Core Viewpoint - The article discusses the decline of the "second dimension emperor," specifically the game "Million Arthur," which was once a pioneer in the mobile game market but has struggled to maintain relevance in the face of competition and internal challenges [1][2][3]. Group 1: Historical Context and Initial Success - "Million Arthur" was initially successful, generating 300 million in revenue within two weeks of its launch, significantly impacting the domestic gaming market and stock prices [2][3]. - The game experienced rapid decline, with the Japanese version shutting down a year after the Chinese version launched, which eventually also ceased operations in 2016 [3][5]. Group 2: Series of Releases and Decline - The IP saw the release of three additional titles, but none managed to sustain the same level of success, with the latest iterations failing to last even a year [5][7]. - By 2020, the IP was considered to have run its course, with all titles under the "Million Arthur" brand having been discontinued [5][8]. Group 3: Recent Developments and Challenges - A new title, "Million Arthur: Ring," was announced and received a license for the Chinese market, generating initial excitement among fans [8][10]. - However, the game faced significant challenges, including a lack of content updates and a rapid decline in player engagement, leading to its announcement of shutdown in August 2025 [10][11]. Group 4: Internal Issues and Future Uncertainty - The game's poor performance may be linked to recent anti-corruption measures taken by Perfect World, which affected the development team responsible for "Million Arthur: Ring" [13][15]. - The future of the IP remains uncertain, with indications that it may be deprioritized as the company focuses on more successful projects [16].

Core Insights - The recent rankings highlight the strong performance of the ACG (Anime, Comic, and Game) industry, with miHoYo recognized as the company creating the most wealth, followed by its significant valuation in the unicorn list [2][3] Group 1: Financial Performance - MiHoYo has been identified as the company with the highest number of wealth creators, with a valuation of 180 billion yuan, ranking sixth among China's top unicorns [2] - In June, miHoYo's "Genshin Impact" and Paper Games' "Love and Deep Space" topped the iOS sales chart, with estimated weekly revenues of approximately 774.1 million USD and 711.3 million USD respectively [3] - Paper Games' iOS monthly revenue is estimated at 245.1 million USD, showing a 37.15% month-on-month increase, while miHoYo's revenue is estimated at 185.9 million USD, driven by "Honkai: Star Rail" and "Genshin Impact" [3] Group 2: Market Trends - The success of "Genshin Impact" has established a competitive landscape in the open-world gaming sector, transforming it from a blue ocean to a red ocean [4] - Major gaming companies are actively engaging in the ACG market, with new releases and updates driving renewed interest [6] - The user base for the "pan-ACG" market is projected to reach 503 million by 2024, with market size expected to grow from nearly 300 billion yuan in 2019 to 597.7 billion yuan by 2024 [7][8] Group 3: Industry Developments - New titles such as "Silver City" and "Victory Goddess: New Hope" are being launched, with the latter achieving over 100 million downloads on its first day [6] - The "pan-ACG" market is expanding, with significant growth in related sectors such as merchandise and IP licensing, indicating a robust consumer willingness to spend [8] - The collaboration between game IPs and commercial brands has shown promising results, with events like "Ming Chao x Pizza Hut" selling out quickly [8]

Core Viewpoint - The gaming market in China is witnessing the return of two major titles, Tencent's "Victory Goddess: New Hope" and Bilibili's "Shining! Yujun Girl," both of which have shown unexpected market performance after their respective launches [1][22]. Group 1: Game Performance - "Shining! Yujun Girl" had a long development cycle of five years and was initially launched in Japan in February 2021, generating over 5.1 billion yuan in its first month and approximately 50 billion yuan in total revenue for the year [3][17]. - The game returned to the Chinese market on May 22, 2023, after nearly two years of absence, but its performance has been underwhelming, with only 203 million yuan in revenue over 12 days on iOS [6][12]. - "Victory Goddess: New Hope" generated 24 million yuan in revenue within its first 12 days, which is significantly lower than other major titles like "Dungeon and Fighter: Origin" [32][37]. Group 2: Market Dynamics - Both games faced challenges in their marketing strategies, with "Shining! Yujun Girl" opting for a low-profile re-launch that coincided with the release of "Victory Goddess," impacting its visibility and player engagement [16][37]. - The download trends for "Shining! Yujun Girl" showed a decline, with approximately 66,000 downloads over 12 days, indicating a lack of sustained interest [12][25]. - The competitive landscape in the Chinese mobile gaming market is intensifying, with players becoming more selective and demanding higher quality content, making it increasingly difficult for overseas titles to succeed upon their return [37][38]. Group 3: Future Outlook - The future success of "Shining! Yujun Girl" will depend on the developers' willingness to invest in marketing and content optimization to attract new and returning players [16][37]. - The performance of "Victory Goddess" is being closely monitored, as its initial results are considered average compared to expectations set by its overseas success [32][37]. - The overall trend suggests that the chances of overseas games succeeding in the Chinese market are diminishing, with local developers having a better chance of success with self-developed titles [37][38].

Core Insights - The startup project led by former producer of "White Night Extreme," known as "墨犬科技," has ceased development after initial excitement and funding expectations [1][15]. Company Overview - The founder, 贾晨, previously worked at Tencent's subsidiary, 北京永航科技, where he was the producer and art director for "White Night Extreme" [1]. - The new company, 北京墨犬科技, aimed to create a significant and innovative product, with a team comprising several key members from 永航科技 [1]. Project Details - The initial project, internally named "Code:墨犬一号," was a 3D ARPG developed using UE5, but it was still in a very early stage with a rough appearance [3]. - The game was intended to feature open-world exploration elements, allowing players to collect resources and engage in combat with various monsters [3][9]. - The project faced skepticism due to the team's lack of experience in 3D game development and the high costs associated with such projects [11]. Market Context - The gaming industry has seen a significant increase in competition, particularly in the 2D and open-world genres, making it challenging for new entrants [11]. - "White Night Extreme" had a promising start but ultimately faced a decline in performance, leading to its shutdown in late 2023 [13][15]. Future Directions - Following the project's cancellation, the company is reportedly pivoting to a new urban evolution-themed game set in the Northeast industrial era [18]. - Recent job postings indicate a shift in focus towards creating high-quality effects in a magical realism style, suggesting a change in artistic direction [18]. Industry Dynamics - The departure of key personnel from 永航科技 has led to internal restructuring, with new companies being formed and existing ones undergoing significant changes [18]. - The competitive landscape remains intense, with established companies also struggling to maintain momentum in their projects [11].

Core Insights - The journey of "Tianmingren" has ended, but the impact of "Black Myth: Wukong" on the industry continues [1] - Guangdong has released specific policy measures to enhance the innovation capability and international competitiveness of its gaming industry [1] - The gaming industry in Guangdong is facing strong competition from emerging challengers as it enters a new development phase [1] Industry Overview - Guangdong's gaming industry revenue reached 260.43 billion yuan in the previous year, with a year-on-year growth of 6.26%, but its national market share decreased from 80.9% in 2023 to 79.94% in 2024 [1] - The decline in market share is attributed to fewer new game launches in Guangdong compared to other regions [1] Challenges and Opportunities - The core task of the new policy measures is to address the issue of a lack of blockbuster games and to support the production of original high-quality online games [4] - The gaming industry in Guangdong has historically been a center for blockbuster games, but it now faces challenges in maintaining its leading position [4][9] Competitive Landscape - "Honor of Kings" remains one of the highest-grossing games globally, with an estimated total revenue of 1.87 billion USD (approximately 13.53 billion yuan) last year [6] - New competitors like "Love and Producer" and "Honkai: Star Rail" are emerging, indicating a shift in the gaming landscape [6][7] - The rise of "ACG" (Anime, Comic, and Game) culture has led to the emergence of a new wave of games, particularly in Shanghai, which is becoming a hub for "二次元" (two-dimensional) games [7][8] Historical Context - Guangdong has historically been a trendsetter in the gaming industry, with significant contributions to the development of various game genres [9] - The province's gaming revenue reached 134.52 billion yuan by 2016, accounting for over 70% of the national market share [9] Future Directions - Guangdong is accelerating its efforts to catch up with emerging trends, particularly in the "二次元" gaming sector [12] - The emphasis on "mini-program games" in the new policy measures highlights a potential growth area, with mini-game revenue reaching 26.29 billion yuan last year, a 119.1% increase [19]

Core Insights - The launch of "Silver City" by Le Element has generated significant buzz in the gaming industry, especially as the company is primarily known for casual games targeting middle-aged users, making this shift towards a youth-oriented title unexpected [1][2] - "Silver City" has received positive initial feedback, with over 600 million views on Bilibili and more than 2 million global pre-registrations within ten days of its announcement, indicating strong market interest [5][6] Group 1: Game Development and Design - Le Element has previously ventured into the "second dimension" gaming space with titles like "Meluker" and "Idol Dream Festival," showcasing their understanding of this genre [2][17] - The game features a unique Victorian-era setting designed using Unreal Engine 5, aiming to blend realistic textures with a two-dimensional character design, which has raised questions about the compatibility of the engine with the animation style [5][10] - The development team is currently in the early stages of game design, focusing on refining gameplay based on player feedback received after the initial reveal [8][9] Group 2: Market Response and Player Engagement - The initial reveal of "Silver City" has led to a strong response from both domestic and international markets, with the promotional video achieving the highest engagement on Bilibili and significant views on IGN's YouTube channel [6][8] - The team emphasizes the importance of player feedback in shaping the game's development, with many players providing detailed critiques and suggestions, indicating a high level of engagement and investment in the game's success [6][9] Group 3: Team and Industry Positioning - Le Element's Shanghai team has grown to over 700 members, with ongoing projects, including "Silver City," which is a key focus for the company [15] - The company has a history of entering the "second dimension" gaming market early, and the core team for "Silver City" includes members with experience from successful projects in this genre [17][18] - The gaming industry is highly competitive, with the team acknowledging the pressure to deliver high-quality content and gameplay experiences to meet player expectations [13][15]

Group 1 - Tencent's new game "Under the Other" has started a beta test, indicating its entry into the competitive market of 2D games [1] - The Chinese 2D game market is expected to see a significant turning point by May 2025, with several new titles receiving approval from the National Press and Publication Administration [1] - The 2D game sector, which was once thriving, is now experiencing a downturn with a reduction in new game releases and ongoing service terminations [1][2] Group 2 - Major companies are adjusting their strategies in the 2D game market, with Tencent notably reducing its investments in this area [2] - The success of miHoYo's "Genshin Impact" has led to increased competition and investment in the 2D game sector, but Tencent's focus has shifted towards maintaining its core competitive games [2][3] - The demand for deeper gameplay and content updates is rising among players, which has posed challenges for existing games like "White Night: Aurora" [2][3] Group 3 - The market for "pan-2D" users in China is projected to grow from 354 million in 2019 to 570 million by 2029, indicating a strong potential for 2D game IPs [4] - The revenue from the pan-2D market is expected to increase significantly, from 298.3 billion yuan in 2019 to 834.4 billion yuan by 2029 [4] - The unique cultural appeal and user engagement of 2D games continue to attract major companies despite the current market challenges [4] Group 4 - Tencent's recent release "Victory Goddess: New Hope" has performed well, reaching the top of the iOS free charts and maintaining a position in the top 20 of the best-selling charts [5] - Tencent is focusing on a niche of "2D beautiful girls" combined with shooting games, which reflects its strengths in traffic generation and social retention [5] - The competitive landscape is shifting, with companies needing to balance visual appeal and innovative content to attract younger audiences [6] Group 5 - NetEase is restructuring its approach to 2D games, focusing on long-term operations of established IPs like "Onmyoji" while reducing investment in new projects [6] - The 2D game market is undergoing a new round of reshuffling, with established IP holders focusing on sustaining existing products while newcomers aim to disrupt the market with innovative gameplay [6] - The future success in the 2D game market will depend on companies' abilities to balance visual appeal with engaging content that resonates with Generation Z [6]

Core Insights - The article discusses the decline of miHoYo's flagship game "Genshin Impact" and the company's overall performance in the mobile gaming market, highlighting a significant drop in player engagement and revenue [1][2][4]. Group 1: Company Performance - miHoYo ranked fourth in the global mobile game publisher revenue list for April 2025, with Tencent, DianDian Interactive, and NetEase taking the top three spots [1]. - The revenue from "Honkai: Star Rail" surged by 192%, contributing to a 51% increase in miHoYo's overall income [1]. - Since October 2024, miHoYo has not returned to the top three in the global revenue rankings for mobile game publishers, marking seven consecutive months outside the top tier [1]. Group 2: Player Sentiment - Many long-time players of "Genshin Impact" expressed disappointment with the game's recent updates, particularly the 5.0 "Natlan" version, which they found unengaging and frustrating due to the game's gacha mechanics [2][4][8]. - Players reported feeling "heartbroken" over the game's monetization strategies, with significant costs associated with obtaining desired characters [2][4]. Group 3: Market Trends - The overall revenue for the domestic two-dimensional game market in China declined by 7.44% year-on-year, indicating a challenging environment for miHoYo and similar companies [9]. - "Honkai: Star Rail" and "Zhongli" have not achieved the breakout success needed to significantly expand their player base beyond the niche audience of two-dimensional games [9][11]. Group 4: Future Prospects - The success of "Honkai: Star Rail" during its two-year anniversary suggests potential for revenue recovery, but the sustainability of this growth remains uncertain [13]. - To maintain growth, miHoYo must balance the needs of its core two-dimensional player base with attracting a broader audience, similar to the success of "Genshin Impact" [12][15]. - The overseas market is crucial for miHoYo's revenue, with 70% of "Genshin Impact's" mobile revenue coming from outside China, yet the company has not yet established a strong presence in this market with its newer titles [15].

Core Insights - The second dimension gaming industry experienced a downturn in 2023, with a significant revenue decline of over 7% year-on-year, leading to a perception of a "mass exodus" from the sector [2][4] - However, entering 2025, the industry appears to be at a turning point, with new high-quality IP products emerging and non-traditional developers entering the market, indicating a potential resurgence in user interest [4][8] - The game "Azur Lane" has shown remarkable stability in its sales rankings, defying the typical lifecycle decline seen in the industry, suggesting a strong user base and ongoing engagement [6][8] Industry Trends - The gaming landscape is shifting, with a blend of traditional second dimension elements and new genres like shooting and MMO games adopting anime aesthetics, indicating a diversification of user preferences [4][8] - The user base for second dimension games is still present, but there is a need for innovative products to meet evolving expectations [4][8] Azur Lane's Performance - "Azur Lane" celebrated its eighth anniversary with significant milestones, including a research participant count surpassing 100,000, up from around 8,000 during its fifth anniversary, and achieving a record high in full collection achievements [9][11] - The game's ability to maintain user engagement is attributed to continuous content updates, including new characters and gameplay mechanics that resonate with both new and returning players [17][20] User Engagement Strategies - The game emphasizes emotional engagement over traditional monetization strategies, focusing on providing a rich companionship experience for players [21][23] - Recent updates have improved interactive features, such as the "dormitory function," enhancing the immersive experience for players [23][26] - The game has expanded its offline presence through events in multiple cities, fostering a sense of community among players [31][33] Future Outlook - The second dimension gaming market is expected to remain chaotic for the next 6 to 12 months, but "Azur Lane" is well-positioned to capitalize on this environment due to its established user base and understanding of player preferences [34][36] - The game is likely to continue thriving as players seek long-term engagement with products that meet their emotional and gameplay needs [34][36]

Core Viewpoint - The current state of the second-dimensional game market is experiencing a resurgence with numerous new high-quality products emerging, despite previous pessimism about the market's viability [2][31]. Industry Overview - The second-dimensional game market faced significant challenges last year, leading to a perception of a "bubble burst" and increased risks for new entrants [2][7]. - There is a pressing need for innovative, high-spec products to revitalize the market, and the first half of this year has already seen a surge in activity from various developers [2][6][29]. Company Movements - Several major companies, including Tencent, NetEase, and Perfect World, are actively developing new second-dimensional games, indicating a strong interest in this segment [16][18]. - Notable upcoming titles include "Silver City" by Le Element, "Yihuan" by Perfect World, and "Code: RIDER" by Tencent, all of which showcase diverse gameplay and artistic styles [4][12][20]. - MiHoYo is also making significant moves with the announcement of "Honkai: Inheritance Spirit" and a suspected new project related to "Genshin Impact," highlighting their commitment to expanding their IP universe [20][24]. Market Dynamics - The current landscape features a mix of traditional second-dimensional developers and newcomers from different gaming backgrounds, all vying for a share of the market [18][29]. - The competition is intensifying, with established companies like MiHoYo and Eagle Corner innovating their gameplay mechanics to adapt to evolving player expectations [24][26]. - The industry is witnessing a shift towards faster development cycles and a focus on unique gameplay experiences, as companies aim to differentiate their offerings in a crowded market [29][30]. Future Outlook - The second-dimensional game market is poised for a potential boom in the coming years, with a variety of new titles expected to launch by 2025 or 2026 [4][31]. - The industry's evolution reflects a broader trend of increasing player demands for novelty and quality, suggesting that companies must innovate to maintain relevance [29][30].