Core Viewpoint - The emergence of the game "Mingchao" has created a significant shift in the competitive landscape of the ACG (Anime, Comic, and Game) gaming sector, positioning it as a formidable rival to miHoYo's flagship titles like "Genshin Impact" [1][4][13]. Group 1: Industry Dynamics - The competitive landscape has shifted from a stable three-player dominance (Tencent, NetEase, and miHoYo) to a more fluid situation, with "Mingchao" emerging as a serious contender [15][30]. - The gaming market is experiencing a decline, with the actual sales revenue of China's ACG mobile game market dropping to 29.348 billion yuan in 2024, a year-on-year decrease of 7.44% [27]. - The introduction of "Mingchao" has prompted miHoYo to abandon its complacency and re-engage with the market, leading to a renewed focus on content and player engagement [21][24]. Group 2: Company Performance - "Mingchao" initially struggled upon launch, with first-week revenue estimated at approximately 947 million yuan, significantly lower than "Genshin Impact," which earned between 3.5 billion to 4 billion yuan in its first week [9][10]. - Despite a rocky start, "Mingchao" has seen a resurgence in popularity, with its revenue recovering due to subsequent updates and improvements [10][16]. - miHoYo's revenue from its three main products is projected to decline by nearly 10 billion yuan in 2024 compared to 2023, indicating challenges in long-term product sustainability [14]. Group 3: Future Outlook - The competitive pressure from "Mingchao" is expected to stimulate innovation and investment in the ACG gaming sector, potentially leading to a more diverse range of successful titles [20][30]. - Both Tencent and NetEase are intensifying their efforts in the ACG space, with Tencent launching "Xinghen Gongming" and NetEase focusing on "Wuxianda," indicating a strategic shift towards this growing market segment [29][30]. - The industry may witness a new wave of competition, with "Mingchao" setting a precedent for future titles to challenge established players like miHoYo [30].

Core Insights - The performance of miHoYo's flagship games, particularly "Genshin Impact" and "Honkai: Star Rail," has declined compared to their peak periods, with revenue failing to surpass popular apps like Douyin [1][3] - Despite the decline, "Honkai: Star Rail" experienced a significant revenue increase of 192% in April, driven by anniversary events and player engagement strategies [4][6] - The overall market for mobile games, especially in the two-dimensional genre, is facing challenges, with a reported 7.44% decline in revenue year-on-year [15][18] Group 1 - "Honkai: Star Rail" celebrated its second anniversary with various player incentives, leading to a notable revenue boost [4][6] - The game's anniversary events successfully re-engaged dormant players, indicating a potential recovery in player interest [8][25] - "Genshin Impact" has shown signs of a rebound with new content updates, although it still faces challenges in retaining players [11][29] Group 2 - The two-dimensional gaming market is experiencing increased competition and a decline in player spending, particularly among younger demographics [15][20] - miHoYo's strategy appears to be shifting towards catering to core players, which may alienate casual gamers [20][29] - The company's strong emotional connection with players, stemming from its early successes, provides a buffer against market challenges [25][26] Group 3 - miHoYo's overseas performance remains strong, with "Genshin Impact" generating over $4 billion in the U.S. alone, indicating a solid international player base [26][27] - The company's commitment to its core two-dimensional identity may limit its ability to diversify and attract new players [27][29] - The narrative and gameplay design choices have received mixed feedback, with some players expressing frustration over lengthy storylines and lack of quality-of-life improvements [24][29]

Core Viewpoint - The recent updates of fishing gameplay in popular anime-style games like "Zhongqu Zero" and "Mingchao" have sparked discussions and comparisons among players, highlighting a trend in the gaming industry towards simplified mini-games as a means to engage users and provide rewards [2][4][9]. Group 1: Game Updates and Comparisons - Both "Zhongqu Zero" and "Mingchao" introduced fishing-themed activities within a day of each other, leading to player comparisons and discussions across both domestic and international platforms [2][6]. - Players have criticized the fishing mini-games for being unoriginal and lacking depth, with some expressing disappointment over the simplistic gameplay mechanics [7][30]. - The trend of integrating fishing mechanics into anime-style games reflects a broader industry shift towards casual gaming experiences, as seen in other titles like "Infinite Nuan Nuan" and "Dust White Zone" [9][11]. Group 2: Mini-Game Design and Player Experience - The fishing mini-games in "Zhongqu Zero" and "Mingchao" are designed to be easy and accessible, catering to players who prefer to complete tasks quickly for rewards rather than engaging in challenging gameplay [19][28]. - Both games utilize narrative elements and popular characters to enhance player engagement, but the mini-games themselves are often perceived as repetitive and lacking excitement [31][32]. - The simplification of mini-game mechanics is a response to player feedback, aiming to avoid frustration while still providing a sense of accomplishment through rewards [20][36]. Group 3: Industry Trends and Business Models - The prevalence of mini-games in anime-style games is linked to the industry's reliance on gacha mechanics, where players are incentivized to engage in repetitive tasks to earn resources for character upgrades [35][39]. - The design of mini-games serves as a tool for resource distribution, balancing the need for player engagement with the necessity of maintaining a sense of value in the rewards earned [36][37]. - The ongoing challenge for developers is to innovate within the constraints of the gacha model, as the current approach often leads to a cycle of uninteresting gameplay experiences [38][41].

要论五一期间二游圈最重磅的活动，其中之一必有《崩坏：星穹铁道》演唱会。 我们173的编辑这次也很有幸，前往现场亲身体验米哈游为《崩铁》玩家带来的视听盛宴。 要说这场演唱会给人的第一印象，那就是"富有"。人声曲目都请来了原唱、几乎所有曲目都有着配套舞美与现场演奏，更不必说大量令人身 临其境的舞台道具，以及炫酷的激光表演与AR演出了，可以说每一首曲目都有让人印象深刻的独特记忆点。 据了解，这次演唱会其实是亏本在办的，在各种舞台效果上狠狠烧钱，只为玩家能获得更好的观看体验。 除了富有，这次的演唱会在还原剧情氛围上也下了不少功夫。 先是奏响了充满神圣感的管风琴，随后管弦乐与电吉他先后登场，跟着舞台中美声合唱团的歌声，无不将氛围推至高点。 尤其是卡芙卡PV曲的激光，相较于去年有了更密集的灯阵与更复杂的编排设计，高密度的红色激光单单是存在于场面中，就充满了视觉冲击 力，现场也时不时传来震撼的欢呼声。 之后大屏幕上的画面再现了"神主日"Boss战流程，Boss不断向观众的方向发起攻击，随后进入二阶段。最后神切歌画面一转，切入知更鸟演 唱的《希望有羽毛和翅膀》，同时屏幕中冲出一辆星穹列车，在AR技术下环绕于观众席上空而行，连 ...

很多人都说二游走到 2025 年，再往后可能就要面临危急存亡之秋。 虽然这么说有点危言耸听，但二游目前的整体情况确实算不上多乐观。 去年一年，根据《2024 年中国游戏产业报告 》显示，中国游戏市场去年再创辉煌记录， 市场规模高达 3257.83 亿元，游戏用户则来到了 6.74 亿人。 " 二次元游戏爆火！或将统治手游市场？ " " 二次元手游时代到来，老厂商正面临前所未有的挑战 " 大概 4 年前，类似标题的新闻层出不穷，二游被视为香饽饽，势头强到仿佛要指挥游戏圈的交通。 那时候可能任谁也没想到，没过几年，二游如今就已经增长见顶、两极分化严重。 数据双双增长，打破历史记录，成为了中国游戏行业有史以来的最高峰。 与此同时，主机、客户端、电子竞技，以及移动游戏几个板块全部上涨，主机端更是涨幅干到了 55.13%。 但就在一片赤红的喜人涨势下，唯独二游，绿的十分明显，去年销售数据直接下跌了 7.44%，且看似是市场主流的整个二次元品类，总营收 293.48 亿其 实只比网页游戏和主机游戏高，位列倒数第三，甚至跟小程序游戏的 398.36 亿也有着不小的差距。 与电子竞技游戏市场 （ 王者、和平精英、永劫无间等 ...

Core Viewpoint - 2024 presents both opportunities and challenges for the gaming industry, with established companies like Perfect World needing to adapt to remain competitive [1] Financial Performance - Perfect World reported a total revenue of 5.57 billion yuan in 2024, a decline of 28.50% from 7.79 billion yuan in the previous year [3] - The company incurred a net loss of 1.29 billion yuan, compared to a profit of 491 million yuan in 2023 [3] - The gaming segment, which accounts for 93% of total revenue, generated 5.18 billion yuan, down 22.32% year-on-year [3] Dividend and Shareholder Returns - Despite the losses, Perfect World plans to distribute a cash dividend of 2.3 yuan per 10 shares, totaling 437 million yuan [3] - Since 2015, the company has distributed a cumulative total of 5.49 billion yuan in dividends, representing over 60% of cumulative net profit [3] Recent Developments - The launch of "Zhu Xian World" in December 2024 is seen as a potential turning point, contributing to a revenue of 2.02 billion yuan in Q1 2025, a 52.22% increase year-on-year [7] - The gaming business in Q1 2025 achieved a revenue of 1.42 billion yuan, up 10.37% from the previous year, attributed to the success of "Zhu Xian World" [7] Project Cancellations and Losses - Several projects were canceled due to poor expected returns, resulting in a combined loss of approximately 397 million yuan [4] - The underperformance of games like "One Punch Man: World" and "Kairi's Million Arthur: Ring" led to additional losses of about 343 million yuan [4] Future Prospects - Perfect World is focusing on new game releases, having recently received approval for two new titles, "Golden Flash Knight Group" and "Lost" [8] - The anticipated game "Yihuan" is expected to be a key player in the company's transformation, with a global pre-registration of 2.8 million [9][10] Esports Strategy - The successful hosting of the Shanghai Major in 2024 has positioned Perfect World favorably in the esports sector, contributing to stable revenue from titles like "DOTA2" and "CS:GO" [12] - The esports business model is still evolving, with event revenues making up only 8.75% of the total esports market revenue [13] Conclusion - 2025 is critical for Perfect World as it seeks to maintain its core MMO offerings while breaking into new genres [14] - The success of "Zhu Xian World" provides a boost, but sustained growth will require additional successful titles and innovative strategies [14]

以下文章来源于定焦One ，作者定焦One团队 定焦One . 深度影响创新。 将投中网设为"星标⭐"，第一时间收获最新推送 各家的财报，也印证着这一趋势。 作者丨 刘毓航 编辑丨 魏佳 来源丨 定焦One 游戏厂商的"新品焦虑症"得到缓解。 就 在 厂商 们 苦于 二次元类游戏（以下简称"二游"） 吸引不动年轻人，就连品类头部《原神》和《崩铁》等都不可避免地迎来数据下滑之际 ，"叔系 手游"正在成为游戏行业的隐形金主。 这里的"叔系"，包含两重含义： 其一，指产品层面运营时间相对较长。像腾讯的《王者荣耀》《和平精英》，网易的《梦幻西游》都上线超过8年，且一直贡献着稳定的流水。 Sensor Tower发布的《2025移动游戏市场报告》显示，2024年，在大多数游戏类型中，老牌游戏的消费者支出占比超过80%。 其二，指玩家群体相对更成熟。这种成熟并不是完全指年龄更长，而是去圈层化且社交方式上相对更成熟。 当行业哀叹"年轻人玩不动了"，这些"叔系手游"的闷声发财，或许正是游戏行业逐渐醒悟的信号：不再一窝蜂模仿爆款，而是以长线运营为王。 "叔系手游" ，高歌猛进 这一轮在用户数量及流水方面创下好成绩的手游，可以被 ...