此次AI伙伴系统功能的推出，是游族网络推行AI优化玩家体验的又一重要落地。《新盗墓笔记》作为 公司旗下的重要IP产品，此次尝试将为游族在未来游戏产品中更广泛地应用AI技术提供经验。 游族网络表示，这种基于IP性格的AI伙伴研发相较于一般AI对话生成系统难度更高，需要通过对原著和 海量衍生内容进行深度学习，并在此基础上做细致的调优工作，才能确保AI伙伴在与玩家交互中做到 言行始终贴合原著设定。 北京商报讯（记者 张茜琦）9月12日，游族网络宣布旗下《新盗墓笔记》手游四周年庆版本上线，AI伙 伴系统成核心亮点。该系统经原著内容深度学习，实现角色性格精准还原与实时互动，搭配"友情值"机 制增强用户情感联结。此外，版本同步推出多元玩法与福利活动。 ...

Core Viewpoint - The gaming industry is expected to rejuvenate in 2025 after undergoing self-restructuring and external changes from 2021 to 2024, with a notable growth of 19% in the domestic self-developed online game market in the first half of 2025 [1] Industry Overview - The gaming market experienced nearly 20% growth in the first half of 2025, driven by a recovery in both supply and demand, leading to an increase in total gaming hours and ARPU [3] - The number of monthly game approvals has doubled over the past two years, with a peak of 166 domestic game approvals this year, significantly enhancing the supply of new games [3] - The demand for gaming remains resilient, with a 13% year-on-year increase in ARPU in the first half of 2025 [3] User Demographics - The gaming audience continues to be predominantly young, with over 45% of users under 30 years old, and a significant increase in female players, with the female gaming market expected to grow by 124% year-on-year in 2024 [4] Competitive Landscape - The competition among leading companies is easing, with firms focusing on their strengths and specific game genres, leading to a reduction in the pressure on mid-sized companies [5] - Mid-sized companies are increasingly excelling in niche markets, such as female-oriented horror games and SLG genres, with notable successes like "Supernatural Action Group" and "Endless Winter" [6] Marketing and Distribution Changes - Traditional marketing methods are declining, with a shift towards content-driven marketing and community engagement, resulting in improved profit margins for gaming companies [7] - The performance of gaming community platforms has exceeded expectations, with significant revenue growth reported by platforms like TapTap and Huya Live [7] Impact of AI - AI is enhancing game development efficiency, with a notable decrease in R&D expense ratios from 48% in Q1 2023 to 29% in Q2 2025 [8] - Native AI games are emerging, with advancements in AI NPC interactions and the potential for AI-driven UGC games [8] Future Outlook - The gaming sector is expected to see significant growth in Q3 2025, with a robust pipeline of new game releases scheduled for major holidays [9] - The valuation of the gaming industry is anticipated to align with previous high points, supported by improved fundamentals and a favorable competitive landscape [10]

Core Insights - The article discusses the release of the "2025 August China Game Overseas Evergreen List" and the "2025 August China Game Overseas Potential Evergreen List," which categorize Chinese mobile games based on their overseas revenue performance [1][5]. Group 1: Evergreen List - A total of 25 games made it to the "Evergreen List," maintaining the same number as the previous month, with notable titles including "Gossip Harbor," "PUBG MOBILE," and "Age of Origins" [1][5]. - The cumulative estimated overseas revenue for these 25 games in August reached approximately $313 million, equivalent to about 2.23 billion yuan, with 9 games exceeding 100 million yuan in revenue [5]. - "Gossip Harbor" continued to hold the top position with an estimated revenue of $46.65 million (approximately 333 million yuan) in August [5]. Group 2: Potential Evergreen List - The "Potential Evergreen List" saw an increase to 15 games, up by 2 from the previous month, indicating a growing number of games showing potential for long-term success [1][9]. - Century Games had the most entries with 3 games, while Tencent and miHoYo each had 2 games listed [9]. - "Whiteout Survival" from Century Games led the potential list with an estimated revenue of $107.21 million (approximately 765 million yuan) in August [9][11]. Group 3: Game Performance and Updates - "PUBG MOBILE" introduced new gameplay features and updates in August, contributing to its strong revenue performance [6]. - "Age of Origins" also saw significant updates, enhancing its gameplay and user engagement [6]. - Other notable games like "Puzzles & Survival," "Genshin Impact," and "Mobile Legends: Bang Bang" reported revenues exceeding $15 million in August, showcasing their continued popularity [7][8]. Group 4: Industry Trends and Strategies - The article highlights the importance of user retention and cultural integration for the long-term success of Chinese games in overseas markets [12]. - Strategies include localized content development, community building, and leveraging AI for improved user experience [12].

Group 1: Game Launch and Features - Bilibili's new strategy card game "Three Kingdoms: Hundred Generals Card" is set to enter the competitive market of strategy and casual card games, with a public test scheduled for October [2] - The game features asymmetric casual competitive gameplay, with each match lasting under three minutes, allowing players to collect famous generals from the Three Kingdoms era and experience iconic battles [2] - Unique gameplay mechanics include "hero skills" and a 2v3 mode with hidden roles, aiming to provide diverse strategies and enhance player engagement [2] Group 2: Financial Performance - Bilibili reported a total revenue of 7.34 billion yuan for Q2, marking a 20% year-on-year increase, with net profit reaching 218 million yuan [3] - The mobile gaming segment significantly contributed to this growth, with revenue from mobile games soaring by 60% to 1.61 billion yuan [3][4] - The success of the game "Three Kingdoms: Strategize the World" has been pivotal, achieving rapid user acquisition and high revenue, solidifying its long-term operational potential [4] Group 3: Market Competition and Challenges - The gaming market, particularly in the Three Kingdoms genre, is highly competitive, with numerous established titles and new entrants vying for market share [5] - Bilibili's new game faces challenges in differentiating itself from popular titles like "Three Kingdoms Kill" and "Hearthstone," which dominate the card game segment [5][6] - The company aims to adapt its offerings to meet the preferences of younger users, focusing on innovative gameplay experiences to stand out in a saturated market [4][5]

Summary of Key Points from China Internet Conference Call Industry Overview - The report focuses on the **China Internet sector**, highlighting the performance of major companies during the 2Q results season and key investor debates regarding future trends and strategies [1][2]. Core Insights and Arguments 1. **2Q Performance**: China Internet companies reported healthy growth with top-line revenue and profits increasing by **14%** and **10%** year-over-year, excluding transaction platforms [1]. 2. **AI and Cloud Growth**: Significant acceleration in AI cloud hyperscaler revenue growth and capital expenditures was noted, with Tencent's fintech business showing positive inflection and Alibaba focusing on improving quick commerce unit economics [1][2]. 3. **Food Delivery and Quick Commerce**: - The competition in food delivery and quick commerce is expected to lead to a long-term market share distribution of **5:4:1** among Meituan, Alibaba, and JD [9]. - Estimated declines in adjusted EBIT for Meituan, Alibaba, and JD for the September quarter are **Rmb-27 billion**, **Rmb-31 billion**, and **Rmb-13 billion** respectively, with Alibaba and JD expected to see EBIT declines of **-53%** and **-97%** year-over-year [2][9]. 4. **AI Applications**: The outperformance of AI applications is attributed to quantifiable revenue growth, with Alibaba Cloud's capital expenditures increasing by **57%** quarter-over-quarter [11]. 5. **Stock Picking Strategy**: A two-pronged approach is recommended for stock picking, focusing on defensive sectors like games and mobility, alongside offensive sectors such as AI beneficiaries and PDD [11]. Additional Important Insights 1. **Market Size Projections**: The total addressable market (TAM) for quick commerce is projected to increase to **Rmb2.2 trillion** by 2030, up from a previous estimate of **Rmb1.5 trillion**, reflecting a compound annual growth rate (CAGR) of **25%** [10][32]. 2. **E-commerce Growth**: Traditional e-commerce platforms like Taobao-Tmall are experiencing slower growth compared to competitors, with JD and PDD showing higher growth rates of **20%+** and **teen percentages** respectively [10]. 3. **Investor Sentiment**: There is ongoing debate among investors regarding whether Alibaba should focus more on defending its traditional e-commerce market share rather than investing in quick commerce [10]. 4. **Future Outlook**: The aggregate profit pool for the China Internet sector is expected to decline further in 3Q25E, primarily due to challenges in e-commerce and local services [11]. Key Stock Ideas - **Games**: Tencent and NetEase - **Mobility**: DiDi and Full Truck Alliance - **Cloud & Data Centers**: Alibaba, GDS, and VNET - **E-commerce**: PDD [1][11].

Core Viewpoint - The gaming industry is experiencing a significant boost due to stable approval of game licenses, a recovery in monthly market conditions, and accelerated AI implementation, forming a triple driving force for the sector [1][3]. Group 1: Industry Overview - In August 2025, a total of 166 domestic games were approved, marking a new monthly high for the year, with 107 mobile games, 39 casual puzzle games, and 1 PS5 game included [1]. - The actual sales revenue of China's gaming market in July 2025 reached 29.084 billion yuan, with a month-on-month increase of 8.14% and a year-on-year increase of 4.62% [1]. - The mobile gaming sector generated 21.36 billion yuan in July, reflecting a month-on-month growth of 6.36% and a year-on-year growth of 0.92% [1]. Group 2: Company Performance - Giant Network (002558.SZ) reported a revenue of 1.662 billion yuan in H1 2025, up 16.47% year-on-year, with a mobile gaming revenue growth of 21.56% and a gross margin of 91.92% [2]. - 37 Interactive Entertainment (002555.SZ) achieved a revenue of 8.486 billion yuan and a net profit of 1.4 billion yuan in H1 2025, with a focus on a diversified and global operational framework [2]. - Kaiying Network (002517.SZ) recorded a revenue of 2.578 billion yuan and a net profit of 950 million yuan in H1 2025, continuing its strategy of long-cycle products and IP reserves [2]. Group 3: Investment Recommendations - The normalization of game license approvals and the release of new products during the summer season are expected to support performance in the short term [3]. - AI technology is anticipated to reshape research and operations, leading to cost reduction and content upgrades in the mid-term [3]. - Long-term growth opportunities are expected from the expansion of gaming products overseas [3].

Core Viewpoint - The report from CITIC Securities expresses optimism about the gaming sector for the entire year, driven by improved earnings per share (EPS) adjustments, high market sentiment, and enhanced industry structure [1] Group 1: Market Performance - The gaming industry is expected to see a significant boost in Q3, particularly due to the summer revenue surge [1] - Upcoming game releases from major companies such as Tencent, Giant Network, G-bits, Xindong, and Perfect World are anticipated to contribute positively to the market [1] Group 2: Financial Outlook - The gaming sector has experienced cost savings this year, indicating potential for profit upgrades [1]

Summary of Key Points from the Conference Call Company Overview - The conference call discusses **Kying Network**, focusing on its strategic transformation and market positioning within the gaming industry, particularly the **Legend IP** segment. Core Insights and Arguments - **Market Potential**: The **Legend IP** remains vibrant, attracting new user demographics, including younger generations (90s, 95s, and even 00s), with a notable proportion of female players, indicating significant market potential [2][4]. - **Strategic Shift**: Kying Network has transitioned from a game developer to a full industry chain controller by signing an exclusive licensing agreement with **Tianqiong Interactive**, which allows the company to leverage the "Legend Box" private channel, significantly reducing customer acquisition costs [2][4]. - **Revenue Growth**: The company has entered into brand cooperation agreements with leading firms such as **Sanjiao Entertainment**, **Tanwan Games**, and **Zhangwan Technology**, generating a total of **450 million yuan** in entry fees, which has notably enhanced company revenues [2][5]. - **Profitability of "Legend Box"**: The "Legend Box" information service revenue now accounts for nearly **20%** of Kying Network's total revenue, with a gross margin of **90%**. The revenue and profit contribution from this segment is expected to increase by **over 60%** year-on-year in the first half of 2025 [2][6]. - **Net Profit Contribution**: The net profit margin from the "Legend Box" business is projected to exceed **60%**, potentially contributing **30%-40%** to Kying Network's overall performance last year, with future profit contributions possibly approaching or exceeding **50%** [2][6]. Additional Important Insights - **AI Initiatives**: Kying Network possesses a unique advantage in the AI sector, with investments in projects like **EVE** and the **AI UGC** dual engine, which may enhance the company's valuation flexibility and market competitiveness [2][7]. - **Long-term Growth Potential**: The company's focus on exploring new product categories and IP development is expected to provide substantial upward adjustments in profit forecasts, with a projected **17x PE** by 2026, leading to its inclusion in the September stock recommendation list [2][7]. - **Overall Outlook**: The strategic transformation through the "Legend Box" and advancements in AI and new product categories position Kying Network for robust future growth, with expectations of stable performance and potential for exceeding return forecasts [2][8].

Group 1: Tencent Developments - Tencent WeChat and QQ now support binding Steam accounts, allowing users to display their gaming data such as playtime and achievements [2] - Tencent responded to a lawsuit from miHoYo regarding the retrieval of user data, emphasizing compliance with privacy laws and the necessity of formal judicial procedures [3] - Tencent launched a charitable initiative called "Touch Dream Plan," enabling players to contribute to social causes through in-game activities [5] Group 2: Industry Changes - NetEase has officially closed its U.S. studio, T-Minus Zero Entertainment, after a reevaluation of business priorities [4] - Google announced a new requirement for Android developers to undergo real-name verification starting next year, aimed at preventing the release of malicious applications [7] - Firaxis Games, the studio behind the Civilization series, announced layoffs due to poor market performance of the new title "Civilization VII," affecting "dozens" of employees [8] Group 3: New Game Releases - The new title in the "Girls' Frontline" series has been officially named "Girls' Frontline: Fire Control," indicating progress towards its global release [6]

Core Insights - Thailand has been invited as the official "partner country" for Gamescom 2025, showcasing its cultural elements through original games at the event [1] - The global gaming industry is projected to grow from approximately $272.86 billion in 2024 to $426 billion by 2029, driven by advancements in gaming technology, the rise of esports, and the expansion of the mobile gaming market [1] - Thailand's gaming industry is estimated to reach a market size of about 34.288 billion THB in 2023, accounting for 77.5% of the total digital content industry in the country [1] - Thailand will host the "Gamescom Asia × Thailand Game Show 2025" from October 16 to 19, with an exhibition area exceeding 30,000 square meters and an expected attendance of over 200,000 visitors [1] - The event will feature both B2C (entertainment zone) and B2B (business zone) segments, including esports competitions, independent game showcases, cosplay activities, and various entertainment projects [1]