According to the "2025 China Gaming Industry Report," China's domestic gaming market achieved actual sales revenue of 350.789 billion yuan in 2025, a year-on-year increase of 7.68%. The user base reached 683 million, growing by 1.35% year-on-year. Self-developed games generated domestic sales revenue of 291.095 billion yuan, while self-developed games' overseas market sales revenue reached $20.455 billion, marking the sixth consecutive year exceeding 100 billion yuan. Amid global economic fluctuations and intensifying competition, Chinese gaming companies have demonstrated strong resilience and capability.
In 2025, 17 A-share listed gaming companies collectively achieved operating revenue of 96.144 billion yuan, up 25.80% year-on-year, and net profit attributable to shareholders of 15.102 billion yuan, surging 128.31% year-on-year.
Kingnet Network's revenue fell out of the top five. The top five companies by revenue were Century Huatong, 37 Interactive Entertainment, Perfect World, G-bits Network Technology, and SinoThal. Their combined revenue reached 72.549 billion yuan, a 26.83% increase year-on-year, accounting for 75.46% of the total revenue of A-share listed gaming companies, up 0.61 percentage points year-on-year. Generally, higher-ranked companies exhibit larger scale, stronger risk resistance, and significantly better performance compared to lower-ranked, especially bottom-tier, firms.
Compared to 2024, Century Huatong and 37 Interactive Entertainment maintained their rankings; Perfect World rose by one spot; G-bits Network Technology climbed two positions, re-entering the top five after two years; SinoThal dropped two spots, falling from the top three to the "gatekeeper" position.
Kingnet Network, which ranked fifth in revenue in 2024, dropped out of the top five in 2025, falling one place to sixth. Among the ten companies with year-on-year revenue growth, Kingnet Network recorded the slowest growth rate.
Seven listed companies saw simultaneous growth in both revenue and net profit, accounting for over 40%. Additionally, SinoThal, Ourpalm, Hangzhou Electronic Soul Network Technology, and Zhongqingbao experienced declines in both revenue and net profit. Baotong Technology, Mingchen Health, and Caesar Culture saw revenue growth without profit increase, while 37 Interactive Entertainment, Bingchuan Network, and Youzu Interactive achieved profit growth without revenue expansion.
Regarding profitability, six listed companies reported losses, with Caesar Culture, Fuchun Communications, Youzu Interactive, and Zhongqingbao extending their losses, while Ourpalm and Hangzhou Electronic Soul Network Technology shifted from profit to loss.
Among the eleven profitable listed companies, Perfect World, Bingchuan Network, and Xinghui Entertainment turned losses into profits. Century Huatong, 37 Interactive Entertainment, Kingnet Network, G-bits Network Technology, and Giant Network posted positive net profit growth. SinoThal, Baotong Technology, and Mingchen Health experienced declines in net profit.
Gross margin is a core indicator of a company's profitability. Typically, after a game's official launch, daily operations involve minimal maintenance costs. After deducting channel, platform, and tax shares, the remaining revenue is almost pure profit, resulting in generally high gross margins across the gaming industry, with user acquisition being the primary cost.
In 2025, the average gross margin for the 17 gaming companies was 60.73%, up 3.95 percentage points year-on-year. G-bits Network Technology, Bingchuan Network, and Giant Network led significantly, with gross margins above 90%. Additionally, Kingnet Network, 37 Interactive Entertainment, Ourpalm, and Century Huatong also exceeded the industry average, approaching or surpassing 70%.
Youzu Interactive, Baotong Technology, Zhongqingbao, and Caesar Culture had gross margins below 50%, with Caesar Culture at the bottom as the only gaming company with a single-digit gross margin.
From a business model perspective, Caesar Culture focuses on low-margin "game revenue sharing + IP licensing" operations, where a large portion of revenue is shared with developers and channels, significantly differing from other gaming companies that prioritize in-house product development as core competitiveness.
Zhongqingbao has increasingly invested in computing power business in recent years, accounting for 66.23% of its revenue by 2025. However, this segment's gross margin is extremely low, dragging down the company's overall gross margin. In 2025, Zhongqingbao's cloud computing business gross margin was only 5.83%, while its gaming business gross margin was as high as 87.06%, yet it contributed only 22.62% to total revenue.
Baotong Technology faces a similar situation, with its main business divided into gaming and industrial sectors, the latter consistently accounting for over 56% of revenue. In 2025, Baotong Technology's gaming business gross margin was 59.91%, up 5.31 percentage points year-on-year, while its industrial sector gross margin was only 21.66%, down 3.6 percentage points year-on-year, significantly lowering the company's overall gross margin.
Hangzhou Electronic Soul Network Technology's overseas expansion faced setbacks, with international revenue nearly halving year-on-year. From the perspective of game出海, except for Zhongqingbao, the other 16 companies disclosed their international revenue.
In 2025, the 16 companies' combined international revenue reached 40.875 billion yuan, a 38.26% increase year-on-year, exceeding the industry's total revenue growth rate. The average international revenue contribution was 37.05%, up 2.32 percentage points year-on-year, indicating that overseas expansion is becoming a core driver for gaming companies' performance.
The top five companies by international revenue scale were Century Huatong, 37 Interactive Entertainment, SinoThal, Baotong Technology, and Xinghui Entertainment. Among them, Xinghui Entertainment rose one spot compared to 2024, re-entering the top five, while previously fifth-ranked Bingchuan Network fell one place out of the top five.
Regarding international revenue changes, ten companies saw year-on-year growth, accounting for 62.5%, with Century Huatong experiencing the fastest growth, nearly 100%. Additionally, Fuchun Communications and G-bits Network Technology both achieved growth rates exceeding 80%.
Six companies—Bingchuan Network, 37 Interactive Entertainment, SinoThal, Perfect World, Ourpalm, and Hangzhou Electronic Soul Network Technology—saw year-on-year declines in international revenue. Hangzhou Electronic Soul Network Technology experienced the largest drop, nearly halving. Furthermore, Perfect World and Ourpalm also reported double-digit declines.
In terms of international revenue contribution, six companies already exceed 50%, meaning international revenue surpasses domestic revenue. Additionally, Fuchun Communications, Ourpalm, 37 Interactive Entertainment, and Caesar Culture have international revenue contributions over 30%. Fuchun Communications saw a significant 13.85 percentage point year-on-year increase in international revenue contribution, the only company with a double-digit growth rate.
Regarding international business profitability, eight companies achieved international business gross margins over 70%. Among them, Bingchuan Network and G-bits Network Technology reached international business gross margins above 90%.
Compared to 2024, nine companies experienced year-on-year declines in international business gross margin, accounting for over 50%. Giant Network saw the most significant profitability drop, falling 46.07 percentage points year-on-year to 43.07%. Combined with the previously mentioned near-halving of international revenue, its 2025 overseas strategy faced severe setbacks. Additionally, Youzu Interactive and Caesar Culture also reported substantial declines in international business gross margin.
Xinghui Entertainment recorded the fastest improvement in international business profitability, with gross margin rising 33.16 percentage points year-on-year to 53.66%. Furthermore, G-bits Network Technology, Fuchun Communications, and Hangzhou Electronic Soul Network Technology also achieved double-digit growth in international business gross margin.
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