Core Viewpoint - The gaming industry is witnessing a trend where mobile game manufacturers are withdrawing from channel servers due to the criticized high revenue-sharing model imposed by Android channels, particularly OPPO [1]. Group 1: Industry Trends - Since October, several popular mobile games from NetEase have withdrawn from OPPO channel servers, including titles like "Fantasy Westward Journey," "Sky: Children of the Light," and "Big Talk Westward Journey" [1]. - Players are required to migrate their accounts and assets within a limited timeframe to continue playing on NetEase's official servers [1]. Group 2: Company Actions - The withdrawal from channel servers is part of a long-standing conflict within the industry regarding channel partnerships and revenue sharing [1]. - In 2021, NetEase's founder, Ding Lei, publicly criticized the high revenue-sharing model of Android channels during a financial report conference call [1].

Core Viewpoint - The gaming industry is witnessing a significant shift as multiple game developers, including NetEase, are withdrawing their games from Android channel servers, rejecting the high revenue share model imposed by these platforms [1] Group 1: Industry Trends - Since October, several popular NetEase mobile games have exited the OPPO channel, with players required to migrate their accounts to continue playing on official servers [1] - The trend of "unbinding" from channel servers has been ongoing, with classic titles like "Dream of the Red Chamber" and "Light Encounter" also terminating their partnerships with OPPO [1] Group 2: Revenue Share Dispute - The high revenue share model for Android channels, which can reach up to 50%, has been publicly criticized by industry leaders, including NetEase's founder, who argues that this is detrimental to the industry ecosystem [1] - The shift away from traditional channel servers is partly due to a significant decline in natural traffic from mobile app stores, prompting game developers to explore alternative platforms like Douyin, Bilibili, and TapTap for customer acquisition [1]

Core Viewpoint - The price of Feitian Moutai has dropped significantly due to the "100 billion subsidy" promotion on e-commerce platforms, reaching the factory-set price of 1499 yuan per bottle, raising concerns about the future pricing stability of the product [2][3]. Price Dynamics - The price of Feitian Moutai was around 2300 yuan per bottle at the beginning of 2025, but has now dropped to 1499 yuan during the Double Eleven shopping festival, indicating a drastic price decline within just ten months [2][5]. - The current price drop represents a 50% decrease from its peak price of over 3000 yuan, mirroring the price halving seen in 2013 [3][8]. - During the Double Eleven period, some live-streaming sessions offered Moutai at even lower prices, such as 1299 yuan per bottle, showcasing the rapid decline in pricing [5][7]. Market Conditions - The white liquor market has been facing weak demand, high inventory, and slow sales since 2022, leading to a breakdown of the previous pricing bubble [7][11]. - The ongoing price decline has put pressure on speculative investors who previously hoarded Moutai for profit, resulting in potential sell-offs as they face mounting losses [2][8]. Channel Dynamics - The aggressive pricing strategies of e-commerce platforms have created a significant impact on traditional offline distributors, who are now struggling with reduced sales and inventory pressures [9][10]. - The competition between online and offline channels has intensified, with e-commerce platforms offering lower prices than traditional distributors, which has led to a decline in effective demand in offline markets [11][14]. - The relationship between e-commerce platforms and liquor companies is characterized by a complex interplay of competition and collaboration, particularly during major promotional events [14].