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Huayan Robotics closed its IPO on March 25, five days after opening the offering, as it moved toward a March 30 listing on the main board of the Hong Kong Stock Exchange.
The company plans to issue 80,785,000 shares in the IPO, including 4,039,400 shares in Hong Kong and 76,745,600 shares internationally. At an offer price of HKD 17 (USD 2.2) per share, Huayan is set to raise up to HKD 1.4 billion (USD 179.1 million), implying a valuation of more than HKD 9 billion (USD 1.2 billion).
Investors in the deal include Hillhouse Capital, Morgan Stanley, GF Fund Management, and Vertex Ventures, with aggregate subscriptions totaling USD 98.4 million.
Founded in 2017 and registered in Guangdong, Huayan develops and sells industrial collaborative robots, or cobots, and core motion components. Its products are used in consumer electronics, automotive, semiconductors, medical, metal processing, and logistics. It also makes precision motion components for humanoid robots, embodied intelligence systems, and cobot applications.
Huayan was formerly known as Han’s Robot before rebranding in 2025.
According to Huayan, its customer base includes companies in high-end manufacturing, semiconductors, new energy, and medical testing.
On the financial side, revenue rose from RMB 109 million (USD 15.8 million) in 2022 to RMB 175 million (USD 25.3 million) in 2023 and RMB 310 million (USD 44.9 million) in 2024, representing a compound annual growth rate (CAGR) of 68.4%. In the first three quarters of 2025, revenue increased 36.2% year-on-year to RMB 281 million (USD 40.7 million), from RMB 206 million (USD 29.8 million) in the same period of 2024. Huayan said it turned profitable in 2024.
The company also said it was China’s largest exporter of cobots by overseas revenue in 2024. Overseas revenue accounted for 26.2% of total revenue in 2022, 26.5% in 2023, and 50.2% in 2024, before easing to 37.9% in the first three quarters of 2025. Huayan said it has established a presence in Europe and the Americas.
Huayan attributes part of its product development to its work in motors and servo drives. Its founding team has more than 20 years of experience developing core motion components. The company also said it is the only cobot maker in China that sells core motion components externally, reflecting its ability to design and manufacture those parts in-house.
Huayan has also developed its HRC embodied intelligence control platform, which it said supports coordination across perception, decision-making, and execution. The company said the platform supports product development and adaptation for different customer requirements and use cases.
Its cobots cover payloads of 3–60 kilograms. Huayan said the products can achieve repeatability of up to 0.015 millimeters and end-effector speeds of up to 8.5 meters per second under a 50-kilogram load.
The company said its collaborative robot technologies can be applied to humanoid robots and that it is already supplying joint modules to several humanoid robot makers.
According to Frost &amp; Sullivan, the global market for humanoid robot components reached RMB 3.5 billion (USD 506.9 million) in 2024 and is forecast to grow at a CAGR of 59.5% from 2024 to 2029. Huayan said the market still faces two main constraints: dependence on imported core joint modules, which account for more than 60% of total costs, and weak alignment between motion control algorithms and hardware, which can contribute to higher failure rates.
Huayan said its work in torque motors, servo drives, joint modules, and collaborative robot deployment gives it a base for serving that market. The company also said it is the only domestic player with integrated R&amp;D capabilities across those areas.
The company added that it plans to continue refining its products for the humanoid robot market, with R&amp;D focused on frameless torque motors, humanoid joint modules, and robotic arms designed for more complex motion requirements.
The collaborative robot market is also expanding. Frost &amp; Sullivan said the global cobot market grew from RMB 2.5 billion (USD 362 million) in 2020 to RMB 7.5 billion (USD 1.1 billion) in 2024, a CAGR of 32%, and is projected to reach RMB 35 billion (USD 5.1 billion) by 2029, with a CAGR of 37.4%.
In China, the cobot market rose from RMB 600 million (USD 86.9 million) in 2020 to RMB 2.2 billion (USD 318.6 million) in 2024, a CAGR of 38.8%, and is expected to reach RMB 12.4 billion (USD 1.8 billion) by 2029, with a CAGR of 43.5%.
This <a href="https://xueqiu.com/2854806290/380741160">article</a> was adapted based on a feature originally published on IPO Zaozhidao. KrASIA is authorized to translate, adapt, and publish its contents.
Note: HKD, RMB figures are converted to USD at rates of HKD 7.82 = USD 1 and RMB 6.91 = USD 1 based on estimates as of March 26, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Cobot maker Huayan nears Hong Kong IPO amid rising interest in humanoid robotics

Robotics

Deep Tech

Hong Kong

China

… algorithms, ecosystem design, and user experience, Creality remained more focused on hardware volume and pricing. It did not launch the K1 series until May 2023. By then, Bambu Lab had already taken much of the category’s attention, leaving Creality in catch-up mode.
<h3>Creality’s response is getting expensive</h3>
Creality has since tried to respond on three fronts.
First, it increased R&amp;D spending. From 2022–2025, R&amp;D expenses rose from RMB 87 million (USD 12.6 million) to RMB 222 million (USD 32.2 million), while the R&amp;D ratio increased from 6.4% to 7.1%. That spending supported faster product updates and a push into higher-end models such as the K1 Max and K2 Plus. The company has also expanded into adjacent categories, including laser engraving and 3D scanning.
Second, it raised selling expenses to support direct sales and brand marketing. As part of that shift, it moved away from heavier reliance on distributors and increased spending on social media and <a href="/industry/e-commerce">e-commerce</a> channels.
The channel strategy changed quickly. Online sales as a share of total sales rose from 14% in 2022 to 49% in 2025. But the cost was high. Marketing and advertising expenses rose from RMB 30 million (USD 4.3 million) to RMB 270 million (USD 39.1 million) over the period, while platform commissions increased from RMB 2 million (USD 289,892.9) to RMB 96 million (USD 13.9 million). As a result, the selling expense ratio climbed from 8.1% to 18.2%.
Third, Creality has tried to strengthen its software and community offering. It launched Creality Cloud in 2020, but for years the platform functioned more as a hardware add-on than as a core content and user retention product.
That changed after 2023, when MakerWorld became a major model sharing platform. Creality increased investment in Creality Cloud and added AI features. By the end of 2025, Creality Cloud had more than 5.7 million registered users globally. The company has also launched Nexbie, a 3D product e-commerce platform intended to connect hardware, software, content, and transactions.
Some of those efforts showed up in 2025. Printer unit sales rose from 720,000 to 740,000, and printer revenue increased 26% to RMB 1.78 billion (USD 258.0 million).
whereRelatedArticle
But the recovery brought new pressure. Higher marketing and R&amp;D spending weighed on earnings. In 2025, gross margin held at 31%, but operating profit and net profit both slipped slightly into the red. The company attributed part of the result to a one-off dividend payout, yet the decline in core operating profit still points to weaker profitability.
The same strain is visible in cash flow. In 2025, net cash flow from operating activities turned negative, with an outflow of RMB 63.977 million (USD 9.3 million). That suggests the business was no longer generating enough operating cash to fully support day-to-day needs.
That matters because the competitive pressure is not limited to Bambu Lab. Companies such as Anker and Dreame are also moving into the market. They still trail the leading players in 3D printing technology and product depth, but their manufacturing and channel capabilities could make competition tougher.
There is also a longer-term risk around IP. Model sharing communities help lower the barrier to entry by giving users access to ready-made designs. But recent copyright friction between Bambu Lab and <a href="/company/pop-mart">Pop Mart</a> highlights a gray area in the business. If rights holders increase enforcement, compliance costs for platforms could rise significantly. For Creality, which is already under pressure on margin and cash flow, that is another risk investors will have to weigh.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3735364151836680">article</a> was written by Ding Mao for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.90 = USD 1 based on estimates as of March 25, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Creality’s Hong Kong listing bid lays bare its retreat in consumer 3D printing

… e-commerce, knowledge creators, development, retail stores, design, manufacturing, legal, finance and tax, and recruitment.
Unlike most general-purpose agent frameworks, Wukong’s OPT solution does not offer users a bare framework. Instead, it packages “skills,” workflows, and industry data. Users only need to make decisions and approve results, while AI agents handle execution.
Cross-border e-commerce is one example. Previously, users had to scan Amazon bestseller charts, compare prices on 1688, confirm inventory and logistics with suppliers, optimize product titles, and create multilingual videos on their own. Alibaba said Wukong could compress that process from a week to a single afternoon.
Chen told 36Kr that the future advantage of Chinese-made AI agents will not come from head-on competition at the foundation model layer.
“At the model layer, China cannot yet compete, at least for now. It still needs time to catch up,” he said. “The real strength lies in combining models with industries, and in using industry data to generate models and experience.”
“If you can get AI to understand a refurbishment drawing in manufacturing,” he said, “and if it really can understand it, then the exponential transformation of Chinese production begins. That is what we should be paying attention to.”
Wukong’s ambitions extend beyond China. Under the roadmap, it will eventually support access through WeChat, Slack, and other mainstream global IM (instant messaging) platforms across desktop and mobile.
For DingTalk’s enterprise users, Wukong is available immediately upon upgrading to the AI 2.0 version, and it remains free to existing paid DingTalk customers for now.
“Over the past 11 years, DingTalk changed the way we work,” Chen said. “Today, Wukong is trying to define an entirely new way of working for the AI era.”
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3727395193388161">article</a> was written by Deng Yongyi for 36Kr.

Alibaba’s Wukong recasts DingTalk as part of AI-native work platform

East Asia

Enterprise Services

Artificial Intelligence

… primarily on price. As global demand slows and the cost of technological upgrades rises, collaboration is becoming a more practical model. Companies with strong brands and product legacies can focus on product definition and quality, while those with scale manage manufacturing, distribution, and regional execution.
The Skyworth-Panasonic partnership reflects that division. Panasonic’s established channels, brand recognition, and after-sales network in Europe and the US provide Skyworth with deeper access to mature markets. Skyworth’s supply chain, manufacturing scale, and global operating reach offer Panasonic a way to remain competitive in the premium segment.
As Chinese brands secure positions among the global top five and expand overseas revenue, their role is shifting. They are no longer only exporters of finished products. Increasingly, they act as operating partners behind international brands and, in some cases, help shape how those brands compete.
The Skyworth-Panasonic agreement matters because it shows how the premium TV market is reorganizing around specialization, shared costs, and cross-border cooperation. And for China’s TV makers, it marks a new phase of globalization, one defined less by price, and more by operational leverage.

What Skyworth’s Panasonic deal says about the future of the global TV market

Europe

… NEV sector may offer even broader possibilities for a second growth curve. Sunwoda has already established production bases in India, Vietnam, Hungary, Morocco, and Thailand to serve both Chinese and international partners. Exporting more of China’s power battery manufacturing model overseas, and supporting a greener global shift in mobility and transport, is becoming a new priority for Chinese battery makers, no less so for Sunwoda.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3721052695951744">article</a> was written by Xiao Xi for 36Kr.

Sunwoda sees ultrafast charging as the next breakthrough in EV adoption

Batteries

Energy

China's Belt and Road Initiative (BRI) reached record high investment last year driven by oil and natural gas projects, according to a study, part of Beijing's moves to secure resources and strengthen supply chains in developing countries.
This major spending on energy-related infrastructure looks set to continue as shipments of Middle Eastern crude oil that China and other Asian countries rely on have been disrupted by the Iran conflict.
As diversifying supply sources becomes even more critical, China appears to be accelerating efforts to secure access to resources.
Australian research center Griffith Asia Institute and the Green Finance &amp; Development Center at the Fudan International School of Finance of China's Fudan University studied about 150 countries that had signed BRI-related memorandums of understanding with China as of the end of 2025.
The University of Queensland professor Christoph Nedopil has been conducting this research annually since 2019, publishing the results through the institute.
The latest survey showed that investment and construction contracts for 2025 totaled USD 213.5 billion, the most since Chinese President Xi Jinping first proposed the BRI in 2013.
Energy-related investments accounted for the largest share by sector with over 40%, totaling USD 93.9 billion. Of this, oil and gas accounted for USD 71.5 billion, more than triple the previous record high in 2024.
Chinese state-owned oil giant Sinopec invested USD 3.7 billion to build a refinery at the Hambantota port in Sri Lanka. The South Asian country had been struggling to repay debts related to the port and handed over a 99-year operating license to China in 2017.
In addition to energy security concerns, China's increased investment in oil and gas projects is driven by greater profit potential compared with transportation infrastructure.
Investment in renewable energy also reached a record high, with over USD 18 billion going to wind, solar, and other projects.
Saudi Arabia, which is developing solar and other renewables in an effort to diversify its oil-dependent economy, was the largest recipient of such investments at USD 5.2 billion.
By region, resource-rich Africa received the most investment, accounting for 37% of the total. While the Trump administration has cut US support for developing countries, including by in effect shutting down the US Agency for International Development, China is expanding investments to fill the void and grow its influence.
In Nigeria, China National Chemical Engineering Group signed a roughly USD 20 billion contract for a gas facility. Last May, Beijing announced plans to eliminate tariffs on imports from African countries.
"China is finding it increasingly difficult to expand economic ties with the West," said Yasuyuki Todo, a professor at Japan's Waseda University. "It has little choice but to shift towards strengthening relations with the Global South," referring to developing countries and emerging markets.
He said that some countries in the Global South are drawing closer to China, which they see as offering greater economic benefits than the US.
Todo added that China is likely to increase investment in high-tech sectors. Deepening relations with developing countries by transferring advanced technologies could give it priority access to energy and mineral resources.
This article first appeared on <a href="https://asia.nikkei.com/spotlight/belt-and-road/china-s-belt-and-road-investments-hit-record-high-on-energy-deals">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.

China's Belt and Road investments hit record high on energy deals

… low-single-digit growth.
These measures helped reduce selling and distribution expenses as a share of revenue by 1.1 percentage points to 31%, while operating margin rose from 12.8% to 13.2%. Even with pressure on gross margin, the company’s core business remained profitable.
During the reporting period, Li-Ning’s total cash balance, including time deposits, reached RMB 19.973 billion (USD 2.9 billion), up RMB 1.833 billion (USD 265.7 million) from 2024. That cash position gives the company more flexibility for long-term investment.
Last year, Li-Ning regained the Chinese Olympic Committee partnership rights from Anta. At the end of 2025, it opened a flagship store in Beijing’s Taikoo Li Sanlitun and launched the “Glory Gold Label” series, marking the first time the Chinese Olympic Committee’s commercial emblem and the Li-Ning logo had appeared together on products.
<figure id="attachment_160789" aria-describedby="caption-attachment-160789" style="width: 1920px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-full wp-image-160789" src="https://console.kr-asia.com/wp-content/uploads/2026/03/Li-Ning-Chinese-Olympic-Committee.jpg" alt="" width="1920" height="1280" srcset="https://console.kr-asia.com/wp-content/uploads/2026/03/Li-Ning-Chinese-Olympic-Committee.jpg 1920w, https://console.kr-asia.com/wp-content/uploads/2026/03/Li-Ning-Chinese-Olympic-Committee-720x480.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2026/03/Li-Ning-Chinese-Olympic-Committee-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2026/03/Li-Ning-Chinese-Olympic-Committee-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2026/03/Li-Ning-Chinese-Olympic-Committee-1536x1024.jpg 1536w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-160789" class="wp-caption-text">Photo source: Li-Ning.</figcaption></figure>
Discussing the new store format, Kosaka said overall store productivity had exceeded internal expectations. He added that the company is expanding the product line and preparing to open a new store in a prime commercial district in Shanghai.
At the recently concluded Winter Olympics, Li-Ning gained another visibility boost. According to Guojin Securities, the Chinese sports delegation wore Li-Ning gear during the opening ceremony, giving the brand high-profile exposure. Guojin Securities also said it remains optimistic about Li-Ning’s performance in 2026 and expects the increase in visibility to support results for the full year.
Kosaka also said the CEO of the joint venture handling overseas business took office in the second half of last year. Although the joint venture has been removed from the listed company’s financial reporting system, he said its business is still growing and will contribute to the broader company’s performance.
Li-Ning still faces long-term challenges, but its latest results suggest it is entering its next phase with firmer operating control, clearer category priorities, and more confidence in where to invest.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3735252461748480">article</a> was written by Xie Yunzi for 36Kr.
Note: HKD, RMB figures are converted to USD at rates of HKD 7.83 = USD 1 and RMB 6.90 = USD 1 based on estimates as of March 25, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Li-Ning eyes a new growth cycle amid strong results and Olympic momentum

Retail

Consumer Economy

Chinese <a href="/industry/ev">electric vehicle</a> battery makers increased their dominance to a global share topping 70% last year, up from less than 50% in 2021, while South Korean competitors struggle in the US market.
Industry leader <a href="/company/catl">Contemporary Amperex Technology</a> (CATL) offers a range of EV and plug-in hybrid vehicle batteries at various price points. Customers include major Chinese automakers and a growing number of European car companies like Volkswagen and the Mercedes-Benz Group.
Net profit grew 42% in 2025 to a record RMB 72.2 billion (USD 10.5 billion).
CATL led the global market for EV and hybrid batteries in 2025 with a 39.2% share based on installed capacity, up one percentage point from 2024, according to South Korea's SNE Research.
Its high market share helps power a virtuous cycle of price and quality competitiveness that only adds to its scale.
While EV sales are slowing in the US and some other regions, they are growing worldwide. Vehicle battery installation volume remained strong in 2025, climbing 32% from 2024 to 1,187 gigawatt-hours, of which the Chinese market accounted for about 60%.
China's battery market continues to expand, fueled by government subsidies to promote adoption of EVs and other new energy vehicles. CATL and other Chinese makers also are capturing demand overseas, especially in Europe, where they have benefited from a lack of strong local rivals.
Six of the top ten global automotive battery manufacturers by installed capacity in 2025 were Chinese, with their combined share increasing by about four points from 2024 to 70.4%, according to SNE Research.
EV giant <a href="/company/byd">BYD</a> ranked second after CATL, developing and producing batteries in-house for its own vehicles while also increasing supply to other companies like <a href="/company/xiaomi">Xiaomi</a> and Stellantis, the maker of Fiat, Peugeot, Jeep cars.
China Aviation Lithium Battery (CALB) and Gotion High-tech, in fourth and fifth place, respectively, also increased shipments.
Meanwhile, South Korean battery makers are struggling. Their combined market share last year fell by about three points to 15.3%, roughly halving from over 30% in 2021.
Their decline reflects a focus on the US, where the Trump administration has eliminated EV-friendly policies put in place under the previous administration.
LG Energy Solution, South Korea's top battery player and the third largest worldwide, derives roughly 40% of its sales from the US. Net profit fell 76% in 2025 to KRW 80.8 billion (USD 53.9 million), less than 1% of CATL's net profit for the same period.
SK On and Samsung SDI, South Korea's second and third largest battery makers, respectively, both reported net losses.
"Demand for EVs continues to decline, and we expect a temporary negative growth in batteries," said Lee Chang-sil, LG Energy Solution's CFO.
South Korean companies are reconsidering their strategies in the US. This month, SK On cut around 1,000 jobs at its battery plant in the Southern state of Georgia, about 40% of the plant's workforce. LG Energy Solution said in December it would sell buildings and other assets at its joint venture battery plant in Ohio with Honda Motor to Honda's US subsidiary.
Among Japanese companies, Panasonic Holdings ranked seventh worldwide, with a market share of less than 4%. Panasonic began operations at a battery plant in the Midwestern state of Kansas in July, but it has postponed full operations there—originally planned for the end of fiscal 2026—due to declining sales at major customer <a href="/company/tesla">Tesla</a>.
The Chinese market is expected to slow this year, posing a risk to Chinese suppliers. The Chinese government revised subsidies for the purchase of EVs and other new energy vehicles at the end of 2025, contributing to a 28% year-on-year drop in new sales of new energy vehicles in January and February.
Chinese companies are expanding production in other countries to diversify. CATL completed a production line at its first Hungarian plant at the end of 2025 and recently began operations.
CALB is also increasing production in Europe and Southeast Asia.
"We will steadily promote the construction of production facilities to adapt to local policies and market needs," chairperson Liu Jingyu told Nikkei.
This article first appeared on <a href="https://asia.nikkei.com/business/automobiles/electric-vehicles/china-s-ev-battery-makers-widen-lead-to-over-70-global-share">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.
Note: KRW, RMB figures are converted to USD at rates of KRW 1497.97 = USD 1 and RMB 6.90 = USD 1 based on estimates as of March 25, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

China's EV battery makers widen lead to over 70% global share

<a href="/company/tencent">Tencent</a> reported its fourth-quarter and full-year 2025 results on March 19, underscoring that <a href="/industry/gaming">games</a> remain the foundation of its business even as it increases investment in <a href="/industry/ai">artificial intelligence</a> and other verticals.
According to its disclosure, revenue from Tencent’s domestic games business reached RMB 164.2 billion (USD 23.8 billion) in 2025, up 18% year-on-year (YoY), driven by strong performance from Delta Force and continued growth from evergreen titles such as Honor of Kings and Game for Peace, as well as the Valorant franchise across PC and mobile.
Revenue from international games totaled RMB 77.4 billion (USD 11.2 billion), up 33% YoY, supported by growth from Supercell titles and PUBG Mobile, along with contributions from Wuthering Waves.
Over the past year, AI has been a defining theme for Tencent, including within its games business. In both its earnings release and earnings call, management emphasized AI’s role in content creation, marketing, and in-game features designed to enhance user experience. Examples include AI-driven teammates in Game for Peace and the in-game companion Lingbao in Honor of Kings.
To some extent, Tencent has little choice but to foreground AI in its narrative. Its adoption in games aligns with Tencent Games’ broader strategy and rising investment. General and administrative expenses reached RMB 136.1 billion (USD 19.7 billion) in 2025, up 21% YoY, making it the company’s largest and fastest-growing cost category, driven by AI-related R&amp;D, investment, and talent expenses.
At the same time, 2025 marked the broader rollout of multimodal foundation models, positioning games as a key deployment scenario. Still, beyond questions of whether AI improves gameplay, a more immediate focus is whether it can reduce development costs and increase production efficiency.
Tencent released additional data on March 19, stating that Delta Force had reached 50 million daily active users. That figure, if sustained, places the title, launched in September 2024, among Tencent’s evergreen games alongside Honor of Kings and Game for Peace.
Delta Force’s trajectory reflects Tencent’s long-term operating approach. In October 2025, the game faced criticism over gameplay fairness. According to 36Kr, it received more than 500,000 negative reviews at one point, and its single-day gross revenue fell by more than 60%.
As evergreen games have become central to Tencent Games’ strategy, the focus has shifted to expanding and extending existing titles. Delta Force represents another push within the competitive shooter category, where Tencent has established expertise.
Tencent’s long-term strategy includes turning games into platforms and expanding them across multiple devices. The first involves continuously adding modes, scenarios, content, and social features to deepen engagement, with the goal of positioning a single title as both platform and traffic gateway. The second involves multi-platform releases.
One example is Valorant, which launched on PC in 2023 and expanded to mobile two years later. Together, the two versions contributed to Tencent Games’ revenue growth in 2025.
“Valorant Mobile was the most successful new mobile game industrywide by gross receipts in 2025, bringing a PC-quality shooting experience and a distinctive art style that appeals to younger players,” Mitchell said on the earnings call. “The game achieved lifetime high gross receipts in February.”
The evergreen strategy also intersects with Tencent’s international expansion. In 2025, international games revenue posted double-digit growth, improving from 9% in 2024, and surpassed USD 10 billion annually. The company attributed this to sustained performance from evergreen titles and the expansion of content-driven games.
Among top contributors overseas, PUBG Mobile remained a consistent presence. Tencent also rolled out the international mobile version of its self-developed Delta Force in April 2025, where it ranked highly on app store charts in multiple markets, according to company disclosures.
Despite this progress, Tencent has yet to achieve its goal of balancing domestic and overseas games revenue. In 2025, international markets accounted for about 32% of total games revenue, up from roughly 29% in 2024, a modest YoY increase.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3734107862073606">article</a> was written by Lan Jie for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.90 = USD 1 based on estimates as of March 25, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Tencent says AI will reshape games, but evergreen titles still drive the business

Gaming

Creative