以下文章来源于凤凰网科技 ，作者凤凰网科技 编辑丨 董雨晴 图源丨《Varsapura》 渲 染 了 多 日 ， 11 月 21 日 ， 一 支 时 长 31 分 钟 的 实 机 演 示 Demo ， 正 式 揭 开 了 米 哈 游 旗 下 新 游 《Varsapura》的神秘面纱。 凤凰网科技 . 凤凰科技频道官方账号，带你直击真相。 来源丨 凤凰网科技 （ID： ifeng_tech ） 作者丨 王佩薇 该作最大的亮点，是米哈游创始人蔡浩宇亲自操刀。 追溯至更早的时间，今年7月就已经有细致的玩家发现了一些"小动作"——米哈游在欧洲、美国、韩 国等多个国家地区秘密申请了商标"Varsapura"，与此同时，"Varsapura"官方账号已经在微信公众 平台、微博、B站、小红书、米游社等平台完成注册及企业认证，所有IP显示皆指向了新加坡，众人 猜测这与蔡浩宇在新加坡成立的AI创业公司Anuttacon存在深度绑定。 目前，在Instagram上，《Varsapura》关注了Anuttacon，在X平台上，该账号还关注了Anuttacon 旗下游戏《星之低语》。 截至发稿，《Varsapura》实机演示Demo ...

Core Viewpoint - The article discusses the challenges faced by the game "Black Beacon" and the broader implications for the mobile gaming industry, particularly in the context of a declining market and the difficulties of new game development. Group 1: Company Challenges - "Black Beacon" has faced significant delays in version updates, with the latest announcement pushing the end of version 1.2 to October 14, a delay of 50 days [3] - The company has experienced a relocation of its headquarters, which has led to speculation about potential downsizing and operational difficulties [4] - Technical challenges have hindered the development of "Black Beacon," with reports indicating that the dual perspective design and complex gameplay mechanics have extended the development cycle by 30% [8][9] Group 2: Market Conditions - The mobile gaming market has seen a decline, with a reported 8% drop in actual sales revenue in the first half of 2025 compared to the previous year [12] - The number of new games in the mobile gaming sector has decreased by nearly 40% from peak levels, indicating a stagnation in innovation and new product launches [14] - The market is characterized by a "frozen" state, where older games maintain player engagement through continuous updates, while new games struggle to gain traction due to high technical demands and market pressures [15][17] Group 3: Industry Trends - The article highlights a growing divide between large developers and smaller teams, with larger companies taking on the responsibility for innovation, which may lead to a concentration of resources and potential stagnation in creativity [21] - There is a notable trend of nostalgia among players, with older games like "FGO" and "Arknights" continuing to perform well, while new titles face challenges in capturing player interest [15][17] - The industry is witnessing a restructuring, with opportunities for smaller teams to find niches in the market, despite the overall competitive landscape becoming more intense [21]

Core Viewpoint - The company's 1H25 performance was below expectations, with revenue of 1.34 billion yuan, a year-on-year increase of 27.9%, and adjusted net profit of 320 million yuan, a year-on-year increase of 10%, primarily affected by the pace of new product launches and increased promotional spending [1][2]. Group 1: Performance Overview - Revenue for 1H25 reached 1.34 billion yuan, up 27.9% year-on-year [1]. - Adjusted net profit for 1H25 was 320 million yuan, reflecting a 10% year-on-year increase, but below expectations [1]. - The company introduced 273 new SKUs, bringing the total to 925, with new SKU revenue accounting for 53.1% of total revenue [1]. Group 2: Market Trends - The main growth drivers were the lower-tier markets and overseas expansion, with domestic revenue of 1.23 billion yuan (up 18.5% year-on-year) and overseas revenue of 110 million yuan (up 899% year-on-year) [1]. - The company commercialized 19 IPs, with the top four IPs contributing 83.1% of revenue [1]. Group 3: Profitability Challenges - Gross margin decreased by 4.5 percentage points to 48.4% due to increased SKU and mold numbers, leading to higher costs [2]. - Adjusted net profit margin fell by 4.0 percentage points to 23.9% as sales and R&D expense ratios increased [2]. Group 4: Product Innovation - The company launched innovative products such as combination accessory packs for Transformers and new features for Minions, enhancing consumer engagement [2]. - The introduction of the "Dado" category aimed at female consumers simplified the assembly process and provided new creative expression opportunities [2]. Group 5: Future Outlook - The adjusted net profit forecasts for 2025 and 2026 were lowered by 27% and 28% to 800 million yuan and 1.05 billion yuan, respectively [2]. - The target price was adjusted down by 29% to 135 HKD, reflecting a potential upside of 15% based on the new earnings projections [2].

Core Insights - IGG has become more conservative after experiencing significant fluctuations in its business performance, with a revenue of over 5.7 billion HKD (approximately 5.2 billion RMB) last year, marking a 9% year-on-year growth, and a profit increase of 697% to 580 million HKD, compared to previous losses [1][27] - Despite the recovery, IGG's competitive edge is diminishing, as evidenced by its drop from around 15th to over 20th place in the global revenue rankings by Sensor Tower [1] Product Strategy - IGG maintains a testing rhythm of about 30 new products annually, shifting its focus back to the SLG genre, moving away from niche categories [3][4] - Over half of the new products tested in the past two years are SLG games, with three major upcoming titles: SLG "Project PSS," casual social game "Tycoon Master," and SLG "Frozen War" [4][20] - "Project PSS" is a significant investment, building on the previous title "Rebirth of Glory," which incorporates elements from top competitors while adding RTS features [4][5] Game Development - "Rebirth of Glory" features enhanced production mechanics and a more complex gameplay structure compared to its competitors, focusing on resource management and strategic gameplay [5][6] - IGG is also exploring various SLG gameplay innovations, including titles like "Dawn Gathering" and "Myco Citadel," which incorporate different thematic elements and gameplay styles [8][10] - The company is testing new SLG products that blend RPG elements and casual gameplay, indicating a shift towards integrating lighter mechanics into traditional SLG frameworks [18][20] Financial Performance - Despite last year's recovery, the revenue from the gaming segment has slightly declined due to the drop in income from "King of Kingdoms," indicating that the gaming business has not fully returned to growth [27][30] - The APP business has seen significant growth, with monthly active users increasing from 9.5 million in 2023 to 62 million in 2024, contributing to a revenue increase from 100 million HKD in 2022 to 1.09 billion HKD in 2024 [32] Market Position - IGG's anxiety about its market position is evident, as it struggles to find new hits that can surpass "King of Kingdoms," leading to a more cautious approach in product development [33] - The company is focusing on creating reliable products rather than taking risks on innovative but uncertain concepts, reflecting a strategic shift in response to market pressures [33]

Group 1 - The global mobile game market is experiencing a slowdown, but the SLG (Simulation Game) segment presents structural investment opportunities due to high user spending, long lifecycle, and global adaptability [1][2] - In 2024, the global strategy game revenue is projected to reach $17.5 billion, making it the top category in mobile games, with significant contributions from Chinese titles like "Last War: Survival" and "Whiteout Survival" [2] - The proportion of strategy games among the top 100 self-developed mobile games in overseas markets is 41.38%, indicating a strong presence and growth potential for SLG games [2] Group 2 - SLG developers are innovating gameplay to attract lighter users and reduce user acquisition costs, with successful cases emerging from SLG+ simulation and mini-games [1][3] - The industry is focusing on two main strategies: maintaining core SLG features while reducing player investment ("降肝降氪") and integrating lighter gameplay elements to broaden user appeal [3] - The enduring popularity of Three Kingdoms themes and the combination of new themes and IPs are helping SLG games to explore new market spaces [3] Group 3 - Notable products are successfully entering overseas markets, providing stable revenue support, such as "Whiteout Survival," which has generated $2.25 billion globally by March 2025 [4] - The games "Age of Origins" and "War and Order" have shown stable growth in ARPU and revenue, contributing 96.83% to the total revenue of Shenzhou Taiyue's gaming business [4] - New games like "Stellar Sanctuary" and "Next Agers" are undergoing commercialization testing overseas, potentially offering new revenue streams for the company [4]