中经记者 李哲 北京报道 春节档一直是游戏厂商的"必争之地"。2026年春节期间，各大厂商通过与文旅、春晚联动等方式展开竞 逐，让游戏走出屏幕，更加多元化、立体化与玩家见面。 不过，相比花样百出的联动方式，从收入方面来看，整体市场表现并不突出。根据Sensor Tower数据， 2026年春节档游戏iOS端收入约为4.4亿美元，与去年同期基本持平。 游戏产业时评人张书乐向《中国经营报》记者表示，春节档本身就有"休假"意味，玩家休假，大厂也在 休假，因此在1月新游集中发布后，大多数游戏都进入休假期，只是通过春节档活动来进行日常维护。 这和暑期档的高强度维护形成了差异性。 厂商花式联动 2月15日，腾讯旗下《王者荣耀》在春节假期第一天推出了马年"皮肤"，随后便迅速冲上iOS畅销榜总 榜，并且因服务器宕机登上了各大社交平台热搜。 此外，腾讯旗下另一款游戏大作《和平精英》则在春节版本推出了以敦煌文化为载体的新地图，并上线 了一系列符合新春氛围的活动，包括"月牙泉许愿打卡""年兽大作战"等。这一系列的联动让《和平精 英》在除夕夜的日活跃用户数突破9000万。 春节假期的"团圆"特性，成为了派对类游戏施展的舞台。网易旗下 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [7] Core Insights - The gaming sector has shown resilience in the current macroeconomic environment, with strong performance from both listed and non-listed companies during the Spring Festival period, confirming the ongoing logic of a significant product year in 2026 [7] - Notable games such as "Goose Goose Duck" have dominated the App Store charts, while companies like Century Huatong and Perfect World have seen impressive pre-registration numbers and revenue growth for their upcoming titles [2][3][5] - The overall industry sentiment is improving, with non-listed companies also achieving remarkable results, as seen with "Blue Archive" and "Arknights" celebrating significant anniversaries and experiencing substantial revenue increases [4] Summary by Sections Company Performance - Tencent's games have shown comprehensive growth, with "Goose Goose Duck" topping charts and "Dark Zone Breakthrough" reaching over 230 million registered users [7] - Century Huatong's "Yihuan" has surpassed 25 million pre-registrations, outperforming titles like "Genshin Impact" in pre-launch interest [3] - Giant Network's "Supernatural Action Group" has achieved a daily active user (DAU) count exceeding 10 million, benefiting from the holiday season [3] Revenue Growth - Tencent's "Honor of Kings" saw a 105% month-on-month revenue increase to $220 million, while "Peacekeeper Elite" surpassed $110 million in revenue during January [7] - Non-listed games like "Blue Archive" and "Arknights" reported global revenue increases of 220% and 122%, respectively, in January [4] Investment Recommendations - The report recommends focusing on Perfect World due to the strong pre-registration numbers for "Yihuan" and suggests monitoring companies like Tencent, Huya, Century Huatong, Giant Network, and Kingsoft for their product lines [5]

Core Insights - The article discusses the recent controversy surrounding the game "Delta Operation," which has faced backlash from players due to balance adjustments made on October 5, 2023, affecting certain gameplay mechanics and character classes [1][6][27] - The adjustments have led to significant player discussions and a planned boycott on October 10, 2023, indicating a strong emotional response from the community [1][6][27] Player Reactions - Players have expressed mixed feelings about the balance changes, with some believing that the adjustments do not significantly impact core players, while others argue that the changes undermine the game's appeal to casual players [5][12][18] - A notable portion of the player base is considering switching to competing games like "Dark Zone Breakout" and "Battlefield 6" due to dissatisfaction with the recent changes [6][27] Official Response - In response to the backlash, the official team of "Delta Operation" issued an apology and compensation on October 8, 2023, within three days of the initial announcement, indicating a recognition of the issue's severity [6][12][27] - The company is preparing for further communication and adjustments to address player concerns, highlighting the importance of player feedback in game development [6][27] Market Context - The "search and extraction" genre, exemplified by "Delta Operation," is experiencing growth, with other titles in the market also gaining traction, suggesting a competitive landscape [27][28] - The article notes that while "Delta Operation" has contributed to the genre's development, the market is not yet saturated, and new entrants from major companies are expected to intensify competition [27][28] Economic Considerations - The article highlights concerns about in-game economic inflation, which has become more pronounced over time, suggesting that gameplay adjustments alone may not be sufficient to address underlying economic issues [26][27] - Players have called for more consumption outlets for in-game currency to mitigate inflation rather than restricting gameplay options [26][27]

Core Viewpoint - The game "Unbound Abyss," developed by Dreamhaven, faces significant challenges in its long-term operation due to its buyout model and the competitive landscape of the shooting game market [1][2][6]. Pricing and Market Position - "Unbound Abyss" is priced at $30 (approximately 215 RMB), which is lower than mainstream AAA games priced at $60-$70, making it more acceptable in the Western market [2][3]. - The game aims to leverage the "premium trust effect" from its development team, which includes former Blizzard executives, to justify its pricing [3]. Content and Gameplay - The game is a rule-driven multiplayer online competitive game that combines elements like spaceship battles and zero-gravity exploration, differentiating it from traditional military-style games [5][14]. - While initial player experiences may be positive, there is a risk of aesthetic fatigue over time, necessitating ongoing content updates to maintain player engagement [5][6]. Long-term Viability - The buyout model relies heavily on initial sales, and without a stable revenue stream from DLCs or expansions, sustaining long-term content updates may be challenging [6][7]. - The game may need to transition from a buyout model to a free-to-play model with in-game purchases to attract a broader player base [7]. Market Trends and Competition - The competitive landscape for the shooting game genre has evolved rapidly, with many titles exploring various gameplay mechanics and user engagement strategies [8][10]. - Games like "Dark Zone Breakthrough" have adapted by lowering barriers to entry and enhancing cross-platform experiences, indicating a shift in market dynamics [10][12]. Industry Innovations - The emergence of "actionized" gameplay within the shooting genre represents a potential new direction, with various companies exploring this trend [16][19]. - The focus on gameplay innovation rather than just thematic elements is crucial for standing out in a crowded market [15][19].

Summary of Tencent Games Q1 2025 Conference Call Industry Overview - The conference call focuses on the gaming industry, specifically Tencent Games and its performance in Q1 2025. Key Points and Arguments Overall Performance - Tencent Games reported a strong overall performance in Q1 2025, with a revenue increase of approximately 9% year-on-year, attributed to the successful launch of new products and seasonal factors during the Spring Festival [3][4][6]. Major Game Titles - **Honor of Kings**: Revenue reached 169 billion RMB, with a year-on-year growth of about 5%. The game performed well during the Spring Festival, with skin sales exceeding expectations [2][7]. - **Peacekeeper Elite**: Achieved a 9% year-on-year growth, with March revenue at 16.9 billion RMB. However, growth may slow due to internal competition from new FPS games [8]. - **Valorant**: Surpassed League of Legends in revenue, with an 18% year-on-year increase, driven by user growth following EDG's championship win [9]. - **League of Legends**: Experienced a 7% decline in revenue, attributed to user migration to mobile games and competition from Valorant [9][10]. New Game Releases - **DNF Mobile**: Generated nearly 40.5 billion RMB in Q1, but is expected to decline in Q2 due to user drop-off and content consumption [4][6]. - **Delta Force**: Revenue reached 11 billion RMB in Q1, with an annual target of 45 billion RMB [5][6]. - **Dark Zone Breakthrough**: Expected to launch soon, with a projected annual revenue of 32 billion RMB, though initial revenue may decline due to user overlap with Delta Force [11]. AI Integration and Innovation - Tencent is incorporating AI into existing games, enhancing gameplay features such as AI-driven dialogues and companions in titles like Honor of Kings and Monster Hunter Mobile [18]. - The introduction of AIGC technology has optimized the production process for in-game items, reducing production time by over 20% [12][14]. Future Outlook - The annual revenue forecast for DNF Mobile is 120 billion RMB, with a completion rate of 85-90%. Other new games like Dragon Festival and NBA2K are expected to generate 8 billion and under 5 billion RMB, respectively [6]. - Tencent anticipates a domestic market growth rate of 8-10% for the year, with quarterly fluctuations based on new releases and previous year comparisons [25]. Device Launch Plans - Tencent plans to launch a mobile console named 3D One, targeting the Steam Deck market, with pre-sales expected in late 2025 and shipments in 2026 [16][17]. Strategic Adjustments - Tencent is focusing on optimizing costs and reducing reliance on high-commission channels to enhance profit margins. This includes leveraging AI for workforce optimization and negotiating better terms with distribution partners [30]. Additional Important Content - Tencent's overseas products showed mixed results, with PUBG Mobile growing by 6% while Call of Duty Mobile declined by 13% [20]. - The company is actively exploring the two-dimensional game market, with several new titles in development and expected revenue projections [28][29]. This summary encapsulates the key insights from Tencent's Q1 2025 conference call, highlighting the company's performance, strategic initiatives, and future outlook in the gaming industry.

Core Insights - The "search, fight, and retreat" gameplay has evolved from a niche concept to a mainstream trend, attracting numerous game developers eager to capitalize on this opportunity [1][39] - Tencent has emerged as a dominant player in the domestic market with successful titles like "Delta Action" and "Dark Zone Breakout," both achieving significant revenue growth and user engagement [2][39] - The gameplay's appeal is broadening, with more players engaging with the genre, indicating a growing market potential [5][39] Market Dynamics - The "search, fight, and retreat" concept was popularized by the overseas game "Escape from Tarkov," which, despite its initial limited reach, has proven to be a forward-looking gameplay style [2][39] - Tencent's "Dark Zone Breakout" has maintained a position in the iOS top 80 for two years, while "Delta Action" has quickly climbed to the top 10, showcasing the competitive landscape [2][11] - The user base for "Dark Zone Breakout" has expanded significantly, reaching over 180 million global registered users, indicating strong market penetration [5][11] Gameplay Evolution - The gameplay mechanics are evolving to cater to different player tiers, enhancing the experience for hardcore, mid-tier, and casual players [7][9] - "Dark Zone Breakout" has introduced features to reduce player loss experiences, such as limited-time modes and safety zones, making the game more accessible [9][39] - "Delta Action" incorporates various gameplay modules, with the "search, fight, and retreat" mode being the primary focus, and has introduced new mechanics to balance hardcore and enjoyable gameplay [13][39] Competitive Landscape - The domestic market has become a testing ground for "search, fight, and retreat" games, with many new titles emerging [21][39] - Other companies, such as NetEase, have struggled to achieve similar success in the overseas market with their attempts at this gameplay style [18][39] - The genre is witnessing diversification, with various adaptations across different game types, including ARPGs and casual games, indicating a shift from its hardcore roots [32][39] Future Outlook - The "search, fight, and retreat" gameplay is expected to continue evolving, with developers exploring new themes and mechanics to attract a wider audience [39] - The market for this genre is still expanding, with potential for further growth as more titles are developed and released [39]

Summary of Key Points from the Conference Call Industry Overview - The global gaming market is projected to reach $187.7 billion in 2024, with PC and console games accounting for $37.3 billion and $42.8 billion respectively, together representing 43% of the market, indicating a preference for heavy PC and console gaming among overseas users [1][3] - The domestic gaming market in China is expected to total 325.8 billion yuan in 2024, with client and console games combined reaching 72.5 billion yuan, a year-on-year growth of 5%, but only accounting for 23% of the total market, significantly lower than the 43% overseas [1][5] Market Trends - The domestic client gaming platform has shown a recovery trend since 2021, projected to reach 68 billion yuan in 2024, a 2.6% increase, marking a historical high; console gaming is expected to grow by 55% to 4.5 billion yuan [1][6] - The number of PC client game licenses and console game licenses has increased by 19.5% and 35% respectively, indicating a positive trend in regulatory approvals [6] Supply and Demand Dynamics - The supply side has seen explosive growth in domestic end games since 2017, with titles like "Naraka: Bladepoint" selling over 7 million copies in its first year and "Black Myth: Wukong" exceeding 28 million copies sold, generating 9 billion yuan in revenue [1][11] - The demand side is characterized by a rapid increase in users on the Steam platform in China, with the number of users growing from 10 million in 2016 to 155 million in 2023, and the proportion of simplified Chinese users surpassing 50% for the first time [11] Future Potential - The domestic PC and console gaming market has significant growth potential, with a user penetration rate of only 26% compared to the global average of 65%. The annual ARPU (Average Revenue Per User) is approximately 400 yuan, compared to nearly 600 yuan globally, indicating a potential increase of 50% [12] - By improving domestic penetration rates and expanding overseas, the market could see an incremental growth of around 100 billion yuan, representing a substantial opportunity for gaming companies [12] Major Players and Strategies - Major domestic players like Tencent and NetEase are increasing their investments in PC and console gaming platforms. Tencent's recent titles have shown strong performance, with "Delta Action" achieving over 12 million daily active users [13][17] - NetEase is also expected to experience a surge in new releases, with several high-quality titles in the pipeline, indicating a robust supply side in the coming years [15] International Market Outlook - Although the penetration of domestic firms in overseas console and end-game markets is currently low, there is optimism for improvement as competitiveness increases. Companies like Tencent are enhancing their capabilities in competitive genres, suggesting a positive trend for future market performance [18]

这是半佛仙人的第1791篇原创 1 今天《暗区突围：无限》上线，我第一时间过去爽了一整天。 作为一个《暗区突围》手游的老玩家，进游戏前我非常自信，我觉得凭我丰富的经验，一 定能杀穿农场，雄霸北山，搜光山谷，登顶电视台。 结果一天玩下来，我感觉自己的心脏受到了无绳蹦极一样的锻炼。 人生大起大落的实在太快，刚刚还在庆祝夺舍成功，转头就要撤离失败，搞得我空调开到 1 8度还是出了好几身汗。 好久没有这么强的有氧了，我甚至觉得该准备一箱外星人电解质水，不然我作为地球人真 有点蚌埠住。 这个游戏在电脑上玩，真的不一样了。 甚 至 我 怀 疑 如 果 大 刘 老 师 玩 过 暗 区 ， 他 会 直 接 说 宇 宙 就 是 一 局 暗 区 突 围 ， 只 要 你 发 出 声 音，就有一帮人过来揍你。 能让人这么沉浸，暗区端游的设计很有意思。 搜、打、撤这个模式现在很热门，相关游戏一直在追求简化，让玩家玩得爽。 但玩了暗区端游这种走沉浸拟真风格的纯粹搜打撤，就会发现搜、打、撤模式本身就很吸 引人，它的每一个环节都击中了人性的弱点。 玩的时候我感觉自己完全被拿捏，暗区端游抓住了我的弱点，轻拢慢捻抹复挑，没事儿还 要揍两下，让我 ...