"AI 将彻底改变游戏开发。"——类似的宣言，这几年几乎天天都能在社交媒体上看到。但最近，一位科技投资人用亲身示范告诉我们：AI 生成游戏的"未 来"，可能还离"惊艳"很远，甚至更接近"恐怖谷"。 近日，美国初创公司 HyperWrite 的 CEO、科技投资人 Matt Shumer 在 X（原 Twitter）上高调发帖，声称"AI 游戏将会非常惊艳（AI games are going to be amazing）"，并配上了一段由生成式 AI 制作的"射击游戏演示视频"。 从表面上看，这段视频是一段 FPS（第一人称射击）游戏片段：一名士兵从直升机索降到曼哈顿街头，与小队成员推进战斗。 但一开场就让人摸不着头脑：角色落地时莫名炸出玻璃碎片，仿佛刚破窗而入；他手中的 MP5 冲锋枪居然有两套瞄具，子弹打出去几厘米就炸成火花， 像是对着空气墙开火。随着镜头推进，街边店铺的招牌在"DELI"、"DELE"、"DEE"之间闪烁切换，地铁入口不仅写着奇怪的"Sublone"，台阶竟还逆向朝 上延伸。 更荒诞的场景在后续剧情中接连上演： ● 屏幕底部蹦出三个选项，系统自动选了"跳进地铁"，结果角色却开始爬楼梯—— ...

Summary of NetEase, Inc. Conference Call Company Overview - **Company**: NetEase, Inc (NTES.O, NTES US) - **Industry**: China Internet and Other Services - **Market Cap**: US$78,716 million - **Stock Rating**: Overweight - **Industry View**: Attractive - **Price Target**: US$138.00, with a 12% upside from the current price of US$122.76 as of May 15, 2025 [8][8][8] Key Points Overseas Expansion Strategy - NetEase has clarified its overseas expansion strategy, focusing on online games while de-emphasizing single-player games, which are seen as culturally specific and a barrier to global expansion [2][4][4] - The preview of the new game "Sea of Remnants" is viewed positively as a strong addition to its game pipeline [2][3] Upcoming Game Releases - Upcoming titles include "Destiny: Rising" and "Marvel Mystic Mayhem," both utilizing existing intellectual properties (IPs), which may result in lower gross profit margins (GPM) due to revenue-sharing agreements [3][3] - The company plans to launch "Where Winds Meet" globally and introduce e-sports for "Marvel Rivals" to boost its popularity [3][3] Financial Outlook - Management expects sales and marketing expenses to stabilize at 13-14% of revenue, recovering from previous volatility linked to "Eggy Party" [6][6] - The industry standard for marketing expenses is 20-25% of new games' annual revenue and 8-10% for existing titles [6][6] Gross Profit Margin (GPM) Concerns - The GPM is a focal point, with discussions around potential declines in revenue-sharing ratios with platforms like iOS and Android being more of an industry-wide issue rather than specific to NetEase [5][5] - NetEase is actively negotiating with platforms to lower costs, maintaining a track record of success in this area [5][5] Impact of AI on Game Development - NetEase has been a pioneer in integrating AI into game development but acknowledges that current AI technology is not yet ready for critical tasks like 3D asset modeling [7][7] - The company plans to reinvest manpower saved through AI into enhancing game quality [7][7] Management Insights - Management provided more visibility on operational expenditure (opex) outlook, indicating a strategic shift towards online gaming development [2][2] Additional Insights - The shift in strategy has led to the shutdown of certain studios, reflecting the company's commitment to its new direction [4][4] - The overall sentiment towards NetEase's future performance remains positive, with analysts expecting attractive growth in the gaming sector [8][8][8]

Stock Code: 603444 Stock Name: G-bits I.The summary of the Annual Report is extracted from the full text of the Annual Report. To gain a thorough understanding of the Company's operational achievements, financial condition, and future development plans, investors are advised to carefully read the full Annual Report on the website (www.sse.com.cn). II.The board of directors (or the "Board"), supervisory board, directors, supervisors, and senior management of the Company guarantee the truthfulness, accuracy, ...