瓦手游的热度并不低，自正式上线以来，一直在AppStore 的游戏免费榜榜首赖着不走。 在游戏畅销榜上，它基本保持在 6-8 名。 别觉得这个名次低，排在它前边的都是经久不衰闻名中外的老将：《王者荣耀》、《和平精英》、《地下城与勇士》手游、《三角洲行动》、《无尽冬 日》。 作为一个非 pay to win 的游戏，瓦手游对氪金的需求并不算大，目前的这个成绩，已经相当令人满意了。 2025 年 10 月，网易的英雄射击手游《天启行动》宣布停运，这款曾被寄予厚望的作品，上线 45 天后就遗憾退场。 现在 10 个月过去了，腾讯的英雄射击手游《无畏契约：源能行动》（下简称瓦手游）姗姗来迟。很难不让人关注一下，它究竟是会延续端游的火热，还 是跟《天启行动》一样暴毙。 游戏的玩法就是对端游的复刻，角色、枪械、地图等各种各样的设计，都是从《无畏契约》那边搬过来的。 在比较基础的操作上，瓦手游和其他 FPS 手游没啥区别，都是左边控制移动，右边大拇指能者多劳，控制开火、换弹、跳跃、下蹲、释放技能、信息交 流等杂七杂八的东西。 不过在一些比较进阶的操作上，为了适配移动端，游戏做了挺多优化。 其他 FPS 在移动瞄准射击这块一 ...

Summary of Conference Call Records Company and Industry Overview - The conference call primarily discusses Tencent and the gaming industry, focusing on mobile games and their performance metrics over recent months [1][2][3]. Key Points and Arguments Tencent's Gaming Strategy - Tencent has shifted towards platform-based and long-term gaming strategies, which have led to increased confidence in the gaming sector despite its cyclical nature [1]. - The company has successfully maintained high revenue streams from long-standing games like "Honor of Kings" and "Dungeon & Fighter" (DNF) [1][2]. Performance Metrics - "Honor of Kings" reported a monthly revenue of 4.54 billion in April and 5.57 billion in May, showing year-on-year growth of 2.7% and 7.2%, respectively [2]. - The game continues to thrive through IP collaborations and AI-driven content production, leading to sustained revenue growth [2][3]. - DNF mobile's revenue was 780 million in April and 980 million in May, but it has seen a significant decline compared to last year's figures [6]. User Engagement and Revenue Growth - The gaming sector has experienced a dual growth in user base and revenue, with "Honor of Kings" expected to maintain a revenue growth rate of around 5% year-on-year [3]. - The introduction of new skins and gameplay innovations has contributed to revenue increases, although some new skins faced backlash due to potential controversies [4][5]. Competitive Landscape - The gaming market remains competitive, with "Peacekeeper Elite" also showing growth due to new content and gameplay updates [5][6]. - Despite challenges, "Peacekeeper Elite" retains a strong user base, particularly among younger and female players [6]. New Game Releases and Market Trends - New game releases have not met expectations, with several titles underperforming in terms of revenue [10][11]. - The overall gaming market is described as being in a "small year," with few large-scale products achieving expected performance [13]. Future Outlook - The company anticipates a challenging second quarter, with revenue growth expected to slow down to around 12% [22]. - Upcoming titles like "Final Fantasy XIV" and "Noah's Ark" are expected to contribute positively to revenue, but the overall market remains cautious [23][36]. AI and Content Production - AI technology is increasingly being utilized to enhance content production efficiency, allowing for more frequent updates and new skins [16][39]. - The integration of AI has led to a significant increase in the volume of content produced, which is expected to drive revenue growth by converting free users into paying customers [39][40]. Long-term Game Potential - Tencent is focusing on long-term games with strong IPs, which are expected to sustain revenue over time [40]. - The company is exploring new gameplay mechanics and IP collaborations to maintain user engagement and revenue growth [38][39]. Additional Important Insights - The gaming industry is experiencing a cyclical downturn, affecting new game launches and overall revenue expectations [13]. - Tencent's strategy emphasizes the importance of existing games and their continuous operation rather than relying solely on new game releases [14][15]. - The company is also exploring localized content and new monetization strategies to enhance user engagement and revenue streams [21][39].

Summary of Key Points from the Conference Call Industry Overview - The gaming sector in China experienced a strong recovery, with April 2025 domestic gaming market revenue increasing by 22% year-on-year to 27.35 billion yuan, driven primarily by mobile games which grew by 28.4% [1][5] - The overseas mobile gaming revenue from China also saw a growth of 9.6% year-on-year, reaching 1.554 billion USD, indicating the increasing competitiveness of Chinese games in the global market [1][5] Core Insights and Arguments - The gaming sector has been performing well since Q3 2024, with a continued positive outlook into 2025, supported by product cycles, favorable policies, and the emergence of AI-native games [2] - Major gaming companies like Tencent, NetEase, and miHoYo are expected to launch significant new products in Q4 2025, which will drive market growth [1][7] - The A-share gaming market is anticipated to maintain high growth rates in Q3 and Q4 2025, with several new games in testing phases [7] Company-Specific Highlights - **Perfect World**: The new game "异火" is expected to generate over 5 billion yuan in its first year, and the company has undergone management changes to improve operational efficiency [3][19] - **Giant Network**: The game "超自然行动组" has exceeded expectations in economic performance, with a projected 15% year-on-year increase in net profit for 2025 [11][30] - **ST Huatuo**: The company’s product "Wild Chaos Survival" has maintained its position as a top overseas mobile game, with monthly revenue exceeding 200 million USD [1][12] Emerging Trends and Innovations - The gaming industry is leveraging innovative business models and technologies, such as AI and IP integration, to enhance user engagement and revenue [4][28] - The introduction of AI gameplay in games like "太空杀" has shown significant user acceptance, with a 30% penetration rate among daily active users [28] Future Product Pipeline - Notable upcoming games include Tencent's "DNF Mobile" and miHoYo's "绝区 0", which are expected to further propel industry growth [6] - Companies like 凯英网络 and 吉比特 have a robust pipeline of new games, with several already showing promising early performance [8][10] Financial Performance Expectations - ST Huatuo is projected to achieve revenues of 5 to 5.5 billion yuan in 2025, with a strong performance from its core products [17] - Perfect World is expected to see a profit of 2.6 billion yuan in 2025, supported by multiple new game launches [22] Investment Recommendations - The report recommends investing in ST Huatuo, Perfect World, 凯英网络, 吉比特, and Giant Network, citing their strong product pipelines and favorable market conditions [31]

以下文章来源于定焦One ，作者定焦One团队 定焦One . 深度影响创新。 将投中网设为"星标⭐"，第一时间收获最新推送 各家的财报，也印证着这一趋势。 作者丨 刘毓航 编辑丨 魏佳 来源丨 定焦One 游戏厂商的"新品焦虑症"得到缓解。 就 在 厂商 们 苦于 二次元类游戏（以下简称"二游"） 吸引不动年轻人，就连品类头部《原神》和《崩铁》等都不可避免地迎来数据下滑之际 ，"叔系 手游"正在成为游戏行业的隐形金主。 这里的"叔系"，包含两重含义： 其一，指产品层面运营时间相对较长。像腾讯的《王者荣耀》《和平精英》，网易的《梦幻西游》都上线超过8年，且一直贡献着稳定的流水。 Sensor Tower发布的《2025移动游戏市场报告》显示，2024年，在大多数游戏类型中，老牌游戏的消费者支出占比超过80%。 其二，指玩家群体相对更成熟。这种成熟并不是完全指年龄更长，而是去圈层化且社交方式上相对更成熟。 当行业哀叹"年轻人玩不动了"，这些"叔系手游"的闷声发财，或许正是游戏行业逐渐醒悟的信号：不再一窝蜂模仿爆款，而是以长线运营为王。 "叔系手游" ，高歌猛进 这一轮在用户数量及流水方面创下好成绩的手游，可以被 ...