11月15日，网易旗下武侠开放世界游戏《燕云十六声》（英文名：Where Winds Meet）全球发行，登陆Steam、PlayStation、Epic平台。上线40分钟海外版本 玩家突破50万，24小时海外版本玩家超200万，Steam全球同时在线人数超19万，登上多个榜单：Steam全球最畅销游戏榜Top7、Steam全球最热玩游戏榜 Top5，PlayStation畅销榜7市场TOP3，并且开服即冲上Twitch游戏榜Top2 。 在热度持续攀升的同时，凭借高品质和自由沉浸的武侠体验，《燕云十六声》也赢得海外用户的高口碑评价，游戏中"点穴""太极"等武侠元素成为玩家热议 焦点，更带动了一轮"学中文、游开封"的中国文化体验热潮。 游戏出海，不仅是文化的远航，也是科技的展示。《燕云十六声》依托国产自研引擎Messiah实现的画面表现，让不少海外玩家直呼"从没见过这样的内 容。" 今年以来，浙江等多地出台游戏出海支持政策，国产游戏正迎来新一轮出海黄金期。《燕云十六声》正是政策鼓励下的新样本，它以"文化为根、技术为 骨、生态赋能"圈粉全球，有望成为又一个中国文化出海的代表性符号。 可交互的"数字博物馆"，外国 ...

在热度持续攀升的同时，凭借高品质和自由沉浸的武侠体验，《燕云十六声》也赢得海外用户的高口碑评价，游戏中"点穴""太极"等武侠元素成 为玩家热议焦点，更带动了一轮"学中文、游开封"的中国文化体验热潮。 游戏出海，不仅是文化的远航，也是科技的展示。《燕云十六声》依托国产自研引擎Messiah实现的画面表现，让不少海外玩家直唿"从没见过这 样的内容。" 智通财经APP获悉，11月15日，网易(09999)旗下武侠开放世界游戏《燕云十六声》（英文名：Where Winds Meet）全球发行，登陆Steam、 PlayStation、Epic平台。上线40分钟海外版本玩家突破50万，24小时海外版本玩家超200万，Steam全球同时在线人数超19万，登上多个榜单： Steam全球最畅销游戏榜Top7、Steam全球最热玩游戏榜Top5，PlayStation畅销榜7市场TOP3，并且开服即冲上Twitch游戏榜Top2 。 今年以来，浙江等多地出台游戏出海支持政策，国产游戏正迎来新一轮出海黄金期。《燕云十六声》正是政策鼓励下的新样本，它以"文化为 根、技术为骨、生态赋能"圈粉全球，有望成为又一个中国文化出海的代表性符 ...

沙特GameTok市场总监陈韵羽则聚焦中东市场，指出目前中东市场急缺游戏内容，是游戏爆款输出 与新平台崛起的黄金窗口，呼吁中国游戏出海中东。 如何把中国优秀文化作品塑造成出海更出彩的新时代文化产品？下一个"黑神话·悟空"、泡泡玛特 正在崛起？10月19日，作为第十九届杭州文化创意产业博览会的重要配套活动，"中国创造—— 2025CIC文化品牌出海交流会"在LOFT49・杭实创意中心举办。 本次交流会上午场以"'链'动未来——文化'新三样'出海新航路"为主题，聚焦以网文、网剧、网游 为代表的文化"新三样"出海，围绕内容创作、版权合作、跨境运营、本土化策略等关键议题，深入探讨 其国际化发展的实践路径与创新模式。 泰国暹罗电影节执行总监苏卡塞姆·索拉查布米·赫努巴克迪以泰国电影市场为切入点，分享泰国在 影视相关行业提供极具竞争力的现金激励，并组织企业参与多个国际电影节和影视活动，助力推广亚洲 影视内容，欢迎中国影视公司前往泰国进行电影制作及行业交流。 本届文博会，巴西外贸商会联合会受邀来杭，并首次独立成馆参展。当天下午，巴西新征程商务中 心总经理、联合创始人罗德里戈·德萨带来了《社会责任作为文化品牌进入巴西的门户》 ...

Core Viewpoint - Cultural export serves as a strategic link between economic prosperity and cultural confidence, transforming cultural advantages into industrial competitiveness and supporting high-level openness and economic restructuring [1] Group 1: Cultural Confidence - Cultural confidence is fundamental, providing the foundation for cultural export and allowing unique Chinese aesthetics, philosophy, and values to resonate globally [1] - The more robust the cultural confidence, the more successful the cultural export, creating a virtuous cycle of success and confidence [1] Group 2: Market Scale Advantage - China's vast market, with a population of 1.4 billion, acts as an "immersive experience chamber," validating narratives and emotional resonance through high subscription rates for novels and successful games [2] - The domestic market's success provides funding, technology, and confidence for cultural export, while international success enhances brand value and encourages further investment in R&D [2] Group 3: Purpose of Cultural Export - The core purpose of cultural export is to present a modern, diverse, and creative image of China, as evidenced by the global popularity of works like "The Wandering Earth" and "The Three-Body Problem" [2] - Chinese elements have become popular in global creative content, attracting the curiosity of young audiences worldwide [2] Group 4: Technological Empowerment - Traditional cultural export relied on conventional channels, but now digital platforms like TikTok and mobile gaming have created a "cultural digital expressway" for instant global delivery of cultural products [3] - Digital technology enhances the efficiency of cultural export, allowing for a systematic and industrialized approach to sharing Chinese culture globally [3] - The transition from "Made in China" to "Created in China" signifies a successful implementation of the dual circulation strategy in the cultural sector [3]

Core Insights - The world is increasingly understanding China, and China is ready to be better understood by the world [1][2] - Traditional Chinese culture elements resonate with the international community, such as Chinese cuisine, Taoism, and Confucianism [1] - The film "Kung Fu Panda" exemplifies international interest in Chinese traditional culture, showcasing elements like martial arts and meditation [1] Group 1: Cultural Exchange - Short video platforms like TikTok and Douyin effectively convey the essence of Chinese culture through concise content [2] - Short videos can visually present the contemporary urban life and realities of China, highlighting the differences in lifestyles compared to the West [2] - New media is seen as an effective means to showcase Chinese culture to a global audience [2] Group 2: Technology and Culture - The annual theme of the forum, "Cultural and Technological Integration," emphasizes that technology enriches expression and enhances cultural dissemination [2] - Immersive technologies allow for a 360-degree appreciation of Chinese art and architecture, moving beyond flat images [2] - There is a call for mutual understanding in East-West exchanges, advocating for the elimination of preconceived notions through immersive experiences [2]

Core Insights - The interactive film game "Shengshi Tianxia" has surpassed one million total sales across all platforms, including overseas markets, since its launch [1] - The mobile version of "Shengshi Tianxia" has consistently ranked first on the Apple iOS entertainment paid chart since its release on September 9 [1] - The game's total sales revenue has exceeded 39 million yuan, based on an official price of 39 yuan per unit [1] - The game has generated significant online discussion, with over 260 million views on the topic on Xiaohongshu [1] - The upcoming release of the second chapter, "Nü Dì Pian," is expected to further boost sales [1] Industry Analysis - The success of "Shengshi Tianxia" highlights the advantages of Chinese culture in the global gaming market, showcasing the rich historical and cultural resources available for game development [2] - The core competitiveness of interactive film games lies in their narrative and game design, with companies possessing strong storytelling capabilities and quality IP reserves likely to succeed [2] - The interactive film game sector is breaking traditional revenue boundaries between gaming and film content, creating diversified profit channels [2] - The production costs for interactive film games have risen significantly, ranging from 5 million to 10 million yuan, with a low success rate for breakout titles [3] - Despite the challenges, there remains a strong demand for quality content, with certain user groups showing a willingness to pay [3]

人民网华沙9月13日电（记者禹丽敏）9月12日，布加勒斯特中国文化中心组织的《黑神话：悟空》 展台精彩亮相罗马尼亚布加勒斯特东欧动漫展，成为此次活动中的热点，为罗马尼亚观众带来了一场别 开生面的中国文化体验。 此次中国展台以《黑神话：悟空》为主题，设置了游戏体验区和游戏动画展播区，吸引了大量观众 驻足。游戏中对中国神话场景的细腻描绘，如云雾缭绕的花果山、神秘庄重的雷音寺等，让现场体验的 观众仿佛置身于那个充满奇幻色彩的西游世界。 动画展播区播放了游戏科学特别提供的多个《黑神话：悟空》精彩动画。生动的画面、扣人心弦的 音乐以及充满中国文化底蕴的故事，引得观众们不时发出阵阵赞叹。罗当地参展嘉宾艾利克斯兴奋地表 示："之前只是听说过这款游戏很火，今天在这里亲身体验和观看动画展播，真的被震撼到了，游戏中 的中国文化元素太迷人了，每一个场景、每一个角色都像是在讲述着古老而神秘的故事。" 主办方表示，《黑神话：悟空》此次亮相东欧动漫展，不仅展现了中国游戏产业的实力，让罗马尼 亚民众看到中国在游戏研发领域已达到世界一流水准，具备制作高品质 3A 游戏的能力，更为中国文化 产业出海搭建了一座桥梁。通过游戏这一深受全球年轻人喜 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - In the first half of 2025, the company achieved revenue of 12.35 billion, representing a year-on-year growth of 251%. The net profit attributable to shareholders was 2.27 billion, with a year-on-year increase of 286%. After adding back stock incentive expenses, the net profit attributable to shareholders was 2.35 billion, reflecting a growth of 291% [2][4]. Summary by Relevant Sections Company Performance - The company reported a same-store sales growth of 201% in the first half of 2025, with a total of 41 stores after opening 5 new locations. The new stores include locations in Beijing, Shanghai, and Singapore, while also optimizing existing store spaces [7]. - Online sales contributed 1.62 billion in revenue, marking a year-on-year increase of 313%, with significant performance during the Tmall 618 sales event [7]. Financial Metrics - The gross profit margin decreased by 3.1 percentage points to 38.1% in the first half of 2025, while the net profit margin increased by 1.0 percentage point to 18.4%. The inventory turnover days improved from 195 days in 2024 to 150 days in the first half of 2025 [7]. Strategic Initiatives - The company has implemented a new round of stock incentive plans, with expenses increasing by 494% to 83.3 million in the first half of 2025. The mid-term dividend proposed is 9.59 per share, with a payout ratio of 73%, indicating confidence in long-term growth [7]. - The company is focusing on high-end branding and expanding its global presence, with the first overseas store opening in Singapore in June 2025, aiming to capture growth opportunities in the Southeast Asian jewelry market [7]. Earnings Forecast - The projected earnings per share (EPS) for 2025, 2026, and 2027 are expected to be 27.7, 38.2, and 47.9 respectively, indicating strong growth potential [9].

Investment Rating - The report assigns a "Buy" rating for the company [11][13]. Core Viewpoints - The report emphasizes the company's systematic advantages and potential for leapfrog growth, particularly through its globalization strategy and focus on the Southeast Asian jewelry market [3][8][10]. Summary by Relevant Sections Company Overview - The company, founded in 2009, positions itself as a high-end brand of traditional Chinese gold, leveraging a strong management team and effective employee incentives to build a comprehensive competitive advantage across branding, products, channels, and customer service [9][19]. Financial Performance - For 2024, the company is projected to achieve revenue of 8.5 billion and a net profit of 1.47 billion, representing year-on-year growth of 168% and 254% respectively [9][26]. The company has seen significant growth in its product offerings, particularly in gold-inlaid diamond products, which accounted for over half of its revenue in 2023 [27][29]. Globalization Strategy - The company has initiated a global expansion strategy, with its first overseas store opening in Singapore in June 2025, aiming to tap into the growing demand in the Southeast Asian jewelry market [10][11][38]. The region's population of 610 million and rising middle-income demographic present substantial growth opportunities [43][44]. Market Dynamics - The Southeast Asian jewelry market is expected to grow at a CAGR of 14% in Indonesia, 13% in Singapore, and 8% in Malaysia from 2021 to 2024, driven primarily by rising gold prices and resilient demand for gold jewelry [10][11][43]. The competitive landscape is relatively fragmented, providing opportunities for the company to increase its market share [10][11]. Product and Channel Strategy - The company focuses on innovative product designs that combine traditional craftsmanship with modern aesthetics, aiming to redefine consumer perceptions of gold jewelry [29]. It prioritizes securing premium retail locations in top shopping districts, enhancing brand visibility and customer experience [32][36]. As of July 2025, the company operates 42 stores, with a significant presence in high-end shopping areas [32][36].

Core Viewpoint - Pop Mart aims to establish itself as a deeply rooted enterprise, akin to a tree, leveraging China's rich culture, strong manufacturing capabilities, and vast market potential [2][19]. Group 1: Company Development and Strategy - Pop Mart has pioneered the trendy toy category in China, previously known as designer toys, and has significantly promoted this culture through events like the Beijing International Trendy Toy Expo [6]. - The company reported a sales figure exceeding 3 billion yuan for its popular IP, Labubu, in the previous year, indicating its rapid growth and international recognition [7]. - Pop Mart's strategy involves transitioning from merely selling products to selling culture, aiming to create high-value products that resonate globally [8]. Group 2: Market Expansion and Internationalization - The company anticipates that its overseas revenue will surpass domestic sales by 2025, with a projected revenue of 5.07 billion yuan in 2024, reflecting a year-on-year growth of 375.2% [12][13]. - Pop Mart's international expansion is supported by China's robust manufacturing and market advantages, allowing it to serve as a platform for global artists [14]. - The company emphasizes a gradual and focused approach to international growth, prioritizing quality and local adaptation over rapid expansion [15]. Group 3: Cultural and Artistic Integration - The founder believes in the power of design and beauty as a driving force for industry growth, suggesting a shift from mere existence to a focus on aesthetic value [21]. - Pop Mart's marketing strategy is rooted in cultural expression, utilizing blind box sales as a unique language to engage consumers [10]. - The company aims to balance artistic uniqueness with commercial viability, striving to create a respected brand that conveys beauty and warmth [18].