Core Viewpoint - The Chinese gaming industry is experiencing significant growth, with the success of titles like "Black Myth: Wukong" and "Nezha: Birth of the Demon Child" showcasing the potential for cultural export and technological integration in gaming [2][4]. Industry Overview - In 2024, the actual sales revenue of the domestic gaming market reached 325.783 billion yuan, with a projected continued growth into 2025 [2]. - The first half of 2025 saw a revenue of 168 billion yuan, marking a 14.08% year-on-year increase, with the user base reaching approximately 679 million, a 0.72% increase [3]. - Chinese gaming companies occupy three of the top ten global gaming company revenue spots, indicating a strong competitive position against US and Japanese firms [4]. Market Challenges - The gaming industry faces increasing competition, with nearly 600,000 related enterprises in China, leading to a more intense market share competition [4]. - Over 10,000 individuals exited the gaming industry in 2024, highlighting the challenges of sustaining growth amid fierce competition [4]. Technological Integration - AI is identified as a crucial technology for breaking through industry stagnation, with its application in enhancing player experiences and operational efficiency [4][10]. - The use of AI in gaming can address two main issues: increasing revenue through higher quality content and reducing costs to improve efficiency [11]. AI Applications - AI can enhance player experiences in both Player versus Player (PVP) and Player versus Environment (PVE) games by creating virtual robots that can mitigate negative experiences for players [12][14]. - The gaming industry in China is uniquely positioned to leverage AI due to its vast data resources and a well-established industry chain, making it an ideal environment for AI applications [20][21]. Cultural and Market Dynamics - The preference for PVP games among Chinese players reflects a cultural inclination towards competitive play, contrasting with the content-driven preferences of Western gamers [25]. - The Chinese gaming market benefits from a large, homogeneous user base, allowing for effective segmentation and targeted game development [22][24]. Investment Landscape - Leading venture capital firms like Sequoia and Hillhouse have invested heavily in the gaming sector, recognizing its growth potential [7]. - The company "Super Parameter Technology," founded by former Tencent employees, has achieved significant milestones in AI applications within gaming, indicating strong investor confidence in this niche [8][34].

「Going Global 出海周报」 是创业邦推出的出海系列栏目，旨在为出海领域的创业者和投资人精选 出海大事件、海外大公司、投融资消息，本篇 为栏目第 307 篇报道。 整理丨 Lucas 本周（ 11 月 3 日至 11 月 9 日）出海大事件包括： " Z 世代最喜爱的中国全球化品牌 50 强"出 炉， SHEIN 居第三； TikTok Shop 第 3 季度全球狂揽约 190 亿美元；速卖通成 2025 日本市场 下载量增速最快电商 App ；马斯克点赞小鹏机器人"身材不错"；网传前天猫国际美妆负责人加入山 姆；中通云仓科技完成近 2 亿元 A 轮融资； 月之暗面 最新 模型 训练成本低于 ChatGPT ； 游戏 科学冯骥：全球最赚钱 10 款游戏里， 7 款与中国公司相关； 地平线与大众汽车开启深度合作；特 斯拉股东批准马斯克万亿薪酬方案；苹果拟明年推首款低成本 Mac 电脑； Meta 被曝靠海量诈骗广 告赚取巨额利润；日本三大银行启动稳定币试点；日产汽车公司将出售总部大楼。 出海四小龙 TikTok Shop 第 3 季度全球狂揽约 190 亿美元 11 月7 日，据外媒报道， TikTo ...

米哈游又一次在游戏角色人物的设定，引发玩家的不满乃至于弃坑。 近日，米哈游旗下《崩坏：星穹铁道》游戏新角色 "大丽花"官宣，但这一角色立绘及实机 视频发布后很快引发部分玩家及网友反感。不少网友指出，大丽花名字、动作疑似借鉴"黑 色大丽花"这一极端凶杀案件，轻浮消费历史且侮辱受害人。 文丨《 BUG》栏目 周文猛 公开资料显示， 1947年，美国洛杉矶发生一起惨烈的杀人悬案，该案死者遇害后乌黑长发 呈放射状散开，像一朵盛开的黑色大丽花——因此也被称为"黑色大丽花谋杀案"，受害人 胸部（乳房）遭到严重破坏，嘴自两边嘴角被割开伤口直至耳根。更加值得注意的是，该案 发生时上映的《蓝色大丽花》电影，女主名字便叫"康士坦丝"，与米哈游"大丽花"中文名 一致。 这种将他人苦难重新包装为娱乐人物角色的做法，很快招致了大量玩家与网友反对。在微 博、哔哩哔哩等平台上，不少博主开始站出来抨击此事，认为米哈游这么做可能 "掩盖"受 害人惨案，将严肃历史事件娱乐化。也有网友直言："艺术创作可以是痛苦的、惨烈的，但 不能是丧失原则、人性的。" 对于 "大丽花"角色争议一事，米哈游客服回应《BUG》栏目称："该角色系3.8版本预设角 色， ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 文丨《BUG》栏目 周文猛 米哈游又一次在游戏角色人物的设定，引发玩家的不满乃至于弃坑。 近日，米哈游旗下《崩坏：星穹铁道》游戏新角色"大丽花"官宣，但这一角色立绘及实机视频发布后很 快引发部分玩家及网友反感。不少网友指出，大丽花名字、动作疑似借鉴"黑色大丽花"这一极端凶杀案 件，轻浮消费历史且侮辱受害人。 对于"大丽花"角色争议一事，米哈游客服回应《BUG》栏目称："该角色系3.8版本预设角色，目前官方 最新发布版本为3.7，角色最终上线情况可能存在变化。"但预设角色复刻凶杀案受害人的设定，也已触 及大量玩家道德底线。 在微博、小红书、哔哩哔哩等平台，目前已有不少自称《崩坏：星穹铁道》"老粉"的玩家主动退坑，大 量公众更是直言"令人心寒"，"无法接受"。 新角色复刻"黑色大丽花"案件？最新回应 而对于公司将如何处理此事？管理层是否提前知道"大丽花"争议背后的历史事件？截至发稿米哈游方面 并未回应《BUG》栏目问询。 角色争议频发，价值观与道德底线何在？ 事实上，"大丽花"角色引发的游戏价值观争议，并非《崩坏：星穹铁道》首次遭遇，也不是 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported Q3 2025 results with revenue of 670 million yuan, a year-on-year decline of 23.95% but a quarter-on-quarter increase of 1.62%. The net profit attributable to shareholders was 134 million yuan, down 3.98% year-on-year but up 16.73% quarter-on-quarter. The non-recurring net profit was 126 million yuan, down 8.05% year-on-year but up 10.06% quarter-on-quarter [2][4][11] - The decline in revenue is attributed to adjustments in the digital marketing business, while the overall profit margin improved due to the optimization of the poker and marketing businesses, alongside a reduction in game launches [2][11] - The company is actively expanding into high-growth areas such as card games and micro-short dramas, focusing on enhancing the quality and efficiency of its core business [2][11] Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 670 million yuan, reflecting a year-on-year decrease of 23.95% and a quarter-on-quarter increase of 1.62%. The net profit attributable to shareholders was 134 million yuan, down 3.98% year-on-year but up 16.73% quarter-on-quarter. The non-recurring net profit was 126 million yuan, down 8.05% year-on-year but up 10.06% quarter-on-quarter [2][4][11] Business Adjustments - The revenue decline is primarily due to ongoing adjustments in the digital marketing business. However, there was a slight recovery in revenue quarter-on-quarter. The poker and marketing business optimization, combined with reduced game launches, contributed to an overall improvement in profit margins [2][11] Strategic Initiatives - The company is making significant investments in high-growth sectors such as card games and micro-short dramas. The construction of a production base for poker is progressing, which is expected to alleviate capacity constraints and expand market share. The company is also focusing on enhancing its competitive edge in casual gaming and exploring opportunities in the card game sector [11]

Investment Rating - The investment rating for the media and internet industry is "Positive" and maintained [10] Core Insights - The media and internet industry continues its recovery trend, with revenue for the first three quarters of 2025 reaching 404.8 billion yuan, a year-on-year increase of 5.72%. The net profit attributable to shareholders was 32.6 billion yuan, up 43.87% year-on-year [2][5][21][24]. Summary by Sections Overall Industry Performance - The media and internet sector achieved a revenue of 404.8 billion yuan in the first three quarters of 2025, reflecting a 5.72% year-on-year growth. In Q3 2025, the sector's revenue was 139 billion yuan, marking an 8.81% year-on-year increase and a 2.91% quarter-on-quarter growth [5][21][24]. Gaming Sector - The gaming sector saw a strong performance with revenue of 27.1 billion yuan in Q3 2025, representing a 35.2% year-on-year increase. The net profit for the gaming sector reached 5.18 billion yuan, up 136% year-on-year. This sector has experienced ten consecutive quarters of year-on-year revenue growth since Q2 2023 [6][40][44]. Internet Sector - The internet sector's revenue in Q3 2025 was 9.1 billion yuan, showing a slight decline of 0.8% year-on-year. The net profit for this sector was 660 million yuan, down 15.3% year-on-year. However, there are signs of recovery, particularly in advertising revenue for key players [6][52]. Marketing Sector - The advertising sector experienced a weak recovery, with revenue of 49.38 billion yuan in Q3 2025, a 7.9% year-on-year increase. The net profit was 1.97 billion yuan, down 7.6% year-on-year, indicating some pressure on profitability [7][31]. Film and Television Sector - The film industry showed stable performance with a total box office of 12.718 billion yuan in Q3 2025, a 17.05% year-on-year increase. The cinema sector's revenue was 5.7 billion yuan, up 1.7% year-on-year, while the film production sector faced challenges with a revenue of 3.7 billion yuan, down 5% year-on-year [7][26]. Publishing Sector - The overall book retail market continued to experience negative growth, with a revenue of 31.05 billion yuan in Q3 2025, down 4.9% year-on-year. However, the publishing sector's net profit was 2.47 billion yuan, reflecting an 11.2% year-on-year increase, largely due to tax incentives [8][34].

Core Viewpoint - The performance of A-share gaming companies in the third quarter shows a recovery trend, with over half of the major gaming companies reporting revenue growth, while Shenzhou Taiyue stands out with declines in both revenue and net profit [1][3]. Financial Performance - In Q3 2025, Shenzhou Taiyue reported operating revenue of 4.068 billion yuan, a year-on-year decrease of 9.86% [2] - The net profit attributable to shareholders was 724 million yuan, down 33.77% year-on-year [2] - The net profit after deducting non-recurring gains and losses was 696 million yuan, a decline of 16.42% year-on-year [2] - The basic earnings per share were 0.3697 yuan, reflecting a decrease of 34.08% compared to the previous year [2] Cash Flow and Operational Challenges - The net cash flow from operating activities decreased by 47.57% to 649 million yuan, influenced by reduced sales receipts and increased employee bonuses from the previous year [3] - The company attributed the decline in net profit to a reduction in business income and an increase in operating expenses, particularly a significant rise in non-operating expenses by 478.55% due to late fees and anticipated litigation losses [3] Market Position and Future Outlook - The top three companies in the A-share gaming sector, Century Huatong, 37 Interactive Entertainment, and Perfect World, reported significant year-on-year growth in net profit, with increases of 141.65%, 23.57%, and 271.17% respectively [3] - Analysts from Pacific Securities and China Galaxy Securities have given positive ratings to Shenzhou Taiyue, citing the potential for new game launches and the development of AI-related products to drive future growth [4] - The company has maintained a steady growth trajectory over the years, with net profits increasing from 351 million yuan in 2020 to 1.428 billion yuan in 2024 [4] Stock Market Performance - As of November 7, the stock price of Shenzhou Taiyue was 12.07 yuan per share, down 2.50%, with a total market capitalization of approximately 23.744 billion yuan [6]

Group 1 - Xiaohongshu has obtained a payment license through its wholly-owned subsidiary, indicating a strategic move to enhance its local life and e-commerce business operations [1] - The payment license, originally issued to Dongfang Electronic Payment Co., is valid until May 2, 2026, and allows for the operation of stored value accounts [1] - This move is seen as a critical step in Xiaohongshu's long-term strategy to convert community traffic into commercial value by bridging the gap between content and transaction [1] Group 2 - Yingshi Innovation's chairman Liu Jingkang addressed concerns regarding DJI's price competition, stating it has created conditions for market expansion [2] - The company's net profit declined due to significant investments in custom chips and strategic projects, but other profit indicators improved when excluding these factors [2] - DJI's aggressive pricing strategy has prompted Yingshi to offer limited-time discounts on its products, although the full impact of this competition is yet to be reflected in financial results [2] Group 3 - Game Science's producer Feng Ji highlighted that 7 out of the 10 highest-grossing games globally are related to Chinese companies, showcasing China's dominance in the gaming industry [3] - The success of "Black Myth: Wukong" is attributed to the growth of China's gaming market and talent pool over the past decade [3] - China is recognized as the largest gaming market in terms of user base and revenue, contributing significantly to the global gaming landscape [3] Group 4 - Ele.me is reportedly undergoing a rebranding to "Taobao Flash Sale," indicating a deeper integration with Alibaba's e-commerce ecosystem [4] - The merger of Ele.me and Taobao Flash Sale reflects Alibaba's strategy to enhance its instant retail and e-commerce operations [4] - Observers are speculating about the potential merger and the strategic ambitions of Alibaba in combining various retail formats [4] Group 5 - XPeng's new humanoid robot IRON was unveiled, featuring a solid-state battery and advanced AI capabilities [6] - The robot's design emphasizes a human-like appearance, raising questions about the balance between technological innovation and marketing [6] - The focus on aesthetics may overshadow the importance of advancing technology in the robotics industry [6] Group 6 - The anticipated foldable iPhone is expected to launch in September 2026, featuring a design that includes a 5.5-inch outer screen and a 7.8-inch inner screen [7] - The foldable smartphone market is projected to grow significantly, with estimates of 24 million units sold by 2026 following Apple's entry [7] - Analysts emphasize the need for software and hardware innovations to enhance the user experience in foldable devices [7] Group 7 - TCL Technology's plan to participate in the restructuring of Shanshan Group was not approved by creditors, creating uncertainty about the outcome [8] - The restructuring aimed to secure a stake in Shanjin Optoelectronics, enhancing supply chain resilience [8] - The global polarizer market is witnessing a competitive landscape, with Shanjin Optoelectronics expected to hold significant market shares in the coming years [8] Group 8 - iFLYTEK launched the X1.5 version of its Spark large model, featuring advanced AI capabilities and a significant increase in inference efficiency [9] - The company reported a substantial growth in its developer community, indicating a rising interest in AI applications [9] - The release of Spark X1.5 marks a milestone in domestic AI technology, positioning it as a leader in the global market [9]

Group 1 - The production team of the drama "繁花" issued a statement accusing former staff member Cheng Junian of spreading false information and inciting division through edited recordings, leading to significant online harassment of involved parties [2] - "要潮人民咖啡馆" has apologized for the controversy surrounding its name and has adjusted its branding in mainland China while maintaining its original name in Hong Kong and Macau [3] - James Watson, co-discoverer of the DNA double helix structure, passed away at the age of 97, marking a significant loss in the field of molecular biology [5] Group 2 - WeChat is reportedly testing a feature that allows multiple devices to log into the same account, although it is still in the early stages of development [8] - Elon Musk praised Xiaopeng Motors' CEO He Xiaopeng, indicating a competitive yet respectful relationship between Tesla and Chinese companies [10] - The K2 Thinking model from "月之暗面" has a training cost of $4.6 million, which is significantly lower than the costs associated with OpenAI's models [12][13] Group 3 - The KPL finals set a Guinness World Record for the highest attendance at an esports event, with 62,196 spectators [13] - Wang Xingxing's master's thesis, which included early concepts for a quadruped robot, has gained attention, highlighting the long-standing interest in robotics within the company [15] - TikTok Shop achieved approximately $19 billion in global sales in Q3 2025, with the U.S. market contributing $4-4.5 billion, reflecting a significant growth trajectory [16] Group 4 - The Korean automotive brands Hyundai and Kia are losing market share in China, dropping from 8.8% in 2013 to an estimated 1% in 2024, while still performing well globally [19] - Meta Platforms announced a $600 billion investment in the U.S. over the next three years, focusing on infrastructure and AI data centers [19] - The CEO of BYD reaffirmed the company's commitment to lithium iron phosphate battery technology, emphasizing safety and existing infrastructure [19] Group 5 - Zhejiang Zhongling Technology completed over 400 million yuan in Series C financing to expand production capacity and R&D for OLED metal masks [20] - The high-end optical ADC chip company Jiaoxin Technology raised several million yuan in angel financing to support its development in mobile communication and autonomous driving [21] - The flexible perovskite battery company Dazheng Micro-Nano completed over 100 million yuan in Series A3 financing to advance production and equipment development [21] Group 6 - Tesla's Model Y Long Range rear-wheel drive version is now available for purchase in China, starting at 288,500 yuan [27] - Honor plans to launch a Robot Phone that integrates AI and intelligent features next year, as part of its broader strategy to develop AI terminals [23] - Mazda is testing a new electric SUV that aims to compete with Tesla's Model Y, indicating ongoing competition in the electric vehicle market [25]

Group 1: Cross-Border Expansion and Market Trends - China and UAE's bilateral trade has surpassed $100 billion, with over 15,000 Chinese companies operating in the UAE, 90% of which plan to expand into the Middle East market [2][3] - The Dubai IFZA Free Zone has established its first office in Shanghai to facilitate Chinese companies' entry into the UAE and Middle East, aiming for a 30% increase in the number of serviced Chinese companies by 2024 [2][3] - The Chinese gaming industry is experiencing a significant reshuffle in the overseas mobile game market, with Tencent maintaining the top position but slowing growth, while MiHoYo and Muto Technology have seen substantial ranking increases [5] Group 2: Industry-Specific Developments - The global market for AI short dramas is expected to grow significantly by 2025, with China focusing on local production and AI optimization to enhance efficiency and reduce costs [6] - China's commercial aerospace sector is accelerating its international cooperation, with the successful launch of satellites for various countries, showcasing the maturity and cost-effectiveness of its technology [8] - The Chinese home robot market is thriving globally, with a 16.5% year-on-year increase in shipments, and Chinese brands holding four of the top five positions in the global market share [13] Group 3: Brand Strategies and Market Penetration - Chinese tea brands are rapidly expanding overseas, with Mixue Ice Cream and Heytea adopting different strategies to capture markets in Southeast Asia and Europe, respectively [19][20] - The sports goods industry in China is projected to reach an export value of $28.396 billion in 2024, driven by brand building and supply chain efficiency [18] - BYD has achieved impressive overseas sales, with a significant market share in Europe and plans to surpass Toyota by 2025, despite facing challenges in market education and after-sales service [27] Group 4: Technological Innovations and Globalization - Haier Biomedical is transitioning from product export to ecosystem co-building, focusing on laboratory solutions and smart medication to enhance its global competitiveness [28] - Chery Automobile has seen a 26.2% year-on-year increase in exports, emphasizing a strategy of localized production and a comprehensive product matrix [29] - SHEIN is transforming from a super retail entity to a super ecological entity, leveraging flexible supply chains and digital tools to enhance its global manufacturing capabilities [25]