Hong Kong Stock Concept Tracking | China's gaming market revenue hits a record high, the trend of gaming going global is inevitable (with concept stocks)

Zhitong
2024.10.17 01:29
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According to the "2024 Third Quarter China Gaming Industry Quarterly Report," the revenue of the Chinese gaming market reached a historical high of 91.766 billion yuan, an increase of 22.96% compared to the previous quarter. The sales revenue of the mobile gaming market was 65.658 billion yuan, an increase of 20.20% compared to the previous quarter. The revenue from self-developed games in overseas markets was 5.169 billion US dollars, an increase of 15.40% compared to the previous quarter. Hai Tong Securities pointed out that the domestic gaming market in China has entered a mature stage, with a clear trend of going global. In 2023, the Chinese gaming market accounted for 37.4% of the global market. The main overseas markets are the United States and Japan. Relevant companies include Tencent Holdings, NetEase, Bilibili, and others

According to the report "China Game Industry Quarterly Report for the Third Quarter of 2024" obtained by Zhitong Finance APP, this quarter saw a significant increase in revenue from new mobile games and top products, while "Black Myth: Wukong" also brought a substantial increase to the standalone and console markets, leading to a historic high in revenue for the Chinese gaming market.

In the third quarter of 2024, the revenue of the Chinese gaming market reached 91.766 billion RMB, an increase of 22.96% quarter-on-quarter and 8.95% year-on-year.

Specifically, the actual sales revenue of the Chinese mobile gaming market was 65.658 billion RMB, an increase of 20.20% quarter-on-quarter and 1.21% year-on-year. The actual sales revenue of the Chinese client gaming market was 16.926 billion RMB, a decrease of 0.39% quarter-on-quarter and an increase of 0.40% year-on-year. The actual sales revenue of Chinese self-developed games in overseas markets was 5.169 billion USD, an increase of 15.40% quarter-on-quarter and 20.75% year-on-year, mainly driven by the outstanding performance of "Black Myth: Wukong" in overseas markets.

A report from Haitong Securities pointed out that the domestic gaming market in China has entered a mature stage, and the trend of going global is inevitable. In 2023, China's gaming market accounted for approximately 37.4% of the global market, with nearly twice the space in overseas markets. Currently, the United States and Japan remain the main markets for China's gaming exports, accounting for 32.51% and 18.87% respectively, but the penetration rate is still below 30%. From October 2023 to April 2024, the revenue from Chinese games going global steadily increased, with AI empowerment enhancing research and development and marketing efficiency.

Chinese Game-Related Companies:

Tencent Holdings Limited (00700), NetEase Inc.-S (09999), Bilibili Inc.-W (09626), XD Inc. (02400), China RuYi (00136), Pop Mart International Group Ltd. (09992), and CMGE Technology Group Ltd. (01119), among others

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