Internet - China: Play Pulse: China Online Game Tracker –May 2026

Research evidence excerpt

Internet - China: Play Pulse: China Online Game Tracker –May 2026

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Internet - China

Play Pulse: China Online Game Tracker –

May 2026

Industry Overview

May’ 26 online game growth stays solid at 10% YoY 26 June 2026

Per CNG, China’s online game industry delivered solid May’26, with total revenue Equity

reaching RMB30.9bn, up 10% YoY and 2% QoQ, supported by resilient user engagement China

and monetization trends of key legacy titles. Mobile game gross billing continued to Internet/e-Commerce

dominate with RMB22.7bn sales, +7% YoY (73% mix). Within evergreen titles, Tencent’s Alex Liu >>

DNF Mobile launched 2-Year Anniversary Upgrade on May 20, resulting in major grossing Research Analyst

growth. PC & console games: PC games saw notable growth of 22% YoY in May’26, Merrill+852 3508Lynch5090(Hong Kong)

with continued ramp up of high-quality cross-platform titles such as Delta Force. alex.liu3@bofa.com

Overseas games by Chinese developer: in-house games generated US$2.0bn in Joanna Du >>

Research Analyst

overseas market, up 31% YoY on accelerating globalization of Chinese developers. Merrill Lynch (Hong Kong)

joanna.du@bofa.com

User & time spent tracking by QuestMobile

Per QuestMobile, Tencent key evergreen games’ DAU continued to rebound in May’26,

while total time spent remained broadly flat MoM. Delta Force DAU/time spent is now

71%/66% of HoK and 171%/156% higher than Peacekeeper Elite in May’26. NetEase DAU: daily active user

key mobile game titles saw softened DAU and time spent trends in May’26, with Eggy

Party DAU down 3% MoM. Bilibili key mobile game titles showed a declining trend in CNG: China New Game Research

both users and engagement in May’26. HoK: Honor of Kings

Game grossing tracking by Sensor Tower FWJ: Fantasy Westward Journey