IP 2015112018630IP 計 2015112018630IP 2018630IP IP IP IP IP IPIP IP 6,200 1.71IP IP26IP 68IPIP IPIP 51% IP 68IP IPIP IPIP IP IP61 146
48 2018630 7.0% 502019 51%100% IP 400 2017 Apple50Apple App Store IP201520162017 123120172018630 9,63010.01210.1285.800 6.7253.009 1.8852.656,1001.627 IP IPIP 201520162017123120172018 147
6301.23714 147.41611 61 6,200 1.7 148 2018630 7.0% 502019 IPSNK 2 H5 6946 51%100% 20152017 IPIP 26IP68IP IPIP IP 148
IPIP 19IP SNK PlaymoreUbisoftSkybound IPIP 51% IP20.3% 51%26% 25% IPIP IPIP IP IP 400 Apple App Store 2017Apple50 3602017 OPPOvivo 2018QQ 149
51% MMORPG 201910 7 MMORPG 133 4 IP 152009 150
IP IPIP IP IP IP IPIP IP IP IPIP IP H5 151
IPIP UriAppleApp Store IP IP IP 152
IPIP IPIP IPIP IPIP IP H5 H5H5 H5H52,500 153
IP IP IP IP + + IPIPIP IPIP beta 154
IP IP IP IP IPIP IP IPIP IPIP 155
IP 26IP IP IP IP Z IP IP IP SKYBOUND INTERACTIVE, LLC IP 156
IP IQ IP SNK IP SNK SNK D-rights Inc. IP IP UBISOFT MOBILE GAMES IP 3DIP IP 157
IP IP IP IP Minumin Co. Ltd IP IP IP IP IP IP 158
IP51% IP68IPIP IP IP H5 7 IP IP 10 IP IP 159
IP IPIP IP IP IPIPIP IP IPIP IP 20191231IP IP IPIPiOS IPIP IP 5%9%IPIP IP IPIP IP IP IP 160
IP 61 161
2019123120 20 14%25% 30 12 20171 30%70%20171 20 162
MMORPGCCG ARPPU CCGRPGMMORPGSLG 163
6148 1 CCG 20154 IP CCG 20161 IP CCG 20164 IP MMORPG 20165 2 MMORPG 20169 IP MMORPG 20175 CCG 201711 IP MMORPG 20181 IP 20184 164
1 IPIP 2. IP (1) (2)(3) H5 H5H5 H5 2018 H5 3D MMORPG IP 1,000 ios 2019 900 20181Apple App Store10 165
CCGIP 300 ios 20196,000 20161Apple App Store2 20164Apple App Store14 MMORPG ios 166
2019 120167 Apple App Store2 CCGIP 100 ios 2019201711Apple App Store5 3D MMORPG 500iOS 167
2019 7,00020175 Apple App Store2 CCG IP 300 ios 2019320164Apple App Store1920163Apple App Store IP 50 2019 2019 1 2 3 CCG Beta IP MMORPG Beta IP 168
1 2 3 Beta H5 H5CCG Beta MMORPG MMORPG MMORPG IP MMORPG ARPG Beta IP SNK CCG IP ARPG IP MMORPG IP SNK H5 CCG IP ARPG IP ARPG IP CCG IP 2 ARPG IP 10 PCSLG IP 169
1. 2. 3. IPIP IPIP beta betabeta betabeta 170
beta IP 100% 100% 30%48% 52%70% 14%25% IP 5%9% 171
SDK 48 2016UC 20172 20185 20171231 20176 172
400 ios Apple App StoreGoogle Play Google PlayApple App Store 360 QQ 173
30%48% 100% ~14% 25% ~75% 86% ~30% 48% ~5% 9% ~18% 51% IP IP 2018529 174
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2018551% 2017 20185 1,000 51% 20182,360 20182,530 IPMMORPG CCG1938 (1)(2) (3)ARPPU 2016 2017 2017 2018 2015 1231 1231 630 630 19,406,729 13,115,117 7,076,510 7,210,536 8,585,213 582,268 600,242 487,549 548,717 604,921 ARPPU 165.2 138.0 170.3 174.8 170.1 20167 2015201614,210,567 5,764,90220152016 270,683155,53620152016 5,196,1627,350,21420152016 311,585444,705 176
IPIP IP 177
201420152016201712 3120172018630 330200200160 20167 32.0% H5 201612 5.0% 20166 12.5% 20171 3.0% 201611 43.5% H5 20173 20.0% IQ 178
201611 3.9% 201712 23.5% SNK 20173 15.0% 201712 16.5% 48 201712 25.0% 20181 10.0% 25.7% IP IP 179
8.6%49.3%Fontaine Fund Fontaine Fund Fontaine Capital GP, Ltd 20167 48,780,480 3.40%1.30020172018 36,112,0003,208,000 1.2492,310 20186309,460,480 0.7% IP 180
20% 1 1231 2016 2017 2016 2017 2016 2017 201711 201812 1,500 6.0% 356,575.6 (203,013.6) 3,126,984.4 201611 201812 (2) 3,800 6.0% 3,576.0 (724,139.5) (6,556,105.8) (724,139.5) (7,280,245.4) 20184 20195 3,000 10.0% 48 2,327,624.1 1,120,505.4 (2,102,186.0) (3,246,057.6) 6,181,700.6 5,935,643.0 20187 20197 37,500 6.0% (11,296.4) (12,567,706.9) (11,296.4) (10,379,003.3) 20187 3 10,000 6.0% 718,446.6 543,106.8 (1,391,700.7) (3,889,459.0) 1,391,700.7 2,618,830.1 (1) (2) 20186201812 (3) 181
(i)(ii)(iii) SDK SDKSDK SDK Apple PayPayPal SDK 2015 UCloud IT IT38 IT SDK IT IT IT IT 182
ITSDK ITSDKiOS H5 IT 201520162017123120186 3046.3%29.2%18.8%25.0% 20152016201712312018630 85.3%77.1%63.4%65.0% (%) 2018630 A 168,238 25.0 1.4 B 132,874 19.8 3.8 C 54,838 8.2 0.2 D* 50,923 7.6 1.6 E* 29,684 4.4 2.7 436,557 65.0 183
(%) 20171231 B 190,569 18.8 3.8 F 146,202 14.4 3.9 G 130,152 12.9 2.0 H 98,003 9.7 1.3 I 76,737 7.6 2.3 641,663 63.4 20161231 B 292,399 29.2 3.8 I 235,324 23.5 2.3 J 132,709 13.3 3.8 E* 67,364 6.7 2.7 K 43,775 4.4 2.3 771,571 77.1 2015 K 44,631 46.3 2.3 L 16,576 17.2 2.5 J 10,367 10.8 3.8 M 6,933 7.2 2.3 N 3,620 3.8 3.8 82,127 85.3 * 5% 184
IPIPIPIP 201520162017123120186 3017.3%20.0%10.9% 16.1%20152016201712312018 63043.0%37.5%33.3% 48.5% (%) 2018630 A 75,324 16.1 4.3 B 49,262 10.5 4 C 46,090 9.9 0.3 D 33,552 7.2 1.3 E 22,334 4.8 1.4 226,562 48.5 20171231 F 91,918 10.9 1.4 B 83,550 9.9 4.0 A 40,765 4.8 4.3 G 35,156 4.2 3.9 H 29,658 3.5 2.4 281,047 33.3 185
(%) 20161231 B 170,097 20.0 4.4 I 50,253 5.9 4.8 J 36,956 4.3 4.3 A 35,931 4.2 4.3 G 26,387 3.1 3.9 319,624 37.5 2015 F 14,243 17.3 4.0 B 10,329 12.6 4.4 L 6,595 8.0 4.3 J 2,192 2.7 4.3 I 2,004 2.4 4.8 35,363 43.0 5% [] 186
IP 8 86111405 C. IP IP 187
20152017 2015 2015 GMGC 2015 20152017 2015 2017 2016 20162017 GMGC 2016 2016 2017 50 2017 Apple Inc. 20162017 20162017 2018 188
793 99 12.5 212 26.7 48 6.1 434 54.7 793 100.0 189
[] 1410 19 19 9,126.220189202011 1,521.6 190
2015 2016201712312018630 43,610501,066458,994 136,33718,690214,743 196,71258,430 0.05% 191
20187 20181 20185 192
193
(i) (ii) (iii) 194
ICP 20141110 2019414 2016923 20201030 20151130 20201130 201751 2020430 2015112 2018111 201892 202191 2016628 2021627 195
IP (1) (2)(3)(4)(5) (1) (2)(3) (4) 196