Core Viewpoint - The article reflects on the decline of Dota 2 in China, emphasizing the lack of a mature ecosystem and the challenges faced by the community over the years [3][11][14]. Group 1: Historical Context - Dota 2 in China has experienced a significant decline compared to its peak ten years ago, with a failure to establish a mature ecosystem during its prime [3]. - The initial success in the gaming community was driven by pioneers who achieved remarkable results, attracting more participants [4][5]. - The commercialization of the gaming sector occurred without a solid community foundation, leading to aggressive and unsustainable practices [8][11]. Group 2: Community and Ecosystem Challenges - The absence of sustainable commercialization, a scientific analysis mechanism, and a talent development framework has led to a distorted growth of the Dota 2 community [11]. - Attempts to address these issues, such as game streamers funding teams or passionate owners trying to sustain their favorite games, have not proven successful [11]. - The current environment, dominated by casual players, makes it difficult to nurture a sufficient number of talented young players [11]. Group 3: Future Outlook - The future of Dota 2 in China remains uncertain, with potential outcomes ranging from miraculous recoveries to gradual decline [12]. - The article suggests that creating a successful environment is more crucial than achieving sporadic successes, highlighting the need for a robust system rather than relying on occasional brilliance [14][15]. - The sentiment is that the current generation must learn from past failures to build a stronger foundation for future success in the gaming industry [15].

Core Insights - NetEase (NTES) opened at $122.395 per share on May 27, 2023, with a market capitalization of $77.5 billion and a trading volume of $11.378 million [1] - As of March 31, 2025, NetEase reported total revenue of 28.829 billion RMB, representing a year-on-year growth of 7.36%, and a net profit attributable to shareholders of 10.301 billion RMB, reflecting a year-on-year increase of 34.94% [1] - On May 16, 2023, NetEase received a "Buy" rating from CMB International Securities, with a target price raised to $143 [1] Company Overview - NetEase is a leading internet and gaming service provider, focused on delivering high-quality content and continuously expanding its gaming ecosystem [2] - The company has developed and operated several popular mobile and PC games, with a strong in-house development team that ranks among the industry's top [2] - In addition to gaming, NetEase's other businesses include Youdao (NYSE: DAO), a smart learning company, and NetEase Cloud Music (HKEX: 9899), a well-known online music platform [2]