每经记者｜张梓桐 每经编辑｜张益铭 10月11日，Sensor Tower商店情报平台发布的最新数据显示，中国手游出海市场在短短一个月内上演了激烈的排名洗牌。 《每日经济新闻》记者注意到，在9月中国手游发行商收入TOP30中，超过半数厂商出现排名波动，既有头部阵营的微妙角力，也有中坚力量的排位互换， 更有新贵势力的强势跃升。 具体来看，头部阵营中，腾讯稳坐榜首，但9月增长动能减弱，点点互动凭借《Whiteout Survival》《Kingshot》双爆款巩固第二，前者累计收入35亿美元， 后者单月破1亿美元，网易则凭借新品稳居第三。中坚层中，米哈游借《原神》五周年庆收入增长33%跃升至第五，Florere Game稳步进阶。新贵中，沐瞳科 技靠《ACECRAFT》飙升7位至11名。 | | F游及发行商 | | | | --- | --- | --- | --- | | 1 | Whiteout Survival | 16 | 08 20 | | | 点点互动 | | 库洛游戏 | | 2 | Kingshot | 17 | Destiny: Rising | | | 点点互动 | | 网易 | | 3 | ...

Core Insights - The article discusses the release of the "2025 August China Game Overseas Evergreen List" and the "2025 August China Game Overseas Potential Evergreen List," which categorize Chinese mobile games based on their overseas revenue performance [1][5]. Group 1: Evergreen List - A total of 25 games made it to the "Evergreen List," maintaining the same number as the previous month, with notable titles including "Gossip Harbor," "PUBG MOBILE," and "Age of Origins" [1][5]. - The cumulative estimated overseas revenue for these 25 games in August reached approximately $313 million, equivalent to about 2.23 billion yuan, with 9 games exceeding 100 million yuan in revenue [5]. - "Gossip Harbor" continued to hold the top position with an estimated revenue of $46.65 million (approximately 333 million yuan) in August [5]. Group 2: Potential Evergreen List - The "Potential Evergreen List" saw an increase to 15 games, up by 2 from the previous month, indicating a growing number of games showing potential for long-term success [1][9]. - Century Games had the most entries with 3 games, while Tencent and miHoYo each had 2 games listed [9]. - "Whiteout Survival" from Century Games led the potential list with an estimated revenue of $107.21 million (approximately 765 million yuan) in August [9][11]. Group 3: Game Performance and Updates - "PUBG MOBILE" introduced new gameplay features and updates in August, contributing to its strong revenue performance [6]. - "Age of Origins" also saw significant updates, enhancing its gameplay and user engagement [6]. - Other notable games like "Puzzles & Survival," "Genshin Impact," and "Mobile Legends: Bang Bang" reported revenues exceeding $15 million in August, showcasing their continued popularity [7][8]. Group 4: Industry Trends and Strategies - The article highlights the importance of user retention and cultural integration for the long-term success of Chinese games in overseas markets [12]. - Strategies include localized content development, community building, and leveraging AI for improved user experience [12].

Core Viewpoint - The article highlights that while leading companies in the mini-game sector continue to generate significant revenue, the opportunities for smaller developers to benefit from overseas expansion are diminishing [2][17]. Group 1: Company Performance - Century Huatong reported a revenue of 17.2 billion yuan for the first half of 2025, representing a year-on-year growth of 85.5%, with a net profit of 2.656 billion yuan, up 129.33% [3][20]. - The overseas gaming business contributed over 50% of the revenue, with "Whiteout Survival" leading the Chinese mobile game revenue rankings [3][10]. Group 2: Market Dynamics - The mini-game market is experiencing increased competition, with many developers attempting to replicate the success of "Whiteout Survival" and "Kingshot" [19][21]. - The rising costs of user acquisition are squeezing the survival space for many smaller game developers, as larger companies can afford higher advertising expenses [21][22]. Group 3: Challenges in Overseas Expansion - The article discusses the challenges faced by developers when attempting to launch mini-games overseas, including cultural and language barriers, as well as inadequate payment systems [9][19]. - The phenomenon of "skin-swapping" games, where existing popular games are rebranded for overseas markets, is becoming more common, complicating the path for original games to succeed [23]. Group 4: User Behavior and Game Design - Users are increasingly seeking lightweight games that can fit into fragmented time slots, which has driven the popularity of mini-games both domestically and internationally [18]. - "Whiteout Survival" employs a strategy of "bait and switch" in its advertising, attracting users with misleading content but managing to retain them through engaging gameplay [12][16].

Core Insights - Recent financial reports from various companies indicate that overseas business has become a key driver of growth across multiple industries, with many firms experiencing significant revenue increases from international operations [2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20]. Group 1: Company Performance - Pop Mart reported its best-ever performance with revenue expected to exceed 30 billion RMB for the year, driven by a 204.4% increase in H1 revenue to 13.8763 billion RMB [2][13]. - Tencent's Q2 revenue grew by 15% to 184.5 billion RMB, with international game revenue increasing by 35% [3]. - JD's Q2 net revenue reached 356.7 billion RMB, a 22.4% year-on-year increase, although net profit decreased to 6.2 billion RMB [4]. - Kuaishou's Q2 revenue grew by 13.1% to 35 billion RMB, with overseas revenue increasing by 20.5% [9]. - Baidu's total revenue for Q2 was 32.7 billion RMB, with core revenue of 26.3 billion RMB, marking a 35% increase [10]. Group 2: International Expansion - JD Logistics expanded its overseas warehouse network, operating over 130 warehouses across 23 countries, enhancing its global supply chain capabilities [5]. - Luckin Coffee opened 2 new stores in New York as part of its international strategy, with total revenue for Q2 reaching 12.359 billion RMB, a 47.1% increase [11]. - Xiaomi's revenue for Q2 was 116 billion RMB, with 31.6% coming from international markets, primarily Europe and India [12]. - Miniso's overseas revenue grew by 29.4% to 3.534 billion RMB, with a total of 3,307 stores globally [14][15]. - Mx Ice City has established over 53,000 stores globally, with 4,733 located overseas, achieving a 39.3% revenue growth [16]. Group 3: Industry Trends - The trend of companies diversifying their revenue streams through international markets is evident, with many firms reporting double-digit growth in overseas sales [2][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20]. - The solar energy sector, despite facing challenges, has seen some leaders like CATL report a 34.22% increase in overseas revenue [17]. - The automotive industry, represented by Geely, reported a 27% increase in total revenue, with a focus on expanding its global market presence [19][20].

Core Insights - Tencent's Q2 revenue reached 184.5 billion yuan, a year-on-year increase of 15% and a quarter-on-quarter increase of 2%, with operating profit at 60.1 billion yuan, up 18% year-on-year, and Non-IFRS net profit at 63.1 billion yuan, up 10% year-on-year, exceeding market expectations [1] Group 1: Gaming Performance - "Delta Action" and evergreen games showed strong performance, with "Delta Action" achieving an average DAU of over 20 million in July, up from a peak of 12 million in April, ranking among the top 5 in DAU and top 3 in revenue [1] - Domestic game revenue increased by 17% year-on-year to 40.4 billion yuan, driven by long-term game revenue growth and new game contributions [1] - Overseas game revenue reached 18.8 billion yuan, a year-on-year increase of 35%, marking a record high for four consecutive quarters, with a growth rate not seen in nearly nine quarters [1] Group 2: Deferred Revenue and Memberships - As of June 30, Tencent's deferred revenue was 120.9 billion yuan, a year-on-year increase of 13%, supporting future game growth [2] - Tencent Video's paid membership decreased by 3% year-on-year to 114 million, while Tencent Music's paid membership increased by 6% to 124 million [2] Group 3: Advertising and AI Impact - Tencent increased the application of AI in advertising, enhancing click-through rates and conversion rates, leading to a 20% year-on-year increase in marketing services revenue to 35.8 billion yuan [2] - The demand for advertising services on platforms like WeChat and video accounts has strengthened due to AI-driven improvements [2] Group 4: Financial Technology and Enterprise Services - Commercial payment amounts recovered year-on-year growth in Q2, contributing to higher revenue in financial technology services [3] - Enterprise service revenue grew by 10% year-on-year to 55.5 billion yuan, driven by increased demand for AI-related services [3] Group 5: Profitability and Margins - Tencent's Q2 gross margin reached 56.9%, an increase of 3.6 percentage points year-on-year, with improvements across various segments including value-added services and marketing services [4] - Non-IFRS net profit for Q2 was 63.1 billion yuan, influenced by increased sales and administrative expenses due to AI-related business development [4] - Capital expenditures in Q2 increased by 118.89% year-on-year to 19.1 billion yuan, accounting for approximately 10.4% of revenue [4]

Core Insights - The company reported a total revenue increase of 15% year-on-year to 184.5 billion RMB in Q2 2025, exceeding market expectations by 4% and 3% respectively [1] - Gross profit increased by 22% year-on-year, with a gross margin improvement of approximately 3.6 percentage points to 57%, driven by high-margin businesses such as domestic games, video accounts, and cost optimization in payment and cloud services [1] - Adjusted earnings per share rose by 13% year-on-year to 6.79 RMB, surpassing market expectations by 5% and 3% [1] Revenue Breakdown - Domestic game revenue grew by 17% year-on-year, benefiting from the new game "Delta Operation" and revenue growth from several evergreen games [1] - Overseas game revenue surged by 35%, significantly exceeding expectations, with strong performances from "PUBG MOBILE" and Supercell games, along with contributions from the new game "Dune: Awakening" [1] - Social revenue increased by 6% year-on-year, driven by mobile game item sales, video account live service revenue, and music subscription growth [1] - Marketing revenue maintained a 20% year-on-year growth rate, supported by enhanced advertising effectiveness from upgraded base models, leading to strong demand for video account, search, and mini-program advertisements [1] - Financial technology revenue saw single-digit growth, with a recovery in commercial payment transaction volume; enterprise service revenue accelerated due to increased demand for AI-related services [1] Future Outlook and Valuation - The company's strong Q2 performance boosts market confidence in sustained business growth, with projected overall revenue growth of 11% for Q3, compared to the previous market expectation of 10% [2] - Revenue growth rates for social, gaming, financial services, and marketing are expected to be 7%, 13%, 7%, and 18% respectively, driven by evergreen games, new game releases, financial services, and increased demand for cloud and API services [2] - Despite ongoing investments in AI, the company aims to balance cost control and profitability, with profit growth expected to continue outpacing revenue growth [2] - Revenue and profit forecasts for 2025-2027 have been raised by 2%-3% and 2%-10% respectively [2] - The valuation has been adjusted to a 20x price-to-earnings ratio for 2026, with a target price increase to 700 HKD, maintaining a buy rating [2]

Core Viewpoint - Tencent's performance in the first half of 2025 demonstrates strong growth driven by AI technology and applications, with significant increases in revenue and profit metrics [2][4]. Financial Performance - In the first half of 2025, Tencent achieved revenue of 364.53 billion RMB, a year-on-year increase of 14% [4]. - Non-IFRS operating profit reached 138.57 billion RMB, up 18% year-on-year [4]. - Non-IFRS net profit was 124.38 billion RMB, reflecting a 16% increase compared to the previous year [4]. - In Q2 2025, Tencent's capital expenditure surged by 119%, while gross profit grew by 22% year-on-year [6]. AI Strategy and Implementation - Tencent continues to integrate AI deeply into its core businesses, including gaming, advertising, and social ecosystems, leading to significant growth in value-added services, marketing services, and financial technology [6][11]. - The company reported a 16% increase in value-added services revenue to 91.37 billion RMB, with gaming revenue growing by 22% [6]. - Marketing services revenue reached 35.76 billion RMB in Q2, with a year-on-year growth rate of 20% [6]. - Financial technology and enterprise services revenue improved by 10% to 55.54 billion RMB, driven by increased demand for AI-related services [6]. R&D and Capital Expenditure - Tencent's R&D investment rose by 17% to 20.25 billion RMB in Q2 2025, while capital expenditure reached 19.11 billion RMB [7]. - Cumulatively, Tencent's capital expenditure since accelerating its AI strategy in Q4 2024 has reached 83.16 billion RMB, with free cash flow remaining robust at 43 billion RMB [7]. AI Technology Advancements - Tencent has made significant advancements in AI technology, including the development of proprietary models and tools that enhance user experience across various platforms [9][10]. - The company has launched over 3,000 multimodal generative models and achieved over 2.3 million downloads for its mixed Yuan 3D model series [10]. International Market Expansion - Tencent's international gaming revenue grew by 35% to 18.8 billion RMB in Q2 2025, driven by successful titles like PUBG MOBILE [13]. - The company is expanding its cloud services internationally, having served over 10,000 overseas clients across more than 80 countries [13]. - Tencent plans to invest 150 million USD in building a data center in Saudi Arabia and establishing a regional office in Osaka, Japan [13].

Core Viewpoint - Tencent's Q2 revenue increased by 15% year-on-year to 184.5 billion RMB, exceeding market expectations, with a net profit growth of 17% [1][3][5] Revenue and Profit - Q2 revenue reached 184.5 billion RMB, a 15% increase year-on-year and a 2% increase quarter-on-quarter [5][6] - Net profit attributable to shareholders was 55.6 billion RMB, reflecting a 17% year-on-year increase and a 16% quarter-on-quarter increase [5][6] - Gross margin improved from 53% in the same period last year to 57% [5][11] Game Business Performance - The gaming business showed strong recovery, with revenue from value-added services growing by 16% to 91.4 billion RMB, driven by a 17% increase in domestic market revenue and a 35% increase in international market revenue [7][10] - New game "Delta Action" became a hit, contributing significantly to user engagement, while established titles like "Honor of Kings" and "PUBG MOBILE" maintained steady growth [10] Marketing Services Growth - Marketing services revenue grew by 20% year-on-year to 35.8 billion RMB, driven by AI enhancements in the advertising platform that improved click-through and conversion rates [8][12] - The strong performance of high-margin products like video accounts and WeChat search contributed to the overall gross margin increase [11][12] Financial Technology and Enterprise Services - Financial technology and enterprise services revenue increased by 10% year-on-year to 55.5 billion RMB, with enterprise services benefiting from rising demand for AI-related services [9][13] - The integration of AI functionalities in WeChat is enhancing user engagement and commercial efficiency, despite a decline in QQ's active user base [13] Investment and Capital Expenditure - R&D expenditure reached 20.25 billion RMB, a 17% year-on-year increase, while capital expenditure surged to 19.1 billion RMB, reflecting a 119% increase compared to the previous year [4][11]

Core Insights - The Chinese gaming market experienced a year-on-year revenue growth of 14.08% in the first half of 2025, despite a quarter-on-quarter decline of 5.89% [1][2] - The growth is attributed to strong performance from evergreen products, updates, and IP collaborations that attract players, alongside a stable issuance of game licenses [1][2] Group 1: Market Performance - The actual sales revenue of the overall Chinese gaming market reached 168 billion yuan, with a quarter-on-quarter decline of 5.89% and a year-on-year growth of 14.08% [2] - The mobile gaming sector generated 125.31 billion yuan, showing a quarter-on-quarter decline of 4.12% but a year-on-year increase of 16.55% [2] Group 2: Global Market Trends - Tencent's "Honor of Kings" was the only mobile game to surpass $1 billion in revenue in the first half of 2025, maintaining a dominant position in the market [3] - Other top revenue-generating games included "Last War: Survival Game" and "Endless Winter," while "PUBG MOBILE" and "Pokémon TCG pocket" led in revenue growth [3] Group 3: Revenue Rankings - In June 2025, Tencent's games occupied four out of the top five spots in the App Store's iPhone game revenue rankings in China, highlighting its market dominance [4] - The top five games included "Honor of Kings," "Peace Elite," "Endless Winter," "Gold Shovel Battle," and "Dungeon & Fighter: Origin" [4] Group 4: International Market - Chinese self-developed games generated $9.501 billion in overseas sales in the first half of 2025, reflecting a year-on-year increase of 11.07% despite a quarter-on-quarter decline of 5.02% [5] - "Endless Winter" by Point Interactive led the overseas mobile game revenue, with total global revenue exceeding $2.8 billion [5]

Investment Rating - The industry is rated as "Outperforming the Market," indicating a projected increase of over 10% relative to the market index in the next six months [5][30]. Core Insights - The Chinese gaming market saw a revenue increase of 14.08% year-on-year in the first half of 2025, reaching 168 billion yuan, despite a quarter-on-quarter decline of 5.89% [1][11]. - The mobile gaming sector specifically achieved a revenue of 125.31 billion yuan, with a year-on-year growth of 16.55% and a quarter-on-quarter decline of 4.12% [1][14]. - Strong performance from evergreen products and stable issuance of game licenses contributed to the market growth [1][28]. Summary by Sections Chinese Gaming Market - The overall gaming market in China generated a revenue of 168 billion yuan in the first half of 2025, marking a year-on-year growth of 14.08% and a quarter-on-quarter decline of 5.89% [1][11]. - The mobile gaming market's revenue reached 125.31 billion yuan, with a year-on-year increase of 16.55% driven by strong performances from popular titles and new product launches [1][14]. Global Gaming Market - Tencent's "Honor of Kings" was the only mobile game to surpass $1 billion in revenue in the first half of 2025, leading the global revenue rankings [2][17]. - The top three games in revenue growth included "PUBG MOBILE," "Endless Winter," and "Pokémon TCG pocket," each achieving over $170 million in growth [2][17]. Revenue Rankings - In June 2025, Tencent's games occupied five spots in the top ten revenue rankings on the Chinese App Store, maintaining a dominant market position [3][19]. - The top five games included "Honor of Kings," "Peace Elite," and "Endless Winter," with Tencent holding four of the top five positions [3][19]. Overseas Market - Chinese self-developed games generated $9.501 billion in overseas revenue in the first half of 2025, reflecting an 11.07% year-on-year increase [4][23]. - "Endless Winter" led the overseas revenue rankings, with total global revenue exceeding $2.8 billion [4][26]. Investment Recommendations - The report suggests focusing on companies with abundant game license reserves, strong R&D capabilities, frequent high-quality IP collaborations, and stable content output [4][28].