行业分析师指出，微软此举是"回归核心竞争力的必然选择"。近年来，该公司通过1900人大规模裁员、关闭The Initiative工作室、砍掉《完美黑暗》等项目，集中资源开发《毁灭战士：黑暗纪元》等3A大作，并为即将上市的 ROG Xbox Ally掌机铺路。数据显示，微软游戏业务收入已连续四个季度保持两位数增长，而影视内容销售占比 不足1%，剥离非核心业务有助于提升资本效率。 微软的退出被视为流媒体市场竞争白热化的缩影。近年来，苹果、亚马逊等科技巨头持续加码原创内容投入，而 传统媒体公司如华纳兄弟探索、派拉蒙全球则通过合并重组应对挑战。在此背景下，微软选择"退一步海阔天 空"，将资源倾斜至游戏订阅服务Xbox Game Pass（XGP）。截至2025年第二季度，XGP订阅用户已突破5000万， 成为微软娱乐生态的支柱。 微软的战略调整与其整体业务布局密切相关。2024年，微软以687亿美元收购动视暴雪后，游戏业务收入占比已超 过30%，成为仅次于云计算的第二大利润源。与此同时，Azure云服务通过为Netflix、索尼PS Now提供底层技术支 持，间接渗透流媒体市场。这种"退居幕后"的模式，或成为微软在娱 ...

中经记者 李哲 北京报道 受部分老游戏流水下滑、新游戏上线后推广效果不及预期拖累，电魂网络（603258.SH）预计上半年业 绩由盈转亏。 近日，电魂网络披露的业绩预告显示，其预计上半年净利润亏损750万至1100万元。《中国经营报》记 者注意到，这是自2016年上市以来，电魂网络首次在半年报期间出现亏损。 事实上，近年来电魂网络的营业收入及净利润长期处于下滑态势。这与其主营游戏作品《梦三国》系列 端游的经营业绩表现不佳息息相关。这一系列端游作品的最初版本《梦三国》于2009年上线，随后2015 年《梦三国2》上线。2024年财报显示，《梦三国》系列端游在电魂网络的营收占比达65.27%。 上半年业绩预亏 根据电魂网络披露的业绩预告，其上半年预计实现归属于母公司所有者的净利润为-1100万元至-750.00 万元；预计归属于母公司所有者的扣除非经常性损益后的净利润-1800万元至-1200万元。而在2024年上 半年，电魂网络的净利润为5930.69万元。 对于上述业绩表现，记者联系电魂网络方面采访，截至发稿未获回应。 此前，在2020年，电魂网络旗下核心游戏作品《梦三国2》突破历史最高充值纪录，并于2021 ...

观点指数在7月1日观点指数研究院发布的《产业生态赋能 | 2025年6月商办与办公空间发展报告》中，其认为现阶段，运营能力已成为核心竞争力，写字楼 项目需跳出空间租赁思维，将办公载体转化为产业生态平台。 据国家统计局披露的数据，2025年1-5月，全国办公楼开发投资额和销售额累计值分别为1412亿元和1033亿元，分别同比下滑16.3%和10.8%。 同期办公楼新开工面积和竣工面积累计值分别为615万平方米和558万平方米，分别同比下滑24.1%和6.7%。 从数据来看，当前全国办公楼市场处于低迷状态，投资、销售、建设各环节均面临困境。市场呈现出供大于求的局面，且短期内需求难以有效提升。未来， 办公楼市场的复苏需要依赖宏观经济环境改善后，企业的信心和扩张意愿增强。同时，也需要通过产业结构调整与升级，催生新的办公需求，如新兴产业的 发展对办公空间的新需求等。 写字楼市场深度调整阶段，也有部分写字楼企业/项目通过差异化定位、产业运营与服务创新等实现逆势增长。 据中海商务官微披露，2024年全年，上海中海中心写字楼项目净吸纳量录得7万平方米，跻身全市写字楼去化量的首位，成为上海写字楼新的流量王。 据观点指数了解，上 ...

Market Overview - On July 18, the A-share market opened high and experienced slight fluctuations, with the Shanghai Composite Index facing resistance around 3534 points[2] - The market saw strong performance in sectors such as non-ferrous metals, coal, education, and fertilizers, while gaming, automotive services, consumer electronics, and photovoltaic equipment lagged[3] - The Shanghai Composite Index closed at 3534.48 points, up 0.50%, while the Shenzhen Component Index rose 0.37% to 10,913.84 points[7] Valuation and Trading Volume - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 14.47 times and 39.96 times, respectively, indicating a mid-range valuation over the past three years[3] - Total trading volume for the two markets reached 15,935 billion yuan, above the median of the past three years[3] Economic Indicators - China's economy continues to show moderate recovery, driven by consumption and investment, with June CPI rising by 0.1% year-on-year and PPI declining by 3.6%[3] - The Federal Reserve maintained interest rates in June, but the path for potential rate cuts remains uncertain, which could significantly boost global risk appetite[3] Investment Strategy - A balanced investment strategy is recommended, focusing on stocks with better-than-expected mid-year performance and reasonable valuations[3] - Short-term investment opportunities are suggested in coal, non-ferrous metals, finance, and education sectors[3] Risks - Potential risks include unexpected overseas economic downturns, domestic policy changes, and macroeconomic disturbances that could affect recovery[4]

Core Viewpoint - Yalla Technology (YALA) shows positive financial growth with a revenue increase of 6.54% and a net profit growth of 17.4% as of March 31, 2025, indicating a strong performance in the social networking and entertainment sector in the MENA region [1][2]. Financial Performance - As of March 31, 2025, Yalla Technology reported total revenue of $83.87 million, reflecting a year-over-year growth of 6.54% [1]. - The company's net profit attributable to shareholders reached $37.09 million, marking a significant increase of 17.4% compared to the previous year [1]. Company Overview - Yalla Group Limited is the largest voice-centric social network and entertainment platform in the MENA region, operating two flagship mobile applications: Yalla, a voice-based group chat platform, and Yalla Ludo, a casual gaming app [2]. - The company has expanded its content offerings to create a comprehensive ecosystem focused on meeting the evolving online social networking and entertainment needs of users in the MENA region [2]. - Yalla's ecosystem includes YallaChat, a messaging product tailored for Arabic users, and Waha, a social network designed for the metaverse, along with various games that support the local gaming community [2]. Market Expansion - Yalla is actively exploring markets outside the MENA region, having launched a Ludo game called Yalla Parchis targeted at the South American market [2]. - The mobile applications provide a seamless user experience, fostering loyalty and a sense of belonging among users through attention to detail and localization [2].

Core Insights - Virtuos, a prominent game outsourcing company, is undergoing a significant layoff affecting approximately 300 employees, which is about 7% of its global workforce [1][3][4] - The layoffs are part of a strategic adjustment to meet the evolving demands of the gaming industry, particularly in high-value collaborative development [3][4][10] - The company has recently focused on larger-scale projects, such as the remastering of "The Elder Scrolls IV: Oblivion," which has led to increased resource allocation but insufficient financial returns [6][8][10] Company Overview - Virtuos was established in 2004 in Shanghai and later moved its headquarters to Singapore, currently employing around 4,200 people globally [1][3] - The company has made several acquisitions in North America and Europe to enhance its capabilities in visual effects, design, and creative development [1][3] Layoff Details - The layoffs will primarily affect departments experiencing reduced business demand due to structural changes in the industry, with around 200 positions in Asia and 70 in Europe [3][4] - The French division, which is part of the core development team for "Oblivion Remastered," is minimally impacted, with fewer than 10 positions affected [3][4] Strategic Shift - Virtuos is shifting its focus from the competitive light repair market to larger projects, similar to Bluepoint Games, which has raised concerns about profitability despite high-quality output [6][10] - The company has implemented cost-cutting measures, including salary freezes and reduced bonuses, prior to the layoffs, indicating financial strain [8][10] Industry Context - The layoffs at Virtuos are reflective of broader challenges faced by major gaming companies, including Microsoft and Sony, which are also experiencing layoffs and project cancellations [11][13] - The gaming industry is currently perceived to be in a downturn, impacting outsourcing firms like Virtuos that rely heavily on contracts from larger studios [13][15]

这在当时并没有成为一个集中讨论的话题。直到今年5月底，有新闻称中国传媒大学取消了漫画专业，在艺考生中掀起波澜。目前，学院具体的架构如何 还没有确定，有积极的传言称，这只是院系架构调整，未来漫画专业会被并入其他学院，并不会就此消失。而在学校之外，去年12月，大型工作室实 为"漫画家养殖场"的事件也让很多人感到幻灭。 中国传媒大学取消漫画专业的新闻再次激起了人们对国产漫画行业的讨论 从业者们再次声讨起目前国产漫画行业的现状：低薪、过劳、缺乏保障、看不到出路。一位十几年前离开漫画公司的开发者感慨："国产漫画是我现在唯 一不建议年轻人进入的行业。" 以此为契机，我们再次把目光投向了这些从漫画"跨界"到游戏的人。一部分漫画家看起来像是"逃难"到了游戏行业；与此同时，游戏行业又展现着自己的 残酷。他们像是跌跌撞撞地从某个危险区逃离，又在仿佛是安全地带的边缘看到一群人对自己举起了"快跑"的大字牌。 2024年，触乐曾撰写过一篇游戏引擎"唤境"停止服务、部分游戏不再受支持的报道。当时，我们接触到一批使用这类"入门级"小型引擎的开发者。这些开 发者在技术上很多都没有达到主流从业者的标准，作品体量比我们通常能够见到的独立游戏还要 ...

Group 1 - The company held its seventh board meeting on July 15, 2025, with all nine directors present, confirming the legality and validity of the meeting [1] - The board approved the extension of the second employee stock ownership plan for an additional six months, until January 21, 2026, due to confidence in the company's future development [1] - The proposal for the extension was unanimously supported by the employee stock ownership plan participants, with 8 votes in favor and no opposition or abstentions [2]

以下文章来源于猛犸资本局 ，作者谢斯临 猛犸资本局 . 穿越产业周期，洞察资本玄机。互联网新闻信息服务许可证编号：44120230006 导语： 又一家中资企业将从欧洲职业足球俱乐部撤资 。 7月14日晚间， 星辉娱乐 （300043.SZ）公告表示，全资子公司星辉体育(香港)有限公司和星辉游戏(香港)有限公司拟将所持西班牙人俱乐部 99.66%股权，转让给VELOCITY SPORTS LTD（下称" VELOCITY"），对价为1.3亿欧元（约合人民币10.83亿元）。 这次交易当中的6500万欧元以现金支付，6500万欧元以买方的股份进行支付。交易完成后，星辉娱乐历时10年的"足球之旅"画上句号——西班牙 人俱乐部将不再纳入星辉娱乐的合并报表范围，星辉娱乐将合计持有VELOCITY 38.26股A类股份，占其总股本的16.45%。 回笼资金聚焦AI 2015年至2017年，中资企业曾掀起一波海外俱乐部并购潮，如苏宁收购国际米兰、中欧体育入主AC米兰等。2015年，星辉娱乐入股西班牙人俱 乐部并实现控股。 当时，潮汕籍富豪，星辉娱乐实控人、原董事长陈雁升还曾在年报中称，中资控股西甲俱乐部能在中 国市场上形 ...

Core Insights - A-share companies in Shenzhen are showing signs of recovery with 58.77% of 114 companies forecasting profit growth for the first half of 2025 [1] - Several sectors, including innovative pharmaceuticals, gaming, North American computing chains, and new energy, are experiencing significant recovery [1] Company Performance - Hanyu Pharmaceutical reported a net profit of 142 million to 162 million yuan, a year-on-year increase of 14 to 16 times, benefiting from international sales of innovative drugs [1] - Kelu Electronics ended four years of losses with a net profit of 175 million to 225 million yuan, a year-on-year increase of 541% to 667%, driven by overseas orders and improved financial conditions [2] - Iceberg Network's net profit reached approximately 310 million to 400 million yuan, a year-on-year increase of 160.18% to 177.65%, attributed to cost reduction and efficiency improvements [2] - Deep Tianma turned a loss into a profit with a net profit of 190 million to 220 million yuan, a year-on-year increase of 138.82% to 144.95%, driven by growth in non-consumer display business [2] - Industrial Fulian's net profit is expected to be around 12 billion yuan, a year-on-year increase of 36.84% to 39.12%, fueled by strong demand for AI servers and cloud services [3] - Dongpeng Beverage is projected to achieve a net profit of 2.31 billion to 2.45 billion yuan, a year-on-year increase of 33.48% to 41.57%, supported by its flagship product [3] Challenges Faced - Dash Smart reported a net loss of 69 million to 98 million yuan, a decrease of 8 to 11 times year-on-year, due to industry downturns and unmet project expectations [4] - Tuo Ri Xin Neng faced a net loss of 48 million to 68 million yuan, a year-on-year decrease of 3 to 4 times, impacted by intensified competition in the photovoltaic industry [5] - Deep Kangjia A reported a net loss of 360 million to 500 million yuan, an improvement from a loss of 1.088 billion yuan in the previous year, but still facing challenges in consumer electronics and semiconductor businesses [5]