Wanlian Securities: Issued 197 editions in July, reaching a new high during the year and maintaining the prosperity of the game industry

The Zhitong Finance App learned that Wanlian Securities released a research report stating that in July 2026, the number of game versions distributed continued to grow. A total of 197 models were approved in a single month. The number of domestic versions remained high, and reserve products from leading manufacturers were intensively approved, covering high-quality stand-alone action, classic IP sequels, MMORPGs, and various mobile game themes. Overall, the trend of normalization of versions continues, new supply-side products continue to be released, and industry prosperity is maintained. It is recommended to focus on the progress of new product launches, market feedback on major products, and leading manufacturers with rich product reserves, outstanding R&D capabilities, and diverse topics.

Incident: On July 23, 2026, the State Press and Publication Administration announced the July domestic game version number and imported game version number. A total of 193 domestic games and 4 imported games passed the review, and a total of 197 game versions were distributed.

The main views of Wanlian Securities are as follows:

The number of game versions distributed in July reached a new high during the year

Overall, a total of 197 game versions passed in July, up 15.2% month-on-month from June (171 models) and 47.01% year-on-year from July last year (134 models). Among them, the domestic game version passed the approval of 193 models in July 2026, including NetEase's “Dream Journey to the West: Continuing the Edge”, “Shadow Blade Zero”, 37 Entertainment's “Flower Farm”, “The Master Goes to the Horse”, Kaiying Network's “Original Legend 2”, Xinghui Entertainment's “Guarding the Dome”, Chengdu Half Bottle of Vinegar “Legend of Heroes: Chivalry Encounters”, etc.; the imported game version passed the approval for 4 models, including Heartfelt “Ragnarok: Guarding Eternal Love 2” and “Station B” “Age of Nuclear Protection”, the fun game “Tower of Eternity: Classic”, etc. In the July edition of the game, the following titles received market attention:

“Shadow Blade Zero” focuses on “kung fu punk” oriental aesthetics and continues to explore a high-quality domestic 3A action game circuit

“Shadow Blade Zero” is a domestic buyout stand-alone game developed by Beijing's Lingyoufang. It uses Unreal Engine 5. It focuses on the “kung fu punk” oriental aesthetic system. With high-speed action combat and dark martial arts art style as the core highlights, it creates a fictional world that combines the Chinese martial arts spirit with the visual language of steampunk. Since the launch of the Steam, Epic, and PS stores, the number of wishlists across all platforms has surpassed 1 million in 15 days, and overseas attention has continued to rise. The bank believes that in the current game market, mature 3A stand-alone projects have always been scarce and high-quality targets in the industry. “Shadow Blade Zero” has a strong product recognition with its differentiated position of “dark martial arts, kung fu punk, and high-quality action combat”. It is expected to distinguish Chinese martial arts and oriental aesthetic elements from Western fantasy and Japanese action products in overseas markets, and further verify the content industrialization and global distribution capabilities of domestic high-quality stand-alone games. As the second buyout 3A game to be approved after “Black Myths: Goku,” the success of “Shadow Blade Zero” is expected to verify the long-term commercial value of domestic 3A games and increase their voice in the global game market.

“Ragnarok RO: Guarding Eternal Love 2” relies on classic IP and user feelings to promote a comprehensive upgrade of the product experience

“Ragnarok RO: Guarding Eternal Love 2” is an orthodox sequel to “Ragnarok RO: Guarding Eternal Love”, and has now received both mobile and client versions. Since its launch in 2017, the previous game has accumulated a stable core player base, and its career growth, multiplayer social networking, MVP challenges, and open adventure experiences are highly recognized by users. The sequel continues RO's classic worldview, career system, and social experience, and upgrades screen performance, scene scale, battle feedback, and world exploration. The bank believes that with mature IP recognition and previous user base, the product attracts young users through multi-terminal layout and next-generation graphics and gameplay upgrades, which is expected to reduce customer acquisition costs in the early stages of launch. However, classic IP sequels still need to balance emotional restoration and gameplay innovation. Subsequent suggestions focus on product testing reputation, new and old user structure, social ecology, paid design, and long-term content update capabilities.

Risk factors: Policy and regulatory risks, the pace of issuing versions falls short of expectations, delays in the launch and performance of new tours falls short of expectations, new game flows fall short of expectations, increased risk of overseas business, and risk of impairment of goodwill.