Group 1 - Electrolit is collaborating with Activision for the release of Tony Hawk's Pro Skater 3 + 4, featuring in-game integrations such as branded billboards and exclusive skater gear [1][2] - A retail sweepstakes will run from May 19, 2025, to August 31, 2025, allowing gamers to unlock exclusive items and win real-life merchandise [2][3] - The sweepstakes includes 50 grand prize winners receiving an Electrolit skateboard and a digital download code for the game, along with 75 secondary prizes and 5,000 instant winners [3] Group 2 - Tony Hawk's Pro Skater 3 + 4 is a remake that combines classic content with new features, including cross-platform online multiplayer for up to eight players [4] - The game is set to launch on July 11, 2025, and is available for pre-order on multiple platforms including Xbox, PlayStation, PC, and Nintendo Switch [5] - Electrolit is a premium hydration beverage known for its electrolyte formulation, available in various retail and online channels across the U.S. [10]

Core Viewpoint - The emergence of the game "Mingchao" has created a significant shift in the competitive landscape of the ACG (Anime, Comic, and Game) gaming sector, positioning it as a formidable rival to miHoYo's flagship titles like "Genshin Impact" [1][4][13]. Group 1: Industry Dynamics - The competitive landscape has shifted from a stable three-player dominance (Tencent, NetEase, and miHoYo) to a more fluid situation, with "Mingchao" emerging as a serious contender [15][30]. - The gaming market is experiencing a decline, with the actual sales revenue of China's ACG mobile game market dropping to 29.348 billion yuan in 2024, a year-on-year decrease of 7.44% [27]. - The introduction of "Mingchao" has prompted miHoYo to abandon its complacency and re-engage with the market, leading to a renewed focus on content and player engagement [21][24]. Group 2: Company Performance - "Mingchao" initially struggled upon launch, with first-week revenue estimated at approximately 947 million yuan, significantly lower than "Genshin Impact," which earned between 3.5 billion to 4 billion yuan in its first week [9][10]. - Despite a rocky start, "Mingchao" has seen a resurgence in popularity, with its revenue recovering due to subsequent updates and improvements [10][16]. - miHoYo's revenue from its three main products is projected to decline by nearly 10 billion yuan in 2024 compared to 2023, indicating challenges in long-term product sustainability [14]. Group 3: Future Outlook - The competitive pressure from "Mingchao" is expected to stimulate innovation and investment in the ACG gaming sector, potentially leading to a more diverse range of successful titles [20][30]. - Both Tencent and NetEase are intensifying their efforts in the ACG space, with Tencent launching "Xinghen Gongming" and NetEase focusing on "Wuxianda," indicating a strategic shift towards this growing market segment [29][30]. - The industry may witness a new wave of competition, with "Mingchao" setting a precedent for future titles to challenge established players like miHoYo [30].

以下文章来源于野马财经 ，作者野马财经 野马财经 . 关注资本市场、金融市场、新经济发展和商业创新 作者： 高远山 缪凌云 来源：野马财经 许久未露面的史玉柱，因为股权被冻结，又被送上了风口浪尖。 而这已经不是史玉柱第一次因为担保给自己和公司惹上麻烦了 。此前， 据天眼查信息显示， 巨 人投资有限公司1.14亿元股权被冻结，被执行人为史玉柱。执行法院为北京金融法院，冻结期限 为2023年9月18日至2026年9月17日。 当时 ，巨人集团发言人、 巨人网络 品牌营销负责人马全智 也 在社交媒体上回应： "是老史帮 朋友担保引起的事，会妥善处理。老史主要精力在参与游戏研发。去年9月他就想明白了，前些 年退休后交了100多个男性朋友，损失了不少钱，现在就想好好做游戏。" 近日，据 中国执行信息公开网信息显示， 巨人投资有限公司 （以下简称"巨人投资"）、紫晶置 业投资管理有限公司 （ 下称"紫晶置业" ） 新增 一则被执行人信息， 执行标的金额达 4.9亿余 元 ，执行法院为北京金融法院，立案日期为2025年5月6日 。 其中， 巨人投资 为 知名企业家史玉柱 麾下 的核心投资平台 ； 而 紫晶置业 股权穿透之后 ...

Group 1 - The report indicates that the Chinese gaming market size for Q1 2025 reached 857.04 billion yuan, representing a year-on-year growth of 17.99%, with the mobile gaming market accounting for 636.26 billion yuan [1] - The actual sales revenue of domestically developed games in overseas markets was 4.805 billion USD, showing a quarter-on-quarter decrease of 0.59% but a year-on-year increase of 17.92% [1] - A user survey highlighted that over half of the respondents believe "performance, touch control, and network" are key factors affecting mobile gaming experience, indicating a need for mobile manufacturers to standardize performance optimization [1] Group 2 - The initiative to establish three major standards for mobile gaming experience has received positive responses from the gaming industry chain [2] - Industry leaders emphasized the importance of hardware performance for gaming experience, with high refresh rates, AI computing power, and cooling technology being crucial for players [2] - OnePlus is working on a comprehensive chip-level gaming solution to enhance mobile gaming experience and promote the implementation of industry standards [2]

Core Insights - NACON has signed an agreement with Eden Games to publish and distribute Gear.Club Unlimited 3, the fifth installment in the franchise, set to release in Q4 2025 on current-generation consoles and PC [2][5] - The new game enhances NACON's racing ecosystem, which includes popular titles like Test Drive Unlimited Solar Crown and WRC Generations, along with its Revosim™ line of Direct Drive peripherals [3] - Gear.Club Unlimited 3 features various game modes, including an all-new Highway Mode that challenges players' reflexes in high-speed traffic scenarios [4] Company Overview - NACON, part of the BIGBEN group, was established in 2019 and consists of 16 development studios, focusing on game publishing and premium gaming peripherals [6] - The company aims to leverage its 40 years of experience in the gaming industry to create unique opportunities for innovation and competitive advantages [6] Development Studio Profile - Eden Games, based in Lyon, France, is known for its expertise in realistic racing games, having developed iconic titles such as V-Rally and Test Drive Unlimited [7] - Founded in 1998, Eden Games combines passion, technological innovation, and high graphic standards to deliver premium gaming experiences across various platforms [7]

Core Viewpoint - Sohu.com Limited reported strong financial results for the first quarter of 2025, with marketing services and online game revenues exceeding expectations, while also benefiting from a significant tax reversal that contributed to a net income of $182 million [2][3][11]. Financial Performance - Total revenues for Q1 2025 were $136 million, a decrease of 3% year-over-year but an increase of 1% quarter-over-quarter [5]. - Marketing services revenues were $14 million, down 15% year-over-year and 27% quarter-over-quarter [5]. - Online game revenues were $117 million, flat year-over-year and up 7% quarter-over-quarter [5]. - Both GAAP and non-GAAP gross margins were 76%, compared to 77% in Q1 2024 and 73% in Q4 2024 [6]. - GAAP operating expenses were $122 million, down 9% year-over-year and 1% quarter-over-quarter [7]. - GAAP net income attributable to Sohu.com Limited was $182 million, or $6.07 per fully-diluted ADS, compared to a net loss of $25 million in Q1 2024 [11]. Tax Reversal Impact - The company fully reversed a tax expense of approximately $199 million related to a one-time transition tax, resulting in a significant income tax benefit for Q1 2025 [3][9]. Non-GAAP Financial Measures - Non-GAAP net loss attributable to Sohu.com Limited was $16 million, or a net loss of $0.55 per fully-diluted ADS, compared to a net loss of $22 million in Q1 2024 [12]. - Non-GAAP results exclude share-based compensation and the income tax benefit related to the Toll Charge [4][21]. Liquidity and Capital Resources - As of March 31, 2025, the company had cash and cash equivalents, short-term investments, and long-term time deposits totaling approximately $1.2 billion [13]. Business Outlook - For Q2 2025, Sohu estimates marketing services revenues between $16 million and $17 million, indicating an annual decrease of 14% to 19% [27]. - Online game revenues are expected to be between $96 million and $106 million, reflecting an annual decrease of 28% to 35% [27].

Group 1 - Zhongxu Future (09890) saw a stock price increase of over 3%, reaching HKD 10.26 with a trading volume of HKD 19.8976 million [1] - The company announced a collaboration with Kaixin Network (002517.SZ) to jointly invest in Hangzhou Jiyi Artificial Intelligence Technology Co., focusing on AI large model technology in the gaming sector [1] - The total investment amount for the AI company agreement is RMB 10 million, and after the investment is completed, the subsidiary will become a shareholder of Jiyi Artificial Intelligence [1] Group 2 - A three-year product cooperation memorandum was signed with Kaixin Network covering various IP and game products, including new games based on classic IPs such as "Dragon Legend" and "King's Legend 2" [2] - The cooperation will also include games based on "Jin Yong's Wuxia" IP, such as "The Smiling, Proud Wanderer" and the "Condor Trilogy" [2]

ab 15 May 2025 A: We expect upward consensus revisions given the strong Q1 bottom line beat. Q: How would we expect investors to react? First Read NetEase Q125 results quick take: Very solid Q1 with game revenue and margin beats Q: How did the results compare vs expectations? A: NetEase's Q125 was a beat on both revenue and margin, echoing our constructiveness into results. Q1 revenue grew 7.4% YoY, beat UBSe/consensus by 2/1%, respectively. The core game revenue growth accelerated notably to 15% YoY, up fr ...

May 2025 Eric Sheridan Goldman, Sachs & Co. +1 917 343-8683 eric.sheridan@gs.com The Goldman Sachs Group, Inc. Framing the Industry Trends at the Intersection of Gaming, Media & Monetization (RBLX Deep Dive) US Internet & Interactive Entertainment Coverage Universe Julia Fein-Ashley Goldman, Sachs & Co. +1 212 902-5070 julia.fein-ashley@gs.com Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict o ...

Group 1: Company Performance - NetEase reported a strong Q1 financial performance, with game and related value-added service revenue reaching 24 billion yuan, a year-on-year increase of 12.1%, accounting for 83.2% of total revenue [1] - The gaming sector continued its upward trend, with listed companies in the gaming sector achieving a total revenue of 26.72 billion yuan in Q1, a year-on-year growth of 22%, and a net profit of 3.48 billion yuan, up 47% [1] - Jiuhua Tong achieved a revenue of 8.145 billion yuan in Q1 2025, a year-on-year increase of 91.12%, with a net profit of 1.346 billion yuan, up 107.95%, significantly outperforming the industry average [4] Group 2: Industry Trends - The gaming industry is experiencing a recovery growth trend, with the issuance of game licenses and the launch of new products contributing to this resurgence [3] - The Chinese gaming market generated a revenue of 85.704 billion yuan in Q1 2025, a year-on-year increase of 17.99%, with overseas sales of self-developed games reaching 4.805 billion USD, up 17.92% [4] - The mobile gaming market accounted for nearly 74% of the overall market, with mobile game revenue reaching 63.626 billion yuan, a year-on-year increase of 20.29%, while client games also showed growth with a revenue of 17.919 billion yuan, up 6.85% [5] Group 3: Game Development and Innovation - Companies are focusing on long-term operation of existing games, with innovative gameplay and continuous content updates maintaining user engagement, as seen with titles like "Sausage Party" and "Aobi Island" [5] - The first domestic AAA single-player game "Black Myth: Wukong" has increased interest in console games, prompting companies like Light Media to invest in AAA game development [6] - AI technology is being integrated into game design and development, with companies like Zhongyou Mobile deploying AI models to enhance gameplay and user interaction [7] Group 4: Future Outlook - The gaming industry is expected to see accelerated growth due to the introduction of key products and the adoption of new technologies such as 5G-A and XR devices, which may enhance performance and valuation [9] - The trend of "going global" for Chinese games is gaining momentum, with companies actively expanding their overseas markets and achieving significant revenue growth [4][8]