游戏公司业绩分化：腾讯网易领跑中小厂商承压

中国经营网05-02

4月29日，世纪华通发布2025年度业绩公告。据《中国经营报》记者不完全统计，截至当天已有至少41家上市游戏公司交出2025年“成绩单”。　　其中，收入规模超50亿元的10家公司整体实现正向盈利。腾讯、网易依然位居前二，在游戏行业拥有绝对优势；世纪华通的收入达378.98亿元，逐渐与肩部公司拉开差距；吉比特、巨人网络等公司则依靠爆款新品，在2025年实现业绩“翻身”。　　而在收入规模不足50亿元的...

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pressure","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/9a4337de7871858513fc08f605f7dfab","symbols_score_info":{"600299":1.87,"NTES":1.91,"HTCD.SI":0.6,"09999":1.91,"00700":1.95,"TCHmain":0.6,"TCEHY":1.95,"002555":1.84,"00302":1.85,"002558":1.88},"content_text":"4月29日，世纪华通发布2025年度业绩公告。据《中国经营报》记者不完全统计，截至当天已有至少41家上市游戏公司交出2025年“成绩单”。　　其中，收入规模超50亿元的10家公司整体实现正向盈利。腾讯、网易依然位居前二，在游戏行业拥有绝对优势；世纪华通的收入达378.98亿元，逐渐与肩部公司拉开差距；吉比特、巨人网络等公司则依靠爆款新品，在2025年实现业绩“翻身”。　　而在收入规模不足50亿元的31家游戏公司中，有的实现业绩增长、扭亏为盈，有的则陷入亏损。　　收入规模分化　　世纪华通发布的2025年财报显示，其全年营收378.98亿元，同比增长67.55%；净利润56.05亿元，同比增长362.02%。截至今年一季度，世纪华通实现了季度营收12连涨。　　2025年2月和8月，世纪华通旗下点点互动研发的《Kingshot（奔奔王国）》先后在海外和国内上线，成为《Whiteout Survival（无尽冬日）》后又一爆款SLG小游戏。　　据世纪华通方面披露，Whiteout Survival上线三年后再创新高，在中国手游出海榜中位居第一；国服版《无尽冬日》长期稳居微信小游戏畅销榜前列，并持续跻身iOS游戏畅销榜TOP5。　　处于头部的腾讯、网易在国内游戏行业仍具备绝对优势——这两家公司2025年游戏业务收入分别达到2416亿元和921亿元，与其他游戏公司相比处于断层领先位置。　　在产品结构方面，腾讯和网易的老游戏基本盘稳固，持续提供稳定现金流；次新游戏进入成熟运营阶段，成为收入结构的重要补充。　　雄厚的资金和技术实力，使得腾讯和网易具备跨端发行能力。其在国内发行的多款新产品和次新产品覆盖PC、移动端、主机等平台，不仅拓展了触达用户的场景，也进一步延展了移动端用户增长边界。　　2025年，腾讯本土市场游戏收入为1642亿元，同比增长18%。其中，不仅有次新游戏《三角洲行动》《无畏契约》的贡献，也得益于《王者荣耀》《和平精英》等上线多年的老游戏的持续增长。　　2025年，《王者荣耀》DAU（日活跃用户数）已达1.39亿，在每月的App Store收入排行榜上常居第一。其人气在IP衍生作上也有所体现——开放世界动作RPG游戏《王者荣耀世界》于4月10日和4月17日分别在PC端和移动端上线。App数据查询平台点点数据显示，截至4月29日，《王者荣耀世界》在游戏免费榜上持续位于前二名。　　2024年9月上线的《三角洲行动》强劲表现，成为腾讯长青游戏组合的成员之一。腾讯长青游戏指于本土及国际市场，季度平均日活跃账户数超过500万的手游，或超过200万的PC游戏，且年流水超过40亿元。　　腾讯国际市场游戏收入为774亿元，同比增长33%。除了得益于腾讯收购的Supercell 旗下游戏，以及PUBG MOBILE出海外，还得益于腾讯投资并代理出海业务的《鸣潮》。　　网易2025年游戏业务收入为921亿元，同比增长10.2%；净利润为337.6亿元，同比增长13.67%。网易游戏业务的增长主要得益于《梦幻西游》电脑版、《第五人格》，以及新上线的《燕云十六声》和《漫威争锋》等游戏净收入提升。其中，《燕云十六声》于2024年年底和2025年年初在国内上线了PC版和手游；2025年11月至12月，其在海外多平台上线，两周内揽获900万玩家。　　新游助力“翻身”　　据不完全统计，除了腾讯、网易、世纪华通外，还有至少7家游戏公司收入超过50亿元。这些公司均实现正向盈利，仅少数公司收入或利润有所下滑。其中，三七互娱全年营业收入达到159.66亿元，在A股仅次于世纪华通。　　吉比特和巨人网络的收入规模在2025年实现飞跃，分别增长67.89%和72.89%，跻身年收入50亿元梯队。爆款新品在这两家公司的增长中扮演了不可或缺的角色。　　其中，吉比特2025年营业收入和净利润均实现增长，分别达到62.05亿元和17.94亿元。财报显示，吉比特2025年5款主要产品的流水分别为：《问道手游》19.38亿元，《杖剑传说（大陆版）》17.03亿元，《问剑长生（大陆版）》8.24亿元，《杖剑传说（境外版）》7.92亿元，《道友来挖宝》6.03亿元，共计58.6亿元。　　而这5款产品中，除了《问道手游》外，其余产品分别在2025年1月至7月上线。　　2023年和2024年，吉比特一度经历业绩震荡，收入和利润均大幅下降。　　2025年，吉比特对旗下产品开展“断舍离”，放弃多款在研项目，停止运营二次元手游《异象回声》和《世界弹射物语》，转而聚焦修真、修仙、回合制赛道。在《一念逍遥》《问道》等老产品流水有所下滑的情况下，《仗剑传说》《问剑长生》等产品成为吉比特新的收入支柱。　　吉比特方面表示，其未来在研发方面将把资源集中于三类项目：好玩有趣且商业化成功的项目，好玩有趣但盈亏平衡或小亏的项目，技术探索积累型的项目；在运营方面，其将提升专注度，集中资源于核心产品运营和核心用户服务。　　巨人网络2025年营收与净利均创上市以来新高，分别达到50.47亿元和16.69亿元。其中，营业收入首次突破50亿元。　　2025年1月23日上线的《超自然行动组》对巨人网络的业绩增长贡献良多。　　《超自然行动组》是一款中式微恐题材的多人合作游戏。其不仅美术风格吸引年轻人，而且游戏所采用的“搜打撤”玩法在近几年也十分流行，上线后成为App Store免费榜、畅销榜前排常客。巨人网络方面认为，《超自然行动组》的优势在于，多人协作机制带来的强社交裂变性，以及简单易上手的玩法设计降低了用户进入门槛。　　2025年第二季度后，《超自然行动组》的用户规模与流水均呈现指数级增长。2025年7月，这款游戏同时在线人数突破100万。　　记者从巨人网络方面了解到，截至2026年第一季度末，《超自然行动组》累计注册用户超2亿，累计贡献流水收入突破50亿元。　　据悉，《超自然行动组》海外版已在中国港澳台地区开展试点运营，成功进入当地应用商店免费榜前三，后续计划于2026年面向全球正式发行。　　危机中的转机　　收入规模在50亿元以下的上市游戏公司境况各不相同。在记者统计的31家游戏公司中，14家处于亏损，8家实现转亏为盈。　　中手游、金山软件均因单款游戏的失利，拖累了游戏业务的整体表现。　　其中，中手游继2024年巨亏21亿元后，2025年继续亏损14.77亿元。　　2025年，中手游研发的“仙剑奇侠传”IP开放世界游戏《仙剑世界》上线后，一个月内在游戏免费榜从第二跌至500名开外。因此，中手游对《仙剑世界》研发开支形成的无形资产计提了大额减值。此外，中手游对此前收购形成的商誉也计提了减值。　　中手游2025年亏损较2024年有所收窄，是因为资产减值压力的缓解，而非主营业务的实质性改善。　　2025年金山软件网络游戏及其他业务收入为37.54亿元，同比下降28%，收入占比下降至39%。　　在财报发布后的电话会议上，金山软件兼西山居CEO邹涛表示，《解限机》上线后不达预期，《剑网3》受到外部竞争环境的影响，老游戏收入有所下滑。　　《解限机》是西山居开发的一款机甲题材射击游戏，于2025年7月在PC、Xbox平台上线，支持平台互通。公开信息显示，《解限机》于2014年立项，由西山居原CEO郭炜炜担任制作人。　　但《解限机》上线后遭遇“滑铁卢”。Steam DB实时数据显示，作为一款联机游戏，《解限机》上线时最高同时在线人数超过13万人，此后玩家数量直线下滑至数千人。　　中手游和金山软件均在项目失利后进行了人事调整。　　中手游方面表示，其在2025年将继续深耕IP游戏运营、开拓出海业务、发力小游戏市场。　　金山软件则将收缩不具备战略性的游戏项目，腾出精力给中长期有价值的项目。金山世游代理运营的《鹅鸭杀》手游于2026年年初在国内上线。据悉，这款游戏上线首日新增用户突破500万，累计新增用户突破3000万。邹涛表示，对于这款游戏，做大DAU是目前的第一优先级，营收、商业化并非重点。（文章来源：中国经营网）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"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 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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游戏公司业绩分化：腾讯网易领跑 中小厂商承压

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游戏公司业绩分化：腾讯网易领跑中小厂商承压