智通财经APP获悉，Sensor Tower商店情报平台显示，2025年12月共33个中国厂商入围全球手游发行商 收入榜TOP100，合计吸金19.5亿美元，占本期全球TOP100手游发行商收入34.6%。 腾讯(00700)强势卫冕2025年12月全球手游发行商收入冠军，旗下王牌产品矩阵多点爆发，营收势能持 续拉满。国民级MOBA标杆《王者荣耀》持续领跑中国iOS手游畅销榜，2025年全年收入（不含中国地 区第三方安卓渠道）超过20亿美元。弈棋手游《金铲铲之战》再掀热潮，12月全新"英雄联盟传奇"赛季 和"不朽传奇召唤"活动点燃玩家热情，本期收入劲增50%；爆款FPS《三角洲行动》成为最强增长引 擎，2025年收入同比暴涨29倍，累计收入突破5亿美元。 凭借《Whiteout Survival》的稳定市场表现，叠加《Tasty Travels: Merge Game》的品类互补效应与突出 增长势头，点点互动成功稳居全球手游发行商收入榜亚军席位。Sensor Tower 数据显示，截至2025年12 月《Whiteout Survival》全球累计收入突破40亿美元，凸显长线运营价值；而《Tasty Trav ...

MACD金叉信号形成，这些股涨势不错！ 12月21日，钛媒体2025 EDGE AWARDS全球创新评选活动正式落下帷幕。A股游戏板块龙头企业世纪华通（维权）（002602.SZ）凭借过去一年在海外市 场取得的优异表现，成功入选年度全球化公司榜，并荣膺"全球化前锋企业"奖项，其全球化成果与创新实力获得科技界权威认可。 MACD金叉信号形成，这些股涨势不错！ 12月21日，钛媒体2025 EDGE AWARDS全球创新评选活动正式落下帷幕。A股游戏板块龙头企业世纪华通（维权）（002602.SZ）凭借过去一年在海外市 场取得的优异表现，成功入选年度全球化公司榜，并荣膺"全球化前锋企业"奖项，其全球化成果与创新实力获得科技界权威认可。 面对竞争愈发激烈的海内外市场，公司将持续深化全球化布局，通过推出更多优质新品稳步扩大全球市场份额，在持续擦亮中国品牌海外名片的同时，推 动全球游戏产业的创新与生态向上发展。 作为科技领域极具影响力的年度评选活动，钛媒体EDGE AWARDS始终以"价值"为核心，着眼于世界前沿，是具有权威性、先锋性和敏锐挖掘力的全球创 新榜单。2025年，"创新"不再是单一市场的技术突破，而是在全球 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Insights - The gaming sector shows strong performance with leading companies demonstrating significant revenue generation, particularly Tencent and Century Huatong, which ranked first and second in global mobile game publisher revenue [3][4] - The number of domestic game licenses issued in 2025 has increased by 29.39% year-on-year, indicating a supportive regulatory environment for the gaming industry [4] - The gaming sector is characterized by strong cash flow, ongoing policy support, and deepening AI game development, making it an attractive investment opportunity [6] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of -3.47% compared to the CSI 300 index, with an absolute return of 12.26% [2] Market Developments - In November 2025, 33 Chinese companies made it to the global top 100 mobile game publishers, collectively generating $1.95 billion, which accounts for 35.8% of the total revenue of the top 100 publishers [3] - The flagship game "Whiteout Survival" from Century Huatong contributed 54% of its revenue in November, with total earnings exceeding $3.8 billion [3] Regulatory Environment - The National Press and Publication Administration issued 1,532 domestic game licenses from January to November 2025, reflecting a 29.39% increase compared to the same period in 2024 [4]

Core Insights - Sensor Tower's latest data shows that Diandian Interactive's three products dominate the October overseas mobile game revenue chart, with "Whiteout Survival" and "Kingshot" consistently taking the top two spots, while "Tasty Travels: Merge Game" saw a 15% revenue increase, rising to 17th place [1][4] - The games have launched Halloween-themed events to boost player engagement and spending, contributing to Diandian Interactive's position as the second-highest global mobile game publisher by revenue [1][4] Revenue Rankings - "Whiteout Survival" and "Kingshot" are ranked 1st and 2nd respectively, while "Tasty Travels: Merge Game" is ranked 17th [2] - Other notable entries include "Gossip Harbor: Merge & Story" at 3rd, "Last Z: Survival Shooter" at 4th, and "Seaside Escape: Merge & Story" at 10th [4][11] Growth Highlights - "Gossip Harbor" achieved a 9% month-over-month revenue growth, while "Flambé: Merge & Cook" saw a significant 37% increase, entering the revenue chart at 26th place [4] - "Trickcal: Chibi Go" launched in early October and experienced a 320% surge in overseas revenue, making it to the revenue chart at 27th place [5] - "Top Tycoon: Coin Theme Empire" also debuted on the revenue chart, with revenues exceeding 85 times that of June, ranking 5th in the coin-piracy genre [5] Download Rankings - "Block Blast!" topped the download chart with a 41% increase in downloads, marking its highest value since launch [10][12] - "X-Clash" saw a remarkable 466% increase in downloads, securing the second position in the download rankings [12] - "Mobile Legends: Bang Bang" maintained its popularity with a 7% increase in downloads, ranking 3rd [12]

Core Viewpoint - The article discusses the impressive financial performance of Century Huatong Group Co., Ltd. (ST Huatong) in Q3 2025, driven primarily by its subsidiary, Diandian Interactive, but raises concerns about the sustainability of this growth and the potential limitations in future revenue generation [2][6]. Financial Performance - In the first three quarters of 2025, Century Huatong achieved a revenue of 27.223 billion yuan, a year-on-year increase of 75.31%, and a net profit attributable to shareholders of 4.357 billion yuan, up 141.65% [2]. - For Q3 alone, the company reported a revenue of 10.016 billion yuan, reflecting a 60.19% year-on-year growth, and a net profit of 1.701 billion yuan, which is a 163.78% increase [2]. Contribution of Diandian Interactive - Diandian Interactive was the main contributor to the revenue and profit, with key products like "Endless Winter" and "Bouncing Kingdom" performing exceptionally well globally [2]. - In August, three games from Diandian Interactive achieved their highest monthly revenue ever, with "Whiteout Survival" and "Kingshot" leading the overseas mobile game revenue rankings [3]. Market Reaction and Future Prospects - Despite the record financial results, the market's reaction has been less enthusiastic, possibly due to concerns over the sustainability of revenue from new titles like "Kingshot" and "Tasty Travels: Merge Game" [6]. - The article suggests that while "Endless Winter" has shown stable performance, the newer titles have not yet matched its revenue success [6]. User Engagement and Monetization - The article highlights a disparity in user engagement and monetization between "Endless Winter" and "Kingshot," with "Kingshot" having a higher average revenue per paying user (ARPPU) but lower overall user retention [7]. - The monetization strategy employed by Diandian Interactive, which focuses on aggressive user acquisition, may have a limited lifecycle, raising questions about long-term profitability [8]. Valuation and Future Growth - Current estimates place Diandian Interactive's valuation at approximately 130.5 billion yuan, with market expectations for Century Huatong and Diandian Interactive to reach around 200 billion yuan in valuation, translating to a price-to-earnings ratio (PE) of 20-25 times [8]. - The article concludes that for Century Huatong to achieve further growth, it must develop another blockbuster product akin to "Endless Winter" after the removal of its ST designation [8].

Investment Rating - The investment rating for the company is "Buy" [7] Core Insights - The company is a leading game developer specializing in SLG and classic IP, excelling in overseas game markets. Its two flagship games, "Whiteout Survival" and "Kingshot," are expected to continue exceeding expectations in terms of lifecycle and profitability, with significant revenue and profit growth anticipated [1][2] - The market perceives that the revenue from "Whiteout Survival" and "Kingshot" may peak and decline over time, but the report argues that the revenue for "Whiteout Survival" is likely to stabilize with low chances of decline, while "Kingshot" is still in its growth phase, especially with the potential from its domestic version [1][2] - The report highlights the replicability of the company's success in the "SLG+X" category, suggesting that the development and marketing experience from "Whiteout Survival" and "Kingshot" can be reused for future titles [2] Financial Performance - In the first half of 2025, the company achieved revenue of 172.07 billion yuan, a year-on-year increase of 85.5%, and a net profit of 26.56 billion yuan, up 129.33% year-on-year. The revenue growth was primarily driven by the strong performance of "Whiteout Survival" and "Kingshot" [13] - The company expects to maintain high revenue and profit contributions from "Whiteout Survival" and "Kingshot," with projected revenues of 424 billion yuan, 531 billion yuan, and 592 billion yuan for 2025, 2026, and 2027 respectively, and net profits of 61 billion yuan, 102 billion yuan, and 116 billion yuan for the same years [5][12] Market Potential - The global SLG game market is projected to exceed 20 billion USD by 2027, indicating a strong growth trajectory following a two-year adjustment period [15] - The "SLG+X" model, which integrates additional gameplay elements into SLG games, is expected to enhance user acquisition and retention, thereby increasing long-term monetization potential [19] Future Outlook - The company is set to submit a "de-listing" application after rectifying prior accounting errors, which is expected to enhance its market position [3] - The domestic version of "Kingshot" is showing promising growth, with its ranking in the app store improving significantly, indicating strong revenue potential [22][24]

Core Insights - The 2025 Tokyo Game Show (TGS2025) showcased Century Games' efforts in the Japanese market, highlighting the success of their two SLG titles, "Whiteout Survival" and "Kingshot" [1][6] - Japan's mobile gaming market is projected to generate $11 billion in in-app purchase (IAP) revenue in 2025, making it the second-largest globally, with a player average revenue per user (ARPU) 1.8 times higher than that of Europe and the U.S. [3][4] - Despite a competitive landscape dominated by local companies, Century Games has managed to establish a foothold in Japan through effective localization and marketing strategies [5][19] Market Overview - Japan's gaming market, while smaller than the U.S. and China, is characterized by high profitability and a strong player base, with local IPs holding a 63% market share [5][3] - The Japanese mobile gaming ecosystem is mature, with a stable download rate of approximately 628 million per year, but with a focus on high-value transactions [4][3] Company Performance - "Whiteout Survival" has consistently ranked in the top 20 of free and top 10 of revenue charts in Japan, while "Kingshot" has quickly entered the iOS top 20 shortly after its launch [6][19] - Century Games has built a local team in Japan since 2019 to enhance community engagement and user feedback, moving beyond simple product exportation [7][19] Marketing Strategies - The company has effectively integrated local cultural elements into its marketing, collaborating with events like the Hokkaido Snow Festival and utilizing local influencers to enhance brand recognition [9][12] - A comprehensive marketing approach includes both online and offline strategies, such as themed promotional vehicles and targeted advertising in local media, which has significantly boosted brand awareness [12][19] Future Outlook - With the ongoing demand for SLG games in Japan and the company's accumulated user data and brand reputation, Century Games is well-positioned to expand its market share [19][20] - The successful strategies employed in Japan are expected to be replicable in other international markets, enhancing the company's long-term growth potential [19][20]

Core Viewpoint - The article highlights the significant growth of Chinese gaming companies in the global mobile game market, particularly in July, with several leading firms experiencing substantial revenue increases from overseas operations [3][5][10]. Group 1: Industry Performance - In July, 32 domestic game companies entered the global mobile game publisher revenue ranking, collectively earning $1.95 billion, which accounts for 34% of the total revenue of the top 100 global mobile game publishers [5]. - The global mobile and PC gaming market is expected to exceed $120 billion by 2028, indicating strong growth potential for the industry [10]. Group 2: Company Highlights - Tencent's gaming revenue increased by 20% in July, driven by the strong performance of titles like "Honor of Kings" and "PUBG MOBILE," maintaining its position as the top global mobile game publisher [6]. - Century Huatong's subsidiary, DianDian Interactive, saw a 10% increase in overall revenue in July, with its games "Kingshot" and "Tasty Travels: Merge Game" experiencing revenue growth of 34% and 52%, respectively [6]. - Giant Network's game "Supernatural Action Group" gained popularity, contributing to a significant revenue increase for the company, which has seen its stock price rise by approximately 133% this year [8][10].

Group 1 - In July, several leading Chinese gaming companies experienced significant month-on-month revenue growth, continuing the upward trend from the first half of the year [1][4] - A total of 32 domestic game publishers entered the global mobile game publisher revenue ranking in July, collectively generating $1.95 billion, which accounts for 34% of the revenue of the top 100 global mobile game publishers [1] - Tencent maintained its position as the top global mobile game publisher, with a 20% increase in revenue driven by popular titles such as "Honor of Kings" and "PUBG MOBILE" [4][6] Group 2 - Century Huatong's subsidiary, Didi Interactive, showed strong performance overseas, with its games "Kingshot" and "Tasty Travels: Merge Game" seeing revenue increases of 34% and 52% respectively, contributing to a 10% overall revenue growth [4][5] - Other A-share companies like 37 Interactive Entertainment and Giant Network also ranked highly in the revenue list, with Giant Network's game "Supernatural Action Group" gaining popularity due to its unique theme and gameplay [5][6] - NetEase and miHoYo ranked third and fourth respectively, with NetEase's "Egg Party" seeing a 23% revenue increase and miHoYo's "Honkai: Star Rail" achieving a new revenue high for 2025, resulting in a 28% month-on-month growth [6] Group 3 - The overseas market for self-developed Chinese games saw actual sales revenue of $9.501 billion in the first half of the year, marking an 11.07% year-on-year growth [8] - The global gaming market is expected to continue its strong growth, with the combined market size of mobile and PC games projected to exceed $120 billion by 2028 [8][9] - The report anticipates a 4% year-on-year growth in global mobile game in-app purchase revenue in 2024, reaching $85.4 billion, and a further 6% increase in 2025, with projections of $106.5 billion by 2028 [9]

Core Insights - The gaming industry in China has shown significant growth in overseas revenue, with major companies reporting substantial increases in July [1][2][3] Group 1: Industry Performance - In July, 32 Chinese gaming companies entered the global mobile game publisher revenue ranking, collectively earning $1.95 billion, which accounts for 34% of the top 100 global mobile game publishers' revenue [2] - Tencent's games, including "Honor of Kings" and "PUBG MOBILE," saw a 20% increase in global revenue in July, maintaining Tencent's position as the top Chinese mobile game publisher [3] - Century Huatong's subsidiary, DianDian Interactive, reported a 10% increase in overall revenue, driven by significant growth in its games "Kingshot" and "Tasty Travels: Merge Game," which saw revenue increases of 34% and 52% respectively [3] Group 2: Company Highlights - Other notable A-share companies like 37 Interactive Entertainment and Giant Network also performed well, with Giant Network's game "Supernatural Action Group" becoming a hit, leading to a significant revenue increase [4] - NetEase and miHoYo ranked third and fourth in the revenue ranking, with NetEase's "Egg Party" and miHoYo's "Honkai: Star Rail" achieving revenue growth of 23% and 28% respectively in July [4] - Year-to-date stock performance for Century Huatong and Giant Network has been impressive, with increases of approximately 167% and 133% respectively, leading the A-share gaming sector [4] Group 3: Market Outlook - The global gaming market continues to grow, with projections indicating that the combined market for mobile and PC games will exceed $120 billion by 2028 [5] - The report anticipates a 4% year-over-year growth in global mobile game in-app purchase revenue in 2024, reaching $85.4 billion, with further growth expected in 2025 [5] - There remains significant market opportunity for Chinese gaming companies in overseas markets, as evidenced by the 11.07% year-over-year growth in actual sales revenue from self-developed games in the first half of the year [4][5]