miHoYo

The company operates a games‑as‑a‑service model built on developing, publishing and continuously updating online games and associated community services. It invests in creating and operating long‑lived game franchises and a cross‑title community platform, then recoups costs and generates profit via ongoing in‑game spending by its global player base. Value is created by providing multi‑platform access, regular content updates, time‑limited events and integrated community features that encourage long‑term engagement and recurrent expenditure. The firm also expands the value of its intellectual property through international publishing entities and may capture additional revenue through merchandising and licensing tied to its franchises.

Shanghai Mihoyo Network Technology Co., Ltd. is a China-based video game developer and publisher, operating globally under the HoYoverse brand. It builds and runs free‑to‑play online games across mobile, PC and console, including large-scale action role‑playing titles, turn‑based role‑playing games and visual novels, alongside an owned community platform.

The company generates revenue primarily from in‑game purchases in its free‑to‑play titles, using gacha-based virtual item and character sales, seasonal passes and other microtransactions. Its direct customers are individual players worldwide who spend within its games and related services, with additional value created via a centralised community hub that supports engagement and retention across its portfolio.