MiHoYo, a leading Chinese gaming company, has revealed its revenue data for 2022, demonstrating substantial growth in the challenging gaming industry. The Shanghai-based enterprise posted a staggering revenue of CNY 273.4 billion ($42.7 billion), with a net profit of CNY 161.45 billion ($25.2 billion), and a net worth of CNY 374.02 billion ($58.4 billion) at the end of 2022.

Just two years prior, MiHoYo crossed the significant milestone of CNY 10 billion ($1.56 billion) in total revenue. According to the 2021 Top 100 Shanghai Enterprises list released by Jiefang Daily and Shangguan News, MiHoYo's revenue stood at CNY 101.3 billion ($15.8 billion) in 2020, ranking 88th. The report also indicated a net profit growth of CNY 47.7 billion ($7.4 billion), a massive increase of 474.51%. Comparing the figures, MiHoYo's revenue grew by 169.9%, and net profit by 179.8% from 2020 to 2022.

The Shanghai-based firm, founded in 2011, outpaced some of the established players in the gaming industry. MiHoYo's revenue was 1.6 times greater than that of 37 Interactive Entertainment, which reported a revenue of CNY 164.06 billion ($25.6 billion) in 2022. MiHoYo also tripled the revenue of Century Huatong, which stood at CNY 89.76 billion ($14.0 billion). However, despite the impressive numbers, MiHoYo continues to trail behind gaming behemoths Tencent and NetEase. Tencent's annual report showed that its revenue from value-added services (mainly games) fell by 1% to CNY 2876 billion ($449.0 billion) last year, while NetEase's game revenue was CNY 745.67 billion ($116.4 billion), up approximately 10% from the previous year.

The primary driver behind MiHoYo's financial success is its flagship game "Genshin Impact". Since its launch in September 2020, the game has amassed over $4 billion in global sales, making it the third highest-grossing mobile game worldwide in 2022, as per data from Sensor Tower, a market research firm.

Another contributing factor to MiHoYo's growth is the newly launched "Honkai: Star Rail". The game generated more than $100 million in global revenue within the first ten days of its release on April 26th. According to Sensor Tower, the majority of sales came from China (44%), followed by Japan (22%), and the United States (12%).