2026年开年，又一家曾头顶资本光环的二次元游戏公司走向沉寂。曾被视为国风赛道潜力股、对标《食物语》的《咏月风雅》，其研发商上海苏河猫岸网络 科技有限公司近日被曝已陷入严重的经营与法律危机。 这款2024年5月上线的产品在运营不到半年后便停止更新，如今游戏服务器悄然关闭，官方却从未发布停服公告。而背后的苏河猫岸及其关联公司，因拖欠 薪资、推广费及外包费用，已累计被强制执行数百万元，创始团队核心成员更是在网上公开决裂，互诉公堂。 资本宠儿的坠落：从腾讯红杉入局到被执行 苏河猫岸的创始人"道道"是一位连续创业者，其名下主体"波波和小伙伴们的（北京）科技有限公司"旗下曾拥有多个品牌项目。尽管官方简介自称"成功经 验比较少，但是失败经验很多"，但该公司在资本市场却一度顺风顺水。凭借二次元社区的积累和对女性向赛道的布局，公司接连获得了元气资本、优势资 本、数字天空的投资，更在后续引入了腾讯与红杉中国这样的顶级资本。 然而，资本的加持并未能转化为产品的成功。公司首款自研乙女游戏《恋爱吧！偶像》仅运营一年便于2020年下架。2021年立项的《咏月风雅》被寄予厚 望，研发周期长达三年，早期甚至请来了《FGO》制作组的美术设计 ...

【完美世界】持续重点推荐 付费模式：抽卡为 "大富翁"棋盘式，90 抽必出当期 UP（不歪池），70 抽后提率，角色保底出率 1.87%，单抽 附培养资源，叠加福利让利玩家；月卡（异晶开采凭证）享资源特权，通行证（精锐 / 荣誉猎人补给）含专属奖 励，所有付费计入累计充值；测试累计充值 4348 元（含异晶、月卡等费用），公测返还异晶 63350、异晶开采凭 证 2 个。 多端表现：PC 端和iOS运行流畅；安卓端机型有分化，中高端表现佳，天玑 8100以下机型帧率波动大，期待 后续优化。 《 查找图书 》开启第三轮限量计费删档 "共存测试"，整体感受超预期：1）亮点：都市体验感突出，载具、同居 玩法为亮点，PC 端表现佳；2）优化空间：安卓端帧率还有优化空间。整体看产品底子扎实、在二游中差异化显 著，后续的日本和北美市场有望口碑发酵，有望成为长线大单品。 玩法亮点：1）都市场景体验真实，交互纵深强，角色互动丰富，NPC 数量大增且带生活化细节；载具类型丰 富，部分可进化（如摩托车解锁 "鬼火摩托"）；2）新增好感度绑定同居玩法（4 级解锁），含互动及专属语音， 第一人称视角提升代入感；3）加入PVE搜打撤/ ...

广发证券认为，《异环》核心在于强化玩家主体性。这为二次元开放世界创造了全新体验。具体体现 为：在操作上，可选第一人称视角，带来更强的沉浸感；在玩法上，多分支的支线设计让玩家的主动选 择能显著改变进程与结局，从而使其从剧情的"阅读者"转变为内容的"推动者"。 《异环》关注度较高，具备用户基础，且玩法体验丰富 (1)用户基础扎实，市场热度高。据官网数据，游戏预约量已突破2000万；其三测PV在哔哩哔哩的播放 量超过700万，反映出产品通过早期宣发积累了扎实的关注度与用户基本盘。 智通财经APP获悉，广发证券发布研报称，根据伽马数据，回顾过去5年的二次元游戏市场，行业有典 型的供给创造需求的特征，在重点产品发行的年份，市场规模均有显著增长。《明日方舟：终末地》持 续验证二次元开放世界的商业化潜力，当前《异环》测试表现突出，玩家获得更加沉浸的游戏体验，产 品上线有望实现突出流水表现，核心推荐具备二次元产品的游戏研发商。首推完美世界(002624.SZ)， 关注头部公司腾讯控股(00700)、储备有《无限大》的网易-S(09999)等。 广发证券主要观点如下： 二次元市场或迎来复苏，《明日方舟：终末地》的成功发行持续验 ...

格隆汇2月9日｜开源证券研报指出，完美世界《异环》三测反响热烈，上线或驱动业绩大幅增长，维 持"买入"评级。《异环》是公司基于虚幻5引擎开发的二次元都市题材开放世界游戏，2026.2.4国内开启 删档计费测试（三测），反响热烈，截至2026.2.6，官方预约量超2000万，TapTap预约量481万，评分 8.9；2026.2.6B站上线的薄荷角色短片5小时播放量超134万，Youtube平台12月上线的官方PV播放量超 267万。综合三测表现，认为《异环》选用的都市题材新颖，与目前常见的荒野自然世界不同，或让玩 家耳目一新，另外都市题材亦能自然融合模拟经营、赛车等丰富副玩法及不同风格皮肤，进一步提升游 戏可玩性及商业化空间；对于传统"二游"核心商业机制"抽卡"，《异环》推出"每90抽都必定获取当期 UP角色"机制，保障广大图鉴党玩家游戏体验，奠定大DAU基础，同时保留"命座"机制维持重度玩家付 费空间；技术上，团队背靠《幻塔》虚幻4引擎经验，利用虚幻5引擎塑造出色的2.5次元风格现代都市 景观；三测版本更新了大量二测玩家反馈的问题及需求，反映团队积极回应玩家需求的诚意（"二游"重 要影响因素）。《异环》20 ...

Core Insights - Eagle Horn Network's game "Arknights: End of the World" has achieved over 30 million downloads globally within a day of its launch, ranking in the top five of the App Store in China [3][5] - Despite high-quality production and strong IP recognition, the game has received mixed reviews, with a TapTap score of only 4.5 as of January 29 [5][6] - The game is positioned between high popularity and difficulty in expanding its player base, reflecting a disconnect between its single-player design and typical gacha game mechanics [3][10] Game Performance - "Arknights: End of the World" is the first globally synchronized release from Eagle Horn Network, showcasing a blend of single-player and traditional gacha game elements [4][5] - The game features a box garden design and incorporates various gameplay elements, but its monetization strategy aligns closely with typical gacha games, focusing on character collection and resource management [4][6] - The game has faced challenges in player retention and satisfaction due to resource acquisition difficulties and a slow-paced gameplay experience [6][7] Market Context - The overall performance of the two-dimensional game market is declining, with projected revenue decreases of 7.44% and 3.64% in 2024 and 2025, respectively [8][9] - The release of "Arknights: End of the World" comes at a time when few new titles in the genre have captured significant player interest, indicating a challenging environment for new releases [9][10] - The game's reliance on existing IP recognition and emotional connection may limit its ability to attract new players outside the traditional audience [10]

Core Viewpoint - Eagle Horn Network's game "Arknights: End of the World" achieved over 30 million downloads globally within a day of its launch, but it struggles with mixed reviews despite its high quality and established IP [1][2][6]. Game Performance - The game was released on January 22, 2024, and reached the 5th position on the App Store in China on its launch day, climbing to 4th the next day, and ranking 12th by January 29 [2][6]. - The game is recognized for its high quality and optimization, being described as one of the best mobile open-world games in recent years [2][4]. Game Design and Features - "Arknights: End of the World" is a 3D real-time strategy RPG that combines elements of combat, exploration, and base-building, reflecting a single-player game design ethos [4][5]. - The game employs a traditional gacha model common in the genre, focusing on character collection and development, which may not align with its gameplay style [4][7]. Player Reception - Despite its quality, the game received a TapTap rating of only 4.5 as of January 29, indicating a disconnect between quality and player satisfaction [6]. - Players have expressed concerns over resource acquisition difficulties, slow-paced gameplay, and a lack of engaging content, which have contributed to a fragmented gaming experience [7][8]. Market Context - The overall performance of the mobile game market, particularly in the anime genre, is declining, with projected revenue drops of 7.44% and 3.64% in 2024 and 2025, respectively [9][10]. - The game is heavily reliant on its existing IP fanbase, which may limit its ability to attract new players outside its traditional audience [10]. Future Outlook - The game has the potential for improved revenue performance if it can maintain stability, increase player incentives, and replicate popular characters from the original IP [10].

Core Viewpoint - Eagle Horn Network's new flagship game "Arknights: End of the World" faced significant operational issues shortly after its overseas launch, particularly with its PayPal payment system, leading to unauthorized charges on players' accounts [1][4][5]. Group 1: Game Launch and Performance - "Arknights: End of the World" was launched on January 22, 2026, and quickly topped the iOS free game chart and entered the top five in the iOS revenue chart on its first day [2]. - The game achieved second place in the iOS overall free chart and eighth place in the overall revenue chart on its launch day [2]. Group 2: Payment System Issues - Following the launch, players reported significant issues with the PayPal payment system, where unauthorized charges occurred without players' consent, leading to widespread complaints on platforms like Reddit and Discord [4][5]. - The payment system's failure was attributed to a potential lack of proper linkage between user IDs and payment orders, which could have allowed random charges to occur across different accounts [6]. Group 3: Company Response and Market Context - In response to the payment issues, Eagle Horn Network issued a statement halting the PayPal payment option and promised full refunds for unauthorized charges [5]. - The company did not provide specific details regarding the root cause of the payment issues or the impact on overseas operations, raising concerns about the effectiveness of their pre-launch testing [6]. - The domestic two-dimensional game market has seen a decline, with a reported revenue drop of 3.64% in 2025, highlighting the competitive and challenging environment in which Eagle Horn Network operates [6]. Group 4: Game Features and Player Feedback - "Arknights: End of the World" features a narrative set on a mysterious planet and incorporates a shift from 2D tower defense to 3D real-time strategy gameplay, showcasing significant technical advancements [8]. - Despite the high expectations and substantial marketing investment, initial market performance did not fully align with the pre-launch hype, indicating potential challenges in player retention and engagement [8][9]. - Player feedback highlighted areas for improvement, particularly in new player guidance and reward systems, suggesting that the game needs to enhance its initial user experience to retain players effectively [9].

Core Insights - The new game "Arknights: Endfield" from Eagle Horn Company has officially launched, attracting significant attention with over 35 million global pre-registrations prior to its release [1] - However, the game faced a major operational issue on its first day, where players reported unauthorized charges due to a bug in the PayPal payment system [1] - Eagle Horn has temporarily disabled the PayPal payment channel and is working on resolving the issue, but has not provided a specific timeline for refunds or compensation [1] Company Impact - The operational incident may lead to substantial claims and penalties, similar to past cases where companies faced significant financial repercussions for unauthorized charges [2][3] - The updated user agreement for the overseas version of "Arknights: Endfield" requires users to resolve disputes individually, which may complicate collective claims [2] - The incident could negatively affect player sentiment and market performance, requiring Eagle Horn to invest additional time and resources to restore its reputation [3] Industry Context - The competitive landscape for domestic two-dimensional games is intensifying, with a projected decline in revenue for the mobile game market by 3.64% in 2025, primarily due to underperforming new releases and declining revenues from top products [3] - The failure to identify the payment system issue during testing raises concerns about the quality assurance processes in place for major game releases [3]

Group 1 - Core viewpoint: The second dimension game category is transitioning from the cycle dominated by miHoYo's "Genshin Impact" to a new prosperity cycle led by companies like NetEase and Eagle Horn [2][3] - The game industry exhibits cyclical properties, with each cycle lasting approximately 6 years, influenced by factors such as technology, population, and policy [2] - By 2026, the second dimension game sector is expected to shift towards gameplay, narrative, and character-driven models, with a focus on expanding user demographics beyond traditional fans [3] Group 2 - The future of second dimension games will revolve around three main directions: innovative gameplay, social design, and expanded nurturing cycles [4][12] - Current leading second dimension games have largely followed the gameplay design framework established by "Genshin Impact," resulting in low innovation and a tendency towards homogenization [4][11] - The introduction of social gameplay is seen as essential to address commercialization and long-term engagement challenges within the second dimension gaming sector [6][13] Group 3 - The pricing of second dimension games has reached a near-bottom level, with an increasing emphasis on cosmetic purchases to decouple gameplay from monetization [6][13] - The shift towards cosmetic monetization is expected to enhance gameplay enjoyment and allow for more creative freedom in game design [6][13] - The current social design in second dimension games faces challenges, with a need to create engaging social experiences that resonate with users [6][80] Group 4 - Player preferences are evolving, with a growing interest in content that abstracts and deconstructs reality, leading to polarized content trends [7][14] - Economic conditions influence player emotions, which in turn affect the themes and tones of second dimension game content [8][14] - To maintain long-term engagement, companies must enhance their IP ecosystems and community interactions both online and offline [8][14]

Core Viewpoint - The article discusses the anticipated success of the game "Arknights: End of the World," predicting it could achieve over 15 billion in revenue by 2026, although some insiders consider this estimate overly optimistic [5]. Group 1: Game Launch and Initial Reception - "Arknights: End of the World" successfully launched on January 22, 2026, after a long wait of over four years since the project was first demonstrated in 2022 [2][3]. - Early player engagement was strong, with many players sharing "graduation screenshots," indicating significant spending on core characters [3]. Group 2: Revenue Potential and Market Position - An experienced investor in the gaming sector believes that the game's quality could lead to a revenue exceeding 15 billion, while some insiders express skepticism about this optimistic forecast [5]. - The game is expected to capture a large market share in the second-tier gaming market in 2026, especially as other major developers lack strong new releases [5]. Group 3: Game Mechanics and Monetization - The game follows a traditional gacha model but is considered more player-friendly compared to competitors, as it does not mix character and equipment pools, allowing for higher control over spending [6]. - The main gameplay draws inspiration from Japanese RPGs, while the secondary gameplay involves factory-building mechanics, which may appeal to a niche audience [7]. Group 4: Operational Challenges - Initial operational issues were noted, including slow download speeds and payment processing problems, which affected player experience on launch day [8][10]. - A specific incident involved a Twitch streamer experiencing unauthorized charges due to payment system errors, highlighting the need for operational adjustments [12][14]. Group 5: Future Expectations - Despite the initial operational flaws, industry expectations for "Arknights: End of the World" remain high, with ample time for the project team to make necessary adjustments [16].