作为国内知名的游戏制作人，林云枫在网易任职20余年。公开资料显示，他带领团队长期耕耘《梦幻西 游》系列产品，是《梦幻西游》端游的初代策划之一，历任端游主策划、产品总监、制作人。 需要注意的是，林云枫还曾出任梦幻事业部负责人。但去年下半年，其卸任，并被调往网易互娱在线游 戏事业部，负责带队"阴阳师"IP自走棋《风华决战》（原名：《代号白衣》）。去年12月，该游戏开启 一轮保密测试，测试结束不久，传出林云枫离职的消息。 据了解，2025年10月前后，网易内部已完成对梦幻事业部调整，资深制作人制作人吴伟聪（新丁）接任 成为事业部负责人，端游项目依旧保留在梦幻事业部，手游项目划归海神事业部，由海神事业部负责人 陈俊雄负责。 值得一提的是，，在此前2025年三季度电话会上，有关未来游戏品类的开发方向，网易管理层曾透露， 公司会采取精品化和有把握的方向，不会盲目的去开发一些产品，一定是有的放矢，重点投入。在未来 几年的游戏方向上，公司会有更加清晰的把握，在这个方面取得重大突破。 据记者不完全统计，网易游戏已获批版号的新产品包括二次元都市开放世界游戏《无限大》、生活模拟 游戏《星绘友晴天》、RTS（即时战略游戏）《军团战争 ...

去年一年的A股市场，几乎聚焦于贵金属、AI、算力相关概念。 然而在此之中，却有一个相对少被关注的消费板块悄然崛起，2025年板块整体上涨超60%。 那就是，游戏板块。 一方面，在经历了过去几年的行业低迷之后，2025年以来相关政策逐渐放宽，社会态度也逐渐改善。 2025年4月，国家连续提出三项举措支持游戏发展。 先是国家新闻出版署等印发的《网络出版科技创新引领计划》对网络出版公司，落实税费支持政策，支持网络出版公司（包含游戏公司）IPO、并购、再 融资等。 在A股游戏上市公司中，整个2025年，冰川网络、迅游科技、吉比特股价均在年内翻倍，世纪华通、巨人网络更是暴涨近300%。 在整体热度攀升之下，迎来政策和市场双重利好的游戏板块，或将迎来彻底的反转。 01 近一年来，游戏行业最大的利好莫过于版号的复苏。 25年12月底，国家新闻出版署发布了新一批国产网络游戏版号。 加上这次发布的版号，2025年，全年获批游戏数量已经累计达到1771款，相比2024年的1416款增长25.07%，还创下2018年游戏版号新规实施以来的历史 新高。 去年版号的历史新高，并非单一的放量，而是由多种因素共同造成。 后续，《求是》杂志 ...

作者|远禾 数据支持 | 勾股大数据（www.gogudata.com） 去年一年的A股市场，几乎聚焦于贵金属、AI、算力相关概念。 然而在此之中，却有一个相对少被关注的消费板块悄然崛起，2025年板块整体上涨超60%。 那就是，游戏板块。 加上这次发布的版号，2025年，全年获批游戏数量已经累计达到1771款，相比2024年的1416款增长25.07%，还创下2018年游戏版号新规实施以来的历史新 高。 去年版号的历史新高，并非单一的放量，而是由多种因素共同造成。 一方面，在经历了过去几年的行业低迷之后，2025年以来相关政策逐渐放宽，社会态度也逐渐改善。 2025年4月，国家连续提出三项举措支持游戏发展。 先是国家新闻出版署等印发的《网络出版科技创新引领计划》对网络出版公司，落实税费支持政策，支持网络出版公司（包含游戏公司）IPO、并购、再融 资等。 在A股游戏上市公司中，整个2025年，冰川网络、迅游科技、吉比特股价均在年内翻倍，世纪华通、巨人网络更是暴涨近300%。 在整体热度攀升之下，迎来政策和市场双重利好的游戏板块，或将迎来彻底的反转。 01 近一年来，游戏行业最大的利好莫过于版号的复苏。 25年 ...

Core Viewpoint - The article highlights a significant recovery in China's gaming industry, with a record number of game licenses issued in 2025, totaling 1,771, marking a more than 20% increase from 2024 and the highest number in nearly seven years [3][5]. Summary by Sections Game License Issuance - In December 2025, a total of 147 game licenses were issued, including 144 for domestic games and 3 for imported games, with notable titles from companies like Tencent and 37 Interactive Entertainment [4]. - The total number of domestic game licenses for 2025 reached 1,676, while imported game licenses amounted to 95, contributing to the overall total of 1,771 licenses, which is a significant increase from 1,416 in 2024 [5]. Industry Trends - The increase in game licenses is attributed to a shift towards high-quality games, with industry consensus on the importance of game quality driving the surge in license issuance [3]. - The gaming industry is expected to enter a new golden decade, supported by favorable policies and a growing international market for games [3]. Market Performance - The actual sales revenue of the domestic gaming market in 2025 reached 350.79 billion yuan, reflecting a year-on-year growth of 7.7%, with a user base of 683 million, marking a historical high for both metrics [6]. - The gaming industry is estimated to have generated an economic impact exceeding 1.2 trillion yuan, indicating its significant role in the broader economy [6]. Challenges and Future Outlook - Despite the increase in licenses, the industry faces challenges such as rising development costs and heightened competition, leading to a more cautious approach to new game launches [6]. - Major gaming companies are focusing on maintaining the longevity of existing game IPs and advancing technology to meet the evolving expectations of players [6].

格隆汇12月25日｜随着国家新闻出版署公布12月份网络游戏版号，2025年全年版号发放正式收官。今年 版号总数定格于1771个，创下自2019年以来近七年的新高，较2024年增长超过20%，游戏行业持续回 暖。 游戏产业分析师张书乐对第一财经记者表示，今年的版号爆发并非简单放量，而是在游戏精品化 成为行业共识后，精品游戏爆发带动版号数量提升。 "在版号放量、游戏质量提升、游戏出海路径不断 拓宽，以及各地密集出台游戏电竞激励政策的大背景下，中国游戏产业正在开启新一轮的黄金十 年。"张书乐判断。 ...

Core Viewpoint - The compliance rectification process for Caesar Culture has concluded, and the gaming industry may be entering a new "golden decade," which is a positive factor for the company's delisting risk warning removal. However, the lack of strong performance to support this change means rebuilding market trust will be a long-term effort [2]. Group 1: Compliance and Financial Performance - Caesar Culture received an administrative penalty notice from the Guangdong Securities Regulatory Commission on September 13, 2024, for inflating profits by 15.55% in 2021, leading to a total penalty of 13 million yuan [3]. - The company has undergone financial statement corrections for the years 2021 to 2023 and the first half of 2024 to meet the requirements for removing the delisting risk warning [3]. - Despite the upcoming delisting risk removal, the company has reported continuous losses, with a total loss exceeding 2 billion yuan over three years [5]. Group 2: Financial Data Summary - In the first three quarters of 2025, Caesar Culture achieved revenue of 420 million yuan, a year-on-year increase of 28.62%, but reported a net loss of 108 million yuan, a decrease of 12.49% [5]. - The company's revenue for 2022, 2023, and 2024 was 621 million yuan, 431 million yuan, and 454 million yuan, respectively, with net losses of 687 million yuan, 795 million yuan, and 528 million yuan [5]. - As of the end of 2024, total assets were approximately 3.42 billion yuan, a decrease of 16.88% from the previous year, and net assets attributable to shareholders were approximately 2.99 billion yuan, down 14.99% [6]. Group 3: Market Opportunities and Strategies - The Chinese gaming market is showing a significant upward trend, with actual sales revenue reaching 168 billion yuan in the first half of 2025, a year-on-year increase of 14.08% [8]. - Caesar Culture plans to leverage its IP resources by launching new games based on popular IPs, including "One Piece" and "Ultraman," while also adopting AI technology to enhance development efficiency [8]. - Industry experts suggest that the focus should shift from merely leveraging IP to innovating gameplay and technology to retain players in a competitive market [9].

Core Insights - NetEase reported its Q3 financial results for the period ending September 30, 2025, showing a net revenue of 28.4 billion yuan, an increase of 8.2% year-over-year, and a net profit attributable to shareholders of 8.6 billion yuan, up 31.8% year-over-year [1] Group 1: Financial Performance - The company's gross profit for Q3 was 18.2 billion yuan, reflecting a year-over-year growth of 10.3% [1] - As of September 30, 2025, NetEase's net cash balance was 153.2 billion yuan, an increase from 131.5 billion yuan as of December 31, 2024 [1] - Non-GAAP net profit attributable to shareholders was 9.5 billion yuan, representing a year-over-year increase of 26.7% [1] Group 2: Business Segments - The gaming segment remains the core of NetEase's business, accounting for 82.04% of total revenue, with net revenue from games and related services reaching 23.3 billion yuan, a year-over-year increase of 11.8% [1] - Online games contributed 97.6% of the gaming revenue, driven by titles such as "Fantasy Westward Journey" and new releases like "Yanyun Sixteen Sounds" [1][2] - NetEase Youdao's net revenue was 1.628 billion yuan, a year-over-year increase of 3.6%, with online marketing services becoming the largest revenue source for the first time [4] Group 3: Game Development and Strategy - The company is focusing on high-quality game development, avoiding blind expansion into new products, and is committed to a more strategic approach in the coming years [2] - NetEase has closed at least seven overseas studios since 2024, including Jackalyptic Games and Bad Brain Game Studios, as part of a restructuring effort [2] - The game "Yanyun Sixteen Sounds" has shown strong performance overseas, reaching over 500,000 players within 40 minutes of launch and ranking in the top charts on Steam [3] Group 4: Other Business Segments - NetEase Cloud Music reported a year-over-year revenue decline of 1.8% to 2 billion yuan, while the "Innovation and Other" segment saw a more significant drop of 18.9%, with revenues of 1.4 billion yuan [4] - Youdao's online marketing services revenue grew by 51.1% to 740 million yuan, while learning services and smart hardware revenues declined significantly [4]

Core Insights - The keyword for NetEase Games in 2025 is "stability" as reflected in their Q3 2025 financial report, which shows a net revenue of 28.4 billion yuan, an increase of 8.2% year-on-year, and a net profit of 8.6 billion yuan [1][4]. Financial Performance - NetEase's Q3 net income from games and related value-added services reached 23.3 billion yuan, marking an 11.8% year-on-year increase [2]. - The company's operating costs rose to 10.2 billion yuan, up from 9.8 billion yuan in the previous quarter and 9.7 billion yuan year-on-year, attributed to increased personnel costs, revenue sharing, and game licensing fees [1]. Game Business Highlights - Online games accounted for 97.6% of the gaming revenue, showing a stable contribution from classic products and new game launches [8]. - Key games contributing to revenue growth include "Dream of the Red Chamber" and "Nirvana in Fire," with the former achieving a peak of 3.58 million concurrent users [8][10]. Market Strategy and Product Development - CEO Ding Lei emphasized the importance of focusing on successful products and being cautious with new projects, aiming for high-quality content [5][7]. - The company plans to launch approximately nine new games in 2025, with "Yanyun Sixteen Sounds" performing well in the market [12][15]. Organizational Adjustments - Recent personnel adjustments are aimed at enhancing focus and efficiency within the organization, ensuring that the core teams can thrive [7][16]. - The company is committed to optimizing long-standing projects while being selective about new initiatives [7][16]. Upcoming Releases and Trends - NetEase has a strong pipeline of new games, including "Diablo IV" and "Tianxia: Wanxiang," with a focus on high-quality production [29]. - The company is also exploring the simulation game market with titles like "Shanhai Qilv" and "Xinghui Youqing Tian" [24][29].

Core Insights - The A-share gaming industry is experiencing significant growth, with many companies reporting increased revenues and profits in the third quarter of 2025, driven by a focus on high-quality game development and international expansion [5][7][9]. Revenue and Profit Performance - In the third quarter, 13 out of 23 A-share gaming companies reported year-on-year revenue growth, with total revenue reaching 299.99 billion yuan, a 29.29% increase from 232.03 billion yuan in the same period last year [7]. - The net profit for these companies collectively reached 58.15 billion yuan, doubling from 29.05 billion yuan year-on-year [7]. - For the first three quarters of 2025, total revenue was 838.40 billion yuan, up 25.03% from 670.56 billion yuan, while net profit increased by 80.64% to 138.42 billion yuan [7]. Key Company Performances - Century Huatong achieved a third-quarter revenue of 100.16 billion yuan, a 60.19% increase, and a net profit of 17.01 billion yuan, up 163.78% [11]. - Jiubang Network reported a revenue of 19.68 billion yuan in the third quarter, a 129.19% increase, with a net profit of 5.69 billion yuan, up 307.7% [13]. - Giant Network's third-quarter revenue was 17.06 billion yuan, a 115.63% increase, with a net profit of 6.40 billion yuan, up 81.19% [14]. - Perfect World reported a revenue of 17.26 billion yuan, a 31.45% increase, and a net profit of 1.62 billion yuan, up 176.59% [15]. Market Trends and Future Outlook - The gaming industry is entering a "golden decade," supported by favorable policies and a shift towards high-quality game development rather than reliance on imitation [5][9]. - The number of game licenses issued in 2025 has already surpassed the total for 2024, indicating a robust pipeline for new game releases [9]. - Companies like Century Huatong are gaining global recognition, with successful titles like "Whiteout Survival" achieving over 200 million downloads [12]. Challenges and Competitive Landscape - Some companies, such as 37 Interactive Entertainment, are facing challenges with revenue declines, attributed to product lifecycle issues and regulatory scrutiny [17][18]. - The competitive landscape is shifting, with traditional companies needing to innovate to keep pace with emerging trends and consumer preferences [19].

Core Insights - The article highlights the competitive landscape of the global gaming industry, emphasizing the significant presence of Chinese companies among the top earners, particularly Tencent, NetEase, and miHoYo [2][3][5]. Group 1: Global Gaming Revenue Rankings - In the top ten global gaming companies by revenue, the United States holds five positions, China has three, and Japan has two [2]. - Tencent ranks second with a revenue of $27.3 billion, driven by popular IPs like "Honor of Kings" and significant overseas revenue growth [3][5]. - NetEase ranks fourth with $11.5 billion, showcasing strong performance from titles like "Where Winds Meet" [3][5]. - miHoYo ranks ninth with $3.8 billion, with over 70% of its revenue coming from international markets, primarily from "Genshin Impact" [2][3]. Group 2: Market Concentration in China - The Chinese gaming market is highly concentrated, with the top two companies, Tencent and NetEase, holding a combined market share of 78% as of 2025 [9]. - Tencent's market share is projected to reach 50%, while NetEase's is expected to be 28% [7]. Group 3: New Game Strategies - Tencent has the largest new game pipeline with 35 upcoming titles, covering various genres including shooting, MMO, and open-world games [12][13]. - NetEase follows with 28 new titles, focusing on genres like action RPGs and historical strategy games [12][13]. - miHoYo has a more limited pipeline with only 2 upcoming titles, primarily in the CRPG and life simulation genres [12][13].