Core Insights - Supercell's game "Clash Royale" has seen a significant resurgence in revenue, reaching $27.7 million in May 2023, a 46% year-over-year increase, and hitting a new monthly high of $37 million in June 2023 [3][5] - The game's daily active users (DAU) have surged, placing it among the top three globally, surpassing other Supercell titles like "Clash of Clans" and "Brawl Stars" [5][6] - Supercell's recent success is attributed to a shift in operational strategy, focusing on player experience and innovative gameplay, rather than solely relying on new game releases [6][19] Revenue Growth - "Clash Royale" achieved a monthly revenue of $27.7 million in May 2023, marking a 46% increase compared to the previous year [3] - In June 2023, the game's revenue further increased to $37 million, indicating a strong upward trend [3] - The game set a new daily revenue record of $3.8 million on July 8, 2023, following the introduction of a new game mode [5] Operational Strategy - Supercell has implemented significant changes in "Clash Royale," including removing barriers to player rewards and enhancing gameplay experiences [9][10] - The company has expanded its operational teams to focus on long-term game development and user retention, moving away from its traditional small team model [18][19] - Supercell's collaboration with popular streamers has also contributed to the game's renewed popularity, with notable streamers driving engagement and player interest [14][15] Market Position - Supercell's revenue has faced challenges, with a reported decline of over 4% year-over-year in 2023, prompting the need for strategic changes [18] - The company has restructured its management approach, dividing teams into those focused on new game development and those dedicated to enhancing existing titles [18][19] - The shift in strategy has resulted in a notable increase in user engagement and revenue for older titles, indicating a successful adaptation to market demands [19][23]

Core Insights - Bilibili (B站) reported a revenue of 7.003 billion RMB for Q1 2025, marking a 24% year-on-year increase, and a narrowed net loss of 10.7 million RMB, compared to a loss of 455.6 million RMB in the same period last year [1][3] - The company achieved adjusted net profit of 362 million RMB, a significant turnaround from a loss of 456 million RMB in the previous year [1][3] Revenue Breakdown - The revenue growth was driven by three main business segments: - Value-added services revenue reached 2.807 billion RMB, up 11% year-on-year - Advertising revenue increased by 20% to 1.998 billion RMB - Mobile gaming revenue surged by 76% to 1.731 billion RMB - IP derivatives and other business revenue declined by 4% to 467 million RMB [3][4] Game Performance - The strong performance in gaming was attributed to the exclusive game "Three Kingdoms: Strategy Edition" (《三谋》), which launched on June 13, 2024, and achieved over a billion RMB in revenue within its first month [3][4] - The game is set to launch its S8 new season at the end of May, which is expected to enhance its revenue performance in Q2 [4] User Growth and Engagement - Bilibili's daily active users (DAU) reached 106.7 million, a 4.2% year-on-year increase, while monthly active users (MAU) hit a record high of 368 million [9] - The average daily usage time per user was 108 minutes, also a historical high [9] - The increase in user engagement was partly attributed to Bilibili's collaboration with CCTV for the Spring Festival Gala, which attracted over 100 million viewers [9] Future Plans - The company plans to release a traditional Chinese version of "Three Kingdoms: Strategy Edition" by the end of the year and is exploring new game categories with 4 to 5 games ready for release pending approval [4][5]

Core Viewpoint - NetEase reported strong performance in Q1 2025, with net revenue of 28.829 billion RMB, reflecting a year-on-year growth of 7.4% and a quarter-on-quarter growth of 7.8% [1][2] Group 1: Financial Performance - NetEase's Q1 2025 gross profit reached 18.479 billion RMB, marking an 8.6% increase year-on-year, with a gross margin of 64.1% [2] - The company's operating expenses for Q1 2025 were 8.038 billion RMB, a decrease of 14.4% year-on-year, attributed to reduced marketing spending in the gaming sector [2] - Net profit attributable to shareholders for Q1 2025 was 10.301 billion RMB, showing a significant year-on-year increase of 34.9% [2] Group 2: Business Segments - Revenue from games and related value-added services in Q1 2025 was 24.048 billion RMB, accounting for approximately 83.4% of total revenue, with a year-on-year growth of 12.1% [1] - New game releases, such as "Yan Yun Shi Liu Sheng" and "Jie Wai Kuang Chao," contributed to the revenue growth, with the former surpassing 30 million registered players and the latter achieving a peak of over 110,000 concurrent players shortly after launch [1] - Non-gaming segments, including Youdao, NetEase Cloud Music, and other businesses, experienced revenue declines of 6.7%, 8.4%, and 17.6% respectively [1] Group 3: Market Reaction - Following the earnings announcement, NetEase's stock price rose by 1.2% to 168.1 HKD per share, with a market capitalization of 532.5 billion HKD [2] - In pre-market trading in the US, NetEase's stock price increased by 4.85%, reaching 112.3 USD per share [2]

Group 1 - The game "Dungeon Castle 4: Knights and the Shattered Chronicle" has begun its "Glorious Moon Test" on Android, continuing the legacy of the series which has accumulated 30 million players over nearly 11 years since its first release in 2014 [1] - The game was developed by the original team behind the "Dungeon Castle" series, indicating strong brand loyalty and development stability [1] - The approval of the game's license in July 2024 reflects efficient project advancement post-approval, boosting confidence in the company's future product pipeline [1] Group 2 - From Software revealed new information about the Switch 2 version of "Elden Ring: Tarnished Edition," including two new starting classes and additional content such as new armor and weapons [2] - The anticipated release of the Switch 2 version, including downloadable content (DLC), highlights the company's focus on long-term game operation and potential market value [2] - This move may attract investor interest in innovative content within niche markets, particularly for high-reputation products [2] Group 3 - The independent game "Wild Planet Revenge" launched a deluxe edition called "Cosmic Hoarder Edition," now available on Xbox Series X|S, PlayStation 5, and PC [3] - The standard version of the game will be released on May 8, supporting both single-player and multiplayer modes, showcasing the developer's strategy to expand in niche markets [3] - This development may prompt market interest in innovative models within the independent game sector and encourage investors to reassess the value of diversified company strategies [3]