近日，外媒Mobilegamer.biz发布了2025年上半年的全球手游收入排行榜。（注：数据来源AppMagic，统计范围不包括第三方安卓渠道、网页商店 及广告收入，且已扣除平台分成） | Honor of Kings | $1.05bn | | --- | --- | | Tencent | | | Last War: Survival Funfly | $895m | | Whiteout Survival | $834m | | Century Games | | | Royal Match | $813m | | Dream Games | | | PUBG Mobile | $734m | | Tencent | | | Monopoly Go | $683m | | Scopely | | | Candy Crush Saga | $619m | | King | | | Pokémon TCG Pocket | $488m | | The Pokémon Company | | | Coin Master | S385m | | Moon Active | | | Roblox | | | R ...

7米多高的《崩坏：星穹铁道》萨姆机甲矗立在绿地之中，可爱的《绝区零》邦布雕塑站在路边，线条小狗与蛋仔派对的萌系装置随处可见……近 日，上海徐汇区一处街区凭借这些二次元 "巨物"迅速破圈，成为网友和二次元爱好者争相打卡的新地标。 7月8日，上海市徐汇区"元界Neo World"正式启幕，这条 1.9 公里长的元宇宙街区，不仅将游戏IP从虚拟世界搬进现实，更以"元宇宙科技 + 二次元 创意 + 城区更新"的三重定位，开启了城市空间与游戏文化融合的新实践。 游戏IP与现实交融，打造"次元奇境" 走出桂林公园地铁站5号口，就来到了"元界Neo World"。这处街区天然带有二次元属性。鑫耀·光环Live和越界锦和尚城两大商业体与多家游戏公 司总部比邻而居，徐汇区游戏产业服务中心、中国音数协游戏博物馆、上海无线电博物馆等文化服务设施也都位于这一区域。 漫步街区，7米多高的《崩坏：星穹铁道》萨姆机甲和花海中的巨龙玻吕刻斯矗立路口，与《绝区零》邦布、《蓝色星原：旅谣》菜鸡、《剑与远 征：启程》满满和原创IP巨嘴鸟拓拓等巨型装置，一同构成了别具一格的"次元壁破"景观。 《崩坏：星穹铁道》萨姆机甲 巨龙玻吕刻斯 《绝区零》邦布 ...

Core Insights - The article highlights the growing prominence of non-listed gaming companies in the mobile gaming sector, particularly in China, as they increasingly compete with established listed companies like Tencent and NetEase [1] - The data from SensorTower indicates that the top 80 mobile game publishers in China for the first half of 2025 include 27 listed companies, with many non-listed companies showing strong performance, especially in the overseas market [1] - Notably, the revenue figures for listed companies are significantly understated in the SensorTower data, as it does not account for income from the Chinese Android market [1] Company Performance - Companies like Diandian Interactive and Jiangyu Interactive have made significant strides in the SLG (Simulation Game) category, with Diandian's "Whiteout Survival" maintaining a top position in overseas mobile game revenue [6][20] - Mihayou continues to dominate the ACG (Anime, Comic, and Game) sector with titles like "Genshin Impact" and "Honkai: Star Rail," although there are no new product announcements yet [8] - Lemon Microfun has seen success with its Merge-2 games, contributing significantly to its revenue, with "Gossip Harbor" and "Seaside Escape" being major hits [9] Market Trends - The article notes a trend of non-listed companies focusing on niche markets, such as female-oriented games by Paper Games and casual games by companies like Damo Longtu [1][14] - The performance of SLG games remains strong, with companies like FunPlus and Lilith Games launching new titles that have gained traction in overseas markets [16][18] - The gaming landscape is evolving, with companies like ByteDance expanding their gaming portfolio through acquisitions and new game launches, indicating a competitive environment [12][13] Revenue Insights - The revenue contributions of various companies are detailed, with Diandian Interactive reporting $1.49 billion in H1 2025, while Lemon Microfun reported $1.11 billion [6][9] - The article emphasizes that many non-listed companies are achieving substantial revenue growth, particularly in the overseas market, which is becoming increasingly important for their overall performance [1][20] - Companies like Tap4Fun and IGG are also highlighted for their successful SLG titles, contributing significantly to their revenue streams [34][36]

近期，两份榜单凸显了二次元游戏厂商的强劲实力。 6月24日，《新财富》杂志发布2025年"500创富榜"，米哈游成为造富人数最多的公司，除三位联合创始人 蔡浩宇、刘伟、罗宇皓外，天使投资人宋涛也上榜。紧随其后，胡润研究院6月26日发布的《2025全球独 角兽榜》显示，在"中国十大独角兽"中，米哈游以1800亿元估值位列第六。 众所周知，自2020年9月现象级产品《原神》横空出世以来，它便成为米哈游的"财富密码"，推动公司跻 身游戏行业前列。《原神》的成功也引领游戏行业竞逐"开放世界"，将赛道从蓝海"厮杀"成红海。 面对激烈竞争，已上线的二次元游戏不断突破天花板。比如，库洛游戏《《鸣潮》卡池新角色——卡提希 娅终于在2.4版本上线，引发全服抽取热潮。相关数据显示，首日，该游戏在全球榜单上的排名就飙升了97 位，成功登顶日本畅销榜，同时，国服和韩服也分别位列第2和第8位。卡池的开放掀起了一股氪金热潮。 大厂动作频频，市场热度再现 5月以来，多家游戏大厂有所动作，二次元游戏市场热度再现。 5月13日，乐元素旗下英伦风ARPG（动作角色扮演类游戏）《白银之城》首曝。作为一家以《开心消消 乐》闻名的厂商，《白银之城》应 ...

Group 1: Brand Performance - LEGO, Yamaha, and miHoYo are leading brands with heat index scores of 1.95, 1.60, and 1.24 respectively, reflecting strong demand from the pan-2D user group driven by the "Guzi Economy" [2] - LEGO announced new products at the International Toy Fair in New York, including the LEGO® Blue Series and six new LEGO Jurassic World sets, which generated significant pre-sale interest [2] - Bandai collaborated with Hatsune Miku to launch the Mobile Suit Gundam series figurines, enhancing brand visibility on social media [2] Group 2: Consumer Trends - Consumers are increasingly seeking emotional resonance with virtual IPs while valuing the practicality and collectibility of physical products [2] - Low-decision-threshold products like trading cards and blind boxes are becoming popular entry points for consumers [2] - Brand collaborations are stimulating user-generated content on social media, leading to viral marketing effects [2] Group 3: Instrument Industry Evolution - The instrument industry is trending towards portability, intelligence, and integration, as seen with brands like Yamaha, Roland, and Liberlive [3] - Yamaha's lightweight hand roll piano and portable electric pianos connect via Bluetooth for enhanced functionality [3] - Liberlive's smart guitar features an AI chord assistance system, catering to users' dual needs for learning and entertainment [3] Group 4: Index Report Overview - The report is part of the Consumer Index Evaluation System developed by Shiyan Index, which includes various consumption index rankings to track market trends [4] - The index monitors 12 major industries, including 3C digital, apparel, food, home appliances, and musical instruments [4]

核心观点 【市场回顾】周一 A 股三大指数集体上涨。截至收盘，上证综指上涨 0.35%，深证成指上涨 0.41%，创业板指上涨 0.66%。全市场成交额 12,435 亿元，较上日减少 2,604 亿元。全市场超 3,500 只个股上涨。 板块题材上，蚂蚁金服概念、游戏、影视院线、跨境支付等板块涨幅 居前；贵金属板块跌幅居前。 【重要新闻】 【国家统计局：5 月份国民经济运行总体平稳、稳中有进】国务院新 闻办召开新闻发布会，国家统计局介绍了 5 月份国民经济运行情况。 相关负责人表示，随着我国加紧实施更加积极有为的宏观政策，5 月 份，国民经济顶住压力平稳运行，生产需求稳定增长，就业形势总体 稳定，新动能成长壮大，高质量发展向优向新。数据显示，工业生产 平稳增长，装备制造业和高技术制造业增长较快。5 月份，全国规模 以上工业增加值同比增长 5.8%，环比增长 0.61%。服务业增长加快， 现代服务业增势良好。5 月份，全国服务业生产指数同比增长 6.2%， 比上月加快 0.2 个百分点。市场销售明显回升，以旧换新相关商品快 速增长。5 月份，社会消费品零售总额 41326 亿元，同比增长 6.4%， 比上月加 ...

证券研究报告|传媒 [Table_Title] 移动端长线产品、次新品表现优异，游戏市 场 4 月同比增长 21.93% [Table_ReportType] ——传媒行业跟踪报告[Table_ReportDate] [投资要点： Table_Summary] 中国游戏市场：2025 年 4 月游戏市场收入同比增长 21.93%，环比增长 2.47%。1）中国整体游戏市场：实际销售收入 273.51 亿元，环比增长 2.47%，同比增长 21.93%。2）移动游戏市场：实际销售收入为 204.24 亿元，环比增长 3.07%，同比增长 28.41%。由于长线产品、次新品表现 强劲，部分热门手游通过新赛季、IP 联动等活动吸引玩家，同时游戏 版号稳定发放推动新品上线，市场实现双位数同比增长、环比稳定增长。 全球游戏市场：市场收入同比、环比下降，《王者荣耀》重返双榜榜首。 2025 年 4 月，全球手游玩家在 App Store 和 Google Play 付费 65 亿美 元，同比下降 0.31%，环比下降 4.57%，收入占比前三分别为美国、中 国及日本；4 月共有 33 家中国厂商跻身全球手游发行商收入榜 ...

Core Viewpoint - The stock price of Giant Network has surged by 29.43% over six trading days, reaching a two-year high, driven by expectations of AI technology integration in gaming and improved industry policies [2][3]. Group 1: Company Performance - Giant Network's stock rose by 7.50% on June 16, closing at 20.92 yuan per share, with significant capital inflow and increased financing balance indicating strong market confidence [2][3]. - The company has established an AI laboratory with over 100 personnel, applying generative AI to enhance game development processes, which is expected to improve operational efficiency [3][6]. Group 2: Industry Trends - The gaming industry is experiencing a policy environment improvement, with a 20% increase in the number of approved game licenses in May, boosting market confidence and product launch expectations [4]. - AI technology is anticipated to reduce game development costs by over 30%, enhancing the return on investment for gaming projects, positioning companies with AI advantages for higher market premiums [3][4]. Group 3: Market Dynamics - The influx of capital into high-performing growth stocks is evident, with a 34% increase in financing balance for Giant Network over the past three months, reflecting investor optimism about future stock price increases [3][8]. - The upcoming summer season is expected to drive demand in the gaming sector, with major titles like "Honor of Kings" and "Honkai: Star Rail" leading the charge [4][8]. Group 4: Ecosystem Support - Chongqing's development of a digital economy ecosystem, including digital content and AI, provides a supportive environment for digital entertainment companies [5][7]. - Collaborations with local tech firms, such as the partnership with China Electronics Technology Group for AI chip solutions, enhance Giant Network's capabilities in AI application [6][7].

2025年06月12日 证券研究报告 | 传媒行业6月投资策略 关注游戏新品表现，把握A I应用与I P潮玩布局机会 行业研究 · 深度报告 传媒 · 传媒 投资评级：优于大市（维持） 证券分析师：张衡 证券分析师：陈瑶蓉 021-60875160 021-61761058 zhangheng2@guosen.com.cn chenyaorong@guosen.com.cn S0980517060002 S0980523100001 请务必阅读正文之后的免责声明及其项下所有内容 报告摘要 5月跑赢市场。1）25年5月份传媒板块（申万传媒指数）上涨2.20%，跑赢沪深300指数0.36百分点，在申万一级31个行业中排名第17位；2）ST惠程、游族网络、元隆雅图、 ST返利、ST大晟涨幅居前；荣信文化、光线传媒、天娱数科、浙数文化、皖新传媒等跌幅居前；3）估值来看，当前申万传媒指数对应TTM-PE 49x，处于过去5年76%分位数。 游戏市场1-4月营收持续高增长，持续看好关注政策、景气度与AI应用驱动下的板块机会。1）5月份共有130款国产游戏和14款进口游戏过审，1-4月份累计发放游戏版号654 个，同比增长 ...

相关机构表示，2025年4月中国游戏市场规模达273.51亿元，同比增长21.93%，环比增长2.47%，表现亮 眼且超出市场预期。增长动力主要来自长线产品，受益于联动、新赛季等活动，部分头部产品流水显著 提升。移动游戏市场规模同比增长28.41%至204.24亿元，客户端游戏市场环比增长3.75%。海外市场方 面，中国自主研发游戏收入同比增长9.62%，《崩坏：星穹铁道》等产品因周年庆活动收入激增。此 外，2025年1-5月国产网络游戏版号发放610个，同比增长16.41%，进口版号发放节奏加快，体现政策对 游戏行业的友好态度。游戏板块现金流良好，业绩稳健，AI游戏研发持续深化。 没有股票账户的投资者可关注国泰中证动漫游戏ETF联接C（012729），国泰中证动漫游戏ETF联接A （012728）。 游戏ETF（代码：516010）跟踪的是动漫游戏指数（代码：930901），该指数由深圳证券信息有限公司 编制，从A股市场中选取涉及动漫创作、游戏开发及运营等业务的上市公司证券作为指数样本，以反映 动漫游戏及相关产业链上市公司证券的整体表现。该指数聚焦文化娱乐产业，重点关注数字内容生产、 互动娱乐等新兴领域，能 ...