以下文章来源于最华人 ，作者华人作者团 最华人 . 有华人的地方，就有最华人。 关注华人商业领袖、创业者及商业案例； 洞察科技制造、品牌出海、产 业革新等。 "2022中国正能量网络精品"获得者。 11月21号，B站上一条视频刷屏，截至目前播放量已经超550万。这个米哈游旗下的新游戏 Varsapura 还没上 线就引来关注，就连游戏巨头索尼的前高管也忍不住在社交媒体转发，说"等不及要玩了"。 米哈游在中国游戏圈是个特别的存在。 在小众的二次元赛道里，几个上海交大毕业的技术宅靠10万元无息贷款起步，只用了13年时间就把它做成 了估值1750亿、仅次于腾讯和网易的中国第三大游戏公司。 今天米哈游的目标已经从"做世界一流的原创动漫公司"，到投身AI、脑机接口，甚至火箭发射、核聚变等 面向未来的产业，立志在2030年打造出全球十亿人愿意生活在其中的虚拟世界。 ● 米哈游创始人团队，从左至右：罗宇皓、蔡浩宇、靳志成、刘伟和张庆华 从一开始就喊出"技术宅拯救世界"的米哈游，有什么样的故事？ 01 宿舍创业 2005年，上海交大迎来了一批新生，来自山东济南的蔡浩宇、湖南长沙的刘伟和江西抚州的罗宇皓就在其 中。 1987年 ...

今年的电影市场屡次证明了二次元用户的消费力。 从年初《哪吒之魔童闹海》（154.46亿）到暑期档的《浪浪山小妖怪》（17.19亿）和《罗小黑战绩2》（5.33亿），再到近期在映的《鬼灭之 刃：无限城篇第一章猗窝座再袭》（6.37亿）和《疯狂动物城2》（22.22亿），这些作品不仅展现了二次元核心用户的消费力，也揭示出泛二 次元人群蕴含的巨大市场潜力。 番剧领域同样如此。各平台布局二次元内容多年，而今年最炙手可热的漫剧赛道，以"动态漫画+轻量化叙事"贴合二次元用户碎片化观看习惯，部分作品 更凭借粉丝二创反哺，播放量突破10亿，成为平台新的流量增长点。 从电影票房的爆发到平台内容的倾斜，从漫剧的崛起到二创生态的繁荣，这一系列现象并非偶然。这背后，是二次元观众从"被动接受"到"主动发声"的身 份转变，更是他们逐步掌握话语权的直观体现。 二次元到泛二次元 二次元原指动画、漫画等平面二维世界，核心聚焦ACG及衍生内容，受众为深度认同圈层文化、强社群归属感的核心粉丝，通过同人创作、漫展等互动 形成高凝聚力封闭社群。 随着代际更替中Z世代成为消费主力，二次元文化逐渐扩容与延伸，打破ACG边界，进化成"泛二次元"。这一概念将 ...

Core Viewpoint - Chinese Online, once known as the "first stock of digital publishing" in China, is now facing significant losses, with a total loss exceeding 28 billion yuan since its listing in 2015 [3][8]. Financial Performance - In Q3 2025, Chinese Online reported a loss of 294 million yuan, bringing the total loss for the first three quarters to 520 million yuan. Cumulatively, the company has incurred losses of over 28 billion yuan since its IPO [3][8]. - The company's revenue for the first three quarters was 1.011 billion yuan, a year-on-year increase of 25.12%. However, the net profit attributable to shareholders was -520 million yuan, reflecting a year-on-year decline of 176.64% [4][5]. - In Q3 alone, revenue was 455 million yuan, up 31.43% year-on-year, but the net profit was -294 million yuan, a drastic decrease of 673.14% [4][5]. Business Strategy and Operations - The revenue growth is attributed to the overseas income from the short drama platform FlareFlow, which has seen significant downloads and user engagement [6][7]. - FlareFlow, launched in April 2025, has reached over 19 million downloads and has over 3,000 works available, but the high costs associated with its promotion have led to substantial losses [6][7]. - Sales expenses surged to 660 million yuan in the first three quarters of 2025, nearly doubling from the previous year, primarily due to increased marketing costs for overseas operations [6]. Historical Context and Challenges - Since its listing, Chinese Online has frequently pursued trending concepts such as "AIGC," "metaverse," and "anime," but these efforts have not translated into sustainable financial performance [10][12]. - The company has faced multiple setbacks, including failed acquisitions and investments in the past, which have negatively impacted its financial stability [10][12]. - Despite the CEO's long-term vision, there is a trend of shareholders and executives reducing their stakes in the company, indicating a lack of confidence in its future prospects [13][14].

Core Insights - Liu Wei, co-founder of miHoYo, ranks 126th on the 2025 Hurun Rich List with a net worth of 44.5 billion RMB, having increased his wealth by 4.5 billion RMB (11%) over the past year, despite a drop of 19 places in ranking [1][2] - miHoYo has established itself as a prominent player in the cultural and creative industry, particularly in the global gaming market, with its flagship game "Genshin Impact" leading the way [1][4] Financial Performance - miHoYo reported a revenue of 4.5 billion RMB in the first half of the year, with "Genshin Impact" and "Honkai: Star Rail" contributing to 70% of this revenue, and a 32% quarter-on-quarter growth driven by a new version of "Genshin Impact" released in June [2][5] - In 2022, miHoYo achieved remarkable financial results with a revenue of 27.34 billion RMB and a net profit of 16.145 billion RMB, showcasing its growth trajectory from a startup to a major industry player [4] Market Position and Strategy - "Genshin Impact" has been recognized for its cultural impact, being a digital window for over 170 countries to experience Chinese culture, and has been included in cultural research by several overseas museums [4] - Facing growth challenges as "Genshin Impact" approaches the end of its lifecycle, miHoYo is diversifying its portfolio by developing a new "city open-world" project based on Unreal Engine 5 and expanding into the female-oriented gaming market with "The Uncertain Event" [5]

Core Viewpoint - The article highlights the perspective of Guoyue master Fang Jinlong, who aims to blend traditional Guangdong music with modern rock elements to appeal to younger audiences [1] Group 1: Insights on Youth Culture - Fang Jinlong emphasizes that young people are drawn to relatable and humorous content, particularly memes and elements from the ACG (Anime, Comic, and Games) culture [1] - The artist believes that incorporating these contemporary influences can make traditional music more engaging for the youth [1] Group 2: Musical Innovation - Fang Jinlong plans to create rock-style Guangdong music, recognizing that this genre resonates well with younger listeners who seek stimulating auditory experiences [1] - The initiative reflects a broader trend of merging traditional art forms with modern musical styles to attract new audiences [1]

Core Points - The gaming industry has seen numerous high-profile project failures over the past year, with some projects being definitively deemed unsuccessful after initial struggles [1][2] - A parable illustrates the pitfalls of project initiation in the gaming industry, emphasizing the importance of careful evaluation and the dangers of blind optimism [4][8] - The article critiques the tendency of executives to rely on flattering analysis that may overlook critical flaws in project proposals [15][28] Group 1 - The gaming industry has experienced significant project failures, with many projects being abandoned or deemed unsuccessful [1][2] - The importance of project initiation is highlighted, with a focus on the high costs associated with poor decision-making in the early stages [8][13] - The article suggests that many projects fail due to a lack of critical feedback and the prevalence of sycophantic behavior among team members [25][27] Group 2 - The phenomenon of "high-level flattery" is discussed, where analysts present overly optimistic views that align with executives' desires, leading to misguided project approvals [18][23] - The article emphasizes that no project is without flaws, and a project that appears flawless is likely hiding significant issues [30][34] - Examples of past project failures are provided to illustrate the risks of ignoring negative feedback and the consequences of poor strategic planning [36][39] Group 3 - The article outlines a process for evaluating the viability of new projects, including analyzing past similar projects and assessing the capabilities of the development team [45][47] - It stresses the need for a realistic assessment of project feasibility, particularly in innovative areas like open-world games and the metaverse [46][48] - The discussion includes the importance of learning from previous failures to avoid repeating mistakes in future project initiatives [46][47]

Core Insights - The rise of "bead art" in Changsha reflects a growing trend among young people seeking low-cost, easy-to-learn, and nostalgic DIY activities [1][7] - Bead art originated in Europe as an educational toy for children, but has now gained popularity among adults as a stress-relief activity [1][8] Industry Trends - The DIY bead art market has seen significant sales, with some stores reporting over 3,000 sales of single-person packages [6] - Online platforms like Xiaohongshu have recorded 1.77 billion views and over 6.8 million discussions related to bead art, indicating a strong community interest [6] Consumer Behavior - Adult consumers are increasingly engaging in bead art, often finding it more enjoyable than children, as it provides a sense of accomplishment and relaxation [7][8] - The affordability and ease of creating personalized items, such as fan merchandise, contribute to the appeal of bead art among consumers [7] Market Dynamics - The popularity of bead art is driven by the "fan economy" and the influence of "ACG" (Anime, Comic, and Games) culture, allowing for the creation of cost-effective, personalized merchandise [7] - Bead art's nostalgic appeal and alignment with contemporary aesthetic preferences help maintain its long-term attractiveness in the DIY market [8]

Core Viewpoint - The gold jewelry brands are increasingly collaborating with popular IPs to create unique products, appealing to younger consumers and tapping into the "痛金" (pain gold) trend, which emphasizes emotional value over traditional investment aspects [1][5][8]. Group 1: Market Trends - The trend of "谷子经济" (grain economy) is gaining traction, with products related to popular IPs, such as cards and collectibles, seeing significant sales growth [7]. - Young consumers are prioritizing emotional value and cultural significance in their purchases, shifting from traditional needs for gold as a store of value to a desire for products that express personal identity [8]. Group 2: Product Collaborations - Major gold brands like Lao Miao and Lao Feng Xiang have launched various products in collaboration with popular IPs, including gold notes and figurines, to attract the younger demographic [1][6]. - The collaboration with the animation IP "Tian Guan Ci Fu" by Lao Miao resulted in a gold note priced at 520 yuan for 0.2 grams, translating to approximately 2600 yuan per gram, which is 2-3 times the price of regular gold [1][11]. Group 3: Sales Performance - The sales of IP-related products have been strong, with Zhou Dafu reporting over 1.5 billion yuan in sales from its collaborations, indicating a successful strategy in engaging younger consumers [1][7]. - Despite rising gold prices affecting overall consumption, products with high emotional and design value continue to perform well, suggesting a market shift towards more innovative and culturally relevant offerings [7][8]. Group 4: Consumer Behavior - The younger generation, particularly those born after 2000, are willing to spend on aesthetically pleasing and emotionally resonant products, as evidenced by their purchases of gold notes featuring beloved characters [2][4]. - The phenomenon of "痛金" reflects a broader cultural trend where fans integrate their favorite IPs into their daily lives, enhancing the perceived value of these gold products [5][9].

Group 1 - The tenth Hupu Goddess Contest saw the character Furina from the game "Genshin Impact" win with an overwhelming total of 1.67 million votes, becoming the first two-dimensional "goddess" in the contest's history [1][6][12] - Characters from miHoYo dominated the contest, with eight out of the sixteen finalists being from their games, showcasing the strong influence of two-dimensional characters over three-dimensional celebrities [1][12][21] - The contest's format was modified this year to include four categories: celebrities, two-dimensional characters, games, and internet celebrities, with the game category exclusively featuring characters from 27 games, all of which were from miHoYo [12][19] Group 2 - Furina's design and backstory contributed significantly to her popularity, combining high artistic standards with a compelling narrative that resonates with players, embodying the "beautiful, strong, and tragic" archetype [14][16][24] - The contest results reflect a broader trend of two-dimensional characters gaining commercial potential, as they serve as vehicles for emotional connection and social interaction, transcending traditional fandom boundaries [22][26][28] - The success of two-dimensional characters in this contest may indicate a shift in audience engagement, where players rally together to support their favorite characters, potentially leading to a new era of virtual idols [21][28]

Core Insights - The company reported a revenue of 10.808 billion yuan for the first half of 2025, a decrease of 2.19% year-on-year, and a net profit attributable to shareholders of 557 million yuan, down 11.97% year-on-year [1][2][3] - The traditional core business, which includes writing tools and student stationery, faced significant challenges, with revenue of 4.026 billion yuan, a decline of 7.18% year-on-year [1][3] - The company is adapting to changes in consumer preferences by embracing collaborations with popular IPs and focusing on emotional value in its products [4][6] Financial Performance - Total revenue for the first half of 2025 was 10.808 billion yuan, compared to 11.051 billion yuan in the same period last year, reflecting a decrease of 2.19% [2] - The total profit for the period was 726.6 million yuan, down 11.70% from 822.9 million yuan year-on-year [2] - The net profit attributable to shareholders decreased to 557.2 million yuan, down 11.97% from 632.9 million yuan [2] - The net cash flow from operating activities was 654.1 million yuan, a decline of 10.88% year-on-year [2] Business Strategy - The company is shifting its strategy from being a "functional provider" to an "emotional value provider," targeting younger consumers who seek emotional connections through products [4][6] - New retail store formats, such as Jiuwu Zawush and Chenguang Life Hall, have shown growth, with a combined revenue of 779 million yuan, up 6.98% year-on-year [1][6] - Jiuwu Zawush generated 756 million yuan in revenue, reflecting a growth of 9.48% [6] Industry Context - The overall revenue of the educational and office supplies manufacturing industry is projected to decline by 1.6% in 2024, influenced by product homogenization and intense price competition [3] - The company faces challenges from changing consumer demographics, with a focus on personalized products driven by younger generations [3]