本月获批的国产游戏版号里，值得注意的有腾讯游戏《无境撤离》、B站《闪耀吧！噜咪》、完美世界 《梦幻新诛仙：轻享》、西山居投资的《星砂岛》、雷霆游戏《再世仙途》、四三九九《造梦西游之黎 尤浩劫篇》、恺英网络《冰雪王者》、冰川网络《小小护卫队》、胖布丁《绿水镇》等。 11月游戏版号发放，版号总量已超1600款 11月27日，国家新闻出版署公布了2025年11月国产网络游戏及进口网络游戏审批信息，共有184款游戏 过审。国产游戏版号178个，其中客户端游戏2款，移动、客户端双端游戏7款，客户端、游戏机 （PS5）游戏1款，移动、客户端、网页三端游戏1款，其余均为移动游戏；进口游戏版号6个，其中客 户端游戏1款，移动、客户端双端游戏1款，其余均为移动游戏。此外，还有7款游戏做出了信息变更。 截至11月，2025年共计下发游戏版号1624个，其中国产游戏版号1532个，进口游戏版号92个。近1年 来，国产游戏版号每月过审数量均在110款以上，今年下发的版号数量相比去年有明显增加，仍然呈现 稳定增长趋势。 字节跳动或计划出售沐瞳，买家为沙特集团 11月26日，据彭博社报道，字节跳动正与沙特Savvy Games Grou ...

Core Points - A significant fire occurred in Hong Kong's Tai Po district, resulting in major casualties and prompting over 100 companies and foundations to donate for emergency relief and community recovery efforts, with total donations exceeding HKD 1.2 billion [2][4]. Donation Summary - Major companies such as Yuexiu Group donated HKD 10 million, while China Overseas and China State Construction contributed HKD 20 million [3]. - Tencent donated HKD 30 million, and Alibaba made an initial donation of HKD 20 million [3]. - Other notable contributions include HKD 30 million from the Li Ka Shing Foundation and HKD 12 million from the Chaozhou Association [4]. - The total amount of donations has surpassed HKD 1.2 billion as of the latest reports [4].

无独有偶，带着"高投入、长周期"光环问世，但上线后市场遇冷的重度游戏产品并不止《解限机》一 款。 11月5日，中手游发布2024年财报补充公告，由于旗下开放世界仙侠手游《仙剑世界》上市后表现未达 预期，中手游对《仙剑世界》研发开支无形资产减值约1.58亿元；11月24日，网易战魂工作室历时6 年、预计投入超10亿的《射雕》正式停服，该作于2024年3月上线，期间曾因公测反馈不佳进行了大规 模回炉重做，但最终仍未避免被网易放弃的结局。 作为文化产品，一款游戏的市场表现受多方面因素影响，但对于高投入的重度产品，除了必要的大量经 济、时间成本外，其很大程度上也与公司的中远期战略和大型项目长线管理能力相关，直接影响着市场 和投资者对厂商研发运营和盈利能力的预期。 一面是市场和玩家对产品标准要求的不断提升，一面是重度投入产品的高沉没成本和潜在风险，如何在 自身研运能力、市场需求、成本管理等多重要素间取得平衡，当产品市场遇冷后是选择调整坚守还是果 断放弃？成为中国游戏产业迈向成熟期的过程中，自龙头到初创企业都不得不重视的问题。 为何遇冷 "随着版号发放的常态化，大部分产品目前都可以正常审批上线，但市场整体规模增长已经进入 ...

Investors with an interest in Internet - Software and Services stocks have likely encountered both NetEase (NTES) and Tyler Technologies (TYL) . But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revi ...

本轮融资恰逢游戏行业的技术变革时期。Precedence Research数据显示，2024年全球游戏市场规模达 3724亿美元，预计2034年将突破7217亿美元，AIGC与UGC成为核心增长引擎。 何仕豪认为，Roblox等平台的市值增长验证了UGC模式的商业价值，而反舌鸟通过Agent技术实现了 UGC生产的标准化与规模化，这正是市场看好的核心逻辑。目前反舌鸟最新一轮估值为5亿元，较同类 企业10亿起步的估值形成显著洼地，且已明确两年内的上市路径。 反舌鸟科技表示，本轮融资后，他们将推进三大战略：其一，升级AI工具链，深化Agent模型在游戏逻 辑生成与运营优化中的应用；其二，加速产品落地，年内完成多款UGC游戏开发及全球合作产品发 行；其三，构建硬件生态，推进为细分行业和年轻用户服务的娱乐产品。 同时，领投方联掌门户拥有覆盖数千社区的智能终端网络和广告能力，将为反舌鸟的UGC内容提供流 量入口和品牌营销。他们表示："UGC游戏与社区场景的融合是未来增长引擎，反舌鸟的技术与我们的 资源互补，将开启沉浸式互动新篇章。" 反舌鸟科技创始人何仕豪，曾于2016年通过参与《中国好歌曲》成名。反舌鸟科技团队成员来 ...

11月27日晚间，国家新闻出版署发布《2025年11月份国产网络游戏审批信息》，合计发放184个版号，包括178款国产网络游戏获版号，6款进口网络 游戏获版号。 另外，还有7款游戏审批信息发生变更，包括腾讯游戏《和平精英》新增客户端、电魂网络旗下《梦塔防》新增客户端等。 来源：B站官网 需要注意的是，精灵捉宠游戏赛道竞争相当激烈。行业代表《宝可梦》系列之外，各大游戏厂商均在此有所布局，包括米哈游《崩坏：因缘精灵》、 网易《灵兽大冒险》、FunPlus《伊莫》、蛮啾《蓝色星原：旅谣》等。 《星砂岛》则出自金山与西山居投资的Seed Lab工作室，是一款海岛题材的种田模拟游戏。该游戏此前曾先后亮相XBOX科隆发布会与东京电玩展发 布会，预计于2026年2月发售，确认登陆PS5、Xbox、PC平台。 不可忽视的是，生活模拟品类同样火热。此前9月，"腾网米"三家巨头就先后切入这一赛道。9月23日，米哈游旗下生活模拟新游《星布谷地》更新了 其官方社交平台的图标，并迅速于11月开启了首轮测试；9月24日，腾讯旗下银之心工作室（SGRA）研发的生活模拟治愈游戏《粒粒的小人国》正式首 曝；网易雷火旗下全新宇宙生活模拟游戏《星 ...

Group 1: Incident Overview - A major fire occurred in Hong Kong's Tai Po district, resulting in 94 fatalities, including one firefighter, and 76 injuries, with 11 being firefighters [1] - The Hong Kong government established a relief fund with an initial allocation of 300 million HKD to assist affected residents [1] Group 2: Corporate Donations - Alibaba Group announced a donation of 20 million HKD for immediate relief efforts and additional support for affected families [2] - Tencent Charity Foundation pledged a total of 30 million HKD, including an initial 10 million HKD and an additional 20 million HKD to the relief fund [2] - ByteDance (Hong Kong) and Baidu each committed 10 million HKD for emergency relief and community recovery efforts [2] Group 3: Additional Corporate Contributions - Various companies, including NetEase, Xiaomi, and Kuaishou, each donated 10 million HKD to support emergency relief and community recovery [3] - Anta Group and Bosideng Group each contributed 30 million HKD, while Li Ning Group and Xtep Group donated 20 million HKD each for disaster relief [4][5][6] - Other companies like 361°, Chow Tai Fook, and Nongfu Spring also made significant contributions, totaling millions in cash and supplies [7][8] Group 4: Broader Industry Response - Multiple sectors, including automotive, real estate, and finance, participated in the relief efforts, with companies like Chery Automobile and BYD each donating 10 million HKD [9][10] - Financial institutions and logistics companies, such as Didi and SF Express, also pledged substantial amounts for emergency aid and recovery efforts [15]

Core Insights - Customer success is not merely an extension of the service department but is the core driver of growth for SaaS companies [1][3] - A robust customer success system must be built based on the current stage of the company, incorporating strategy design, data analysis, solution capabilities, and foundational services [1][3] - The CEO must take primary responsibility for customer success, emphasizing its importance as a long-term initiative [1][50][51] SaaS Delivery and Value - SaaS delivers value rather than just products, contrasting with traditional software which often fails to create ongoing value [3][4] - Key metrics for SaaS include Net Dollar Retention (NDR) and Annual Recurring Revenue (ARR), which reflect the sustainability and health of the business [3][21] Customer-Centric Approach - Understanding customer needs and aligning them with the company's KPIs is essential for ensuring customer retention and satisfaction [6][10] - A successful customer success team acts as a second sales team, focusing on driving self-growth rather than merely providing services [11][12] Customer Retention and Growth Strategies - Managing customer churn involves evaluating Customer Lifetime Value (LTV) against Customer Acquisition Cost (CAC) to ensure profitability [14][15] - Approximately 40% of customer churn is manageable, with unmet needs being the primary cause [17][18] - NDR is crucial for long-term growth, as it reflects the revenue growth from existing customers through renewals and upsells [21][22] Customer Management Practices - Large customer management requires setting clear revenue goals and conducting regular business reviews (QBR) to ensure alignment and progress [31][32] - Small customer operations focus on automation and lightweight SOPs, emphasizing early-stage engagement and training [33][34] Health Metrics and Demand Discovery - Customer health metrics are complex and require a combination of quantitative data and qualitative assessments to gauge customer status [36][38] - Understanding customer business goals through methods like GPCT helps in accurately identifying and addressing their needs [39][40] Team Management and Cultural Integration - The management of customer success teams should evolve with the company's growth stages, requiring diverse capabilities and clear performance metrics [41][44] - Building a customer-centric culture is essential, with leadership understanding that customer success is a long-term commitment [50][52] Conclusion - A mature customer success system is vital for transforming customers into partners for value creation, driving sustainable revenue growth [55]

Core Insights - The Chinese gaming industry has experienced significant growth since 2015, with annual revenue increasing from 140.7 billion to 325.7 billion yuan, driven by mobile gaming expansion and overseas market exploration [1] - The industry is now facing challenges with high-investment games underperforming in the market, leading to potential financial burdens for developers [2][3] Industry Trends - The normalization of game approvals has led to a saturated market, where many new products struggle to meet player expectations, resulting in underperformance [4] - A significant portion of new games released on platforms like Steam fail to generate sufficient revenue, with 40% earning less than $100 [5] Company Challenges - High-investment games are particularly vulnerable to market fluctuations, as their development and operational costs are substantial, impacting overall company performance [3][5] - Companies like Zhongyou and NetEase have faced significant losses due to underperforming titles, leading to asset impairments and project cancellations [2][6] Product-Specific Issues - "Xianjian World" struggled due to its reliance on an older IP and traditional aesthetics, failing to attract a broader audience [6] - "射雕" and "解限机" faced challenges with innovation and mismatched audience expectations, leading to poor market reception [7] Market Dynamics - The gaming market is increasingly competitive, with players demanding higher quality and innovation, while many products fail to differentiate themselves sufficiently [4][9] - Companies often rely on past successful models, which can hinder innovation and adaptability in a rapidly evolving market [10][11] Strategic Adjustments - Companies are attempting to pivot their strategies post-launch, with some opting for restructuring and new leadership to improve project outcomes [12][13] - Understanding consumer needs and differentiating products are critical for success, as many games currently suffer from a lack of unique value propositions [13][14]

Group 1: Financial Performance - Net revenue for Q3 2025 was 28.4 billion, representing a year-over-year increase of 8%, but 3% lower than Bloomberg's expectations, primarily due to deferred game revenue [1] - GAAP net profit attributable to shareholders was 8.6 billion, up 32% year-over-year, in line with Bloomberg's expectations [1] - Non-GAAP net profit attributable to shareholders was 9.5 billion, a 27% increase year-over-year, slightly below Bloomberg's expectations by 1% [1] Group 2: Gaming Segment Insights - Total revenue from games and related value-added services reached 23.3 billion, a 12% year-over-year increase, but 2% lower than Bloomberg's expectations, mainly due to unrecognized revenue from contract liabilities [1] - The active user base for the game "Dream of the Red Chamber" continues to reach new highs, while "Yanyun Sixteen Sounds" is expected to perform well in Q4 overseas [1] - Anticipated stable performance for mobile games in Q4, driven by recovery growth in "Egg Party" and significant contributions from "Yanyun Sixteen Sounds" [1] Group 3: Online Music Business - Cloud music revenue for Q3 2025 was 2 billion, a decrease of 2% year-over-year, and 3% lower than Bloomberg's expectations, attributed to fluctuations in digital album content [2] - The company expects stable growth in traffic and paid memberships due to the return of copyrights and continuous content additions in the second half of the year [2] - Online music revenue is projected to maintain a 10% growth rate in Q4, driven by an improved music library and increasing paid user rates [2] Group 4: Future Growth Prospects - The company anticipates the launch of the new game "Forgotten Sea" in 2026, which is expected to drive growth [2] - Profit forecasts for the company from 2025 to 2027 are adjusted to 36.2 billion, 39.8 billion, and 45 billion respectively, based on game performance and Q3 financial adjustments [2] - The company maintains a target price of 248.49 HKD / 226.29 CNY, with a "Buy" rating [2]