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].

Core Insights - Chinese game developers are intensifying their global market competition, with notable performances from companies like 点点互动 and 腾讯, as their games dominate the revenue rankings [2][9] - The success of games like 《崩坏：星穹铁道》 and 《Kingshot》 highlights the importance of version updates and innovative gameplay in driving revenue growth [2][9] Revenue Rankings - 点点互动's 《Whiteout Survival》 remains at the top of the revenue chart, followed by 腾讯's 《PUBG MOBILE》 in second place [2] - 《崩坏：星穹铁道》 has climbed to third place, boosted by a new version update and character releases, improving its ranking by 6 spots compared to the previous month [2] - 《Kingshot》 saw a remarkable revenue increase of 209% in April, landing at the 14th position on the revenue chart [2][9] Growth and Download Rankings - The growth rankings for April show that 益世界's new game 《Lands of Jail》 experienced a revenue surge of 342%, making it the 7th highest in growth [24] - 网易's 《巅峰极速》 has become the highest-grossing racing game globally in April, surpassing 《QQ飞车》 [25] - 腾讯's 《三角洲行动》 achieved over 10 million downloads within 10 days of its overseas launch, marking it as the game with the highest download growth [29] Market Trends - The success of SLG games like 《Kingshot》 and 《Dark War Survival》 indicates a growing interest in strategy and survival genres among players [9][17] - The performance of older titles like 《蔚蓝档案》 and 《雀魂》 demonstrates the effectiveness of continuous content updates and understanding local markets in maintaining player engagement [36][41] Conclusion - The competitive landscape for mobile games is intensifying, with companies needing to leverage their strengths and continuously improve product quality to capture market opportunities [47]

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]

Core Insights - In April 2025, 33 Chinese companies made it to the global mobile game publisher revenue TOP 100, collectively earning $2 billion, which accounts for 38.4% of the total revenue of the global TOP 100 mobile game publishers [1] - Tencent, Diandian Interactive, NetEase, miHoYo, and Lemon Microfun remained the top five Chinese mobile game publishers by revenue [1] - "Honor of Kings" saw a significant revenue increase of 71% in April, regaining the top position in global mobile game revenue, contributing to a 10% rise in Tencent's mobile game revenue [1] Group 1 - Diandian Interactive's 4X strategy game "Kingshot" experienced a revenue surge of 209% in April, becoming a new growth point for the publisher, which saw a 5% increase in overall revenue [5] - miHoYo's "Honkai: Star Rail" celebrated its second anniversary with a new version launch, resulting in a 192% revenue increase in April, leading to a 51% rise in the publisher's revenue [5] - Florere Game's revenue increased by 21% in May, driven by the growth of its mobile games "Dark War Survival" and "Last Z: Survival Shooter," moving up one position to rank 9 [5] Group 2 - Yostar's mobile games "Blue Archive," "Mahjong Soul," and "Arknights" saw revenue increases of 110%, 458%, and 69% respectively, leading to a 91% surge in publisher revenue and a significant jump of 11 positions to rank 11 [6] - Joy Net Games' new titles "Endless Journey: Scroll World" and "Raising Godkkaebi" contributed to a 24% revenue increase in April, placing the publisher at rank 22 [6][7] - Tencent's "Honor of Kings" led the revenue growth in the Chinese App Store, with a 64% increase, while "Delta Force" and "Naruto" also saw significant revenue boosts of 115% and 91% respectively [8][9]