(၇) Sensor Tower 报告 东好亚: 2025年移动游戏 市场洞察报告 Sensor Tower 把握全球数字经济脉搏 Sensor Tower 是全球领先的移动应用、数字广告、零售媒体 和受众洞察数据提供商，服务于全球顶级品牌和应用发行商。 Sensor Tower致力于把脉全球数字经济，通过顶尖平台，提供 关于移动应用及数字生态的深刻见解，赋能企业紧跟市场动态 并做出明智的战略决策。 自2013年成立以来，Sensor Tower的移动应用洞察助力营销专 家、应用开发者及游戏制作者透过使用情况、参与度及付费获 取策略，洞悉移动应用生态的奥秘。时至今日，我们的数字市 场洞察平台已涵盖受众、零售媒体及Pathmatics数字广告洞 察，让品牌与广告公司能够全方位掌握其在网络、社交及移动 平台上的竞品广告策略与目标受众。 商务合作:sales@sensortowe (p) Sensor Tower - All Rights Reserved Sensor Tower | 我们的客户 全球数字领域领导者的信赖之选 Sensor Tower App Performance Insights 应用表现洞察 ...

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《科创板日报》22日讯，截至发稿，国产3A游戏《明末：渊虚之羽》已登上Steam全球热销榜第二（剔除免费游戏与Steam Deck），按收入排名仅次于独立 游戏《PEAK》。 | 热销商品 | 当前热销游戏前 100，按收入排名 | | 全球 | | | --- | --- | --- | --- | --- | | 排名 | | | 价格(1) | 变更(3) | | ਜ | | Counter-Strike 2 | 免费开玩 | | | 2 | | Steam Deck | | | | 3 | WARFR/ | Warframe | 免费开玩 | A 19 | | 4 | | PUBG: BATTLEGROUNDS | 免费开玩 | ▲ 1 | | 5 | | PEAK | HK$ 48.00 | ▼ 2 | | 6 | DESTINY V2 | 命运2 | 免费开玩 | A 20 | | 7 | | 明末:渊虚之羽 | 预购 HK$ 298.00 | A 88 | | 8 | | 漫威争锋 | 免费开玩 | ▲ 23 | 国产3A游戏《明末：渊虚之羽》登上Steam全球热销榜 ...

今天分享的是：2025年H1全球移动广告市场营销策略白皮书 报告共计：59页 《2025年H1全球移动广告市场营销策略白皮书》围绕海外手游与应用的市场及营销展开分析，涵盖现状、趋势、策略及案例等 多方面内容。 在海外手游领域，白皮书呈现了市场现状与发展趋势，涉及广告投放趋势、主要流向、素材特征等内容，并列出2025上半年海 外手游推广榜。同时，针对角色扮演、策略、休闲等重点类别赛道，从广告趋势、推广榜及创意洞察三个维度进行竞争洞察， 为相关从业者提供赛道参考。 移动广告策略方面，提及分析体系新升级，AppGrowing能助力出海企业提升营销竞争力，还探讨了游戏出海广告营销趋势新变 化及提升移动广告策略分析能力的相关内容。此外，通过点点互动、Kingshot、柠檬微趣等海外手游厂商及产品的营销案例，拆 解其产品发行布局、广告投放及创意策略等。 海外应用市场同样是重点，涵盖市场现状与发展趋势，包括广告投放趋势、主要流向、素材特征及2025上半年海外应用推广榜 等。在重点类别赛道竞争洞察上，聚焦AI应用、小说应用、短剧应用，分析各自广告市场投放趋势、推广榜及创意洞察等，如 海外AI应用涉及主要细分类型产品投放榜和网 ...

Investment Rating - The report maintains an "Outperform" rating for the media industry [5][41]. Core Viewpoints - The media sector has shown a positive performance with a 3.22% increase, outperforming both the CSI 300 (0.82%) and the ChiNext Index (2.36%) during the week of July 7-13 [12][41]. - The report emphasizes the upward trend in the performance cycle, particularly in AI applications and IP-driven products, suggesting a focus on gaming, advertising media, and film sectors [4][41]. Summary by Sections Industry Performance - The media industry rose by 3.22% during the week, ranking 6th among all sectors [12][14]. - Notable gainers included Huamei Holdings (47%), Fengshang Culture (22%), and Shining Network (15%) [13][12]. - Decliners included ST Zitian (-51%) and Jibite (-5%) [12][13]. Key Developments - OpenAI announced the upcoming release of GPT-5, which will integrate multiple models into a unified version [2][16]. - The launch of Grok 4 by xAI, with API pricing set at $3 for input and $15 for output per million tokens, was highlighted [2][17]. - The Kimi K2 model was released by Moonlight Dark Company, showcasing top performance in various benchmark tests [2][18]. Box Office and Content Performance - The total box office for the week was 575 million yuan, with "Jurassic World: Rebirth" leading at 145 million yuan [19][21]. - Popular TV shows included "Running Man Season 13" and "Singer 2025" [26][25]. - The gaming sector saw "Whiteout Survival" leading mobile game revenues in May 2025 [30][29]. Investment Recommendations - The report suggests focusing on gaming, advertising media, and film sectors, with specific stock recommendations including Kaiying Network and Mango Super Media [4][41]. - It highlights the potential in AI applications and IP-driven products, recommending companies like Pop Mart and Yaoji Technology [4][41].

Core Insights - The mobile gaming industry is experiencing significant shifts in revenue rankings, with "Honor of Kings" maintaining its top position, generating $1.05 billion in the first half of the year [1]. Group 1: Revenue Rankings - "Honor of Kings" remains the highest-grossing game with $1.05 billion in revenue [1]. - "Last War: Survival Funfly" and "Whiteout Survival" have risen to second and third place, respectively, with revenues of $895 million and $834 million, marking a substantial increase from their previous rankings [2]. - "Royal Match" and "PUBG Mobile" follow, with revenues of $813 million and $734 million, respectively, showing notable year-on-year growth [2]. Group 2: Year-on-Year Growth - "Last War" saw its revenue surge from $438 million in the previous year to $895 million, while "Whiteout Survival" experienced a similar increase from $369 million to $834 million [2]. - "Royal Match" and "PUBG Mobile" also reported significant growth, with "Royal Match" increasing by approximately $200 million to $813 million and "PUBG Mobile" growing by about $120 million to $734 million [2]. Group 3: Other Notable Performances - "Monopoly Go" experienced a slight decline in revenue from over $700 million to approximately $683 million [3]. - "Candy Crush Saga" grew by about $90 million to $619 million, despite layoffs at its parent company, King [3]. - "Pokémon TCG Pocket" debuted strongly with $488 million in revenue but showed signs of declining popularity, dropping from nearly $100 million monthly to about $55 million by June [3]. Group 4: Stability and Declines - "Coin Master" demonstrated stability with a revenue of $385 million, reflecting a modest increase of $15 million [4]. - "Roblox" faced a significant decline in revenue from $563 million to $361 million, attributed to missing iOS income [5]. - Among the top 20 games, "Pokémon Go" grew by nearly $30 million to $287 million, while "崩坏：星穹铁道" saw a decline of $110 million to $269 million [6]. Group 5: Emerging Trends - Older games like "Monster Strike" and "Clash of Clans" are experiencing a slow decline, while "Clash Royale" is regaining momentum [8]. - Newer titles such as "鸣潮" and "Travel Town" are gaining traction, with revenues of $133 million and $127 million, respectively [8].

Investment Rating - The report maintains an "Outperform" rating for the media and internet sector [4][39]. Core Views - The report expresses a positive outlook on the gaming sector and AI applications, particularly in the context of the summer box office and the rapid iteration of AI models and applications [2][3][37]. - The media sector has shown a 2.39% increase, outperforming both the CSI 300 (1.54%) and the ChiNext Index (1.50%) during the week of June 30 to July 6, 2025 [1][11]. Summary by Sections Industry Performance - The media sector's performance for the week was a 2.39% increase, ranking 6th among all sectors [1][11][12]. - Notable gainers included companies like Gigabit Network and Giant Network, while companies like Ciweng Media and Bona Film Group experienced declines [1][11]. Key Developments - Apple has adjusted its EU App Store rules to comply with the Digital Markets Act, providing developers with more operational flexibility [2][15]. - WeChat Pay launched the MCP feature, allowing AI to directly process payments during user interactions, paving the way for AI commercialization [2][16]. - MiniMax released the world's first open-source large-scale hybrid architecture inference model, ranking second in global evaluations [2][16]. - Google introduced the Gemini for Education AI tool suite, which is free for schools using the platform [2][17]. Investment Recommendations - The report suggests a focus on sectors such as gaming, advertising media, and film, with specific stock recommendations including Kaiying Network, Giant Network, and Yaoji Technology [3][37]. - The report highlights the potential for growth in high-demand IP toys and AI applications, recommending companies like Pop Mart and Zhejiang Cultural [3][37]. Company Earnings Forecasts - Key companies such as Kaiying Network, Fenzhong Media, and Mango Super Media are rated as "Outperform" with projected earnings per share (EPS) growth for 2025 and 2026 [4][39].

Core Insights - The Chinese gaming industry is experiencing a resurgence in overseas revenue, with a reported actual sales income of $1.577 billion in May 2023, marking a year-on-year growth of 6.93% [1] - Following two years of decline, the overseas revenue from self-developed Chinese games is expected to continue its growth trajectory into 2025, indicating a robust trend in the gaming "going global" strategy [1] Group 1: Industry Trends - The gaming "going global" strategy is accelerating, with related industries rapidly positioning themselves to capitalize on this trend [1] - The overseas gaming services revenue for Huya has seen exponential growth in Q1 2025, suggesting it could become a significant growth engine for the company [1] Group 2: Huya's Strategy - Huya is focusing on meeting core user needs as a key to commercial monetization, leveraging its capabilities in game live streaming, international mobile application services, and comprehensive user service offerings [2] - The company plans to enhance user community operations, KOL content marketing, channel distribution, and in-game item sales as part of its overseas game publishing services [2] Group 3: Operational Capabilities - Huya's overseas publishing capabilities differ from traditional third-party resource reliance, as it utilizes a self-operated model to cover all aspects of content ecology, user ecology, marketing, distribution, and monetization [3] - The company has built a substantial overseas product matrix with over 10 million loyal users and more than 10,000 signed streamers, indicating a strong market presence [3] - Huya's collaboration with games like PUBG Mobile has demonstrated significant promotional efficiency, enhancing user acquisition through tailored paid activities and user engagement strategies [3]

Development History and Market Size - The development of domestic games going overseas has gone through four key stages: pre-2012 trial in Southeast Asia with PC games; 2012-2018 explosion of SLG mobile games; post-2018 entry into a full-category era; and 2024 marked by the release of a landmark AAA title, "Black Myth: Wukong," leading a new phase of cultural export [1][6][21] - By 2024, China's self-developed games' overseas revenue reached $18.557 billion, accounting for approximately 11% of the global market share, demonstrating strong growth momentum [1][5][21] Regional Market Structure - The global market shows a "core stable volume, emerging incremental" pattern, with the US, Japan, and South Korea contributing 57.27% of revenue, but with divergent growth rates (South Korea growing rapidly, the US stagnating) [1][6] - Europe has become the "fourth pole" market with a scale of €24.5 billion, while Southeast Asia, the Middle East, and Latin America represent significant emerging incremental markets [1][6][21] Hardware Ecosystem and Cultural Preferences - The share of mobile games in China (73.13%) is significantly higher than the global average (52.25%), leading to a focus on mobile games for overseas expansion, with potential opportunities in console games in the future [2][7] - Game type preferences are heavily influenced by regional cultures: the US leads in gambling games (28.9% revenue), Europe prefers SLG (33.7%), and Japan dominates in RPGs (52% share) [2][7] Industry Chain Collaboration and Corporate Strategies - The overseas industry chain has formed a three-layer system of "R&D-localization-channels," with companies possessing full-chain capabilities adopting a "R&D-operation integration" model, retaining over 70% of revenue [3][6] - Leading companies like Tencent and NetEase diversify their product lines to mitigate risks, while others like Lilith focus on vertical tracks, with single products contributing over 80% of revenue [3][6] Business Models and Emerging Opportunities - Product positioning determines the profit model, with high-cost projects relying on direct user payments, while lighter games bind deeply with traffic platforms for ad monetization [3][6] - To break growth bottlenecks, companies need to focus on emerging markets (Southeast Asia's user base, Middle East's payment power, and Latin America's casual gaming demand) and localize deeply [3][6] Market Trends and Future Outlook - The game export process is now seen as a key pillar of digital trade globalization, with significant financial service opportunities arising from the robust demand in mature markets like the US, Japan, and South Korea, as well as emerging markets [5][6] - Future trends include the export of high-quality "flagship products," capital outflows through mergers and acquisitions, and the export of a complete soft and hardware ecosystem [5][6][27]

Investment Rating - The report maintains an "Outperform" rating for the media and internet sector [5][4][40]. Core Insights - The media sector has shown a positive performance with a 3.21% increase, outperforming the CSI 300 index but underperforming the ChiNext index [12][4]. - The issuance of gaming licenses reached a new high in June, with 147 domestic and 11 imported licenses granted [16][2]. - Key developments include ByteDance's launch of the ProtoReasoning framework to enhance reasoning capabilities in large language models, and Xiaomi's introduction of AI glasses priced from 1999 yuan [2][18]. Summary by Sections Market Performance - The media sector increased by 3.21% from June 23 to June 27, outperforming the CSI 300 index (1.95%) but underperforming the ChiNext index (5.69%) [12][4]. - Notable gainers included Huayi Brothers and Iceberg Network, while significant losers included Lianjian Optoelectronics and Perfect World [12][4]. Key Developments - The number of gaming licenses issued in June reached a record high, with 147 domestic and 11 imported licenses [16][2]. - ByteDance and Shanghai Jiao Tong University launched the ProtoReasoning framework to improve cross-domain reasoning in AI [2][17]. - Xiaomi announced its AI glasses, featuring first-person shooting and voice assistant capabilities, weighing only 40g and starting at 1999 yuan [2][18]. - OpenAI's upcoming developer conference is scheduled for October 6, 2025, in San Francisco, expected to attract over 1500 developers [18]. Investment Recommendations - The report suggests a positive short-term performance outlook, with a focus on AI applications and IP trends in the medium to long term [4][40]. - It highlights potential investment opportunities in gaming, advertising media, and film sectors, recommending specific companies such as Kaiying Network and Mango Super Media [4][41]. - The report emphasizes the importance of capitalizing on the improving fundamentals in the media sector, particularly in advertising and content production [4][41].