36氪获悉，专注于AIGC智能体驱动的UGC游戏研发与发行平台的「反舌鸟科技（杭州）有限公司」， 宣布已完成A轮融资，本轮融资金额2000万元人民币，估值2亿元人民币。 本轮投资由美股智慧社区与广告龙头联掌门户（股票代码：LZMH）和A股游戏上市公司电魂网络（股 票代码：603258）领投，杭州苡柠网络科技、杭州淇涵光启网络科技及多位资深天使投资人跟投。此次 融资将用于加速AIGC工具链迭代、UGC内容生态扩张、原创IP全球化发行及并购整合，进一步巩固公 司在国内UGC游戏赛道的领先地位，并向"α世代游戏界的索尼"目标迈进。 反舌鸟科技是国内领先的AIGC智能体驱动UGC游戏研发与发行平台，针对全球新质用户，提供一站式 数字互动内容解决方案。公司核心团队汇聚游戏、AI、发行、创新硬件等领域精英，以创新模式赋能 产业，目标成为"α世代游戏界的索尼"。 资本加注：双市上市公司领衔，战略协同赋能产业升级 核心竞争力：AIGC全链条赋能，构建生态闭环壁垒 反舌鸟科技以"AIGC智能体驱动的游戏研发与发行平台"为核心，已形成三大竞争优势： 核心团队年轻化（平均00后）、全球化、专业化，成员来自网易、暴雪、字节跳动、亚马 ...

Group 1: Company Strategy and Competitive Advantages - The company focuses on the core strategy of "focusing on the gaming main business" to develop high-quality games that meet market demand, supported by four business systems: R&D, publishing, investment + IP, and user platforms [3] - The company has established an overseas publishing strategy, leading to continuous growth in overseas revenue over the past three years [3] - The company aims to enhance its product matrix and long-term operational capabilities through IP product strategies, targeting markets in Hong Kong, Macau, Taiwan, South Korea, Southeast Asia, Japan, and Europe and the United States [3][4] Group 2: Box Business Development - The company signed a licensing agreement for "Legend of Blood" and "World of Legend" with Tianqiong Interactive, allowing exclusive development and operation of related box products [5] - Significant financial commitments include 100 million CNY annually from Sanjiu Interactive for promotional services in the "39 Interactive" brand area, and 200 million CNY from Tanwan Games for a star brand area in the box [5] - The company plans to enhance the PC gaming ecosystem for the "Legend" series through collaboration with partners, aiming to increase user engagement and market scale [6][7] Group 3: Share Buyback and Shareholder Information - From September 1 to September 3, 2025, the company repurchased 8.9528 million shares, accounting for 0.42% of total shares, with a total expenditure of approximately 200 million CNY [8] - The company has committed to not reducing shareholdings for five years, with plans for continuous share purchases funded by dividends received [9] - As of November 20, 2025, the total number of shareholders is 82,977, showing a recent upward trend [10] Group 4: AI and Product Innovations - The company is developing EVE, a 3D AI companion application, set to launch in Q1 2026, focusing on emotional connections and personalized interactions [12] - The "Warm Star Valley" AI toy brand is set to launch pre-sales on December 8, 2025, targeting emotional companionship for the 12-35 age group [12] - The company emphasizes the integration of hardware and software to create a closed-loop ecosystem for its AI products [12] Group 5: Financial Performance and Investments - The company holds shares in Century Huatong, classified as financial assets measured at fair value, with changes recorded in other comprehensive income, not affecting current profits [14] - The strategic investment in Century Huatong is aimed at enhancing collaboration and market competitiveness, with no plans for short-term sale of these shares [14]

Core Insights - FunPlus has launched its micro-world SLG game "Micro Hunter" in late September, but its market performance has been underwhelming, peaking at 55th in the strategy category in the US [1][2] - The game has undergone extensive testing over three years, indicating FunPlus's commitment to the micro-world theme, which is now attracting attention from major competitors like NetEase and Tencent [1][20] Market Situation - "Micro Hunter" was previously known as "Tiny Survivors" and began small-scale testing in February across several countries, officially rebranding on September 23 [2] - The game has seen a gradual increase in estimated downloads, reaching approximately 717,000 globally by November 23, with a significant portion from Google Play [4][6] Download Performance - Brazil leads in downloads with 113,000, followed by the US with 76,000, while Southeast Asia shows notable interest with three entries in the top ten download regions [6] - The game has generated an estimated revenue of around $550,000, with a peak daily revenue of approximately $13,000 on November 2 [7][9] Advertising Trends - The iOS version of "Micro Hunter" began advertising in October, but the volume of ad materials has since declined, with a peak of nearly 200 ads on October 13 [10] - The target audience for the ads is predominantly male (78%), with the primary age group being 25-34 years old, accounting for 39% of the audience [11][12] Creative Material - The advertising materials focus on the "micro" theme, showcasing the challenges faced by small characters in a larger world, with a mix of animation and voiceover [13][14] - Three main types of creative content have been identified: micro-world exploration, crisis management in gameplay, and character design showcasing [14][16][18] Conclusion - Despite not achieving standout success, "Micro Hunter" reflects FunPlus's long-term investment in the micro-world genre, which has garnered interest from other major players in the industry [20][21] - The micro-world theme is seen as having market potential due to its unique appeal and the growing trend of casual SLG games, although it may not suit all developers [21]

Core Insights - Beijing Lingyi Wanyuan Technology Co., Ltd. and Hangzhou Jiyi Artificial Intelligence Technology Co., Ltd. have formed a deep cooperation to develop specialized AI models for the gaming industry, marking a significant milestone in the integration of large models and vertical intelligent applications [1][2] - The collaboration aims to enhance the efficiency of the entire game development and operation process through AI technology, optimizing production workflows and reducing repetitive tasks [1] - Lingyi Wanyuan has established itself as a leader in the large model field, offering a one-stop platform for enterprise model training, fine-tuning, deployment, and application development [1] Company Insights - Lingyi Wanyuan has launched several leading models, including Yi-Large and Yi-Lightne, and has partnered with major companies such as China Mobile, China Telecom, Alibaba Cloud, Huawei, and SF Technology [1] - Hangzhou Jiyi has rapidly emerged as a new force in the "AI + gaming" vertical, with its SOON platform significantly reducing game generation time to hours and improving efficiency in numerical planning by over 70% [2] - The partnership is the first of its kind in China, combining a general large model enterprise with a vertical AI generation platform, which is expected to lower technical barriers and enhance creative efficiency in the gaming industry [2]

Core Viewpoint - The gaming sector is experiencing a positive trend, with a notable increase in the gaming ETF and strong performance from leading companies, supported by favorable policies and robust earnings growth [1] Group 1: Market Performance - On November 27, the gaming sector saw an early rise followed by slight fluctuations, with the gaming ETF increasing nearly 1% [1] - As of November 25, the gaming ETF product size reached 11.058 billion yuan, facilitating investors in accessing A-share gaming leaders [1] Group 2: Industry Insights - According to the report released by the China Audio-Video and Digital Publishing Association and Gamma Data, the domestic gaming market revenue in October 2025 is projected to be 31.359 billion yuan, reflecting a month-on-month growth of 5.66% and a year-on-year growth of 7.83% [1] - Financial Street Securities believes the gaming industry has a clear investment theme, supported by favorable policies, profitability, and valuation [1] Group 3: Future Outlook - The current regulatory environment is favorable, and the third-quarter performance has exceeded market expectations, validating the profitability of the gaming sector [1] - Most leading gaming companies are currently valued in the range of 15 to 20 times earnings, indicating potential for valuation recovery [1] - In the medium to long term, AI-driven innovations in mid-tier gaming companies are expected to enhance product gameplay and themes, leading to dual benefits of valuation recovery and earnings growth [1] - The gaming sector is poised for continued high demand due to its entertainment attributes and the evolving landscape of AI, content, and commercialization [1]

新京报贝壳财经讯 11月26日，据"零一万物"官方公众号消息，近日，北京零一万物科技有限公司与恺 英网络旗下的杭州极逸人工智能科技有限公司宣布达成深度合作，双方将共同研发游戏产业大模型，推 动"游戏+AI"的深度融合与创新变革。双方此次合作将聚焦游戏引擎及相关平台的智能化升级，围绕游 戏研发中的关键环节，探索从开发到运营的全链路效率提升的解决方案。 编辑 杨娟娟 ...

Core Viewpoint - Tencent's international gaming brand Level Infinite has signed a publishing agreement with South Korean game developer SHIFT UP for the cross-platform game "Project Spirits" [1] Group 1 - "Project Spirits" is developed by SHIFT UP in collaboration with Tencent's subsidiary, Yongxing Interactive [1] - The game is built on Unreal Engine 5 and is designed for PC, console, and mobile platforms [1] - Level Infinite is also the global publisher for SHIFT UP's mobile game "Goddess of Victory: Nikke" [1]

Core Viewpoint - The gaming sector is experiencing a strong rebound, with the gaming ETF (159869) rising nearly 5%, and all constituent stocks showing positive performance, indicating a robust recovery in the industry [1] Group 1: Market Performance - The gaming ETF (159869) has seen a trading volume approaching 1.35 billion yuan, reflecting active trading [1] - As of November 24, the product scale of the gaming ETF reached 11.16 billion yuan, facilitating investors' access to leading A-share gaming companies [1] Group 2: Industry Outlook - Longcheng Securities believes that the continuous upgrade of multimodal large model capabilities is expected to accelerate the commercialization of AI, particularly in gaming [1] - Guoyuan Securities is optimistic about themes such as AI applications and cultural exports, with a focus on the gaming sub-sector [1] - Pacific Securities anticipates that improvements in multimodal generation capabilities will lead to accelerated growth in AI applications within the gaming sector [1] Group 3: Financial Trends - The gaming industry's revenue and profit growth rates have shown a consistent upward trend on a year-over-year basis [1] - Guojin Securities notes that the acceleration of profit release in the gaming industry is driven by increasing consumer demand and the continuous release of blockbuster new products, suggesting potential for future valuation adjustments [1] Group 4: Investment Opportunities - The gaming sector is catalyzed by multiple factors including AI, content, and changes in commercialization models, presenting investment opportunities in the gaming ETF (159869), which tracks the CSI Animation and Gaming Index [1]

Core Viewpoint - The gaming sector is experiencing significant growth, with the gaming ETF (159869) rising nearly 4% and reaching a product scale of 11.16 billion yuan as of November 24, indicating strong investor interest in A-share gaming leaders [1] Group 1: Market Performance - The gaming ETF (159869) has seen all holdings in the green, with notable gains from companies like Giant Network, Kaixin Network, Mingchen Health, and G-bits [1] - The ETF tracks the CSI Animation and Gaming Index, reflecting the overall performance of A-share listed companies in the animation and gaming industry [1] Group 2: Strategic Developments - Unity and Epic Games announced a strategic partnership, allowing Unity to access the ecosystem of over 500 million registered accounts from Fortnite, enabling developers to publish Unity games directly on the platform [1] - Unreal Engine developers will utilize Unity's cross-platform commercial system for pricing, promotions, and digital product management, enhancing multi-channel operations across PC, mobile, and web [1] Group 3: Industry Outlook - Huaxi Securities believes that the interconnectivity of the two major engine ecosystems will provide unprecedented user reach and commercialization efficiency for game developers, lowering the barriers for small teams to compete globally [1] - CICC notes that the gaming sector continues to meet the social demands of Generation Z, with major companies entering a product content cycle, indicating significant potential for profit and EPS growth [1] - The gaming sector is catalyzed by multiple factors including AI, content, and commercialization model transformations, presenting investment opportunities in the gaming ETF (159869) [1]

Core Insights - The new game "Varsapura" from miHoYo has been officially unveiled with a 31-minute gameplay demo, showcasing its immersive narrative and realistic art style [1][4] - The game is being led by miHoYo founder Cai Haoyu, who has returned to oversee its development, indicating a significant investment in the project [2][4] - "Varsapura" aims to integrate AI technology into gameplay, allowing player choices to dynamically influence the game world, enhancing immersion and freedom [4][18] Company Developments - Cai Haoyu's involvement marks a strategic shift for miHoYo, as he had previously stepped back from day-to-day operations to focus on technology research and new project development [11][19] - The game development team is globally distributed, with talent from Shanghai, Singapore, Los Angeles, and Montreal, reflecting a commitment to high-quality production [4][6] - miHoYo has been actively recruiting for "Varsapura," emphasizing AAA quality, cinematic storytelling, and psychological elements in its job postings [4][18] Industry Context - The gaming industry is witnessing a heightened focus on AI technology, with competitors like Ubisoft also integrating AI into their projects, indicating a broader trend [8] - The market for 2D games is under pressure, with a reported 7.44% decline in revenue for the domestic 2D game market, prompting miHoYo to explore new opportunities [14][15] - "Varsapura" represents a gamble for miHoYo, as it seeks to redefine its position in the gaming landscape and aims to create a "virtual world for a billion people" [16][18]