杨军介绍，三七互娱通过原创IP与网文IP双轨并行，推动文化输出。此外，三七互娱还在多款游戏中融 入中国功夫、岭南骑楼等元素，吸引不少海外玩家来到中国实地打卡。 面对人工智能浪潮，三七互娱加速技术迭代。杨军表示，AI已贯穿游戏研发、运营全流程。此外，三 七互娱还自研大模型"小七"开发400余个智能体，覆盖美术、客服、市场分析等环节，推动游戏工业化 生产迈向高效化。 （文章来源：深圳商报） 作为中国最早开拓海外市场的游戏企业之一，三七互娱目前已在全球200多个国家与地区开展业务，发 行超过120款游戏。2024年，三七互娱实现境外收入57.22亿元，占营业收入比重32.81%。 在发言中，杨军用"研运一体、IP生态、科技赋能"三个关键词，揭示了三七互娱文化出口经验：即在发 行、运营与研发领域深度绑定、深度协同，实现产品与全球各地市场的双向奔赴；借助中华传统文化IP 与国际顶级IP跨界联动，切实提升旗下游戏品牌全球影响力，让全球玩家沉浸感受中华文明的魅力；在 科技赋能领域，通过AI动作捕捉加码核心研发能力，并利用AI重塑游戏管线提升游戏开发效率。 【深圳商报讯】（记者范宏韬）在数智赋能文化贸易论坛上，三七互娱党委书 ...

Core Viewpoint - The article discusses the success of the mobile game "Endless Winter," developed by Point Interactive, which has outperformed major competitors in the mobile gaming industry, achieving significant revenue milestones and user engagement metrics [4][6][34]. Group 1: Game Performance and Revenue - "Endless Winter" has generated a total revenue of $2.25 billion (over 160 billion RMB) globally since its launch, making it one of the fastest mobile games to surpass $2 billion in revenue within five years [5][34]. - The game ranked first in the overseas revenue chart for Chinese mobile games, surpassing established titles from companies like MiHoYo, Tencent, and NetEase [4][34]. - In April 2025, the iOS version of "Endless Winter" achieved a monthly revenue of 380 million RMB, maintaining its position as the top-grossing mobile game in the overseas market [34]. Group 2: Marketing and User Acquisition Strategies - The game employs aggressive advertising strategies, frequently appearing in casual games and short video platforms to capture potential users during their fragmented time [10][11]. - Point Interactive has invested heavily in user acquisition, with marketing expenses reaching 7.46 billion RMB in 2024, a significant increase from 3.37 billion RMB in 2023 [21][36]. - The game utilizes a dual approach of offering players the option to either spend money or watch ads, effectively drawing in users from casual gaming backgrounds [8][10]. Group 3: Game Mechanics and User Engagement - "Endless Winter" initially presents itself as a casual simulation game but transitions into a strategy game (SLG) as players progress, which has led to high user retention rates [27][28]. - The game has a monthly retention rate of 8%, exceeding the typical 3.2% for SLG games, attributed to the time investment required for town building and social features [28][34]. - Players often feel compelled to spend money to remain competitive, leading to perceptions of the game being "pay-to-win" [38]. Group 4: Financial Impact on Parent Company - The parent company, Century Huatong, reported a record revenue of 22.62 billion RMB in 2024, a 70.27% increase year-over-year, largely driven by the success of "Endless Winter" [35][36]. - Point Interactive's revenue for 2024 was approximately 15 billion RMB, contributing 70% to the overall revenue of Century Huatong [36][37]. - The success of "Endless Winter" has positioned Point Interactive among the top 50 global mobile app publishers, ranking 19th in 2024 [34].

Group 1 - Tencent's new game "Under the Other" has started a beta test, indicating its entry into the competitive market of 2D games [1] - The Chinese 2D game market is expected to see a significant turning point by May 2025, with several new titles receiving approval from the National Press and Publication Administration [1] - The 2D game sector, which was once thriving, is now experiencing a downturn with a reduction in new game releases and ongoing service terminations [1][2] Group 2 - Major companies are adjusting their strategies in the 2D game market, with Tencent notably reducing its investments in this area [2] - The success of miHoYo's "Genshin Impact" has led to increased competition and investment in the 2D game sector, but Tencent's focus has shifted towards maintaining its core competitive games [2][3] - The demand for deeper gameplay and content updates is rising among players, which has posed challenges for existing games like "White Night: Aurora" [2][3] Group 3 - The market for "pan-2D" users in China is projected to grow from 354 million in 2019 to 570 million by 2029, indicating a strong potential for 2D game IPs [4] - The revenue from the pan-2D market is expected to increase significantly, from 298.3 billion yuan in 2019 to 834.4 billion yuan by 2029 [4] - The unique cultural appeal and user engagement of 2D games continue to attract major companies despite the current market challenges [4] Group 4 - Tencent's recent release "Victory Goddess: New Hope" has performed well, reaching the top of the iOS free charts and maintaining a position in the top 20 of the best-selling charts [5] - Tencent is focusing on a niche of "2D beautiful girls" combined with shooting games, which reflects its strengths in traffic generation and social retention [5] - The competitive landscape is shifting, with companies needing to balance visual appeal and innovative content to attract younger audiences [6] Group 5 - NetEase is restructuring its approach to 2D games, focusing on long-term operations of established IPs like "Onmyoji" while reducing investment in new projects [6] - The 2D game market is undergoing a new round of reshuffling, with established IP holders focusing on sustaining existing products while newcomers aim to disrupt the market with innovative gameplay [6] - The future success in the 2D game market will depend on companies' abilities to balance visual appeal with engaging content that resonates with Generation Z [6]

Core Insights - The National Press and Publication Administration announced the approval of 619 domestic online games from January to May 2025, with 130 games approved in May alone, setting a new monthly record for domestic game approvals [1] - Perfect World’s game "Yihuan" is highlighted, having reached 2.8 million global platform reservations in its first week, with a planned launch by the end of 2025 or early 2026 [1] - Perfect World reported significant losses in its 2024 financial results, with a revenue of 5.57 billion yuan, a year-on-year decline of 28.5%, and a net profit loss of 1.288 billion yuan, marking a 361.98% decrease [1][2] Company Performance - The losses for Perfect World stem from underperforming domestic games and film projects, leading to the cancellation of several initiatives and workforce optimization [2] - Investment losses also contributed to the profit decline, as the company invested in multiple small to medium-sized enterprises in the gaming and film sectors, which faced poor performance due to industry changes [2] - Perfect World has struggled to capitalize on mobile and mini-game trends, missing key market opportunities compared to competitors like Tencent and NetEase [3] Management Changes - The company has undergone significant leadership changes, with the resignation of CEO Xiaohong and co-CEO Lu Xiaoyin, alongside a major workforce reduction of 32% [3] - The transition in leadership began over a decade ago when the founder shifted focus to film, leading to a lack of game development experience in the new management [2][3]

Core Viewpoint - The launch of Tencent's "Penguin Island" in Shenzhen represents a significant investment in the digital entertainment industry, with a total investment of 31.9 billion yuan and a construction area of 2 million square meters, aiming to establish a global digital entertainment hub [4][6]. Group 1: Investment and Development - "Penguin Island" is set to become a key player in Shenzhen's digital economy, marking a strategic move in the internet technology innovation sector [4][6]. - The project is part of a broader initiative to create a digital entertainment industry cluster in the western part of Shenzhen, with the local government implementing a comprehensive support policy [3][4]. Group 2: Support Policies - The Bao'an District has introduced a "Digital Entertainment Industry Support Plan," which includes financial incentives such as up to 10 million yuan in funding and 12 months of rent exemption for qualifying enterprises [3][6]. - Specific support measures include rent subsidies for digital entertainment companies, with a 12-month rent exemption for those entering quality buildings by 2025, and up to 30% rent discounts for the following two years [6][7]. Group 3: Industry Ecosystem - The support plan aims to foster a robust industry ecosystem by facilitating cooperation between game developers and platforms, providing subsidies for game approvals, and encouraging the development of popular mini-games [7][9]. - The plan also includes financial rewards for successful game products and support for hosting national events, enhancing the overall industry environment [7][9]. Group 4: Strategic Partnerships - The establishment of a game industry service center in Bao'an by the Guangdong Provincial Game Industry Association signifies a commitment to enhancing the local gaming sector and providing professional services to enterprises [12][14]. - This partnership aims to integrate resources from both Guangzhou and Shenzhen, promoting the development of the gaming industry and enhancing its global competitiveness [12][14].

Core Viewpoint - Game technology is driving innovation in the digital economy, becoming a key engine for new productive forces and transcending traditional entertainment boundaries [1][2]. Group 1: Game Industry Growth - The Chinese game industry is experiencing exponential growth, with projected revenue reaching 455.06 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 26.8% over nearly two decades [3]. - The user base is also expanding significantly, expected to exceed 750 million users in 2024, with a CAGR of 18.6% over the same period, providing a solid foundation for ongoing development [3]. Group 2: Self-Developed Games - Self-developed games have become a cornerstone of the Chinese game industry, with their market share rising from approximately 60% to over 80% in recent years, indicating a significant improvement in domestic innovation capabilities [5]. Group 3: International Expansion - The revenue from overseas markets has surpassed 100 billion yuan, with the US, Japan, and South Korea accounting for 57.3% of this income, showcasing the competitive strength of Chinese self-developed games in mature markets [8]. Group 4: Game Technology and Innovation - Game technology serves as both a testing ground for technological innovation and a universal interface for cross-domain empowerment, driving advancements in foundational technologies like GPUs and AI [1][13]. - The relationship between game technology and innovation has evolved into a symbiotic one, where each drives the other, enhancing overall technological capabilities [13][20]. Group 5: Academic Research - The volume of academic research in game technology has seen explosive growth over the past two decades, indicating a heightened focus on this field within the academic community [10]. Group 6: Key Technologies - Game engines are crucial for game development, significantly improving efficiency and simplifying production processes, while also being applicable in various fields beyond gaming [22][24]. - Artificial intelligence is enhancing both user experience and development efficiency in the gaming industry, becoming a core competitive factor for game companies [25][28]. Group 7: Cross-Industry Applications - Game technology is making significant contributions to various sectors, including cultural heritage preservation, healthcare, smart transportation, and aerospace, demonstrating its versatility and impact [51][56][59][64]. Group 8: Future Trends - The integration of game technology with general technologies is expected to deepen, leading to a more blurred line between entertainment and other sectors, and driving innovation across multiple industries [67][70].

Core Viewpoint - The A-share gaming sector has experienced a significant rise, driven by multiple factors including policy support, better-than-expected performance, technological innovation, and improved market sentiment [5][6]. Group 1: Market Performance - A-share gaming stocks collectively surged, with Youzu Interactive hitting the daily limit, and other companies like Deyuan Network and Iceberg Network rising over 7% [1]. - The gaming ETFs also saw gains, with Guotai Fund's gaming ETF up by 2.96%, Huaxia Fund's gaming ETF up by 2.94%, and Huatai Baichuan's gaming ETF up by 2.93% [1][3]. Group 2: Policy Support - Continuous favorable policy signals have been released, including a significant acceleration in the issuance of game licenses, with 130 domestic and 14 imported game licenses announced on May 21, 2025, marking a substantial year-on-year increase [5]. - The upcoming measures from Guangzhou to support the gaming and esports industry will provide comprehensive policy services, including funding for game development, operations, and esports events [5]. Group 3: International Expansion - Recent policies have been introduced to support the international expansion of gaming businesses, with Guangdong province launching initiatives to encourage local game companies to enhance their global competitiveness [6]. - In Q1 2025, China's self-developed games generated overseas revenue of $4.805 billion, reflecting a year-on-year growth of 17.92% [6]. Group 4: Industry Performance - The overall recovery of the gaming industry is evident, with Q1 2025 revenues reaching 85.704 billion yuan, a year-on-year increase of 17.99% [6]. - Leading companies have reported strong earnings, with NetEase's gaming revenue at 24 billion yuan, up 12.1% year-on-year, and Century Huatong's revenue soaring by 91.12% [6]. Group 5: Technological Innovation - AI technology is enhancing the gaming industry by reducing costs and innovating gameplay, with tools like Tencent's mixed yuan game visual generation platform and Kunlun Wanwei's intelligent agents speeding up game development [6]. - Game development costs have been reduced by 30%-50% through AI applications, as seen in titles like "Xianjian World" and "Space Kill" [6]. Group 6: ETF Overview - There are currently four gaming industry ETFs tracking various indices, with Huaxia Fund's gaming ETF being the largest at 6.203 billion yuan as of May 22, 2025 [7][9]. - The Huatai Baichuan gaming ETF has the lowest fee rate, with a combined management and custody fee of 0.36% [7].

Core Insights - The article discusses the rise of Original Characters (OC) in the virtual world, highlighting the growing interest from capital markets and the potential for new social interaction platforms [2][3][4]. Group 1: Market Overview - The OC market has seen significant growth, with games like Gacha Life attracting over 200 million players, validating the Product-Market Fit (PMF) for OC [2][18]. - There is a clear demographic of young, highly engaged users who are eager to create and share their OCs, indicating a strong demand for new production tools and distribution platforms [3][10]. Group 2: Company Introduction - Kotoko AI, founded in 2023, aims to create a social interaction platform called Bside that combines User-Generated Content (UGC) with gamified experiences for OC [7][8]. - The founder, Qiao Haixin, has a background in UGC gaming platforms and aims to leverage AI to enhance user engagement and creativity [7][8]. Group 3: User Demographics and Behavior - The core OC user base is estimated to be around 10 million globally, with millions in both China and the U.S. actively sharing their OCs on platforms like TikTok and Instagram [8][10]. - Users exhibit diverse motivations for engaging with OCs, with females often viewing them as idealized versions of themselves, while males may adopt a more paternalistic approach [12][17]. Group 4: Product Features and Development - Bside is designed to be an "OC playground," providing a comprehensive platform for users to create, nurture, and socialize with their OCs [12][13]. - The platform aims to reduce the barriers to entry for OC creation, allowing users to engage in a cycle of creation, nurturing, and social interaction [14][19]. Group 5: Market Potential and Future Outlook - The OC phenomenon is not just an online trend but has real-world implications, with users engaging in OC-related activities offline, such as collecting dolls or custom figures [10][12]. - The potential for the OC market to grow into a multi-billion dollar industry is significant, with the possibility of reaching over 100 million daily active users (DAU) [10][12]. Group 6: AI Integration and User Experience - AI is seen as a tool to enhance the OC experience, allowing for more personalized interactions and reducing the creative burden on users [40][41]. - The focus is on creating a sense of autonomy and individuality for OCs, enabling them to engage in social interactions and share experiences, akin to having a "life" of their own [47][62]. Group 7: Competitive Landscape - The article compares Bside to existing platforms like Roblox and Gacha Life, emphasizing the need for a unique approach that combines social interaction with OC creation [72][76]. - The success of Bside will depend on its ability to foster a vibrant community and provide engaging experiences that resonate with users' desires for creativity and social connection [60][76].

Group 1 - The game industry is entering a new development phase characterized by "content refinement + AI industrialization + systematic globalization" by 2025, with stable short-term policies and long-term global opportunities [1] - The National Press and Publication Administration has released 130 domestic game licenses and 14 imported game licenses, indicating a continued friendly policy environment, with a significant year-on-year increase in licenses issued [1] - As of May 2025, 654 domestic licenses and 44 imported licenses have been issued, reflecting a substantial improvement in the supply side of the industry, which is expected to accelerate the introduction of quality content [1] Group 2 - The Chinese game market's actual sales revenue for Q1 2025 reached 85.704 billion yuan, a year-on-year increase of 17.99% [2] - Major game companies have shown robust growth, with Century Huatong's revenue increasing by 91% year-on-year to 8.145 billion yuan, and Perfect World achieving a 52% revenue increase due to the successful launch of "Zhu Xian World" [2] - A-share leading game companies are expected to have a dynamic PE ratio concentrated in the range of 11 to 17 times, indicating that valuations are still at historical lows, combined with high dividend yields from companies like Sanqi Interactive Entertainment and Gigabit Technology [2]

Core Viewpoint - The release of "Three Kingdoms Fantasy Continent 2: Song of the Heroes" has faced a rapid decline in reputation within a week, despite a strong initial performance on the iOS free game chart [1][3]. Performance Summary - "Song of the Heroes" debuted at the top of the iOS free game chart but fell to 36th place by May 23, and briefly entered the Top 10 of the revenue chart before dropping out of the top 20 [3][5]. - The game's rating on TapTap plummeted to 5.3, with a significant number of one-star reviews, indicating a poor reception among players [3]. Comparison with Predecessor - The predecessor, "Three Kingdoms Fantasy Continent," launched in 2020 and consistently ranked in the top 10, ultimately generating over 10 billion in revenue, establishing itself as a phenomenon in the card game genre [5]. - In contrast, "Song of the Heroes" has struggled to maintain a competitive position, being compared unfavorably to lesser-known games [5]. Artistic and Gameplay Changes - The project team acknowledged the importance of art style in attracting players, noting that the original game's aesthetic successfully drew in a diverse user base [6]. - The sequel has undergone significant changes in art style, moving away from the previous aesthetic that appealed to many players, which may alienate existing fans while attempting to attract new ones [10][12]. Narrative and User Experience - The narrative approach in "Song of the Heroes" has been criticized for lacking depth and failing to engage players, with a focus on a "camera-like" character perspective that diminishes player involvement [10][12]. - The storyline has been described as superficial, with the game failing to effectively utilize the Three Kingdoms backdrop, leading to dissatisfaction among players [12]. Company Background and Future Outlook - Lingxi Interactive Entertainment, a subsidiary of Alibaba, has seen mixed results in its gaming ventures, with internal criticisms regarding its cultural alignment with Alibaba's broader goals [16][18]. - The company aims to become the third-largest game company in China within eight years, but the poor reception of "Song of the Heroes" poses significant challenges to achieving this goal [18].