金吾财讯 | 华泰证券表示，中国自研游戏出海收入25Q1-Q3同比增长5.6%，2019-24年间，从116亿美元增长至185.6亿美元，CAGR为9.1 %。海外市场红利仍存，新兴市场如东南亚和中东在用户活跃度和增长潜力上表现强劲。欧美等成熟市场用户规模趋于饱和，但精品游戏价值释放，2025年以来点点互动《Whiteout Survival》等跻身美国收入榜前列，印证中国厂商差异化内容与本地化运营突围。该机构认为，全球游戏市场正从流量红利驱动转向结构性创新驱动，中国游戏企业的出海已全面进入“高质量增长新时代”。从后续机会看，出海机遇来自于：1）区域扩张：从“广撒网”到“精耕细作”，新兴市场与高价值市场并重；2）玩法与品类更新，混合玩法与跨平台成新趋势。
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