中邮证券：谷歌(GOOGL.US)官宣下调Google Play抽成比例关注优质出海游戏厂商

智通财经03-19

智通财经APP获悉，中邮证券发布研报称，谷歌(GOOGL.US)宣布对Google Play商店实施重大变革，包括开放第三方支付和应用商店入驻，并将服务费抽成从30%降至20%或更低。这一调整为出海游戏厂商带来显著利好，依赖内购收入的中重度手游将受益于抽成压力下降，利润率有望提升。同时，第三方支付体系的引入增强了开发者经营自主权，而第三方商店的合规入驻将降低用户安装门槛，推动TapTap等平台价值...

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Play商店实施重大变革，包括开放第三方支付和应用商店入驻，并将服务费抽成从30%降至20%或更低。这一调整为出海游戏厂商带来显著利好，依赖内购收入的中重度手游将受益于抽成压力下降，利润率有望提升。同时，第三方支付体系的引入增强了开发者经营自主权，而第三方商店的合规入驻将降低用户安装门槛，推动TapTap等平台价值...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1415803.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1935042488.USD","symbol_name":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1415803.html","article_id":"2620860213","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2620860213","pubTimestamp":1773891965,"columns":[{"name":"政策监管","id":32,"label_key":"policyRegulatory"}],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"智通财经APP获悉，中邮证券发布研报称，谷歌宣布对Google Play商店实施重大变革，包括开放第三方支付和应用商店入驻，并将服务费抽成从30%降至20%或更低。此次谷歌下调抽佣比例，该行认为对出海游戏厂商将带来以下变化。在传统Google 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Play商店实施重大变革，包括开放第三方支付和应用商店入驻，并将服务费抽成从30%降至20%或更低。这一调整为出海游戏厂商带来显著利好，依赖内购收入的中重度手游将受益于抽成压力下降，利润率有望提升。同时，第三方支付体系的引入增强了开发者经营自主权，而第三方商店的合规入驻将降低用户安装门槛，推动TapTap等平台价值重估。中邮证券主要观点如下：事件当地时间3月4日，谷歌宣布对Google Play商店进行重大变革：一是开放第三方支付、第三方应用商店，同时抽佣逻辑从原来的固定比例拆分为“结算费+服务费”，采用第三方途径无需支付5%固定结算费；二是，服务费抽成从30%降至20%或更低，其中新用户安装IAP服务费降至20%，加入升级计划的降至15%，定期订阅服务费降至10%，另外如使用谷歌官方支付还需收取5%结算费。优质出海游戏厂商迎来重大利好，有望提升利润率同时取得更大经营自主权得益于成熟期产品的稳定表现和新产品的成功推出，我国自研游戏出海收入维持稳健增长。根据游戏工委，2025年中国自研游戏海外市场收入规模达到204.55亿美元，规模已连续六年超千亿元人民币。此次谷歌下调抽佣比例，该行认为对出海游戏厂商将带来以下变化。1）IAP抽成压力下降，开发者利润率提升有望活跃游戏供给市场。在传统Google Play模式下，大量游戏IAP收入需要承担约30%的渠道分成。新政策实施后，标准IAP服务费降至20%或更低。那么，对于依赖IAP收入的中重度手游（SLG、RPG、卡牌等）出海厂商将显著受益。以世纪华通为例，凭借旗下《Whiteout Survival》全球累计下载破亿，连续十多个月蝉联中国手游出海收入榜第一，此高流水的重度游戏将取得较多利润转化，未来有动力进行游戏升级和新品供给。2）支付体系升级，开发者可通过官方网站充值或第三方支付渠道，既提升了经营自主权，又可绕开谷歌支付体系进一步降低成本。开放第三方应用商店，游戏三方平台公司渠道价值有望重估谷歌推出“注册应用商店”计划，允许第三方商店合规入驻安卓系统。这意味着这些平台不再需要通过复杂的“侧载”安装，用户安装门槛大幅降低，将迎来用户增长的红利期。该行认为，对于第三方游戏平台而言，有望增强渠道议价权与竞争力，利用差异化优势取胜。例如，心动公司旗下TapTap，采用无联运分成的模式，有望吸引更多开发者入驻，丰富社区内容和增强用户吸引力。投资建议：建议关注海外游戏收入占比较高的世纪华通、巨人网络、恺英网络、神州泰岳、三七互娱、冰川网络、完美世界等；以及具备游戏三方平台的心动公司、腾讯控股、网易等。风险提示：谷歌政策落地不及预期的风险、苹果等厂商跟进加剧行业竞争的风险、游戏出海不及预期的风险等。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"policyRegulatory","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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中邮证券：谷歌(GOOGL.US)官宣下调Google Play抽成比例 关注优质出海游戏厂商

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中邮证券：谷歌(GOOGL.US)官宣下调Google Play抽成比例关注优质出海游戏厂商