｜ 2025年9月18日 星期四 ｜ NO.1 《三角洲行动》周年庆盛典9月21日启幕 每经记者｜张梓桐 每经编辑｜张海妮 9月17日，星辉游戏宣布旗下三国题材SLG手游《三国群英传：策定九州》正式上线预选州功能，为即 将到来的公测筑牢用户基础。作为宇峻奥汀正版授权的经典续作，该功能通过优化联盟开局体验提升玩 家留存，进一步释放三国赛道的市场潜力。此次上线的预选州功能聚焦策略游戏核心的"联盟生态"构 建：当备战盟集结人数达到80人后，盟主可提前锁定服务器与出生州，而联盟成员在公测开服1小时内 可不受人数限制直接入驻目标服务器。 点评：星辉游戏多年深耕策略类游戏，此次《三国群英传：策定九州》的精细化预热，是对其相关战略 的实战检验。在新品密集涌现、市场竞争白热化的格局下，该产品通过预选州功能强化用户忠诚度，彰 显公司对经典产品的深度开发能力。 NO.3 创梦天地《卡拉彼丘手游》预约破800万 9月17日消息，创梦天地宣布其自研自发的二次元战术射击手游《卡拉彼丘》全平台预约量已突破800万 大关，该产品确定将于今年10月正式上线国服移动端。作为公司"自研+海外发行"双轮驱动战略的核心 产品，这一数据远超其获得版号 ...

｜ 2025年9月18日星期四｜ 9月17日，星辉游戏宣布旗下三国题材SLG手游《三国群英传：策定九州》正式上线预选州功能，为即 将到来的公测筑牢用户基础。作为宇峻奥汀正版授权的经典续作，该功能通过优化联盟开局体验提升玩 家留存，进一步释放三国赛道的市场潜力。此次上线的预选州功能聚焦策略游戏核心的"联盟生态"构 建：当备战盟集结人数达到80人后，盟主可提前锁定服务器与出生州，而联盟成员在公测开服1小时内 可不受人数限制直接入驻目标服务器。 点评：星辉游戏多年深耕策略类游戏，此次《三国群英传：策定九州》的精细化预热，是对其相关战略 的实战检验。在新品密集涌现、市场竞争白热化的格局下，该产品通过预选州功能强化用户忠诚度，彰 显公司对经典产品的深度开发能力。 NO.3创梦天地《卡拉彼丘手游》预约破800万 9月17日消息，创梦天地宣布其自研自发的二次元战术射击手游《卡拉彼丘》全平台预约量已突破800万 大关，该产品确定将于今年10月正式上线国服移动端。作为公司"自研+海外发行"双轮驱动战略的核心 产品，这一数据远超其获得版号时的预约规模，彰显市场对国产创新射击游戏的高度期待。 点评：作为首个登陆沙特电竞世界杯的国产 ...

B站新游杀入三国SLG和休闲竞技卡牌两片"红海"。 9月10日，B站策略竞技卡牌新游《三国：百将牌》（下称《百将牌》）首曝。同时，官方宣布，游戏 已开启预约，10月即将开启首轮"牌一把"公开测试。 作为B站发行的第二款三国题材游戏，《百将牌》为全新非对称休闲竞技卡牌。据官方介绍，每局对战 时间压缩至三分钟以内；玩家可通过牌技收集一位位三国名将，并在经典战役中体验黄巾之战、虎牢关 之战、官渡之战等三国特色内容。 具体来看，该游戏主要特色为"英雄技能"。在开始游戏对局时，玩家可以在随机2—3名英雄中选择其一 进行游玩，每名英雄都有独特的技能效果。面对不同的敌人和手牌，有不同的制胜策略，玩家可通过释 放英雄技能和多元变牌机制改变牌局走势。另外，除了常规的1v2三人博弈，《百将牌》还推出了五 人"明暗身份"玩法，即2v3模式中，游戏分为明暗两大阵营，玩家需要警惕隐藏在己方阵营中的"卧 底"。 但需注意的是，《百将牌》面临的主要挑战或来自存量市场"竞争红海"。事实上，无论是三国SLG还是 休闲竞技卡牌，赛道竞争十分激烈。 尤其撑起国产游戏半壁江山的三国题材，各大游戏厂商均在此有所布局。除了阿里旗下灵犀互娱《三国 志·战 ...

Core Viewpoint - Xinghui Entertainment has transitioned from a peak in its sports business to a challenging phase, with significant losses in its football operations, while relying on its gaming segment for recovery [2][3]. Financial Performance - In the first half of 2025, Xinghui Entertainment reported a revenue of 11.35 billion yuan, a year-on-year increase of 84.58%, primarily driven by player transfer income and increased broadcasting rights, ticketing, and membership revenues following the return of Espanyol to La Liga [3][4]. - The net profit attributable to shareholders reached 1.6 billion yuan, a year-on-year growth of 186.78%, with the second quarter showing even stronger performance [3][4]. - The company achieved a significant cash flow from operations of 374 million yuan, up 737.97% from the previous year [4]. Sports Business Transition - The sale of Espanyol for 1.3 billion euros (approximately 10.88 billion yuan) marked the end of Xinghui's involvement in overseas football, with the company incurring a cumulative net loss of 442 million yuan from its sports business over the past seven years [2][5]. - The transfer fee from player Joan Garcia contributed significantly to the company's profits, with a payment of 26.34 million euros (about 2.19 billion yuan) received in June [5]. Gaming Business Challenges - Despite a rise in gaming revenue, the company faces challenges as the income from its top three games does not cover high promotional costs, indicating a strategy of "losing money for exposure" [9][12]. - The gaming revenue growth rates in domestic and international markets were 28.01% and 74.05%, respectively, attributed to the launch of several new games [7]. - The company is struggling with declining active and paying user numbers, raising concerns about the sustainability of its gaming lifecycle [11][12]. Future Prospects - Xinghui Entertainment is focusing on developing a tiered SLG product reserve system to maintain competitiveness, while also planning to launch new titles that have shown promising test data [12][17]. - The company is exploring the small program gaming sector, which requires purchasing traffic to enhance product visibility and user acquisition [17][18]. - However, the company's cash reserves are limited, with only 1.2 billion yuan available, making it challenging to compete in the high-cost environment of user acquisition [18].

Core Viewpoint - Xinghui Entertainment reported significant growth in revenue and profitability for the first half of 2025, primarily driven by player transfer income and increased broadcasting rights revenue from its football club operations [2][3]. Financial Performance - The company achieved a revenue of 1.135 billion yuan, representing a year-on-year increase of 84.58% [2]. - The net profit attributable to shareholders turned positive, reaching 155 million yuan [2]. - The net cash flow from operating activities surged by 737.97% to 374 million yuan [2]. Business Segments - The revenue breakdown shows that the football club business generated 502 million yuan, accounting for 44.23% of total revenue, with player transfer income contributing 217 million yuan and broadcasting rights income 172 million yuan [3]. - The football club segment achieved a net profit of 106 million yuan, marking a turnaround from previous losses [3]. Strategic Moves - Xinghui Entertainment is in the process of divesting its football club business, planning to transfer 99.66% of its stake in the Spanish club to Velocity Sports Ltd [3]. - The completion of this transaction is pending approval from the Spanish Sports Council, introducing uncertainty regarding the deal [3]. Other Business Segments - The gaming segment generated 406 million yuan in revenue, a year-on-year increase of 43.19%, but still recorded a net loss of 913.3 million yuan [4][5]. - The toy business achieved a revenue of 201 million yuan, growing by 8.46%, but net profit decreased to 33.01 million yuan from 35.97 million yuan in the previous year [6].

Core Viewpoint - The gaming industry is experiencing a surge in new game releases during the summer of 2025, driven by the availability of university students and major events like ChinaJoy, which encourages companies to showcase their new titles [3][5]. Game Releases - In June, 20 new games were launched in China, with July seeing over 20 additional titles set to release, including Tencent's "Star Resonance" and NetEase's "Unowned Star Abyss" [4][6]. - Notable games include "Limitless Machine" by Xishanju and "Carbon Island" by Tencent, both released on July 2, marking the start of the summer gaming season [4]. Market Dynamics - The gaming stock market has shown volatility, with significant gains on July 8, as companies like Iceberg Network and Giant Network saw increases of over 10% and 5% respectively [3][8]. - The approval of 757 game licenses in the first half of the year, including a record 158 in June, indicates a stable trend in the gaming industry [8]. Nostalgia and Updates - Established games are also seeing updates and new versions, such as the nostalgic version of "Fantasy Westward Journey," which has attracted significant player interest, leading to server congestion [6][7]. - The strategy of updating older games helps maintain player engagement and ensures stable revenue for gaming companies [7]. Policy Support - Various local governments have introduced supportive policies for the gaming industry, focusing on promoting game exports and integrating AI technology [8]. - The trend of regular game license approvals is expected to continue, fostering a more robust gaming environment [8]. Industry Trends - The gaming industry is witnessing a diversification of genres, with companies exploring new gameplay mechanics and AI integration [9]. - The emergence of party games like "Goose Duck" is expected to intensify competition among major players like NetEase and Tencent [9].