格隆汇12月10日丨据36氪，12月10日，《燕云十六声》移动端国际服全球预约人数突破500万，将于12 月12日正式上线iOS和Android平台。作为首款由国产自研引擎打造的中国武侠开放世界游戏，《燕云十 六声》PC端于11月15日全球发布，上线两周全球玩家超900万、斩获Steam全球畅销榜第二、好评率近 90%的佳绩。 ...

责任编辑：何俊熹 新浪科技讯 12月10日下午消息，今日，《燕云十六声》移动端宣布国际服全球预约人数突破500万，并 将于12月12日正式上线iOS和Android平台。 新浪科技讯 12月10日下午消息，今日，《燕云十六声》移动端宣布国际服全球预约人数突破500万，并 将于12月12日正式上线iOS和Android平台。 据悉，作为首款由国产自研引擎打造的中国武侠开放世界游戏，《燕云十六声》PC端于11月15日全球 发布，上线两周全球玩家超900万、斩获Steam全球畅销榜第二、好评率近90%的佳绩，成为首个横扫欧 美的中国武侠游戏。凭借便捷的跨端互通与沉浸式的文化体验，《燕云十六声》在海外持续出圈。 责任编辑：何俊熹 据悉，作为首款由国产自研引擎打造的中国武侠开放世界游戏，《燕云十六声》PC端于11月15日全球 发布，上线两周全球玩家超900万、斩获Steam全球畅销榜第二、好评率近90%的佳绩，成为首个横扫欧 美的中国武侠游戏。凭借便捷的跨端互通与沉浸式的文化体验，《燕云十六声》在海外持续出圈。 ...

2025年三季度财报季收官，中国互联网大厂的海外业务板块集体成为"利润黑马"——阿里国际数字商业 扭亏为盈，美团Keeta在香港提前实现单月盈利，腾讯海外游戏收入同比激增43%。 当国内互联网流量红利触及"边际收益递减"临界点，出海成为企业突破增长天花板的必然选择。但经历 过地缘波折与关税冲击，"不出海就出局"的口号已迭代为"无核心能力不出海"。 从电商，到本地生活，再到娱乐生态，中国互联网企业正在通过近一年的海外深耕，探索自身的发展理 念，也为全行业摸索出盈利之道。 一、跨境电商：利润修复，但价格优势将逐渐减弱 电商出海的上半场，是"低价引流"的零和博弈。下半场，则是供应链效率、合规和本土化的综合竞争。 2025年三季报中，在阿里巴巴总体利润下滑的背景下，阿里国际数字商业集团成为了阿里旗下各业务条 线中的亮点。财报显示，2025年第三季度，国际零售商业收入为280.68亿元，同比增长 10%，主要受来 自速卖通和其他国际业务的收入增长所带动。国际批发商业收入为人民币67.31亿元 ，同比增长 11%， 主要是由于来自与跨境业务相关的增值服务收入增长所致。 同时，阿里国际数字商业集团三季度的经调整净利润为1. ...

今年的游戏行业有些复苏的迹象，新品的趋势大致是稳中向好，版号数量达历年新高，仅11月就有184款版号下发，产品数量可以保证，而在质量上也涌 现出了如《燕云十六声》《超自然行动组》这类令人惊喜的爆款。 但与此同时，今年停运的产品数量超过2000款。游戏新知从Sensor Tower统计的数据里拉出了一份名单，国内App Store年内共下架了2222款应用，且并非 都是泛泛之辈，《白夜极光》《射雕》等产品曾经都是行业里受人瞩目的新星，但最终仍是成为了坟场的一份子。 通过数据对比，游戏新知发现了一些有趣的现象，譬如有4.05%的游戏活过了10年，21.58%的游戏活过了5年，但也有27.56%的游戏连一年都未活过就匆 匆下架，而在营收、下载量方面也有类似的情况。 注：数据来源于Sensor Tower，汇率按照1：7.08计算，统计标准为国内App Store2025年1月1日-11月25日游戏分类的已下架应用，许多个人开发者和境外 开发者所上传的应用、部分测试包体以及部分更换发行商的产品也会被计入数据，请更多参照整体趋势而非具体数字。 有90款游戏活过十年，近30%的游戏没活过一年 离2025年结束仅有22天， ...

2025年的中国电竞，在破纪录的声浪与理性的市场中勾勒出双面图景。 11月，KPL年度总决赛在国家体育场举行，超过6.2万名现场观众创下吉尼斯世界纪录。据腾讯互娱天 美电竞中心负责人、KPL王者荣耀职业联赛负责人黄承在"2025年度中国电竞产业年会"现场公布的数 据，本次KPL年度总决赛线上全平台预约购票人数超过130万，门票仅用12秒便售罄。此外，本次赛事 还吸引了超过85%的外地观众跨城观赛。 《每日经济新闻》记者注意到，这种"为一场赛，赴一座城"的现象，并非孤例。 一边是顶级赛事点燃城市、流量持续汇聚的繁荣表象；另一边则是商业化路径单一、盈利模式承压的普 遍现实。中国电竞产业正处于向多元、稳定、内生商业生态转型的关键阶段。 自研电竞游戏出海提速 "对于全球电竞产业而言，2025年是持续演进、值得关注的一年。"中国音像与数字出版协会副秘书长、 游戏工委秘书长、电竞工委主任委员唐贾军在"2025年度中国电竞产业年会"上如是说道。 2025年，中国电子竞技产业的规模在持续点燃城市的赛事狂欢中继续攀升。 《报告》显示，2025年，中国电竞产业实际销售收入达到293.31亿元，同比增长6.40%，在经历前两年 波 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The anime and game adaptation industry is a vital and dynamic segment of the cultural creative industry, driven by the rise of digital entertainment and the two-dimensional culture [4][5] - The industry encompasses a full value chain, including copyright acquisition, content development, technical implementation, marketing, and user operation [4][5] - The market size of the anime game adaptation industry in China has surpassed 100 billion RMB, with a compound annual growth rate (CAGR) of over 15% [16][17] - The industry is expected to continue its rapid growth, potentially exceeding 200 billion RMB in the next five years, fueled by technological advancements and a large user base [21] Industry Overview - The anime game adaptation industry involves transforming anime works into games and vice versa, requiring deep understanding and innovative design to retain the original spirit while enhancing user experience [4][5] - Key business models include IP licensing for game development, game IP licensing for animation production, and the development of derivative products [6][7] - The industry chain includes content creation, copyright operation, technical development, distribution channels, and marketing strategies [8][9] Market Demand Analysis - The target user demographic primarily consists of individuals aged 15 to 35, with a slight male predominance, although female engagement is increasing [24][27] - Users exhibit diverse interests, including two-dimensional culture, competitive gaming, and immersive storytelling, with a strong inclination towards high-quality content and innovative gameplay [28][30] - The demand for anime adaptation games focuses on faithful story representation and character development, while game adaptation anime seeks to deepen narrative and character backgrounds [33][36] Competitive Landscape - Major players like Tencent, NetEase, and Bilibili dominate the market, leveraging extensive IP resources and advanced technology to maintain a competitive edge [46][47] - The industry is characterized by frequent collaborations and alliances among anime production companies, game developers, and technology service providers [48] - Successful adaptation cases, such as "Honor of Kings" and "Douluo Dalu," highlight the importance of high-quality content and user community engagement [51][52] Technological Development Trends - The application of VR and AR technologies enhances user immersion and interactivity in anime game adaptations [58] - AI plays a crucial role in content creation, user behavior analysis, and personalized recommendations, significantly improving production quality and efficiency [59] Future Development Outlook and Strategic Recommendations - The market is projected to grow steadily, with a focus on content diversification and user segmentation to meet varied consumer demands [61] - Companies should prioritize original content development and IP protection to enhance brand competitiveness and user loyalty [67] - Strengthening cross-industry collaborations and expanding into international markets are essential for sustained growth and cultural exchange [70]

12月5日，2025（第三届）具身智能人形机器人场景应用生态年会在安徽合肥启幕，会议由合肥市包河 区人民政府、移动机器人产业联盟等主办，汇聚60余家供应链企业、40余家产业链企业及千余家行业代 表，聚焦具身智能融合创新与场景落地，共探技术落地与生态共建。 作为网易旗下人工智能研究机构，网易伏羲自成立以来始终致力于利用前沿人工智能技术释放劳动者的 生产力，探索人机协作的全新时代。面对机遇与挑战，网易伏羲以"虚实融合"为核心重塑具身智能生产 力：以有灵智能体激活人机协作效能，以游戏AI沉淀技术反哺实体。 大会期间，网易伏羲凭借突出的技术创新与前沿探索荣膺"偃师·场景应用灵智奖"。"偃师·场景应用灵智 奖"聚焦在技术研发与场景落地双维度表现卓越的企业，为具身智能与机器人行业树立了可借鉴的实践 范本。该奖项旨在激励广大从业者/企业深耕技术创新、勇攀行业高峰，携手构建开放协同、互利共赢 的产业生态，助力智能机器人更深度地服务于社会发展与民生福祉。 此外，网易伏羲大模型与具身智能产品负责人吴雨农受邀分享了《虚实融合：构建具身群智"新"大脑》 主题演讲，系统介绍了网易伏羲在具身智能领域的实践路径与技术突破。 从"Demo" ...

Core Insights - The article features a rare in-depth conversation with the renowned entrepreneur and investor Duan Yongping, discussing his philosophy of "being true to oneself" and its application in business, investment, and personal development [3][4][6]. Investment Logic - Duan emphasizes that understanding the business is the core of investment, sharing insights from his experience with companies like Apple and Moutai, highlighting the importance of business models and corporate culture in investment decisions [4][24][25]. Corporate Culture and Succession - The success of companies like OPPO and vivo is attributed to a hiring principle where cultural fit is prioritized over capability, and a systematic approach to identifying compatible partners over time [5][29][30]. Marketing Principles - Duan advocates for honesty in marketing, stating that communication with users should be efficient and truthful, which he believes is essential for building trust and brand loyalty [6][55]. Education Philosophy - He provides insights on parenting, arguing against physical punishment and advocating for unconditional love and boundary-setting to foster a sense of security in children [6][74][75]. Long-term Perspective - Duan defines a "calm mind" as rationality and long-term thinking, suggesting that maintaining a long-term perspective can lead to better decision-making in both business and life [6][92]. Reflections on Success - The conversation touches on the role of luck and effort in success, with Duan asserting that while luck plays a part, consistent effort and understanding one's business are crucial for achieving long-term success [6][78][82]. Insights from Buffett's Lunch - Duan shares a key takeaway from a lunch with Warren Buffett, emphasizing the importance of a company's business model and culture as filters for investment decisions [4][87][88]. AI and Future Perspectives - The discussion includes thoughts on AI, recognizing its potential to enhance efficiency while also acknowledging the uncertainties it brings to the future [6][90]. Philosophy of "Being True to Oneself" - Duan's overarching philosophy revolves around the concept of "being true to oneself," which he believes underpins both effective business strategies and a fulfilling life [6][93].

新力量 New Force 第一上海研究部 research@firstshanghai.com 总第 4920 期 2025 年 12 月 9 日 星期二 研究观点 【公司研究】 网易（NTES.US/9999.HK，买入）：Q3 递延收入同比增长 25%，未来游戏产品储备丰富 【公司评论】 特斯拉（TSLA）：周报 奈飞（NFLX）：奈飞+华纳，下一个时代的媒体巨头 评级变化 | 公司 | 代码 | 评级 | 目标价(港元） | | 2025年EPS(港元) | | | 2026年EPS(港元) | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 新 旧 新 | 旧 | 变动 | 新 | 旧 | 变动 | 新 | 旧 | 变动 | | 网易（美元） | NTES | 买入 买入 165.00 | 160.00 | 3% | 8.300 | 8.600 | -3% | 8.800 | 9.100 | -3% | 第一上海证券有限公司 香港中环德辅道中 71 号永安集团大厦 19 楼 咨询热线：400- ...

Investment Rating - The report assigns a "Buy" rating with a target price of $165.00, representing an upside potential of 18.04% for US shares and 18.42% for HK shares [2][4]. Core Insights - The company reported a 25% year-on-year increase in deferred revenue, indicating a strong future product pipeline in gaming [4]. - The gaming and related services revenue grew by 11.8% year-on-year, driven by both new and existing game titles, with mobile gaming revenue increasing by 6.6% [4]. - The company is expected to achieve a revenue CAGR of 12.9% and a Non-GAAP net profit CAGR of 15.5% from 2025 to 2027 [4]. Financial Performance Summary - For the fiscal year ending December 31, 2025, total revenue is projected to reach $16,175 million, reflecting an 8.6% increase from the previous year [3]. - Non-GAAP net profit is forecasted to be $5,408 million for 2025, with a year-on-year growth of 13.2% [3]. - The company achieved a GAAP net profit of 87.9 billion RMB in Q3 2025, marking a 31.8% increase year-on-year [4]. Revenue Breakdown - The gaming segment is expected to generate revenue of 940 billion RMB in 2025, representing a 12.4% year-on-year growth [4]. - The report highlights the successful launch of new titles such as "Dreamland" and "Yanyun," which have received positive feedback in international markets [4]. Shareholder Information - Major shareholders include Ding Lei with a 45.78% stake, followed by BlackRock and The Vanguard Group with 3.02% and 2.47% respectively [2].