Group 1 - NetEase's first major single-player game, "Wanmin Changge: Three Kingdoms," was canceled shortly after its demo release, indicating a cautious approach to project viability based on market demand [4][17] - The success of "Black Myth: Wukong" has revitalized the single-player game market in China, showcasing its potential beyond direct sales revenue and changing perceptions about the quality of domestic single-player games [4][5] - The number of new F2P games in China is declining, with a reported drop of over 22% year-on-year in the first half of 2025, indicating a challenging environment for free-to-play titles [4][12] Group 2 - The single-player game market in China saw significant growth, with sales reaching approximately 10.22 billion yuan in 2024, largely driven by "Black Myth: Wukong," which alone generated around 9 billion yuan [7][9] - Despite the growth in single-player games, they still lag behind top F2P games in revenue, with "Honor of Kings" generating approximately 2.419 billion USD (about 17.359 billion yuan) in 2024 [9][10] - The cost of developing AAA games has become a significant challenge, with budgets often exceeding 100 million USD, leading to a focus on fewer, more secure projects by major publishers [18][20] Group 3 - The cancellation of "Wanmin Changge: Three Kingdoms" highlights the high development costs associated with single-player games, where a team of 70 could incur costs of around 150 million yuan over three years, necessitating substantial sales to break even [17][21] - The industry is witnessing a shift towards mid-tier 2A games and independent titles as viable options for developers, allowing for better cost control while still delivering creative content [21] - The current landscape suggests that the single-player game market may be entering a favorable era, where both creative aspirations and financial viability can coexist [21]

搜打撤赛道居然还有高手？ 6月24日，《和平精英》首次公布了"地铁逃生"模式的DAU成绩—— 五一当日超3700万 。 几乎是直白的，这款腾讯游戏于射击市场的主力基本盘产品突然拆开了多个关于头部大DAU游戏和游戏产业变化的盲盒。 其一，"地铁逃生"以新品类游戏模式形态取得的DAU规模已领先于绝大多数独立游戏产品。这说明近四个季度中，连续录得增长的"旗舰长青"产品， 不止 因为成熟内容版块的生命力，也因为切实抓住了品类风口。 即便是运营多年，有生态固化、研发惯性嫌疑的 头部大DAU产品，仍有内容转向和应对市场变化的成功率。 其二，3700万也是目前已知的搜打撤品类市场中最高，且断层式地，数倍领先于上线不满一年的千万级DAU高热新品。搜打撤，这个被视作射击游戏乃至 整个产业的增量品类，还未行至正面的用户抢夺阶段，长线看来确有成为新一代基本盘品类的潜力。且相较于此前如战术竞技、开放世界、二次元等风口细 分品类的规模化路径， 如今更高效的"大众化玩法培育"正发生在头部品牌生态之内 ，而非老式的新品"千X大战"。 拥有生态优势的头部产品对风口的把控力可能处在增强趋势 ，"害怕错过XX"式的巨头焦虑似乎可以稍作舒缓。 当 ...

Core Insights - In 2025, NetEase Games is facing an unprecedented anti-corruption storm, revealing deep-seated issues such as stagnating growth, ineffective blockbuster game production methods, and intense internal factional struggles [3] - Founder Ding Lei has taken control to dismantle the entrenched factional culture and has introduced complex management processes, which have increased employee pressure and marginalized projects [3][4] Financial Performance - In Q3 2024, revenue from games and related value-added services was 201 billion yuan, accounting for nearly 80% of NetEase's total revenue, but this represented a year-on-year decrease of 4.2% [3] - In Q1 2025, revenue increased to 209 billion yuan, but net profit is expected to be between 68.86 billion yuan and 75.67 billion yuan, down from 78.86 billion yuan in the same period last year, indicating weak growth [3] Internal Issues - Multiple executives and employees have been criminally investigated for corruption, with the involved contract amounts reaching 2 billion yuan, and actual amounts estimated between 800 million yuan and 1 billion yuan [3] - Corruption in the game marketing sector has been exposed, with advertising agents engaging in kickbacks and rebates, creating an environment conducive to corruption [3] Management Changes - Ding Lei has returned to frontline management since 2023, actively participating in daily operations to combat internal factionalism and corruption [4] - Organizational restructuring has occurred, including the splitting of the Tianxia division into three and the establishment of the Xingjian studio to enhance investment in female-oriented games [4] Employee Impact - New management processes have led to increased employee burdens, with staff required to work at least 10 hours a day or face warnings [4] - Project deadlines have intensified, with projects being halted if they do not show potential for blockbuster success, leading to many projects failing before launch [4]

Core Insights - The global mobile game market is shifting from "traffic-driven" to "deep cultivation" of existing products, with Century Huatong's game "Whiteout Survival" demonstrating the logic of evergreen products through sustained operations [1][3] - "Whiteout Survival" ranks in the top three for new mobile game revenue in 2024, showcasing strong growth momentum [1][3] - The report indicates that RPG games dominate the market, with a 33.7% share, highlighting the importance of long-term operational capabilities in sustaining player engagement [5][7] Company Performance - Century Huatong's subsidiary, DianDian Interactive, has significantly improved its self-development capabilities, leading to high-frequency updates and new content for "Whiteout Survival" [3] - The introduction of AI tools has optimized production efficiency, allowing for rapid content generation and refinement, which enhances user experience [3] - Century Huatong's subsidiary, Shengqu Games, has successfully leveraged classic IPs, with "MapleStory" celebrating its 20th anniversary and "Final Fantasy XIV" maintaining strong user interest [4] Market Trends - The 2024 report shows that mid-core games, particularly RPGs and strategy games, occupy a significant portion of the top 1000 new games, indicating their mainstream status in the market [5] - The success of long-standing IPs like "Legend of Blood" and "Dragon Valley" demonstrates the effectiveness of continuous updates and deep operations in meeting player demands [5][6] - Looking ahead, Century Huatong aims to further explore the potential of classic IPs to create more sustainable and high-quality games, contributing to a healthier industry [7]

2025 年第 19 周（实际交易日为 2025.5.12-2025.5.16）上证指 数上涨 0.76%，沪深 300 指数上涨 1.12%，创业板指数上涨 1.38%。恒生指数上涨 2.09%，恒生互联网指数上涨 2.1%，行业 领先恒生指数 0.01pct。SW 传媒指数下跌 0.77%，落后创业板指 数 2.14pct，在申万一级 31 个行业涨跌幅排名中位列第 29 位。 子行业中互联网服务、广电和体育位列前三位，分别为上涨 1.86%、上涨 0.37%和上涨 0.1%。 ► 核心观点&投资建议 证券研究报告|行业研究周报 [Table_Date] 2025 年 5 月 18 日 [Table_Title] [Table_Title] 中美关税谈判取得重大进展，三大外卖平台被约 谈 传媒行业周报系列 [Table_Title2]2025 年第 19 周 ► 市场行情回顾 [Table_Summary] 中美关税谈判取得重大进展，后续保持谨慎乐观。本周，据新华 社，中美经贸高层会谈于瑞士日内瓦达成实质性共识，双方宣布 将分阶段调整加征关税：美国暂停24%中国商品关税90天，保留 剩余 10%，并取消此 ...

► 核心观点&投资建议 中美关税谈判取得重大进展，后续保持谨慎乐观。本周，据新华 社，中美经贸高层会谈于瑞士日内瓦达成实质性共识，双方宣布 将分阶段调整加征关税：美国暂停24%中国商品关税90天，保留 剩余 10%，并取消此前两项行政令对华关税；中国同步暂停 24% 美国商品关税，保留 10%，取消非关税反制措施。两国同意建立 常态化经贸磋商机制，并于5月12日发布联合声明。我们认为， 此次协议释放中美阶段性缓和信号，关税"政策底牌"初步明 晰，短期或缓解出口链压力并推动部分产业链修复，后续协商不 确定性仍存，我们判断可以谨慎乐观。 三大外卖平台被约谈，看好行业规范发展。本周，据央视新闻， 市场监管总局联合四部门约谈京东、美团、饿了么等外卖平台， 要求严格落实主体责任，禁止"二选一"、大数据杀熟等不正当 竞争行为，强化骑手权益保障与食品安全管理，推动行业公平有 序竞争。我们认为，竞争加剧和政策约束将倒逼平台聚焦服务体 验优化（如配送时效、商户质量）与生态协同能力（如本地生活 全链路整合），推动行业健康度与规范度双升。 证券研究报告|行业研究周报 [Table_Date] 2025 年 5 月 18 日 [Ta ...

Core Viewpoint - NetEase's Q1 2025 performance showed significant growth, driven by both new and existing games, with a net revenue of 28.8 billion yuan, a year-on-year increase of 7.4% [1][11] Revenue Growth - In Q1 2025, NetEase's net revenue from online games and related value-added services reached 24 billion yuan, up from 21.2 billion yuan in the previous quarter and 21.5 billion yuan in the same quarter last year [2] - Online games accounted for approximately 97.5% of the net revenue in this segment, an increase from 96.7% in the previous quarter and 95.2% year-on-year [2] Game Performance - The newly launched games, including "Marvel Showdown" and "Yanyun Sixteen Sounds," contributed to revenue growth, with "Marvel Showdown" achieving record highs on Steam after its second season update [2][3] - "Yanyun Sixteen Sounds" surpassed 30 million registered players by March 2025, filling a gap in the market for martial arts-themed games [5][10] Game Strategy - The company plans to adjust the update cycle for "Marvel Showdown" from three months to two months, aiming to enhance player engagement and stabilize game metrics [5] - The monetization strategy for "Yanyun" focuses on a tiered, low-pressure payment model, allowing players to enjoy the game without heavy financial commitment [6] Long-term Game Development - The success of "Identity V," which has been optimized over six years, demonstrates the potential for long-term game sustainability, with a significant revenue increase of 123% in January 2025 [7][8] - The company emphasizes the importance of continuous content updates and player loyalty for the longevity of its games, particularly for "Yanyun" [9][10] Market Response - Following the positive financial results, NetEase's stock price rose by 13.03% to 190 HKD on May 16, 2025, reflecting investor confidence [11]

网易于北京时间 5 月 15 日港股盘后发布了 2025 年一季度财报，又是一次保守预期下的超预期。除了游戏表现，最让海豚君惊讶的就是 内部组织整改后，费用端 的极致压缩 。 这并不是一次性的波动，虽然管理层提及短期受业务调整影响，后续会逐步恢复至历史常规水平，但我们认为，从经营效率角度，仍然具备改善的持续性。这将 直接促成，在手游 pipeline 平淡期，哪怕收入前景或有波动，至少在今年，可以支撑网易实现全年盈利双位数增长的穿越周期能力。 而从腾讯 + 网易的一季度报显示出的共性，海豚君可以得到两条真理和教训：1 ）游戏是真赚钱，一旦跑出，变现效率的提升空间非常可观。2）永远别低估长青 游戏的 "翻新价值 "。 具体来看： 考虑到游戏毛利率环比提高而非受暴雪高分成而下降，因此造成预期差的来源，主要是 自研端游以及手游。 其中，自研端游不用多说，最大功臣是《燕云》。自 12 月上线 36 天内，端游拿下超 4 亿流水。手游一季度下滑 4%，低于市场预期的手游下滑 8%，呈现逐步修 复的状态（Q4 同比下滑 11%）。 这其实值得深究，毕竟一季度手游只有《燕云》这个新游，并且蛋仔、逆水寒还是超高基数。从 Se ...

Core Insights - Tencent, Point Interactive, NetEase, Mihayou, and Lemon Microfun continue to dominate the top five positions in the mobile game revenue rankings [3][4][5] - The competition in the lower rankings (Top 20-30) is intense, with several companies like Mattel163, Youku Shengshi, Thunder Network, and Competitive World returning to the Top 30 due to effective operational strategies [3][4] - The total revenue from Chinese mobile game publishers in the global Top 100 reached $2 billion, accounting for 38.4% of the total revenue of the Top 100 [3] Tencent - Tencent maintains a strong presence with nine titles in the Top 20, including the newly added "Delta Action" and "NBA All-Star" [4][5] - "Honor of Kings" saw a significant revenue increase due to a major update and various promotional activities, leading to a 71% global revenue growth [9][11] - "Delta Action" experienced a 115% revenue surge in April, reaching the 11th position in the revenue rankings [11][12] - "Naruto: Ninja" also achieved a revenue increase of 91% in April, breaking its daily revenue record since launch [18][20] Point Interactive - Point Interactive's main revenue driver remains "Whiteout Survival," which continues to perform well in multiple regions [22] - The new SLG game "Kingshot" launched in late February has shown promising growth, with a 209% revenue increase in April, contributing to a 5% overall revenue boost for the company [26][30] Mihayou - Mihayou's "Honkai: Star Rail" celebrated its second anniversary with a significant revenue increase of 51% in April, driven by new character releases and promotional events [32][34] - Other titles like "Genshin Impact" and "Honkai: Zero" also saw revenue growth due to updates and new character introductions [38][40] Yuxing Network - Yuxing Network's titles, including "Mahjong Soul," "Blue Archive," and "Arknights," performed exceptionally well in Japan, with revenue increases of 110%, 458%, and 69% respectively, leading to a 91% overall revenue growth [42][46] 4399 and Thunder Network - 4399's revenue increased by 24% due to new games like "Endless Journey: Scroll World" and "Raising Godkkaebi," which have gained popularity [48][50] - Thunder Network returned to the Top 30 rankings, attributed to the success of "Wandering Sword," which has shown strong performance since its launch [54][57]

3 月底，腾讯入股育碧子公司的交易正式敲定。根据公告，这家子公司将拥有《刺客信条》《孤岛惊 魂》和《彩虹六号》的开发团队、历史作品以及所有未来的新作品。 育碧通过向该子公司授予全球 独家永久 IP 授权许可，来换取版权费。 华尔街日报指出，1986 年，吉尔莫特家族（Guillemot）五兄弟创立了育碧，至今仍然掌握着公司的 控制权。他们不仅在十年前成功抵御了法国传媒集团威望迪（Vivendi）的收购企图，即便在 2022 年微软收购动视暴雪、Take-Two 和索尼频频出手的行业并购潮中，育碧依然保持独立。当时其 CEO 表示，健康的资产负债表和游戏组合是他们能够保持独立的关键。然而，最近两年，情况发生了变 化。彭博社分析认为，育碧一直在努力摆脱疫情造成的开发困境，不得不取消部分项目，延期发布新 游戏，加上已推出的产品未获得玩家认可，去年损失了超过一半的市值。 ▲ 刺客信条游戏画面 | 图源：育碧 那么，育碧近年来究竟遇到了哪些挑战呢？ 根据彭博社 2019 年的报道，育碧平均每年推出约 5-6 款 3A 大作，而其竞争对手，即同样主营高成 本单机游戏的厂商如 EA 和 Take-Two 等，已将每年上架的 ...