According to the Huatai Securities Research Report, the actual sales revenue of the domestic game market is expected to reach 35.789 billion yuan in 2025, an increase of 7.68% over the previous year; the number of users exceeded 683 million yuan, an increase of 1.35% over the previous year. The increase in the size of the game market mainly benefits from the increase in user ARPU. For the gaming sector, it is recommended to focus on three main lines: 1) long-term operation+overseas SLG/strategic leader; 2) the target of the expected inflection point of the new product cycle+cost rate; and 3) companies whose business model is shifting from product to platform. At the same time, focus on AI empowering gameplay innovation.

According to the Huatai Securities Research Report, the actual sales revenue of the domestic game market is expected to reach 35.789 billion yuan in 2025, an increase of 7.68% over the previous year; the number of users exceeded 683 million yuan, an increase of 1.35% over the previous year. The increase in the size of the game market mainly benefits from the increase in user ARPU. For the gaming sector, it is recommended to focus on three main lines: 1) long-term operation+overseas SLG/strategic leader; 2) the target of the expected inflection point of the new product cycle+cost rate; and 3) companies whose business model is shifting from product to platform. At the same time, focus on AI empowering gameplay innovation.