以下文章来源于霞光社 ，作者乌塔 霞光社 . 2026 年游戏出海，首个 "致命级" 雷点猝然爆发。 1月22日，鹰角网络《明日方舟：终末地》全球公测首日，海外服支付接口出现随机扣费事件——玩 家充值时系统随机扣取其他已绑定账户的资金， 惊现"他人充值、你买单" 的奇幻乱象，单人最高被 扣 15264.19 欧元 （约合 12 万人民币） ，引发全球玩家社区爆炸式投诉与信任危机。 官方给出的处理方式是集体退费，但彼时有用户称，据加州《不公平竞争法》，大规模的 "错付 - 退 款" 循环被定性为 "系统性金融欺诈"，也就是会被认定为洗钱行为。 赋能企业全球化 来源丨 霞光社（ID：Globalinsights） 作者丨 乌塔 编辑丨 李小天 图源丨Midjourney 多方压力之下，事故当天，鹰角的招聘页面，出现了"法务（合同）"这个岗位。 游戏出海的法律合规和支付安全的重要性再一次摆在了企业的面前。 在这种情况下，加州可以直接对鹰角子公司发起公诉，这类案件的最低赔偿金也高达 2 亿美金。 而 国际版鹰角也随即谋划应对之策——升级了用户协议，要求用户 "自愿" 放弃 "集体诉讼" 权。 《明日方舟：终末地》所带 ...

Core Insights - GCL Global Holdings Ltd. reported significant revenue growth of 93.9% year-over-year, reaching $98.7 million for the first half of fiscal year 2026, primarily driven by the acquisition of Ban Leong Technologies and the expansion of its product lineup in the gaming segment [3][9] - The company experienced a decline in gross margin to 11.0% from 13.8% in the prior year, attributed to a shift in product mix with lower-margin hardware and accessories contributing more significantly to revenue [4][9] - A net loss of $5.6 million was reported for the first half of fiscal 2026, compared to a net loss of $0.8 million in the same period last year, indicating increased operational costs associated with the acquisition and expansion efforts [8][10] Financial Performance - Revenues for the first half of fiscal year 2026 were $98.7 million, up from $50.9 million in the same period of fiscal year 2025, marking a 93.9% increase [3][9] - Gross profit increased by 54.5% year-over-year to $10.8 million, despite the gross margin decline [4][9] - The cost of revenues rose to $87.9 million, a 100.2% increase from $43.9 million in the prior year, reflecting the expanded operational footprint [5][9] Operating Expenses - Total operating expenses more than doubled to $17.5 million, up 115.7% from $8.1 million in the prior year, driven by increased costs related to the Ban Leong acquisition [5][7] - Selling and marketing expenses increased to $2.6 million from $1.2 million in the prior year [6] - General and administrative expenses rose 116.1% to $14.9 million, influenced by the growth of the operating footprint and one-time integration costs [7] Balance Sheet and Financing - As of September 30, 2025, the company had $19.8 million in cash and restricted cash, down from $21.4 million as of March 31, 2025 [11] - The company established a $38.7 million secured term facility in connection with the Ban Leong acquisition, with a maturity extending to 2030 [11] Guidance and Future Outlook - The company revised its full-year 2026 revenue guidance down to exceed $210 million, from a previous forecast of over $240 million, and gross profit expectations were also lowered [12] - Short-term delays in the release of two titles are anticipated to shift some publishing revenues into the next fiscal year, but the company remains optimistic about growth in fiscal 2027 [13]

Core Insights - The casual gaming sector, particularly games targeting female players, has shown significant growth, with "Gossip Harbor" generating $550 million in revenue in 2025, outperforming many other popular titles [2][4] - The success of "Gossip Harbor" is attributed to its unique gameplay and narrative-driven approach, achieving a remarkable 165% revenue growth in a competitive market [4][8] - "My Garden World," another notable title, has gained traction in the domestic market, reaching the top 5 in the iOS sales chart shortly after its launch [11][19] Group 1: Company Performance - Lemon Microfun's "Gossip Harbor" has become a standout in the casual gaming market, with a revenue increase of approximately 10% month-over-month and a total overseas revenue exceeding $70 million [8][19] - The company has successfully transitioned from a reliance on a single hit game to a diversified portfolio, launching multiple successful titles in the merge game genre [6][20] - "My Garden World" has leveraged a unique marketing strategy that connects virtual gameplay with real-life rewards, enhancing player engagement and social sharing [15][19] Group 2: Market Dynamics - The casual gaming market is characterized by different consumer behaviors in mature markets like North America compared to domestic markets, with players in the latter being more sensitive to in-game monetization strategies [22][23] - The rise of "merge+" games indicates a growing trend in the industry, with various titles exploring combinations of gameplay mechanics and emotional engagement [20][22] - The success of "My Garden World" highlights the importance of understanding local market preferences and emotional connections, suggesting a potential pathway for future game development [23][25]

Core Viewpoint - The company, Youzu Interactive (游族网络), forecasts a revenue of 1.38 to 1.46 billion yuan for the year 2025, indicating a stable operational performance supported by improved cost structure and significant growth in net cash flow from operating activities [1] Group 1: Financial Performance - The expected revenue for 2025 is projected to be between 1.38 billion and 1.46 billion yuan [1] - There is a notable increase in net cash flow from operating activities compared to the previous year [1] Group 2: International Revenue Growth - Revenue from overseas markets is expected to increase year-on-year, with an estimated contribution of over 65% to total revenue [1] - This growth is primarily attributed to the long-term refined operations of SLG products such as "War and Eternity" and "Game of Thrones: Winter is Coming" [1] Group 3: Internal Efficiency and AI Initiatives - The company is advancing internal efficiency innovations through the "YOOZOO.AI" intelligent aggregation platform, enhancing the intelligence transformation of global research and operations [1] - Youzu Interactive is actively expanding its layout in the AI interactive cultural industry, focusing on AI computing power, intelligent agents, and applications to create new growth momentum [1] Group 4: Strategic Investments and Collaborations - The company has made strategic investments in leading domestic GPU companies, including Birran Technology and Xiwang, and has established strategic partnerships with Xiwang and Century Internet [1] - These collaborations aim to promote digital economy computing power synergy and green computing projects [1]

尽管游戏开发各环节正逐步引入生成式人工智能技术，但一项最新调查显示，业内开发者对该技术的负 面看法正不断加剧。 尽管游戏开发各环节正逐步引入生成式人工智能技术，但一项最新调查显示，业内开发者对该技术的负 面看法正不断加剧。 游戏开发者大会的最新调研结果显示，52%的受访者认为生成式人工智能正对游戏行业产生"负面"影 响，而认为其存在"正面"影响的受访者仅占7%。最令人震惊的是，业内对该技术的负面看法逐年大幅 攀升：2024年，仅有18%的受访者对其持负面态度，2025年这一比例升至30%，如今更是超过了半数。 本次调查共面向2300名"游戏行业从业者"展开，受访者群体特征以男性（64%）、白种人（67%）、美 国从业者（54%）为主。调查主办方坦言，这一受访者构成"远不能真正代表全球游戏行业群体，我们 仍需开展更多相关工作"。 尽管如此，这份调查仍能真切反映出一线开发者对生成式人工智能的真实态度；而与此同时，艺电、魁 匠团等大型游戏发行商的高管仍在宣扬该技术的优势，拉瑞安工作室还曾就其人工智能技术的实际应用 情况发布过澄清说明。至于生成式人工智能在行业内的实际应用程度，36%的受访者表示在工作中会使 用该技术 ...

Core Viewpoint - The company expects significant growth in its financial performance for the year 2025, with net profit projected to increase by over 50% compared to the previous year [2][3]. Financial Performance Forecast - The performance forecast period is from January 1, 2025, to December 31, 2025 [2]. - The company anticipates a net profit in the range of 5.55 billion to 6.98 billion, representing a year-on-year growth of approximately 357% to 475% [3]. - The estimated consolidated operating revenue is around 38 billion, reflecting a year-on-year increase of about 68% [3]. - The forecast for non-net profit attributable to the parent company is between 5.8 billion and 6.33 billion, with a year-on-year growth of 253% to 285% [3]. - Operating cash flow is expected to grow by over 70% year-on-year [3]. Growth Drivers - The company has achieved continuous revenue growth for 12 consecutive quarters and has doubled its net profit year-on-year for two years [3]. - In the overseas market, the company has successfully leveraged its integrated research, development, and operation capabilities, leading to record-breaking performance [3]. - The company is the only game company with top products in both major gaming segments, with the hit product "Whiteout Survival" ranking first in the Chinese mobile game export list and "Kingshot" ranking third [3]. - The company is positioned as one of the fastest-growing game companies globally, particularly in the mobile gaming sector, with multiple hit products [3]. Domestic Market Performance - The company continues to excel in the SLG category domestically, with the product "Endless Winter" achieving rapid revenue growth and becoming a leading product in the SLG segment [4]. - New product "Bengben Kingdom" is also showing a continuous growth trend, solidifying the company's leading position in the domestic SLG market [4]. - Another company, Shengqu Games, has successfully revitalized classic IPs with new mobile games, achieving over 30% year-on-year profit growth [4].

Group 1 - AI application stocks have seen a resurgence, with notable increases such as Easy Point rising over 13% and Chinese Online increasing over 10% [1] - The Media ETF Huaxia surged by 5.8%, while the ChiNext Software ETF Huaxia and Game ETF both rose by 3.76%, with a total net inflow of 658 million yuan over five consecutive days [1] - The AI application Clawdbot has showcased a new form of personal AI assistant, contributing to the excitement in the sector [1] - The K2.5 model released by Moon's Dark Side Kimi topped multiple global charts within a day of its launch [1] - iFlytek is projected to achieve a profit of 785 million to 950 million yuan in 2025, representing a year-on-year increase of 40% to 70%, with a quarter-on-quarter growth of 394% to 490% in Q4 [1] - Major tech giants and unicorns in China are competing for market share during the Spring Festival, with Tencent and Baidu participating in a red envelope battle [1] Group 2 - The ChiNext Software ETF Huaxia includes key stocks such as Tonghuashun, Runhe Software, and Softcom Power, focusing on financial information services and AI software [2] - The Game ETF, with a latest scale of 14.2 billion yuan, includes leading players like Gigabit, Kayi Network, and Giant Network, as well as Light Media and Kunlun Wanwei, which leverage AI technology [2]

Group 1 - The core viewpoint of the news is the strategic collaboration between Youzu Interactive and Sunrise to explore efficient integration of domestic inference chips into game operations, aiming to create a self-controlled, practical "Game AI Computing Solution" for the industry [1] - This partnership is expected to enhance the capital attention and valuation elasticity of Youzu Interactive in the short term, while in the medium to long term, it may strengthen performance certainty through domestic computing power substitution and AI cost reduction [1] - The collaboration is anticipated to positively influence capital expectations in both the gaming and domestic GPU sectors [1] Group 2 - The game "Black Myth: Wukong" has been selected for the proposed award list of the 6th China Publishing Government Award, highlighting its significance in the industry [2] - This game is recognized as the first true AAA single-player game in China, generating global discussions since its launch in 2024 [2] - The inclusion in a national-level publishing award list signifies official recognition of its content quality, cultural value, and industry benchmark significance [2] Group 3 - G-bits has announced an expected net profit increase of 79% to 97% for the year 2025, projecting a net profit of 1.69 billion to 1.86 billion yuan [3] - The company anticipates a non-deducted net profit of 1.65 billion to 1.8 billion yuan for 2025, representing an increase of 88% to 105% compared to the previous year [3] - The growth in net profit is primarily attributed to the contribution of new products launched in 2025, indicating the company's strong capabilities in the gaming sector [3]

Group 1 - NetEase, Inc. will report its financial results for the fourth quarter and fiscal year 2025 on February 11, 2026, before the U.S. market opens [1] - The earnings teleconference call will occur at 7:00 a.m. Eastern Time on February 11, 2026, with management discussing the quarterly results and answering questions [2] - Interested parties can participate in the conference call by dialing 1-914-202-3258 and providing the conference ID: 10052758 [3] Group 2 - NetEase is a leading internet and game services provider, known for its premium content and extensive gaming ecosystem [4] - The company has one of the largest in-house game R&D teams, focusing on mobile, PC, and console gaming to create superior gaming experiences [5] - Beyond gaming, NetEase offers services through subsidiaries like Youdao, an intelligent learning and advertising solutions provider, and NetEase Cloud Music, an online music platform [6]

Core Viewpoint - Giant Network has made a significant comeback, driven by the success of its new game "Supernatural Action Group," which has revitalized investor expectations and led to a substantial increase in revenue and profit [2][3][4]. Financial Performance - In the third quarter of the previous year, Giant Network's revenue reached 1.706 billion yuan, a year-on-year increase of 115.63%, with a net profit of 640 million yuan, up 81.19% [3]. - The company achieved revenues of 2.924 billion yuan and 2.923 billion yuan in 2023 and 2024, respectively, with net profits of 1.086 billion yuan and 1.425 billion yuan [12]. Product Development and Strategy - The launch of "Supernatural Action Group" marked a shift towards focusing on gameplay quality rather than traditional metrics, with a significant female user base of 60%-70% [6][7]. - The game employs a unique operational strategy, emphasizing gradual growth rather than immediate success, which contrasts with conventional industry practices [6][7]. - The company has diversified its product line to include various new genres, indicating a strategic shift towards a more aggressive market approach [7]. Leadership and Organizational Changes - The return of founder Shi Yuzhu has been pivotal in steering the company back on track, emphasizing a focus on game quality and player experience over financial metrics [4][10]. - Shi has implemented a "youngification" strategy within the company, promoting younger talent and reducing reliance on traditional management structures [14][16]. - The management team has been restructured to enhance agility and responsiveness to market demands, with a focus on integrating research, development, and operations [15][16]. AI Integration - The company is actively incorporating AI into its game development and operational processes, viewing it as a critical component for future growth [17][20]. - AI tools are being developed to enhance game design, player engagement, and operational efficiency, with applications in various aspects of game development [20]. - The introduction of AI-driven NPCs in "Supernatural Action Group" represents a significant innovation in gameplay, allowing for more dynamic interactions with players [20]. Market Position and Future Outlook - Giant Network's resurgence is seen as a positive signal for its future, with the potential for further product successes to solidify its market position [21]. - The company is poised to leverage its recent successes and organizational changes to explore new opportunities in the gaming industry [21].