不上市的米哈游，让“十亿人的虚拟世界”走进港交所

Core Insights - The article highlights the strategic investments made by miHoYo, a gaming giant known for its popular game "Genshin Impact," which has expanded its capital footprint into various sectors, including AI, social platforms, and more, without pursuing an IPO yet [2][10][19]. Investment Strategy - Since 2026, miHoYo has invested in nearly 30 companies, showcasing a diverse capital strategy that spans from gaming merchandise to AI models and even nuclear fusion [2][8]. - The company has made significant early investments in MiniMax, Suplay, and Soul, which represent a strategic ecosystem of technology, content, and user engagement [11][12][15]. Financial Performance - miHoYo is projected to achieve game revenues exceeding 78 billion yuan and net profits potentially surpassing 40 billion yuan in 2025, solidifying its status as a cash-rich entity [2][3]. - Despite its strong financials, miHoYo's market position is under pressure as competition in the gaming sector intensifies, with its global revenue ranking dropping to fifth place in 2025 [3][4]. Market Dynamics - The gaming landscape is evolving, with increased competition from other companies entering the "二次元" (2D) gaming space, leading to a decline in miHoYo's previously dominant market position [5][7]. - The traditional growth paths in the gaming industry are changing, necessitating a shift towards deeper content innovation and the development of mature IPs [7][19]. Future Outlook - miHoYo is not rushing to go public, focusing instead on locking in profits to secure its long-term strategic vision, which includes building a "creative and technological community" centered around content [20][24]. - The company's investments in emerging technologies like brain-computer interfaces and commercial space ventures indicate a forward-looking approach aimed at shaping the future of virtual worlds [16][17][19]. Capital Market Engagement - miHoYo's strategy includes leveraging its investments to validate its strategic vision through IPOs of its portfolio companies, potentially leading to significant asset appreciation [22][24]. - The successful IPOs of MiniMax and others could enhance miHoYo's market valuation, reflecting its innovative approach to integrating creativity and technology [22][25].