中国游戏产业正在海外市场迎来一轮新的增长浪潮。根据中国音数协游戏工委发布的《2024年1-6月中国游戏产业报告》，2025年上半年，中国自研游戏 的海外实际销售收入达到95.01亿美元，同比增长超过11%。这一增速重新回到了2021年出海高峰期水平，中国游戏企业在国际竞争中依然具备强劲的动 能。正在全球更大范围内获得认可，逐渐从"走出去"迈向"走进去"。 传统出海优势区域如北美、日韩、西欧等虽然仍是收入贡献的主力，但竞争也日趋激烈，买量成本攀升、本地化要求加深、政策不确定性增加，都促使更 多中国企业将目光转向尚未被充分开发的新兴市场。 据SensorTower数据显示，2025上半年传统出海市场存量状态加剧，中东、拉美、东南亚等新兴市场仍然在崛起，从这里，厂商或许能找到更多的增量机 会。 越南：下载量跃居第一，东南亚最大黑马 在整个行业增速放缓的背景下，越南以一种高调的方式进入了全球游戏界的视野。在越南游戏展"GameVerse"上，越南游戏开发者联盟VGDA主席Nguyen Quyet宣布，2024年越南的移动游戏下载量已经冲到全球第一，甚至超过了中国。 当然，这一下载量并非主要来自本土自研产品。据越南广播 ...

8月 27 日，港股上市公司中手游（0302.HK）公布2025年中期业绩报告。报告显示，中手游上半年实现营业收入人民币7.63亿元，同比下降38.1%。 期内，中手游净亏损人民币6.44亿元（经调净亏损人民币6.38亿元）。公司自主研发的核心游戏《仙剑世界》，于2025年2月上线后暴露了较多品质问题， 在报告期内收益表现未达预期，亦使得公司在报告期内来自国内产生的收益较2024年同期下降，是导致公司业务收入下降的主要原因。 同时，公司于2025年1月上线的新游戏《春秋玄奇》及于2025年2月上线的《仙剑世界》，在报告期内产生了较多的营销推广费用，及公司针对《仙剑世 界》研发团队及其他人力岗位进行了人员优化调整，产生了较大的一次性裁撤费用，也是造成公司亏损的部分主要原因。 尽管短期承压，中手游在小游戏、海外游戏收入方面表现依然稳固。其中海外业务收入达到人民币2.35亿元，同比增长33.2%，占公司收益比重达30.8%； 小游戏收入稳定增长。得益于新游收入贡献及降本增效措施，中手游经营性现金流净额转正，达人民币1.08亿元。 游戏业务具体情况整理如下： 01 IP游戏国区发行稳步推进 中手游于2025年4月推出 ...

公告称，集团于报告期内推出的小游戏《春秋玄奇》收益表现亮眼，获得了市场及玩家的认可，且集团 在海外地区先后上线《斗破苍穹：无双》、《斗罗大陆：史莱克学院》和《斗罗大陆：逆转时空》等重 磅IP游戏，令海外收入出现较大提升;但是于报告期内上线的新游戏《三千幻世》及《聊天群的日常生 活》上线后收入未能达到预期;于2025年6月27日新上线的游戏《新三国志曹操传》虽取得良好的榜单排 名，但是其在报告期内上线时间过短，未能在报告期内贡献较多收入;且集团过往推出的成功游戏《新 射雕群侠传之铁血丹心》的IP授权已经到期，经与合作方友好协商，于2024年度终止了运营，未能在报 告期内产生收入;以上多种原因使得游戏发行收益下降。 中手游(00302)发布截至2025年6月30日止6个月的中期业绩，该集团取得收益人民币7.63亿元(单位下 同)，同比减少38.13%;归属于母公司拥有人亏损6.39亿元，同比增加170.32%。 ...

Core Viewpoint - The company reported a significant decline in revenue and an increase in losses for the first half of 2025, attributed to various factors including the performance of new game launches and the expiration of a successful IP license [1] Financial Performance - The company achieved revenue of RMB 763 million, representing a year-on-year decrease of 38.13% [1] - The loss attributable to the parent company was RMB 639 million, an increase of 170.32% year-on-year [1] Game Performance - The newly launched mini-game "Spring and Autumn Mysteries" performed well, gaining market and player recognition [1] - The company successfully launched several major IP games overseas, including "Battle Through the Heavens: Unmatched," "Douluo Continent: Shrek Academy," and "Douluo Continent: Time Reversal," which significantly boosted overseas revenue [1] - However, the new games "Three Thousand Fantasy Worlds" and "Daily Life of Chat Groups" did not meet revenue expectations after their launch [1] - The recently launched game "New Three Kingdoms: Cao Cao's Biography" achieved good rankings but did not contribute significantly to revenue due to its short launch period within the reporting timeframe [1] - The expiration of the IP license for the previously successful game "New Legend of the Condor Heroes: Blood and Heart" led to its termination in 2024, resulting in no revenue generation during the reporting period [1]

Summary of Zhongshou's Conference Call Company Overview - Zhongshou's overseas revenue reached RMB 272 million in 2024, accounting for 14.1% of total revenue, with significant contributions from the game "Douluo Dalu: Shrek Academy" in the Hong Kong, Macau, and Taiwan markets [1][3] - The company plans to expand its overseas business by launching "Douluo Dalu: Reverse Time" in international markets [1][3] Core Business Segments - Zhongshou's game publishing revenue for 2024 was RMB 1.665 billion, with three main business segments: game publishing, game development, and IP licensing [2] - Key games launched include "Douluo Dalu: Shrek Academy," "Doupo Cangqiong: Peak Showdown," and "Douluo Dalu: Reverse Time," all performing exceptionally well [2][15] - The company aims to launch 18 new games in 2025, focusing on high-quality IP games and innovative mini-games [2][10] Long-term Operating IP Games - Zhongshou has several long-term operating IP games, including "Xianjian Qixia Chuan," "One Piece: Bloodline," and "True Three Kingdoms: Domination," which have shown strong revenue performance [4] - "New Legend of the Condor Heroes: Iron Blood and Heart" generated RMB 260 million in its first month, while "One Piece: Bloodline" has maintained active engagement since its launch [4] Research and Development - The company invested RMB 244 million in R&D in 2024, focusing on projects like "Code: Dark Night Legend" and the open-world game "Xianjian World" [5] - "Xianjian World" was launched in early 2025, while "Code: Dark Night Legend" is expected to enter testing later in 2025 [5][13] IP Licensing Achievements - In 2024, IP licensing revenue was RMB 116 million, with Zhongshou holding complete global rights to "Xianjian Qixia Chuan" [7] - The company collaborates with partners like iQIYI and Tencent to produce series based on the IP, enhancing its market presence [8] Mini-Game Platform - The mini-game platform has lower channel costs and higher profit margins, with "Chunqiu Xuanqi" generating over RMB 100 million in its second month [17] - The company aims to deepen its development in the mini-game sector, targeting a revenue increase [17] Overseas Market Strategy - Zhongshou began its overseas business in 2021, with revenue contribution rising from less than 1% to over 10% in the first year [19] - The company plans to accelerate its overseas expansion, targeting a revenue contribution of 20% to 30% from international markets in the next three years [19][20] Future Outlook - The company is considering stock buybacks and dividends based on market conditions, with ongoing support from major shareholders [21] - The competitive landscape in the gaming market remains intense, but Zhongshou's strong IP portfolio positions it favorably [16]

Core Insights - The company reported a revenue of 5.58 billion yuan for the fiscal year 2024, a decrease of 14.3% year-on-year [2] - The net profit for 2024 was 44 million yuan, down 83.9% from 273 million yuan in 2023, with a net loss attributable to the parent company of 3.62 million yuan [2] - The decline in revenue is attributed to decreased game income under the cooperative operation model, underperformance of new game launches, and reduced income from consumer goods [2] Revenue Breakdown - The company achieved overseas revenue of 623 million yuan in 2024, marking a year-on-year increase of 44.9%, accounting for 11.2% of total revenue [3] - The self-operated game products generated 4.12 billion yuan in revenue, a decrease of 3.4%, while revenue from cooperative operations fell by 31.6% to 1.33 billion yuan [6] Cost Management - Research and development costs decreased by 25.4% to 128 million yuan in 2024, primarily due to a reduction in overall compensation related to R&D personnel [4] - Sales and distribution expenses remained high at 3.517 billion yuan but decreased by 9.4% from 3.88 billion yuan in 2023 [5] - Administrative expenses were recorded at 192 million yuan, down 27.6% from 265 million yuan in 2023 [5] Strategic Initiatives - The company is focusing on product matrix innovation, technology-driven strategies, and global expansion [6] - It has entered into a partnership to develop AI game business, aiming to optimize R&D processes and reduce costs [4] - The company is also expanding its portfolio in the mini-game sector, with successful launches such as "Little Soldier Battle" [7] Consumer Goods Performance - Revenue from the consumer goods sector fell by 52.2% to 102 million yuan in 2024, primarily due to a strategic focus on core gaming operations and intense market competition [7]