Core Insights - The article highlights the performance of Chinese mobile games in overseas markets, with Sensor Tower reporting revenue and download rankings for June 2025, showcasing strong growth and competition among various titles [1][2]. Revenue Rankings - The top revenue-generating mobile game is "Whiteout Survival" by DianDian Interactive, with global cumulative revenue surpassing $2.8 billion [1]. - "Gossip Harbor: Merge & Story" by Lemon Microfun ranks second, with a month-over-month revenue increase of 11% [4]. - "Kingshot," a new 4X strategy game, has shown remarkable growth, with a 56% revenue increase in June, entering the top three in just four months since its launch [2][3]. Notable Performances - "Genshin Impact" by miHoYo achieved a 55% increase in overseas revenue, ranking sixth in the revenue chart [4]. - "Zero Zone" celebrated its first anniversary with a significant revenue surge of nearly 200%, moving up 13 positions to rank tenth [4]. - "Ningchao" by Kuro Games saw a 48% increase in overseas revenue, marking its second-highest level since launch and returning to the top ten at ninth place [5]. Growth Rankings - "Wittle Defender" by Haipi Games debuted at eighth in the growth rankings, combining tower defense, Roguelike, and card strategy elements [6]. - "Crystal of Atla" launched internationally, quickly climbing to the top of download charts in multiple regions, ranking ninth in growth and thirty-second in revenue [9]. - "Persona 5: The Phantom Night" also made a strong debut, topping download charts in Japan and the US, ranking tenth in growth [9]. Download Rankings - "Block Blast!" by Hungry Studio continues to lead the download rankings with nearly 530 million total downloads [10]. - "Moto Race Go" by XGAME STUDIO saw a 120% increase in downloads, moving up to second place [13]. - "Mini Games: Calm & Relax" experienced a 40% increase in downloads, rising to third place [13].

Investment Rating - The investment rating for Century Huatong is "Buy" with a target price of Rmb10.0 based on an 18x 2025E PE, reflecting a 15% premium to the current A-share gaming average of 16x [16] - XD is rated "Hold" with a target price of HK$44, based on a 19x 26E EPS, set at a 20% premium to China's online gaming peers [18] Core Insights - The China Online Gaming Industry is expected to see increased topline visibility and quality earnings growth due to more game companies preparing to launch key titles in 2Q/3Q25, which may lead to re-rating opportunities [1] - Century Huatong is highlighted as a preferred investment choice due to its successful operations of Whiteout Survival and significant revenue size among A-share gaming peers [16] - XD is considered an attractive beta play in a risk-on environment, leveraging its self-development capabilities and unique gaming community platform [1][18] Company-Specific Summaries Century Huatong - Century Huatong's overseas grossing from Kingshot doubled month-over-month in May, generating over US$75 million, indicating strong growth potential [2] - The company is expected to benefit from the performance of its titles, particularly Kingshot and Whiteout Survival, which are projected to contribute to greater topline upside in 2025E [2] 37 Interactive - 37 Interactive is set to launch Soul Land MMO on July 11, with pre-registration exceeding 8 million, indicating strong initial interest [3] Kingnet - Kingnet plans to launch Nobunaga's Ambition overseas on June 18, developed in collaboration with Tanda Games and Koei Tecmo [4] Perfect World - Perfect World is initiating the second beta for Neverness to Everness, with recruitment ongoing until June 17, suggesting potential for further game optimization and upgrades [5] XD - XD launched Etheria: Restart on June 5, achieving over 1 million downloads within two days and ranking in the top 3 for iOS downloads in several countries [6] - The title is expected to generate significant revenue, with estimates suggesting first-month grossing could reach Rmb100 million, with 50% from the US market [6] G-Bits - G-Bits launched Scepter & Sword on May 29, achieving a strong initial ranking in iOS downloads, although its long-term performance remains uncertain due to aging core game titles [8]