CICC: SLG Games Going Global Are in Early Stage of 3.0 Phase with Structural Growth Potential

Stock News
2025/09/11

CICC released a research report stating that it divides SLG overseas development into three phases: 1.0 (heavy monetization modeling), 2.0 (fusion of Rate the Land + COK gameplay), and 3.0 (sub-gameplay + theme segmentation). The market is currently in the early stage of the 3.0 phase, with sustained content evolution potential. Against the backdrop of the global mobile gaming market entering a stock game competition stage, the firm believes that SLG games, as a category with "high lifecycle + strategic depth + fusion innovation," possess structural growth potential. Chinese manufacturers are currently building product matrices targeting diverse global populations through theme differentiation and sub-gameplay integration.

**Market Space and Development Path Clear, Category Evolution Enters 3.0 Stage, Fusion SLG Takes the Stage**

SLG is one of the mid-to-hardcore categories with the highest contribution to global mobile game revenue. According to Sensor Tower, 4X SLG mobile games generated over $8 billion in in-app purchase revenue in 2024, up 16% year-over-year, accounting for 10% of global mobile game market in-app purchase revenue, ranking first among subcategories. The firm divides SLG overseas development into 1.0 (heavy monetization modeling), 2.0 (fusion of Rate the Land + COK gameplay), and 3.0 phases (sub-gameplay + theme segmentation), currently in the early stage of the 3.0 phase with sustained content evolution potential.

**Commercialization and User Ecosystem Innovation, Continuously Mining SLG's Long Lifecycle and High Payment Conversion Potential**

Why do domestic manufacturers choose the SLG track to layout the global market? The firm believes that SLG games naturally possess characteristics of high retention, high ARPU, and long lifecycle. Users have high payment concentration and strong loyalty, suitable for long-term server rolling and high-frequency version operations. From a market perspective, SLG maintains a stable share in global mid-to-hardcore mobile games, accounting for over 15%, achieving counter-trend growth in downloads. In terms of players, core users have high dependence on strategic gaming and social alliances, with high migration barriers and long lifecycles. Based on this, fusion SLG expands user boundaries, improves user acquisition adaptability, and further enhances category commercialization efficiency.

**Team Strategy and R&D Paradigm: "Diversified Themes + Numerical Commercialization Capabilities + Mature User Acquisition" Builds Success Paradigm**

What advantages do Chinese manufacturers have in the SLG category? The firm believes Chinese manufacturers have strong capabilities in both advertising placement and operations, with obvious advantages in advertising placement systems, creative material analysis capabilities, and global user acquisition experience. Combined with systematic exploration of thematic culture, they are expected to establish long-term barriers through differentiation. Domestic manufacturers are currently building success paradigms through "diversified themes + numerical commercialization capabilities + mature user acquisition," using pan-themes and more frequent user acquisition material testing to match diverse populations, achieving further DAU expansion, and leveraging mature numerical capabilities to achieve mid-to-backend user retention. From team layout perspective, domestic SLG manufacturers have formed certain regional clusters, which can further leverage regional cluster effects, talent experience integration, iteration, and innovation.

**Risks** Intensified market competition, policy and compliance risks, rising user acquisition costs.

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