智通财经APP获悉，网易-S(09999)涨近5%，截至发稿，涨4.2%，报213港元，成交额1.08亿港元。 消息面上，近日，网易-S公布2025年第三季度业绩，净收入为人民币284亿元(40亿美元)，同比增加 8.2%。毛利润为人民币182亿元(26亿美元)，同比增加10.3%。归属于公司股东的净利润为约人民币 86.16亿元(12亿美元)，同比增长31.77%；基本每股净利润为0.38美元，第三季度股利为每股0.1140美 元。 其中，2025年第三季度游戏及相关增值服务净收入为人民币233亿元(33亿美元)，上一季度和去年同期 分别为人民币228亿元和209亿元。本季度，来自于在线游戏的净收入约占该分部净收入的97.6%，上一 季度和去年同期该占比分别为97.1%和96.8%。在线游戏净收入环比增长来自于《梦幻西游》电脑版、 《逆水寒》手游等自研游戏及若干代理游戏净收入增加。其同比增加来自《梦幻西游》电脑版、《蛋仔 派对》，新上线的《燕云十六声》和《漫威争锋》等自研游戏，以及若干代理游戏净收入增加。 中金指出，公司3Q25《梦幻西游》PC及手游、《蛋仔派对》等产品暑期内表现良好，体现公司长青游 戏运营 ...

Core Viewpoint - The recent changes in the "Delta Action" gameplay have led to significant backlash from the player community, with 12 million players expressing their dissatisfaction due to the forced competitive nature of the game [1] Group 1 - The "Delta Action" update has eliminated the popular "shared home" gameplay, pushing players towards mutual harm [1] - The drastic changes implemented by the developers have caused widespread outrage among the player base [1] - The involvement of a character likened to "Cyber Jiaxu" suggests potential tools or strategies that could assist the developers in managing player feedback and game dynamics [1]

Group 1 - The company Dreamland (01119.HK) announced a capital agreement on September 29, 2025, to issue approximately 166 million shares at a subscription price of HKD 1.098 per share [1][2] - The subscription price represents a premium of approximately 4.57% compared to the closing price of HKD 1.050 per share [2] - The shares issued under the capital agreement and subscription agreement will account for approximately 13.09% of the existing issued share capital and approximately 11.57% of the enlarged issued share capital [2] Group 2 - The total proceeds from the issuance of approximately 166 million shares to the capital agreement subscriber will be approximately HKD 183 million [3] - The capital agreement will not generate any cash proceeds, as all proceeds will be used to offset a total of USD 23.49 million (approximately HKD 183 million) in royalties owed to the capital agreement subscriber [3] - The estimated net proceeds from the subscription will be approximately HKD 76.33 million, which the company plans to use for game product promotion and general working capital [3]

Core Viewpoint - Baio Family Interactive (02100) expects significant revenue growth and profitability turnaround, leading to an over 8% stock price increase following the earnings announcement [1] Group 1: Financial Performance - The company anticipates revenue of approximately RMB 295 million to 310 million for the first half of 2025, representing a year-on-year increase of about 8.3% to 13.8% [1] - The expected net profit after tax is projected to be between RMB 5.2 million and 6.2 million, indicating a turnaround from previous losses [1] Group 2: Growth Drivers - The revenue growth is attributed to the continuous update of existing game content and the launch of new themed versions, enhancing user experience [1] - This strategy not only attracts new users but also contributes to the growth of active and paying user bases, thereby driving revenue increase [1]

Core Viewpoint - The company, Bai Ao Family Interactive, anticipates achieving revenue of approximately RMB 295 million to 310 million in the first half of 2025, representing a year-on-year increase of about 8.3% to 13.8%, with a projected net profit of RMB 5.2 million to 6.2 million, indicating a turnaround from losses [1] Group 1: Revenue and Profit Expectations - The expected revenue for the first half of 2025 is RMB 295 million to 310 million, reflecting a year-on-year growth of approximately 8.3% to 13.8% [1] - The company forecasts a net profit of RMB 5.2 million to 6.2 million, indicating a return to profitability [1] Group 2: Factors Contributing to Growth - The growth is primarily attributed to the continuous update of existing game content and the launch of new themed versions, which enhance user experience and attract new users [1] - This strategy has led to an increase in both active users and paying users, thereby driving revenue growth [1] Group 3: Future Outlook and Strategy - The company plans to focus on core gaming segments and refine IP operations to deeply explore user needs, aiming to create an exceptional gaming experience [1] - There is an intention to creatively integrate traditional Chinese culture into core IPs to extend the lifecycle of existing games [1] - The company is also preparing multiple new products and exploring technological empowerment in gaming while strengthening its global presence to identify new growth opportunities [1]

Group 1 - Company Fish Technology announced the acquisition of properties in Beijing for a total price of RMB 50.3 million, consisting of office units and parking spaces with a total area of 1,770.22 square meters and 129.53 square meters respectively [2] - The properties are located in a strategic area of Beijing's central business district, which is considered one of the prime commercial zones, and the company believes this acquisition represents a long-term investment opportunity despite the current downturn in the real estate market [2] - The acquisition is expected to provide stable rental income in the long term, as the company has referenced past rental income data and recent rental prices of comparable properties in the area [2] Group 2 - In 2024, Fish Technology achieved a revenue of RMB 277 million, reflecting a year-on-year growth of 22.35%, but faced significant pressure on profits with a net loss of RMB 44.39 million, marking a shift from profit to loss [3] - The main source of revenue for the company comes from game operations, accounting for 86.29% of total revenue, with RMB 239 million generated from this segment [3] - The company plans to focus on the long-term operation of existing popular games to maintain stable cash flow and aims to expand into overseas markets to diversify revenue sources [3]

Core Viewpoint - The article emphasizes the importance of game operation in the current era of stagnant growth in the gaming industry, highlighting that effective player management and engagement are crucial for retaining users and extending the lifecycle of games [8][16][54]. Group 1: Game Operation Challenges - The gaming industry is transitioning into a phase where retaining existing users is more critical than acquiring new ones, as evidenced by a mere 0.94% growth in China's gaming user base in 2024 [15][16]. - The operational strategies of game companies must adapt to the new reality of stagnant user growth, necessitating a focus on player retention and satisfaction [16][54]. - A significant operational incident in the game "绝地潜兵2" illustrates how poor management can lead to player dissatisfaction, despite initial successes [5][7]. Group 2: Player Engagement Strategies - Effective player operation involves understanding user behavior and proactively addressing potential churn risks, with companies employing data-driven strategies to monitor player engagement [27][30]. - Companies are increasingly using personalized communication and incentives to keep players engaged, such as sending tailored messages or rewards to those showing signs of disengagement [28][30]. - The concept of "超预期服务" (exceeding expectations) is highlighted, where companies go beyond standard service to create emotional connections with players, thereby enhancing loyalty [42][45]. Group 3: Historical Context and Evolution - The evolution of game operation practices over the past two decades reflects a shift from basic customer service to sophisticated user lifecycle management, driven by technological advancements and market competition [46][50]. - The rising costs of acquiring new players have made it imperative for companies to invest in retaining existing users, as the cost of acquiring a light user has increased to 35-40 yuan by 2024 [53][54]. - Historical insights reveal that early game companies did not prioritize extensive user engagement, but the current landscape demands a more nuanced approach to player relationships [56][58].

Core Viewpoint - The article emphasizes the importance of game operation in the current market, highlighting that success or failure often hinges on effective player engagement and retention strategies in a saturated gaming environment [6][18][56]. Group 1: Game Operation and Player Engagement - The recent incident in "Battlefield 2" illustrates how crucial game operation is, as player dissatisfaction arose from perceived operational flaws despite the game's initial success [3][5]. - Tencent's strategic officer noted that stagnation in a game often points to issues within the operational team rather than the game itself, stressing the need for the right personnel to manage player engagement [15]. - The gaming industry is transitioning from a phase of rapid growth to one focused on retaining existing players, making player operation more critical than ever [17][18][19]. Group 2: Challenges in Player Retention - In 2024, China's gaming user growth was only 0.94%, indicating a shift towards a more competitive landscape where retaining existing players is paramount [17]. - Companies are now tasked with keeping older games engaging for long-term players, which presents unprecedented challenges for player operation roles [19][30]. - Effective player operation involves monitoring user behavior and intervening before players decide to leave, utilizing data-driven strategies to enhance user experience [28][30]. Group 3: Evolution of Game Operation - The evolution of player operation has been significant, moving from basic customer service to a comprehensive lifecycle management approach that addresses user needs at every stage [49][52]. - The cost of acquiring new players has increased dramatically, necessitating a focus on retaining existing users to justify the investment made in acquiring them [55][56]. - Companies are learning from successful long-standing games, implementing strategies to extend their lifecycle and maintain player interest [57][58]. Group 4: The Role of Player Operation Teams - Player operation teams are now expected to provide "exceeding expectations" services, creating emotional connections with players to enhance retention [43][48]. - Successful player operation involves not just addressing complaints but also proactively engaging with players through personalized interactions and community-building activities [43][44][67]. - The emotional aspect of player operation is highlighted, as operators often form bonds with players, which can lead to increased loyalty and reduced churn [66][72].

Core Viewpoint - The article emphasizes the critical importance of game operation in the current market, highlighting that success or failure often hinges on effective player engagement and retention strategies [5][7][9]. Group 1: Game Operation Importance - Game operation has become increasingly vital as the gaming industry transitions into a phase of stagnant user growth, with only a 0.94% increase in China's gaming user base in 2024 [8]. - The era of coarse growth in the gaming industry has ended, necessitating a focus on retaining existing users rather than acquiring new ones [9]. - Effective game operation can lead to significant player retention, as evidenced by the resurgence of player numbers in games like "绝地潜兵2" through strategic operational efforts [4][5]. Group 2: Player Engagement Strategies - Companies are now employing detailed player operation strategies, including personalized communication and proactive engagement to prevent player churn [14][15]. - The use of data analytics allows companies to identify at-risk players and intervene before they decide to leave, with some companies reporting a 70% chance of player loss if no action is taken [15][29]. - The concept of "全用户全生命周期服务" (full user lifecycle service) is being adopted, indicating that engagement starts from the moment a player shows interest in a game [15][28]. Group 3: Challenges in Player Operation - The operational teams face immense pressure to manage player expectations and emotions, often acting as a buffer between the players and the game developers [19][20]. - High turnover rates and the emotional toll of dealing with frustrated players are common challenges faced by game operation staff [20][21]. - Companies are implementing measures to support the mental health of their operational teams, recognizing the need for emotional resilience in high-stress environments [21][23]. Group 4: Historical Context and Evolution - The evolution of game operation practices has been significant over the past two decades, transitioning from basic customer service to sophisticated user engagement strategies [27][29]. - The gaming industry has shifted from a focus on acquiring new players to extending the lifecycle of existing games, driven by increased competition and rising user acquisition costs [29][30]. - Historical practices in player engagement, such as community events and personalized interactions, are being revisited and enhanced with modern technology [30][31].

Group 1 - The core point of the news is the upcoming announcement of the game "Limit Breaker" by Kingsoft, expected to be officially scheduled in early June, which is anticipated to significantly boost the company's revenue and profits if it performs well in the market [1] - Kingsoft has maintained a steady development trend in its gaming business, and "Limit Breaker" is a key project with high market expectations [1] Group 2 - CD Projekt RED reported that its classic game "The Witcher 3: Wild Hunt" has surpassed 60 million copies sold, showcasing the company's strong game operation capabilities [2] - The continued sales growth of "The Witcher 3" and the success of the "Cyberpunk 2077: Phantom Liberty" expansion pack have enhanced investor confidence in CD Projekt RED's future profitability [2] - The steady progress of new projects like "The Witcher 4" indicates significant growth potential for the company [2] Group 3 - The domestic game "Functional Heroes," developed by Guangzhou Egg Culture, is set to launch on May 30, featuring unique gameplay and creative elements that have garnered widespread attention [3] - The game’s vertical screen, one-handed operation is designed to cater to players' fragmented time, potentially increasing its competitiveness in the market [3] - If "Functional Heroes" can quickly accumulate a large user base and establish a good reputation post-launch, it will enhance brand awareness [3]