Core Insights - The game "Brown Dust 2" has gained significant attention in China, particularly after its presence at the BW exhibition, despite its average revenue performance in South Korea [1][5] - The game has seen a remarkable increase in daily active users, reaching a historical high of 280,000 during its two-year anniversary event, and topping sales charts in Taiwan and Hong Kong [2][4] - The game's unique business model, which allows players to draw costumes that are tied to skills rather than characters, has contributed to its resurgence [4][6] Revenue and Performance - Since its overseas launch in 2023, "Brown Dust 2" has not performed exceptionally well in terms of revenue, often hovering around the top 100 in South Korea's sales rankings [2] - The game has maintained a growing level of attention over the past two years, which is atypical for a sequel that initially struggled to build a player base [2][4] Marketing and User Engagement - The marketing strategy for "Brown Dust 2" has been aggressive, with significant promotional efforts even when the game was outside the top sales rankings, indicating a strong commitment from the developer Neowiz [6][8] - The development team has actively sought feedback from players to improve game quality and user experience, which has led to a more engaged community [19][23] Game Design and Features - The game emphasizes character depth and storytelling, allowing players to collect all characters while focusing on acquiring costumes that enhance gameplay [6][20] - The design team prioritizes aesthetic appeal in character design, with a shift in player interest towards visual attractiveness over numerical strength [24] Future Plans and Market Potential - The development team is exploring the possibility of launching the game in China, acknowledging the need for content modifications to meet local regulations [16] - There is a recognition of the potential in the Chinese market, with a significant portion of revenue coming from Chinese players, estimated at 10%-15% of overall income [22] Community and Cultural Insights - The team has noted differences in player preferences between regions, with Chinese players showing a strong interest in community interaction and feedback [29] - The success of "Brown Dust 2" is attributed to a collaborative relationship with its user base, emphasizing the importance of player support in the game's development [35][36]

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][26]. Core Insights - In June 2025, six key mobile games were launched, with "Silver and Crimson" and "Dragon Soul Traveler" standing out in performance [1][10]. - "Silver and Crimson" achieved significant success due to its unique art style, user-friendly design, and global release strategy, reaching a peak download of 112,575 on June 28 and generating total revenue of $1,689,405 by July 15 [2][17]. - "Dragon Soul Traveler" features a Japanese light comedy style and has shown strong performance with a total revenue of $2,792,902 by July 15, despite being launched later than "Silver and Crimson" [3][20]. Summary by Sections New Game Releases - Six new mobile games were launched in June 2025, including titles from various publishers such as "Bubble Bubble" by Eagle Horn Network and "Final Fantasy 14: Crystal World" by Tencent [1][10]. Game Performance - "Silver and Crimson" has a unique dark gothic aesthetic and a strategy card RPG format, achieving a high user retention rate and ranking first in the App Store free charts in multiple regions [2][13]. - "Dragon Soul Traveler" employs a fragmented narrative and innovative gameplay, achieving a peak download of 113,674 on June 7 [3][22]. Investment Recommendations - The report suggests that the gaming license issuance will remain stable, and the market environment is expected to stabilize, making new game performances promising. It recommends focusing on quality game developers with innovative capabilities [24].

Core Viewpoint - The summer gaming season of 2025 is expected to see a variety of new game releases, with notable titles from companies like Tencent, NetEase, and others, despite fewer high-profile launches compared to previous years [1]. Game Releases Overview - **Eagle Horn Network** is set to launch its first buyout multiplayer console game "Pao Mu Pao Mu" on June 2 [2]. - **NetEase** will release "Frostpunk: Last Home" on June 5, a mobile adaptation of the original game [9]. - **Tencent** has multiple titles lined up, including "Final Fantasy XIV: Crystal World" on June 19 and "Dragon Stone War" on June 26 [6][3]. - **Lingze Technology** is launching "Mingmo: Yuanshu Yu" on July 24, a soul-like action game [12]. - **Lilith Games** is expected to release "Far Light 84," a tactical shooting game, during the summer [14]. Notable Game Features - "Dragon Stone War" features 20 types of units and a unique battle interaction system, aiming to innovate within the SLG genre [3]. - "Final Fantasy XIV: Crystal World" introduces new gameplay features and a different monetization strategy compared to its original version [6]. - "Star Resonance," developed by Shanghai Baokela, is a two-dimensional MMORPG expected to launch in August, featuring multi-platform compatibility [7]. - "Frostpunk: Last Home" has adjusted its gameplay for mobile, offering both hardcore and casual modes [10]. Market Context - The summer gaming market is competitive, with several companies like Tencent and NetEase launching new titles, indicating a strategic push to capture player interest [1][27]. - The gaming industry is seeing a trend towards innovative gameplay mechanics and monetization strategies, as evidenced by the upcoming releases [6][10].