Core Insights - The global mobile game market is experiencing significant growth, with Chinese publishers dominating the revenue rankings in December 2025, as highlighted by Sensor Tower's report [1][24]. Group 1: Revenue Rankings - The top 10 mobile game publishers in December 2025 remained stable, with NetEase's "Yan Yun Shi Liu Sheng" ranking 4th, showing a 16% month-over-month revenue increase [1]. - Chinese publishers accounted for 34.6% of the total revenue of the global top 100 mobile game publishers, collectively earning $1.95 billion [1]. - Tencent's "Honor of Kings" led the iOS mobile game sales chart in China, generating over $2 billion in total revenue for the year [5]. Group 2: Key Game Performances - Tencent's "Honor of Kings" maintained strong revenue momentum through continuous content updates and esports events, contributing to its sustained market leadership [3][5]. - "Endless Winter" by Point Point Interactive is projected to reach $2.2 billion in revenue for 2025, showcasing its leading position in the survival strategy genre [7]. - NetEase's "Yan Yun Shi Liu Sheng" achieved significant success, ranking 2nd in the global iOS mobile game sales chart and generating a 95% revenue increase in December [11][15]. Group 3: Publisher Performance - Lemon Microfun's revenue grew by 10%, securing the 3rd position among publishers, driven by successful holiday-themed events [9]. - The revenue of Deyou Network surged by 90% due to the success of "Love and Deep Space," which reached a global revenue of $930 million [20]. - Youka Network's "Three Kingdoms Kill" saw a 65% revenue increase, allowing it to re-enter the top 30 rankings [22]. Group 4: Market Trends - The global mobile game market is undergoing a transformation, with a focus on high-quality, detailed operational activities as a key driver for growth [23][28]. - In 2025, 135 mobile games surpassed $100 million in in-app revenue, totaling $50.8 billion, with strategy games leading the way [24].

智通财经APP获悉，Sensor Tower商店情报平台最新数据显示，点点互动王牌力作 《Whiteout Survival》 12月下旬推出圣诞主题活动，多重联动玩法和海量福利层层解锁，强势点燃全球玩家消费热情，助力游 戏稳坐出海手游收入榜冠军宝座。Sensor Tower 最新数据显示，截至2025年12月《Whiteout Survival》 全球累计收入突破40亿美元，再创出海手游商业价值新高度。 柠檬微趣《Gossip Harbor》本月收入再度上涨7%，创历史新高，摘得出海手游收入榜亚军。12月双档 活动轮番上阵：圣诞主题"Once Upon a Snowglobe"碰撞新年狂欢"End-of-Year Errands"，以创新玩法与 丰厚奖励持续激活玩家热情，稳坐全球合成手游赛道头把交椅。 12月《使命召唤手游》以密集更新引爆海外市场：11日游戏开启六周年庆典，同步上线第11赛季"全球 行动"，引入备受期待的新模式"DMZ: 禁区"；12日重磅推出与《街头霸王6》(Street Fighter 6)的跨界联 动，并上线全新武器蓝图与战斗通行证。系列更新撬动玩家活跃度与付费意愿，助力游戏海外收入环 ...

智通财经APP获悉，Sensor Tower商店情报平台显示，2025年12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19.5亿美元，占本期全球TOP100手游发行商收入34.6%。 腾讯(00700)强势卫冕2025年12月全球手游发行商收入冠军，旗下王牌产品矩阵多点爆发，营收势能持 续拉满。国民级MOBA标杆《王者荣耀》持续领跑中国iOS手游畅销榜，2025年全年收入（不含中国地 区第三方安卓渠道）超过20亿美元。弈棋手游《金铲铲之战》再掀热潮，12月全新"英雄联盟传奇"赛季 和"不朽传奇召唤"活动点燃玩家热情，本期收入劲增50%；爆款FPS《三角洲行动》成为最强增长引 擎，2025年收入同比暴涨29倍，累计收入突破5亿美元。 凭借《Whiteout Survival》的稳定市场表现，叠加《Tasty Travels: Merge Game》的品类互补效应与突出 增长势头，点点互动成功稳居全球手游发行商收入榜亚军席位。Sensor Tower 数据显示，截至2025年12 月《Whiteout Survival》全球累计收入突破40亿美元，凸显长线运营价值；而《Tasty Trav ...

Core Viewpoint - The game "Yan Yun Shi Liu Sheng" by NetEase faced public criticism due to the anniversary costume "Fei Bai Cheng Shi," but regulatory authorities found no violations of relevant laws and regulations in the game's content [1][2]. Group 1 - The controversy originated from the launch of the "Fei Bai Cheng Shi" costume during the anniversary event on December 23, 2025, which some players found uncomfortable [2]. - On December 26, the game announced that the dyeing issue of the "Fei Bai Cheng Shi" appearance was addressed with the first batch of fixes completed by the early hours of December 25, restoring the dyeing function for the female version, while the male version is still under urgent repair [3]. - The game plans to enhance the quality and performance of the dyeing materials to resolve issues related to highlights and oily textures, and will introduce two additional crafting options for both male and female costumes in future updates to meet diverse player preferences [3].

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Insights - The total supply of game licenses continues to increase, with a significant rise in new products expected in 2026. The number of game licenses issued in 2025 reached 1,771, a 25.07% increase from 1,416 in 2024, marking a new high since the regulations were established in 2018 [8] - The approval process for imported game licenses has been optimized, with the average number of licenses issued per batch increasing from approximately 80 in 2023 to 160 in the second half of 2025, indicating a supportive policy environment [8] - The number of cross-platform headlining games has significantly increased, with 1,729 mobile games, 159 client games, 19 web games, and 8 console games licensed in 2025. The growth of cross-platform products is expected to continue, driven by high-end engine usage [8] - The gaming market is expected to see intense competition in genres such as simulation, RPG, and open-world games in 2026, with a notable presence of low ARPU (Average Revenue Per User) games that may exhibit stronger resilience against deflationary pressures [8] Summary by Sections Investment Suggestions and Targets - The report suggests focusing on companies with a reserve of cross-platform headlining projects and those with a strong portfolio of enduring games that have high daily active users (DAU) but low ARPU. Recommended stocks include Tencent Holdings (00700, Buy), NetEase (09999, Buy), and others [3] Industry Dynamics - The gaming industry is experiencing a robust growth trajectory, with a notable increase in the number of game licenses and an improved business environment for game developers due to policy support [8]

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 ...

近日，游戏《燕云十六声》上线新时装引发网友争议。12月27日，有投诉人陆续在社交平台晒出政府的 回复，表示未发现《燕云十六声》游戏内有违反我国相关法律法规内容。 此前，《燕云十六声》已公开回复，"飞白成诗"系列时装上线后实机演示出现异常，部分故障，游戏当 日已安排紧急修复，随后再次发布优化方案。 游戏官方公告显示，外观"飞白成诗"的染色问题已于25日凌晨进行了首批修复，现女款外观已恢复染色 功能，男款仍在紧急修复中……并将尽快完成男款修复并开放染色。此外，还会在后续更新中为男女时 装增加了不同裁造方案。 在随后游戏官方客服给玩家的回应也显示，25日"修复了'飞白成诗'女款上身与裙摆部分区域染色效果 异常的情况；修复了'飞白成诗'女款背后模型细节显示错误的情况。 燕云十六声新外观被指擦边，你们了解这个 事情吗 游侠您好~非常感谢您对外观内容的关注, 在12月25日调整并优化了「飞白成诗」女款 下装靴子的染色区域,以支持更自由的配色 方案;修复了「飞白成诗」女款上身与裙摆 部分区域染色效果异常的情况;修复了「飞 白成诗」女款后背模型细节显示错误的情 况。 ...

2025年是中国游戏市场和中国游戏"出海"规模爆发的一年，被业内视为"游戏大年"。越来越多优秀游戏 涌现，得益于近两年版号数量的增长。据《证券日报》记者梳理，2025年，我国累计发放国产网络游戏 版号1676款，相比2024年的1306款同比增长28.33%。 "当前来看，客户端和主机游戏在中国开始进入高速发展期，之后的市场规模大概率会越来越大。最重 要的原因是，2025年游戏厂商与渠道商收入分成的博弈白热化。"上海夏至良时咨询管理有限公司高级 研究员杨怀玉在接受《证券日报》记者采访时表示。 渠道分成博弈白热化 例如，腾讯旗下的《王者荣耀世界》，在今年5月份的版号审批中变更信息，在原移动端版本基础上， 新增了客户端版本；完美世界旗下的《异环》，在5月份版号审批中，更是同时申报了移动端、客户端 和主机(PS5)三个类别；创梦天地的《幻幻灵之战》，在12月份的审批中，也同时申请了移动端、客户 端和主机(PS5)。 不少多端游戏也驱动了上市公司业绩的增长。腾讯2025年第三季度财报显示，《三角洲行动》作为该公 司首款于全球多地发行的国产自研三端互通射击游戏，在本土市场已经进入行业流水前三，全球发行有 望成为腾讯海外 ...

Group 1 - The year 2025 is anticipated to be a significant year for China's gaming market and the "going global" trend, with a total of 1,676 domestic online game licenses issued, representing a 28.33% increase from 1,306 in 2024 [1] - The number of multi-platform game licenses reached 103 in 2025, up 9.57% from 94 in 2024, indicating a shift towards more diverse gaming platforms beyond mobile [1] - Major companies are increasingly applying for licenses for client and console versions alongside mobile versions, reflecting a strategic shift in the gaming industry [2] Group 2 - Tencent's "Delta Action" and NetEase's "Yanyun Sixteen Sounds" have achieved significant success, with the latter surpassing 15 million global players within a month of its overseas launch, setting a new record for Chinese games going global [2] - The client game market is experiencing a strong recovery, with actual sales revenue reaching 78.16 billion yuan in 2025, a 14.97% year-on-year increase, while the console game market saw an 86.33% increase to 8.362 billion yuan [3] - The rise of multi-platform games is attributed to their broader player base and increased confidence in producing AAA games, which require higher technical standards [3] Group 3 - The revenue-sharing model with distribution channels has become increasingly contentious, with Android channels demanding up to 50% and Apple around 30%, squeezing profit margins for game developers [4] - High distribution fees have led several top companies to withdraw popular games from Android channels, marking a significant shift in the industry [4] - Adjustments in revenue-sharing agreements, such as Apple's reduction to 15% and some Android channels negotiating down to 10-20%, indicate a changing landscape for game distribution [4][5] Group 4 - The increase in client games is seen as a strategic response by game developers to combat high mobile game distribution fees, suggesting a potential shift away from the current "channel dominance" model [6]

文 | 贝果树 编辑 | 刘士武 新游速递 腾讯《王者荣耀》IP自走棋新作《王者万象棋》开启大规模测试 12月25日，《王者万象棋》开启首轮大规模测试。《王者万象棋》是腾讯基于《王者荣耀》IP开发的一款策略对战游戏。在游戏中，玩家需要通过构建英 雄阵容、升级英雄等级、布局合理站位来取得胜利。本次测试为不计费删档性质，不开放付费功能，允许内容直播与传播。 《王者万象棋》 国产抗日谍战FPS《抵抗者》发布实机演示 12月26日，由国内团队浩汤科技开发的抗日谍战题材第一人称射击游戏《抵抗者》发布实机演示视频。《抵抗者》是一款以1940年代的中国为背景的第一 人称射击游戏，融合了谍战解迷和动作射击元素，章节将会跨越中国的不同战场，玩家将以不同身份投入到抵抗侵略者的行动中。目前游戏已上线Steam 页面。 《抵抗者》 老游情报 《光与影：33号远征队》独立游戏奖项因使用AI违反评选规则被撤回 独立游戏大奖组委会发布公告正式撤销游戏《光与影：33号远征队》所获得的"年度游戏"与"最佳首作"两项大奖。撤销原因是开发商在提交参评时曾书面 承诺未使用生成式AI，但后续被证实游戏在开发过程中使用了该技术。目前，年度游戏奖授予《蓝 ...