尽管AI布局者众，但真正将AI深融进业务/投资的企业，可谓屈指可数。 导语 ：当AI+游戏必选项，从工具应用到产业投资，体系化的AI布局，将带来新一轮价值重估。 一个被称为"互联网下个世代的钥匙"，另一个被称为"第九艺术"——AI与游戏，正以高居不下的热度，碰撞出改变行 业的火花。 稳健的业绩已是三七互娱的基本操作，从这份报告中，我们更应该去看到三七互娱对AI的应用与投资，其并非简单地 追热点、造事件，而是借前瞻布局眼光，在这场生产力变革的浪潮中，讲出了一个估值重构的新故事。 三七互娱全球总部大厦，图片来源：三七互娱官网 "AI，让游戏再次伟大" 在这场AI重塑浪潮里，三七互娱（002555.SZ）不是最惹人关注的，但实力则是不容小觑。近日，三七互娱发布了 2024年度报告，报告期内，公司实现营业收入174.41亿元，同比增长5.4%，实现归属于上市公司股东的净利润26.73亿 元，同比增长0.54%。 近年来，"AI，让游戏再次伟大"的论调此起彼伏，其核心论点之一，在于AI对代码生成、美术/音频制作开发、运营、 服务、营销等"人力黑洞"环节的解放。 许多游戏厂商对AI工具的使用在近一两年呈现大幅增长。以St ...

导语：当AI+游戏必选项，从工具应用到产业投资，体系化的AI布局，将带来新一轮价值重估。 一个被称为"互联网下个世代的钥匙"，另一个被称为"第九艺术"——AI与游戏，正以高居不下的热度，碰撞出改变行业的 火花。 尽管AI布局者众，但真正将AI深融进业务/投资的企业，可谓屈指可数。 在这场AI重塑浪潮里，三七互娱（002555.SZ）不是最惹人关注的，但实力则是不容小觑。近日，三七互娱发布了2024年 度报告，报告期内，公司实现营业收入174.41亿元，同比增长5.4%，实现归属于上市公司股东的净利润26.73亿元，同比增 长0.54%。 稳健的业绩已是三七互娱的基本操作，从这份报告中，我们更应该去看到三七互娱对AI的应用与投资，其并非简单地追热 点、造事件，而是借前瞻布局眼光，在这场生产力变革的浪潮中，讲出了一个估值重构的新故事。 01 "AI，让游戏再次伟大" 近年来，"AI，让游戏再次伟大"的论调此起彼伏，其核心论点之一，在于AI对代码生成、美术/音频制作开发、运营、服 务、营销等"人力黑洞"环节的解放。 许多游戏厂商对AI工具的使用在近一两年呈现大幅增长。以Steam为例，其美术、音频等效率类AI工具在 ...

以下文章来源于明亮公司 ，作者主编24小时在线 明亮公司 . 追踪新商业、好公司，提供一手情报与领先认知。 作者：MD 出品：明亮公司 4月18日， 由上海科创金融研究院和上海天使会联合主办的 2025天使投资大会 在上海举行，大会 上，米加健康董事长、米哈游天使投资人宋涛与高榕资本顾问、天使投资人辛伟进行了一场对谈。 在对谈中 ，宋涛分享了他投资米哈游的细节以及对天使投资的思考。 据公开信息，宋涛是米哈游唯 一一位外部投资人，其在 2012年以100万投资了米哈游，占股15%。去年胡润研究院的数据显示，米 哈游估值约1750亿人民币，若以此计算， 宋涛该比投资回报已超过2. 5 万倍。 宋涛此前曾创立斯凯网络，后者于 2010年登陆纳斯达克，是最早登陆美股的中国移动互联网企业之 一，后在2016年完成私有化。 以下为宋涛分享的正文（有删节）： 谈从企业战投资到市场化投资转型：调整投资的立场和激励机制 中国比较喜欢把人具像化，我这个创业感觉不是很成功，大家都知道我投了一个企业比较成功，我严 格意义上讲不是个专业的投资人，我自己一直在做创业，我也给大家分享下当时为什么投米哈游这个 项目。 我们 05年创业，07 ...

Industry Trends - The gaming industry is experiencing diversified development, with domestic companies accelerating strategic adjustments amid legal disputes and policy support [1] - Newzoo's report indicates a 1.2% increase in annual revenue for PC games from 2021 to 2024, while console game revenue is projected to decline by 2.1% [3] - The 2025 National Cultural Innovation Experimental Zone Investment Conference signed three key projects aimed at promoting the integration of culture and technology [4] Company News - Zhongjiu Mobile appointed Wang Chunye as co-CEO, effective April 9, 2025, while current CEO Xiao Jian remains in his position [5] - NetEase's Zen division has been renamed to the Onmyoji division, with plans for organizational restructuring and new team development [6] - 2PGames and Double-Headed Dragon Studio addressed recent online controversies regarding their operations [7][8] - The "Black Myth: Wukong" art exhibition opened in Hangzhou, showcasing the game's artistic creation process [9] Legal and Regulatory Developments - Kaiying Network received over 300 million RMB in arbitration compensation related to a legendary IP dispute [10] - The Suzhou Industrial Park People's Court ruled in favor of Paper Games in a trademark infringement case against Zulong Technology, ordering Zulong to pay 100,000 RMB for trademark infringement and 50,000 RMB for unfair competition [11] International Developments - Krafton acquired a controlling stake in Indian game developer Nautilus Mobile for $14 million (approximately 102 million RMB) [12] - Yandex introduced market expansion solutions for Chinese manufacturers, including YandexPaySDK and EasyMonetization [13] - Unity China explained the removal of the Unity 6 engine and its future charging plans for the Unity engine professional and personal versions [14] - Blockchain gaming platform Ultra completed a $12 million financing round to enhance its services [15] Esports Events - The Snapdragon Esports Pioneer Global Championship kicked off in Jakarta on April 7, 2025 [16] - The KPL Annual Finals for Honor of Kings will be held at the Bird's Nest in the second half of 2025, expected to attract over 50,000 spectators [18] - The Hero Asian Champions League x CS2 China qualifiers commenced in Yancheng on April 10, 2025 [19]

技术更替与人才流动，造成了如今的强者恒强。 如今，国内游戏行业从业者想要跳槽、求职，除了看厂商实力和项目方向之外，往往还会问一句"你们Base在哪里"。上海"四小龙"，广州的游戏公司集 群……厂商们早已逐渐打出了地域性的名号。 游戏行业确实一直存在着比较明显的城市集聚性。几座核心城市厂商扎堆，从业者也趋之若鹜，二线城市的新兴厂商也在崛起。二游聚集地、小游戏孵化 基地、新兴单机游戏新秀……不同的城市与地区，逐渐形成了自己的产业特色。 细究的话，这种现象自然受到历史与政策因素的双重影响，而人才与资本流动进一步巩固了目前的地理格局。随着形势的变化，下一批"游戏之都"也正在 崛起。依循着这个思路，本文对中国游戏产业在几大核心城市的聚集与演变过程进行了简单梳理，并尝试剖析其中的原因。 单机时代的游戏之都：北京与上海的先发优势 上世纪90年代，网络游戏尚未全面兴起，中国大陆的游戏开发以单机游戏为主。当时，北京是当之无愧的游戏产业摇篮。北京中关村依托高校和中科院等 科研机构的人才优势，聚集了一批软件公司。这些公司最早投入到游戏代理和开发的业务中。 1992年，北京金盘电子公司引进了大陆第一款正版教育游戏《卡门·圣地亚哥在哪 ...

Core Viewpoint - The article discusses the unveiling of Mihayou's AI game "Whispers From The Star," highlighting its unique interactive storytelling and character engagement through AI technology [1][48]. Group 1: Game Overview - The main character, Stella, is stranded on an alien planet, and players must assist her in surviving and escaping [4]. - Players can interact with Stella through text, voice, and video, creating an immersive dialogue experience [5]. - Unlike traditional narrative adventures, the game's plot unfolds in real-time and is not bound by a script, with player conversations influencing Stella's fate [6][7]. Group 2: Gameplay Mechanics - The game interface displays Stella's real-time heart rate and environmental conditions, enhancing the immersive experience [14]. - Players' spoken responses are only transmitted when a button is pressed, adding a layer of interactivity [15]. - The gameplay involves players strategizing to help Stella escape, with outcomes based on their decisions [20][22]. Group 3: Company Background - Anuttacon, the company behind the game, aims to create personalized and immersive experiences that foster a deeper connection between players and virtual worlds [30]. - The company's focus has shifted from emphasizing AGI to prioritizing personalization and immersion in gaming experiences [33][40]. - Anuttacon's team has grown to nearly 50 members, attracting talent from major tech companies, indicating a strong foundation for future developments [42][44]. Group 4: Industry Context - The article notes that AI gaming is becoming a competitive frontier, with major players like Microsoft and Nvidia also exploring AI integration in games [49][50]. - Innovations such as Microsoft's Muse AI and Nvidia's RTX ACE are examples of how AI is being utilized to enhance player interactions in gaming [53][56].

Core Insights - The gaming industry has evolved from a marginalized entertainment sector to one of the most influential and valuable industries globally, driven by rapid technological advancements and globalization [2] - The global gaming market has reached several hundred billion dollars, with a sustained growth trend, particularly in the Asian markets such as China, India, and Southeast Asia [3] - The rise of the gaming industry has significant social impacts, including its integration into education and its effects on mental health [3][4] Industry Growth - The global gaming market has maintained a stable growth rate over the past five years, with a compound annual growth rate exceeding XX% [3] - Companies like Tencent have successfully integrated gaming with internet and social media, becoming some of the most valuable gaming companies globally [3] - Other notable companies, such as Epic Games and Nintendo, have achieved substantial commercial success through innovative products and business models [3] Social Impact - The gaming industry contributes not only economic value but also has profound social implications, such as the increasing use of gamification in education to enhance student engagement and learning efficiency [3] - The World Health Organization recognizes moderate gaming as a healthy activity for stress relief, while psychological studies indicate that gaming can improve attention, decision-making, and teamwork skills [4] - However, excessive gaming may lead to addiction and mental health issues, highlighting the need for balanced gaming habits [3][4] Conclusion - The gaming industry's rise is marked by its economic value and its significant social impact, with ongoing potential for growth driven by technological advancements and changing societal needs [4] - The industry is poised to continue playing a crucial role in global economic and social development [4]

Core Viewpoint - The article discusses the transformative impact of AI on the gaming industry, highlighting the evolution of NPCs and the emergence of AI-native games, while questioning the current state and future direction of AI in gaming [1]. Group 1: AI in NPC Development - The initial demand for AI in gaming is to mimic human behavior, particularly in NPCs, which are crucial for player interaction [3][4]. - Traditional NPC design relied on behavior trees and finite state machines, but these methods are limited in creating truly human-like interactions [5]. - The integration of large language models into NPC behavior aims to enhance their expressiveness and interaction capabilities [6][7]. - Major gaming companies in China, such as NetEase and Tencent, are rapidly adopting AI for NPCs, enhancing their conversational and behavioral realism [9][11]. Group 2: Rise of Text-Based AI Native Games - Character.ai has emerged as a leading platform for AI-driven text-based games, achieving significant user growth, with MAU increasing from 30 million to 63 million within a year [13][16]. - The platform appeals particularly to younger audiences, with 66% of users aged 18-24, indicating a strong demand for emotional companionship through AI [16]. - Text-based adventure games are well-suited for AI integration, allowing for deep interaction with NPCs, which aligns with current AI capabilities [17][21]. Group 3: Challenges in Game AI Development - The gaming industry lacks high-quality, stable, and quantifiable datasets necessary for training specialized AI models, which hampers the development of vertical AI tools for gaming [25][30]. - The dynamic and interactive nature of games complicates the quantification of gameplay experiences, making it difficult to create effective AI models [29][30]. Group 4: AI as a Development Tool - AI is increasingly being used as a production tool in game development, with 52% of companies reportedly utilizing generative AI tools [33]. - Companies like Roblox and Tencent are leading in the development of AI-generated 3D assets, enhancing the efficiency of game development processes [34][38]. Group 5: Future of AI in Gaming - The article suggests that the next generation of gamers, who are growing up with AI technologies, will shape the future of AI-native games and potentially become developers and investors in this space [42].

Core Insights - The gaming industry is experiencing a transformation with a focus on lifecycle extension and multi-platform releases, indicating a shift in marketing strategies and operational approaches [1][2][11] Market Growth - The domestic gaming market in China is projected to reach a sales revenue of 325.78 billion yuan in 2024, reflecting a year-on-year growth of 7.53%, a significant decline from the 13.95% growth in 2023 [3] - The mobile gaming market is recovering, with a scale of 238.22 billion yuan in 2024, showing a 5% year-on-year increase, while mini-games have seen a remarkable growth of 99.2%, reaching 39.84 billion yuan [4][5] Category Changes - The distribution of mobile game categories in China has shifted, with a decrease in the share of heavy games like RPGs and SLGs, while casual apps are gaining popularity [9] - Mini-games are primarily focused on casual gameplay, with role-playing and competitive games now accounting for over 20% of the market share, indicating a trend towards mid-to-heavy gameplay [9] Marketing and Advertising - The gaming industry is in a "stock era," making it increasingly difficult for new products to gain traction, leading to a cautious approach towards new game launches [11] - Marketing expenditures are rising, with a notable correlation between increased sales expenses and revenue growth among leading game companies [17] - The number of advertising materials for gaming has reached 2.436 million by December 2024, marking a 2.5% increase from the previous month [21] Content and User Engagement - The diversification of game content is evident, with a focus on breaking down operational, marketing, and user acquisition boundaries [18] - Social sharing features and user segmentation strategies are being employed to enhance user lifetime value (LTV) [22][23] Technological Integration - AI technology is increasingly being utilized in the gaming industry for automated advertising and content generation, helping to reduce costs and improve efficiency [25][26][28] - The integration of AI-generated content is reshaping the underlying logic of user acquisition in gaming, allowing for more precise targeting and engagement [28] Strategic Directions - The industry is moving towards a model that emphasizes "content + technology + ecosystem" as a means to navigate competitive pressures and sustain growth [29] - The trend of building an ecosystem around game official accounts, influencers, and user-generated content (UGC) is becoming more pronounced [35] Future Outlook - The gaming industry is expected to continue evolving with a focus on version updates and content marketing to attract and retain players [34] - The success of new titles like "Black Myth: Wukong" is boosting confidence in the domestic PC gaming market, highlighting the importance of content and gameplay in driving user engagement [39]

Core Insights - The global gaming industry has undergone structural adjustments over the past year, with increasing competition and rising user acquisition costs, leading to challenges in content innovation and cost control for game developers [1] - IGG reported a significant financial performance, with a 9% year-on-year revenue growth to HKD 5.74 billion and a staggering 697% increase in net profit to HKD 580 million, alongside a planned dividend payout [1][4] Financial Performance - The company achieved an operating cash flow of HKD 1.12 billion and increased cash reserves to HKD 2.25 billion, providing ample resources for new product promotions [4] - The basic earnings per share reached HKD 0.51, with a total dividend payout ratio of 30% for the year [1] Product Strategy - IGG's long-term operation of classic products, such as "King of Kingdoms," which generated HKD 2.59 billion in revenue, remains a strong competitive advantage [6] - New games like "Doomsday: Last Survivors" and "Viking Rise" have shown differentiated success, with revenues of HKD 1.02 billion and HKD 680 million respectively, reflecting year-on-year growth of 50% and 66% [6] Future Game Releases - The company plans to launch two major strategy games, "Frozen War" and the PSS project, along with a casual game "Tycoon Master" in 2025, with over 20 new games in development [7][11] - "Frozen War" is expected to have significant potential based on initial testing data, while the PSS project aims to attract a broader audience, particularly female players [7][14] AI Integration and Global Strategy - IGG has integrated AI technology into its operations, resulting in a 16% reduction in R&D costs to HKD 790 million, enhancing operational efficiency [9] - The company's global monthly active users surpassed 62 million, contributing HKD 1.09 billion in revenue from its app business, which represents 19% of total revenue [10] Valuation and Market Position - IGG's current dynamic price-to-earnings ratio of 7.5 is significantly lower than the industry average, indicating a mismatch between valuation and growth potential [11] - The company aims to optimize its revenue structure and improve operational leverage by leveraging its cash reserves and new product launches [11][22]