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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]