team Ninja and developing iconic series such as "Dead or Alive" and "Ninja Gaiden" [16] Company Developments - NetEase announced the termination of operations for its SLG mobile game "指环王：纷争," effective December 31, 2025, after only a year and a half since its launch in the domestic market [11]

Core Insights - October will see the launch of over 20 new games, with key titles from major companies like NetEase, Tencent, and Bilibili, showcasing a diverse range of genres and trends in the gaming industry [1][3] Game Releases - Notable new releases include NetEase's "Marvel Secret Wars," "Destiny: Stars" (domestic version), and "unVEIL the world" (overseas), along with Tencent's "Kaeis Dreamland" and Bilibili's "Escape from Duckov" [1][3] - The new games cover various genres such as shooting, strategy RPG, and action, reflecting a trend towards high-quality production, IP value enhancement, and innovative gameplay [1][3] Industry Trends - The gaming industry is experiencing a trend of simultaneous multi-platform releases, indicating a focus on expanding user reach and ensuring consistent player experiences [1][8] - The recent surge in game releases is attributed to the normalization of game license approvals and the overall heightened interest in the gaming sector [4][8] Market Dynamics - The delay of "GTA6" to May 2026 has led to a crowded release schedule in October, with many companies launching new titles to capitalize on the gaming market's momentum [4][8] - The shooting game genre remains particularly competitive, with titles like "Destiny: Stars" achieving significant pre-registration numbers and revenue growth [6][7] Strategic Insights - Companies are increasingly adopting multi-platform strategies to enhance product quality and provide a unified experience for players, moving away from traditional genre-specific competition [8] - The gaming landscape is shifting, with companies exploring new growth opportunities in niche segments rather than competing solely within established genres [8]

前段时间，业内流传着一种观点，认为2025年是一个"新起点"的年份——旧的时代已经结束，前路却很迷茫。全球的玩法创新似乎都走到了一个尽头，对 射击游戏来说尤其如此。行业渴望真正具备全球化潜力的超级PvP玩法原型——"搜打撤"被认为是未来的超级玩法，但仍有不确定性，红红火火的《三角 洲行动》虽然在国内带起了一轮立项热潮，海外玩家的占比却远小于国内玩家。 另一方面，我们可以看到，往年也出现了全球火爆的《地狱潜兵2》《战锤40K：暗潮》等PvE射击游戏。"搜打撤"这个玩法里也出现了一系列PvE产品， 比如微恐玩法的《超自然行动组》，加入恶搞元素的《R.E.P.O》，包括《三角洲行动》的玩家群体中也出现过所谓"买命卖命"的非PvP操作。 这些产品或多或少显示出市场对PvE玩法的渴望。近几个月，国内也有《矩阵：零日危机》《逆战：未来》《命运：群星》等PvE射击产品。它们也引发 了另一些思考：以往我们认为传统射击PvE赛道的用户盘子不大，是不是因为我们还没找到某种兼容的方式？市场是不是有PvE玩法的需求，只是还没被 激发出来？ 抱着这样的疑问，触乐和相关从业者们聊了聊。 市场悖论 "PvE这条赛道的供给一直比较单一。" ...

Core Insights - The overall revenue of mobile games in China has decreased by 7% month-on-month, impacting both the new game market and the performance of existing titles [1] - The overseas mobile game market is also experiencing a downturn, with a significant drop in new game releases and revenue [1] Domestic Market Summary - In July, three new games were released, but their performance did not show significant growth over an extended period [3] - Notable new releases in August include: - "Ling Beast Adventure" by NetEase, with over 990,000 downloads and estimated revenue of $4.44 million [2] - "Fearless Contract: Source Action" by Tencent, achieving over 12.43 million downloads and estimated revenue of $9.23 million (approximately RMB 65.97 million) within two weeks [11] - "Clockwork Mobilization" by Mutong, which features a retro American art style and has potential for future performance [14] - The game "Ninja Storm: Leaf Master" by Zhongyou and "Mimi Mima" by Tiandi Network have shown a noticeable decline in data despite promotional efforts [5] Overseas Market Summary - The number of new game releases in the overseas market has decreased significantly, with only nine new titles launched last month [18] - Key overseas releases include: - "BRAVE FRONTIER LEGION" by GrandSoft, with over 220,000 downloads and estimated revenue of $2.52 million [19] - "Fate War" by IGG, which has shown promising performance in T1 markets [29] - "Destiny: Rising" by NetEase, which has garnered over 10 million pre-registrations prior to its international launch [31] - The overall performance of overseas new games has declined, with no titles exceeding $1 million in estimated revenue this month [25]

Investment Rating - The report maintains a "Buy" rating for Tencent, NetEase, and Bilibili, with target price adjustments reflecting positive growth expectations [5][12]. Core Insights - The Chinese gaming market experienced strong growth in the first half of 2025, driven by new products, AI integration, and refined operations, with Tencent, NetEase, and Bilibili outperforming their peers [1][36]. - The report anticipates continued revenue growth for Tencent, NetEase, and Bilibili in Q2 2025, with expected year-on-year increases of 15%, 17.7%, and 60% in gaming revenue respectively [2][3][4]. - AI applications are becoming increasingly prevalent in the gaming industry, with approximately 60% of game companies utilizing AI to enhance content production efficiency by 30%-50% [1][39]. Summary by Company Tencent - Expected Q2 2025 total revenue growth of 11%, with gaming revenue up 15% and advertising revenue up 19% [2]. - Key game reserves include "Honor of Kings World," "Valorant: Source Action," and "Fate Trigger," with a target price raised to 670 HKD, corresponding to a 23/20 times P/E ratio for FY25/26 [2][47]. NetEase - Anticipated Q2 2025 revenue growth of 12.6%, with gaming revenue expected to rise by 17.7%, primarily driven by strong growth in PC games [3]. - Target price adjusted to 166 USD, reflecting an 18.2/17.1 times P/E ratio for FY25/26 [3][47]. Bilibili - Projected Q2 2025 revenue growth of 20%, with gaming revenue expected to increase by 60% [4]. - Target price increased to 28 USD, corresponding to a 38/26 times P/E ratio for FY25/26 [4][47]. Industry Trends - The Chinese gaming market saw a 17% year-on-year growth in the first five months of 2025, with mobile games growing by 20% [1][36]. - Policy support for high-quality game development has intensified, with 991 game licenses approved in 2025, up from 857 in the previous year [1][36]. - The average operational lifespan of top 100 games in China has increased, indicating a shift towards long-term game management strategies [1][36].

Group 1 - The National Press and Publication Administration issued 130 domestic game approvals in May 2025, with a notable increase in monthly approvals, reaching a new high this month [1][3] - Among the approved domestic games, 76 are mobile games, 54 are mobile-casual puzzle games, 6 are client games, and 1 is for the PS5 console, with some games receiving multiple platform approvals [1][5] - A total of 610 domestic game approvals have been issued this year, indicating a continuous upward trend in the approval rate [1][3] Group 2 - The number of imported game approvals has shifted from bi-monthly to monthly, with a consistent increase in the number of approvals each month [3] - In the latest batch of imported game approvals, 14 mobile games were granted licenses, with some receiving approvals for multiple platforms [1][5] - Notable titles among the newly approved games include Tencent's "Secret Realm Knife Boy," Perfect World's "Different Ring," and NetEase's "Fate: Stars" [5][15]