Market players were eager to push the start button on Nintendo (NTDOY 5.13%) stock as the trading week drew to a close. Shares of the storied Japanese video game company finished Friday up by more than 5% thanks in no small part to an analyst's price-target increase. That rise was in contrast to the S&P 500's dip of 0.4%.A bull gets more bullishBefore market open that day, JPMorgan Chase's Junko Yamamura lifted her fair value assessment on Nintendo's Japan-listed stock to 15,300 yen ($106.52) per share, up ...

Core Viewpoint - The article highlights the rapid development of a billion-level digital entertainment industry cluster in the western part of Shenzhen, driven by Tencent's new headquarters and supportive government policies aimed at establishing a new high ground for the digital entertainment industry in the Guangdong-Hong Kong-Macao Greater Bay Area [1][5]. Group 1: Policy Initiatives - Bao'an District has introduced the "Bao'an District Digital Entertainment Industry Support Plan," which includes rent discounts, enterprise growth support, game license applications, and ecosystem development to foster a concentrated development model for the digital entertainment industry [3][4]. - The support plan offers significant financial incentives, including up to 1 million yuan for outstanding game companies and subsidies of 20,000 yuan per game license approved by the National Press and Publication Administration, with a maximum of 1 million yuan per company [3][4]. Group 2: Economic Impact - The total investment for Tencent's "Internet+" Future Technology City, also known as "Penguin Island," is 31.9 billion yuan, with a total construction area of 2 million square meters, positioning it as a global focal point for the digital entertainment industry [1][5]. - The implementation of the support plan is expected to accelerate the upgrade of the digital entertainment industry, enhance industry value, attract high-end talent, and promote the development of industry clusters, contributing to Shenzhen's goal of becoming a globally influential digital creative industry hub [5].

Group 1 - The Chinese gaming industry is rapidly innovating through AI technologies, enhancing user experience and operational efficiency [1][2] - The actual sales revenue of domestically developed games in overseas markets is projected to reach $18.557 billion in 2024, marking a continuous growth trend [1] - In the first three months of this year, the actual sales revenue from China's self-developed games in overseas markets was $4.805 billion, reflecting a year-on-year growth of 17.92% [1] Group 2 - AI technology significantly improves game art design efficiency, allowing for the generation of standard views and 360-degree videos from a single original artwork [2] - AI can automatically generate various types of promotional materials for games, enhancing the quality and appeal of content tailored to different markets [2] - Companies like Tencent and NetEase are leveraging AI to enhance game distribution efficiency and target specific player demographics effectively [2][3] Group 3 - The gaming industry is increasingly utilizing AI to automate content generation, including scripts, storyboards, videos, and translations, facilitating cultural innovation [3] - The pursuit of higher quality AAA games and complex large-scale games is driving further exploration of AI applications in the gaming sector [3]

近日，A股规模最大的游戏公司之一、绍兴上虞知名上市企业世纪华通再度引发市场关注。 七名高管遭警示 5月12日晚间，浙江世纪华通集团股份有限公司（简称"ST华通"，002602.SZ）发布公告称， 因年报虚假记载，公司多名高管收到浙江证监局下发的警示 函 。这些高管包括原董事会秘书兼副总经理严正山、原董事兼副总经理邵恒、总经理谢斐等7人。 世纪华通在公告中表示，收到上述警示函后，公司及相关人员高度重视、深刻反思，公司及相关人员将引以为戒、吸取教训，完善内部控制制度，提高公 司治理水平，严格执行上市公司信息披露规范要求。 去年11月，中国证监会对世纪华通作出行政处罚，认定公司在2018年至2022年的年报中存在虚假记载，同时还存在虚构业务或提前确认收入的情况。公司 股票同时被实施其他风险警示，股票简称由"世纪华通"变更为"ST华通"。 此次警示函是对此前处罚的延续 。 此外，世纪华通对相关财务数据进行了会计差错更正，导致子公司盛趣科技未能完成业绩承诺。因此，相关业绩承诺人需承担超过1.27亿股的业绩补偿责 任。 ST当年董秘薪酬创新高 值得注意的是， ST华通2011年上市后，共有4任董秘任职，此次均被出具警示函 ...

点评：《胜利女神：新的希望》上线并登顶iOS免费榜，显示其具备较强市场吸引力。其表现可能提振 市场对二次元射击游戏及联合运营模式的信心，对相关游戏公司及板块产生积极影响。 ｜2025年5月23日星期五｜ NO.1《胜利女神：新的希望》正式上线 5月22日，美少女射击游戏《胜利女神：新的希望》正式上线。这是由韩国Shift Up研发的一款二次元风 格第三人称射击放置类游戏，国服版本由咪咕与腾讯联合运营发行。上线当天，游戏官方宣布游戏登上 iOS免费游戏榜第一。 NO.2 索尼PlayStation Stars停止新注册 5月21日，索尼宣布PlayStation Stars即日起不再接受新注册。主动取消PlayStation Stars服务的玩家将无 法重新加入该服务，并失去所有已获得的积分。官方同时表示，当前会员仍能在7月23日前获得数字收 藏品，PlayStation Stars服务将于2026年11月2日正式停止。 点评：PlayStation Stars服务不再接受新用户注册，这对索尼自身生态及玩家忠诚度计划带来挑战。此消 息或引发市场对游戏订阅服务可持续性的担忧，并可能影响市场对游戏行业长期用户黏性及 ...

每经记者｜张梓桐 每经实习编辑｜余婷婷 5月初，一场特殊的角色扮演活动在位于成都的一家未成年人保护营地上演。 在这场名为"家庭雕塑"的环节中，一个来自河南驻马店的母亲李芳（化名）和在两年前因沉迷游戏而拒绝上学的女孩小雨（化名），还有"游戏""工作"等抽 象角色被请上前台，通过站位模拟出两年前家庭中彼此的心理距离。 图片来源：腾讯志愿者协会公众号 2021年8月，国家新闻出版署下发的《关于进一步严格管理切实防止未成年人沉迷网络游戏的通知》，以空前严格的姿态，为未成年人接触网络游戏的时间 与方式加上了"紧箍咒"——明确规定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小时网络游戏服务 ，且必须 接入国家统一的防沉迷实名验证系统。 "我从没想过她此前会这么看我。"活动结束后，在营地现场，李芳接受《每日经济新闻》记者采访时，回想起两年前矛盾爆发时的种种场景，几度哽咽。 李芳的遭遇并非孤例。 成都团市委12355青少年服务台专家、 腾讯客服未成年人保护营地（以下简称未保营地）教育负责人马滢对此亦深有感受。在现场接受《每日经济新闻》记 者采访时，马滢表示，从社会层面来看，游戏防沉迷已 ...

Core Viewpoint - Coupang and Sea Limited, once popular growth stocks, are now being evaluated for their potential as turnaround plays in the current market environment [1][3]. Coupang Overview - Coupang operates South Korea's largest e-commerce platform and went public at $35 in March 2021, reaching an all-time high of $50.45 shortly after [2]. - The stock currently trades at approximately $27, having retreated from its peak due to slowed growth and rising interest rates [3]. - Coupang's active customer base grew from 14.9 million at the end of 2020 to 23.4 million in Q1 2025, with Wow subscribers increasing from 6 million in 2020 to 13 million in 2023 [6]. - The company has expanded its marketplace to Taiwan and acquired Farfetch to diversify beyond South Korea, achieving a revenue CAGR of 26% from 2020 to 2024 [7]. - Coupang turned profitable on a GAAP basis in 2023 and 2024, driven by higher-margin marketplace expansion and automation [8]. - Analysts project Coupang's revenue and GAAP EPS to grow at CAGRs of 13% and 130% from 2024 to 2027, respectively, with a current valuation of 1.4 times this year's sales [9]. Sea Limited Overview - Sea Limited, based in Singapore, operates Shopee, the leading e-commerce platform in Southeast Asia, and went public at $15 in October 2017, reaching a peak of $366.99 in October 2021 [2]. - The stock currently trades at around $163, facing challenges as growth has slowed and competition has intensified [3][12]. - Sea's strategy relied on Garena's gaming profits to subsidize Shopee's losses, but the gaming segment has faced setbacks, including the ban of Free Fire in India [11]. - Despite these challenges, Sea's revenue grew at a CAGR of 40% from 2020 to 2024, and it also turned profitable on a GAAP basis in 2023 and 2024 [14]. - Analysts expect Sea's revenue and GAAP EPS to grow at CAGRs of 20% and 97% from 2024 to 2027, with plans to enhance Shopee's features and expand into Vietnam [15]. Investment Comparison - Coupang is viewed as a more balanced investment with a cheaper valuation compared to Sea, which is heavily reliant on a single aging video game for profits [16]. - While Sea is growing faster, its higher forward price-to-sales ratio makes it less attractive than Coupang [16].

5 月 22 日，微信员工 @客村小蒋在微博发文称，最近有一个关于朋友圈广告的都市传说，甚至引发了有人觉得微信会"盗用"好友头像昵称，给朋友圈广 告评论的错误理解。 他表示，"微信没有这样的能力，也绝不会这么干，这中间还是有很大的误会。" 据他介绍，起因是有一个叫"折螺丝"的小游戏，投放了一批朋友圈广告。这批广告用到了一个能力，"折螺丝"官方在这条广告下设置一个评论，内容大概 是"别笑，你试你也过不了第二关 "。 微信朋友圈广告"盗用"好友头像评论，是真的吗？ 微信员工回应：没这能力 客村小蒋称，过往很多广告其实也用了这个能力，主要是营造一种互动感，吸引大家关注。折螺丝的这个广告的文案，很好触动了大家搞抽象的热情。他 还问了几个评论的朋友，在下面复制评论或者二次创作的动机，各种各样都有，归根结底就是，这广告词好抽象，我也来一起抽象一下。 至于反馈头像被"盗用"一事，经微信排查发现，评论区中的评论皆为用户真实评论。客村小蒋还称，这些评论都是用户自己评论的，只是有时候时间过得 久忘记了。 "折螺丝"为何风靡朋友圈？ 据华夏时报报道，"折螺丝"的玩法与其他的三消类休闲小游戏十分相似，玩家能顺利地通过第一关，游戏会在 ...

Core Viewpoint - NetEase is undergoing significant adjustments in its gaming business, led by founder Ding Lei, in response to the slowest revenue growth in nearly 20 years, with 80% of its net income historically derived from gaming and related services [1][14]. Financial Performance - In Q1, NetEase reported a net income of 28.8 billion RMB, reflecting a quarter-on-quarter increase of 7.87% and a year-on-year increase of 7.06% [5]. - The net income from gaming and related services was 24 billion RMB, up from 21.2 billion RMB in the previous quarter and 21.5 billion RMB in the same quarter last year [7]. - The net profit attributable to shareholders for the quarter was 10.3 billion RMB, showing a quarter-on-quarter increase of 17.05% and a year-on-year increase of 35.53% [11]. Revenue Structure - The gaming segment accounted for approximately 97.5% of the net income from the gaming division, with significant contributions from titles like "Identity V" and new releases [8]. - Non-gaming revenue saw a decline, with Youdao's net income dropping to 1.3 billion RMB from 1.4 billion RMB year-on-year, and NetEase Cloud Music's revenue decreasing by 5% to 1.9 billion RMB [9][10]. - The overall revenue structure remains heavily reliant on gaming, with projections indicating that gaming and related services will account for 79.42% of total net income by 2024 [12]. Management and Staffing - NetEase has reduced its workforce by 3,100 employees, marking a 10.64% decrease, while the proportion of R&D staff remains at 49% [16]. - Despite workforce reductions, cash compensation for senior management and directors increased by 8.47 times, from 49.2 million RMB in 2023 to 4.66 billion RMB in the previous year [17]. Legal Matters - NetEase faced a lawsuit from Krafton regarding copyright infringement related to two mobile games, resulting in a settlement where NetEase was ordered to pay 6 million USD in damages [21].

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