《三国志·战略版》

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盛天网络(300494):游戏与平台夯实基本盘,AI+社交打开想象空间
Changjiang Securities· 2025-08-26 05:25
Investment Rating - The report initiates coverage with a "Buy" rating for the company [13]. Core Viewpoints - The company has established a diversified business system covering platforms, games, and social interactions, with a solid foundation in the internet cafe management platform and a focus on AI and social gaming to expand its market potential [4][9]. Summary by Sections Company Overview - The company started as an internet cafe management platform and has gradually developed into a scene-based pan-entertainment platform, with a multi-faceted business system that includes platform services, gaming, and social interactions [4][9]. Platform Business - The internet cafe industry is expected to grow steadily, with the online service industry projected to increase from approximately 50 billion in 2023 to around 90 billion by 2024. The company's platform, 易乐游, holds a leading position in the market with a market share of 32.7% as of 2018 [10][66]. Gaming Business - The gaming segment is anticipated to see stable growth, with existing IP games maintaining strong performance and new titles like "真·三国无双 天下" expected to launch in 2025. The self-developed game "星之翼" has shown promising results, indicating the company's capability in game development [11][39]. Social Business - The company has a competitive edge in the social gaming sector with products like "带带电竞" and "给麦," which leverage AI to enhance user experience and create diverse monetization opportunities. The potential for overseas expansion in AI social products is also highlighted [12][39]. Financial Analysis - The company experienced a revenue decline of 14.56% in 2024, attributed to the absence of new IP games and a slight decrease in revenue from major products. However, a significant recovery was noted in Q1 2025, with a revenue growth of 24.16% [33][39]. Future Outlook - The company is expected to see a turning point in performance in 2025, driven by stable revenue from existing games and growth in social products. The forecasted net profits for 2025-2027 are 152 million, 202 million, and 245 million respectively, with corresponding EPS of 0.31, 0.41, and 0.50 [13][39].
网易《率土之滨》与灵犀互娱《三国志·战略版》原创之争再起波澜:二审发回重审 玩法规则能否享有著作权?
Xin Lang Zheng Quan· 2025-08-19 06:09
Core Viewpoint - The Guangzhou Intellectual Property Court overturned the first-instance ruling that recognized copyright infringement by Lingxi Interactive Entertainment's "Three Kingdoms Strategy Edition" against NetEase's "Rate of the Land," emphasizing that game rules are considered "ideas" and not protected by copyright law [1][2]. Group 1: Legal Proceedings - The first-instance ruling in 2023 recognized 79 instances of structural plagiarism in "Three Kingdoms Strategy Edition," leading to a compensation order of 50 million yuan, marking a historic acknowledgment of gameplay mechanics under copyright [2]. - The second-instance ruling highlighted two critical issues: the use of a later version of "Rate of the Land" for comparison, which led to factual discrepancies, and the distinction between ideas and expressions, asserting that gameplay rules are operational methods that should not be monopolized [2]. Group 2: Market Dynamics - Following the second-instance ruling, NetEase signaled its intent to continue legal action, aiming to reinforce its brand image as a "true original" [3][5]. - "Rate of the Land" saw a 100% year-on-year increase in downloads in 2025, with a 28% rise in revenue, attributed to its youth-oriented gameplay model [5]. - Lingxi Interactive's "Three Kingdoms Strategy Edition" maintained a position in the top 20 bestsellers, with over 100 million global users in 2024, leveraging innovative designs and patented technologies [6]. Group 3: Industry Implications - The second-instance ruling clarified that copyright law protects only specific expressions, prompting companies to adjust their protection strategies by separating copyrightable elements and patenting technologies [7][8]. - The competitive landscape in the Three Kingdoms SLG sector has intensified, with both companies engaging in aggressive marketing strategies to attract younger users and deepen cultural connections [9]. Group 4: Future Outlook - The focus of the retrial will be on whether Lingxi's "Three Kingdoms Strategy Edition" intentionally mimicked the overall experience of "Rate of the Land," which could have broader implications for industry practices regarding gameplay innovation [10].
二审大反转、撤销、重审:SLG这一战牵动了全行业?
3 6 Ke· 2025-08-13 12:05
Core Points - The lawsuit involves two major products and companies in the domestic gaming market, with a significant first-instance ruling of 50 million yuan in damages, attracting considerable attention [2] - The second-instance ruling overturned the first-instance decision, sending the case back for retrial, which adds a new layer of significance regarding the definition of "originality" in the gaming industry [3][5] Group 1: Legal Implications - The second-instance ruling emphasizes the need to define and judge "originality" within the context of copyright law, determining whether a work is protected under copyright law [6] - The second-instance court found that the first-instance court made errors in recognizing basic facts and in the comparison methods used, leading to the decision to revoke the first-instance ruling [8][10] - The second-instance ruling clarified that gameplay rules are considered ideas and do not constitute copyrightable expression unless presented through specific visual elements [10][11] Group 2: Industry Impact - The ruling has significant implications for all domestic game developers, affecting not only existing products but also those in development, as it sets a precedent for how "borrowing" and "plagiarism" are judged in the legal context [5][15] - The court's stance on the boundaries of "gameplay protection" is expected to help regulate the industry ecosystem, encouraging innovation within reasonable limits [12][15] - The ongoing competition in the gaming market necessitates that companies rely on product quality and innovation to maintain their market positions, as seen with the successful updates to "Three Kingdoms: Strategy Edition" [16][18]
王者荣耀职业联赛总决赛落地“鸟巢”;涉《三国志·战略版》诉讼案二审结果公布|游戏早参
Mei Ri Jing Ji Xin Wen· 2025-08-12 23:20
Group 1 - The KPL annual finals will take place at the Bird's Nest in Beijing on November 8, 2025, highlighting the growing influence of esports events [1] - The event's commercialization is expected to benefit companies across the esports industry chain, including content, hardware, and advertising sectors [1] - Increased attention from the capital market towards emerging sports entertainment industries may lead to a revaluation of related stocks and optimized capital flows [1] Group 2 - The Guangzhou Intellectual Property Court ruled that "Three Kingdoms: Strategy Edition" did not infringe on the copyright of "Rate Land," overturning the previous judgment and sending the case back for retrial [2] - The strengthening of intellectual property protection in the gaming industry may encourage companies to increase R&D investment and compliance management [2] - Heightened market focus on legal risks for leading companies could impact valuation differentiation and capital allocation within the sector [2] Group 3 - Anuttacon, founded by Mihayou's creator, is recruiting an AI trainer for its first game, indicating a push towards integrating AI with gaming [3] - The deepening application of AI in the gaming industry may enhance content generation efficiency and interactive experiences, accelerating industry transformation [3]
当SLG陷入「减负陷阱」,他们却砸1亿让玩家「专心打架」
雷峰网· 2025-06-12 11:04
Core Viewpoint - The article discusses the strategic shift of the game "Three Kingdoms: Strategy Edition" (referred to as "Three Wars") in response to the declining enthusiasm for GVG (Guild vs. Guild) gameplay in the SLG (Simulation Game) sector, emphasizing a return to core gameplay experiences and the introduction of significant cash incentives to reignite player engagement [2][4][15]. Group 1: Industry Context and Challenges - The SLG genre is experiencing a decline in player engagement, with reports indicating that top SLG products see player activity drop by over 50% in the later stages of their seasons [5]. - There is a growing concern among players regarding fairness in gameplay, as many feel that automated systems and external assistance diminish the essence of competition [5][7]. - The industry trend towards "reducing grind" is seen as a potential misstep, as it may overlook the importance of engaging and challenging gameplay [7][18]. Group 2: Strategic Initiatives by "Three Wars" - "Three Wars" has announced a plan to distribute 100 million yuan in cash rewards over the next year, with the highest single-server reward reaching one million yuan, aiming to enhance GVG experiences [2][15]. - The introduction of a new game script, "Chang'an Chaos," features a 100,000-grid three-dimensional city battlefield, which aims to innovate gameplay strategies and improve player engagement [9][11]. - The game is also implementing measures to combat large-scale control by external studios and improve transparency in player interactions through new features [13][15]. Group 3: Future Directions and Market Positioning - The company believes that the future of SLG lies in providing engaging and enjoyable gameplay rather than merely simplifying the experience [17][18]. - There is a recognition that the market is becoming more segmented, necessitating a focus on delivering unique experiences tailored to specific user groups [17][18]. - Despite a general decline in SLG account trading, "Three Wars" has seen a growth in its account transactions, indicating a strong market position and player loyalty [18].
当SLG陷入「减负陷阱」,他们却砸1亿让玩家「专心打架」
雷峰网· 2025-06-12 11:02
Core Viewpoint - The article discusses the strategic shift of the game "Three Kingdoms: Strategy Edition" (referred to as "Three Wars") in response to the declining enthusiasm for GVG (Guild vs. Guild) gameplay in the SLG (Simulation Game) sector, emphasizing a return to core gameplay experiences and the introduction of a significant cash incentive to reignite player engagement [2][4][17]. Group 1: Industry Context - The SLG genre is experiencing a trend towards "reducing grind and burden," which has led to a decline in GVG excitement among players [2][4]. - A report indicates that top SLG products see player activity drop by over 50% in the later stages of a season, highlighting a common issue within the genre [6]. - Players express concerns about the fairness of gameplay, with many relying on external services to progress, which detracts from the core gaming experience [9][7]. Group 2: Strategic Initiatives - "Three Wars" has committed to distributing 100 million yuan in cash rewards over the next year to enhance competitive gameplay and player engagement [2][17]. - The introduction of a new game script, "Chang'an Chaos," aims to fundamentally change battlefield rules and enhance strategic depth, moving away from traditional gameplay mechanics [11][13]. - The game developers are addressing issues of large-scale control by external studios and imbalances in diplomacy through new features that promote transparency and fairness [15][17]. Group 3: Future Directions - The company believes that the primary player demand is for engaging gameplay rather than ease, indicating a focus on creating a rewarding gaming experience [19][20]. - The market is becoming more segmented, necessitating that each product excels in specific verticals to remain competitive [19]. - The article suggests that the ongoing changes and cash incentives could redefine the value proposition of the SLG genre, moving away from superficial solutions towards deeper engagement [20].
豪掷1亿现金、重燃GVG激情,SLG赛道又要变天了吗?
3 6 Ke· 2025-06-12 00:36
Core Insights - The SLG market has stabilized in recent years, with established products needing to adapt to maintain relevance [1][3] - "Return to the original intention" is emphasized by the game "Three Kingdoms: Strategy Edition" (referred to as "Three Wars"), indicating a focus on player experience and engagement [4][6] - The game plans to allocate 100 million RMB as rewards for players, aiming to enhance competition and player motivation [21][23] Market Trends - The introduction of innovative products like "SLG+x" has become a mainstream trend, while traditional SLG games face pressure to evolve [1][3] - The concept of "reducing player burden" is gaining popularity, but there are concerns about whether this approach truly benefits long-term engagement in SLG games [7][9] Game Development Strategies - "Three Wars" aims to improve GVG (Guild vs. Guild) experiences by addressing pain points and enhancing player interaction [9][11] - The game is implementing measures to combat the negative impact of account sharing and studio control, which undermines the social aspect of gameplay [16][19] Player Engagement - The communication event with players revealed positive feedback on proposed changes, indicating a willingness to embrace new strategies [9][11] - The allocation of 100 million RMB as a reward system is designed to create a more meaningful competitive environment, encouraging player participation [21][23] Future Directions - The upcoming "Chang'an Chaos" script aims to innovate gameplay mechanics and enhance player experience, reflecting a shift towards emotional engagement and community building [25][27] - The industry is witnessing a need for more targeted and refined product offerings as competition intensifies, suggesting a broader trend towards specialization in the gaming market [29][30]
聚焦文博会丨穗企业秀“肌肉” 科技赋能让文化“走得更远”
Guang Zhou Ri Bao· 2025-05-26 15:13
Group 1: Cultural and Digital Innovation - The 21st Cultural Expo showcased Guangzhou's cultural industry through six major exhibition areas, emphasizing digital culture and local enterprises [1][2] - Various companies focused on technology empowering the cultural industry, with some exploring vertical niches like short video exports and anime IP development [1][2] Group 2: Gaming Industry Growth - Guangzhou's gaming industry is projected to generate approximately 140 billion yuan in revenue in 2024, accounting for about one-third of the national total [3] - Nine gaming companies from Guangzhou were recognized as "National Cultural Export Key Enterprises," with overseas revenue exceeding 19 billion yuan [3] - Companies like 37 Interactive Entertainment have expanded globally, with 57.22 billion yuan in overseas business revenue projected for 2024, representing nearly 33% of total revenue [3] Group 3: AI and Education Technology - Companies like Yundie Technology showcased AI-integrated hardware, such as an AI mouse and smart pen, aimed at enhancing educational experiences [4][5] - The AI mouse features voice input and real-time translation capabilities, while the smart pen captures handwritten notes for digital storage [5] - Vision Source has developed a comprehensive AI strategy, investing over 1.5 billion yuan in R&D for 2024, with a focus on educational and meeting applications [6] Group 4: Policy Support for Cultural Industry - Guangdong introduced a policy package to promote high-quality development in the cultural industry, particularly benefiting the gaming sector [7] - The policy encourages original content creation and the integration of cultural elements into gaming, enhancing global competitiveness [7] - Companies like NetEase are leveraging these policies to deepen cultural integration in their products and improve user engagement [7] Group 5: Cultural Integration in Gaming - 37 Interactive Entertainment is focusing on integrating traditional culture into gaming, using elements from Chinese history and art to enhance gameplay [8][9] - The company plans to utilize AI technology to innovate the presentation of traditional cultural elements, aiming to create globally influential cultural IPs [9]
《三幻2》上线一周口碑崩坏,阿里灵犀离“全国第三”有多远?
Guan Cha Zhe Wang· 2025-05-26 03:19
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].
文博会广州馆六大展区彰显文化产业生猛态势
Guang Zhou Ri Bao· 2025-05-24 01:48
Group 1: Cultural Industry Overview - The 21st Shenzhen Cultural Industries Fair showcased Guangzhou's vibrant cultural industry, featuring six major exhibition areas including original animation, performing arts, gaming, and cultural tourism [2] - In 2024, Guangzhou's gaming industry is projected to generate approximately 140 billion yuan, accounting for about one-third of the national total, with significant international success [4] Group 2: Gaming Sector Highlights - The gaming and esports exhibition area was the most popular at the fair, with local companies like Guangzhou Huali Technology showcasing their products, such as the arcade game "Three Kingdoms Fantasy Battle" [3] - Guangzhou has over 6,000 gaming companies, with notable entries in the "National Cultural Export Key Enterprises" list, including nine companies with overseas revenues exceeding 19 billion yuan [4] Group 3: Technological Innovations in Education - AI technologies are being integrated into educational tools, such as the AI mouse and smart pen developed by YunDie Technology, which enhance learning through real-time data processing and analysis [7][8] - Companies like Vision Source are creating comprehensive educational solutions that combine AI with traditional learning environments, aiming to improve personalized education [8] Group 4: Economic Impact of Cultural Industry - In 2024, Guangzhou's cultural industry is expected to have 3,760 registered entities, achieving revenues of 604.1 billion yuan, with new cultural formats contributing 278.1 billion yuan [9] - The cultural industry's added value is approximately 210 billion yuan, representing over 6.7% of the city's GDP, with three major cultural industry clusters generating over 100 billion yuan each [9]