2025.12.30 本文字数：3958，阅读时长大约6分钟 作者 |第一财经刘晓洁 2025年的中国游戏行业，是"回暖"与"内卷"并存的复杂图景。 市场收入突破3500亿元、用户规模超过6.8亿、版号数量创七年新高、游戏股估值持续修复……种种数据显示，这是游戏行业持续回暖的一年。然而，具 体到企业，在行业大盘触顶的存量竞争格局下，内卷仍是常态，耗资过亿的项目也很难成功了，游戏行业"挣钱越来越难"。 市场分化还在加剧，游戏产业分析师张书乐认为，强者越强是包括游戏产业在内的互联网科技领域的大势所趋，游戏行业的"二八定律"甚至在变成"一九 定律"。不过，单机和AI原生游戏正在成为中小团队突围的新机会。 谈及游戏行业这一年的关键词，渶策资本创始合伙人胡斌提到"转型"，产业正在从中国制作向中国创造，从数值驱动到创意驱动，从好卖到好玩。张书乐 判断，在游戏质量提升、游戏出海路径拓宽，以及各地密集出台激励政策的大背景下，中国游戏产业正在开启新一轮"黄金十年"的增长周期。 成功越来越难了 在高基数背景下，2025年国内游戏市场收入与用户规模再度刷新历史。 根据《2025年中国游戏产业报告》，今年国内游戏市场收入约3508亿 ...

谈及游戏行业这一年的关键词，渶策资本创始合伙人胡斌提到"转型"，产业正在从中国制作向中国创造，从数值驱动到创意驱动，从好卖到好玩。张书乐判 断，在游戏质量提升、游戏出海路径拓宽，以及各地密集出台激励政策的大背景下，中国游戏产业正在开启新一轮"黄金十年"的增长周期。 成功越来越难了 在高基数背景下，2025年国内游戏市场收入与用户规模再度刷新历史。 一年收入3500亿，游戏也要拼耐力。 2025年的中国游戏行业，是"回暖"与"内卷"并存的复杂图景。 市场收入突破3500亿元、用户规模超过6.8亿、版号数量创七年新高、游戏股估值持续修复……种种数据显示，这是游戏行业持续回暖的一年。然而，具体 到企业，在行业大盘触顶的存量竞争格局下，内卷仍是常态，耗资过亿的项目也很难成功了，游戏行业"挣钱越来越难"。 市场分化还在加剧，游戏产业分析师张书乐认为，强者越强是包括游戏产业在内的互联网科技领域的大势所趋，游戏行业的"二八定律"甚至在变成"一九定 律"。不过，单机和AI原生游戏正在成为中小团队突围的新机会。 即便是头部大厂，花费数年时间、投资数亿的产品，也不一定能成功。行业决策者们对此早有预判，B站董事长兼CEO陈睿曾提到 ...

Core Viewpoint - The article emphasizes the growth of China's gaming industry in overseas markets, highlighting that the actual sales revenue of self-developed games reached $9.501 billion, a year-on-year increase of 11.07% [6]. Group 1: Market Performance - Tencent's international market revenue grew by 43%, marking the highest growth rate since the segment's performance was disclosed [9]. - NetEase's overseas deferred revenue increased by 25.3% to 19.47 billion yuan, indicating that the overseas market is becoming a second growth curve for its gaming business [9]. - By 2025, China's self-developed game overseas revenue is expected to exceed $20 billion, reflecting a significant upward trend in overseas income [9]. Group 2: Leading Companies - Century Games has been identified as the "first factory" for overseas expansion, ranking first in the global mobile game manufacturers list, with notable titles like "Endless Winter" and "Kingdom of Bouncing" contributing to its success [12][13]. - Other companies like FunPlus and Lilith Games also continue to perform well in the overseas market, particularly in the SLG genre, which is popular in emerging markets [14]. Group 3: Game Genres and Player Demographics - SLG games remain a popular category for Chinese games going abroad, appealing to a wide range of players, including those in conflict zones seeking escapism [14]. - Casual games from companies like Habby, which include titles like "Archero" and "Dungeon of the Endless," have also shown strong performance in overseas markets due to their low entry barriers and engaging gameplay [16]. - Lemon Microfun targets ultra-casual players, primarily women, with games like match-3 and simulation genres, catering to players looking for quick entertainment during daily routines [19]. Group 4: Trends in Game Development - The article notes that shooting games continue to be a traditional strong category for overseas markets, with Tencent's "Delta Force" performing exceptionally well [20]. - The second dimension (二游) games, while not mainstream, have a dedicated following in overseas markets, with players attending conventions to connect with others [22]. - The success of titles like "Ming Tide" and "Yuan Yun Sixteen Sounds" indicates a growing interest in Chinese cultural themes, particularly in the martial arts genre, which has gained traction among overseas players [41][43]. Group 5: Future Directions - The article suggests that the combination of martial arts, immersive experiences in second dimension games, and detailed narratives in female-oriented games will shape the future landscape of Chinese games going abroad [48]. - The industry is transitioning from a rough expansion phase to a more refined competition stage focused on quality, culture, and gameplay [49]. - Companies will need to balance global adaptation with local expression to maintain competitive advantages in the international market [49].

2025年末的TGA颁奖礼上，当《影之刃零》四分钟新PV播放时，现场爆发的惊呼声浪成为了当晚最具感染力的时刻。 PV中，新Boss剑痴将坛中酒一饮而尽，眼中红光闪烁，身形飘忽如鬼魅，一套似醉非醉、攻防难辨的剑法，让即便不懂醉眼观剑背后东方意境的欧美观 众，也直观感受到了视觉与感官的震撼。 新登场BOSS"剑痴" 视频截图 这阵惊呼并非偶然。 其背后是灵游坊与影之刃零的制作人梁其伟长达数年的系统性探索。这场探索的目标，并非简单地将古典武侠翻译成游戏语言，而是试图完成一次从内核到 表现、从本土到全球的创造性转化。 12月17日，在《影之刃零》位于上海的动捕棚中，《影之刃零》的制作人梁其伟对观察者网等媒体阐述了这款备受期待的武侠动作游戏背后的创作理念、工 业化路径、全球化思考和他对功夫朋克的理解。 在爱恨情仇的底色上，嫁接现代与全球的语境 新PV中角色与玩家熟悉的雨血剧情产生的微妙差异，引出了第一个核心问题：何为重构？ 梁其伟的回应谨慎而清晰，他揭示了剧本重构的三个核心原则。 首要原则是继承武侠故事的情感基调。无论故事如何演变，那种江湖中的爱恨情仇、黑暗中的微光、人性在极端环境下的挣扎与坚守，这些主题必须一脉相 承 ...

题图 | 《湮灭之潮》 国产单机游戏正在逐渐迈入新的阶段。 去年《黑神话：悟空》成为热议游戏之后，不少国产单机游戏也提上了曝光的日程，单今年的B站「游先看」栏目之下，就有《长生：白夜无名》《逆行 计划：共生者》等不太知名的厂商及产品都开始走进了大众视野。另外有UP主透露，「游先看」栏目并没有盈利指标，本意只是「想为国产游戏做点 事」，可见市场信心有进一步提升。 从市场数据上亦能反映出玩家需求的热度。根据中国游戏产业报告，今年上半年国内主机游戏市场实际销售收入超过10亿，同比增长将近30%，当中得益 于《黑神话：悟空》的余热以及新品的热销。 从生产侧、宣传侧、需求侧各方面来看，国产单机游戏行业似乎都迎来了新一轮成长，同时也表现出了新的趋势。 动作游戏成了热门赛道 首先最为受到广泛讨论的，是国产ARPG正在成为国产单机游戏的热门赛道。尤其是国产魂like游戏的出现甚至让部分玩家感到枯燥，以至于每当一款新 的国产动作单机游戏首曝时，总难免会出现「怎么又是魂like游戏」之类的声音。 据公开消息表示《影之刃零》 在2022年初正式开始研发，游戏准备在今年公布发售时间，但暂未有新消息。今年早些时候《影之刃零》举办了一场 ...

Group 1 - The company Xinhua Wenhui (601811.SH) clarified that it has no cooperation with Beijing Lingyoufang [1] - The company has not engaged in the production or promotion of the game "Shadow Blade Zero" [1]

Core Insights - The 2025 Cologne International Game Show will take place in Cologne, Germany, from August 20 to 24, and is recognized as Europe's largest and most authoritative interactive entertainment exhibition, focusing on game hardware, software, technology, and related content [1][3] Group 1: Exhibition Overview - The event attracted 1,500 exhibitors from 72 countries and regions, marking an 11% increase from the previous year, setting a historical record for the Cologne International Game Show [4] - The exhibition area reached a record 233,000 square meters, featuring various segments including interactive gaming experiences, cosplay performances, independent games, card games, artist zones, and merchandise sales [9] Group 2: Chinese Participation - Over 50 Chinese exhibitors participated, a 32% increase from last year, showcasing new titles such as Tencent's "Honor of Kings World," "Delta Action," and "Crossfire: Rainbow" [13] - The presence of Chinese games in Europe has significantly increased, with Germany being the largest game market in Europe, housing approximately 37.5 million gamers [17] Group 3: Awards and Recognitions - The mobile game "Love and Deep Space" by Paper Games won the Best Mobile Game award, becoming the first female-oriented game to achieve this honor at the Cologne Game Show [19] - Other notable nominations included "Genshin Impact" and "Tomorrow's Ark" for Best Mobile Game, and "Shadow Blade Zero" for Best Sound Effects [24][26] Group 4: Major Game Releases and Innovations - Tencent's TiMi Studio Group showcased several titles, including "Delta Action," which announced cross-platform support for PC, mobile, and console [26] - The new game "Black Myth: Zhong Kui" was unexpectedly revealed, focusing on a new hero and gameplay, although its release is projected to be three years away [29] Group 5: Japanese Dominance - Japanese companies excelled at the event, with Capcom winning multiple awards for "Resident Evil 9: Requiem," including Best Visual Effects and Best PlayStation Game [42] - Nintendo also received accolades for innovative gameplay with "Donkey Kong: Banana Power" and topped the Switch 2 sales chart with "Mario Kart: World" [46]

Core Insights - The 2025 Cologne Game Show Awards announced that "Love and Deep Space," developed by Paper Games, won the Best Mobile Game award, marking a significant achievement for Chinese game developers [1] - Chinese games have dominated the Best Mobile Game category since its inception in 2023, with titles like "Light: Encounter," "Genshin Impact," and "Love and Deep Space" winning consecutively for three years [1] - "Love and Deep Space" is noted as the first female-oriented game to receive an international award [1] Industry Overview - The total number of global players for "Love and Deep Space" has surpassed 70 million [1] - Other notable nominations include "Genshin Impact," "Arknights: End of the World," and "Shadow Blade Zero," while "Little Bookstore," published by domestic company 2PGames, won the "Most Influential" award [1] - Internationally, "Resident Evil: The Death's Requiem" won four awards, with other games like "Epoch 117: Roman Peace," "Donkey Kong: Banana Power," and "Hollow Knight: Silksong" also receiving accolades [1] Market Dynamics - Zhonghang Securities reported that three driving forces are currently shaping the gaming sector: ongoing policy support, industry recovery, and accelerated AI implementation [1] - In the short term, the normalization of license approvals and the launch of new products during the summer season are expected to support performance [1] - In the medium term, AI technology is anticipated to reshape research and development as well as operations, leading to cost reduction and content upgrades [1] - In the long term, global expansion is expected to continue opening up growth opportunities for the industry [1]

Core Insights - The 2025 Cologne International Game Show showcased a significant increase in the presence and influence of Chinese gaming companies, reflecting their growing confidence in entering the European market [1][2][4] Group 1: Chinese Game Presence - The number of Chinese exhibitors at the Cologne Game Show reached a record high of 50, with over 10 new companies participating [4] - Chinese game developers are increasingly focusing on original content, enhancing their international competitiveness in visual style, narrative logic, and gameplay mechanics [4] - The game "Black Myth: Wukong" by Game Science was highlighted, with its sequel "Black Myth: Zhong Kui" being a major attraction at the event [2][3] Group 2: Market Impact - Germany, as Europe's largest gaming market, has approximately 37.5 million gamers, with mobile and console platforms being the most popular [5] - Four Chinese-developed games are projected to enter the top ten mobile download rankings in Germany in 2024 [5] Group 3: Sino-European Cooperation - Chinese gaming companies are increasingly localizing their content and operations to better connect with European players, as seen with miHoYo's "Genshin Impact" [6] - Collaborations between Chinese and European game studios are on the rise, with Tencent showcasing multiple new titles developed in partnership with international IPs and studios [7] - The focus on high-quality localization and community building is seen as essential for success in the competitive European market [6][7]

Core Insights - The 2025 Cologne International Game Show, held from September 20 to 24, showcased a larger and more prominent presence of Chinese gaming companies, reflecting their growing confidence and influence in the European market [1][4]. Group 1: Chinese Presence and Popularity - The number of Chinese exhibitors at the Cologne Game Show reached a record high of 50, with over 1,500 exhibitors from more than 70 countries participating [4]. - Chinese games are increasingly well-received, with companies focusing on enhancing the quality of their original works, leading to higher international competitiveness and positive evaluations from overseas media and players [4]. - The game "Black Myth: Wukong" by Game Science gained significant attention, with its sequel "Black Myth: Zhong Kui" being highlighted as a major reveal at the event [2][3]. Group 2: Market Data and Trends - Germany, as Europe's largest gaming market, has approximately 37.5 million gamers, with mobile and console platforms being the most popular [5]. - In 2024, four games developed by Chinese companies are projected to enter the top ten mobile download rankings in Germany [5]. Group 3: Localization and Collaboration - Chinese gaming companies are adopting a global perspective, emphasizing localization and community engagement to resonate with European players [7]. - MiHoYo's game "Genshin Impact" exemplifies this trend by incorporating European cultural elements and actively engaging local players through events and themed cafes [7]. - Collaboration between Chinese and European game studios is increasing, with Tencent showcasing multiple new titles developed in partnership with international IPs and studios [8].