By CUI Peng

Shanghai miHoYo Network Technology Co., Ltd. emerged as one of the world’s top-grossing gaming companies in 2022. With its main business revenue of 27.3 billion yuan (US$3.8 billion) and net profit of 16.2 billion yuan, miHoYo’s financial performance has exceeded all expectations. 

Its growth is being attributed to the success of its flagship game, “Genshin Impact,” which has propelled the company to new heights in China’s gaming industry.

miHoYo’s rise to the top ten global gaming companies has been fast. It’s a very strong field, one that includes Sony, Microsoft and Nintendo. Despite very few game releases, miHoYo’s revenue performance has raised eyebrows around the world.

The company’s growth is reflected in its expanding workforce, which now exceeds 4,000.

In terms of profitability, at 59 percent, miHoYo outperformed almost everyone including Tencent (2022 revenue of 554 billion yuan, net profit 188 billion yuan, 34 percent), NetEase (96.5 billion yuan and 22.8 billion yuan, 24 percent) and Microsoft (198 billion yuan and net profit 72.7 billion yuan, 27 percent.