1、 棺淨 IP 2021 12 20 / 淨 SLGMOBA SLG 棻 IP 1淨漼飬IP 淨23淨淨 PC 淨4 IPIP飬IP IP IP 飺2021 180.13 16.59% 2020 6%/棬 A顢硢 棺/ 2 1. . 4 1.1. . 4 1.2. . 5 2. . 8 2.1. . 8 2.2. . 10 2.3. . 13 2.4. . 16 2.5. MMORPG . 19 2.6. . 20 3. 淨 IP . 23 3.1. 淨漼 . 23 3.2. . 25 3.3. 淨 . 27 3.4. IP . 28 4. . 31 5. . 32 1 . 4 2. 5 3.

2、6 42021 . 6 5. 6 62021H1 TOP2000 . 7 72021H1 . 7 8TOP 10 . 7 9TOP 100 . 7 102021 100 . 8 112021H1 . 8 122021 . 8 132020 . 8 14 . 9 15. 9 16豸 . 10 17 . 11 18 . 11 192021Q3 TOP10 . 11 202021Q3 TOP20 . 11 21ROBLOX DAU . 13 oPqOnPoQnRxPtRtPrQtPqN8OcMbRoMrRpNpNkPrRoPkPoOqMbRqRrQvPpOvNwMpNoQ 棺/ 3 22ROBLOX

3、 ABPDAU . 13 23 . 15 24 . 15 25 . 15 262019-2022 . 15 272021922 APP STORE TOP100 . 16 282020Q2 . 16 29TOP100 . 16 30 . 18 31 . 18 32TOP100 . 19 332020Q2 . 19 342021Q3TOP10 . 20 352021Q3 TOP20 . 20 362020Q2 . 21 372017Q1-2019Q1 . 21 382021H1 GOOGLE PLAY . 22 392018-21 . 22 402020Q2 . 22 412021926APP

4、STORETOP100 . 22 43 . 24 44 . 25 45IOSCPICVR . 25 46 . 25 47 . 26 482020 . 27 49 . 27 50 . 27 51 . 27 52 APP STORE . 28 53IP . 28 54IP . 29 552020IP TOP10 . 29 562020TOP100IP . 29 572020TOP100IP . 29 58IP . 30 58 . 31 1SLG . 12 2 . 13 3 . 17 4 . 23 5IP . 29 棺/ 4 1. 1.1. 20-20182018 1

5、Arena of Valor廯 棺/ 5 棬30%App StoreGoogle Play70%50%-60%棬桢GoogleFacebook 2 1.2. App Annie 鱬10202117 50 40%15%2021 810 100 7 1 2019 25%豸棬202112003.1 棺/ 6 3 42021 AppAnnie AppAnnie&IDC 1档鱬App StoreGoogle Play39%罻2020 1083 202516839.2% 5 0123456780.00.51.01.52.018.1 18.3 18.5 18.7 18.9 18.11 19.1 19.3 1

6、9.5 19.7 19.919.11 20.1 20.3 20.5 20.7 20.9 20.11 21.1 21.3 21.5 21.7 02040608014 2015 2016 2017 2018 2019 2020 2021F PC&MAC 05002015 2016 2017 2018 2019 2020E 2021E 2022E 2023E 2024E 2025E 棺/ 7 2仯2021 Top2000 23.4% 3.6pct18.8%17.6%7.7%0.3pct-3.7 pct-0.6 pctSensor Tower2021App

7、Store&Google PlayTOP 3059.4202042.141.09% 2020 5400 7700 TOP 100 2020115.62021925.228.2%41.5% 62021H1Top2000 72021H1 GoogleApp Annie GoogleApp Annie 8TOP 10 9TOP 100 Sensor Tower GoogleApp Annie 21H1 20H1 0%5%10%15%20%25%30%35%40%45%0%5%10%15%20%25%30% 0%10%20%30%40%50%022242620.120.220.3

8、20.420.520.620.720.820.920.1020.1120.12 21.1 21.2 21.3 21.4 21.5 21.6 21.7 21.8 21.921.10 棺/ 8 2. 2.1. ARPGMMORPG MOBARPGSLG 102021 100 112021H1 App Annie MMORPG 122021 132020 (ARPG/MMORPG) MOBA SLG) 32.58% 18.54% 7.19% 4.98% 41.40% 12.96% 13.46% SLG 黥 棺/ 9 14 App AnnieGoogle GoogleApp Annie佫淨MOBA淨

9、15 App AnnieGoogle 棺/ 10 2.2. 20 707080 EA 16豸 2021 2.27 68% 31 20217.70.94.50.220201%35 棺/ 11 17 18 Sensor Tower ESA 淨Sensor Tower 202125 Top100 9.7 23.3%State of Survival310 192021Q3 TOP10 202021Q3 TOP20 Sensor Tower Sensor Tower SLG淨 SLG 淨2021 2011SLGState of SurvivalWest GameSLGFunplusState of S

10、urvival20208+024684050607018Q218Q319Q219Q319Q420Q120Q320Q421Q121Q221Q3 TOP100 0%20%40%60%80% 18-34 35-44 45-54 55-64 棺/ 12 +PVE 罻PVEPVPSLGFunplus黥 SLG 1SLG NPC NPC B B A,C,D 佫 淨 SLG 罻 SLGRPG; +RTS趨PVP PVE GameRes 棺/ 13 UGC Roblox 2004 Roblox StudioPC豸Roblox罻桱 2020 Roblox 5 202121Q3booking

11、28.47% 6.38 DAU 4739 31% DAU ABPDAU 13.48 11228% 21Roblox DAU 22Roblox ABPDAU Roblox棬 Roblox棬 2.3. PC 2 / Paradox DICE FPS Mojang 25 CDPR 2077 540455018Q118Q218Q318Q419Q119Q219Q319Q420Q120Q220Q320Q421Q121Q221Q3DAU 02040608052018Q118Q218Q318Q419Q119Q219Q319Q420Q120Q220Q320Q421Q1

12、21Q221Q3ABPDAU/$ / 棺/ 14 11 bits Techland DayZ Illusion Softworks SCS software Bus Driver18 Wheels of SteelTruck Simulator Remedy Entertainment Rovio Supercell 86 GSC Game World 4A Games Frogwares Studio W Focus Home Interactive 1996 Eugen System RTS Quantic dream Deep Silver Kalypso United Independ

13、ent Entertainment Astragon Entertainment 泵 Crytek eidos rockstar ag 豸ISFE202023344%40% 2021922App Store Top10020% 棺/ 15 23 24 ISFE 鷢20209.50.9Sensor Tower27.9% 25 262019-2022 ISFE Sensor Tower 淨 App StoreTop100 RoguelikeRPG2019 3 21iOSTOP146Google PlayTOP 10 27 26 22 22 21 18 32 14 11 10 0 10 20 30

14、40 88.28.48.68.899.29.49.62017 2018 2019 2020059 2020 2021E 2022E App Store Google Play 棺/ 16 272021 9 22 App Store Top100 2.4. 20212%46.219Q337.9 2%顣Sensor TowerTOP1002018Q11.72021Q3 9.4 500% 2018Q1 11 2021Q3 33 282020Q2 29 TOP100 Sensor Tower Sensor Tower 024680 0 1000 2000 0

15、 20 40 60 0246840506018Q218Q319Q119Q219Q320Q120Q220Q320Q421Q121Q221Q3 TOP100 棺/ 17 1淨淨1996硣2020/Delightworks 7 IP IP 3 豸 3A 2俪桢桢IPIP30PV UGC IPIPROIIP 棺/ 18 齫齫齫 App Store 30 31 3淨 RPG淨淨罻 RPGiOS 棺/ 19 1V4 淨 18 app 2v8Black Jack21 2.5. MMORPG 漣PCMMORPGMMORPGMassive Multiplayer Online Role-P

16、laying Game佻2021Q366% 32 TOP100 332020Q2 Sensor Tower Sensor Tower 19Q29.021Q314.763.33%20%iOS 30 40MMORPG罻棬 MMORPG 14.70 0554045024681012141619Q219Q319Q420Q120Q220Q320Q421Q121Q221Q3 TOP100 0 500 1000 0 10 20 30 棺/ 20 342021Q3 TOP10 352021Q3 TOP20 Sensor Tower Sensor Tower 罻 10 30 4399 MM

17、ORPG漣Angelina Danilova MC 漣KOLYouTube棬4399 LOGOMMORPG 2.6. 2020140Sensor Tower2020Q2App StoreGoogle Play643.8% 28% 52%20%59%18% 70%45.15%47902017Q140402019Q37910 棺/ 21 362020Q2 372017Q1-2019Q1 Sensor Tower 35.1% 46.4%鹦MOBA档飬2021 6250.4% 2.197 IPFacebook 28% 20% 18% 14% 12% 8% 004000500060

18、00700080009000Q12017Q22017Q32017Q42017Q12018Q22018Q32018Q42018Q12019Q22019Q32019 棺/ 22 382021H1 Google Play DotC United Group * 392018-21 402020Q2 Sensor Tower 41 20219 26 App StoreTop100 0%20%40%60%80%100%MOBA 0 100 200 300 0 200 400 600 0554045 棺/ 23 3. 淨IP 淨 IP 1淨漼23淨4 IP IP IP 3.1. 淨漼

19、 淨 4 淨 80% 63% 43% 41% 39% 淨 + 60% 46% 38% 37% 23% 淨 漤 31% 27% 24% 19% UnityTopOn 飬IP 淨 棺/ 24 1IP IP淨漣 A-Soul 塣 94.3%69.8% 20233334.7 IP2IP RPG淨IP趨塣棬淨3VRARVRARVRAR豸淨罻壻淨塣趨磬 43 棺/ 25 3.2. Ajust 2020 66%2020 2021 49%CPI0.46CVR 2.72% 44 45 iOS CPI CVR Adjust AdjustUnity 飬淨豸Unity粩 46 Unity 31% 36% 27% 23

20、% 66% 4% 18% 8% 4% 49% 0%10%20%30%40%50%60%70% 2019-2020 2020-2021H10.0%0.5%1.0%1.5%2.0%2.5%3.0%$0.00$0.50$1.00$1.50$2.00 CPI CVR11.11.21.31.41.51.61.71.81.92 2020 2014 2020 2019 棺/ 26 TopOn43.28%40%41.07%34.24% 47 TopOn Unity2020 淨棬App Annie IDC 2019Q3 岻 0%10%20%30%40%50% 3 7 14 30 棺/ 27

21、 482020 49 Unity TopOn 3.3. 淨 淨淨汾淨顢淨 50 51 Bilibili- 51.80% 38.10% 47.60% 82.30% 108.10% 4.60% 79.50% 79.60% 47.40% 27.60% 52.80% -26.70% 17.10% 87.50% 51.30% 0%10%20%30%40%50%60%70%80%90%100% Banner 棺/ 28 PC 淨汾淨淨 PC PC淨硢 52 App Store 53IP 棬淨Puzzle & Survival淨Roguelite RPG 3.4. IP IPIP塣 IP IP IP IP

22、IP IP 2017 2020 66.74% IP PC IP IP IPIPIP50% 02040608021/6/292021/7/62021/7/132021/7/202021/7/272021/8/32021/8/102021/8/172021/8/242021/8/312021/9/72021/9/142021/9/212021/9/28 棺/ 29 54 IP 552020 IP TOP10 56 2020TOP100 IP 57 2020TOP100 IP IP顣 IP IP 淨IP J360FPS顢飬IP 5 IP IP PUBGM Krafton Kra

23、fton CODM Apex Apex EA EA 020040060080002017 2018 2019 2020 0%20%40%60%80%100% 0%10%20%30%40%50%60%70% 棺/ 30 JOJO Klab Klab Online Bethesda Bethesda 棬 IP IP IP IPIP ARPG 飬趨干2021-2022 IP 58 IP 棺/ 31 4. 2021 180.13 16.59%20206%/棬A顢硢 58 棬 飺37Games20.45111.03%SLG+ 7 11 10飬State of SurvivalSensor TowerTOP 30Family FarmFamily Farm Seaside Royal Story Happy Acres2021Q2Family Farm AdventureTOP 105RobloxLivetopia0%50%100%150%200%250%02040608001802002013 2014 2015 2016 2017 2018 2019 2020 2021 棺/ 32 500 10sensor tower12iPhone壬iPhoneSLGSLG蹫 5.