来源丨凤凰网财经《公司研究院》 作者丨DW 一场涉及 3 亿资金的互撕，让自称 " 中国首父 " 的游戏大佬煮肘（徐波）以一种极具戏剧性的方式重回公众视野。 这位以 "厌女"、"一夫多妻"等言论闻名的多益网络董事长，向来是中国互联网的争议人物。而11月15日，前女友汤某的一篇长文，将他 的私生活摊开在阳光下。 文中不仅详述了金钱纠葛，更抛出一个让马斯克（公开孩子仅有 14个）都可能自愧不如的猛料：徐波竟有300个孩子 ， 而徐波方则对此 予以否认。 这个惊人的数字，连同那场 3亿的纠纷，瞬间引爆了舆论的轩然大波。 （ 广州多益网络股份有限公司董事长徐波 ） 01 3亿纠纷罗生门：一场"借款"骗局 还是300个孩子的抚养费？ 在徐波 此前的 叙述中，这是一场处心积虑的骗局。 他声称， 2012至2018年间向汤某转账8.19亿元，其中4.19亿明确备注为"借款"。2022年，汤某"卷款私逃"，虽返还5.15亿，但仍有3亿 多元未归还。因此， 2024年 他以 "民间借贷纠纷"为由将其诉至法院。 多益网络 © 2024-4-29 来自 Android客户端 已编辑 为什么中国首父徐波痛恨女权? 因为汤敬本质是任性 ...

Core Insights - NetEase's open-world martial arts game "Yan Yun Shi Liu Sheng" has launched globally, achieving over 500,000 players within 40 minutes and exceeding 2 million players in 24 hours [1][2] - The game has reached significant rankings, including Top 7 in Steam's global best-selling games and Top 5 in Steam's most-played games [1] - The game reflects a new wave of Chinese games going global, supported by local government policies promoting game exports [1] Group 1 - The game is set in the historical context of the "Sixteen Prefectures of Yan Yun" and serves as an interactive museum of Chinese culture, showcasing over a hundred traditional martial arts and intangible cultural heritage techniques [1][2] - The development team conducted extensive digital scans of historical sites and artifacts, successfully recreating 1,200 pieces of cultural heritage within the game [2] - "Yan Yun Shi Liu Sheng" has garnered over 10 million global pre-registrations and ranks in the top 30 of Steam's wishlist and top 5 in active lists [2] Group 2 - The domestic player base has surpassed 40 million, fostering a vibrant cultural exchange centered around traditional Chinese culture and martial arts [2] - The game has been recognized as one of the top ten IPs in China's online pop culture for 2025, highlighting its role in promoting Chinese cultural symbols on a global stage [2]

Group 1 - The gaming sector experienced fluctuations on November 17, with the gaming ETF (159869) dropping nearly 1.5%. Notable gainers included Mingchen Health, Fuchun Co., Beiwai Technology, and others, while Shenzhou Taiyue and others faced declines. As of November 14, the gaming ETF's product scale reached 11.276 billion yuan, facilitating investor access to A-share gaming leaders [1] - The limited test of the pixel-style simulation game "Kairo Game World," developed by Thunder and Kairo Co., began on November 17, running until December 1. This game is based on the Kairo game series' IP and aims to attract nostalgic players and simulation game enthusiasts through a combination of classic gameplay and localized operations [1] - The collaboration between domestic developers and overseas IPs is maturing, providing new competitive paths for small and medium-sized firms in the gaming industry. This "overseas IP authorization + local joint development" model may lead to a reassessment of classic IP values in the market [1] Group 2 - According to Guosheng Securities, the gaming industry is expected to see significant recovery in the first three quarters of 2025, with A-share gaming sector revenue reaching 78.69 billion yuan, a year-on-year increase of 28.3%. Key growth drivers include stable licensing policies, rapid growth in overseas revenues, and the deep integration of AI technology in game development [2] - AI technology has permeated the entire game development process, significantly enhancing efficiency and giving rise to a new category of "dynamically generated games," injecting new momentum into the industry's sustained growth [2] - The gaming sector is catalyzed by transformations in AI, content, and commercialization models, with the gaming ETF (159869) tracking the performance of A-share listed companies in the animation and gaming industry, highlighting investment opportunities [2]

Core Viewpoint - Century Huatong plans to repurchase shares worth 500 million to 1 billion yuan, aiming to enhance shareholder returns and stabilize company value, following its recent removal from risk warning status [2][4]. Group 1: Share Repurchase Plan - The company intends to repurchase shares at a price not exceeding 28.77 yuan per share, using self-owned or self-raised funds, with a repurchase period of 12 months from the approval date [2][4]. - The decision reflects the company's confidence in its future development and recognition of its value, considering its stock market performance, operational status, and future profitability [2]. Group 2: Recent Corporate Developments - Century Huatong recently "un-capped" its stock, changing its name back to "Century Huatong" after being under risk warning for a year due to previous regulatory issues [3][4]. - The company faced an investigation by the China Securities Regulatory Commission for information disclosure violations, resulting in a fine of 8 million yuan and warnings to several executives [3]. Group 3: Financial Performance - In the first three quarters of 2025, Century Huatong achieved operating revenue of 27.223 billion yuan, a year-on-year increase of 75.31%, and a net profit of 4.357 billion yuan, up 141.65% [8]. - The growth is attributed to the rapid expansion of its overseas gaming business and steady growth in domestic operations [8]. - The company has seen significant success with its game "Whiteout Survival," which has surpassed 200 million downloads globally and topped mobile game revenue charts [8][9]. Group 4: Business Strategy and Innovations - The company has integrated AI tools into its production processes, significantly improving efficiency by 60% to 80% in art creation workflows [9]. - In the first half of 2025, overseas revenue reached 8.958 billion yuan, accounting for 52.06% of total revenue, reflecting a year-on-year growth of 78.49% [9].

Group 1 - The core point of the article highlights the significant achievements of NetEase's game "Yan Yun Shi Liu Sheng," which has surpassed 10 million overseas pre-registrations, reflecting the success of China's "game going global" strategy and local support policies [1] - The game ranks in the top 30 of Steam's wishlist and top 5 in active rankings, with the PS version also performing well in over 20 regions [1] - The success of "Yan Yun Shi Liu Sheng" serves as a valuable experience for domestic developers in exploring high-quality and globalized paths, potentially encouraging more investment in premium game development [1] Group 2 - Epic Games officially released "Unreal Engine 5.7," focusing on large-scale world building and high-fidelity rendering innovations, empowering developers to create detailed and realistic environments efficiently [2] - The stable procedural content generation framework (PCG) in this version allows developers to quickly populate vast environments with natural randomness, significantly lowering the technical barriers and development costs [2] - The introduction of the PCG editing mode and experimental procedural vegetation editor (PVE) enables artists to create high-quality vegetation without coding, fostering innovation and visual breakthroughs in the gaming industry [2] Group 3 - Tencent's third-quarter financial report shows a revenue of 192.87 billion yuan, a 15% year-on-year increase, with net profit rising by 20% to 64.94 billion yuan [3] - The company's international game revenue reached 20.8 billion yuan, marking a 43% year-on-year growth, demonstrating the effectiveness of its globalization strategy [3] - The strong performance of Tencent's gaming business, driven by new titles like "Delta Force," highlights its ability to produce blockbuster games and validates its dual-driven model of domestic stability and overseas growth [3]

Core Insights - Tencent reported its Q3 2025 earnings, highlighting a total revenue of 636 billion yuan from its online gaming business, with international market game revenue growing by 43% year-on-year, surpassing 20 billion yuan for the first time, reaching 20.8 billion yuan [1] Revenue Breakdown - International market game revenue increased significantly, driven by growth in Supercell's game revenue, contributions from recently acquired game studios, and strong sales performance of the newly released game "Dying Light: Stay Human" [1] - Domestic market game revenue was 428 billion yuan, reflecting a 15% year-on-year growth, primarily supported by revenue contributions from recently launched games such as "Delta Operation" and the ongoing success of established titles like "Honor of Kings" and "Peacekeeper Elite" [1] - The newly launched mobile game "Valorant" also contributed to the domestic revenue growth [1]

Core Insights - The Chinese gaming market's actual sales revenue for Q3 2025 reached 88.026 billion yuan, marking a quarter-on-quarter growth of 6.96% but a year-on-year decline of 4.08% [1] - Among 23 selected A-share gaming companies, 56.52% reported revenue growth, while 73.91% achieved profitability in Q3 2025 [1] - Century Games, a subsidiary of Century Huatong, significantly contributed to its parent company's revenue growth, with Q3 revenue reaching 10.016 billion yuan, a year-on-year increase of 60.19% [1] Market Segmentation - The client game market generated 20.29 billion yuan in Q3 2025, with a quarter-on-quarter increase of 16.05% and a year-on-year increase of 19.88% [1] - The mobile game market achieved 64.389 billion yuan in revenue, reflecting a quarter-on-quarter growth of 4.39% but a year-on-year decline of 1% [1] Company Performance - Century Huatong reported a revenue of 27.223 billion yuan for the first three quarters of 2025, surpassing its total revenue for the previous year, with a net profit of 4.357 billion yuan, up 141.65% [1] - 13 out of 23 gaming companies reported positive revenue growth, while 3 companies turned losses into profits, including Perfect World, Icefire Network, and Xinghui Entertainment [1] - 37 Interactive Entertainment maintained its position as the second-largest A-share gaming company, with Q3 revenue of 3.975 billion yuan, a year-on-year decline of 3.23% [1] New Product Success - Gigabit's new games, including "Wen Jian Chang Sheng" and "Zhang Jian Chuan Shuo," have been successful, contributing to a revenue of 4.486 billion yuan for the first three quarters, a year-on-year increase of 59.17% [2] - Giant Network's new game "Supernatural Action Group" performed well, leading to a Q3 revenue of 1.768 billion yuan, a year-on-year increase of 51.84% [2] - Icefire Network successfully turned around its performance, achieving a net profit of 500 million yuan in the first three quarters after a strategic shift in its marketing approach [2]

Core Insights - The Chinese gaming market's actual sales revenue for Q3 2025 reached 880.26 billion yuan, marking a quarter-on-quarter growth of 6.96% but a year-on-year decline of 4.08% [1] - The revenue from self-developed games in overseas markets was 4.994 billion USD, with a quarter-on-quarter increase of 6.34% and a year-on-year decrease of 3.39% [1] - A total of 23 A-share gaming companies reported a combined revenue of 772.45 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 23.30% [2] Market Performance - The client game market in China generated 202.9 billion yuan in Q3 2025, with a quarter-on-quarter increase of 16.05% and a year-on-year increase of 19.88% [1] - The mobile game market's revenue was 643.89 billion yuan, showing a quarter-on-quarter growth of 4.39% but a year-on-year decline of 1.93% [1] - The web game market saw a revenue of 10.75 billion yuan, with a quarter-on-quarter decrease of 1.41% [1] Company Performance - Century Huatong reported a revenue of 272.23 billion yuan for the first three quarters, surpassing last year's total, with a net profit of 43.57 billion yuan, up 141.65% [3] - 13 out of 23 gaming companies achieved revenue growth, while 17 companies reported profitability [3] - Perfect World and Giant Network improved their rankings to 3rd and 7th respectively, while Jiubite also moved up two places [6] Notable Companies - Century Games, a subsidiary of Century Huatong, significantly contributed to revenue growth, with its games topping the overseas revenue charts [4] - 37 Interactive Entertainment maintained its position as the second-largest A-share gaming company, with a revenue of 124.61 billion yuan, despite a year-on-year decline of 6.59% [5] - Jiubite's revenue for the first three quarters was 44.86 billion yuan, reflecting a year-on-year increase of 59.17% [7] Strategic Adjustments - Ice Glacier Network shifted its focus from quantity to quality in marketing, resulting in a significant reduction in sales expenses by 52.31% [8] - The company reported a net profit of 5.02 billion yuan for the first three quarters, compared to a loss in the previous year, indicating a successful turnaround [8]

Core Insights - The article discusses the implementation of large models in game development, highlighting the challenges and advancements in AI coding tools, particularly in the context of complex game projects [2][3][4]. Group 1: AI Tools in Game Development - Numerous AI coding tools have emerged recently, but their participation in game project coding remains limited due to the complexity and flexibility of game business [2][4]. - A large-scale internal survey revealed that game developers spend more time on code understanding rather than code writing, indicating a need for better tools to facilitate this understanding [4][6]. Group 2: Challenges in Game Development - Three main challenges were identified: lack of clear technical documentation (30%), the complexity of game development pipelines compared to traditional web development, and slow testing and debugging processes [6][8]. - The game development process often leads to accumulated technical debt due to rushed timelines, which complicates the coding and debugging phases [6][8]. Group 3: Knowledge Engineering in Game Development - The company has developed a game development knowledge engineering system to improve code understanding and collaboration among different roles such as planning, art, and development [13][14]. - The knowledge system integrates structured and unstructured data, allowing for efficient retrieval and application of knowledge within the game development context [14][19]. Group 4: AI-Driven Code Generation and Review - A dual-end system was created to enhance code understanding, generation, and quality review, focusing on integrating AI capabilities into the existing development environment [8][11]. - AI-generated code accounted for 30% of the total code produced, with the system contributing approximately 5 million lines of code monthly across various projects [41][44]. Group 5: AI Code Review Process - The company has implemented a combination of traditional static code analysis and AI-driven code review to ensure quality control throughout the development process [44][45]. - The AI review process aims to identify low-level errors that could lead to significant operational issues, enhancing the overall quality of the code produced [45][46]. Group 6: Future Directions and Team Collaboration - The focus is on creating a cohesive team AI agent system that facilitates collaboration across different roles in game development, aiming to enhance efficiency and knowledge sharing [55][56]. - The upcoming AICon event will explore further applications of AI in business growth and development efficiency, featuring insights from industry experts [2][56].

Core Viewpoint - The gaming sector is experiencing slight fluctuations, with the gaming ETF (159869) showing a minor decline after previously rising over 0.5%. The ETF's scale reached 11.389 billion yuan as of November 12, enabling investors to easily invest in leading A-share gaming companies [1][2]. Group 1: Game Industry Developments - Tencent's "Honor of Kings" announced an optimization of its matchmaking mechanism, responding to player demands and judicial pressure. The new features include increased rank weight, visible matchmaking ranks, and a new challenge mechanism [1][2]. - The optimization aims to enhance competitive fairness and solidify the game's user base, potentially setting a new operational benchmark in the gaming industry [2]. Group 2: Market Performance - The gaming ETF (159869) tracks the Zhongzheng Animation and Gaming Index, reflecting the overall performance of A-share listed companies in the animation and gaming industry. The ETF presents investment opportunities in this sector [2].