Financial Performance - The company reported a revenue of 1.93 billion yuan and an adjusted net loss of 2.08 billion yuan for the fiscal year 2024, marking its largest loss since going public in 2019 [2][3] - The loss was attributed to significant goodwill impairment, investment impairment, and other non-operating expenses, alongside delays in the launch of key self-developed games, particularly "Sword of the Immortal World" [3][4] IP Acquisition and Development - The goodwill impairment primarily stemmed from multiple acquisitions to secure the "Sword" IP rights, including a 213 million yuan purchase of a 51% stake in Beijing Softstar in 2018 and a 642 million HKD acquisition of a 49% stake in 2021 [4] - The total investment in "Sword of the Immortal World," including development costs exceeding 300 million yuan, has surpassed 1 billion yuan, yet the game failed to meet market expectations [5] Game Performance and Market Challenges - "Sword of the Immortal World" launched on February 19, 2024, but only ranked 97th on the iOS game sales chart on its first day and quickly fell out of the top 200 [6] - The game received over 1,000 negative reviews on TapTap, significantly outnumbering positive feedback, indicating poor player reception [6][7] Industry Context - The gaming industry is facing heightened market risks, with companies like the subject company reflecting broader challenges within the sector [8][10] - The domestic gaming market has reached a saturation point, with major players intensifying competition for existing users, leaving less room for smaller developers [10][11] IP Lifecycle and Consumer Expectations - The "Sword" IP is entering a generational transition, with player expectations not being met due to perceived issues in gameplay, graphics, and overall quality [13][15] - Similar challenges are observed with other established IPs, such as the "Condor Heroes," which also struggled to maintain player interest despite significant investment [14][15] Future Prospects - The company identified mini-games as a potential bright spot, with the mini-game "Spring and Autumn Mysteries" achieving over 100 million in revenue and high retention rates since its launch [18][19] - However, the increasing competition in the mini-game sector raises concerns about the sustainability of this segment as more companies enter the market [20]

Group 1: Investment and Strategic Partnerships - Tencent's investment of €1.16 billion will strengthen Ubisoft's balance sheet, including debt repayment and supporting new operations, while Ubisoft retains full creative control, IP ownership, and business decision-making rights [1] - Gaggle Studios announced a strategic partnership with Kingsoft Game, making Kingsoft the exclusive agent for "Goose Goose Duck" in mainland China, responsible for localization and mobile development, with the mobile version expected to begin testing in May 2025 [4] - NEKCOM announced a strategic investment agreement with GCL Global Holdings, with GCL acquiring 20% of NEKCOM's shares for the global distribution of the upcoming RPG "Showa America Story" [17] Group 2: Financial Performance and Market Trends - Friendship Time reported a revenue of ¥1.162 billion for the year ending December 31, 2024, a 10.1% increase from ¥1.056 billion in 2023, with a significant reduction in adjusted annual losses by 67.8% [6] - Heartbeat Company achieved a revenue of ¥5.012 billion, a 47.9% year-on-year increase, with game business revenue growing by 64.2% [6][7] - Qingci Games reported a revenue of ¥628 million, turning a profit of ¥51.12 million, with overseas market revenue increasing from 28.47% to 43.93% of total revenue [8] - Zulong Entertainment's revenue reached ¥1.141 billion, a 25.6% increase, driven by the success of "Dragon Tribe: Cassel's Gate" and sustained popularity of "Shining Name" [9] - IGG's total revenue was HK$5.737 billion (approximately ¥5.357 billion), a 9% increase, with net profit soaring by 697% to HK$580 million (approximately ¥541 million) [10][11] Group 3: Game Releases and Market Performance - Ubisoft's latest title "Assassin's Creed: Shadow" attracted over 3 million players within a week of release, setting a record for first-day sales in the franchise [20][21] - The game "NIKKE: Goddess of Victory" has generated over $1 billion in revenue since its launch in 2022, indicating strong market performance prior to its domestic release [12] - The gaming industry is seeing a trend where over 67% of PC players' time in 2024 is spent on games older than six years, highlighting a shift in player engagement towards established titles [5]

每经记者 张梓桐 每经实习编辑 余婷婷 ｜2025年3月31日星期一｜ NO.1 大宇与中手游已完成品牌资产交接 3月30日消息，大宇资讯发布官方公告，宣布自3月31日起全面终止《仙剑奇侠传》系列游戏的客服支 持、更新及维护服务，并将在5月31日关闭实体版激活码服务器，与中手游已完成品牌资产交接。 点评：仙剑IP拥有30年历史，其完成交接是游戏行业"新老交替"的缩影。中手游若能在手游盈利与单机 情怀之间找到平衡点，或成为其股价的催化剂；但若处理失当，则可能加剧IP价值稀释。大宇资讯彻底 退出仙剑运营，短期可能面临收入阵痛，但长期看有助于降低运维成本，投资者需观察其后续IP合作案 例。 NO.2 任天堂筹备真人版《塞尔达传说》三部曲 3月30日消息，任天堂正计划将经典游戏IP《塞尔达传说》改编为真人电影，并可能打造为三部曲。影 片预计于2025年11月至2026年4月在新西兰拍摄，2027年3月正式上映。此举被视为任天堂继《超级马力 欧兄弟大电影》成功后，进一步拓展影视领域的战略举措。 点评：若电影成功，任天堂旗下其他游戏内容（如《银河战士》《星之卡比》）的影视化可能性将提 升，进一步打开"游戏+影视"的变现空 ...

（原标题：中手游、B站相继裁员，开放世界游戏"难产"） 《仙剑世界》《代号：UE》两款开放世界游戏相继折戟，项目组被裁撤。 近日，经济观察报从多位中手游员工了解到，中手游（00302.HK）旗下的满天星工作室将进行大裁员，裁员人数或超过八成，仅保留部分员工至 新成立的公司。 中手游对经济观察报表示，涉及裁员和新主体公司方面暂无回应。 满天星工作室负责研发开放世界游戏《仙剑世界》，此前拥有两百多位员工。《仙剑世界》研发投入超过3亿元，被中手游CEO肖健视为"战略级 自研游戏"。 《仙剑世界》上线仅1月，成绩远不如中手游内部预期，七麦数据显示，《仙剑世界》上线时曾登顶苹果应用商店游戏榜，之后一路下滑，目前已 在500名开外。 3月28日，中手游在2024年财报中表示，《仙剑世界》首月营收未达预期。该游戏上线后数百万玩家下载体验，一些问题影响其市场表现：游戏体 量过大、移动端游戏画面质量欠佳、前期关卡缺少对新用户的有效引导。 无独有偶，经济观察报了解到B站（09626.HK，BILI.NASDAQ）自研国风题材开放世界游戏项目《代号：UE》也被裁撤。该项目由前《古剑奇 谭》系列游戏主创郑雯带队，已开发2年左右，团队 ...

在笔者看来，这一点增长的背后离不开其长期海外市场的深耕以及持续拓展区域释放的成长潜力。 3月27日，中手游（0302.HK）发布2024年度财报，尽管行业承压，其海外业务与IP生态展现强劲韧 性，尤其是海外业务以及小游戏的爆发，成为逆境中的关键增长极。 随着《火影忍者：木叶高手》、《代号：暗夜传奇》等重磅游戏储备蓄势待发，手握多款新品的中手 游，正为其新一轮增长埋下伏笔。 1、海外收入占比快速提升 2024年，中手游实现总收益19.3亿元，受行业环境及研发延期等多重不利因素影响，公司业绩遭遇压 力，录得较大亏损。 不过亮眼的是，公司在海外市场取得不俗成绩，来自海外收入贡献占比从2023年的8.7%跃升至14.1%， 提升超5个百分点。 此次财报另一个值得关注的是，中手游在小游戏赛道的异军突起。 从公司出海的策略来看，中手游聚焦国内市场已跑通商业模型的成熟产品，通过国内数据验证后再进行 本地化移植，有效降低了出海风险。 继已上线的《凌霄战纪》和《全民枪神：边境王者》等多款小游戏爆火后，过去的2024年，公司推出的 包括《消个锤子》、《主公别跑》等在内的多款小游戏产品营收取得优异表现，这也让其在小游戏赛道 持续输 ...

本报记者 李豪悦 3月27日，港股上市公司中手游公布2024年度业绩报告。报告显示，截至2024年12月31日，公司年度收入为19.3亿元，经调 整净亏损为20.8亿元，毛利率达31.2%。 财报显示，公司亏损的主要原因为，多款项目特别是自研核心游戏《仙剑世界》延期上线，其上线后表现亦未达预期。此 外，中手游计提较大的商誉减值和投资减值以及其他非经营性开支，这对2024年财务业绩造成了较大压力。 尽管面临行业竞争加剧及部分项目延期等多重挑战，中手游通过战略调整、成本控制及全球化布局，为全面利润回收期奠 定基础。 腾讯官方数据显示，小游戏的付费用户和传统手游市场的付费用户重合度只有35%。业内人士预计小游戏将成为中手游 2025年全新业务增长点。 中手游方面向《证券日报》记者介绍，展望2025年，公司明确执行"业务聚焦+成本控制"的发展策略，从深耕海外市场、 发力传奇品类游戏和创新小游戏研发、聚焦精品IP游戏、优化自主研发团队四个方面出发，将确定性业务做精做深。 加速全球化 角逐国内小游戏头部发行商 财报显示，2024年中手游中国内地营收16.6亿元，中国港澳台及海外营收2.7亿元。其中，中国港澳台及海外收入占 ...

"随着游戏市场的日益成熟，玩家群体的增长逐渐放缓，头部游戏公司为了维持和扩大市场份额，对玩 家的争夺变得更加激烈"，中手游在2024年度财报中坦言。 财报显示，报告期内，中手游实现收入约19.3亿元，经调整净亏损为约20.8亿元，较2023年由盈转亏。 亏损主要在于，多款项目特别是自研核心游戏《仙剑世界》延期上线，其上线后表现亦未达预期。此 外，中手游计提较大的商誉减值和投资减值以及其他非经营性开支，这对 2024 年财务业绩造成了较大 压力。 截至2024年12月31日，中手游拥有51个授权IP及68个自有IP，共计119个。中手游希冀，2025年进入全 面的利润回收期，使集团各业务板块重回增长轨道。 海外收入占比14.1% 从已公布的数据来看，中手游表现并不好。2021—2024中手游业绩已连续大幅下滑，分别实现营业收入 39.57亿元、27.14亿元、26.06亿元和19.3亿元，同时，调整净利润分别为6.3亿元、-1.96亿元、5379万 元、20.8亿元。 去年，其小游戏业务的表现较为亮眼。《消个锤子》冲上微信游戏畅销榜第 32 位，在小游戏塔防三合 消除品类游戏中独占鳌头。《主公别跑》多个月份流水 ...

3 月 27 日，港股上市公司中手游(0302.HK)公布 2024 年度业绩报告。报告显示，截至 2024 年 12 月 31 日止年度，收入为人民币 19.3 亿元人民币，经调整净亏损为 20.8亿元人民币。海外业务收入占公司收 益的比重达到 14.1%。亏损原因主要在于，多款项目特别是自研核心游戏《仙剑世界》延期上线，其上 线后表现亦未达预期。此外，中手游计提较大的商誉减值和投资减值以及其他非经营性开支，这对 2024 年财务业绩造成了较大压力。 尽管面临行业竞争加剧及部分项目延期等多重挑战，中手游通过战略调整、成本控制及全球化布局，为 全面利润回收期奠定基础。 海外市场营收贡献持续提升，小游戏板块渐入佳境 业绩期内，共上线3款IP精品游戏和3款创新小游戏。1 月上线的《斗罗大陆：史莱克学院》，上线首月 荣登苹果商店免费榜榜首，月流水过亿；6 月上线的《斗破苍穹：巅峰对决》，上线首月在苹果商店免 费榜中位居第二；9 月上线的《斗罗大陆：逆转时空》，上线首月斩获 iOS 免费榜第一。 值得一提的是，小游戏业务表现颇为亮眼。《消个锤子》一经上线，便强势冲上微信游戏畅销榜第 32 位，在小游戏塔防三合消除品类 ...

Financial Performance - The total revenue for the year ended December 31, 2024, was RMB 1,930.1 million, a decrease of 26% compared to RMB 2,605.9 million in 2023[5]. - The gross profit for 2024 was RMB 603.1 million, down from RMB 943.1 million in 2023, reflecting a significant decline in profitability[5]. - The net loss for the year was RMB 2,110.8 million, compared to a loss of RMB 38.0 million in the previous year, indicating a substantial deterioration in financial performance[5]. - Adjusted net loss for 2024 was RMB 2,077.7 million, contrasting with an adjusted profit of RMB 5.4 million in 2023[5]. - The company's revenue decreased by approximately 25.9% from RMB 2,605.9 million in 2023 to RMB 1,930.1 million in 2024[57]. - Game publishing revenue fell by 22.0% from RMB 2,133.8 million in 2023 to RMB 1,664.5 million in 2024, attributed to delays in the launch of several planned games[60]. - Game development revenue decreased by 30.7% from RMB 215.1 million in 2023 to RMB 149.1 million in 2024, missing revenue opportunities due to delayed game releases[60]. - The company's gross profit declined by 36.1% from RMB 943.1 million in 2023 to RMB 603.1 million in 2024, with a gross margin drop from 36.2% to 31.2%[62]. - The adjusted net loss for the year attributable to the parent company was RMB 2,105.0 million in 2024, compared to a profit of RMB 20.1 million in 2023[56]. Game Development and Launches - The company faced challenges with the delayed launch of its self-developed core game "Xianjian World," which did not meet performance expectations post-launch[7]. - The company plans to launch several new IP games between 2025 and 2026, including titles based on popular franchises, aiming to leverage its strong competitive position in the IP game market[8]. - The company successfully launched three new IP premium games and two innovative mini-games during the reporting period, contributing to a total revenue of RMB 1,664.5 million for the publishing business by December 31, 2024[15]. - The mobile game "Douluo Dalu: Shrek Academy," based on the popular novel and anime, achieved over RMB 100 million in revenue within the first month of its launch, with over 6 million pre-registrations[16]. - The company is set to launch a new pixelated mini-game titled "Three Thousand Fantasy Worlds" in April 2025, which is based on a licensed adaptation from Tencent Animation[10]. - The company has optimized its self-developed team, focusing on legendary genre games and innovative mini-game development, with a new game titled "Code: Dark Night Legend" expected to launch in the first half of 2025[10]. - The mobile game "Doupo Cangqiong: Peak Showdown," based on another popular novel, achieved over 6 million pre-registrations before its launch but faced revenue declines due to gameplay design issues[17]. - The newly launched mobile game "Douluo Dalu: Reversal of Time and Space" achieved the top position on Apple's free game chart but did not meet initial revenue expectations due to increased user acquisition costs and market competition[18]. - The company aims to enter a comprehensive profit recovery phase in 2025 as multiple optimized IP premium games and innovative mini-games are launched globally[14]. Market Expansion and Strategy - Overseas revenue reached RMB 272.1 million, accounting for 14.1% of total revenue, highlighting the company's efforts to expand its international market presence[7]. - The company aims to deepen its presence in the Hong Kong, Macau, and Taiwan markets while expanding into Japan, Korea, and Southeast Asia by 2025[9]. - The overall strategy emphasizes "business focus + cost control" to navigate the competitive gaming industry landscape and improve financial performance[8]. - The group plans to launch several new games in 2025, including "Chat Group Daily Life" and "New Three Kingdoms: Cao Cao Biography," focusing on product quality and user experience[19]. - The group plans to release several successful games in overseas markets in 2025, including "斗破蒼穹：巔峰對決" and "真 · 三國無雙霸" to increase international revenue[40]. Research and Development - The company reported a 34.0% year-on-year decrease in R&D expenses in 2024 due to effective cost control measures and the application of generative AI technology[13]. - The company is exploring the potential of AI in gaming, aiming to integrate AI into mini-game development for innovative gameplay experiences[11]. - The company is committed to enhancing its R&D capabilities and exploring AIGC technology to ensure robust growth in 2025 and beyond[50]. - Research and development costs decreased from RMB 370.3 million in 2023 to RMB 244.3 million in 2024, reflecting a strategic shift in resource allocation[61]. Financial Management and Cost Control - The overall strategy emphasizes "business focus + cost control" to navigate the competitive gaming industry landscape and improve financial performance[8]. - The group has maintained a continuous focus on cost control and resource optimization, aiming to enhance efficiency through AIGC applications and improve management processes[31]. - The company has a strict control over overdue receivables, with overdue balances reviewed regularly by senior management[149]. - The company continues to maintain a focus on cash flow management and risk assessment related to trade receivables[149]. Community Engagement and IP Management - The group organized a 29th anniversary celebration for "Xianjian Qixia Chuan," featuring various offline activities across multiple cities, enhancing community engagement[26]. - The group successfully launched several derivative products based on the "Xianjian" IP, including blind box series and classic weapon models, achieving crowdfunding exceeding RMB 10 million[26]. - The company plans to launch more collectible statues in 2025, collaborating with various professional model studios to enhance the value of its IP derivatives[46]. - The company aims to enhance the operation of the "Xianjian Qixia Chuan" IP, with multiple anime projects and new game adaptations expected to drive fan engagement and revenue growth[12]. Awards and Recognition - The company received multiple awards in 2024, including the "Top 10 Game Enterprises" and "Most Responsible Listed Company" accolades[54]. - The group has been recognized as an "ESG Comprehensive Governance Benchmark Enterprise" for its commitment to environmental sustainability and social responsibility[28]. Shareholder and Financial Structure - The company did not recommend a final dividend for the year ended December 31, 2024, consistent with the previous year[104]. - The company has no significant external financing plans as of December 31, 2024[78]. - The company has not proposed a final dividend for the year ended December 31, 2024, consistent with the previous year[141]. - The company recorded a significant impairment loss of RMB 16,844,000 for the cash-generating unit related to Shanghai Zhoujing's game development business in 2024, which was not present in 2023[146].

项目组裁掉八成？ 中手游"仙剑噩梦"：3亿研发， iOS仅百万收入 | BUG 文|新浪科技 罗宁 港股上市公司中手游，近期的糟心事很多。 旗下开放世界游戏《仙剑世界》项目组被曝出大规模裁员，有离职员工向新浪科技透露，此次裁员 波及市场、美术、研发等部门，原本200多人的研发团队"至少裁掉八成"。 官方回应称是对团队"进行了优化调整"，但这款曾被中手游寄予厚望，耗资超3亿，研发超过4年 的"国风开放世界元宇宙游戏"，仍被不少玩家认为是失败之作。在游戏上线首日，其仅位列iOS畅销榜 第97名，一周后排名便跌出前200。七麦数据预估，开服至今，《仙剑世界》在iOS端收入为222258美 元（约合161万元人民币）。 不仅如此，中手游近日还在港交所披露盈利警告，预计截至2024年12月31日止年度将录得不超过22 亿元的净亏损。而2023年度净亏损为0.38亿元，2024年度相较于2023年度收益减少约25%至30%。 王牌游戏遇冷、团队动荡、业绩拉胯……公司的股价一落千丈。截至昨日收盘，中手游的股价为 0.44港元，较近一年最高点1.62港元跌掉73%。曾经辉煌一时的中手游，俨然站在了"悬崖边"。 对于裁员，中手 ...