Summary of ShengTian Network Conference Call Company Overview - ShengTian Network is expected to see continued improvement in performance during Q2 and Q3 of 2025, benefiting from previously accounted game projects, and is currently in a light operational state [2][4]. Financial Position - The company holds approximately 1 billion yuan in cash, indicating potential for mergers and acquisitions to further expand its business and enhance market competitiveness [2][4]. AI Application Developments - ShengTian Network has made strides in AI applications, with a product named "GeiMai" generating monthly revenue of approximately 3-4 million yuan. The company plans to launch an AI companion product during the summer, targeting overseas markets with expectations of reaching monthly revenues in the tens of millions [2][5]. - The company intends to add AI virtual character features, such as an astrologer role, to its domestic version to attract younger female users and increase user engagement [2][5]. Key Game Products and Market Performance - Important game products include "Three Kingdoms Strategy Edition" and "Heart's Wings." The monthly revenue for "Three Kingdoms Strategy Edition" remains stable, while "Heart's Wings" plans to enter the South Korean and Southeast Asian markets to mitigate potential declines in the Japanese market [2][6][7]. - A new fighting game developed by the "Heart's Wings" team is expected to undergo testing during the summer, having faced delays due to strict Japanese IP review processes [2][7]. Profit Forecast and Valuation Outlook - The profit forecast for ShengTian Network in 2025 is projected to be between 100 million to 150 million yuan. The company is expected to shift from a gaming-focused entity to one that emphasizes AI applications, which typically have higher valuation levels, leading to a positive outlook for future development [2][8].

Core Viewpoint - The article emphasizes the importance of game operation in the current era of stagnant growth in the gaming industry, highlighting that effective player management and engagement are crucial for retaining users and extending the lifecycle of games [8][16][54]. Group 1: Game Operation Challenges - The gaming industry is transitioning into a phase where retaining existing users is more critical than acquiring new ones, as evidenced by a mere 0.94% growth in China's gaming user base in 2024 [15][16]. - The operational strategies of game companies must adapt to the new reality of stagnant user growth, necessitating a focus on player retention and satisfaction [16][54]. - A significant operational incident in the game "绝地潜兵2" illustrates how poor management can lead to player dissatisfaction, despite initial successes [5][7]. Group 2: Player Engagement Strategies - Effective player operation involves understanding user behavior and proactively addressing potential churn risks, with companies employing data-driven strategies to monitor player engagement [27][30]. - Companies are increasingly using personalized communication and incentives to keep players engaged, such as sending tailored messages or rewards to those showing signs of disengagement [28][30]. - The concept of "超预期服务" (exceeding expectations) is highlighted, where companies go beyond standard service to create emotional connections with players, thereby enhancing loyalty [42][45]. Group 3: Historical Context and Evolution - The evolution of game operation practices over the past two decades reflects a shift from basic customer service to sophisticated user lifecycle management, driven by technological advancements and market competition [46][50]. - The rising costs of acquiring new players have made it imperative for companies to invest in retaining existing users, as the cost of acquiring a light user has increased to 35-40 yuan by 2024 [53][54]. - Historical insights reveal that early game companies did not prioritize extensive user engagement, but the current landscape demands a more nuanced approach to player relationships [56][58].

Core Viewpoint - The article emphasizes the critical importance of game operation in the current market, highlighting that success or failure often hinges on effective player engagement and retention strategies [5][7][9]. Group 1: Game Operation Importance - Game operation has become increasingly vital as the gaming industry transitions into a phase of stagnant user growth, with only a 0.94% increase in China's gaming user base in 2024 [8]. - The era of coarse growth in the gaming industry has ended, necessitating a focus on retaining existing users rather than acquiring new ones [9]. - Effective game operation can lead to significant player retention, as evidenced by the resurgence of player numbers in games like "绝地潜兵2" through strategic operational efforts [4][5]. Group 2: Player Engagement Strategies - Companies are now employing detailed player operation strategies, including personalized communication and proactive engagement to prevent player churn [14][15]. - The use of data analytics allows companies to identify at-risk players and intervene before they decide to leave, with some companies reporting a 70% chance of player loss if no action is taken [15][29]. - The concept of "全用户全生命周期服务" (full user lifecycle service) is being adopted, indicating that engagement starts from the moment a player shows interest in a game [15][28]. Group 3: Challenges in Player Operation - The operational teams face immense pressure to manage player expectations and emotions, often acting as a buffer between the players and the game developers [19][20]. - High turnover rates and the emotional toll of dealing with frustrated players are common challenges faced by game operation staff [20][21]. - Companies are implementing measures to support the mental health of their operational teams, recognizing the need for emotional resilience in high-stress environments [21][23]. Group 4: Historical Context and Evolution - The evolution of game operation practices has been significant over the past two decades, transitioning from basic customer service to sophisticated user engagement strategies [27][29]. - The gaming industry has shifted from a focus on acquiring new players to extending the lifecycle of existing games, driven by increased competition and rising user acquisition costs [29][30]. - Historical practices in player engagement, such as community events and personalized interactions, are being revisited and enhanced with modern technology [30][31].

今晚聊什么呢，先说说韩国戒严风波的更新吧。 今天国会连续对两个法案进行表决，第一个是针对金建希的调查，金建希就是总统夫人，最终198票同 意，102票反对，没有达到2/3（200票），法案不通过。 第二个是针对尹熙悦的弹劾，结果投票之前尹熙悦所在的执政党（国民力量党）所属的108个议员，有 107人都主动离场，放弃投票，如此一来场内剩下的人就算全部同意也无法满足2/3（200票），法案也 没有通过。 这里有个小知识，这两个提案还不一样，金建希那个是普通法案，需要出席会议的议员2/3投票，弹劾 尹熙悦那个是特殊法案，必须300位议员里的2/3投票。 看出差别了吗，一个是统计出席议员的2/3，一个是不管议员到没到场都要2/3。 所以投金建希的法案，国民力量党的人都来了，投了102个反对票，因为如果不来的话这个法案就通过 了。等到投尹熙悦的法案就无所谓了，直接集体离场，不跟在野党们继续玩了。 看的出来国民力量党虽然之前也想放弃尹熙悦，但经过这两天的权衡利弊，最终决定还是先保下尹熙 悦。这可能是吃了之前朴槿惠（韩国前任女总统）被弹劾的教训，当时朴槿惠下台后，她背后的政党也 迅速被边缘化，离开了政治权力的中心。 韩国那 ...