2025年11月24日15时，网易旗下武侠MMORPG《射雕》正式终止运营。这款曾高调宣示"150年长线运 营"愿景的游戏，从2024年3月28日公测至停服，仅存续545天。其生命周期与宏大口号形成的巨大反 差，不仅折射出网易在IP改编赛道的困境，更成为观察游戏行业"长线叙事"与"短期现实"冲突的典型样 本。 为挽救颓势，网易于2024年10月启动"回炉计划"，更换制作团队并重制2.0版本。新版本虽转向写实风 格、简化战斗系统，并推出"全额返利"活动，但最高仅冲至畅销榜第63名，未能逆转颓势。 最终，官方将停运归因于"与明河社IP合作到期"及"运营策略调整"，但业内普遍认为，收入不及预期才 是核心原因。 从"十亿投入"到"停运止损" 《射雕》项目启动时承载着网易的厚望。官方资料显示，游戏研发历时6年，投入资金约10亿元，由600 人团队打造，并获得金庸"射雕三部曲"正版授权。 公测初期，游戏凭借IP号召力与"非线性叙事+开放世界"的创新设定，首月MAU突破800万，付费率达 18.7%。 然而，短暂的辉煌后危机迅速显现：公测版本因美术风格幼态、移动端优化不足、战斗系统设计割裂等 问题遭遇口碑滑坡，上线一个月后 ...

Core Viewpoint - The collaboration between South Korean game developer 111% and domestic game company Habby aims to establish a joint venture in Singapore, focusing on creative game development and global distribution, addressing the need for strategic adjustments in a changing market [1][3][19] Group 1: Joint Venture Objectives - The joint venture will leverage the strengths of both companies in creative game development and global distribution, with 111% handling distribution in South Korea and the joint venture managing other markets [3][19] - Both companies have faced challenges recently, with 111% struggling to replicate the success of "LuckyDefense" and Habby experiencing lackluster responses to recent titles [3][19] Group 2: Market Position and Competition - Both companies are recognized for their innovative game prototypes, influencing many top games in the domestic mini-game market [4][19] - The rapid growth of the mini-game market has intensified competition, leading to the need for both companies to enhance their product development and distribution efficiency [6][14] Group 3: Development and Operational Strategies - The joint venture aims to address efficiency issues in product development and global distribution, as both companies have previously relied on rapid iteration and data-driven decision-making [7][14] - Habby emphasizes a high standard for new game launches, with a retention rate exceeding 50% as a core metric for success [10][19] Group 4: Long-term Development Focus - The shift towards long-term game development is evident, with both companies recognizing the need for deeper engagement and sustainability in their game offerings [13][14] - The collaboration is seen as a necessary adjustment to maintain competitive advantages in a rapidly evolving market landscape [19]

Core Insights - The Chinese gaming industry continues to show strong performance in overseas markets, with both leading and mid-tier companies achieving new records [1] - The long-term challenge for all companies is to ensure sustainable operations for their overseas products in a highly competitive market [1] Summary of Key Points Evergreen Games - In Q3 2025, 25 games made it to the "Evergreen List," maintaining the same number as the first half of the year [1] - The top three games on this list are "Gossip Harbor," "PUBG MOBILE," and "Genshin Impact," with estimated overseas revenues of approximately $141 million (¥1.01 billion), $110 million (¥787 million), and $67.94 million (¥484 million) respectively [6][7] Potential Evergreen Games - A total of 15 games entered the "Potential Evergreen List," an increase of one from the previous half-year [10] - Notable entries include "Whiteout Survival," "Honkai: Star Rail," and "Top Heroes," with estimated revenues of approximately $279 million (¥1.99 billion), $133 million (¥949 million), and $89.5 million (¥638 million) respectively [11][12] Revenue Statistics - The total estimated overseas revenue for the 25 games on the Evergreen List in Q3 2025 is approximately $908 million (¥6.48 billion) [6] - Seven games achieved an average monthly revenue exceeding ¥100 million [6] Company Performance - Century Games has the highest representation on the Potential Evergreen List with three games, while companies like miHoYo, Tencent, and others have one or two games each [10] - Century Games' "Whiteout Survival" leads with an estimated revenue of approximately $279 million (¥1.99 billion) in Q3 2025 [11] Market Trends - The global gaming industry is undergoing a transformation, with companies shifting from a traffic-driven user acquisition model to a more integrated gameplay approach [13] - The focus is on deep localization in each region and leveraging AI for cost reduction and efficiency in various operational aspects [13]

Core Insights - The article discusses the release of the "2025 August China Game Overseas Evergreen List" and the "2025 August China Game Overseas Potential Evergreen List," which categorize Chinese mobile games based on their overseas revenue performance [1][5]. Group 1: Evergreen List - A total of 25 games made it to the "Evergreen List," maintaining the same number as the previous month, with notable titles including "Gossip Harbor," "PUBG MOBILE," and "Age of Origins" [1][5]. - The cumulative estimated overseas revenue for these 25 games in August reached approximately $313 million, equivalent to about 2.23 billion yuan, with 9 games exceeding 100 million yuan in revenue [5]. - "Gossip Harbor" continued to hold the top position with an estimated revenue of $46.65 million (approximately 333 million yuan) in August [5]. Group 2: Potential Evergreen List - The "Potential Evergreen List" saw an increase to 15 games, up by 2 from the previous month, indicating a growing number of games showing potential for long-term success [1][9]. - Century Games had the most entries with 3 games, while Tencent and miHoYo each had 2 games listed [9]. - "Whiteout Survival" from Century Games led the potential list with an estimated revenue of $107.21 million (approximately 765 million yuan) in August [9][11]. Group 3: Game Performance and Updates - "PUBG MOBILE" introduced new gameplay features and updates in August, contributing to its strong revenue performance [6]. - "Age of Origins" also saw significant updates, enhancing its gameplay and user engagement [6]. - Other notable games like "Puzzles & Survival," "Genshin Impact," and "Mobile Legends: Bang Bang" reported revenues exceeding $15 million in August, showcasing their continued popularity [7][8]. Group 4: Industry Trends and Strategies - The article highlights the importance of user retention and cultural integration for the long-term success of Chinese games in overseas markets [12]. - Strategies include localized content development, community building, and leveraging AI for improved user experience [12].

Core Insights - The global gaming market is transitioning from "incremental growth" to "efficiency competition," with a notable shift in focus from expansion to refined operations and efficiency [1][4] - The share of gaming apps in the overseas market is projected to decline from 57.5% in 2020 to 51.8% by 2025, indicating a competitive landscape [1] - China's self-developed games generated $18.557 billion in actual sales revenue in overseas markets in 2024, accounting for 10% of the global gaming market [1] Industry Trends - The global gaming app market has seen a 397% increase in total installations from 2016 to 2025, but growth momentum has weakened since 2023 [1] - The overseas market for self-developed games in China achieved actual sales revenue of $9.501 billion in the first half of 2025, reflecting a year-on-year growth of over 11.07% [2] - The emergence of "mixed monetization" as a mainstream trend, where both in-app purchases (IAP) and advertising monetization (IAA) are utilized [4][5] Company Strategies - Companies like DianDian Interactive have reported an 81% revenue increase in the first half of 2025, driven by successful titles like Whiteout Survival and Kingshot [3] - The focus on long-term operations is emphasized, with companies aiming for product lifecycles of 8-10 years and adopting mixed monetization strategies to enhance sustainability [6] - The need for Chinese gaming companies to overcome challenges in producing high-quality AAA games is highlighted as essential for global competitiveness [3][4] Government Support - Various countries are implementing supportive measures for the gaming industry, such as tax incentives and funding for startups, to enhance their gaming sectors [4]

Summary of the Conference Call for ShengTian Network Company Overview - **Company**: ShengTian Network - **Focus**: AI social products and gaming industry expansion Key Points Industry and Product Development - ShengTian Network is restructuring to focus on AI social products for overseas markets, with the first product slated for launch in May 2025, followed by a web version in August and an app version in September-October 2025, featuring over 100 characters [2][3] - The company aims to monetize through interactive features and character customization, initially offering free experiences before transitioning to paid models, targeting ROI and user engagement [2][6] Game Performance and Market Expansion - The game "New Wings" has performed well in Japan, South Korea, and Southeast Asia, with overseas revenue now accounting for 80% of total revenue, Japan being the largest market [2][7] - Plans to expand into the European and American markets, including launching on the Steam platform, with three new games expected by the end of 2025 and four more by the end of 2026 [2][7] Upcoming Game Releases - "Dynasty Warriors 8" is expected to launch in Q3 2025, with ongoing promotional efforts [2][8] - A new hybrid game combining pet simulation and strategy elements is planned for global release by late 2025 or early 2026 [2][9] Long-term Game Strategy - The company emphasizes long-term operational viability for quality games rather than quantity, with a focus on diverse distribution strategies across various platforms [2][11][12] - "Dynasty Warriors" will utilize a multi-channel release strategy, including traditional and digital platforms, and will incorporate AI elements for enhanced user experience [2][13][14] Internet Cafe Business Insights - The market for console and PC games is growing, with a rebound in internet cafe numbers, particularly in lower-tier cities, where cafes are evolving into social hubs [2][15][16] AI Application Developments - ShengTian Network is enhancing its AI applications, focusing on two apps, "DaiDai" and "GeiMai," with new features and user growth observed [2][17] - The company is optimistic about revenue growth in the second half of the year, leveraging successful overseas monetization strategies for domestic applications [2][17][18] Additional Insights - The company is adapting its monetization strategies based on market differences, noting that overseas users are more willing to pay for AI-related products compared to domestic users [2][6] - The gaming and AI sectors are expected to see significant growth, with a focus on user engagement and innovative gameplay mechanics [2][18]