暑期档接近尾声，《浪浪山小妖怪》在今天六点以13亿票房成"黑马"，跻身2025年度国产院线电影票房第四，也让市场再度窥见国产动画的受 众潜力。 但这份亮眼成绩，也恰恰撕开了国产动画行业的真相：这几年院线动画上映超百部，看似"繁荣"，可2D动画和3D动画数量比例却严重失衡。 从《西游记之大圣归来》让国产动画真正走进观众视野开始，登上大银幕的2D动画，至今仅有《浪浪山小妖怪》《大鱼海棠》及《罗小黑战 记》系列共四部。这种数量上的反差，在番剧赛道更为明显：平台全年上线番剧持续增量，题材覆盖渐广，可2D动画作品却寥寥无几。 "现在番剧的2D动画只能叫2D风格，据我所知，除了《雾山五行》，这两三年就没人做纯手绘的2D动画，很多作品都是3D渲染成2D的。"北 京电影学院动画学院毕业的导演嘘嘘（化名）直言，国产2D动画一直都有创作断层的危机。 一边是3D动画借技术迭代"飞升"、占据市场主流，一边是2D动画陷创作断层、作品"断档"。为何2D动画生存空间持续压缩？是3D技术红利下 的市场偏向，还是2D创作上的投入失调？ 没人会、没人教、没人招 "大概是2008年开始，北影、中传、央美在内的许多学校先后开设了3D动画专业。"据嘘 ...

Group 1 - The toy and trendy play industry in China is experiencing explosive growth during the 618 shopping festival, with six merchants surpassing 100 million yuan in sales and nearly 100 merchants exceeding 10 million yuan [1][2] - The top IP products, including Sanrio and Ultraman cards, are performing exceptionally well, indicating a strong demand for Japanese IP in the Chinese market [2][3] - The overall market for trendy toys is expanding, with over 2,400 stores achieving triple-digit growth compared to the previous year [1][2] Group 2 - Major Japanese companies like Bandai, Sanrio, and Tsuburaya have reported significant revenue from their IPs, with Bandai's Dragon Ball generating approximately 9.44 billion yuan, a 35.6% increase year-on-year [4][5] - Sanrio's revenue in China has surged to 816 million yuan, with IP licensing contributing significantly to its growth [5][7] - Tsuburaya's Ultraman IP has generated 260 million yuan in licensing revenue in China, highlighting the strong performance of card sales [7][19] Group 3 - The competitive landscape of the trendy toy market is intensifying, with over 100 stores closing in the first half of 2025, indicating a significant shakeout in the industry [15][16] - The trend of localization is evident, as companies like Sanrio and Bandai are focusing on developing original IPs and collaborating with local partners to enhance their market presence [21][29] - The shift from content output to collaborative ecosystem building is becoming a key strategy for Japanese IP companies in China, aiming for sustainable growth in the competitive market [29][30]

Investment Rating - The industry is rated as "Outperforming the Market" with an expected increase of over 10% relative to the market index in the next six months [4][36]. Core Insights - The Chinese gaming market showed a strong performance in April 2025, with a year-on-year revenue growth of 21.93% and a month-on-month growth of 2.47%, reaching a total revenue of 27.351 billion yuan [1][14]. - The mobile gaming sector specifically saw a revenue of 20.424 billion yuan, reflecting a year-on-year increase of 28.41% and a month-on-month increase of 3.07%, driven by strong performances from long-term products and new releases [1][15]. - The global gaming market experienced a decline in revenue, with a year-on-year decrease of 0.31% and a month-on-month decrease of 4.57%, totaling 6.5 billion USD in April 2025 [2][18]. - The top three revenue-generating games globally were "Honor of Kings," "Honkai: Star Rail," and "SD Gundam G Generation ETERNAL," with the first and third benefiting from strong IP collaborations [2][21]. Summary by Sections 1. Chinese Gaming Market - In April 2025, the actual sales revenue of the Chinese gaming market was 27.351 billion yuan, with a month-on-month growth of 2.47% and a year-on-year growth of 21.93% [14]. - The mobile gaming market achieved a revenue of 20.424 billion yuan, with a month-on-month increase of 3.07% and a year-on-year increase of 28.41%, supported by strong long-term products and new releases [15]. 2. Global Gaming Market - The global mobile gaming revenue in April 2025 was 6.5 billion USD, showing a year-on-year decline of 0.31% and a month-on-month decline of 4.57% [2][18]. - The top three games in terms of revenue growth were "Honor of Kings," "Honkai: Star Rail," and "SD Gundam G Generation ETERNAL," with significant contributions from IP collaborations and new character releases [21]. 3. Revenue Rankings - In the Chinese App Store's top 10 games for April 2025, Tencent's games occupied 7 positions, maintaining a dominant market presence [24]. - The top five games included "Honor of Kings," "Peacekeeper Elite," "Gold Shovel Battle," "Dungeon & Fighter: Origin," and "Endless Winter," with Tencent holding four of these spots [24]. 4. Overseas Market Performance - The revenue from self-developed games in overseas markets reached 1.554 billion USD in April 2025, showing a year-on-year increase of 9.62% despite a month-on-month decline of 4.40% [34]. - "Honkai: Star Rail" saw a significant increase in overseas revenue, rising by 136%, while "Kingshot" experienced a 209% increase in revenue [31][34]. 5. Investment Recommendations - The report suggests focusing on companies with rich license reserves, strong R&D capabilities, frequent high-quality IP collaborations, and stable content output capabilities, as the market shows robust growth potential [33].

Investment Rating - The report maintains a "Positive" investment rating for the gaming industry [7] Core Insights - The Chinese gaming market continues to experience rapid growth, with a market size of 27.351 billion yuan in April 2025, reflecting a year-on-year increase of 21.93% and a month-on-month increase of 2.47% [2][4] - Long-standing products such as "Honor of Kings," "Naruto," and "Honkai: Star Rail" have shown stable growth, contributing to the industry's high growth rate [2] - The overseas performance of self-developed games is impressive, with a 9.62% year-on-year increase in actual sales revenue from overseas markets, amounting to 1.554 billion USD in April 2025 [9] - The new game product cycle for listed gaming companies is underway, with several new titles performing well in May, indicating a positive outlook for the gaming sector [9] - The gaming sector's valuation remains relatively low, with potential for upward elasticity, suggesting continued investment opportunities in the gaming sector [9] Summary by Sections Market Performance - The Chinese gaming market size reached 27.351 billion yuan in April 2025, with mobile gaming accounting for 20.424 billion yuan, showing a year-on-year growth of 28.41% [9] - Key growth drivers include seasonal events and updates for existing games, which have significantly boosted their revenue [9] Overseas Expansion - The overseas market for self-developed games generated 1.554 billion USD in April 2025, with notable contributions from long-term products [9] - "Honkai: Star Rail" and "Kingshot" ranked among the top revenue-generating games in overseas markets [9] New Game Launches - Several new games from listed companies have shown promising performance, with titles like "Staff Sword Legend" and "Supernatural Action Group" gaining traction in the market [9] - Major gaming companies have a rich pipeline of upcoming products, indicating a robust new game cycle [9] Valuation and Investment Opportunities - The gaming sector's valuation is positioned for potential recovery, driven by stable policies and the introduction of new games [9] - Recommended stocks for investment include Giant Network, Kaiying Network, G-bits, Perfect World, and Yaoji Technology [9]

Investment Rating - The report does not explicitly state an investment rating for the gaming industry Core Insights - The Chinese gaming market reached a scale of 857.04 billion yuan in Q1 2025, showing a year-on-year growth of 17.99% but a quarter-on-quarter decline of 1.21% [5] - The mobile gaming market generated 636.26 billion yuan in Q1 2025, with a year-on-year increase of 20.29% and a quarter-on-quarter decrease of 2.18% [15] - The client game market saw a revenue of 179.19 billion yuan in Q1 2025, reflecting a year-on-year growth of 6.85% and a quarter-on-quarter increase of 3.62% [8] - The web game market continues to decline, with a revenue of 11.13 billion yuan in Q1 2025, marking a quarter-on-quarter decrease of 1.54% [13] Summary by Sections Market Overview - The overall Chinese gaming market is valued at 857.04 billion yuan, with mobile and client games contributing to the growth [5] - The mobile gaming sector is the largest, with significant contributions from long-standing titles and new releases [15] Client Games - The client game market achieved a revenue of 179.19 billion yuan, driven by seasonal events and the return of popular titles [8] - New dual-end products have contributed to revenue growth, with notable performances from games like "Hearthstone" and "Delta Action" [8] Mobile Games - The mobile gaming market's revenue reached 636.26 billion yuan, with significant growth attributed to long-term operational potential of leading titles [15] - Major titles like "Honor of Kings" and "Crossfire: Gun Battle" achieved record revenues during the quarter [15] Web Games - The web game market has seen a continuous decline, with revenues dropping for four consecutive quarters [13] New Releases - The new game "Heroes No Flash" topped the new release revenue chart, with significant contributions from IP adaptations [39] - The iOS download rankings saw "Yanyun Sixteen Sounds" debuting strongly, indicating a positive reception for new titles [32] Overseas Market - The overseas revenue for self-developed games reached 48.05 billion USD, marking a year-on-year growth of 17.92% [47] - Key titles like "Last War: Survival Game" and "Whiteout Survival" have driven this growth, alongside new releases [47] User Experience Insights - User experience remains a critical factor, with 60% of users considering gaming experience when upgrading devices [67] - Performance issues such as overheating and frame drops are significant pain points for mobile gamers [69]

Core Insights - The Chinese gaming market reached a scale of 857.04 billion yuan in Q1 2025, showing a year-on-year growth of 17.99% but a quarter-on-quarter decline of 1.21% [1] - Both mobile and client games contributed to the overall year-on-year growth of the gaming market, with new products and cross-platform games providing additional revenue [1] - The overseas sales revenue of self-developed Chinese games was 4.805 billion USD, reflecting a year-on-year increase of 17.92% [27] Mobile Gaming Market - The actual sales revenue of the mobile gaming market in Q1 2025 was 636.26 billion yuan, with a year-on-year growth of 20.29% but a quarter-on-quarter decline of 2.18% [9] - Key long-standing products like "Honor of Kings" and "Crossfire: King of Guns" achieved historical revenue highs, demonstrating their long-term potential [9] - New products such as "Dungeon & Fighter: Origin" and "Endless Winter" contributed significantly to the year-on-year growth of the mobile gaming market [14] Client Gaming Market - The client gaming market reached a scale of 179.19 billion yuan in Q1 2025, with a year-on-year growth of 6.85% and a quarter-on-quarter growth of 3.62% [5] - Revenue growth in the client gaming market was driven by operational activities during holidays and the performance of new cross-platform products [5] - "Delta Force" saw a continuous increase in active users, reaching a new high this quarter [5] New Game Releases - The top new game in Q1 2025 was "Heroes Never Die," which maintained a strong presence in the iOS game sales rankings [25] - Two IP adaptation products entered the top three, with "Dragon Nest World" attracting a significant number of new and returning users [25] - The first-month revenue estimates for the top new games included "Heroes Never Die" and "Dragon Nest World," both exceeding 300 million yuan [26] Overseas Market Performance - The overseas market for self-developed Chinese games saw significant contributions from titles like "Last War: Survival Game" and "Whiteout Survival," with a total revenue of 4.805 billion USD [27] - "Frost Survival" and the new title "Inferno Nine" were highlighted for their strong performance in key overseas markets [31] - The marketing strategies for "Inferno Nine" included collaborations with local KOLs and high-quality promotional materials, enhancing its appeal in the competitive MMORPG market [31]

Core Insights - Tencent, Point Interactive, NetEase, Mihayou, and Lemon Microfun continue to dominate the top five positions in the mobile game revenue rankings [3][4][5] - The competition in the lower rankings (Top 20-30) is intense, with several companies like Mattel163, Youku Shengshi, Thunder Network, and Competitive World returning to the Top 30 due to effective operational strategies [3][4] - The total revenue from Chinese mobile game publishers in the global Top 100 reached $2 billion, accounting for 38.4% of the total revenue of the Top 100 [3] Tencent - Tencent maintains a strong presence with nine titles in the Top 20, including the newly added "Delta Action" and "NBA All-Star" [4][5] - "Honor of Kings" saw a significant revenue increase due to a major update and various promotional activities, leading to a 71% global revenue growth [9][11] - "Delta Action" experienced a 115% revenue surge in April, reaching the 11th position in the revenue rankings [11][12] - "Naruto: Ninja" also achieved a revenue increase of 91% in April, breaking its daily revenue record since launch [18][20] Point Interactive - Point Interactive's main revenue driver remains "Whiteout Survival," which continues to perform well in multiple regions [22] - The new SLG game "Kingshot" launched in late February has shown promising growth, with a 209% revenue increase in April, contributing to a 5% overall revenue boost for the company [26][30] Mihayou - Mihayou's "Honkai: Star Rail" celebrated its second anniversary with a significant revenue increase of 51% in April, driven by new character releases and promotional events [32][34] - Other titles like "Genshin Impact" and "Honkai: Zero" also saw revenue growth due to updates and new character introductions [38][40] Yuxing Network - Yuxing Network's titles, including "Mahjong Soul," "Blue Archive," and "Arknights," performed exceptionally well in Japan, with revenue increases of 110%, 458%, and 69% respectively, leading to a 91% overall revenue growth [42][46] 4399 and Thunder Network - 4399's revenue increased by 24% due to new games like "Endless Journey: Scroll World" and "Raising Godkkaebi," which have gained popularity [48][50] - Thunder Network returned to the Top 30 rankings, attributed to the success of "Wandering Sword," which has shown strong performance since its launch [54][57]

Monetary Policy - The People's Bank of China announced a reduction in the reserve requirement ratio by 0.5%, expected to release approximately 1 trillion yuan in long-term liquidity into the market [1] - The policy interest rate was lowered by 0.1%, with the 7-day reverse repurchase rate decreasing from 1.5% to 1.4%, which is anticipated to lead to a similar decline in the Loan Prime Rate (LPR) [1] - A structural monetary policy tool rate was reduced by 0.25%, and the personal housing provident fund loan rate was also cut by 0.25% [1] - The central bank will establish a 500 billion yuan re-lending facility to support consumption and elderly care, and increase the re-lending quota for technological innovation from 500 billion yuan to 800 billion yuan [1][2] Trade Relations - High-level economic talks between China and the U.S. are scheduled in Switzerland, with discussions expected to focus on tariff adjustments and trade relations [3] - The U.S. has shown interest in negotiating tariff measures, which could ease trade tensions and provide a buffer for the global economy [4] Fund Management - The China Securities Regulatory Commission (CSRC) released an action plan to promote the high-quality development of public funds, including linking management fees to fund performance [5] - The plan aims to improve the reputation of the public fund industry and accelerate the exit of underperforming funds, enhancing overall profitability [6] Logistics Industry - China's logistics industry prosperity index for April was reported at 51.1%, indicating continued expansion despite a slight month-over-month decline [7] - The index reflects a mixed performance across regions, with the western region showing significant recovery while the eastern and central regions experienced a slowdown [8] Mobile Gaming Market - In April, 33 Chinese companies entered the global mobile game revenue top 100, collectively generating $2 billion, accounting for 38.4% of the market [9] - Tencent's flagship game "Honor of Kings" saw a 71% revenue increase, reclaiming the top position in global mobile game revenue [10] Skechers Acquisition - Skechers announced an agreement to be acquired by 3G Capital for approximately $9.4 billion, with the deal expected to close in the third quarter [11] - The acquisition may provide financial support to Skechers amid declining sales in China and rising costs due to trade policies [12] Currency and Trade Dynamics - A potential "avalanche" sell-off of up to $2.5 trillion in U.S. dollars is anticipated as Asian countries reduce their dollar reserves amid escalating trade tensions [13] - The shift in currency dynamics may lead to significant changes in global trade relationships and impact the demand for U.S. dollars [14]

智通财经APP获悉，Sensor Tower商店情报平台显示，2025年4月共33个中国厂商入围全球手游发行商收入榜TOP100，合计吸金20亿美元，占本期全球 TOP100手游发行商收入38.4%。腾讯(00700)、点点互动、网易(09999)、米哈游和柠檬微趣依旧占据中国手游发行商收入榜前5名。 《王者荣耀》4月全球收入大幅增长71%，重回全球手游收入榜首，带动腾讯(00700)手游收入提升10%，稳居中国手游发行商收入榜冠军。该游戏的增长 源于多方面的内容更新，包括S39新赛季的开启、B.Duck小黄鸭和三丽鸥等IP联动，以及"五五开黑节"和多款新皮肤的上线。 点点互动4X策略手游《Kingshot》自2月下旬上线以来收入持续高速增长，4月暴涨209%，成为继爆款手游《Whiteout Survival》之后的全新增长点，推动 发行商本期收入提升5%，蝉联收入榜亚军。 4月米哈游《崩坏：星穹铁道》迎来上市2周年庆典，全新3.2版本"走过安眠地的花丛"和"遐蝶"、"那刻夏"等新角色正式上线，4月9日至11日该游戏连续登 顶全球手游畅销榜，本期收入激增192%，并问鼎海外手游收入榜冠军，带领发行商收入上涨 ...

Core Viewpoint - Tencent's 2024 financial report shows a revenue of RMB 660.2 billion, an 8% year-on-year increase, and a non-IFRS net profit of RMB 222.7 billion, up 41% year-on-year [1] Group 1: Financial Performance - In Q4 2024, Tencent's revenue reached RMB 172.4 billion, a 11% increase year-on-year, with a non-IFRS net profit of RMB 55.3 billion, up 30% year-on-year [1] - The company's gross profit for Q4 was RMB 90.7 billion, reflecting a 17% year-on-year growth [1] - The operating profit for Q4 was RMB 51.5 billion, a 24% increase compared to the same period last year [1] Group 2: Business Segments - The gaming business generated RMB 580 billion in international market revenue, a 9% increase, driven by strong performances from titles like PUBG MOBILE and Supercell games [14] - Domestic gaming revenue grew by 10% to RMB 1,397 billion, supported by popular titles such as Valorant and Naruto [14] - Marketing services revenue increased by 20% to RMB 1,214 billion, attributed to strong demand for advertising on platforms like WeChat and video accounts [43] Group 3: User Metrics - WeChat and WeChat users reached 1.385 billion, a 3% year-on-year increase [12] - QQ users decreased by 5% to 524 million, while the number of paid value-added service members grew by 7% to 262 million [12] Group 4: Cash and Investments - As of the end of 2024, Tencent's cash net worth was RMB 76.8 billion, with total cash and cash equivalents at RMB 132.5 billion [54] - The fair value of listed investments was RMB 569.8 billion, while the book value of non-listed investments was RMB 335.6 billion [55] Group 5: AI and Future Outlook - Tencent is focusing on AI by restructuring its AI team and increasing capital expenditure on AI-related projects [57] - The management believes that investments in AI will enhance advertising efficiency and extend the lifecycle of games, creating long-term value [57] - Tencent's competitive advantage lies in its massive user base and flow of traffic, which supports its growth in various business segments [64]