每经记者｜张梓桐 每经编辑｜余婷婷 3月2日晚，火爆一时的二次元射击游戏《尘白禁区》突发公告，宣布于当日23:59启动停机维护，仅以"服务器技术维护、数据量庞大"为由模糊解释，未明 确任何开服时间，一时间引发游戏圈关注。 图片来源：《尘白禁区》公告截图 值得一提的是，就在近日，《尘白禁区》曾官宣与中国邮政进行联动，推出线下邮局快闪活动，但因诸多网友反映游戏画面尺度较大引发争议，随后合作终 止。 公开资料显示，《尘白禁区》的直接开发商为金山软件旗下核心游戏子公司西山居，由其狸花猫工作室独立研发发行。这款曾创造"逆增长奇迹"的游戏如今 陷入停服疑云，不仅折射出西山居单款游戏的运营危机，也在一定程度上引发外界对其母公司金山软件近年游戏业务转型的关注。 与《尘白禁区》的停摆形成鲜明对比的是，金山软件旗下另一游戏业务子公司——金山世游发行的现象级游戏《鹅鸭杀》正迎来爆发式增长，这也让金山整 个游戏业务发展呈现"冷暖交织"的态势。 艾媒咨询CEO张毅在接受《每日经济新闻》记者采访时表示，游戏企业的扩圈营销应优先让位于合规安全，当前监管并非"一刀切"，而是采取全链路监控、 分级分区管理模式，违规成本显著提升，倒逼行业从试探 ...

Group 1 - The gaming industry is facing intense competition, leading to overall performance pressure and declines, prompting market attention on executive compensation as several listed gaming companies disclose their 2024 annual reports and Q1 2025 results [2] - There is a noticeable difference in executive compensation between Hong Kong-listed and A-share listed companies, with Hong Kong companies generally incorporating stock incentives into their compensation systems, while A-share companies prefer cash [2] - The chairman of Zhongxu Future has seen a salary reduction of over 20 million yuan for 2024, which is primarily attributed to the significant portion of total compensation being related to stock-based compensation, rather than a direct correlation with performance decline [2] Group 2 - Zhongxu Future is transitioning from a "one-stop service for entertainment" strategy to a core focus on gaming business, with a portfolio of well-known IPs such as "Legend," "Miracle," and "Hot Blood Jianghu" [3] - The company has successfully obtained approval for several premium games, including "Free and Easy Jianghu," "Kingdom Crisis," "Laughing Proudly: Heroes' Transmission," and "Hot Blood Jianghu: Awakening" [3] - The primary factors contributing to the revenue decrease in 2024 include several existing games entering the later stages of their lifecycle, new game categories still in the early stages of recouping costs, and a decline in revenue from consumer goods and other non-gaming businesses [3]

Core Viewpoint - 2024 presents both opportunities and challenges for the gaming industry, with established companies like Perfect World needing to adapt to remain competitive [1] Financial Performance - Perfect World reported a total revenue of 5.57 billion yuan in 2024, a decline of 28.50% from 7.79 billion yuan in the previous year [3] - The company incurred a net loss of 1.29 billion yuan, compared to a profit of 491 million yuan in 2023 [3] - The gaming segment, which accounts for 93% of total revenue, generated 5.18 billion yuan, down 22.32% year-on-year [3] Dividend and Shareholder Returns - Despite the losses, Perfect World plans to distribute a cash dividend of 2.3 yuan per 10 shares, totaling 437 million yuan [3] - Since 2015, the company has distributed a cumulative total of 5.49 billion yuan in dividends, representing over 60% of cumulative net profit [3] Recent Developments - The launch of "Zhu Xian World" in December 2024 is seen as a potential turning point, contributing to a revenue of 2.02 billion yuan in Q1 2025, a 52.22% increase year-on-year [7] - The gaming business in Q1 2025 achieved a revenue of 1.42 billion yuan, up 10.37% from the previous year, attributed to the success of "Zhu Xian World" [7] Project Cancellations and Losses - Several projects were canceled due to poor expected returns, resulting in a combined loss of approximately 397 million yuan [4] - The underperformance of games like "One Punch Man: World" and "Kairi's Million Arthur: Ring" led to additional losses of about 343 million yuan [4] Future Prospects - Perfect World is focusing on new game releases, having recently received approval for two new titles, "Golden Flash Knight Group" and "Lost" [8] - The anticipated game "Yihuan" is expected to be a key player in the company's transformation, with a global pre-registration of 2.8 million [9][10] Esports Strategy - The successful hosting of the Shanghai Major in 2024 has positioned Perfect World favorably in the esports sector, contributing to stable revenue from titles like "DOTA2" and "CS:GO" [12] - The esports business model is still evolving, with event revenues making up only 8.75% of the total esports market revenue [13] Conclusion - 2025 is critical for Perfect World as it seeks to maintain its core MMO offerings while breaking into new genres [14] - The success of "Zhu Xian World" provides a boost, but sustained growth will require additional successful titles and innovative strategies [14]