国内游戏市场延续景气，继续提示新游周期下的板块投资机会

Summary of Key Points from Conference Call Industry Overview - The domestic gaming market in China is expected to continue its growth trajectory, with the market size reaching over 67 billion yuan in 2025, reflecting a year-on-year growth of over 3% for mobile games and nearly 30% for PC games [1][3]. Market Growth and User Engagement - The number of gaming users in China has shown consistent growth over the past three years, with growth rates of 0.61%, 0.94%, and 1.35% from 2023 to 2025, driven by improved mobile game quality and innovative gameplay [4]. - The Average Revenue Per User (ARPU) for Chinese gamers is projected to increase from over 480 yuan in 2024 to 510 yuan in 2025, indicating a year-on-year growth of over 6% and a stronger willingness to pay among players [5]. International Expansion - The growth rate for self-developed mobile games from China going overseas is expected to be 11.1% in 2024 and 13.2% in 2025, showcasing the competitive strength of Chinese games in the international market, with companies like Century Huatong performing notably well [6]. Console and PC Gaming Trends - The console gaming market in China is projected to grow by 86% in 2025, continuing a high growth trend, while popular dual-platform games like "Triangle Action" are expected to drive a 15% growth in the PC gaming market [7]. Mini Program Games - The mini program gaming market is anticipated to grow by over 30% in 2025, indicating strong growth potential and providing new growth points for the gaming market [8]. Policy Support for E-sports - Shanghai is set to introduce the "Ten Policies" to support the development of the e-sports industry, focusing on IP ecology, industry expansion, and international outreach, along with financial support to foster new cultural industry dynamics [2][9]. Upcoming Products and Market Opportunities - Several important new games have recently launched, including "Nine Dreams" by G-bits and "Famous Generals Kill" by Giant Network. Upcoming titles include "Three Kingdoms: The Return of Hearts" by Kaiying Network and "Ring" by Perfect World, with many key products expected to launch in the first quarter of 2026 [10].