苹果15%抽成新规带来的是喜还是忧？ 从表面看，15%的抽成比例较此前降低一半，对长期承受高比例分成压力的游戏开发者而言，似乎是实 打实的福利。但深入拆解政策便会发现，苹果的这一动作，本质上是在用让利换取控制权。 对于这一新规，国内游戏企业又如何看待？ 游戏厂商和渠道之间的博弈再次迎来重大节点。 11月14日，苹果官网一则公告激起千层浪。苹果正式推出"小程序合作伙伴计划"（Mini Apps Partner Program），对符合条件的小程序内交易仅抽取15%佣金。经过长时间的博弈拉锯，苹果与腾讯终于就 微信小程序的"苹果税"达成一致。 表面看来，这无疑是给开发者送上一份"甜蜜大礼"。但细究规则便会发现，这份"礼物"暗藏玄机。苹果 方面表示，开发者若想享受优惠，前提是必须在应用开发过程中深度集成苹果官方提供的软件技术。例 如，使用苹果系统记录用户购买历史、验证用户年龄，以及通过苹果官方渠道处理应用内支付。 无疑，苹果此举暗藏生态整合的野心，影响深远且复杂。小程序生态或将迎来新的发展机遇，但游戏厂 商与渠道平台的博弈也将进入新阶段。尤其在用户数据、支付等核心环节，游戏公司将如何平衡苹果生 态的"甜蜜与枷锁"？ ...

Core Insights - The gaming industry in Guangzhou is experiencing significant changes, with notable departures from major companies like NetEase, indicating potential instability in the workforce [1][2] - Despite challenges, Guangzhou remains a strong player in the gaming sector, contributing 43.2% of China's total gaming revenue in 2024, amounting to approximately 1406.67 billion yuan [10][12] - The cost of living in Guangzhou is lower compared to cities like Shanghai, making it an attractive option for some professionals, although salaries are also generally lower [3][4][6] Industry Dynamics - Recent departures from NetEase and other companies highlight a trend of talent migration within the gaming industry, with professionals weighing their options carefully [1][2] - Guangzhou's gaming industry is characterized by a mix of strong revenue generation and a reliance on traditional business models, such as user acquisition through buying traffic [10][12][18] - The competitive landscape is intense, with companies under pressure to innovate and respond quickly to market changes, leading to increased workloads and expectations for employees [6][9][18] Employment Landscape - The average salary in Guangzhou is about 30% lower than in Shanghai, which affects the bargaining power of employees [3][4] - Many professionals express a preference for stability and a more manageable work-life balance in Guangzhou, despite the high demands of the gaming industry [6][9][20] - The perception of Guangzhou as a more "realistic" environment for work contrasts with the more competitive atmosphere in cities like Shanghai, influencing talent retention [13][20] Future Outlook - The potential for Guangzhou to become a leading hub in the gaming industry is debated, with some professionals optimistic about its growth while others see Shanghai as the primary center for opportunities [20] - The industry is evolving, with a growing focus on content-driven projects and international revenue, although traditional gaming genres still dominate [12][18] - The ability of Guangzhou companies to adapt to new trends and technologies will be crucial for their long-term success in the competitive gaming market [18][20]

Core Insights - In September 2025, 32 Chinese companies made it to the global mobile game publisher revenue TOP 100, collectively earning $1.95 billion, which accounts for 36.1% of the total revenue of the global TOP 100 mobile game publishers [1] Group 1: Tencent's Performance - Tencent's tactical shooting game "Delta Force" launched a new season "Blazing Fire" on September 17, leading to a 76% month-on-month revenue increase [2] - "Delta Force" topped the iOS mobile game sales chart in China and maintained its position for several consecutive days, contributing to Tencent's top position in the Chinese mobile game publisher revenue ranking [2] - Tencent's other major titles, including "Honor of Kings" and "Peacekeeper Elite," also performed exceptionally well [2] Group 2: NetEase's Growth - NetEase secured the third position in the revenue ranking, driven by the strong performance of multiple mobile games [2] - The newly launched "Dream Journey Mobile Light Enjoyment" saw a 46% month-on-month revenue increase due to its lowered gameplay barriers and enhanced social features [2] - The sci-fi shooting game "Destiny: Stars" launched at the end of August experienced a threefold revenue increase in September, ranking second in the revenue growth list for Chinese mobile games going overseas [2] Group 3: Other Notable Publishers - Lemon Microfun maintained its fourth position in the revenue ranking with a 10% month-on-month revenue increase, supported by several successful titles [3] - MiHoYo's games, including "Genshin Impact" and "Honkai: Star Rail," saw a 33% month-on-month revenue increase, elevating the publisher to the fifth position [3] - "Genshin Impact" launched a new version on September 10, resulting in a 94% revenue surge, making it the top mobile game in terms of revenue growth for overseas markets [3] Group 4: Emerging Publishers - Florere Game's revenue increased by 15% month-on-month, ranking sixth in the revenue list, with a notable 250% increase compared to January 2025 [4] - Mu Tong Technology's new game "ACECRAFT" quickly gained popularity, leading to a 10% month-on-month revenue increase and elevating its ranking to 11th [4] - Lingxi Interactive's "Three Kingdoms: Strategic Edition" saw its revenue double in September due to a successful anniversary event, contributing to a 38% overall revenue increase for the publisher [4] Group 5: Additional Publishers - Other Chinese mobile game publishers in the global TOP 100 include ONEMT and Mattel163, totaling 32 companies [5] Group 6: App Store Rankings - Tencent's "Honor of Kings," "Delta Force," "Peacekeeper Elite," and "Gold Shovel" occupied the top four positions in the Chinese App Store mobile game revenue ranking [6] - "Delta Force" achieved a 78% month-on-month revenue increase, reaching a new daily revenue high [6] - MiHoYo's "Genshin Impact" experienced a 53% month-on-month revenue increase, re-entering the revenue ranking at 17th place [7]

Core Insights - The Tokyo Game Show (TGS) 2025 has set a record with over 1,100 exhibitors and more than 4,100 booths, marking the largest scale in its history [3] - Chinese game developers showcased significant advancements, with many titles gaining attention even before reaching the main venue [5][6] - The event highlighted the growing competitiveness of Chinese games in the global market, particularly in the anime-style game sector [9][10] Group 1: Event Scale and Attendance - TGS 2025 is the largest ever, with over 1,100 exhibitors and 4,100 booths, indicating a substantial increase in participation [3] - The number of attendees has also surged, with long queues observed before the event's opening [3] Group 2: Chinese Game Developers' Performance - Chinese games have made a strong impression at TGS 2025, with titles like "Endless Winter" and "Infinite" prominently displayed [5][6] - The success at both TGS and Gamescom 2025 suggests that Chinese developers are now capable of competing on a global scale [8][9] Group 3: Upcoming Titles and Market Trends - Many new titles are set to launch in 2026, indicating a potentially explosive year for the anime game market [10][11] - Notable games like NetEase's "Infinite" generated significant interest, with long wait times for hands-on experiences [13][15] Group 4: Diverse Game Offerings - The event featured a variety of genres beyond anime games, with Tencent showcasing titles like "Fate Trigger" and "Chasing Kaleido" [25][27] - Other popular titles included "Tomorrow's Ark: End of the World" and "Dual Spiral," which also attracted considerable attention [19][23] Group 5: Cultural Impact and Market Penetration - The presence of Chinese games at TGS reflects a broader trend of increasing cultural exchange and market penetration in Japan [45][47] - The success of titles like "Nirvana in Fire" and "Fifth Personality" demonstrates the appeal of Chinese games to Japanese audiences [41][43]

Group 1: Game Launch and Features - Bilibili's new strategy card game "Three Kingdoms: Hundred Generals Card" is set to enter the competitive market of strategy and casual card games, with a public test scheduled for October [2] - The game features asymmetric casual competitive gameplay, with each match lasting under three minutes, allowing players to collect famous generals from the Three Kingdoms era and experience iconic battles [2] - Unique gameplay mechanics include "hero skills" and a 2v3 mode with hidden roles, aiming to provide diverse strategies and enhance player engagement [2] Group 2: Financial Performance - Bilibili reported a total revenue of 7.34 billion yuan for Q2, marking a 20% year-on-year increase, with net profit reaching 218 million yuan [3] - The mobile gaming segment significantly contributed to this growth, with revenue from mobile games soaring by 60% to 1.61 billion yuan [3][4] - The success of the game "Three Kingdoms: Strategize the World" has been pivotal, achieving rapid user acquisition and high revenue, solidifying its long-term operational potential [4] Group 3: Market Competition and Challenges - The gaming market, particularly in the Three Kingdoms genre, is highly competitive, with numerous established titles and new entrants vying for market share [5] - Bilibili's new game faces challenges in differentiating itself from popular titles like "Three Kingdoms Kill" and "Hearthstone," which dominate the card game segment [5][6] - The company aims to adapt its offerings to meet the preferences of younger users, focusing on innovative gameplay experiences to stand out in a saturated market [4][5]

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].

Core Viewpoint - The reporting structure of Alibaba's gaming brand Lingxi Interactive Entertainment has changed, now reporting directly to Alibaba CFO Xu Hong, indicating a potential shift away from the Hu whale Entertainment Group [1][3]. Group 1: Company Structure Changes - Lingxi Interactive Entertainment's last organizational change occurred in January 2023, when it was reported that the head of Alibaba's entertainment division would oversee Lingxi, while it would remain independently operated within the group structure [3]. - The recent change in reporting suggests that Lingxi may be moving away from the Hu whale Entertainment Group, following a trend where other business lines like Taobao and Tmall have established independent CFOs after Alibaba's "1+6+N" restructuring [3][4]. Group 2: Financial Leadership - Xu Hong, the current CFO of Alibaba, has been with the company since July 2018 and previously served as the Deputy CFO [4]. - The restructuring allows for the possibility of independent financing and potential IPOs for various business groups, although there is no confirmation yet regarding Lingxi's plans for independent listing [4].

Core Viewpoint - Recent changes in the reporting structure of Alibaba's Lingxi Interactive Entertainment indicate a shift in its operational independence, with the CFO of Alibaba, Xu Hong, now overseeing the unit instead of the head of Whale Entertainment [2][4]. Group 1: Company Structure Changes - Lingxi Interactive Entertainment has transitioned its reporting line to Alibaba's CFO Xu Hong, suggesting a potential separation from Whale Entertainment [2][4]. - The last organizational change for Lingxi Interactive Entertainment occurred in January of the previous year, when it was reported that Whale Entertainment's head would manage Lingxi while maintaining its independent operation within the Alibaba Group structure [4]. - The "1+6+N" structural reform initiated by Alibaba in March 2023 established multiple business companies under the group, allowing for independent boards and CEO accountability for each business unit [4]. Group 2: Financial Management and Future Prospects - Following the restructuring, several Alibaba business lines, including Taobao Tmall and International Digital Commerce, have appointed independent CFOs, indicating a trend towards financial autonomy [4]. - Xu Hong, who has been with Alibaba since July 2018 and previously served as the Deputy CFO, is now responsible for overseeing the financial functions of Lingxi Interactive Entertainment [5]. - There is speculation regarding the potential for Lingxi Interactive Entertainment to pursue independent financing or an IPO in the future, although no official statements have been made regarding such plans [5].

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].

Industry Dynamics - Sensor Tower reported that in July, the top two mobile games in overseas revenue from China were "Whiteout Survival" and "Kingshot," both from Century Huatong [1][2] - Shenzhen has introduced new measures to support the development of the digital creative industry, focusing on gaming, esports, and other key sectors [1][3] - The Japanese Fair Trade Commission (JFTC) has released the Mobile Software Competition Act (MSCA), requiring major platforms like Apple and Google to allow external payment systems and provide more options for developers [1][10][11] Company Performance - Tencent's Q2 2025 revenue reached 184.5 billion yuan, a 15% year-on-year increase, with its gaming business growing by 18% [1][4] - NetEase reported a Q2 2025 revenue of 27.9 billion yuan, a 9.4% increase, with its gaming business revenue growing by 14.6% [1][5] Legal and Regulatory Developments - The trial for the lawsuit against Tencent regarding the matching mechanism of "Honor of Kings" has concluded, focusing on players' right to know and whether the matching mechanism is a trade secret [1][6][7] - The Guangzhou Intellectual Property Court ruled that "Three Kingdoms: Strategy Edition" did not infringe on the copyright of "Rate the Land" in a recent retrial [1][9] Esports Events - The national finals of the "Street Basketball" Super League (SFSA), organized by Century Huatong's Tianyou Software, concluded in Shanghai, with the Nanjing champion team winning [1][14] Corporate Changes - Duolingo has acquired the NextBeat team from Supercell, focusing on enhancing its "gamified learning" capabilities [1][12][13]