miHoYo

miHoYo operates as a consumer games studio and publisher that funds development of proprietary IP, launches free-to-play titles across multiple platforms, and then monetises player engagement over long content lifecycles. It creates value through original game worlds, character rosters, live-service operations, and cross-title ecosystem engagement, with revenue concentrated in high-spending digital users rather than upfront game sales.

miHoYo is a Chinese video game developer and publisher focused on anime-styled, cross-platform live-service games. Its portfolio includes Genshin Impact, Honkai: Star Rail, Honkai Impact 3rd, Zenless Zone Zero, Tears of Themis and related launcher infrastructure. The company creates and operates its own intellectual property, distributes games across mobile and PC, and serves a global player base centred on RPG, action and narrative game audiences.

The business is primarily monetised through free-to-play in-app purchases, especially gacha-driven spending on characters, weapons and virtual items, supported by ongoing content updates, events and retention loops. Its direct customers are consumers rather than enterprises, and value creation depends on sustained franchise engagement, live operations, and repeated monetisation across a small number of high-performing titles.