Core Insights - The mobile gaming market in October 2025 saw significant innovations in gameplay, particularly with classic IP adaptations, leading to breakthroughs in various sub-genres [1] Download Rankings - "Delta Action" topped the download chart for October, followed by "Valorant: Source Action" and "Honor of Kings" in second and third place respectively [1] - Six new games entered the download Top 30, including "Plants vs. Zombies 3," "Destiny: Stars," and "Ember" [1] - "Plants vs. Zombies 3," a highly anticipated title, achieved over 18 million pre-registrations prior to its launch on September 26, showcasing its strong IP appeal [1][3] Gameplay Innovations - "Plants vs. Zombies 3" introduced new gameplay elements such as "Element Evolution," allowing players to combine elements with traditional plants to create "Element Plants" with special abilities [3] - The game also features a new "Nut Defense Line" mode, enhancing tactical freedom for players [3] Revenue Rankings - "Honor of Kings" ranked first in revenue, followed by "Delta Action" and "Dungeon & Fighter: Origin," which rose four places to third [7] - "Dungeon & Fighter: Origin" successfully attracted both returning and new players with its recent updates, including a new character class and dungeon [7] New Entries in Revenue Rankings - Five new games entered the revenue Top 30, including "JJ Dou Di Zhu," "Rate of the Land," and "QQ Speed" [9] - "Rate of the Land" celebrated its tenth anniversary with significant in-game events and collaborations, boosting its market presence [9] Industry Trends - The trend of lightweight SLG games is gaining traction, with "Rate of the Land" launching a mini-game version to tap into the growing mini-game market [11] - The game has successfully integrated cultural elements through collaborations with museums and other cultural institutions, enhancing its appeal [12] Company Developments - Yishijie celebrated its 13th anniversary, evolving from an early industry explorer to a comprehensive game enterprise with a global market presence [14] - The company has multiple titles generating over 100 million in monthly revenue and is actively expanding into overseas markets [16]

Core Insights - The report by Qimai Data highlights the top mobile games for October 2025, showcasing both download and revenue rankings, with Tencent's games dominating the revenue chart [1][2]. Download Rankings - "Delta Action" topped the download chart for October, followed by "Valorant: Source Action" and "Honor of Kings" in second and third places respectively [1]. - Six new games entered the download rankings, including "Plants vs. Zombies 3," which launched on September 26, 2025, and achieved over 18 million pre-registrations [1]. Revenue Rankings - Tencent's "Honor of Kings" ranked first in revenue, with "Delta Action" in second and "Dungeon & Fighter: Origin" rising four places to third [1][2]. - The revenue rankings featured a total of 12 games from Tencent and 5 from NetEase, indicating Tencent's strong market presence [2]. Game Categories - The majority of the games in the rankings were action games, with 9 entries, followed by adventure games with 4 entries [2]. - The new entries in the revenue rankings included five games, with NetEase's "Rate of the Land" celebrating its tenth anniversary and maintaining market interest through events and updates [3]. Market Trends - There is a growing trend among developers to explore lightweight versions of heavy SLG games due to rising traffic costs and the rapid growth of the mini-game market [3]. - Yishijie, a key player in the simulation and management game sector, has successfully launched multiple products in the mini-game space, achieving significant revenue milestones [3].

Core Insights - The report by Qimai Data highlights the top mobile games for October 2025, showcasing both download and revenue rankings, with Tencent's games dominating the revenue chart [1][2]. Download Rankings - "Delta Action" topped the download chart for October, followed by "Valorant: Source Action" and "Honor of Kings" in second and third places respectively [1]. - Six new games entered the download rankings, including "Plants vs. Zombies 3," which launched on September 26, 2025, and achieved over 18 million pre-registrations, indicating strong IP appeal [1]. Revenue Rankings - Tencent's "Honor of Kings" ranked first in revenue, with "Delta Action" in second and "Dungeon & Fighter: Origin" rising four places to third [1][2]. - The revenue rankings featured a total of 12 games from Tencent and 5 from NetEase, with action games being the most represented category [2]. New Game Releases - Five new games entered the revenue rankings in October, including "JJ Dou Di Zhu," "Rate of the Land," and "QQ Racing" [3]. - NetEase's "Rate of the Land" celebrated its tenth anniversary with promotional activities, contributing to its rising sales ranking [3]. Industry Trends - There is a growing trend among developers to explore lightweight versions of heavy SLG games due to rising traffic costs and the rapid growth of the mini-game market [3]. - Yishijie, a key player in the simulation and management game sector, has successfully launched mini-games and is expanding its overseas market presence [3].

Core Insights - The Chinese gaming market experienced a year-on-year revenue growth of 14.08% in the first half of 2025, despite a quarter-on-quarter decline of 5.89% [1][2] - The growth is attributed to strong performance from evergreen products, updates, and IP collaborations that attract players, alongside a stable issuance of game licenses [1][2] Group 1: Market Performance - The actual sales revenue of the overall Chinese gaming market reached 168 billion yuan, with a quarter-on-quarter decline of 5.89% and a year-on-year growth of 14.08% [2] - The mobile gaming sector generated 125.31 billion yuan, showing a quarter-on-quarter decline of 4.12% but a year-on-year increase of 16.55% [2] Group 2: Global Market Trends - Tencent's "Honor of Kings" was the only mobile game to surpass $1 billion in revenue in the first half of 2025, maintaining a dominant position in the market [3] - Other top revenue-generating games included "Last War: Survival Game" and "Endless Winter," while "PUBG MOBILE" and "Pokémon TCG pocket" led in revenue growth [3] Group 3: Revenue Rankings - In June 2025, Tencent's games occupied four out of the top five spots in the App Store's iPhone game revenue rankings in China, highlighting its market dominance [4] - The top five games included "Honor of Kings," "Peace Elite," "Endless Winter," "Gold Shovel Battle," and "Dungeon & Fighter: Origin" [4] Group 4: International Market - Chinese self-developed games generated $9.501 billion in overseas sales in the first half of 2025, reflecting a year-on-year increase of 11.07% despite a quarter-on-quarter decline of 5.02% [5] - "Endless Winter" by Point Interactive led the overseas mobile game revenue, with total global revenue exceeding $2.8 billion [5]

Core Insights - The event "Dungeon and Warriors: Origin Team Gift" accelerates player progress by providing rewards for participating in team activities, including enhancement scrolls and customizable gift boxes [1][17] - The event is designed to help both new and existing players improve their character strength and catch up in the game [1][17] Group 1: Event Details - Players can earn a total of +12 enhancement scrolls, 4 shining enhancers, 1 customizable gift box, 20 deep sea essences, and 1 essence crafting material over four weeks of participation [1][3] - The event allows players to upgrade their characters more quickly, with multi-character players able to complete the five-piece set two weeks earlier than single-character players [14][17] Group 2: Impact on Characters - The +12 enhancement scroll can significantly boost the strength of secondary characters (副C), which are often neglected by players [3][17] - Players can obtain 1,250 carbon by dismantling a +12 weapon, allowing for reduced weekly resource gathering [5] Group 3: Progress Tracking - Since the launch of the difficult Rotas on September 25, players have participated in four difficult team dungeons, earning 10 deep sea essences each time [7] - Players can upgrade two pieces of the Haohai armor, with the event accelerating the process to upgrade a third piece next week [9][14] Group 4: Material Accumulation - Multi-character players can accumulate 36 account-bound materials and 28 character-bound materials, totaling 64 materials, plus an additional 5 from this week's event [12] - The final week of material crafting provides players with an opportunity to maximize their progress before the event concludes [14]

Market Overview - The A-share market saw all three major indices rise on Monday, with the Shanghai Composite Index up by 0.35%, the Shenzhen Component Index up by 0.41%, and the ChiNext Index up by 0.66%. The total market turnover was 1,243.5 billion yuan, a decrease of 260.4 billion yuan from the previous day, with over 3,500 stocks rising [3][8]. Economic News - According to the National Bureau of Statistics, China's economy remained stable in May, with industrial production increasing by 5.8% year-on-year and 0.61% month-on-month. The service sector also showed growth, with the service production index rising by 6.2% year-on-year. Retail sales reached 41,326 billion yuan, a year-on-year increase of 6.4%, and fixed asset investment for January to May totaled 191,947 billion yuan, up by 3.7% year-on-year [4][9]. Company-Specific Insights - AstraZeneca and CSPC Pharmaceutical Group have entered into a strategic research collaboration in AI drug development, with an upfront payment of 110 million USD. The collaboration aims to discover and develop new oral candidate drugs for various diseases, including a clinical candidate for immune diseases [10][11]. - The collaboration structure includes milestone payments that could total up to 16.2 billion USD for development and 36 billion USD for sales, along with potential royalties based on annual net sales [10][12]. Industry Trends - The AI drug development sector is seeing increased collaboration among multinational pharmaceutical companies, with over 30 partnerships established in 2023, valued at approximately 10 billion USD. Domestic innovative drug assets are gaining attention from multinational companies, with transaction values rising significantly from 9.2 billion USD in 2020 to an estimated 52.3 billion USD in 2024 [11][12]. - The Chinese gaming market reported a revenue increase of 21.93% year-on-year in April 2025, driven by strong performance from long-term products and new releases. The mobile gaming sector specifically saw a revenue of 20.424 billion yuan, up by 28.41% year-on-year [18][19]. Investment Recommendations - The report suggests focusing on companies with strong platform technology barriers in the AI drug development and innovative drug sectors, as the willingness of pharmaceutical companies to pay high upfront fees indicates increased confidence in AI-generated molecules [12]. - In the gaming industry, it is recommended to pay attention to companies with rich license reserves, strong R&D capabilities, and frequent high-quality IP collaborations, as these factors contribute to stable growth in the market [20].

Investment Rating - The industry is rated as "Outperforming the Market" with an expected increase of over 10% relative to the market index in the next six months [4][36]. Core Insights - The Chinese gaming market showed a strong performance in April 2025, with a year-on-year revenue growth of 21.93% and a month-on-month growth of 2.47%, reaching a total revenue of 27.351 billion yuan [1][14]. - The mobile gaming sector specifically saw a revenue of 20.424 billion yuan, reflecting a year-on-year increase of 28.41% and a month-on-month increase of 3.07%, driven by strong performances from long-term products and new releases [1][15]. - The global gaming market experienced a decline in revenue, with a year-on-year decrease of 0.31% and a month-on-month decrease of 4.57%, totaling 6.5 billion USD in April 2025 [2][18]. - The top three revenue-generating games globally were "Honor of Kings," "Honkai: Star Rail," and "SD Gundam G Generation ETERNAL," with the first and third benefiting from strong IP collaborations [2][21]. Summary by Sections 1. Chinese Gaming Market - In April 2025, the actual sales revenue of the Chinese gaming market was 27.351 billion yuan, with a month-on-month growth of 2.47% and a year-on-year growth of 21.93% [14]. - The mobile gaming market achieved a revenue of 20.424 billion yuan, with a month-on-month increase of 3.07% and a year-on-year increase of 28.41%, supported by strong long-term products and new releases [15]. 2. Global Gaming Market - The global mobile gaming revenue in April 2025 was 6.5 billion USD, showing a year-on-year decline of 0.31% and a month-on-month decline of 4.57% [2][18]. - The top three games in terms of revenue growth were "Honor of Kings," "Honkai: Star Rail," and "SD Gundam G Generation ETERNAL," with significant contributions from IP collaborations and new character releases [21]. 3. Revenue Rankings - In the Chinese App Store's top 10 games for April 2025, Tencent's games occupied 7 positions, maintaining a dominant market presence [24]. - The top five games included "Honor of Kings," "Peacekeeper Elite," "Gold Shovel Battle," "Dungeon & Fighter: Origin," and "Endless Winter," with Tencent holding four of these spots [24]. 4. Overseas Market Performance - The revenue from self-developed games in overseas markets reached 1.554 billion USD in April 2025, showing a year-on-year increase of 9.62% despite a month-on-month decline of 4.40% [34]. - "Honkai: Star Rail" saw a significant increase in overseas revenue, rising by 136%, while "Kingshot" experienced a 209% increase in revenue [31][34]. 5. Investment Recommendations - The report suggests focusing on companies with rich license reserves, strong R&D capabilities, frequent high-quality IP collaborations, and stable content output capabilities, as the market shows robust growth potential [33].

Investment Rating - The report does not explicitly state an investment rating for the gaming industry Core Insights - The Chinese gaming market reached a scale of 857.04 billion yuan in Q1 2025, showing a year-on-year growth of 17.99% but a quarter-on-quarter decline of 1.21% [5] - The mobile gaming market generated 636.26 billion yuan in Q1 2025, with a year-on-year increase of 20.29% and a quarter-on-quarter decrease of 2.18% [15] - The client game market saw a revenue of 179.19 billion yuan in Q1 2025, reflecting a year-on-year growth of 6.85% and a quarter-on-quarter increase of 3.62% [8] - The web game market continues to decline, with a revenue of 11.13 billion yuan in Q1 2025, marking a quarter-on-quarter decrease of 1.54% [13] Summary by Sections Market Overview - The overall Chinese gaming market is valued at 857.04 billion yuan, with mobile and client games contributing to the growth [5] - The mobile gaming sector is the largest, with significant contributions from long-standing titles and new releases [15] Client Games - The client game market achieved a revenue of 179.19 billion yuan, driven by seasonal events and the return of popular titles [8] - New dual-end products have contributed to revenue growth, with notable performances from games like "Hearthstone" and "Delta Action" [8] Mobile Games - The mobile gaming market's revenue reached 636.26 billion yuan, with significant growth attributed to long-term operational potential of leading titles [15] - Major titles like "Honor of Kings" and "Crossfire: Gun Battle" achieved record revenues during the quarter [15] Web Games - The web game market has seen a continuous decline, with revenues dropping for four consecutive quarters [13] New Releases - The new game "Heroes No Flash" topped the new release revenue chart, with significant contributions from IP adaptations [39] - The iOS download rankings saw "Yanyun Sixteen Sounds" debuting strongly, indicating a positive reception for new titles [32] Overseas Market - The overseas revenue for self-developed games reached 48.05 billion USD, marking a year-on-year growth of 17.92% [47] - Key titles like "Last War: Survival Game" and "Whiteout Survival" have driven this growth, alongside new releases [47] User Experience Insights - User experience remains a critical factor, with 60% of users considering gaming experience when upgrading devices [67] - Performance issues such as overheating and frame drops are significant pain points for mobile gamers [69]

Investment Rating - The industry rating is "Recommended" [5] Core Insights & Investment Recommendations - Trade uncertainties have resurfaced, with President Trump threatening a 50% tariff on EU imports, which may disrupt market risk appetite temporarily. However, China's core assets still hold low-positioning value due to domestic demand resilience, industrial chain upgrades, and policy support [2][24] - OpenAI's acquisition of the AI hardware startup io for $6.5 billion marks its entry into the hardware sector, indicating a strategic shift from a "pure software ecosystem" to an "end-side closed-loop" strategy. This move is expected to lower the technical usage threshold and accelerate the commercialization of AI applications in consumer scenarios [2][43] - Investment opportunities include: 1) Hong Kong internet leaders benefiting from consumption promotion and employment stability; 2) The gaming industry, which is expected to see growth due to policy incentives and technological empowerment; 3) The film and cultural tourism industry, which will benefit from consumption policies promoting cinema recovery [3][25] Industry Data - The top three films at the box office are "Dumpling Queen" with a revenue of 31.83 million yuan (21.10% market share), "Hunting Gold: Game" with 29.16 million yuan (19.40%), and "Life Opens the Door" with 25.13 million yuan (16.70%) [4][58]

Core Insights - The Chinese gaming market reached a scale of 857.04 billion yuan in Q1 2025, showing a year-on-year growth of 17.99% but a quarter-on-quarter decline of 1.21% [1] - Both mobile and client games contributed to the overall year-on-year growth of the gaming market, with new products and cross-platform games providing additional revenue [1] - The overseas sales revenue of self-developed Chinese games was 4.805 billion USD, reflecting a year-on-year increase of 17.92% [27] Mobile Gaming Market - The actual sales revenue of the mobile gaming market in Q1 2025 was 636.26 billion yuan, with a year-on-year growth of 20.29% but a quarter-on-quarter decline of 2.18% [9] - Key long-standing products like "Honor of Kings" and "Crossfire: King of Guns" achieved historical revenue highs, demonstrating their long-term potential [9] - New products such as "Dungeon & Fighter: Origin" and "Endless Winter" contributed significantly to the year-on-year growth of the mobile gaming market [14] Client Gaming Market - The client gaming market reached a scale of 179.19 billion yuan in Q1 2025, with a year-on-year growth of 6.85% and a quarter-on-quarter growth of 3.62% [5] - Revenue growth in the client gaming market was driven by operational activities during holidays and the performance of new cross-platform products [5] - "Delta Force" saw a continuous increase in active users, reaching a new high this quarter [5] New Game Releases - The top new game in Q1 2025 was "Heroes Never Die," which maintained a strong presence in the iOS game sales rankings [25] - Two IP adaptation products entered the top three, with "Dragon Nest World" attracting a significant number of new and returning users [25] - The first-month revenue estimates for the top new games included "Heroes Never Die" and "Dragon Nest World," both exceeding 300 million yuan [26] Overseas Market Performance - The overseas market for self-developed Chinese games saw significant contributions from titles like "Last War: Survival Game" and "Whiteout Survival," with a total revenue of 4.805 billion USD [27] - "Frost Survival" and the new title "Inferno Nine" were highlighted for their strong performance in key overseas markets [31] - The marketing strategies for "Inferno Nine" included collaborations with local KOLs and high-quality promotional materials, enhancing its appeal in the competitive MMORPG market [31]