Core Viewpoint - Savvy Games Group from Saudi Arabia is in negotiations to acquire ByteDance's wholly-owned subsidiary, Shanghai Mutong Technology, which has been a key player in the mobile gaming market [1][2]. Group 1: Company Overview - Mutong Technology, established in 2014, is one of the earliest Chinese companies to venture into mobile gaming overseas [2]. - The flagship product, "Mobile Legends: Bang Bang" (domestic version "决胜巅峰"), has maintained strong growth for nearly a decade, ranking among the top ten in revenue for Chinese mobile games overseas [2]. - The game achieved a historical revenue peak in March 2023, with global cumulative revenue surpassing $2 billion (approximately 145 billion RMB) [2]. Group 2: Acquisition Background - ByteDance acquired Mutong Technology in March 2021 for approximately $4 billion (around 289.9 billion RMB) to leverage its overseas distribution capabilities and expand into the heavy gaming market [4]. - Despite the acquisition, ByteDance's gaming business did not perform as expected, with limited success in the European and American markets [4]. - New releases from Mutong, such as "发条总动员," have not replicated the success of "Mobile Legends: Bang Bang" [4]. Group 3: Market Context - The rumors of Mutong's sale are not unfounded, as ByteDance has been undergoing significant restructuring of its gaming business [4]. - In April 2023, there were reports of plans to package Mutong with another company for an independent listing, although ByteDance denied any current plans for an IPO [4]. - Savvy Games Group, established in 2021 by the Saudi Public Investment Fund (PIF), aims to position Saudi Arabia as a hub for the gaming industry and has made substantial investments, including a $55 billion acquisition of EA [5][6]. Group 4: Strategic Implications - If the acquisition is successful, Savvy Games Group could gain valuable operational experience in Southeast Asia and South Asia from Mutong, enhancing its global gaming strategy [6].

曾被视为字节游戏出海王牌的沐瞳科技，再次站上交易的十字路口。11月27日，据多家媒体 援引知情人士报道，沙特阿拉伯游戏巨头Savvy Games Group正与字节跳动就收购其全资子公 司上海沐瞳科技进行谈判。目前，双方谈判正在进行中，最终结果存在不确定性，也有可能 无法达成交易。 对此，21财经·南财快讯记者向字节跳动方面进行求证，字节跳动表示对此事不予回 应。沙特Savvy Games Group方面也未有公开表态。 成 立 于 2014 年 的 沐 瞳 科 技 ， 是 最 早 一 批 布 局 手 游 出 海 的 中 国 公 司 之 一 。 旗 下 旗 舰 产 品 《Mobile Legends: Bang Bang》（国内版名《决胜巅峰》）上线至今近10年，仍然保持着强 劲的增长势头。该游戏去年位列中国出海手游收入前十， 在今年3月迎来历史最高收入，全球 累计收入突破20亿美元（约为145亿人民币） 。 图源：沐瞳科技官网 字节跳动与沐瞳的"联姻"则始于2021年3月。公开报道显示，彼时，字节跳动以约40亿美元 （约合289.9亿元人民币）收购沐瞳科技，旨在借助其成熟的海外发行能力，快速拓展重度游 戏市 ...

图源：沐瞳科技官网 字节跳动与沐瞳的"联姻"则始于2021年3月。公开报道显示，彼时，字节跳动以约40亿美元（约合289.9 亿元人民币）收购沐瞳科技，旨在借助其成熟的海外发行能力，快速拓展重度游戏市场。 然而，收购沐瞳后，字节游戏业务并未如预期般高歌猛进。尽管《Mobile Legends： Bang Bang》在东 南亚保持稳定增长，但其欧美市场拓展成效有限，该游戏在欧美地区iOS畅销榜长期百名开外。与此同 时，沐瞳新作表现乏力，2024年推出的《发条总动员》等产品也未能重现《Mobile Legends： Bang Bang》以往的成功。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 曾被视为字节游戏出海王牌的沐瞳科技，再次站上交易的十字路口。11月27日，据多家媒体援引知情人 士报道，沙特阿拉伯游戏巨头Savvy Games Group正与字节跳动就收购其全资子公司上海沐瞳科技进行 谈判。目前，双方谈判正在进行中，最终结果存在不确定性，也有可能无法达成交易。 对此，21财经·南财快讯记者向字节跳动方面进行求证，字节跳动表示对此事不予回应。沙特Savvy Games Grou ...

Group 1: Cultural Industry Growth in Shenzhen - Shenzhen's cultural enterprises achieved a revenue of 1,091.764 billion yuan in the first three quarters, marking a year-on-year growth of 16.7% [1] - The new cultural formats generated revenue of 519.3 billion yuan, with a year-on-year increase of 20.4%, indicating strong momentum in new industrial drivers [1] - The city leverages its technological and innovative advantages to inject strong momentum into the digital creative and film industries through targeted policies [1] Group 2: Supportive Policies and Ecosystem - Shenzhen has established a comprehensive support system for the micro-short film industry, integrating policies, funding, services, and technology to enhance high-quality development [1] - The city introduced the "Shenzhen New Performing Arts Space Support Management Measures (Trial)" in May, significantly enhancing cultural attractiveness and attracting notable domestic performance brands [2] - The policy has garnered attention from other cities and serves as a practical reference for national standards [2] Group 3: Emerging Opportunities in Gaming Industry - The gaming industry is poised for significant growth, with network games included in the national five-year plan for the first time, leading to unprecedented policy support [2] - The next five years are expected to see game exports become a crucial growth engine, enhancing the international influence of Chinese culture through overseas user expansion and event operations [2]

Core Viewpoint - The company emphasizes the importance of the gaming industry in driving AI development and positions itself as a key player in the digital world, focusing on technology-driven content and a robust product matrix [2][3][5]. Company Strategy and Industry Outlook - The chairman believes that gaming is crucial for AI infrastructure, as it drives advancements in CPU/GPU technology, which are foundational for AI [2]. - The company aims to leverage gaming as a gateway to the digital world and enhance human-AI interaction [2]. Business Performance and Product Development - The company has a strong portfolio of classic long-term products, with several top IPs maintaining high ARPU and user retention, exceeding industry averages [3]. - The product matrix is diverse, with multiple genres being developed, particularly focusing on SLG and casual games, which are expected to see significant releases in the coming year [3]. - The company is recognized as the leading Chinese game company in overseas revenue, with a growing market share [3][5]. Competitive Advantage - The company's core competitive advantage lies in its integrated system capabilities that combine research, publishing, and operations, all driven by data [4][5]. - This data-driven approach minimizes subjective decision-making and enhances operational efficiency through extensive A/B testing [4]. Financial Performance - The company reported over 10 billion in revenue for Q3, ranking sixth among global gaming companies and achieving a doubling in growth rate [5]. - The company is noted for its ability to maintain growth despite its large scale, which is a rare combination in the industry [5]. Market Dynamics and Challenges - The company faces rising user acquisition costs both domestically and internationally, with increased competition in the domestic market [8]. - The company is adapting to changes in revenue models, such as the impact of platform fee adjustments, which are expected to have a minor effect on overall income but could improve user retention and payment rates [9]. Future Directions - The company plans to continue expanding its presence in the casual gaming sector, aiming for breakthroughs that could significantly impact its growth trajectory [6]. - The company is committed to optimizing its incentive mechanisms to ensure team stability and performance, particularly in its high-contribution segments [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved revenue of 28.36 billion yuan in Q3 2025, representing a year-over-year increase of 8.2% and a quarter-over-quarter increase of 1.7% [4] - The gross profit for Q3 was 18.18 billion yuan, with a gross margin of 64.1%, an increase of 1.2 percentage points year-over-year [4] - Adjusted net profit reached 9.50 billion yuan, reflecting a year-over-year growth of 26.7% and a net margin of 33.5%, up 4.9 percentage points year-over-year [4] Revenue Breakdown - The gaming and related services revenue for Q3 was 23.3 billion yuan, up 11.8% year-over-year, driven by growth in key titles such as "Fantasy Westward Journey" and "Nirvana in Fire" [5] - The company continues to expand its global gaming footprint, with successful launches of new titles in overseas markets [5] AI and Education Initiatives - The Youdao segment reported revenue of 1.63 billion yuan in Q3, a year-over-year increase of 3.6%, focusing on the "AI + Education" strategy [6] - New AI-enabled hardware and software products have been introduced, enhancing the educational offerings [6] Cloud Music Developments - Cloud Music generated revenue of 1.96 billion yuan in Q3, a slight decline of 1.8% year-over-year, with AI features enhancing user experience [7] - The introduction of the "AI Tuner" feature aims to enrich the platform's content ecosystem [7] Financial Projections - Projected revenues for 2025, 2026, and 2027 are 113.91 billion yuan, 124.63 billion yuan, and 134.92 billion yuan, respectively [8] - Non-GAAP net profits for the same years are expected to be 39.67 billion yuan, 42.26 billion yuan, and 46.08 billion yuan [8] Key Financial Metrics - The company is expected to maintain a gross margin of around 64% over the next few years, with a projected return on equity (ROE) of 24% in 2025 [11] - Earnings per share (EPS) are forecasted to grow from 10.37 yuan in 2024 to 14.29 yuan in 2027 [11]

点评：该游戏凭借"全场景捏脸"的强社交属性与"卡牌+自走棋"的创新融合切入市场，百万级预约量彰 显了其独特的差异化定位已获得市场初步认可。对游戏行业而言，此案例印证了"玩法微创新+强社交 互动"在细分赛道中的突围潜力，或将激励更多厂商探索此类混合模式。 ｜2025年11月26日星期三｜ NO.1 中国游戏10月海内外收入同比环比齐增 11月25日，中国音数协游戏工委与伽马数据发布《2025年10月中国游戏产业月度报告》，中国游戏10月 海内外收入同比环比均呈增长趋势。具体来看，中国国内游戏市场收入为313.59亿元，环比增长 5.66%，同比增长7.83%。中国移动游戏市场贡献主要增量，实际销售收入226.33亿元，环比增长 5.33%，同比增长2.36%。中国客户端游戏市场实际销售收入72.27亿元，环比增长1.92%，同比增长 29.39%。此外，中国自主研发游戏海外市场实际销售收入17.99亿美元，环比增长10.96%，同比增长 11.90%。 点评：10月游戏海内外市场收入实现同比环比双增长，彰显行业基本面持续向好，印证了精品化与多端 融合趋势的深化。自研游戏海外收入环比增长近11%，则凸显"游戏出海 ...

Core Viewpoint - Tencent has completed a strategic investment of €11.6 billion (approximately ¥90 billion) in Ubisoft, marking a significant partnership aimed at revitalizing Ubisoft's financial health and expanding its core IPs [2][4][6]. Group 1: Investment Details - Tencent's investment will grant it approximately 26% ownership of the newly established subsidiary, Vantage Studios, which is valued at €3.8 billion [4]. - Ubisoft retains exclusive control over Vantage Studios, with a five-year lock-up period for Tencent's shares unless Ubisoft loses control [4]. - The new subsidiary will focus on accelerating the revenue growth of key franchises such as Assassin's Creed, Far Cry, and Rainbow Six, targeting an annual revenue of €1 billion for these brands [3][4]. Group 2: Financial Performance - Ubisoft reported a 20.3% year-on-year increase in total net bookings for the first half of the 2025-2026 fiscal year, reaching approximately €770 million, driven by strong performance from Assassin's Creed and Tom Clancy's The Division [5]. - Despite the revenue growth, Ubisoft faced a net loss of approximately €161.3 million during the reporting period [5]. Group 3: Historical Context - Ubisoft has faced challenges in recent years, with several anticipated titles underperforming and a significant decline in stock price, prompting discussions about potential privatization and the search for new investors [8][9]. - Tencent's involvement as a "white knight" comes after previous attempts by Vivendi to acquire Ubisoft, which were met with resistance from the Guillemot family [7][8]. Group 4: Industry Implications - Tencent's investment reflects its ongoing strategy to expand its international gaming portfolio, having previously made significant acquisitions in the gaming sector [9][10]. - The investment also highlights the growing trend of Chinese gaming IPs gaining global traction, contrasting with the struggles of established Western companies like Ubisoft [10].

Investment Rating - The report maintains a "Buy" rating for the company [7][5][31] Core Insights - The company's total revenue for Q3 2025 increased by 8% year-on-year to 28.4 billion RMB, slightly below consensus expectations by 3% [1][7] - Deferred revenue exceeded expectations by 3%, with a quarter-on-quarter increase of 2.5 billion RMB, primarily driven by "Fantasy Westward Journey" [1][2] - Adjusted net profit attributable to shareholders grew by 27% year-on-year to 9.5 billion RMB, surpassing consensus expectations by 1% [1][5] - The report anticipates significant improvement in revenue for Q4, driven by the launch of "Fantasy Westward Journey" and other new game releases [1][2] Revenue and Profitability - Q3 gaming and value-added services revenue rose by 12% year-on-year to 23.3 billion RMB, with gaming revenue increasing by 13% [2][12] - The gross margin for gaming and value-added services improved by 0.5 percentage points to 69.3% [2][12] - The report projects game revenue growth of 13% and 8% for 2025 and 2026, respectively [1][5] Game Performance and Updates - "Fantasy Westward Journey" launched a new play mode that significantly increased player engagement, with peak concurrent players reaching 3.58 million [1][13] - The international version of "Yanyun" performed well, reaching 2 million players on its first day on Steam, and is expected to generate 1-1.5 billion RMB in its first year [3][5] - "Egg Party" saw a notable increase in revenue, with iOS revenue growing by 122% year-on-year in October [2][22] Future Outlook - The company has adjusted its revenue forecasts downward for 2025-2027, primarily due to slowing growth in mobile game revenue [5][31] - The adjusted net profit forecasts for 2025, 2026, and 2027 are set at 39.3 billion RMB, 41.8 billion RMB, and 46.1 billion RMB, respectively [5][31] - The target price for the company is set at 170.12 USD, corresponding to an 18.3x PE ratio for 2026 [5][36]

按照这个趋势，《百花ランブル》有可能成为易幻新晋出海爆款。 时间回到2023年，易幻靠着一款《马赛克英雄》在日本市场大获成功。其收入连创新高，直接把公司送进了SensorTower中国手游发行商全球收入榜 TOP30。但此后许久，公司都没能再拎出一个爆款新品。随着《马赛克英雄》收入回落，易幻也慢慢淡出了榜单。 但其实对于一家在海外征战十余年的老将来说，沉沉浮浮本就是常态，而在蛰伏之中蓄力、寻找突破口以再次崛起，似乎也并非难事。 寻觅下一个爆款 易幻从成立之初便专注于游戏海外发行业务，2012年以《英雄战魂》抢占中国港澳台市场，后续又逐步开拓了韩国、东南亚、日本、欧美等市场。而港澳 台、日韩可以说是易幻最熟悉的战场，依托于过去积累的资源与经验，公司在这里更容易跑出爆款。 几周前，广州易幻旗下二次元新游《百花ランブル》在日本上线，很快就冲到了iOS游戏畅销榜第11名，截至目前仍保持在TOP90。根据SensorTower，该 产品上线不到1个月，在单个市场已经实现了3300万元收入。 今年易幻在繁中市场接连推出了《最強宗師》《命運聖契：少女的羈絆》《異界三國：死神契約》等产品。 其中《最強宗師》是广州星嘉《最强祖 ...