游戏公司26年半年报：24家近七成盈利，爆款之后，谁来接班？

蓝鲸财经09-04

作者| 娱乐独角兽赤木瓶子刚刚落幕的2026科隆游戏展（Gamescom）上，中国游戏厂商再次出现在国际游戏奖项的重要位置。由腾讯投资、成都日蚀边缘工作室开发的《湮灭之潮》获得“最具史诗感游戏”奖项，网易旗下《燕云十六声》则获得“最佳移动游戏”。此外，本届“最佳移动游戏”提名名单中，中国厂商也占据多个席位，米哈游《原神》《绝区零》以及鹰角网络《明日方舟：终末地》等产品共同入围。科隆奖杯之外，今年...

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赤木瓶子刚刚落幕的2026科隆游戏展（Gamescom）上，中国游戏厂商再次出现在国际游戏奖项的重要位置。由腾讯投资、成都日蚀边缘工作室开发的《湮灭之潮》获得“最具史诗感游戏”奖项，网易旗下《燕云十六声》则获得“最佳移动游戏”。此外，本届“最佳移动游戏”提名名单中，中国厂商也占据多个席位，米哈游《原神》《绝区零》以及鹰角网络《明日方舟：终末地》等产品共同入围。科隆奖杯之外，今年...</p>\n\n<a href=\"https://www.lanjinger.com/d/1788271152491477747\">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":"LU2476274308.USD","symbol_name":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) 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After a hit, who will take over?","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/efe89f3204494c06112f7eac4441b03b","symbols_score_info":{"00700":1.96,"09999":1.95,"AAXJ":0.6,"LDEM":0.6,"TCHI":0.6,"BIDD":0.6,"HTCD.SI":0.6,"XSOE":0.6,"ODDS":0.6,"EMC":0.6,"JADE":0.6,"EEMX":0.6,"ESPO":0.6,"BKF":0.6,"SOCL":0.6,"BNGE":0.6,"FDNI":0.6,"EMCS":0.6,"002624":1.87,"NTES":1.95,"002558":1.87,"FFEM":0.6,"JEMA":0.6,"GAMR":0.6,"002602":1.9,"TCHmain":0.6,"CXSE":0.6,"TCEHY":1.96,"KWEB":0.6},"content_text":"作者| 娱乐独角兽 赤木瓶子刚刚落幕的2026科隆游戏展（Gamescom）上，中国游戏厂商再次出现在国际游戏奖项的重要位置。由腾讯投资、成都日蚀边缘工作室开发的《湮灭之潮》获得“最具史诗感游戏”奖项，网易旗下《燕云十六声》则获得“最佳移动游戏”。此外，本届“最佳移动游戏”提名名单中，中国厂商也占据多个席位，米哈游《原神》《绝区零》以及鹰角网络《明日方舟：终末地》等产品共同入围。科隆奖杯之外，今年游戏公司的半年报也呈现出另一种变化。根据iFinD数据，24家A股游戏概念公司上半年归母净利润合计约78.86亿元，其中17家盈利、7家亏损。利润高度集中在头部。其中，腾讯Q2网络游戏收入659亿元，同比增长11%；网易上半年游戏及相关增值服务收入507亿元，同比增长8.3%；世纪华通上半年游戏业务收入213.42亿元，同比增长29.87%。把增长数字拆开来看，不同公司的增长来源正在明显分化。腾讯依靠成熟产品矩阵稳住基本盘，同时寻找新品接棒；网易在《梦幻西游》等长生命周期产品之外，继续培育新的内容产品；世纪华通则通过海外市场打开增长空间。2026年的游戏公司半年报抛给整个行业的命题是精准的，在用户增长彻底放缓后，游戏公司究竟靠什么兑现下一阶段的增长？难赌的新爆款，难找的“接班人”过往游戏公司的竞争重点一度建立在用户规模上，吃人口红利、占据绝对流量、抢夺“第一效应”等等，这些似乎都意味着更高概率做出爆款作品。但进入存量竞争阶段后，规模优势固然重要，却无法自动转化为下一个爆款。在今年的半年报中，头部厂商当属这种典型案例。Q2网络游戏收入659亿元、同比增长11%的腾讯，从收入结构看，本土市场游戏收入环比上涨4%，达到473亿元。增长主要来自《王者荣耀》流水提升，叠加新游《洛克王国：世界》上线带来增量贡献，《王者荣耀》《和平精英》等长线产品继续贡献稳定收入，属于多年来的已知项。《无畏契约》《三角洲行动》等新一代产品，以及《洛克王国：世界》等老IP在新设备形态上的重新兑现，正在承担新的增长任务。尤其是《三角洲行动》的出现，某种程度上代表腾讯对传统优势赛道的再下注。腾讯在射击赛道本来就有《穿越火线》这类老功臣，但现在的年轻玩家既要竞技，又要高频的内容迭代和衍生社区，对新时代的旧产品形态提出了更多要求。推出新的射击产品，本质上是在成熟优势之外，寻找下一代用户关系。对于腾讯而言，拥有成熟产品矩阵依然是优势，但行业环境变化下，如何持续打造新的长生命周期产品，也成为新的考验。事实上，这也是整个游戏行业正在面对的问题。过去，大厂依靠资金、IP和研发资源优势，往往能够建立更高成功概率。但近两年，一些高投入、大IP项目的表现也证明：资源优势可以提高入场门槛，却不能保证产品成功。这两年，动辄数年研发、大投入运营的IP产品反而连连遇挫。网易高开低走的大热IP《射雕》，耗时6年、预估成本超10亿元，却在上线不到两年正式停运。尽管在2026年8月的游戏审批变更信息中，《射雕》已正式更名为《千里之路》，但前景尚不明朗。类似情况也出现在《王者荣耀世界》身上。作为腾讯旗下天美工作室基于国民级IP打造的开放世界产品，该项目研发周期长达多年，拥有成熟IP背书，但上线后的市场反馈并未达到此前外界期待：上线前渠道预约超3000万。但上线后iOS畅销榜最高仅24位，随后持续下滑。这些案例说明如今精品化竞争的变量更多，IP、资金和研发周期已经不是成功的充分条件。如今游戏行业真正困难的，并不是拥有资源制作一款大产品，而是如何把投入转化为用户愿意长期留下来的内容。网易面对的问题同样如此。2026年Q2，网易游戏及相关增值服务营收250亿元，同比增长9.7%。《梦幻西游》《第五人格》《蛋仔派对》等产品继续贡献收入，《燕云十六声》则承担探索未来增长方向的任务。《梦幻西游》运营超过20年，已经成为中国游戏行业少有的长生命周期案例。但它的成功，也制造了一道难题：这样的产品，很难复制。因此，《燕云十六声》的意义并不只是增加收入，更是在验证网易能否离开经典MMO路径，打造下一代长生命周期产品。与此同时，《蛋仔派对》提供了另一种答案。相比传统重度游戏依靠版本更新维持用户，《蛋仔派对》通过UGC和社交关系延长产品生命周期。未来游戏公司的增长路径，或许不会只有一种。有人依靠精品大作，有人依靠社区生态，也有人依靠全球市场。这当然是更健康的市场，但“多元化”不等于“无门槛”。恰恰相反，每一条看似开阔的路径，都有各自的窄门。大厂之外，游戏增长的“多路竞争”如果说腾讯、网易代表的是大厂如何利用优势延续增长，那么中腰部公司的表现，则展现了另一种竞争方式。对于这些公司而言，一款新品的重要性甚至更高。它不仅影响一年收入，更决定公司未来几年在行业中的位置。完美世界今年半年报就是典型案例之一。2026年上半年，完美世界实现营业收入27.51亿元，同比下降25.47%，归母净亏损1.18亿元。这主要是由于新旧产品交替期间，老产品流水自然下滑所致。但不能忽视的，是这是公司近十年来首次交出亏损的半年报。其中，新品《异环》上线初期推广费一次性计入成本，而14亿元的充值流水需要按玩家生命周期分期确认收入，费用先花、收入后认，账面上出现了时间差。但财务数字之外，更值得关注的问题是《异环》能否成为新的增长支柱？对于游戏公司而言，短期亏损可以等待周期修复，但产品生命周期无法等待。毕竟，如果新品无法形成持续用户留存，再高的上线热度，也很难转化为长期价值。另一边，巨人网络则展示了押中新品后的另一种可能。2026年上半年，巨人网络实现营业收入46.89亿元。同比增长182.08%，归母净利润21.44亿元，同比增长175.96%。业绩增长的重要来源是新品《超自然行动组》的持续贡献。其中，移动端游戏收入43.68亿元，占总营收93.15%。这款产品没有选择传统重度路线，而是通过轻量化玩法、社交属性以及多平台布局吸引用户。它也在某种程度上说明，中腰部公司未必需要复制大厂的大制作模式。找到明确用户需求，同样可能形成新的增长机会。世纪华通以及部分中小厂商在今年半年报里的表现，则展现了另一种生存智慧。2026年上半年，世纪华通营业收入221.17亿元（同比增长28.53%）。其中，互联网游戏业务收入达到213.42亿元，同比增长29.87%。凭借《Whiteout Survival》（《无尽冬日》）在海外市场的长线表现，世纪华通旗下的Century Games一举跃居全球手游发行商收入榜第二位。与腾讯、网易更多依靠国内成熟用户市场不同，世纪华通的增长更多来自海外市场。国产游戏竞争半径正在扩大，但出海并不意味着低难度竞争。随着越来越多厂商进入海外市场，买量成本、本地化运营和长期留存能力，都将成为新的考验。当所有人都开始往海外扎，买量成本必然水涨船高。世纪华通的海外先发优势，还能维持几个季度？出海之外，另一个不容忽视的增长点正在蠢蠢欲动。今年以来，越来越多游戏公司开始探索AI在研发流程中的应用。从美术资产生成、剧情辅助，到测试、运营分析，AI正在逐渐进入游戏生产链条。对于大厂而言，AI更多意味着研发效率提升，帮助企业降低部分生产成本。而对于中小团队而言，AI提供了另一种可能：降低部分内容生产门槛，让小团队拥有参与高品质内容竞争的可能，毕竟，AI目前更像是游戏行业下一阶段的基础设施。今年游戏公司的半年报，又一次展现出行业多元性。依靠成熟产品矩阵寻找下一款长生命周期产品、押注新品突破周期压力、通过差异化玩法寻找增长机会、借助海外市场打开新的空间……爆款之后，谁来接班？或许才是未来几年游戏公司最难回答的问题。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"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; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"isLaohu8Offline":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.52.0","shortVersion":"4.52.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2664800799","isCrawlerRequest":true}