此前，有玩家举报称，发现不法分子在电商平台销售使用《原神》角色"可莉"形象的盗版侵权手办。经 警方调查发现，该案背后潜藏着一个制售盗版侵权手办的黑灰产链条，警方随即将参与盗版手办生产、 销售环节的万某发、张某义、张某抓获，并查扣涉案侵权手办，下架相关销售链接。江苏省宜兴市人民 检察院随后对上述人员及生产侵权手办的某玩具公司提起公诉。诉讼过程中，被害方提起附带民事诉 讼，请求判令某玩具公司依据相关违法经营数额，全额赔偿经济损失25万余元。 经检察机关审查认定，该批盗版手办由某玩具公司生产，公司实际负责人万某发累计生产各类侵权手办 6万余件，其中包含"可爱看看""甜品可莉"两款盗版侵权手办共计16000余件，属于未经被害方许可，复 制该公司名下《原神》游戏中的可莉角色设定及静态手办等已版权登记的美术作品的情形。 除涉《原神》角色的侵权手办外，某玩具公司还生产了大量涉及其他游戏、动漫IP的非法手办。张某义 作为某玩具公司员工，负责相关侵权手办的库存管理、发货运输。张某则伙同他人，通过电商平台销售 前述侵权手办，牟取非法利益，截至案发已累计销售侵权手办1万余件。 江苏省宜兴市人民法院审理后认定，某玩具公司犯侵犯著作权 ...

Core Viewpoint - The competition in the AI sector during the Spring Festival has overshadowed the music industry, where ByteDance's "Soda Music" is rapidly gaining market share, posing a significant threat to NetEase's "NetEase Cloud Music" [2][44]. Group 1: Market Dynamics - The top four free apps on the App Store are all AI-related, while "Soda Music" ranks fifth, indicating a shift in user interest towards AI applications [2]. - "Soda Music" has reached nearly 140 million monthly active users, growing from 120 million to 130 million between September and November 2025, representing a year-on-year increase of 90.7% [6]. - The daily active users of "Soda Music" have surpassed those of "NetEase Cloud Music," which has only seen a 1.5% year-on-year growth in monthly active users, indicating stagnation after over ten years of operation [7][8]. Group 2: Competitive Strategies - ByteDance's growth strategy for "Soda Music" leverages organic traffic from Douyin (TikTok), with 82.1% of its monthly active users coming from the platform, creating a new music consumption habit [12]. - In contrast, NetEase Cloud Music is struggling with community engagement dilution, as its once-vibrant comment sections have become less meaningful due to a shift in user behavior towards Douyin [15][16]. - NetEase's strategy to support independent musicians has not compensated for the lack of access to major music licenses, limiting its appeal to mainstream users [20]. Group 3: Challenges Faced by NetEase - NetEase Cloud Music's revenue for 2025 was 7.76 billion yuan, a slight decline from 8 billion yuan in 2024, indicating a contraction rather than growth [24]. - The competitive landscape in gaming is also shifting, with NetEase's game revenue growth slowing down, highlighting a broader issue of stagnation across multiple business segments [28]. - The company faces pressure from various fronts, including music, gaming, AI, and e-commerce, with a lack of cohesive strategy leading to vulnerabilities [31][32]. Group 4: Strategic Implications - The traditional strategy of slow, quality-focused development may not be effective in the fast-paced AI era, where speed and scale are critical [35]. - NetEase's lack of an integrated ecosystem compared to competitors like ByteDance and Tencent limits its ability to compete effectively in the AI and music markets [37]. - The urgency for NetEase to adapt and find a new narrative is critical, as the competitive landscape continues to evolve rapidly [40][45].

【环球时报驻法国特派记者 尚凯元 环球时报记者 李迅典 刘雅婷】编者的话：随着春节被列入联合国教科文组织人类非物质文化遗产代表作名 录，在海外的春节庆祝活动中也不断涌现出新形式。从英歌舞赴海外演出，到中国机器人加入巡游活动，再到中国网游让海外玩家"云体验"春 节，《环球时报》记者采访多位相关人士，听他们讲述如何向世界传递春节新年味。 世界舞台上的英歌舞 作为岭南年俗中最具视觉冲击力的民间舞蹈之一，英歌舞近年来频频"出圈"，成为海内外春节期间一道极具辨识度的文化风景。2024年春节期 间，广东普宁南山英歌队受邀赴英国演出。6分钟的英歌表演《英歌雄风》在伦敦街头吸引逾70万人围观。"出发前，其实我心里是有担忧的。"普 宁南山英歌队教练、普宁英歌舞国家级代表性传承人陈来发在接受《环球时报》记者专访时谈起当年的伦敦之行，"我担心我们中国的民间文化在 欧洲能不能被接受，当地观众会不会喜欢。" 然而，担忧很快被现场的热烈反响所取代。巡游开始后，伦敦街头人潮涌动，观众自发跟随鼓点节奏拍掌、摆动。"很多人站起来为我们鼓掌。那 一刻我们非常自豪，也真切感受到他们对这种民间舞蹈的喜爱。"陈来发说。 在陈来发看来，英歌舞能够跨越语 ...

Core Viewpoint - MiniMax has experienced a remarkable stock price surge since its debut on the Hong Kong stock market on January 9, reaching a market capitalization of over HKD 200 billion following the release of its new model M2.5, which has drawn significant attention and investment returns for its backers, particularly miHoYo, which has seen a substantial profit from its early investment [1][3][6]. Group 1: MiniMax's Performance and Market Response - MiniMax's stock price increased by over 13% on February 13, 2023, following the announcement of its new model M2.5, which is said to match the performance of Claude Opus 4.6 [1][2]. - The market responded quickly, with MiniMax's market capitalization exceeding HKD 200 billion [3]. - The company has achieved a unique position in the Chinese large model landscape, having gone from establishment to IPO in just four years [2]. Group 2: Investment and Returns - miHoYo, a gaming company, was one of the angel investors in MiniMax, investing at a post-money valuation of USD 200 million, and has since seen its investment return exceed 100 times [4][6]. - miHoYo's stake in MiniMax increased to 7.34% during subsequent funding rounds, and it currently holds approximately 5.24% of the company post-IPO, translating to a book value of nearly RMB 10 billion [5][6]. - Other notable investors in MiniMax include Hillhouse Capital, IDG Capital, Sequoia China, Alibaba, Tencent, and several others, indicating a broad and significant backing for the company [6]. Group 3: miHoYo's Financial Performance - miHoYo has disclosed that it has paid a total of RMB 15 billion in taxes from 2021 to 2025, reflecting its substantial revenue growth [11]. - In 2021, miHoYo reported a revenue of RMB 27.34 billion and a net profit of RMB 16.145 billion, with tax contributions increasing from RMB 1.8 billion in 2021 to a projected RMB 15 billion by 2025 [11][12]. - The company has made significant investments in various sectors, including technology and gaming, and has been actively involved in the IPO process of other companies [12][14].

Core Viewpoint - MiniMax has achieved a market capitalization exceeding 200 billion HKD since its listing on the Hong Kong stock exchange, driven by the launch of its new model M2.5, which has garnered significant market attention and investor returns [2][3]. Group 1: MiniMax's Market Performance - MiniMax's stock price surged over 13% on February 13, 2023, following the announcement of its M2.5 model, which is comparable to Claude Opus 4.6 in performance [3]. - The company reached a market valuation of over 200 billion HKD shortly after its IPO, marking a significant milestone in the tech industry [2][3]. Group 2: Investment Landscape - MiHoYo, a gaming company, was a key angel investor in MiniMax, investing at a post-money valuation of 200 million USD, and has seen its investment return exceed 100 times [4][5]. - Other notable investors in MiniMax include Hillhouse Capital, IDG Capital, Sequoia China, Alibaba, Tencent, and several others, indicating a strong backing from prominent venture capital firms [5]. Group 3: MiHoYo's Financial Contributions - MiHoYo has disclosed that it will contribute a total tax of 150 billion CNY over five years from 2021 to 2025, showcasing its significant financial impact [10][11]. - The company's tax contributions have increased from 1.8 billion CNY in 2021 to a projected 150 billion CNY by 2025, reflecting its rapid revenue growth [10]. Group 4: MiHoYo's Investment Strategy - MiHoYo has diversified its investment portfolio, backing various innovative projects, including brain-computer interfaces and private space ventures, indicating a forward-thinking investment approach [12][13]. - The company has positioned itself as a significant player in the venture capital space, actively engaging with young, tech-driven entrepreneurs [13].

所谓"情感公约数"，是指不同文化背景下人们共享的情感母题与心理认同。《黑神话：悟空》主角"天 命人"挑战宿命、突破桎梏的叙事，与西方文化中的"英雄之旅"叙事传统不谋而合——不论东西，一个 普通人反抗命运、追寻自我的故事总能激起共情。从这一起点出发，如何让海外玩家真正理解中国文化 的独特内涵，考验着创作者在文化触达上的功力，而翻译与本地化，正是其中的关键一环。 《黑神话：悟空》的翻译策略颇具巧思。例如，游戏将"悟空""金箍棒"等词语直接音译，保留其独特的 文化意味；游戏团队选择了"Loong"而非"Dragon"作为"龙"的翻译——西方语境中，龙是口吐烈焰的怪 兽，在中国，龙则象征祥瑞。创作者乐于保留差异，从一个个名词出发，吸引海外玩家逐步进入中国文 化的理解框架。当越来越多人主动翻开《西游记》外文译本时，《黑神话：悟空》已完成它最重要的使 命。 《原神》选择了另一条文化触达路径。游戏设定了中国风格的"璃月"、欧洲风格的"蒙德"等面貌各异的 区域，让全球玩家都能找到熟悉的文化入口，在对照中感知中华文明的独特气质。游戏还推出《流光拾 遗之旅》系列纪录片，以内画、龙泉青瓷烧制、金银细工等非遗技艺结合游戏元素，邀请非 ...

Core Insights - The 2025 China Unicorn Rankings report highlights a slowdown in primary financing, a surge in secondary listings in Hong Kong, and explosive growth in three key sectors: AI, new energy, and robotics [3][5]. Financing and Market Trends - As of May 2025, the total scale of Chinese unicorns reached 8.46 trillion yuan, a slight increase of 0.23% from 2024 [3]. - The number of new unicorns is insufficient to fully replace those that have gone public, with notable companies like Mixue Ice Cream and Horizon Robotics achieving pre-IPO valuations exceeding 60 billion yuan [3]. - The trend of unicorns choosing to list in Hong Kong is significant, with 60% of unicorns opting for this route between April 2024 and April 2025, and 67% of these companies seeing an increase in market value post-IPO [4][33]. Sectoral Growth - The unicorn landscape is dominated by three core areas: AI applications, emerging technologies (commercial aerospace, biotechnology, AI+AR), and cultural exports through social media and gaming [5][14]. - In the AI sector, there are 39 unicorns, with a total valuation of 262.2 billion yuan, making it the leading area of growth [6][8]. - The intelligent driving sector is also thriving, with companies like Yihang Intelligent achieving valuations in the hundreds of billions [11]. Regional Insights - Hangzhou and Shenzhen are emerging as strongholds for new unicorns, while Beijing and Shanghai remain foundational for innovation [4][20]. - Beijing leads with 65 unicorns valued over 3 trillion yuan, accounting for 35.6% of the national total [23]. - Shenzhen has 30 unicorns with a total valuation of 926.9 billion yuan, showing a 13% increase from 2024 [29]. IPO Trends - The number of unicorns going public has decreased, with 40 companies listing between April 2024 and April 2025, totaling a market value of 104.2 billion USD, down from 54 companies and 168.2 billion USD in 2024 [33][34]. - The average market value of listed unicorns has also declined, with Hong Kong becoming the preferred market for smaller unicorns [36][38]. Cultural and Gaming Exports - The cultural export sector is gaining traction, with companies like ByteDance and Xiaohongshu leading the way in global user engagement and revenue growth [17][18]. - The gaming industry is also a significant contributor to cultural exports, with titles like "Black Myth: Wukong" achieving nearly 1 billion USD in revenue [18][19].

当我的社交平台上开始不断被《原神》"万马奔腾"入侵；当我看见去年下半年《和平精英》的UGC平台"绿洲启元"里有头部创作小团队单月创收突破2000 万元；也当我看见《蛋仔派对》里有越来越多的中小创作者，乃至大学生在其中创业成功…… 很明显，你可以看到 UGC 项目的潜力和影响力巨大，并且对于它的潜力，全世界的游戏厂商都是明了的，但它确实缺少一个"天时地利人和"。 一转头，还有今年听过参加过的好几场AI技术游戏领域应用会议内容，以及各家大厂在UGC内容编辑器上的持续优化，激励金的不断加码，这一切的信 息在我脑海里不断回想，并让我越来越确信，UGC模式赛道，终于迎来了它最好的迎风生长期。 门槛降下来了 关于UGC模式，其实并不是最近几年才有或者开始被人熟知的。 即使去年的UGC风潮刮得相当猛，也诞生了不少高DAU高收入的项目产品，但回顾过往游戏史的更成功案例，今年的这些项目明显还尚未达到书写历史 的程度，尤其当过往部分UGC项目极具影响力，甚至至今仍在影响游戏市场时。 比如《CS（反恐精英）》诞生于Valve《半条命》这款游戏的关卡编辑器；《魔兽争霸3》更是催生了无数的经典UGC项目甚至开创了MOBA这一个全新 的 ...

" 从弃之可惜的「拖油瓶」，到炙手可热的「股价担当」，真的只 有一封解散信的距离。 " 作者丨胡家铭 编辑丨董子博 "还差几个小时，《心动小镇》的解散内部信，就会发到各个项目组人员手上"，一想到当时的情景，前心 动员工曼波还是会至今记得那种窒息感。 那是2023年中，心动网络的至暗时刻。股价从云端的113港元跌落至7.4港元/股，市值蒸发逾90%。 但在最后关头，一群由心动元老组成的"白骑士团"拦住了黄一孟。在那场漫长且激烈的博弈后，解散信被 撤回了。 生存的筹码是昂贵的。 黄一孟虽然收回了屠刀，却也开出了近乎苛刻的留存条件：《心动小镇》的项目组 可以保留，但人数从近100锐减到50人以下，且宣发资源近乎清零。一切只为研发，一切只为上线。如 此"铁血"不为其他，只为项目和公司的生存。 直到2026年，《心动小镇》终于在海外数十个国家登顶，新增用户超过1000万，公司股价也离前高不算 太远。《心动小镇》，算是彻底找回了场子。 项目海外多国登顶之后，外界看到的或许是"长期主义的胜利"。那些曾经力劝黄一孟留下项目的"白骑 士"们，或许也会心一笑，又回想起力劝黄一孟"刀下留人"的那个下午。 01 面对接连失利的新游和 ...

Core Insights - The gaming industry has undergone significant changes, transitioning from a phase of rapid expansion to a prolonged period of stabilization and uncertainty, leading many individuals to reconsider their career paths and explore alternative opportunities [2][3][4] - The narrative highlights the diverse experiences of former gaming professionals who have transitioned into various fields, emphasizing that a career in gaming does not have to define one's identity or future [2][3][4] Group 1: Industry Dynamics - The gaming industry has created myths and opportunities but has never guaranteed stability, with projects often being canceled and team structures frequently changing [2][3] - As of 2024, the industry is expected to move away from aggressive growth, entering a phase of reflection and adjustment, which has resulted in layoffs and voluntary departures [2][3] - The experiences of individuals in the industry reveal a common theme: the need to redefine personal and professional identities beyond the confines of gaming [2][3][4] Group 2: Individual Experiences - Janson's journey illustrates the challenges faced in large gaming companies, where project failures often stem from misalignment between company capabilities and project demands [3][4][9] - The narrative of Sweet Rice Wine highlights the toxic work environment in certain project teams, where unhealthy competition and poor management practices led to a decline in mental well-being [24][30][31] - Summer's experience reflects the pressures of the gaming industry, where high expectations and project instability can lead to burnout, prompting a shift towards a more stable career in academia [42][54][62] Group 3: Career Transitions - Many former gaming professionals have successfully transitioned to diverse fields, such as consulting, academia, and independent game development, showcasing the versatility of skills acquired in the gaming industry [21][37][56] - The stories of individuals like Janson and Sweet Rice Wine emphasize the importance of finding a work environment that aligns with personal values and well-being, rather than merely pursuing high salaries [21][37][56] - The ongoing trend of individuals leaving the gaming industry for more stable and fulfilling careers suggests a broader reevaluation of work-life balance and job satisfaction within the sector [2][3][4]