Core Insights - The article highlights the ongoing trend of Chinese gaming companies successfully expanding into overseas markets, with large firms optimizing classic titles and smaller firms innovating to break through [2][10] - The "Evergreen List" and "Potential Evergreen List" are introduced, showcasing games that have maintained strong performance in international markets [2][10] Group 1: Evergreen Games - In November, 26 games made it to the "Evergreen List," an increase of 3 titles from October, with notable entries including "Gossip Harbor," "PUBG MOBILE," and "Puzzles & Survival" [2][9] - The total estimated revenue for these 26 games in November reached approximately $299 million, equivalent to about 2.11 billion yuan, with 9 games exceeding $10 million in revenue [2][9][10] Group 2: Potential Evergreen Games - The "Potential Evergreen List" features 14 games, with a decrease of 4 titles from October, indicating a competitive landscape [2][10] - "Whiteout Survival" led the list with an estimated revenue of $86.21 million (approximately 609 million yuan) in November, followed by "崩坏:星穹铁道" and "Top Heroes," each surpassing $20 million [10][11] Group 3: Industry Trends and Support - The gaming industry faces challenges due to global economic pressures, but there are supportive policies from various cities in China aimed at facilitating game exports [11] - The adoption of AI technologies is helping to reduce costs and improve efficiency in game development and marketing strategies, providing a more sustainable path for Chinese games in international markets [11]

Market & Product Situation - The game "Survival for 33 Days" by 37 Interactive Entertainment has rapidly climbed the WeChat mini-game sales chart, moving from rank 71 on November 27 to rank 26 by December 7, a rise of 68 positions in just 12 days [1][3][13] - The game is set in a post-apocalyptic world with themes of survival, where players act as survivor leaders to gather companions and build defenses against infected creatures [3][15] - The gameplay features a dual system of "core development + exploration," with character roles such as warrior, tank, support, and ranged, each capable of upgrading and unlocking new skills [3][16] - The game map employs a "fog of war" design, requiring players to meet conditions to unlock new areas, enhancing the sense of exploration and providing clear growth objectives [5][18] - The visual presentation uses a realistic apocalyptic art style, enhancing immersion, while combat effects are designed to maintain engagement without causing visual fatigue [5][18] Marketing Strategy - The advertising strategy for "Survival for 33 Days" began in mid-November with a modest daily ad volume of under 100, which increased significantly by late November [1][9][19] - The main advertising creatives focus on the themes of "survival" and "apocalypse," using straightforward messaging to quickly convey the game's core value [9][22] - The ads include nostalgic elements targeting users from the 80s and 90s, evoking memories of classic survival games, which helps stimulate download interest [9][20] - The marketing approach is characterized by low-key spending, allowing the company to gauge player interest without overwhelming exposure [9][22] Industry Insights - The survival RPG segment is still in a blue ocean phase, with unmet player demand, allowing 37 Interactive Entertainment to differentiate itself from competitors in the crowded survival SLG market [1][10][23] - The successful launch of "Survival for 33 Days" indicates the potential for diverse development within the survival mini-game genre, suggesting future expansions into various sub-genres [1][11][24] - The game has received an APP license, indicating potential for dual-platform operation, which could enhance user engagement and lifecycle value [1][10][23]

Summary of Key Points from the Conference Call Industry Overview - The gaming sector's valuation has reached a lower limit of 15 times, with expectations of maintaining high prosperity and performance growth certainty through 2026, making it an attractive investment opportunity [1][3][25] - The A-share market recommends a "3+2" combination: Giant Network, Kaiying Network, and Century Huatong as stable fundamentals; Gibit and 37 Interactive are positioned lower but showing recent improvements [1][4] Company-Specific Insights Tencent - Expected to launch multiple mid-sized new games in 2026, with a diverse range of genres [7] - Notable titles include "Under One Person," "Rock Kingdom World," and "Monster Hunter Traveler" [7] NetEase - Anticipates additional revenue of 2-3 billion from international IP adaptations and domestic MMO games [2][24] - Key upcoming titles include "Forgotten Sea" and "Infinite," with the former developed by the team behind "Identity V" [7][24] Giant Network - "Famous General Kill" is expected to contribute 200-300 million in profit, with "Supernatural Action Group" potentially increasing annual revenue to 7-8 billion if successful during the Spring Festival [10][12] Kaiying Network - The "Legend Box" platform is driving growth, with DAU expected to reach 650,000 to 700,000 by the end of 2026, and annual advertising revenue projected at around 2.4 billion [10][13] Bilibili - Strong growth in advertising business, with expectations to outperform the overall internet advertising growth rate [21] - Anticipated game revenue growth in the low double digits, with "Three Kingdoms Hundred Generals Card" projected to generate 1-1.5 billion [21] Gibit - Recent performance impacted by a decline in revenue from "Sword of the World," but new game "Nine Mu of the Wild" expected to contribute 1-1.5 billion [19][20] Heart Company - Facing stock price pressure but has potential due to rapid progress in programmatic advertising, with profits expected to reach 150-200 million in 2026 [22] Market Trends and Predictions - The gaming sector is expected to maintain strong growth certainty compared to other sectors, with a focus on identifying high-certainty investment targets [25] - The first quarter of 2026 is anticipated to be stable, with significant product launches concentrated in the summer [11][25] Additional Insights - The competitive landscape is expected to increase in 2026, but companies will focus on their strengths without excessive suppression of smaller firms [11] - The overall sentiment is optimistic for the gaming industry, with a recommendation for investors to strategically select stocks based on performance certainty and market conditions [25]

Investment Overview - The company’s wholly-owned subsidiary, 37 Starseek Co., Limited, plans to invest in Lighthouse Founders' Fund L.P., signing a subscription agreement recently. The total scale of the fund is expected to be no more than $80 million, with 37 Starseek intending to contribute up to $2 million, representing approximately 2.5% of the fund's size if the total reaches $80 million [1][5]. Investment Purpose and Strategy - The investment aims to target high-quality enterprises in AI and other related technology fields, aligning with the company's strategic layout in cutting-edge technology and achieving capital appreciation [2][11]. Fund Management and Structure - Lighthouse Founders' Fund GP Ltd. serves as the general partner, focusing on investment opportunities in AI applications across various sectors. The fund is structured as an exempted limited partnership, with a lifespan of 10 years, extendable by the general partner [3][6][9]. Financial and Operational Details - The investment will be made using the company’s own funds, not involving raised capital, and does not constitute a related party transaction or a major asset restructuring as per relevant regulations. The decision has been approved by the company’s chairman [2][3][4]. Risk and Impact Assessment - The company acknowledges potential uncertainties in the fund's investment implementation and the risk of insufficient capital raising. However, partnering with a professional investment institution is expected to mitigate investment risks and enhance potential returns, with no significant immediate impact on the company's financial status [12][13]. Compliance and Disclosure - The company commits to adhering to relevant regulations and will fulfill information disclosure obligations regarding the investment's progress [3][16].

Summary of China Online Gaming Industry Journal (Nov 2025 Edition) Industry Overview - The report focuses on the **China Online Gaming Industry**, highlighting key data and updates from various companies within the sector, including **Century Huatong**, **37 Interactive Entertainment**, **G-Bits**, and **Kingnet** [1][22]. Key Highlights 1. **Industry Growth**: - The China domestic game market reached **Rmb 31.4 billion** in October 2025, reflecting a **7.8% year-over-year (yoy)** and **5.7% month-over-month (mom)** growth, primarily driven by National Day promotions [1][22]. - The **PC gaming segment** grew by **29.4% yoy** and **1.9% mom** to **Rmb 7.23 billion**, with notable contributions from games like **Delta Force** (Tencent) and **Where Winds Meet** (NetEase) [1][22]. - The **mobile gaming segment** saw a **2.4% yoy** and **5.3% mom** increase to **Rmb 22.6 billion**, driven by promotions for **HoK** (Tencent) and **Genshin Impact** (miHoYo) [1][22]. 2. **Company Performance**: - **Century Huatong**'s game **Whiteout Survival** climbed to **3** in mobile grossing rank, adding over **Rmb 100 million** in sequential grossing [1][22]. - **Overseas grossing** from Chinese studios increased by **11.9% yoy** and **11.0% mom** to **US$ 1.80 billion**, with top performers including **Arknights** (Hypergryph) and **Genshin Impact** (miHoYo) [1][22]. 3. **Investment Outlook**: - Despite a soft sentiment in the A-share gaming sector, the report maintains a positive outlook for most A-share gaming companies, citing a rich game pipeline and competitive advantages in overseas markets [1][22]. - The recommended pecking order for A-share gaming companies is: **Century Huatong > Kingnet > Giant Network > G-Bits > 37 > Perfect World** [1][22]. Company Updates - **Century Huatong**: - Announced the first beta for **Uncharted Waters: Origin** and **La Tale Mobile**, indicating ongoing development and expansion in mobile gaming [2]. - **37 Interactive Entertainment**: - Launched a survival RPG **Survival in 33 Days**, which quickly entered the top 30 in WeChat mini game grossing [2]. - **G-Bits**: - Conducted the final beta for **Jiu Mu Zhi Ye**, with an official launch scheduled for December 18 [2]. - **Kingnet**: - Announced a new Android closed paid beta for **Soul Land** [3]. Additional Insights - The report emphasizes the potential for **portfolio diversification** through investments in the online gaming sector, especially in light of current market conditions focused on AI [1][22]. - The performance of mobile games during promotional periods, such as National Day, highlights the importance of marketing strategies in driving revenue growth [1][22]. This summary encapsulates the essential insights and data from the China Online Gaming Industry Journal, providing a comprehensive overview of the current state and future outlook of the sector.

Core Viewpoint - Company 37 Interactive Entertainment (三七互娱) announced its subsidiary 37Starseek's investment in Lighthouse Founders' Fund L.P., aiming to enhance its strategic positioning in the AI and technology sectors [1] Investment Details - 37Starseek will invest up to $2 million as a limited partner in Lighthouse Founders' Fund L.P., which has a total expected size of no more than $80 million [1] - The general partner, Lighthouse Founders' Fund GP Ltd., and its affiliates will contribute at least 2% of the total fund size [1] - If the fund reaches its maximum size of $80 million, 37Starseek's investment will represent approximately 2.5% of the total fund [1] Strategic Objectives - The investment will focus on high-quality companies in the AI and related technology sectors, aligning with the company's strategic development in cutting-edge technology and capital appreciation [1]

Group 1 - Company 37 Starseek Co., Limited plans to invest in Lighthouse Founders' Fund L.P. with a maximum contribution of $2 million [1] - The total expected size of Lighthouse Founders' Fund L.P. is not to exceed $80 million, with 37 Starseek's investment representing approximately 2.5% of the fund if the maximum size is reached [1] - The general partner of the fund, Lighthouse Founders' Fund GP Ltd., and its affiliates will contribute at least 2% of the total committed capital [1] Group 2 - Lighthouse Founders' Fund L.P. will focus on investing in high-quality companies in AI and other related technology sectors to align with the company's strategic development in cutting-edge technology [2] - The fund's general partner specializes in exploring investment opportunities in AI applications across various industries, including AI+ industry applications, AI+C end applications, and AI+ hardware [2] - The investment aims to achieve capital appreciation while supporting the company's strategic layout in frontier technology [2]

据悉，Lighthouse Founders'Fund L.P.将投资于AI及其他相关泛科技领域的优质企业，以协同主业发展， 达到公司在前沿科技领域的战略布局，并实现资本增值。 三七互娱（002555）(002555.SZ)公告，公司全资子公司37Starseek Co.,Limited(简称"37Starseek")拟参与 投资Lighthouse Founders'Fund L.P.，并于近日签署完成有关认购协议。Lighthouse Founders'Fund L.P.实 际总规模预计不超过8000万美元，公司子公司37Starseek拟作为有限合伙人以自有资金出资不超过200万 美元，普通合伙人为Lighthouse Founders'Fund GP Ltd.，普通合伙人及其关联方拟以自有资金出资不低 于基金总认缴规模的2%。若Lighthouse Founders'Fund L.P.的最终募集规模为8000万美元，且公司子公司 37Starseek以自有资金出资200万美元，则公司子公司37Starseek的投资金额约占基金规模的2.5%。 ...

本次出资Lighthouse Founders' Fund L.P.后，Lighthouse Founders' Fund L.P.将投资于AI及其他相关泛科技 领域的优质企业，以协同主业发展，达到公司在前沿科技领域的战略布局，并实现资本增值。 Lighthouse Founders' Fund L.P.的普通合伙人Lighthouse Founders' Fund GP Ltd.专注于研究AI+产业应 用、AI+C端应用、AI+具身智能、AI+硬件、AI+未来科技及其他相关领域的投资与交易机会，拥有AI 及其他相关泛科技领域的投资经验。 格隆汇12月10日丨三七互娱(002555.SZ)公布，公司之全资子公司37 Starseek Co., Limited（简称"37 Starseek"）拟参与投资LighthouseFounders' Fund L.P.，并于近日签署完成有关认购协议。Lighthouse Founders' Fund L.P.实际总规模预计不超过8000万美元，公司子公司37 Starseek拟作为有限合伙人以自有 资金出资不超过200万美元，普通合伙人为Lighthouse Found ...

证券代码：002555 证券简称：三七互娱 公告编号：2025-059 三七互娱网络科技集团股份有限公司 关于全资子公司投资 Lighthouse Founders' Fund L.P.的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 一、本次对外投资概述 1、三七互娱网络科技集团股份有限公司（以下简称"公司"、"本公司"或"三七互 娱"）之全资子公司37 Starseek Co., Limited（以下简称"37 Starseek"）拟参与投资Lighthouse Founders' Fund L.P.，并于近日签署完成有关认购协议。Lighthouse Founders' Fund L.P.实际总 规模预计不超过8000万美元，公司子公司37 Starseek拟作为有限合伙人以自有资金出资不超 过200万美元，普通合伙人为Lighthouse Founders' Fund GP Ltd.，普通合伙人及其关联方拟以 自有资金出资不低于基金总认缴规模的2%。若Lighthouse Founders' Fund L.P.的最终募集规 模为8000万美元，且 ...