南方财经全媒体记者 吴立洋 实习生隆欣玲 上海报道 编者按： 又是一年六一儿童节，南财数字娱乐课题组在2021年至2024年测评的基础上，结合近期正式发布的移动互 联网未成年人模式，连续第五年，如期推出《20款手游未成年人保护机制测评（2025）》专题系列报道、 报告、合规指引及创意传播内容，以第三方视角研判国内主流游戏厂商的防沉迷系统建设。 在本专题的第三篇，课题组将关注在未成年人进行游戏体验的过程中，防沉迷机制在充值限制、内容筛选 等方面的保护措施落实情况。 在实名认证为未成年人后，时常限制、充值限制和内容防护等防沉迷措施也在用户接触游戏内容的过程中 渐次开始发挥作用。 2021年8月30日出台的"史上最严"防沉迷新规中，就对未成年人的游玩时间做出了明确要求：所有网络游戏 企业仅可在周五、周六、周日和法定节假日每日20时至21时向未成年人提供1小时服务，其他时间均不得以 任何形式向未成年人提供网络游戏服务。 而在未成年人游戏充值方面，根据2019年发布的《关于防止未成年人沉迷网络游戏的通知》的相关规定， 网络游戏企业不得为未满8周岁的用户提供游戏付费服务，同一网络游戏企业所提供的游戏付费服务，8周 岁以上 ...

Core Viewpoint - Jakks Pacific (JAKK) shares have increased by approximately 5.3% over the past month, underperforming the S&P 500, raising questions about the sustainability of this trend leading up to the next earnings release [1] Group 1: Earnings and Estimates - No earnings estimate revisions have been made by analysts in the last two months [2] Group 2: VGM Scores - Jakks has a strong Growth Score of A, but a low Momentum Score of F; it also holds an A grade for value, placing it in the top 20% for this investment strategy, resulting in an aggregate VGM Score of A [3] Group 3: Outlook - Jakks holds a Zacks Rank 1 (Strong Buy), indicating expectations for above-average returns in the coming months [4] Group 4: Industry Performance - Jakks is part of the Zacks Toys - Games - Hobbies industry, where Hasbro (HAS) has seen a 7.1% increase in the past month; Hasbro reported revenues of $887.1 million for the last quarter, reflecting a year-over-year increase of 17.1% [5] - Hasbro's expected earnings for the current quarter are $0.77 per share, indicating a year-over-year decline of 36.9%, with a Zacks Rank 3 (Hold) and a VGM Score of B [6]

Build-A-Bear Workshop (BBW) Q1 2026 Earnings Call May 29, 2025 09:00 AM ET Speaker0 Greetings, and welcome to the Build A Bear Workshop First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. A brief question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Gary Chinaro, Investor Relations. Thank you, sir. You may begin. Speaker1 Thank you. Good ...

网易公司创始人丁磊曾立下豪言：海外业务要占到40%-50%。但眼下，这个目标正变得越来越遥远。日 本作为网易出海的重要阵地，核心人物离开，新团队尚在磨合。 从投资扩张到战略收缩，网易的海外游戏梦正在经历阵痛。当徐东园这样的"日本通"离开，网易失去的 不仅是一位干将，更是对当地市场的深刻理解。在游戏全球化这条赛道上，网易需要重新思考：是继续 豪赌，还是回归理性？ 文 | 源Sight 柯基 "六年七个月的旅程，就此别过。"徐东园在海外职场社交平台的告别动态，在游戏圈内惊起不小波澜。 这位网易互娱日本战略投资负责人的离职，并非孤例。2025年开年以来，从北美工作室裁撤到日服游戏 停运，网易海外战线正在经历一场静悄悄的大撤退。此前还高调宣布"投资阶段"的海外战略，如今却面 临断腕式收缩。 回旋镖正在击中网易。2022年财报会上，时任首席财务官杨昭烜曾表示"海外游戏最快2025年上线"。现 实却是，还没等到开花结果，先迎来了业务收缩。 调整进行时 徐东园的人事变动似乎是网易海外游戏业务战略调整的最新注脚。 2024年，网易游戏就着手对海外业务的调整，在日本市场，网易游戏不仅停运多款产品，还着手对工作 室进行裁撤。 2 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights the focus on the upcoming launch of the game "解限机" and the company's emphasis on AI, collaboration, and internationalization in its office software business [1][8] - The company achieved a total revenue of 2.338 billion yuan in Q1 2025, representing a year-on-year increase of 9.41% but a quarter-on-quarter decrease of 16.28% [8] - The gaming segment showed stable operations with expectations for the performance of "解限机" upon its launch, while the office software segment is seeing growth driven by WPS personal and WPS 365 services [8] Financial Performance Summary - Total revenue projections for the company are as follows: - 2023: 8.547 billion yuan - 2024: 10.318 billion yuan (up 20.91% YoY) - 2025: 11.669 billion yuan (up 13.09% YoY) - 2026: 13.149 billion yuan (up 12.68% YoY) - 2027: 14.721 billion yuan (up 11.96% YoY) [1] - Net profit attributable to the parent company is projected as follows: - 2023: 483.46 million yuan - 2024: 1,551.61 million yuan (up 220.94% YoY) - 2025: 1,866.88 million yuan (up 20.32% YoY) - 2026: 2,303.83 million yuan (up 23.41% YoY) - 2027: 2,734.62 million yuan (up 18.70% YoY) [1] - The report maintains previous earnings forecasts, with expected EPS for 2025-2027 being 1.33, 1.65, and 1.95 yuan respectively, corresponding to current P/E ratios of 25, 20, and 17 times [1][8]

Group 1 - The A-share gaming sector is experiencing strong performance, with the gaming ETF (159869) rising nearly 2% as of May 29, 2023, and several stocks such as Zhejiang Shuju Culture and Shunwang Technology seeing significant gains [1] - The Chinese gaming industry is projected to achieve a record revenue of 455.06 billion yuan in 2024, with a compound annual growth rate (CAGR) of 26.8% over the past two decades, indicating robust growth potential [1] - The user base for the gaming industry is expected to exceed 750 million by 2024, with a CAGR of 18.6% over the last twenty years, providing a solid foundation for ongoing industry development [1] Group 2 - In May 2025, a total of 130 domestic game licenses and 14 import licenses were issued, reflecting an increase in quantity and frequency, with 610 domestic and 44 import licenses issued year-to-date, significantly higher than the same period in 2024 [1] - The types of licenses cover multiple platforms, including mobile, client, and console games, indicating a trend towards normalization in the approval process [1] - The industry's fundamentals are gradually improving due to optimized license supply, strong overseas performance, and a surge in new game launches, with AI technology application and long-term operational capabilities becoming key competitive factors for companies [1]

｜2025年5月29日星期四｜ NO.1 腾讯重拳打击《三角洲行动》外挂，单周封禁超11.6万作弊账号 5月28日，腾讯游戏《三角洲行动》发布外挂治理专项报告，宣布对近期猖獗的"DMA（一种允许外设 直接访问系统内存的技术）"和"雷达"两类外挂实施高强度打击。数据显示，5月19日至25日，游戏安全 团队共封禁超11.6万个作弊账号。涉事账号均被处以十年封禁、排行榜数据清零等处罚，并对组队"坐 挂车"行为连带追责。 点评：腾讯此次高调打击技术门槛较高的外挂（需额外硬件设备），展现了其反作弊技术升级的决心。 有效治理外挂可延长游戏活跃用户留存周期，间接支撑营收稳定性。 5月28日，日本著名游戏开发商From Software正式发布《艾尔登法环：黑夜君临》中文版发售宣传片， 确认这款备受期待的衍生作品将于5月30日登陆各大游戏平台（如PS5、Steam等）。 NO.2 Nexon宣布《冒险岛2》全球停服 5月28日，韩国游戏巨头Nexon发布公告，宣布旗下《冒险岛2》（MapleStory 2）的韩服于5月29日正式 终止运营。至此，全球范围内所有官方服务器全部关闭，标志着这款运营近10年的游戏彻底退出历史舞 台 ...

Financial Performance - 2025年第一季度，公司收入为1380亿韩元，同比增长14.8%，环比增长6.0%[17]。 - 2025年第一季度，公司营业利润为250亿韩元，同比下降8.0%，环比增长55.0%[17]。 - 2025年第一季度，移动游戏收入占比为84.0%[20]。 - 2025年第一季度，东南亚及其他地区收入占比为53.1%[19]。 Game Releases and Strategy - 公司预计通过全面的全球市场扩张，在2025年实现持续的营收增长[29, 37, 45]。 - 《仙境传说M:经典版》在东南亚成功上线，并在泰国、菲律宾和印度尼西亚的App Store和Google Play畅销榜上名列前茅[34]。 - 《仙境传说X:下一代》计划于2025年第二季度在欧洲（英国、葡萄牙、西班牙、爱尔兰除外）推出[77]。 - 《Ragnarok Online America Latina》计划于2025年5月28日直接服务于拉丁美洲地区[55]。 - 公司正在通过子公司在泰国、台湾、印度尼西亚、新加坡、香港、美国和马来西亚等地的各种游戏，瞄准全球市场，以扩大Ragnarok IP的影响力[128]。 Business Development - 《Ragnarok Landverse Genesis》在RONIN平台上交易量排名第一[16, 103]。 - 公司于2025年3月12日正式在马来西亚成立全资子公司GRAVITY Game Unite Sdn Bhd，为在马来西亚市场拓展业务奠定基础[113, 115]。

本报记者 郭冀川 当NPC开口讲起了冷笑话，当玩家轻敲键盘就能创造出一个奇幻世界，当游戏角色学会在凌晨三点向你发送"早安"……AI （人工智能）正在彻底改变游戏行业。 《2025年游戏行业现状报告》显示，52%的开发者所在公司使用生成式AI工具，这一数据也揭示该技术从概念探索阶段迈 入规模化应用阶段。近期，腾讯推出了基于混元大模型的工业级AIGC（人工智能生成内容）游戏内容生产引擎，显著优化了 游戏资产生成和游戏制作流程。 当人工智能与游戏产业深度融合，已初步展现出令人振奋的"化学反应"。AI为游戏开发者提供了更为丰富、多元的创意和 灵感，助力他们创造出更加精彩绝伦、引人入胜的游戏。同时，AI也为玩家提供了更加个性化、定制化的游戏体验，让他们在 游戏中找到属于自己的乐趣与满足。 国内游戏厂商 广泛布局AI赛道 进入2025年，国内各大游戏厂商在AI赛道上疾驰奋进，网易、巨人网络等众多游戏厂商纷纷在旗下游戏中嵌入AI模型，以 此丰富游戏剧情内容、增强玩家互动体验。 "AI+游戏"也在资本市场的助力下加速合作与战略达成。例如，港股上市公司中旭未来与A股上市公司恺英网络近期签署合 作备忘录，合作内容包括积极通过AI ...

Core Viewpoint - The self-regulation of the loot box industry in the UK has failed, leading to widespread noncompliance and lack of enforcement, particularly affecting consumer protection for children [2][4][5] Group 1: Industry Self-Regulation - The previous Conservative UK government encouraged the gaming industry, represented by Ukie, to self-regulate instead of imposing legislation [1] - A study published in Royal Society Open Science indicates that compliance with self-regulation is very poor, with only 23.5% of the top 100 iPhone games disclosing the presence of loot boxes in their marketing [2] - Only 8.6% of these games consistently disclosed the probabilities of obtaining different rewards, highlighting a significant lack of transparency [2] Group 2: Enforcement Issues - Noncompliant games were reported to Ukie and the UK government over six months ago, yet no enforcement actions have been taken, allowing these games to remain available for download [3] - Ukie had previously promised that noncompliant games would face "severe fines" and "delisting" from app stores, but these promises have not been fulfilled [3] Group 3: Consumer Protection - The current state of noncompliance and lack of enforcement fails to protect consumers, especially children, as initially promised by the industry [4] - Companies are not only breaching self-regulation but also advertising regulations and consumer laws, indicating a need for more proactive enforcement by other regulators [4]