作者 | 第一财经 封图 | AI生成 11月26日下午，香港新界大埔屋邨宏福苑多栋住宅楼发生火灾，造成重大人员伤亡。据不完全统计，27日至28日，已有百余家企业及基金会捐款捐物， 用于受灾人群的紧急救援与过渡安置，并助力灾后社区恢复工作。截至目前，合计捐赠总额已超过12亿港元。 | | | 驰援香港大埔火灾救援,企业捐赠一览(不完全统计) | | | --- | --- | --- | --- | | 企业/基金会 | 捐赠情况 | 企业/基金会 | 捐赠情况 | | 越秀集团 | 1000万港元 | 中国海外、中国建筑公 | 捐赠2000万港元,员工个 | | | | lo | 人首批捐款208.06万港元 | | 广汽集团 | 600万港元 | 思摩尔 | 500万港元 | | 小米基金会 | 1000万港元 | 珀莱雅 | 500万港元 | | 腾讯 | 3000万港元 | 商汤科技 | 300万港元 | | 字节跳动 | 1000万港元 | 新东方及东方甄选 | 200万港元 | | 蚂蚁集团 | 1000万港元 | 蓝色光标 | 100万港元 | | 阿里巴巴 | 首批2000万港元 | 臭宝 | ...

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 ...

智通财经记者 郭莎莎 11月26日下午，香港新界大埔屋邨宏福苑多栋住宅楼发生火灾，造成重大人员伤亡，牵动社会各界关 注。 据中国新闻网，截至11月28日上午6时，香港宏福苑火警共造成94人遇难，当中一名遇难者为消防员。 另由消防处处理的伤者共有76人，包括11名消防员。 百度宣布捐赠1000万港元专项资金，用于受灾民众的紧急安置、生活保障及灾后重建。 网易公司决定捐赠1000万港元，用于支持当地紧急救援、过渡安置、灾后社区恢复、居民情绪疏导等各 项工作。 小米集团创始人、董事长兼CEO雷军在个人微博发文表示，香港小米基金会捐赠1000万港元，紧急驰援 香港大埔火灾救援。 快手宣布通过北京快手公益基金会捐赠500万港元，支援香港大埔火灾的紧急救援和灾后恢复工作。 据新华网，香港特区政府民政及青年事务局发言人27日表示，为援助大埔宏福苑的居民，特区政府当日 已成立"大埔宏福苑援助基金"，并投入3亿港元作为启动资金，协助居民及支持各项相关工作。 灾情发生后，多家企业、机构纷纷捐款，紧急驰援香港大埔火灾救援。据记者不完全统计，截至11月27 日24时，已有逾40家企业参与捐赠，物资和捐款总额超6亿港元。 多家互联网科 ...

Core Points - Over 40 companies and foundations have contributed more than 600 million HKD to support the fire disaster relief and reconstruction efforts in Tai Po, Hong Kong [1][2] - The Hong Kong government and various sectors are actively engaged in firefighting, rescue operations, and post-disaster support [1] Company Contributions - Alibaba Group has initiated a donation of 20 million HKD for disaster relief and has activated its emergency response mechanism to provide essential supplies [2] - Anta Group and Xtep Group each announced donations of 20 million HKD for disaster relief efforts [2] - Tencent, Xiaomi, and other companies have also contributed amounts ranging from 5 million HKD to 20 million HKD [2] Foundation Contributions - The Ma Yun Public Welfare Foundation donated 30 million HKD to assist affected families and support emergency personnel [3] - The Li Ka Shing Foundation allocated 80 million HKD, including 30 million HKD for immediate aid and 50 million HKD for community rebuilding [3] - The Hong Kong Red Cross received a donation of 2 million RMB for emergency rescue and humanitarian assistance [4] Insurance Sector Response - Multiple insurance companies, including China Life and Ping An, have activated emergency claims procedures to ensure rapid support for affected families [4]

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 Viewpoint - NetEase Yanxuan, once a promising e-commerce platform, is facing significant challenges, including a decline in user engagement, inventory issues, and increased competition from other platforms [3][5][8]. Group 1: Company Overview - NetEase Yanxuan was launched in April 2016 as a home and lifestyle e-commerce platform, utilizing an original design manufacturer model to offer quality products at competitive prices [4]. - By the end of September 2016, the platform had over 30 million registered users and achieved a monthly GMV of 60 million yuan [4]. - In 2017, the e-commerce segment generated approximately 11.7 billion yuan, accounting for 22% of NetEase's total revenue, making it the second-largest revenue source for the group [5]. Group 2: Decline in Performance - After a strong start, NetEase Yanxuan's revenue growth plummeted from 160% in 2017 to 64% in 2018, and further down to 20% in early 2019 [5][6]. - By 2024, the revenue from the innovation and other business segment, which includes Yanxuan, was only 8.1 billion yuan, representing less than 8% of NetEase's total revenue [5]. Group 3: Expansion and Quality Control Issues - To meet ambitious growth targets, NetEase Yanxuan aggressively expanded its product categories from home textiles to nine categories, increasing its SKU count from hundreds to over 10,000 by 2019 [6]. - This rapid SKU expansion led to quality control challenges, with reports of declining product quality and increased inventory pressure, as the inventory cycle extended from 27 days to 150 days by 2018 [7]. Group 4: Competitive Landscape - The entry of competitors like Taobao's "Taobao Xin Xuan," JD's "Jingdong Jingzao," and Xiaomi's "Xiaomi Youpin" intensified competition, with these platforms benefiting from stronger traffic and supply chain advantages [8]. - The rise of Pinduoduo, which quickly gained a large user base through low prices and social strategies, further complicated the competitive landscape for NetEase Yanxuan [8]. Group 5: Resource Allocation and Support - Initially, NetEase Yanxuan received substantial support from NetEase's various product lines, including games and email services, which helped drive traffic to the platform [9]. - However, as the e-commerce segment failed to meet revenue expectations, resources have shifted away from Yanxuan, with the company focusing more on its gaming business, which contributes nearly 80% of total revenue [9].