2025年，被视为"游戏大年"。国内游戏市场收入3507.89亿元，市场规模和用户规模均创新高。大量自研游戏也登上全球舞台，并正逐步成长为具有辨识度 的"文化名片"。 出海成绩亮眼的背后，是国内游戏厂商不断调整运营策略与研发思路。业内专家表示，AI依然是今年游戏产业的发展重点，有望成为多家公司海外市场拓 展的核心引擎。 "在全球经济波动、竞争加剧的背景下，我国游戏企业积极应对，展现出不凡的实力与韧性。"中国音像与数字出版协会第一副理事长、游戏工委主任委员张 毅君说。 精品化已成为全球游戏产业的共同方向。中国音像与数字出版协会理事长孙寿山表示，2025年被视为"游戏大年"，中国游戏正逐步成长为具有辨识度的"文 化名片"，成为世界读懂中国的重要窗口。 手游细分赛道跑出多匹"黑马" 中国游戏出海亮眼的成绩单背后，手机游戏细分赛道今年涌现多匹"黑马"，成为拉动增长的重要力量。行业数据显示，今年11月，共有33家中国厂商入围全 球手游发行商收入榜百强，合计收入达19.5亿美元，在百强总收入中占比35.8%，创下年内新高。 点点互动（北京）科技有限公司是其中增速尤为突出的一匹"黑马"。据全球知名移动应用市场研究机构App ...

Core Viewpoint - The gaming industry is leveraging artificial intelligence (AI) to enhance operational efficiency, innovate cultural dissemination, and enable cross-industry collaboration, with a focus on creating a new ecosystem of productivity through technology [1][10]. Group 1: AI in Game Development and Operations - AI has permeated the gaming industry, enhancing the entire process from project initiation to operation, driving a revolution in production efficiency [4][14]. - The company has developed a proprietary AI model, "Xiao Qi Model," which serves as the foundation for AI capabilities across various business applications, significantly improving the industrialization level of game development and operations [4][14]. - AI customer service has been implemented across all games, achieving over 80% accuracy in responses and saving approximately 30 personnel [5][14]. Group 2: Cultural Innovation and Dissemination - The company integrates intangible cultural heritage projects into games, utilizing digital and AI technologies to enhance cultural content and reach younger audiences [6][15]. - A virtual ambassador, "Cong Mei," has been created to promote local culture through AI-generated promotional materials, bridging the gap between gaming and cultural tourism [6][15]. - The combination of online gaming experiences and offline activities fosters a richer cultural exchange, enhancing both gaming content and tourism development [6][15]. Group 3: AI Applications Beyond Gaming - The company has developed an AI copyright protection system named "Ling Cha Cha," which utilizes AI algorithms and big data to monitor and respond to copyright issues effectively [7][16]. - An intelligent assistant for the city of Guangzhou has been created, providing real-time responses to citizen inquiries and enhancing the city's digital transformation [8][17]. - The company aims to collaborate with various government entities to further showcase the benefits of AI technology in urban development [9][18]. Group 4: Future Outlook - Embracing the AI wave is seen as essential for the future of the gaming industry, with a focus on technological empowerment and innovative growth to create a more imaginative digital gaming ecosystem [10][19].

Core Viewpoint - The 2025 Guangzhou Cultural Industry Trade Fair showcased over 1000 enterprises, promoting resource collaboration and high-quality development in the cultural and tourism sectors, with 37 Interactive Entertainment being a notable participant [1][10]. Group 1: Event Overview - The Guangzhou Cultural Industry Trade Fair was held in Pazhou, organized by the Guangzhou Municipal Government, highlighting cultural and tourism innovations from the Guangdong-Hong Kong-Macao Greater Bay Area and nationwide [1]. - 37 Interactive Entertainment was invited to showcase its "Cultural + Technology" integration and was recognized as one of the "Top 30 Cultural Enterprises in Guangzhou" [1][10]. Group 2: Strategic Partnerships - 37 Interactive Entertainment signed a strategic cooperation agreement with Guangzhou Cultural Group to enhance cultural IP co-creation and resource integration, aiming to drive industry development [3]. Group 3: Innovations and Achievements - The company presented its "Cultural + Tourism" and new productivity innovations, emphasizing a dual showcase of "Cultural Empowerment + Technological Breakthrough" [5]. - Key innovations included a special version of the game "Call Me the Boss" for the National Games, an AI-powered city service platform, and a game based on the "Understanding Guangzhou" cultural IP, promoting public engagement and cultural transformation [5][6]. Group 4: AI and Risk Management - The company introduced its AI model "Xiao Qi" and the "Ling Cha Cha" intelligent risk prevention system, which enhances copyright protection and brand content insights through advanced data analysis [6][8]. - "Ling Cha Cha" focuses on proactive copyright management, improving efficiency in identifying infringement and supporting reputation management for enterprises [8]. Group 5: Recognition and Future Outlook - 37 Interactive Entertainment has been recognized as one of the "Top 30 Cultural Enterprises in Guangzhou" for five consecutive years, reflecting its commitment to quality and innovation in the cultural and technological sectors [10][12]. - The company aims to continue its role as a "city partner," deepening the integration of technology and culture, and contributing to the high-quality development of cultural tourism in the Greater Bay Area [12].

今年以来，A股游戏指数一路高歌，年内涨幅已超60%。足以证明，游戏公司的价值远非昔日"宅经济"下的短暂热度可比，现阶段的增长具有坚实的内核 支撑。 行业数据同样印证了这一趋势。根据《2025年1-6月中国游戏产业报告》，上半年国内游戏市场实际销售收入达1680亿元，同比增长14.08%；用户规模增 至近6.79亿人，同比增长0.72%。市场规模与用户基数双双创下历史新高，为行业注入了持续发展的底气。 而刚刚过去的第三季度，则成为了游戏行业近年来最具标志性的"高光时刻"。头部公司业绩呈现爆发式增长，利润动辄翻倍，推动整个板块呈现出"火力 全开"的强势姿态。 1.A股游戏板块，凭什么爆发？ 总而言之，政策、技术与出海这三股力量正形成合力，共同推动游戏行业步入一个高质量、可持续的发展新周期。 2.AI不再是噱头，而是共识 多家机构的研报表明，AI已成为游戏行业不容忽视的关键变量。事实上，游戏可说是离AI与大模型最近的实践领域之一。 业内人士对八妹表示，从设计层面来看，AI不仅能实现智能NPC，提升对话的自然度与情感表现，模糊人机交互的边界，还能支持动态内容生成，自动构 建地图、关卡与剧情，并根据玩家行为提供个性化体 ...

Core Insights - The "Jiangsu Game Industry High-Quality Development Conference" was successfully held in Changzhou, Jiangsu, focusing on the theme of "New Trends and New Opportunities - Integration and Innovation Driving Industry Transformation" [1] - The conference gathered leaders from the Ministry of Propaganda and representatives from major digital cultural enterprises to discuss industry consensus, capture development opportunities, and promote project cooperation [1] Company Developments - Sanqi Interactive Entertainment collaborated with the Nanjing Health Commission to launch the first domestic game for assisting children with autism, "Star Life Paradise," which showed a 42% average improvement in attention span for children using it for over three months [3] - The company’s Vice President, Cheng Lin, delivered a keynote speech on "AI Empowerment: The Innovative Integration Journey of Sanqi Interactive Entertainment's Cultural Products," highlighting the innovative paths for high-quality industry development [3] AI Integration - Sanqi Interactive Entertainment introduced its self-developed game industry model "Xiao Qi," which covers the entire game business chain, enhancing efficiency in market analysis, product development, advertising, and customer service [5] - The use of AI technology in creative processes was demonstrated through multimodal image generation and one-click video creation, showcasing the potential of technology to enhance creative quality and efficiency [5] Cultural Integration - The company is actively involved in cultural integration by leveraging technology, culture, and sports, particularly as a "super partner" in Guangzhou, focusing on digital promotion and smart services [6] - Sanqi Interactive Entertainment produced a promotional video for the National Games, integrating sports passion and local culture, and launched a special version of "Call Me Big Boss" featuring the National Games [6] Future Directions - The deep collaboration between gaming and AI is seen as a core driver for future innovations, with Sanqi Interactive Entertainment planning to further develop its "Xiao Qi" model to expand the value boundaries of cultural products [6]

为了加强此次联动的互动性，三七互娱还在游戏内设置了"皖韵传习"答题活动，让玩家深入了解芜湖相 关历史人文与黄梅戏艺术精髓。玩家参与知识问答，既可获得奖励，还能在答题过程中遍览芜湖山水地 理，品味非遗文化的独特魅力，更能解锁黄梅戏经典剧目的专属图鉴。 作为芜湖"宣文艺旅"融合发展的创新试点，此次联动并非单向的文化植入，而是双向赋能的创新实践。 全网发布的联动宣传片，进一步引发用户的关注。三七互娱相关负责人表示，这种"政府指导+企业主 导+数字载体"的模式，既保证了文化传播的准确性，又兼顾了年轻群体的接受习惯，为地方文化IP打造 提供了可复制的范本。 山水入屏：非遗与建筑在游戏中焕发新生 当芜湖古城的青石板路遇上数字像素的细腻勾勒，当黄梅戏的婉转唱腔融入游戏场景的沉浸式体验，当 徽商的传奇故事通过互动玩法代代相传——在安徽省委宣传部的指导下，三七互娱（002555）旗下文明 超进化题材游戏《时光大爆炸》与芜湖市委宣传部携手推出的"皖韵商潮"联动版本于近日正式上线，为 徽派文化的数字化传播写下了浓墨重彩的新篇章。 这并非一次简单的跨界联动，而是三七互娱深耕安徽文化、践行"数字赋能文旅"理念的又一尝试，其早 已构建起 ...

Core Insights - The feedback from over 4,000 Gen Z users across Europe, the Middle East, and North America highlights the strong potential of Chinese gaming as a cultural export and recognizes the efforts of the company in global markets [2] - The company has been a pioneer in overseas market exploration since 2012, operating in over 200 countries and regions, and has released nearly 250 games across various genres [2] - The company's overseas revenue has seen exponential growth, increasing from 356 million yuan in 2015 to 5.722 billion yuan in 2024, representing a nearly 15-fold increase and accounting for 33% of total revenue [2] - In the first half of this year, the company's overseas revenue reached 2.724 billion yuan [2] Product Performance - The game "Puzzles & Survival" has achieved significant global success with cumulative revenue exceeding 10 billion yuan, while "Puzzles & Chaos" has surpassed 15 million global players and ranked among the top 20 strategy games in over 80 regions [2] - The culturally themed game "Call Me Big Shopkeeper" has broken barriers for traditional Chinese games in the Western market, becoming a benchmark for cultural export [2] Global Strategy - The company's global strategy focuses on "integrated research and operations, IP ecosystem, and technology empowerment," breaking down barriers between development and publishing to incorporate localization from the project's inception [3] - A refined operational system has been established to address cultural differences in various markets, allowing for tailored customization of game elements [3] - The company employs a dual-track approach to IP development, creating original IPs while adapting popular domestic IPs for global audiences, thereby facilitating cultural exchange [3] Technological Empowerment - The company has developed over 40 AI capabilities and more than 400 intelligent agents across its business chain, with AI-generated video content accounting for over 70% of advertising efforts [4] - AI translation supports 18 languages with a 95% accuracy rate, covering 85% of overseas games, enabling rapid response to Gen Z user demands [4] - The company aims to deepen its "premium, diversified, and global" strategy by leveraging AI and big data to enhance its research and operations system while promoting traditional Chinese culture through gaming [4]

Core Viewpoint - A game company, Quanzhou Yanqu Network Technology Co., Ltd., acquired the R&F Wanda Hotel in Quanzhou for 331 million yuan, which is 70% of its assessed value of 473 million yuan [1][2] Group 1: Acquisition Details - The hotel has a land area of 183,376.6 square meters and a building area of 47,767.47 square meters, with a planned use for hotel and actual use for commercial, office, and guest rooms [1] - The hotel was auctioned by the Intermediate People's Court of Guangzhou through JD's judicial auction platform [1] - The acquisition price of 331 million yuan is significantly lower than the market reference price of 473 million yuan [1][2] Group 2: Company Background - Quanzhou Yanqu Network Technology Co., Ltd. was established in February 2025 with a registered capital of 1 million yuan, primarily engaged in software and information technology services [1] - The company is controlled by Xiamen Luqu Consulting Management Co., Ltd., which is a wholly-owned subsidiary of Xiamen Yanqu Network Technology Co., Ltd. [1] Group 3: Future Plans - Yanqu Network plans to build a global headquarters building on a recently acquired land parcel in Xiamen, with a total investment of 150 million yuan, expected to start construction in March 2024 and complete by March 2029 [2] - The company has released several games, including "Call Me the Grandmaster" and "Seeking the Dao of the Universe," with more titles planned for future release [2] Group 4: Industry Context - The R&F Wanda Hotel was originally part of Wanda Group and was taken over by R&F Properties in 2017, following a significant acquisition of hotel assets [4] - R&F Properties has faced financial difficulties, leading to the sale of multiple hotel assets since 2022, including properties in major cities like Guangzhou and Beijing [4][5] - As of the end of 2024, R&F Properties' hotel count has decreased significantly to 22, following asset management changes [5]

Core Viewpoint - The recent administrative penalties imposed on 37 Interactive Entertainment due to multiple violations over six years have raised concerns about trust and credibility in the gaming industry, highlighting the need for compliance and ethical operations to sustain long-term growth [1][2][4]. Group 1: Violations and Penalties - 37 Interactive Entertainment and its chairman Li Weiwei received a notice from the China Securities Regulatory Commission (CSRC) detailing four major violations, including false disclosures of shareholder holdings and undisclosed related party transactions from 2014 to 2021 [1][2]. - The penalties include a fine of 9 million yuan for the company, 14 million yuan for Li Weiwei (5 million yuan for direct responsibility and 9 million yuan as the actual controller), and fines for other executives totaling 3.25 million yuan [2][3]. Group 2: Industry Context and Implications - The incident reflects a broader trend in the gaming industry, where financial manipulation is prevalent, and may serve as a turning point for regulatory scrutiny, prompting companies to rethink their growth strategies [3][4]. - The gaming sector, characterized by light asset models and high valuations, is particularly vulnerable to financial misconduct, as evidenced by the recent penalties against 37 Interactive Entertainment and its competitor Century Huatong [3][4]. Group 3: Company Performance and Strategy - Despite the penalties, 37 Interactive Entertainment reported a revenue of 12.461 billion yuan for the first three quarters of 2025, a year-on-year decline of 6.59%, while net profit increased by 23.57% to 2.345 billion yuan [6]. - The company’s R&D investment for the same period was 512 million yuan, representing 4.5% of its revenue, significantly lower than competitors like Tencent and NetEase, which invest over 10% of their revenue in R&D [6][7]. Group 4: Market Reaction and Future Outlook - Following the announcement of penalties, the company's stock price experienced a slight decline but later achieved a record one-day limit-up, indicating mixed market sentiment and speculation about potential recovery [5]. - The company aims to enhance its competitive edge through AI technology, which may help it navigate compliance challenges and expand in overseas markets [9].

Core Insights - The 2025 Guangzhou Animation and Game Festival (AGF×CICF) successfully attracted over 450,000 attendees and featured more than 1,000 top brands and 7,000 IP-related products from October 2 to 5 [1] - Guangdong's six major "policy packages" aimed at promoting high-quality development in the cultural industry have received positive feedback from industry leaders, indicating a strong potential for the two-dimensional economy, particularly in gaming and animation, to become a new growth engine for the Guangdong-Hong Kong-Macao Greater Bay Area [3][17] Policy Support - The "policy packages" include 87 specific measures across six sectors, including film, performing arts, animation, online games, e-sports, and online audio-visual content, providing substantial support for the cultural industry [3][19] - Local governments are also introducing complementary policies to support high-quality development in the cultural industry, such as Guangzhou's Huangpu District offering up to 20 million yuan in subsidies for qualifying units [28][30] Industry Events - Multiple animation and gaming exhibitions were held during the National Day holiday, serving as platforms for companies to showcase their latest products and stimulate the holiday economy [6][12] - The AGF and CICF featured over 100 unique events, including the 22nd Golden Dragon Awards and various gaming competitions, with an exhibition area of 82,000 square meters [8][52] Economic Impact - The events not only provide immersive experiences for the Z generation but also effectively stimulate the holiday economy and cultural tourism resources [6][10] - The integration of various cultural elements, such as traditional culture and modern gaming, is seen as a way to enhance consumer engagement and drive economic growth [25][42] Industry Collaboration - Experts emphasize the importance of establishing a unified talent qualification recognition system and a collaborative development fund for the animation and gaming industries across the Greater Bay Area [38][40] - The need for cross-industry collaboration is highlighted, with suggestions to integrate high-quality IP into local theme parks and cultural sites to enhance the cultural tourism experience [40][42] International Expansion - The "policy packages" and local measures are designed to encourage cultural products and enterprises to expand internationally, with a focus on leveraging the Greater Bay Area's advantages for global outreach [46][50] - Successful examples of international expansion include the game "Ningchao," which topped the App Store charts in multiple countries and regions shortly after its release [48]