MiHoYo Reignites Its Competitive Spirit

Recently, Sensor Tower released its April 2025 rankings of the top 30 Chinese mobile game publishers by overseas revenue on the App Store and Google Play. Tencent, Diandian Interactive, NetEase, MiHoYo, and Lemon Microfun maintained their positions in the top five. Notably, MiHoYo’s revenue surged by 51%, driven primarily by the two-year anniversary of Honkai: Star Rail, the release of the new character Xia Die (“Mistweaver”) in the “Summon the Azure Dragon in Long Robes” event, and the introduction of a new monetization model. These factors contributed to a staggering 192% spike in revenue for Honkai: Star Rail, which topped China’s iOS revenue charts within hours of the update, surpassing even TikTok (Douyin).

Additionally, three of MiHoYo’s published anime-style (erciyuan) titles—Mahjong Soul, Blue Archive, and Arknights—achieved strong market performance in Japan. This success highlights how the anime-game niche has expanded beyond Asia, gaining a truly global audience and influence.

Industry Competition Heats Up

Major players like Tencent, NetEase, and Perfect World have entered the anime-game (erciyuan) market, intensifying competition for players and market share. According to the 2024 China Game Industry Report by CGIGC, domestic revenue for anime-style games fell 7.44% YoY to ¥29.348 billion, trailing only slightly behind home-page games and single-player titles, while mini-program games dominated with ¥39.836 billion in revenue.

With younger players becoming more cautious spenders and more brands vying for their wallets, MiHoYo retains a key advantage: strong emotional bonds with its player base. Unlike legacy publishers such as NetEase and Tencent, MiHoYo enjoys higher player goodwill, largely thanks to Genshin Impact—which introduced many to their “first anime-style game”—transforming what was once a niche genre into a mainstream phenomenon.

The Version 5.6 update of Genshin Impact rekindled nostalgia by revisiting beloved characters like Venti, Mondstadt’s bard, reminding players of their earliest adventures in Teyvat.

Despite entering its mid-to-late lifecycle and facing inevitable player attrition, Genshin Impact remains a top 20 earner in monthly overseas revenue—a testament to its enduring appeal.

The Power of IP and Longevity

MiHoYo’s iconic characters and expansive worldbuilding have cultivated a deeply loyal fanbase—players who remain invested in its worlds even outside the games themselves. This “devotee culture” (chuli) is built on rich storytelling and character depth, making MiHoYo’s IPs uniquely resilient.

As the company continues its mission to “create a virtual world where a billion people would love to live,” MiHoYo is pushing forward—not just as a game developer, but as a pioneer of digital entertainment ecosystems.

Key Takeaways:

• Honkai: Star Rail’s 192% revenue surge proves MiHoYo’s live-ops mastery.
• Anime-style games (erciyuan) are now a global phenomenon, not just an Asian niche.
• Despite market contraction, MiHoYo’s emotional player connections set it apart.
• Genshin Impact remains a revenue powerhouse, even in its later stages.
• IP longevity and worldbuilding are MiHoYo’s core strengths.

“MiHoYo’s real competition isn’t Tencent or NetEase—it’s surpassing its own legacy with Genshin Impact.” — Industry Analyst

(Data sources: Sensor Tower, CGIGC)