Core Viewpoint - The gaming market in China is witnessing the return of two major titles, Tencent's "Victory Goddess: New Hope" and Bilibili's "Shining! Yujun Girl," both of which have shown unexpected market performance after their respective launches [1][22]. Group 1: Game Performance - "Shining! Yujun Girl" had a long development cycle of five years and was initially launched in Japan in February 2021, generating over 5.1 billion yuan in its first month and approximately 50 billion yuan in total revenue for the year [3][17]. - The game returned to the Chinese market on May 22, 2023, after nearly two years of absence, but its performance has been underwhelming, with only 203 million yuan in revenue over 12 days on iOS [6][12]. - "Victory Goddess: New Hope" generated 24 million yuan in revenue within its first 12 days, which is significantly lower than other major titles like "Dungeon and Fighter: Origin" [32][37]. Group 2: Market Dynamics - Both games faced challenges in their marketing strategies, with "Shining! Yujun Girl" opting for a low-profile re-launch that coincided with the release of "Victory Goddess," impacting its visibility and player engagement [16][37]. - The download trends for "Shining! Yujun Girl" showed a decline, with approximately 66,000 downloads over 12 days, indicating a lack of sustained interest [12][25]. - The competitive landscape in the Chinese mobile gaming market is intensifying, with players becoming more selective and demanding higher quality content, making it increasingly difficult for overseas titles to succeed upon their return [37][38]. Group 3: Future Outlook - The future success of "Shining! Yujun Girl" will depend on the developers' willingness to invest in marketing and content optimization to attract new and returning players [16][37]. - The performance of "Victory Goddess" is being closely monitored, as its initial results are considered average compared to expectations set by its overseas success [32][37]. - The overall trend suggests that the chances of overseas games succeeding in the Chinese market are diminishing, with local developers having a better chance of success with self-developed titles [37][38].

南方财经全媒体记者 吴立洋 实习生隆欣玲 上海报道 随着又一年"六一"的到来，游戏产业的防沉迷机制建设也将迎来新一轮的"摸底测验"。 研究员注意到，社交，是当前未成年人在游戏体验中非常重视的一环，通过游戏与朋友、同学共同娱 乐，乃至在游戏外的时间相互分享，已成为推动未成年人尝试游戏的重要因素。但另一方面，由于互联 网本身内容繁杂、参与者众多的特殊情况，社会经验相对较浅的未成年人在游戏中进行社交时，也可能 面临不良信息骚扰、个人信息泄露、点击外部风险链接等安全问题。 在《移动互联网未成年人模式建设指南》（以下简称《指南》）中，也就社交相关功能提出了具体且明 确的要求，包括游戏厂商在内的互联网服务提供者有义务保护未成年人用户在使用过程中不受不良信息 的影响，并在受到社交相关负面威胁时给予便捷救济。 2025年6月，南财合规科技研究院在2021年至2024年的基础上，持续升级测评指标，连续第五年如期推 出《20款手游APP未成年人保护机制测评报告（2025）》两万字报告及系列解读专题报道。 在今年升级的5.0测评指标中，未成年人在游戏过程中的社交保护机制建设成为了课题组新增的重点关 注方向。 本次发布的报告聚焦"主 ...

Core Insights - The startup project led by former producer of "White Night Extreme," known as "墨犬科技," has ceased development after initial excitement and funding expectations [1][15]. Company Overview - The founder, 贾晨, previously worked at Tencent's subsidiary, 北京永航科技, where he was the producer and art director for "White Night Extreme" [1]. - The new company, 北京墨犬科技, aimed to create a significant and innovative product, with a team comprising several key members from 永航科技 [1]. Project Details - The initial project, internally named "Code:墨犬一号," was a 3D ARPG developed using UE5, but it was still in a very early stage with a rough appearance [3]. - The game was intended to feature open-world exploration elements, allowing players to collect resources and engage in combat with various monsters [3][9]. - The project faced skepticism due to the team's lack of experience in 3D game development and the high costs associated with such projects [11]. Market Context - The gaming industry has seen a significant increase in competition, particularly in the 2D and open-world genres, making it challenging for new entrants [11]. - "White Night Extreme" had a promising start but ultimately faced a decline in performance, leading to its shutdown in late 2023 [13][15]. Future Directions - Following the project's cancellation, the company is reportedly pivoting to a new urban evolution-themed game set in the Northeast industrial era [18]. - Recent job postings indicate a shift in focus towards creating high-quality effects in a magical realism style, suggesting a change in artistic direction [18]. Industry Dynamics - The departure of key personnel from 永航科技 has led to internal restructuring, with new companies being formed and existing ones undergoing significant changes [18]. - The competitive landscape remains intense, with established companies also struggling to maintain momentum in their projects [11].

It has been about a month since the last earnings report for Mattel (MAT) . Shares have added about 12.6% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Mattel due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.How Have Estimates Been Moving Since Then?It turns out, es ...

Core Insights - The gaming industry is experiencing an "arms race" in AI technology, with Tencent launching its "Hunyuan Game" platform aimed at revolutionizing the art production process in gaming [2][3] - Tencent's approach focuses on transforming the entire art production chain by leveraging AI to automate and streamline processes, allowing designers to input simple text or sketches to generate comprehensive visual assets [3][5] - The platform is currently in a free trial phase, raising questions about its future commercialization and potential impact on the industry [2][4] Group 1: AI Integration in Game Development - Tencent's "Hunyuan Game" aims to address inefficiencies in art production, particularly for small to medium-sized teams that struggle with quality and cost in outsourcing [3][5] - The platform allows for rapid generation of art resources, significantly reducing the traditional production timeline from weeks to a much shorter duration [3][6] - The integration of AI is seen as a tool to assist rather than replace human creativity, enabling designers to focus on higher-level creative tasks [6][7] Group 2: Market Position and Future Prospects - Tencent is committed to investing in AI capabilities, with a record capital expenditure of 76.7 billion yuan in the previous year and plans for further investment in AI applications across its business units [8][9] - The company is also focusing on collaboration with Tencent Cloud to provide tailored solutions for game developers, thereby lowering the barriers to AI technology adoption [9] - The launch of "Hunyuan Game" signals the beginning of an "AI-assisted era" in game art production, with aspirations to develop a comprehensive AI content generation engine for the gaming industry [9]

Core Viewpoint - Tencent is developing an AI-driven game creation solution called "VISVISE," which includes various development tools like Auto LUV and Skirt AI, indicating a significant investment in AI technology for game development [1] Group 1: AI Game Development Tools - Tencent's GoSkinning team has created tools such as Auto LUV and Skirt AI as part of the VISVISE initiative, showcasing a comprehensive approach to AI in game development [1] - The company is actively developing various AI game tools to enhance its offerings in the gaming sector [1] Group 2: Industrial-Grade AIGC Platform - Tencent's mixed yuan has launched an industrial-grade AIGC game content production engine, which significantly optimizes game asset generation and production processes [1] - The platform can accurately replicate various artistic styles and themes, including "thick paint," "celluloid," and "cyberpunk," demonstrating its versatility in generating high-consistency game content [1] Group 3: Financial Impact and Industry Trends - During the Q1 earnings call, Tencent's CEO Ma Huateng noted that AI capabilities have already made substantial contributions to businesses like Changqing Games [1] - Other companies in the industry, such as NetEase and miHoYo, are also increasing their investments in AI game development, indicating a broader trend towards AI integration in gaming [1]

发力自有潮流IP。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 国内 IP玩具品牌52TOYS 日前 以 "初夏心事派送"为主题，携三大自有潮流 IP亮相2025 TOY HEART EXPO玩心展。 值得注意的是， 除了 2022年推出的NOOK，52TOYS 本次 还带来 CiCiLu和Pouka Pouka两大 全新自有潮流IP ——其中， CiCiLu的展示区以海洋为主题， 本次展会推出了 「星星象」毛绒挂 件、「心动海胆」大体手办和「泡面好吃」手办三款 CiCiLu潮玩 ；而全新 IP Pouka Pouka则被 一片粉色簇拥，本次玩心展发售了Pouka Pouka「波卡波卡」系列搪胶毛绒盲盒和限量「绵云宝 宝」搪胶脸毛绒公仔。 除了潮玩， 52TOYS还为玩家准备了CiCiLu「泡面吧唧」、杜邦纸斜挎包，Pouka Pouka「童年 的纽扣」手机链、「粉沁之心」和「香芊珠珠」胸针等IP衍生周边，，满足玩家不同的消费需求。 事实上，作 为国内 IP玩具领域的佼佼者，52TOYS自2019年起便持续推出自有潮流IP。除了 NOOK，梦 ...

Core Insights - The article discusses the performance of Mattel, Inc. (NASDAQ: MAT) shares, which have declined approximately 13% since a previous recommendation to sell ahead of earnings [1] Group 1: Company Performance - Mattel's shares have experienced a decline of about 13% over the past two years [1] Group 2: Investment Strategy - The author employs a quantitative investment strategy that combines fundamental analysis with momentum research to identify potential investment opportunities [1] - The software developed by the author tracks levels of optimism and pessimism in stock prices, aiming to exploit market assumptions [1] Group 3: Analyst Position - The author holds a beneficial long position in Mattel shares and plans to purchase an additional 300 shares [2]

Core Viewpoint - The gaming sector is experiencing significant growth, driven by long-term products and increasing overseas sales, with notable performance from leading companies in the industry [1][2][3]. Group 1: Market Performance - In April 2025, the Chinese gaming market reached a scale of 273.51 billion yuan, marking a year-on-year growth of 21.93% and a month-on-month increase of 2.47% [1][3]. - The mobile gaming market in China for April 2025 was valued at 204.24 billion yuan, showing a year-on-year growth of 28.41% and a month-on-month growth of 3.07% [1][2]. - The overseas sales revenue of Chinese self-developed games in April 2025 was 15.54 billion USD, reflecting a year-on-year increase of 9.62% [2]. Group 2: Growth Drivers - The growth in the gaming market is primarily driven by long-term products with operational cycles of one year or more, such as "Honor of Kings" and "Genshin Impact" [3]. - The issuance of gaming licenses has stabilized, with 654 licenses granted by May 2025, including 610 for domestic games, which supports the supply side of the gaming industry [2]. - AI advancements are expected to significantly reduce game development costs and shorten production cycles, enhancing the industry's growth potential [2]. Group 3: Investment Opportunities - The performance of leading gaming companies is expected to improve due to their ability to leverage IP operations and content iteration, creating sustainable profitability [3]. - The exploration of AI in gaming is seen as a potential catalyst for value reassessment of related listed companies, especially if new game products exceed expectations [3].

相关机构表示，人工智能持续发展有望提振游戏板块。游戏领域属于比较成熟的人工智能应用领域，未 来结合大语言模型能否产生新的玩法也是游戏行业的增长点之一。例如剧本编写方面，给大语言模型一 个提纲去编写剧本，再给它一些新的指引，让它再去调优，未来或可产生新的玩法。未来可能通过大语 言模型直接赋予游戏内人物独立人格，可以让它自己在游戏的世界里面去完成自己的动作和行为，也即 真正能够在虚拟世界里面再去创造出虚拟世界。 注：指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化而变 动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成任何投资建议，也不构成对基金业绩 的预测和保证。如需购买相关基金产品，请选择与风险等级相匹配的产品。基金有风险，投资需谨慎。 （文章来源：每日经济新闻） 消息面，伽马数据显示，2025年4月中国游戏市场规模达273.51亿元，同比增长21.93%，其中移动游戏 同比增长28.41%，出海收入同比增长9.62%。 中信建投表示，Deepseek R1深度思考能力全球领先。R1在数字测试AIME2024和代码测试 LiveCodeBench中均超越o3和Gemi ...