不久前，执掌网易策略游戏核心业务的《率土之滨》制作人、网易互娱第十事业部负责人李凯明离职，成为一年内第三位出走的事业部级核心人 物。在此之前，Zen事业部总裁金韬、天下事业部总裁少云相继离开。 三人分属不同事业部，但均属广州派系。据前网易内部人士向《BUG》栏目透露，广州与杭州两地的游戏工作室存在内部竞争，如今广州派失 势，杭州派掌权。此外，内部工作存在"形式主义" ， "我们要花很多额外精力去做汇报，去满足内部的一些流程要求，最后也没能打造出爆款" 。 另据《BUG》栏目不完全统计，过去两年内，网易至少有7个游戏工作室进行了调整或裁撤，多款游戏下架。 "形式主义"大于实际 今年9月，网易战魂工作室MMORPG游戏《射雕》发布公告，鉴于网易公司与明河社就《射雕三部曲》IP之合作期即将结束，及游戏运营策略的 调整，《射雕》游戏将于2025年 11月24日15时终止运营。 一些游戏玩家为此觉得可惜，因为这款游戏于2024年3月28日公测，至今仅运营了一年多，官方曾在去年宣发时高调宣布："《射雕》是一款三端 互通的武侠开放世界游戏，项目组始终坚持'做最顶级金庸游戏'的目标，耗资10亿，600人团队，历经6年打磨。 ...

Core Viewpoint - Haier Smart Home reported strong financial performance in the first half of 2025, with revenue of 156.49 billion yuan, a year-on-year increase of 10.2%, and a net profit of 12.03 billion yuan, up 15.6%, marking a historical high. However, internal competition among its nine brands is causing significant inefficiencies and market share dilution [1][2][3]. Financial Performance - Revenue for the first half of 2025 reached 156.49 billion yuan, compared to 141.98 billion yuan in the same period last year, reflecting a growth of 10.22% [2]. - Net profit attributable to shareholders was 12.03 billion yuan, up from 10.41 billion yuan, representing a growth of 15.53% [2]. - Operating cash flow net amount increased by 32.23% to 11.14 billion yuan [2]. - The company's total assets were 301.70 billion yuan, a 3.77% increase from the previous year [2]. Domestic Market Analysis - The overlapping brand positioning among Haier, Casarte, and Leader has led to intense internal competition, with all three brands targeting similar consumer segments in the refrigerator market [3][5]. - Casarte's high-end refrigerators and Haier's mid-range offerings have similar features, making it difficult for consumers to distinguish between them, leading to potential market share loss [3][5]. - In the washing machine segment, similar issues arise with overlapping product features and pricing strategies among the brands, resulting in a fragmented market presence [4][5]. International Market Dynamics - In the overseas market, brands like GE Appliances and Candy are also experiencing internal competition, with overlapping product lines and target demographics, particularly in Europe and North America [6][7]. - The European market saw a 24.07% revenue growth for Haier Smart Home, but much of this growth was attributed to brand cannibalization rather than effective market differentiation [6][7]. Internal Competition and Resource Allocation - The internal competition among the nine brands is leading to resource wastage and pressure on profitability, with R&D expenses increasing by 11.73% but lacking significant technological breakthroughs [9][10]. - The company's gross margin was 26.9%, only slightly improved from the previous year, largely due to price wars among its brands [10]. - The lack of clear brand differentiation is causing marketing inefficiencies, with similar promotional activities leading to consumer confusion [9][10]. Strategic Recommendations - Haier Smart Home should consider consolidating its brands and clarifying their market positions to reduce internal competition and enhance overall market effectiveness [12][13]. - By integrating supply chain resources and optimizing operations across its brands, the company could lower costs and improve responsiveness to market demands [12][13].