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]

凤凰网科技讯12月27日，网易公司(NASDAQ:NTES/HKEX:9999)今日正式发布公告，披露了一项核心管 理层的人事变动。在为公司服务长达23年之后，丁迎峰决定退休，并将卸任网易执行副总裁及互娱事业 群负责人职务，该项决议将于2025年12月31日正式生效。作为网易游戏业务的关键人物，丁迎峰的卸任 标志着网易互娱事业群将迎来新的管理阶段。 根据公告披露的后续安排，丁迎峰在卸任实职后并不会立即切断与公司的业务联系，他将在2026年转任 网易公司顾问一职，继续利用其经验为公司提供支持。针对此次变动，网易CEO丁磊肯定了丁迎峰的职 业生涯贡献，特别强调了其在打造网易旗舰游戏产品以及构建公司研发与运营能力方面所发挥的核心作 用。 丁迎峰(别名丁丁)是网易游戏业务的核心奠基者之一，拥有超过25年游戏开发与设计经验。他于1998年 进入游戏行业，早年任职于金智塔并担任经典游戏《古龙群侠传》制作人，2002年受邀加入网易后开启 了长达23年的任职生涯。 入职初期，他参与《大话西游Online II》的早期数值架构工作，随后全程主导《梦幻西游》的研发与运 营，从数值策划逐步晋升为产品经理、第二产品部总监、梦幻西游工 ...

Core Insights - The mobile gaming market in October 2025 saw significant innovations in gameplay, particularly with classic IP adaptations, leading to breakthroughs in various sub-genres [1] Download Rankings - "Delta Action" topped the download chart for October, followed by "Valorant: Source Action" and "Honor of Kings" in second and third place respectively [1] - Six new games entered the download Top 30, including "Plants vs. Zombies 3," "Destiny: Stars," and "Ember" [1] - "Plants vs. Zombies 3," a highly anticipated title, achieved over 18 million pre-registrations prior to its launch on September 26, showcasing its strong IP appeal [1][3] Gameplay Innovations - "Plants vs. Zombies 3" introduced new gameplay elements such as "Element Evolution," allowing players to combine elements with traditional plants to create "Element Plants" with special abilities [3] - The game also features a new "Nut Defense Line" mode, enhancing tactical freedom for players [3] Revenue Rankings - "Honor of Kings" ranked first in revenue, followed by "Delta Action" and "Dungeon & Fighter: Origin," which rose four places to third [7] - "Dungeon & Fighter: Origin" successfully attracted both returning and new players with its recent updates, including a new character class and dungeon [7] New Entries in Revenue Rankings - Five new games entered the revenue Top 30, including "JJ Dou Di Zhu," "Rate of the Land," and "QQ Speed" [9] - "Rate of the Land" celebrated its tenth anniversary with significant in-game events and collaborations, boosting its market presence [9] Industry Trends - The trend of lightweight SLG games is gaining traction, with "Rate of the Land" launching a mini-game version to tap into the growing mini-game market [11] - The game has successfully integrated cultural elements through collaborations with museums and other cultural institutions, enhancing its appeal [12] Company Developments - Yishijie celebrated its 13th anniversary, evolving from an early industry explorer to a comprehensive game enterprise with a global market presence [14] - The company has multiple titles generating over 100 million in monthly revenue and is actively expanding into overseas markets [16]

Core Insights - The report by Qimai Data highlights the top mobile games for October 2025, showcasing both download and revenue rankings, with Tencent's games dominating the revenue chart [1][2]. Download Rankings - "Delta Action" topped the download chart for October, followed by "Valorant: Source Action" and "Honor of Kings" in second and third places respectively [1]. - Six new games entered the download rankings, including "Plants vs. Zombies 3," which launched on September 26, 2025, and achieved over 18 million pre-registrations [1]. Revenue Rankings - Tencent's "Honor of Kings" ranked first in revenue, with "Delta Action" in second and "Dungeon & Fighter: Origin" rising four places to third [1][2]. - The revenue rankings featured a total of 12 games from Tencent and 5 from NetEase, indicating Tencent's strong market presence [2]. Game Categories - The majority of the games in the rankings were action games, with 9 entries, followed by adventure games with 4 entries [2]. - The new entries in the revenue rankings included five games, with NetEase's "Rate of the Land" celebrating its tenth anniversary and maintaining market interest through events and updates [3]. Market Trends - There is a growing trend among developers to explore lightweight versions of heavy SLG games due to rising traffic costs and the rapid growth of the mini-game market [3]. - Yishijie, a key player in the simulation and management game sector, has successfully launched multiple products in the mini-game space, achieving significant revenue milestones [3].

Core Insights - The report by Qimai Data highlights the top mobile games for October 2025, showcasing both download and revenue rankings, with Tencent's games dominating the revenue chart [1][2]. Download Rankings - "Delta Action" topped the download chart for October, followed by "Valorant: Source Action" and "Honor of Kings" in second and third places respectively [1]. - Six new games entered the download rankings, including "Plants vs. Zombies 3," which launched on September 26, 2025, and achieved over 18 million pre-registrations, indicating strong IP appeal [1]. Revenue Rankings - Tencent's "Honor of Kings" ranked first in revenue, with "Delta Action" in second and "Dungeon & Fighter: Origin" rising four places to third [1][2]. - The revenue rankings featured a total of 12 games from Tencent and 5 from NetEase, with action games being the most represented category [2]. New Game Releases - Five new games entered the revenue rankings in October, including "JJ Dou Di Zhu," "Rate of the Land," and "QQ Racing" [3]. - NetEase's "Rate of the Land" celebrated its tenth anniversary with promotional activities, contributing to its rising sales ranking [3]. Industry Trends - There is a growing trend among developers to explore lightweight versions of heavy SLG games due to rising traffic costs and the rapid growth of the mini-game market [3]. - Yishijie, a key player in the simulation and management game sector, has successfully launched mini-games and is expanding its overseas market presence [3].

Core Insights - Multiple games from NetEase have experienced service interruptions on the OPPO channel, affecting players significantly [2] - The cessation of services began last year with "Onmyoji: Yokai House" and has continued with several other titles, including major products like "Dream of the Westward Journey" and "The Last of Us" [2] - OPPO's customer service indicated that the service interruptions are due to the expiration of the partnership with NetEase, with no current plans for renewal [2] Industry Analysis - The high revenue-sharing model between game developers and channel providers in China, which can reach up to 50%, is significantly higher than the 30% seen in overseas markets, potentially contributing to the termination of partnerships [2] - NetEase's CEO expressed dissatisfaction with the high revenue-sharing rates during a financial call, highlighting that the current model is detrimental to the industry ecosystem [2]

Core Viewpoint - The ongoing conflict between game developers and distribution channels, particularly regarding the withdrawal of multiple NetEase games from the OPPO platform, highlights a significant shift in the gaming industry dynamics, driven by cost issues associated with Android distribution channels [1][2][3] Group 1: Game Withdrawals - Multiple NetEase games have been removed from the OPPO channel, including titles like "Onmyoji: Yokai House" and "Onmyoji: Card Game," with the latest being "Nirvana in Fire" and "Pro Evolution Soccer" [2] - The trend of withdrawing games from OPPO has escalated from smaller titles last year to major flagship products this year, indicating a broader industry shift [2] Group 2: Industry Dynamics - Analysts suggest that the era of distribution channels charging exorbitant fees is coming to an end, as game developers seek to optimize their operational strategies [3] - The situation reflects a growing trend in the gaming industry where developers are reassessing their partnerships with distribution platforms due to financial pressures [2][3]

Core Viewpoint - OPPO has ceased cooperation with NetEase for several games, leading to multiple game shutdowns on the OPPO platform, with no current plans for restoration [1][2][4]. Group 1: Game Shutdowns - Numerous NetEase games have stopped operating on OPPO's platform, including popular titles like "Dream of Jianghu" and "Onmyoji: Yokai House" [2][4]. - The shutdowns began in November 2022 and continued into 2025, with several major games announcing their exit from the OPPO platform [4]. Group 2: Company Responses - OPPO customer service confirmed the cessation of certain games due to the end of cooperation with NetEase, but did not provide details on potential partnerships with other game developers [1]. - As of the latest updates, neither OPPO nor NetEase has issued a unified statement regarding the operational strategy changes [6]. Group 3: Industry Analysis - The high revenue-sharing model of traditional Android channels, which can reach up to 50%, has been a limiting factor for game developers' profit margins [6]. - As NetEase and other game developers grow, they are increasingly negotiating better terms with distribution channels to reduce reliance on traditional platforms [6]. Group 4: Financial Performance - NetEase reported a net income of 27.9 billion yuan for Q2 2025, a 9.4% year-on-year increase, but below market expectations [7]. - The net income from games and related services was 22.8 billion yuan, reflecting a 13.7% year-on-year growth [7]. - The net profit attributable to shareholders decreased to 8.6 billion yuan compared to 10.3 billion yuan in the previous quarter and 6.8 billion yuan in the same quarter last year [7].

Core Insights - A significant leadership shakeup is occurring at NetEase Games, with multiple high-ranking executives departing, indicating unprecedented organizational changes within the company [1][2][4][6] Group 1: Executive Departures - Li Kaiming, head of NetEase Interactive Entertainment's 10th division, announced his departure for personal career development, marking him as the third senior executive to leave this year [1][2] - Other notable departures include Lin Yunfeng, president of the Dreamland division, and Xuanzi, producer of "World Beyond," suggesting a trend of restructuring similar to last year's disbandment of the Tianxia division [2][4] - The departures reflect a broader trend of leadership changes, particularly among executives overseeing key business areas such as competitive gaming, anime, and strategy games [2][6] Group 2: Organizational Changes - The leadership changes are centered in the Guangzhou headquarters, which has historically been the cradle of NetEase's gaming empire, indicating a potential shift in focus towards the Hangzhou region [4][7][16] - The company is reportedly consolidating its operations in Hangzhou, where the LeiHuo division has seen significant success, contributing approximately 50% to NetEase's total gaming revenue [13][15] - The restructuring aims to inject new energy into the organization by replacing long-standing executives with younger leaders who can better connect with the new generation of players [17][22] Group 3: Performance and Challenges - The Guangzhou divisions have faced significant setbacks, including the failure of the martial arts open-world game "The Legend of the Condor Heroes," which suffered a nearly 80% user attrition rate post-launch [9][10] - The 10th division also faced challenges, with the cancellation of the single-player project "Ten Thousand People Long Song: Three Kingdoms" after four years of development due to poor market feedback [11] - In contrast, the Hangzhou operations have thrived, with successful titles like "Nirvana in Fire Mobile" and "Eternal Return" establishing a strong market presence and contributing to the company's growth [12][13] Group 4: Strategic Shifts - The leadership changes reflect a strategic pivot from product-driven approaches to data-driven methodologies, emphasizing user profiling, monetization models, and predictive analytics in game development [21][22] - The company is focusing on a dual strategy of "data + rhythm" to enhance resource efficiency and mitigate the impact of individual project failures on overall business performance [22] - This shift is expected to lead to a more structured approach to game development, ensuring that new projects are backed by comprehensive market analysis and clear commercialization paths [21][22]