Core Insights - Apple is focusing on enhancing gaming on Mac with the introduction of Metal 4 and Game Porting Toolkit 3, aimed at developers to create complex games and port existing Windows games to the Apple ecosystem [1][3] Group 1: Metal 4 and Game Porting Toolkit 3 - Metal 4 offers low-overhead hardware acceleration for improved performance, enabling developers to create more realistic graphics, with features like Frame Interpolation and Denoising similar to NVIDIA's DLSS [3] - Game Porting Toolkit 3 is designed to assist developers in shader conversion, performance baseline testing, and adapting window display, input, and audio APIs [3] Group 2: Challenges in Gaming on Mac - Despite the advancements, the gaming experience on Mac remains inferior to Windows and Linux due to historical and practical limitations, making significant improvements difficult [5] - Prior to Apple Silicon, Mac's hardware and software were not conducive to gaming, with a lack of continuity in software support leading to many games becoming obsolete [6][8] - The transition to Arm architecture has improved graphics capabilities, but the architectural differences between Arm and x86 present new challenges for developers [10][11] Group 3: Developer Sentiment and Market Dynamics - Developers prioritize platforms with larger user bases and more open ecosystems, which currently favors Windows, as macOS holds a market share of around 10% [11][14] - The low percentage of gamers among Mac users discourages developers from investing in game ports, as the fear of low demand persists [14][16] - While some iOS games are available on Mac, popular titles like "Genshin Impact" and "Teamfight Tactics" are still not natively supported [14][16]

Group 1 - Lilith Games' self-developed shooting game "Far Light 84" is scheduled for a July test, which will be available on both PC and mobile platforms, potentially attracting market attention towards the "gaming + AI + esports" concept [1] - NetEase's turn-based pet-catching mobile game "Spirit Beast Adventure" will begin testing on June 19, featuring a unique blend of "vertical screen + pet-catching + home management" gameplay, targeting casual players and aiming for rapid annual revenue growth if a stable user base is formed [2] - Sunborn Network's "Girls' Frontline" issued an apology for server issues experienced after its June 12 launch, attributing the problems to an underestimation of server capacity, which may weaken market confidence in its future products [3]

证券研究报告 传媒 行业定期报告 hyzqdatemark 2025 年 06 月 15 日 证券分析师 陈良栋 SAC：S1350524100003 chenliangdong@huayuanstock.com 王世豪 SAC：S1350524120005 wangshihao@huayuanstock.com 陈逸凡 SAC：S1350525040003 chenyifan@huayuanstock.com 魏桢 weizhen@huayuanstock.com 继续把握游戏、电影、潮玩等新品周期的交易机会 投资评级： 看好（维持） ——传媒互联网行业周报（2025.6.9-2025.6.15） 投资要点： 本周观点：优质新品的强势表现带动公司在目前市场具备较强的弹性交易机会，我 们认为产品表现短期影响的是对公司业绩预期的动态调整，长期则是对公司能力与 价值的重新判断。我们建议继续在暑期大档期中，把握优质内容产品周期，关注重 点新品游戏的测试和上线表现，关注暑期档影片定档、宣发和票房表现，关注卡牌、 潮玩等新品上架、运营和售卖表现。 联系人 板块表现： 游戏方面：完美世界重点产品《异环》的收容测试（即限量 ...

新研发体系下，《异环》具备开放世界品类游戏竞争优势 ——完美世界深度报告 完美世界(002624) 报告日期：2025 年 06 月 15 日 证券研究报告 | 公司深度 | 游戏Ⅱ 投资要点 我们看好《异环》未来给公司带来的利润增量。《异环》是公司旗下幻塔工作室 自主研发的超自然都市开放世界 RPG 游戏，采用虚幻引擎 5 制作，支持光线追 踪和 DLSS 技术，让画面更加逼真细腻。幻塔工作室制作了公司 2021 年上线的 游戏《幻塔》，其首月流水达 5 亿元，首年达 30 亿元。 盈利预测与估值 对比《幻塔》首月和首年分别为 5 亿和 30 亿元的流水，我们认为《异环》因其 更加优秀的品质和题材有望超越。中性假设下，若如期上线，《异环》有望为公 司 2026 年带来约 14 亿元利润增量。综合上述测算，我们预计公司 2025-2027 年营收分别为 67/108/99 亿元，对应归母净利润分别为 6.3/17.1/18.2 亿元，当 前股价对应 P/E 分别为 47/17/16 倍，维持"买入"评级。 风险提示 我们认为《异环》有三大竞争优势：1）研发工作室在相关品类的开发经验丰 富，即过往产品优秀；2） ...

Hi 亲爱的朋友！ 播客「Knock Knock 世界」昨天已经更新到第 31 期了。继续来看看过去两周都我们为你敲开了哪几扇门？ 本期内容转载自公众号「十分之一信箱」 鞋子上随处可见的 BOA 旋钮 到底是个什么「黑科技」? 01 童鞋和滑雪靴,听起来完全不搭边啊,但 是,滑雪靴,正是 BOA 最开始使用的地 方。 02 BOA 的名字居然就是「蟒蛇」? 03 Vans 在滑板鞋领域,已经是全球最知 名的品牌之一了,一个名气这么大的品 牌,怎么会选择和一家「一人公司」合作 呢? 04 BOA 闭合系统现在用的「旋钮 + 细线」 的组合,其实在医疗器械里早就有类似 的设计。 卖掉公司有些「闲」的创始人 Garv,给自 05 已先做了一双有 BOA 雏形的滑雪鞋, 于是觉得也许这是下一个创业机会。 06 创业有些受挫的 Gary,到处闲逛找人聊 天,从一个自行车配件厂商那里找到了 BOA 商业模式的灵感。 07 到处被说「不靠谱」的 Gary 是怎么在中 国找到突破口的?又是如何从突破发展 到今天成为人人争着要在鞋子上标明使 用了 BOA 的品牌的? 原来 AI 也会「口渴」! 为什么 AI 的发展这么费水? ...

本期内容转载自公众号「十分之一信箱」 鞋子上随处可见的 BOA 旋钮 到底是个什么「黑科技」? 01 童鞋和滑雪靴,听起来完全不搭边啊,但 是,滑雪靴,正是 BOA 最开始使用的地 方。 02 BOA 的名字居然就是「蟒蛇」? 03 Vans 在滑板鞋领域,已经是全球最知 名的品牌之一了,一个名气这么大的品 牌,怎么会选择和一家「一人公司」合作 呢? 04 BOA 闭合系统现在用的「旋钮 + 细线」 的组合,其实在医疗器械里早就有类似 的设计。 Hi 亲爱的朋友！ 播客「Knock Knock 世界」昨天已经更新到第 31 期了。继续来看看过去两周都我们为你敲开了哪几扇门？ 原来 AI 也会「口渴」! 为什么 AI 的发展这么费水? 「没有牛命」的人工智能也就是 AI,在被 卖掉公司有些「闲」的创始人 Garv,给自 05 己先做了一双有 BOA 雏形的滑雪鞋, 于是觉得也许这是下一个创业机会。 06 创业有些受挫的 Gary,到处闲逛找人聊 天,从一个自行车配件厂商那里找到了 BOA 商业模式的灵感。 到处被说「不靠谱」的 Gary 是怎么在中 07 国找到突破口的?又是如何从突破发展 到今天成为人人争着要 ...

Group 1 - Company Fish Technology announced the acquisition of properties in Beijing for a total price of RMB 50.3 million, consisting of office units and parking spaces with a total area of 1,770.22 square meters and 129.53 square meters respectively [2] - The properties are located in a strategic area of Beijing's central business district, which is considered one of the prime commercial zones, and the company believes this acquisition represents a long-term investment opportunity despite the current downturn in the real estate market [2] - The acquisition is expected to provide stable rental income in the long term, as the company has referenced past rental income data and recent rental prices of comparable properties in the area [2] Group 2 - In 2024, Fish Technology achieved a revenue of RMB 277 million, reflecting a year-on-year growth of 22.35%, but faced significant pressure on profits with a net loss of RMB 44.39 million, marking a shift from profit to loss [3] - The main source of revenue for the company comes from game operations, accounting for 86.29% of total revenue, with RMB 239 million generated from this segment [3] - The company plans to focus on the long-term operation of existing popular games to maintain stable cash flow and aims to expand into overseas markets to diversify revenue sources [3]

Group 1 - The core issue revolves around companies using misleading trademark strategies to gain competitive advantages, which can lead to consumer confusion and mistrust [1][2][3] - Companies are increasingly engaging in wordplay with trademarks, such as splitting words or exaggerating descriptions, to create misleading perceptions among consumers [1][2] - The market's tolerance for deceptive marketing practices is decreasing, and companies that rely on such tactics may face long-term repercussions [1][2] Group 2 - Integrity is emphasized as a vital component for sustainable business development, with trademarks serving as a representation of a company's reputation and brand value [2][3] - The trademark law prohibits deceptive marks that can mislead the public regarding product quality or origin, highlighting the need for honest marketing practices [2][3] - Companies are encouraged to focus on product innovation and quality improvement rather than resorting to gimmicks in trademark usage [2][3] Group 3 - Maintaining a healthy industry ecosystem requires preventing businesses from benefiting from deceptive practices, necessitating stricter trademark registration and usage regulations [3] - Regulatory bodies should enhance scrutiny of trademark applications and monitor compliance to prevent misleading marketing tactics [3] - A transparent approach in branding can strengthen consumer trust and contribute to a healthier market environment, ultimately supporting economic growth [3]

Core Insights - The article discusses the measures implemented by the Zhejiang Provincial Department of Commerce to support the gaming industry's international expansion, effective from July 10, 2024 [1][2] - It highlights the success of the game "Black Myth: Wukong," which has sold over 10 million copies globally, marking a significant achievement for Chinese gaming [2] Group 1: Policy Measures - The measures cover various aspects of the gaming industry, including development, platforms, and ecosystems, with a focus on targeted and actionable initiatives [1] - The policy aims to enhance institutional openness by exploring innovative mechanisms for cross-border settlement and data flow [1] - It promotes the internationalization of the gaming industry through cultural and technological integration, marketing support, and targeted strategies for development and operation [1][2] Group 2: Industry Performance - In 2024, China's self-developed games generated overseas sales revenue of $18.557 billion, reflecting a year-on-year growth of 13.39% [2] - Guangdong Province, as the largest gaming market in China, reported gaming industry revenue of 260.4 billion yuan, accounting for nearly 80% of the national market share [2] - The emergence of "Black Myth: Wukong" has shifted perceptions of Zhejiang's gaming industry, potentially attracting more gaming companies to the region [2][4] Group 3: Future Development - Zhejiang aims to enhance the gaming industry's capabilities by optimizing the ecosystem and talent resources, focusing on the development of headquarters and benchmark enterprises [4] - The province supports the development of original high-quality games and cultural IPs, emphasizing the creation of 3A game projects with strong cultural attributes and growth potential [4]

Core Insights - Nintendo's new console, Switch 2, is set to launch on June 5, 2025, marking a significant moment in the gaming industry as it transitions into a "post-console war" era [1][6][20] - The company aims to leverage its strong IPs and family-oriented gaming experiences to maintain its market position and attract new users [3][5][15] Product Launch and Financial Expectations - Nintendo plans to sell 15 million units of Switch 2 in the fiscal year 2025, projecting a 13% increase in operating profit to 320 billion yen [2] - The new console is priced at $449.99, reflecting hardware upgrades and increased production costs compared to the original Switch [2][5] Game Content Strategy - Nintendo is focusing on a strong launch lineup, including new titles from popular franchises like Mario and Zelda, to ensure a successful debut for Switch 2 [3][16] - The company is also emphasizing cross-generational gaming experiences, allowing existing Switch users to access their game libraries on the new console [15][16] Industry Positioning and Competitive Landscape - The gaming industry is witnessing a shift from traditional hardware competition to a focus on ecosystem richness and user engagement [20][22] - Nintendo's strategy diverges from competitors Sony and Microsoft, who are heavily invested in high-performance hardware and third-party game exclusives [7][10][12] Future Directions and Innovations - Nintendo is exploring new revenue streams beyond hardware sales, including movies, theme parks, and merchandise, which have shown significant growth [17][18] - The company is cautiously entering subscription services and cloud gaming, indicating a willingness to adapt to changing market trends [19][20]