A research report indicates that from January to August this year, the National Press and Publication Administration issued 1,050 domestic online game licenses, representing a 23.53% year-over-year increase. The normalized issuance of gaming licenses reflects the continued strengthening of regulatory policy support for the gaming industry's development. The gaming sector demonstrates strong cash flow, sustained policy support, and deepening AI game development integration. Recent significant gains in gaming stocks have attracted considerable market attention, with continued optimism for investment opportunities in the gaming sector. Key focus stocks include Kaiser Network (002517.SZ), Giant Network (002558.SZ), G-bits (603444.SH), TENCENT (00700), and XD INC (02400).
Main observations are as follows: From January to August 2025, the National Press and Publication Administration issued a total of 1,050 domestic online game licenses, up 23.53% year-over-year. On August 21, 2025, the Administration released August 2025 licenses for both domestic and imported online games, issuing 173 licenses in total, including 166 domestic online games and 7 imported online games. Notable licensed games this round include Bilibili's "Dudu Face Prank," Tencent's "Caos Dream," and ST Huatong's "Age of Discovery: Origin."
From January to August 2025, the Administration issued 8 batches totaling 69 imported online game licenses, compared to 4 batches totaling 75 imported online game licenses in the same period of 2024. For domestic games, 1,050 licenses were issued from January to August 2025, up 23.53% from 850 licenses in the same period of 2024. The normalized issuance of gaming licenses demonstrates sustained strengthening of regulatory policy support for gaming industry development.
China's gaming market revenue maintained positive growth in July 2025, with particularly strong performance in the PC gaming market. According to Gamma Data, China's gaming market reached 29.084 billion yuan in July 2025, up 4.62% year-over-year, with both mobile and PC gaming markets serving as primary growth drivers. From a product perspective, relatively new releases and mature products were the main sources of incremental growth, primarily driven by summer-related promotional activities.
In July 2025, overseas revenue from Chinese self-developed games reached $1.693 billion, up 6.76% year-over-year. Mature products like "Honkai: Star Rail" and "LastWar: Survival" showed significant increases, while new releases like "Wand and Sword Legend" performed well.
China's mobile gaming market reached 21.36 billion yuan in July 2025, up 0.92% year-over-year. Both relatively new and mature mobile game products showed strong performance. Among newer releases, "Delta Force" achieved month-over-month revenue doubling due to season updates and collaboration events. Among mature products, "Honor of Kings" saw revenue growth through multiple promotional activities.
China's PC gaming market reached 6.637 billion yuan in July 2025, up 16.56% year-over-year. Market growth primarily came from mature products, new releases, and cross-platform games. New releases "Douluo Continent: Soul Hunting World" and "Age of Discovery: Legend" contributed incremental revenue upon launch. Relatively new release "Delta Force" and established title "Honkai: Star Rail" achieved significant revenue growth through version updates and collaboration activities. Additionally, "Naraka: Bladepoint's" fourth anniversary celebration and new gameplay features, along with "PUBG's" limited-time "Summer Carnival" event, effectively boosted product revenues.
July gaming market overall maintained strong momentum, with leading developers continuing robust performance through blockbuster titles.
Risk factors include: Industry policy changes, AI gaming development falling short of expectations, and target company performance below expectations.