Zheshang: The scale of the game market in the first quarter of 2026 is approaching one trillion. The issuance of version numbers continues to be normalized.

Zheshang released a research report stating that the actual sales revenue of the Chinese gaming market reached 97.172 billion yuan in the first quarter of 2026, an increase of 2.54% month-on-month and 13.38% year-on-year. In detail, the actual sales revenue of the domestic gaming market reached 350.789 billion yuan, a year-on-year increase of 7.68%, while overseas revenue reached 20.455 billion US dollars, an increase of 10.23%. In 2025, a total of 1,771 game licenses were issued (1,676 domestic + 95 imports), a 25% increase year-on-year, reaching a new high since 2019. The pace of license issuance remains stable, providing a solid foundation for new product reserves in the industry. Zheshang's main points are as follows: - The market size in 26Q1 is close to one trillion yuan, with the year-on-year growth rate continuing to increase. According to the "2026 First Quarter Quarterly Report on the Chinese Gaming Industry" released by Gamma Data, the actual sales revenue of the Chinese gaming market in the first quarter of 2026 reached 971.72 billion yuan, an increase of 2.54% month-on-month and 13.38% year-on-year, further increasing compared to the full year of 2025 (+7.68%) and the first quarter of 2025 (-1.21%). In terms of user scale, the number of domestic game users in 2025 has reached 683 million, an increase of 1.35% year-on-year. - In 2025, the industry size exceeded 350 billion yuan for the first time. The actual sales revenue of the domestic gaming market reached 3507.89 billion yuan, an increase of 7.68% year-on-year, with mobile game revenue at 2570.76 billion yuan (+7.92%), client game revenue at 781.60 billion yuan (+14.97%), mini program game revenue at 535.35 billion yuan (+34.39%), and overseas revenue at 20.455 billion US dollars (+10.23%). - Continuous normalization of license issuance, ample supply. A total of 1,771 game licenses were issued throughout 2025 (1,676 domestic + 95 imports), a 25% increase year-on-year, reaching a new high since 2019. In the first quarter of 2026, a total of 467 licenses were issued (453 domestic + 14 imports), with 154 licenses issued in April alone (147 domestic + 7 imports), maintaining a stable pace. Ample supply of licenses provides a solid foundation for new product reserves in the industry. Risk Warning: 1. New game launch progress or quality may not meet expectations. 2. Risks of game revenue performance falling short of expectations. 3. Risks of intensified industry competition. 4. Risks of AI technology development falling short of expectations. 5. Changes in international trade policies. 6. Changes in distribution-related policies, etc.