Group 1 - The core point of the article highlights the significant increase in the approval of domestic video game licenses in December 2025, with a total of 147 licenses issued, surpassing the total of 1,416 licenses in 2024 and reaching a new high since 2019 [1] - As of December 2025, the total number of game licenses issued in the year reached 1,771, with 1,676 for domestic games and 95 for imported games, indicating a stable issuance of domestic game licenses since January 2024, averaging over 124 licenses per month [1] - Notable companies such as Tencent, Kuaishou, and Le Element received approvals for key products, including Tencent's "QQ Classic Farm" and Le Element's "Silver City," reflecting the ongoing interest in both established and new gaming titles [1][2] Group 2 - The imported game sector saw three titles approved, including "Prince of Persia: The Lost Crown" by Shanghai Bihan, indicating a continued interest in international gaming content [2] - Despite the increase in approvals, the performance of the domestic two-dimensional mobile game market has faced challenges, with a reported revenue of 28.281 billion yuan in 2025, a year-on-year decline of 3.64% [3] - The decline in revenue is attributed to two main factors: the downward trend in revenue from several leading products and the underperformance of many new releases, raising questions about the future success of titles like "Silver City" [4]

Core Insights - The issuance of game licenses in December 2025 marks a significant increase, with 1,676 domestic and 95 imported game licenses, totaling 1,771, representing over a 20% growth compared to 2024 [3][4]. Group 1: License Issuance - In December 2025, 144 domestic and 3 imported game licenses were issued, including notable titles like Tencent's "QQ Classic Farm" and the imported "Prince of Persia: The Lost Crown" [1][22]. - The total number of licenses issued from January to November 2025 reached 1,624, with 1,532 being domestic and 92 imported [3]. - The issuance of domestic game licenses saw a significant increase, with a record high of 178 licenses in November 2025 [4]. Group 2: Industry Trends - The approval process for game licenses has improved, with the average time for self-applied licenses reduced to 4-6 months, and potentially shortened by over 20% with professional assistance [4]. - The trend in 2025 shows a diversification in game genres, with various categories like SOC, anime, SLG, console, and single-player games being represented, indicating a mature market [17]. Group 3: Major Players - Tencent emerged as the leading company in terms of game licenses for 2025, including those from its subsidiaries and agency products [7][9]. - NetEase follows as the second-largest player, with its subsidiaries and agency products also included in the count [9]. - 4399 ranked as the highest non-Tencent or NetEase company, focusing on overseas markets and showing strong performance in the mini-game sector [11]. Group 4: Notable Absences - Several well-known companies, such as Paper Games and Deep Blue, did not receive licenses in 2025 but are actively preparing for future projects [12][16]. - miHoYo only secured one license for "Honkai: Inheritance Spirit," with other anticipated titles delayed [14]. Group 5: Future Outlook - The industry is expected to maintain a positive momentum, with hopes for continuous surprises each month [6]. - The competition is shifting from merely obtaining licenses to winning market share, emphasizing product quality and long-term strategies [17].