Chinese Game Publishers Capture Record Share of Global Market as Century Games Takes Top Spot
More than 30 Chinese companies rank among the top 100 global mobile publishers in 2025, driven by strategic dominance in niche categories and breakout hits in the Strategy and RPG sectors.
Century Games has emerged as the leading Chinese publisher in overseas markets this year, successfully layering new growth engines atop existing blockbusters. The company’s rise underscores a broader shift where specialized players are challenging long-standing giants. Meanwhile, FUNFLY has disrupted the global charts with Last War, which surpassed heavyweight titles including Roblox and Royal Match to become the highest-grossing mobile game abroad in 2025.
The market landscape reflects a trend of "concentrated force," where developers are doubling down on proven sub-genres like Simulation Games (SLG) and Merge-2 puzzles to drive revenue. While established technology titans like Tencent and NetEase manage diverse portfolios with mixed results, agile competitors focusing on single verticals—such as Microfun in the merge category—are recording triple-digit percentage growth.
Beyond traditional strategy games, Chinese developers are achieving unprecedented success in localized high-value markets. Papergames has made significant inroads in the U.S. with female-oriented narratives, while Kuro Games has solidified its foothold in Japan. These shifts indicate that Chinese publishers are moving beyond simple volume export strategies to deep, market-specific monetization capability.
The Battle for SLG Dominance
Century Games secured the top publisher spot by maintaining the longevity of its 2023 hit Whiteout Survival while rapidly scaling new titles. Its latest SLG release, Kingshot, has already reached two-thirds of Whiteout Survival’s monthly revenue, outpacing its predecessor’s initial growth trajectory. Additionally, the company is diversifying into the casual market with Tasty Travels, a Merge-2 title that has shown continuous growth since March.
Similarly, FUNFLY has capitalized on the hybrid-casual SLG trend. Its flagship title, Last War, is now the top-grossing game in overseas markets. Despite having Daily Active Users (DAU) comparable to or slightly lower than Whiteout Survival, Last War generates approximately 40% higher revenue, demonstrating superior commercialization efficiency.
Surging Niche Players
Microfun has become a bellwether for the Merge-2 puzzle category, reporting a year-on-year overseas revenue increase of over 150%. Its breakout hit, Gossip Harbor, nearly doubled its revenue in 2025, acting as the primary driver for the company. While its latest title, Flambé: Merge & Cook, is growing, older titles continue to provide a stable financial floor.
The success of these focused studios stands in contrast to broader aggregators. Top Games continues to rely heavily on Evony, which accounts for 94% of its overseas revenue, though it is attempting to pivot via mini-games. Lilith Games saw mixed results; its new title AFK Journey underperformed expectations, though its Palmon survival-themed new release is gaining traction.
Mixed Fortunes for Tech Giants
Tencent saw a slight softening in overall overseas performance. While PUBG MOBILE remains a key revenue pillar, it experienced declines in major markets including the U.S. and Saudi Arabia. However, the company found new momentum with Age of Empires Mobile, which launched late last year and has risen to become the company’s fourth-largest overseas revenue contributor.
NetEase also faces a complex landscape. Its new sci-fi title Destiny: Rising saw revenue sharply decline after launch. Conversely, the shooter Blood Strike is performing exceptionally well in emerging markets, posting revenue gains of 32% in Mexico and 12% in the U.S., effectively finding a competitive niche globally.
MiHoYo released no new titles in 2025, resulting in a slight dip across its "Honkai" and "Genshin" franchises. Notably, Honkai: Star Rail remains a powerhouse, with revenue in Japan surpassing that of the iOS market in China, highlighting the studio's entrenched global fanbase even in the absence of fresh releases.
Regional Breakthroughs
Chinese developers are increasingly displacing local incumbents in high-barrier markets like Japan and the U.S.
Papergames has successfully captured the U.S. market with its simulation game Love and Deepspace. Initially popular in Japan, the U.S. market surged starting in July 2024, now accounting for 33% of overseas revenue—fueling a twofold increase in the company's total overseas earnings this year.
Kuro Games relies on Wuthering Waves for over 93% of its international revenue. The game reached a new monthly revenue peak in Japan following its first-anniversary update in June, validating the developer's strategy of high-investment content updates.
Meanwhile, companies like Joy Net (4399) and Habby continue to exploit the "hybrid-casual" lane. Joy Net’s Legend of Mushroom remains a strong earner in East Asia, while Habby sees growth from Archero 2, though its newer roguelike entry Dungeon Capybara has yet to replicate previous successes.