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]

报告围绕 "AI 与 IP 相融共生" 核心逻辑，明确 2026 年传媒行业两大主线，核心内容如下： 行业整体景气度高企，盈利与估值有望共振。2025 年传媒行业累计上涨 24%，两轮行情分别由 AI 大模型突破与应用落地 + 业绩释放驱动。基本面表现亮 眼，2025 年前三季度行业营收同比增长 6%，归母净利润同比增长 38%，Q3 单季度净利润增速达 61%，盈利能力显著提升。细分板块中，游戏行业供需两 旺，营收与净利润同比分别增长 24% 和 89%；影视行业受益于优质 IP 内容，净利润同比增长 110%；营销行业随消费复苏与 AI 赋能，Q3 净利润同比增长 14%；出版行业凭借高股息与政策红利，保持稳健盈利。AI 技术迭代与 IP 价值深化将持续打开行业长期成长空间。 AI 成为核心增长引擎，多领域应用落地提速。海内外大厂加速大模型迭代，OpenAI、谷歌、DeepSeek 等模型在多模态、推理效率、成本控制上持续突破， 为应用生态奠定基础。AI + 游戏领域，版号宽松带动新游供给，AI 重构开发流程实现降本增效，同时创新交互体验，巨人网络、恺英网络等厂商受益于新 游周期与出海拓展。AI + 影视 ...

Core Insights - The article provides an analysis of the revenue rankings of mobile game applications in Japan for November 2025, highlighting significant growth rates and trends in the gaming industry [3][5][7]. Revenue Rankings Summary - The top three games by revenue in November 2025 were: 1. Last War: Survival with a revenue growth rate of 2.3% 2. Uma Musume Pretty Derby with a remarkable growth rate of 133.3% 3. Pokémon Trading Card Game Pocket with a decline of 3.6% [5][7]. - Notable performers included: - Honkai: Star Rail with a revenue growth of 121.3% - Pokémon GO with a growth of 55.6% - Fate/Grand Order with a decline of 45.5% [5]. New Game Releases Summary - The article also mentions the revenue rankings of newly released games in November 2025, although specific titles and their performance metrics are not detailed in the provided content [3][7]. Growth Metrics Overview - The article includes various growth metrics such as download growth rates and daily active user (DAU) growth rates for the top games, indicating overall engagement and market performance [5][6]. - For instance, Uma Musume Pretty Derby and Honkai: Star Rail showed strong DAU growth rates of 2.9% and 8.9% respectively, while Pokémon Trading Card Game Pocket had a significant DAU growth of 43.3% [5]. - The data reflects a competitive landscape in the Japanese mobile gaming market, with several titles experiencing substantial fluctuations in revenue and user engagement [6].

一个全输的结局。 我总觉得我比其他人的童年要幸福一点，因为我小学郊游过。具体有多幸福，我现在已经很难用文字描述出来了。 最后一次郊游给我留下了很深的印象。隔壁班同学踩空了绿植的石阶，膝盖磕到地上，等到起身，他才发现自己擦破了一大块皮。老师迅速跑了过来，给 他涂上碘伏，提前结束了郊游。 11月24日，B站游戏区Up主逍遥散人发布了一部视频，即针对米哈游旗舰新作《Varsapura》的reaction。内容很简单，分析游戏内容调性，猜想演出剧情 细节，有褒有贬。 从第三方视角来看，这名同学自己摔伤了——他没有任何异常行为，只是单纯的意外，老师也做了合适的处理，一般来说，破皮会自然痊愈——到第二 天，同学家长来到学校，表示同学因为郊游受了伤，要学校领导给个说法，要么赔钱，要么闹到教育局。那名同学站在家长旁边，怯兮兮的。 学校领导很难给出说法。学生摔伤，是在学校组织的郊游活动中发生的，学校难辞其咎。不过，学校做出的紧急处理没问题，为什么要赔钱呢？往年郊游 多次，都是为了放松孩子身心，意外仅有少数几例，怎么你家孩子受了伤，就要整个学校付出代价呢？ 家长当然不能接受这种反馈，便决然向教育局举报！举报结果我也记不清了——后 ...

如果时间能倒流，不知道UP主逍遥散人是否还会选择发布那段观看游戏《Varsapura》实机演示的视频。正是这则视频，让这位多次躲过互联网"清算"、 在B站风评相当不错的UP主，迎来了从业后最大危机。 5天掉粉20万，最终掉了45万活粉。其中包括大批高等级舰长、逍遥散人与《逆水寒》《星绘有晴天》的合作被叫停、曾与他有过合作的品牌也被牵扯其 中，客服团队大量被质问是否停止与他的合作，其中有些不明就里的客服回复，又形成一轮新的抵制传播路径。 如果对圈子生态并不了解，看到逍遥散人又是掉粉又是掉商单，或许你会好奇他究竟做了什么。但实际上，导火索是那条与《Varsapura》有关的视频，以 及粉丝劝说逍遥散人删掉视频时，他那句"现在什么国产游戏都有争议，玩家如果想玩的话玩就可以，如果因为争议强行不玩的话，吃亏的是自己。" 事实上，播了《Varsapura》视频的UP不到近千也有上百，为何独独"逍遥散人"崩坏了呢？因为他恰恰是一名女性粉丝占80%以上，且一直有"尊重女性"标 签的UP主，之前一直没播《黑神话·悟空》的他就被部分粉丝视为"UP典范"，但这一次他的回应和行为，在他的核心粉丝看来无异于是种"背叛"。之后逍 遥散人 ...

Core Viewpoint - The Chinese internet sector is expected to see a remarkable growth of 36.5% in 2025, but the real competition will unfold in 2026 around artificial intelligence (AI) [2][3] Group 1: 2026 AI Competition - The competition in the AI sector will focus on three main themes: AI cloud infrastructure, AI chatbots, and AI applications [6][7] - Major players like Alibaba, ByteDance, and Tencent are competing to capture user traffic through their AI chatbots, aiming to secure key monetization avenues in the AI era [3][7] Group 2: AI Cloud Infrastructure - Alibaba and Baidu are leading a capital race in AI cloud infrastructure, with Alibaba's capital expenditure reaching approximately 120 billion RMB over the past four quarters and planning to invest 380 billion RMB in the next three years [8] - Alibaba's cloud business revenue grew by 34% year-on-year in Q3 2025, while Baidu's AI cloud revenue also saw a 21% year-on-year increase, reaching 6.2 billion RMB [8] Group 3: AI Chatbot Competition - AI chatbots are defined as the "traffic entry point" in the AI era, with Alibaba, ByteDance, and Tencent heavily investing in this user acquisition battle [11] - ByteDance's chatbot "Doubao" leads the Chinese market with 197 million monthly active users (MAU) as of October 2025 [11] Group 4: Vertical AI Applications - Companies in vertical sectors like Meituan, Ctrip, and Didi are training their proprietary AI agents using exclusive data to enhance user engagement and explore new monetization opportunities [16] - Ctrip's AI travel assistant "TripGenie" saw its user base grow by over 200% year-on-year in the first half of 2025 [16] Group 5: Global Expansion of AI - Chinese AI applications are accelerating their global expansion, with ByteDance's products ranking among the top in global MAU [20] - As of November 2025, ByteDance's "Dola" and another Chinese product "DeepSeek" ranked fourth and fifth globally, with 47 million and 39 million MAU respectively [20] Group 6: Performance Review and Outlook - In Q3 2025, 27 out of 44 internet companies exceeded profit expectations, attributed to cost optimization and productivity gains from AI [26] - The gaming industry is expected to benefit from AI-driven efficiency improvements, with the average revenue per user (ARPU) rebounding to 41 RMB, a 13.3% year-on-year increase [27] - The tourism sector shows resilience, with tourism expenditure as a percentage of GDP at 4.3% in 2024, indicating growth potential [28]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Views - The company achieved a revenue of 28.4 billion yuan in Q3 2025, representing a year-on-year increase of 8.2% and a quarter-on-quarter increase of 1.7%. The net profit attributable to shareholders was 8.6 billion yuan, up 31.8% year-on-year and 0.2% quarter-on-quarter [5] - The gross margin for Q3 was 64.1%, an increase of 1.2 percentage points year-on-year, with a net profit margin of 31.0%, up 5.4 percentage points year-on-year. This improvement in profitability is attributed to gains from fair value changes in stock investments and lower net exchange losses [5] - The company’s contract liabilities reached 19.5 billion yuan by the end of Q3 2025, reflecting a year-on-year increase of 25% and a quarter-on-quarter increase of 15%, indicating strong growth momentum [5] - The report highlights the strong performance of the game "Dream of the Red Chamber" and the successful launch of new games, which are expected to drive future growth [5] Financial Summary and Valuation Metrics - Revenue projections for 2025-2027 are 357 billion yuan, 383 billion yuan, and 429 billion yuan respectively, with corresponding P/E ratios of 16.6, 15.5, and 13.8 times [5] - The company’s revenue for 2023 is projected at 103.5 billion yuan, with a year-on-year growth of 7.2%, and net profit is expected to be 29.4 billion yuan, showing no growth year-on-year [6] - The gross margin is expected to improve from 60.9% in 2023 to 64.7% in 2025, while the net profit margin is projected to increase from 28.4% in 2023 to 31.4% in 2025 [6]

Group 1: Wealth Growth of Entrepreneurs - The 2025 Hurun Rich List shows significant wealth growth among Chinese entrepreneurs, with the top three being Zhong Shanshan, Zhang Yiming, and Ma Huateng, all of whom have substantial business interests in the gaming industry [1][2] - Ma Huateng's wealth increased by ¥150 billion (+48%) to ¥465 billion, primarily due to the rise in Tencent's stock price and the success of its gaming strategy [2][3] - Ding Lei's wealth rose by ¥120 billion (+60%) to ¥320 billion, driven by stable revenues from several games under NetEase and the anticipated return of Blizzard's games in China [3] Group 2: Performance of Gaming Companies - Gigabit's Q3 revenue reached ¥1.968 billion, a year-on-year increase of 129.19%, with net profit soaring by 307.70%, marking a record high for the company [4][7] - Giant Network reported a Q3 revenue of ¥1.706 billion, up 115.63% year-on-year, with net profit increasing by 81.19%, attributed to the success of new games [7] - 37 Interactive Entertainment's Q3 net profit reached ¥944 million, a year-on-year growth of 49.24%, driven by the performance of several new titles [7] Group 3: Industry Trends and Future Outlook - The gaming industry continues to play a crucial role in the Chinese economy, with the potential for further changes in the wealth landscape as new games are launched [3] - The success of games like "Honor of Kings" and the upcoming projects under its IP indicate a robust expansion strategy within the gaming sector [15][19] - The return of Blizzard's classic games and the launch of new titles reflect a dynamic and evolving gaming market in China [31][34]

Core Viewpoint - The report from Credit Lyonnais indicates that Tencent's mobile gaming business showed robust growth in Q3, with a nearly 15% year-on-year increase in domestic revenue, driven by strong performances from "Honor of Kings," "Peacekeeper Elite," and "Crossfire" [1] Tencent - Tencent's mobile gaming revenue grew nearly 15% year-on-year in Q3, attributed to the strong performance of key titles [1] - The company has been given a "Highly Confident Outperform" rating by Credit Lyonnais, with a target price set at HKD 740 [1] NetEase - NetEase's mobile gaming revenue decline narrowed from 8% in Q2 to approximately 4% in Q3, benefiting from a 68% year-on-year increase in revenue from "Party Animals," reaching CNY 1.2 billion [1] - "Nirvana in Fire" contributed a stable revenue of CNY 830 million [1] - NetEase has been assigned an "Outperform" rating with a target price of USD 140 [1] Bilibili - Bilibili's American Depositary Receipts (ADR) received an "Outperform" rating with a target price of USD 25.5 [1]