近日，GDC发布了《2025游戏行业薪资报告》，共有562名在美国工作的游戏行业从业者接受了调查。内容包括了平均薪资水平、岗位薪资差异、待遇满 意度、裁员情况、兼职和副业情况等，以下为DataEye研究院摘取编译报告部分内容。 一、游戏行业薪资水平 游戏行业这两年经历的困难，用「不太轻松」来形容都算委婉。过去两年里，有四分之一的游戏从业者遭遇过裁员，其中不少人至今仍在找工作。再加上 工作室关闭、并购潮，以及生成式AI可能带来的自动化冲击——足以让任何人重新思考：「在游戏行业追求一份稳定职业是否仍然可行？」 但行业依然在运转、工作室仍在招聘、开发者仍在做游戏、前辈们仍在指导下一代……游戏里凝聚着大量热情，而这种热情也体现在那些靠制作游戏谋生 的人身上。但他们的报酬是否足够？ 2025年美国游戏行业从业者的平均年薪约为14.2万美元（约100万人民币），薪资中位数为12.9万美元。 其中有39%的受访者表示，他们的薪资比起2024年「稍微上涨」，而22％的受访者表示他们的薪资水平与去年持平，有6％的受访者表示他们的薪资降幅 达到10％或以上。 相较2024年薪资至少有所上涨的受访者数量超过了一半。 二、薪资差异 ...

Core Insights - The keyword for NetEase Games in 2025 is "stability" as reflected in their Q3 2025 financial report, which shows a net revenue of 28.4 billion yuan, an increase of 8.2% year-on-year, and a net profit of 8.6 billion yuan [1][4]. Financial Performance - NetEase's Q3 net income from games and related value-added services reached 23.3 billion yuan, marking an 11.8% year-on-year increase [2]. - The company's operating costs rose to 10.2 billion yuan, up from 9.8 billion yuan in the previous quarter and 9.7 billion yuan year-on-year, attributed to increased personnel costs, revenue sharing, and game licensing fees [1]. Game Business Highlights - Online games accounted for 97.6% of the gaming revenue, showing a stable contribution from classic products and new game launches [8]. - Key games contributing to revenue growth include "Dream of the Red Chamber" and "Nirvana in Fire," with the former achieving a peak of 3.58 million concurrent users [8][10]. Market Strategy and Product Development - CEO Ding Lei emphasized the importance of focusing on successful products and being cautious with new projects, aiming for high-quality content [5][7]. - The company plans to launch approximately nine new games in 2025, with "Yanyun Sixteen Sounds" performing well in the market [12][15]. Organizational Adjustments - Recent personnel adjustments are aimed at enhancing focus and efficiency within the organization, ensuring that the core teams can thrive [7][16]. - The company is committed to optimizing long-standing projects while being selective about new initiatives [7][16]. Upcoming Releases and Trends - NetEase has a strong pipeline of new games, including "Diablo IV" and "Tianxia: Wanxiang," with a focus on high-quality production [29]. - The company is also exploring the simulation game market with titles like "Shanhai Qilv" and "Xinghui Youqing Tian" [24][29].

最近游戏媒体《Gamigion》根据 AppMagic 数据绘制的榜单发出了一个"喜人"的信号。这份榜单中，有至少 8 款出海休闲手游在 2025 年的流水同比增幅 超过 1000 万美元，占据了整个榜单约一半的席位。但是经过我们与 AppMagic 方面求证，这份榜单的对比的是 2024 年全年 vs 2025 年前 9 个月的数据。 也就是说，如果年为单位进行对比的话，2025 年的实际增幅可能会更大。 | | HOULD HE | | | | --- | --- | --- | --- | | | PUZZLE GAMES IN 2025 | | | | Game | Publisher | Revenue in 2025 | Revenue growth | | GOSSIP HARBOR | MICROFUN LIMITED | $326M | +$182M +126 | | ROYAL KINGDOM | DREAM GAMES | SI49M | +$135M +999; | | COLOR BLOCK JAM | ROLLIC GAMES | SBM | +S85M+57, | | CANDY ...

Group 1 - The game "Jiumu Zhi Ye" has surpassed 500,000 pre-registrations, indicating strong player interest and effective promotional efforts [1] - The game is set to officially launch on December 18, generating significant attention within the gaming community [1] Group 2 - The official announcement of a collaboration between "Delta Action" and "Counter-Strike: Future" is expected to enhance player engagement and add collectible value [2] - "Counter-Strike: Future" is anticipated to reveal a major event soon, which could positively impact the parent company's stock performance if the game launches successfully in 2026 [2] Group 3 - NetEase reported a Q3 net income of 284 billion yuan, with 233 billion yuan coming from gaming and related services [3] - The classic game "Dream of the Westward Journey" has reached a new peak in concurrent users, while new titles have shown strong initial performance in various markets [3] - Continuous investment in content updates and innovation is necessary for long-term success, especially in a competitive international market [3]

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Core Insights - NetEase reported a net revenue of 28.4 billion yuan for Q3 2025, representing an 8.2% year-on-year growth, with a non-GAAP net profit of 9.5 billion yuan and R&D investment of 4.5 billion yuan, indicating a R&D intensity of 16% [1] - The gaming segment, particularly the classic IP "Fantasy Westward Journey," was a major driver of revenue growth, achieving record high concurrent users and mobile monthly active users [1] - The partnership with Blizzard has resumed, with several titles returning to the market, including "World of Warcraft" and "Diablo IV," enhancing NetEase's portfolio [2] Revenue and Growth - The gaming and related value-added services generated a net income of 23.3 billion yuan in Q3 [1] - Long-standing games like "Dahua Westward Journey," "Onmyoji," and "Identity V" maintained strong growth due to new version activities [1] - Internationally, NetEase's games performed well, with "Destiny: Stars" topping the iOS download charts in the US and Canada, and "Nirvana in Fire" mobile achieving high rankings in Japan and Malaysia [1] AI and Innovation - NetEase disclosed advancements in AI technology applications across the gaming production process, enhancing efficiency significantly [2] - The company has established over 1,000 new production pipelines, improving scene design efficiency by 70% and animation production efficiency by 30% [2] - AI code generation tools have increased development efficiency by 50%, with code quality reaching expert-level standards [2] Leadership Perspective - The CEO of NetEase emphasized the company's robust operations, reflecting healthy growth in the domestic market and expanding global influence, driven by innovative capabilities and quality gaming experiences [3]

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Core Viewpoint - NetEase reported a strong performance in Q3 2025, with net revenue of 28.4 billion yuan, an increase of 8.2% year-on-year, driven primarily by its gaming and related value-added services [1] Financial Performance - Net income for Q3 was 28.4 billion yuan, up 8.2% year-on-year - Gross profit reached 18.2 billion yuan, reflecting a 10.3% increase - Non-GAAP net profit attributable to shareholders was 9.5 billion yuan [1] Business Segments - Revenue from gaming and related value-added services was 23.3 billion yuan, a year-on-year increase of 11.8% - Net revenue from NetEase Cloud Music and other innovative businesses was 2 billion yuan and 1.4 billion yuan, respectively - Youdao's revenue was 1.6 billion yuan, showing a growth of 3.6% [1] Market Performance - Long-standing products like "Fantasy Westward Journey" and "Onmyoji" have shown stable performance, contributing significantly to revenue growth - New versions and updates for these games have led to record-breaking user engagement and revenue [2] International Expansion - NetEase achieved significant recognition in the international gaming market, with three games nominated for the TGA awards, marking a historic milestone - The company is focusing on enhancing its global presence through strategic investments and partnerships [3][4] Future Outlook - The company is transitioning from merely replicating successful domestic models to creating tailored content for global markets - There is an expectation for continued growth in overseas markets, supported by strong game development capabilities and strategic resource allocation [5]

Core Insights - Roblox Corporation (RBLX) achieved record user metrics and platform activity in Q3 2025, with daily active users increasing by 70% year over year to 151.5 million and total engagement hours rising by 91% to nearly 40 billion. Bookings also grew by 70% compared to the previous year, driven by existing hits and new viral experiences, particularly in APAC markets like India and Indonesia [1][9]. Financial Performance - Despite strong top-line growth, the company's margin guidance is cautious, with CFO Naveen Chopra indicating that 2026 may experience margin pressure rather than expansion. Roblox is focusing on growth over short-term profitability, increasing developer payouts, expanding infrastructure, and investing in safety and AI innovation [2][4]. Investment in Safety and AI - The implementation of safety enhancements, such as AI-based facial age estimation, may temporarily impact engagement and monetization as stricter content protections are enforced. While recent growth has reduced cost-to-serve, management warns that achieving further improvements will be challenging in the near term [3][9]. Competitive Landscape - Roblox's cautious margin outlook is influenced by rising competition in immersive gaming and user-generated content, particularly from Meta Platforms, which is expanding its Horizon Worlds and integrating advanced technologies. This competitive pressure is prompting Roblox to accelerate investments in infrastructure, safety, and AI, impacting margins in the short term [5][6]. Market Position and Valuation - Roblox's shares have increased by 20% over the past six months, outperforming the industry average rise of 10.1%. The stock is currently trading at a forward 12-month price-to-sales (P/S) multiple of 8.04X, significantly above the industry average of 2.66X [7][11][14]. Earnings Estimates - The Zacks Consensus Estimate for Roblox's 2025 loss per share has improved to $1.61 from $1.67 over the past month, indicating a slight positive adjustment in expectations [12].

Group 1 - Codere Online Luxembourg, S.A. is a leading online gaming operator in Spain and Latin America, participating in upcoming investor conferences [1] - Key management attendees for the conferences include CEO Aviv Sher, former CFO Oscar Iglesias, CFO Marcus Arildsson, and Head of Investor Relations Guillermo Lancha [1] - Codere Online was launched in 2014 as part of the Codere Group, offering online sports betting and casino services through its website and mobile applications [3] Group 2 - Codere Group is a multinational entertainment and leisure company with over four decades of experience in the private gaming industry, operating in seven countries across Europe and Latin America [4] - The company operates in core markets including Spain, Mexico, Colombia, Panama, and Argentina, with a strong omnichannel presence combining online and physical gaming [3][4] - Upcoming investor conferences include the Annual Craig-Hallum Online Gaming Conference on December 2, 2025, and the BTIG Digital GameDay on December 10, 2025, both held virtually [5]