Shanghai-based video games developer miHoYo nearly tripled its revenue in the last three years, according to Chinese media, as it emerges as the main domestic challenger to Tencent Holdings and NetEase in the world’s largest gaming market, reports the South China Morning Post. As a private company miHoYo is not obliged to disclose its financial details, but it has submitted some financial data to authorities.
In 2022, the company racked up revenue of RMB 27.34 billion ($4.2 billion), generating a net profit of RMB 16.15 billion, according to a report by state-owned newspaper Guangming Daily on Thursday. The report also listed the company as one of China’s “Top 30 Chinese Culture Enterprises.”
The newspaper reported earlier that miHoYo’s revenue reached over RMB 20 billion in 2021, without providing a precise figure. In 2021, another official newspaper in Shanghai put the gaming house’s revenue at RMB 10.1 billion in 2020, roughly one third of the reported figure for 2022.