中国游戏市场：2025 年 7 月游戏市场收入同比增长 4.62%，环比增长8.14%。 全球游戏市场：市场收入同比下降，《崩坏：星穹铁道》跃居增长榜榜首。 2025 年 7 月，全球手游玩家在 App Store 和 Google Play 付费 307 亿元，同比下降 9.33%，收入占比前 三分别为美国、中国及日本；7 月共有 32 家中国厂商跻身全球手游发行商收入榜 TOP100，合计收入 19.50 亿美元，占 TOP100 发行商总收入的 34%。在全球手游收入增长榜方面，《崩坏：星穹铁道》 《DRAGON BALL Z》与《三角洲行动》分列前三。 榜单：游戏收入榜呈头部垄断，腾讯系游戏表现优异。 1）中国整体游戏市场：实际销售收入 290.84 亿元，环比增长 8.14%，同比增长 4.62%。 2）移动游戏市场：实际销售收入为 213.60 亿元，环比增长6.36%，同比增长 0.92%。由于次新品、成 熟产品表现强劲，部分热门手游通过新赛季、IP 联动等活动吸引玩家，市场实现同比、环比稳定增 长。 2025 年 7 月，中国区 App Store iPhone 端游戏收入榜 TOP10 中， ...

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 08 月 22 日 星期五 移动端次新品、成熟产品表现优异，游戏市场 7 月环比增长 8.14% | [Table_InnerMarketIndex] | 国内市场表现 | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌幅% | | 上证指数 | 3,771.10 | 0.13% | | 深证成指 | 11,919.76 | -0.06% | | 沪深 300 | 4,288.07 | 0.39% | | 科创 50 | 1,149.15 | 0.09% | | 创业板指 | 2,595.47 | -0.47% | | 上证 50 | 2,862.18 | 0.53% | | 上证 180 | 9,392.97 | 0.52% | | 上证基金 | 7,043.02 | 0.01% | | 国债指数 | 225.07 | -0.02% | | [Table_InterIndex] | 国际市场表现 | | | --- | --- | --- | | 指数名称 | 收盘 ...

Investment Rating - The industry is rated as "Outperforming the Market," indicating a projected increase of over 10% relative to the broader market index in the next six months [31]. Core Insights - The Chinese gaming market saw a revenue of 29.084 billion yuan in July 2025, reflecting a year-on-year growth of 4.62% and a month-on-month growth of 8.14% [9][11]. - The mobile gaming sector generated 21.36 billion yuan in July, with a month-on-month increase of 6.36% and a year-on-year increase of 0.92%, driven by strong performances from new and mature products [11][12]. - Globally, mobile game revenue decreased by 9.33% year-on-year, with July 2025 revenues totaling approximately 30.7 billion yuan [13][14]. - Tencent's games dominated the Chinese App Store's top revenue rankings, holding seven of the top ten spots, with titles like "Honor of Kings" and "Peacekeeper Elite" leading the charge [20][19]. - Chinese self-developed games saw overseas revenue of 1.693 billion USD in July, marking a year-on-year increase of 6.76% and a month-on-month increase of 8.20% [26][28]. Summary by Sections 1. Chinese Gaming Market - The overall gaming market in China achieved a revenue of 29.084 billion yuan in July 2025, with a year-on-year growth of 4.62% and a month-on-month growth of 8.14% [9]. - The mobile gaming market's revenue reached 21.36 billion yuan, with a month-on-month increase of 6.36% and a year-on-year increase of 0.92%, supported by strong performances from new and established titles [11][12]. 2. Global Gaming Market - The global mobile gaming market experienced a revenue decline of 9.33% year-on-year, with July revenues at approximately 30.7 billion yuan [13][14]. - "Honkai: Star Rail" topped the global revenue growth chart, benefiting from significant updates and player engagement [15]. 3. Revenue Rankings - Tencent's games occupied seven positions in the top ten revenue rankings on the Chinese App Store, with "Honor of Kings" and "Peacekeeper Elite" among the top earners [20][19]. - The top three Chinese game publishers in global revenue rankings were Tencent, Point Interactive, and NetEase, with Tencent leading the charge [19]. 4. Overseas Revenue - Chinese self-developed games generated 1.693 billion USD in overseas markets in July, reflecting a year-on-year increase of 6.76% and a month-on-month increase of 8.20% [26][28]. - "Honkai: Star Rail" achieved a remarkable 290% increase in overseas revenue due to successful IP collaborations and updates [28]. 5. Investment Recommendations - The report suggests focusing on companies with rich license reserves, strong R&D capabilities, frequent quality IP collaborations, and stable content output capabilities, as the market shows steady growth potential [29].

Core Insights - The July 2025 popular game rankings released by Qimai Data highlight intense competition in the mobile gaming sector as the summer season begins [1] - Tencent's "Delta Action" continues its strong performance, maintaining the top position in downloads, while Giant Network's "Supernatural Action Group" ranks second, and the classic "Honor of Kings" holds third place [1] - Eight new games entered the download rankings in July, with "Douluo Continent: Soul Hunting World" emerging as a standout title, achieving the seventh position in downloads [1][3] Download Rankings - "Douluo Continent: Soul Hunting World," launched on July 11, garnered over 10 million pre-registrations, showcasing significant IP appeal [1][3] - The game is the first 3D realistic MMORPG in the Douluo IP series, differing from previous card-based gameplay [3] - Action and adventure games dominated the download rankings, with six titles each, followed by four role-playing games [3] Revenue Rankings - "Honor of Kings" and "Peace Elite" remain the top two earners, while "Delta Action" successfully enters the top three [4] - Six new titles made it to the revenue rankings in July, including "Honkai: Star Rail" and "Supernatural Action Group," with the former achieving the twelfth position [4] - Action games led the revenue rankings with seven titles, followed by five role-playing games [4]

Core Viewpoint - The article highlights the significant growth of Chinese gaming companies in the global mobile game market, particularly in July, with several leading firms experiencing substantial revenue increases from overseas operations [3][5][10]. Group 1: Industry Performance - In July, 32 domestic game companies entered the global mobile game publisher revenue ranking, collectively earning $1.95 billion, which accounts for 34% of the total revenue of the top 100 global mobile game publishers [5]. - The global mobile and PC gaming market is expected to exceed $120 billion by 2028, indicating strong growth potential for the industry [10]. Group 2: Company Highlights - Tencent's gaming revenue increased by 20% in July, driven by the strong performance of titles like "Honor of Kings" and "PUBG MOBILE," maintaining its position as the top global mobile game publisher [6]. - Century Huatong's subsidiary, DianDian Interactive, saw a 10% increase in overall revenue in July, with its games "Kingshot" and "Tasty Travels: Merge Game" experiencing revenue growth of 34% and 52%, respectively [6]. - Giant Network's game "Supernatural Action Group" gained popularity, contributing to a significant revenue increase for the company, which has seen its stock price rise by approximately 133% this year [8][10].

Group 1 - In July, several leading Chinese gaming companies experienced significant month-on-month revenue growth, continuing the upward trend from the first half of the year [1][4] - A total of 32 domestic game publishers entered the global mobile game publisher revenue ranking in July, collectively generating $1.95 billion, which accounts for 34% of the revenue of the top 100 global mobile game publishers [1] - Tencent maintained its position as the top global mobile game publisher, with a 20% increase in revenue driven by popular titles such as "Honor of Kings" and "PUBG MOBILE" [4][6] Group 2 - Century Huatong's subsidiary, Didi Interactive, showed strong performance overseas, with its games "Kingshot" and "Tasty Travels: Merge Game" seeing revenue increases of 34% and 52% respectively, contributing to a 10% overall revenue growth [4][5] - Other A-share companies like 37 Interactive Entertainment and Giant Network also ranked highly in the revenue list, with Giant Network's game "Supernatural Action Group" gaining popularity due to its unique theme and gameplay [5][6] - NetEase and miHoYo ranked third and fourth respectively, with NetEase's "Egg Party" seeing a 23% revenue increase and miHoYo's "Honkai: Star Rail" achieving a new revenue high for 2025, resulting in a 28% month-on-month growth [6] Group 3 - The overseas market for self-developed Chinese games saw actual sales revenue of $9.501 billion in the first half of the year, marking an 11.07% year-on-year growth [8] - The global gaming market is expected to continue its strong growth, with the combined market size of mobile and PC games projected to exceed $120 billion by 2028 [8][9] - The report anticipates a 4% year-on-year growth in global mobile game in-app purchase revenue in 2024, reaching $85.4 billion, and a further 6% increase in 2025, with projections of $106.5 billion by 2028 [9]

Core Insights - The gaming industry in China has shown significant growth in overseas revenue, with major companies reporting substantial increases in July [1][2][3] Group 1: Industry Performance - In July, 32 Chinese gaming companies entered the global mobile game publisher revenue ranking, collectively earning $1.95 billion, which accounts for 34% of the top 100 global mobile game publishers' revenue [2] - Tencent's games, including "Honor of Kings" and "PUBG MOBILE," saw a 20% increase in global revenue in July, maintaining Tencent's position as the top Chinese mobile game publisher [3] - Century Huatong's subsidiary, DianDian Interactive, reported a 10% increase in overall revenue, driven by significant growth in its games "Kingshot" and "Tasty Travels: Merge Game," which saw revenue increases of 34% and 52% respectively [3] Group 2: Company Highlights - Other notable A-share companies like 37 Interactive Entertainment and Giant Network also performed well, with Giant Network's game "Supernatural Action Group" becoming a hit, leading to a significant revenue increase [4] - NetEase and miHoYo ranked third and fourth in the revenue ranking, with NetEase's "Egg Party" and miHoYo's "Honkai: Star Rail" achieving revenue growth of 23% and 28% respectively in July [4] - Year-to-date stock performance for Century Huatong and Giant Network has been impressive, with increases of approximately 167% and 133% respectively, leading the A-share gaming sector [4] Group 3: Market Outlook - The global gaming market continues to grow, with projections indicating that the combined market for mobile and PC games will exceed $120 billion by 2028 [5] - The report anticipates a 4% year-over-year growth in global mobile game in-app purchase revenue in 2024, reaching $85.4 billion, with further growth expected in 2025 [5] - There remains significant market opportunity for Chinese gaming companies in overseas markets, as evidenced by the 11.07% year-over-year growth in actual sales revenue from self-developed games in the first half of the year [4][5]

Core Insights - In July, 32 Chinese mobile game companies ranked in the global revenue TOP100, generating a total of $1.95 billion, which is approximately 14.016 billion RMB, accounting for 34% of the total revenue of the global TOP100 mobile game publishers [1] Group 1: Revenue Performance - The top-performing games such as "Honor of Kings," "Peacekeeper Elite," and "PUBG Mobile" saw strong revenue growth in July, contributing to a 20% month-over-month increase in global game revenue [1] - Point Point Interactive's games "Kingshot" and "Tasty Travels: Merge Game" experienced revenue increases of 34% and 52% respectively in July, leading to a 10% overall revenue growth and securing the second position in the publisher revenue ranking [1] - "Egg Party" celebrated its third anniversary at the end of June, resulting in a doubling of revenue in July, which contributed to a 23% increase in global revenue and maintained the third position in the publisher revenue ranking [1] - miHoYo's "Honkai: Star Rail" saw a revenue surge of 325% in July due to the launch of version 3.4 and the introduction of a limited 5-star character, marking a new high for 2025 and boosting miHoYo's revenue by 28%, placing it fourth in the publisher revenue ranking [1]

Core Insights - In July 2025, 32 Chinese game publishers made it to the global mobile game publisher revenue TOP 100, collectively generating $1.95 billion, accounting for 34% of the total revenue of the TOP 100 publishers during this period [1] Group 1: Top Performers - Tencent maintained its position as the top global mobile game publisher, with a 20% increase in revenue driven by popular titles like "Honor of Kings" and "PUBG MOBILE" [2] - Point Cloud Interactive secured the second position, with a 10% revenue increase, bolstered by strong performances from "Kingshot" and "Tasty Travels: Merge Game," which saw revenue growth of 34% and 52% respectively [2] - NetEase ranked third, with a 23% revenue increase attributed to the anniversary celebration of "Party of Eggs," which doubled its income [4] Group 2: Notable Revenue Growth - miHoYo's "Honkai: Star Rail" experienced a 325% revenue surge in July, marking a new high for 2025, contributing to a 28% increase in overall revenue for the company [4] - Florere Game's new title "Last Z: Survival Shooter" saw a 44% revenue increase, helping the publisher achieve a 24% overall revenue growth [4] - Paper Games' "Love and Deep Space" reached a record high in revenue following a major update, resulting in a 33% increase in overall income [5] Group 3: Emerging Publishers - Momo Technology's flagship title "Mobile Legends: Bang Bang" continued to perform well, with a 32% revenue increase, while its new title "Silver and Scarlet" debuted strongly in the iOS download charts [6] - Youka Network's two titles, "Three Kingdoms Kill" and "Finger Mountain and Sea," saw revenue increases of 110% and 252% respectively, leading to a doubling of overall income [6] - Giant Network's "Supernatural Action Group" experienced significant revenue growth of 76%, climbing to the 29th position in the revenue rankings [6] Group 4: Additional Publishers - Other Chinese game publishers that made it to the global TOP 100 include Bilibili and Mattel163, totaling 32 publishers [7]

Core Insights - Shanghai is recognized as a "game innovation city" and "global e-sports capital," catering to nearly 500 million fans of the subculture [1] - The newly announced "Meta World" in Xuhui has emerged as a popular destination, integrating industry, commerce, and entrepreneurship to explore the potential of the "subculture economy" [1] Group 1: Industry Overview - "Meta World" spans 1.9 kilometers and is home to over 60% of Shanghai's game companies, with nearly 1,000 digital cultural enterprises and more than 270,000 professionals in the sector [2] - The Xuhui District Game Industry Service Center aims to support businesses by streamlining administrative processes and connecting them with professional service resources [2][3] Group 2: Support for Creators - The "Meta World" serves as a nurturing environment for content creators, with initiatives like the "Game Creation Support Program" helping young talents connect with industry veterans [4] - The newly launched "Xuhui Caohejing Light of Hope Game Gathering Base" features eight innovative companies, showcasing the vibrant energy of the local game industry [5] Group 3: Cultural and Community Engagement - The "Meta World" has attracted not only businesses but also players and fans, with events like the "Meta Summer Carnival" increasing foot traffic by 40% during its first weekend [7] - The integration of various cultural and commercial elements, such as game-themed pop-up stores and interactive installations, enhances the overall experience for visitors [8]