NO.1 《少女前线2：追放》官宣十周年IP嘉年华 11月22日，《少女前线2：追放》在当日的特别直播中宣布，将于2026年5月举办少女前线IP嘉年华，而 这一时间节点恰逢系列产品正式走过十年。2016年5月，初代《少女前线》国服安卓版本正式上线。 点评：十周年嘉年华的核心目标之一是吸引新用户入坑、唤醒老玩家回流。通过限时福利活动、情怀向 内容，预计将带动《少女前线2：追放》等产品的日活用户与付费率提升。若嘉年华期间宣布与头部平 台达成战略合作，或透露新游上线时间表，将直接刺激资本市场对IP商业化潜力的评估。 点评：《代号：shoot》开启测试招募的消息传出后，短期内可能会激发市场对腾讯游戏业务的热情。 投资者会基于对腾讯在游戏研发和运营能力的信心，以及PVE射击游戏市场的潜力预期，对腾讯股票产 生积极看法，从而推动其股价在短期内出现一定程度的上涨。同时，与游戏开发、测试、运营等相关联 的上下游企业，如游戏引擎提供商、服务器供应商等，也可能因市场预期的提升而受到带动，股价出现 波动。 NO.3 DNF推出"次元对决"类"吃鸡"玩法 11月22日晚，在备受瞩目的DNF年度发布会上，官方公布了一项重磅消息——全新 ...

Core Insights - The company reported an 8% year-over-year growth in total revenue to RMB28.4 billion, which was 3% below consensus expectations [3] - Core online game revenue grew by 13% year-over-year to RMB22.8 billion, missing consensus estimates by 2% to 3% [3] - Adjusted net profit of RMB9.5 billion was in line with consensus, primarily driven by a record high in sales and marketing expenses [3] Financial Performance - The gross profit margin (GPM) was 64.1%, meeting market expectations [3] - Sales and marketing expenses reached a historical high of RMB4.5 billion, up 17% year-over-year [3] - Operating profit increased by 12% year-over-year to RMB8.0 billion, but missed consensus expectations for operating profit margin (OPM) [3] Strategic Focus - The company is committed to enhancing resource allocation efficiency, focusing on fewer but high-potential game pipelines and sustaining evergreen titles [2] - The overseas debut of the game WWM on PC and PS5 is seen as a significant near-term catalyst, with Steam peak concurrent users surpassing 193,000 within two days [2] - Future observations include localization efforts, player habit cultivation, mobile version launch, and commercialization strategies [2] Revenue Estimates - Total revenue estimates for FY2025-27 have been slightly reduced by 1-2% to reflect updated assessments of game performance [2] - The adjusted bottom line estimates have been decreased mainly due to increased operating expense assumptions [2] Shareholder Returns - The company announced an extension of its remaining US$3.0 billion buyback quota until January 2029 and will continue to distribute regular quarterly dividends at a rate of 30% [3]

Company Overview - The game "Heart Town" will begin overseas testing on November 5, 2026, with an expected iOS App Store launch date of January 8, 2026 [1] - The company has updated its game revenue and Tap performance metrics [1] Game Performance - "Torchlight" has shown strong performance in its new season launched in October, indicating a potential increase in player engagement [1] - "Ither" has had a lackluster performance in the East Asia region since its September launch, primarily due to issues with balance and user matching, leading to limited revenue contribution for the year [1] - "Ragnarok: Origin" has also seen a decline in overseas performance, negatively impacting profits [1] Future Outlook - The primary focus for 2026 will be on the overseas performance of "Heart Town," which is expected to have a higher initial commercialization level compared to its domestic counterpart [2] - "Ither" is anticipated to contribute throughout the year, while the progress of the open-world game "Ragnarok 2" is also being monitored [2] - TapTap is expected to see a quarter-on-quarter increase in user engagement in the second half of 2025, with stable revenue performance anticipated [2] Advertising and Business Development - The company is developing its Dirichlet advertising alliance, focusing on intelligent configuration and refined operations across various advertising platforms [2] Profit Forecast and Valuation - Due to the underwhelming performance of "Ither" in East Asia, the company has revised its net profit forecasts for 2025 and 2026 down by 13.5% and 13.1% to 1.4 billion and 1.7 billion respectively [2] - The target price has been adjusted down by 4% to HKD 89.5, reflecting a 23x P/E for 2026, with an upside potential of 30% [2]

Core Viewpoint - Huya Inc. reported its Q3 2025 financial results, achieving total revenue of 1.69 billion RMB, marking a nearly nine-quarter high with a year-on-year growth rate of approximately 10% [1][6] Financial Performance - Total revenue reached 1.69 billion RMB, a year-on-year increase of about 9.8% [3] - Live streaming revenue stabilized at 1.16 billion RMB, showing a year-on-year growth of approximately 2.6% [3][9] - Game-related services, advertising, and other revenues grew by about 30% to 530 million RMB, accounting for 31.5% of total revenue [3][8] - Non-GAAP operating profit was 6.3 million RMB, with a net profit attributable to Huya of 36.3 million RMB [1][6] User Metrics - Total Monthly Active Users (MAU) reached 162 million, maintaining stability [7] Business Segments - Game-related services, advertising, and other revenues surpassed 30% of total revenue for the first time [6][8] - The sales of in-game items became a new growth point, with revenue from this segment increasing by over 200% [8] - The company plans to launch its first game, "Goose Goose Duck," which has already surpassed 10 million pre-registrations [8] Live Streaming and Content - Live streaming revenue saw a year-on-year increase of approximately 3%, marking the first positive growth since Q3 2021 [9] - The platform's content diversity and ecosystem vitality improved, evidenced by growth in outdoor live streaming duration and revenue [9] - Recent product updates included a short video section and game assistance tools, enhancing user experience [9] Event Ecosystem - The company provided nearly 100 licensed events and about 40 self-produced events in Q3 2025, maintaining a leading market share in top esports event streaming [10] - Upcoming events include the "Demacia Cup" and "DDC Diamond Championship Autumn Tournament," aimed at expanding the event ecosystem's influence [10] International Expansion - The overseas user base showed steady growth, with a focus on enhancing product experience and content ecosystem optimization [10]

Core Viewpoint - Bilibili's stock price has increased by over 9%, reaching 229 HKD, with a trading volume of 926 million HKD, driven by strong game sales and positive financial forecasts [1] Group 1: Game Performance - The game "Escape from Duckkov," developed by Team Soda and published by Bilibili, has sold over 500,000 copies since its release on October 16 [1] - The international version of the card RPG game "Dudu Face Prank" launched on October 9 and topped the free iOS game charts in China, Hong Kong, Macau, and Japan the day after its release [1] - A new game titled "Three Kingdoms: Hundred Generals Card" is set to begin testing in October [1] Group 2: Financial Outlook - According to China Merchants Securities, Bilibili's advertising and gaming businesses continue to perform well, with a rich pipeline of new games and gradual release of commercial value [1] - The company is expected to achieve revenue of 7.6 billion CNY in Q3, representing a year-on-year growth of 4% [1] - Adjusted net profit attributable to shareholders is projected to be 650 million CNY, reflecting a year-on-year increase of 175% and a quarter-on-quarter increase of 16% [1] - The firm is optimistic about the acceleration of commercialization and the release of operational leverage, which will enhance profitability [1]

Core Insights - Genshin Impact is undergoing significant changes in its commercialization strategy, including the development of a new UGC gameplay mode called "Qianxing Qiyu" [1][4][19] - The game has reached a critical point in its lifecycle, having been active for nearly five years, and is facing challenges related to long-term player engagement and monetization [1][19] - Recent updates and new gameplay features have sparked mixed reactions from players, highlighting a growing tension between monetization efforts and player experience [10][19] Group 1: Commercialization and Gameplay Changes - The upcoming "Kongyue Zhi Ge" version is a signal of Genshin Impact's shift in gameplay planning, featuring a complex narrative involving multiple factions [5][19] - The new UGC mode "Qianxing Qiyu" is being developed by miHoYo's Singapore team and is expected to introduce independent gameplay mechanics and monetization opportunities [7][9] - The introduction of new gameplay features, such as the card battle mode "Qisheng Zhaohuan," has received a lukewarm response, indicating potential misalignment with player expectations [10][11] Group 2: Player Reactions and Challenges - Players have expressed dissatisfaction with the high requirements for character diversity in new gameplay modes, which they feel pressures them to spend more money [12][14] - The ongoing tension between monetization strategies and player enjoyment has led to a decline in player engagement and trust [17][19] - The company faces the challenge of balancing commercial goals with maintaining a positive player experience, as evidenced by the backlash against certain gameplay mechanics [19] Group 3: Future Developments and New Projects - miHoYo is diversifying its portfolio by developing new games, including "Xingbugudi" and "Honkai: Twine Anima," to explore new growth opportunities [18][19] - The return of "Genshin's father," Cai Haoyu, to miHoYo has generated interest in the potential for innovative game development [18][19] - The company is at a crossroads, needing to find a new balance between its established IP and new ventures to ensure sustainable growth [19]

Group 1 - Tencent's game "Delta Action" has banned over 116,000 cheating accounts in one week, showcasing its commitment to anti-cheat technology upgrades [1] - The bans include ten-year suspensions and leaderboard data resets for the involved accounts, indicating a strict approach to combating cheating [1] - Effective management of cheats is expected to extend the retention period of active users, indirectly supporting revenue stability [1] Group 2 - Nexon announced the global shutdown of "MapleStory 2," marking the end of a game that operated for nearly a decade [2] - The company's core revenue still relies on classic titles like "MapleStory" and "Dungeon & Fighter," raising concerns about Nexon's ability to modernize its classic IPs following the failure of "MapleStory 2" [2] - This event may heighten market caution regarding Nexon's innovation capabilities, as recent attempts to modernize older games have yielded mixed results [2] Group 3 - From Software released a promotional video for the Chinese version of "Elden Ring: Night's Call," confirming its launch on major platforms on May 30 [3] - The release is considered a key event in the gaming industry for 2025, with implications for sales and the expansion of the commercial boundaries of high-difficulty action games [3] - The multiplayer aspect is expected to attract new users and foster a vibrant community, potentially boosting the stock prices of Bandai and Kadokawa, and may lead to more derivative content like esports and animations [3]