《嘟嘟脸恶作剧》国服定档12月18日 在当前移动端开放世界手游普遍存在"高肝度""长耗时"的市场环境下，《嘟嘟脸恶作剧》以"反套路"的轻量玩法构建差异化优势。据官方介绍，游戏设计 核心围绕"减压"展开：日常玩法耗时控制在每日10分钟内，避免传统手游30-60分钟的日常任务消耗；同时创新"全场景互动捏脸"机制，玩家可对游戏内 角色进行揉搓、弹压等操作，可爱画风搭配"面团般的触感反馈"，形成独特的情绪释放体验。 《嘟嘟脸恶作剧》国服定档12月18日 公开信息显示，《嘟嘟脸恶作剧》在海外市场已积累较高人气。在韩国本土，该作与《胜利女神：妮姬》(NIKKE)、《碧蓝档案》并称当地"三大热门二 次元手游"，上线一年半内多次登顶韩国二次元游戏销量榜。 扬子晚报网11月25日讯(记者姜天圣)近日，由韩国研发团队Epid Games开发、哔哩哔哩(B站)代理发行的热门手游《嘟嘟脸恶作剧》正式宣布国服公测定档 12月18日，同步在B站发布定档PV。这款以"超解压"为核心标签的作品，此前已在海外市场掀起热潮，目前国服预约量即将突破200万，官方同步推出多 重预约福利，有望成为2025年末移动端游戏市场的"轻松向"黑马。 《嘟嘟脸 ...

Core Viewpoint - The company is expected to see a slight revenue growth in Q3 2025, driven by various business segments, while the gaming sector faces challenges with declining sales [4][5]. Revenue Forecast - The company anticipates Q3 2025 revenue of 7.65 billion RMB, representing a year-over-year increase of 4.7%. The revenue breakdown by business segment is as follows: gaming at 1.52 billion RMB (down 16.5%), VAS at 3.12 billion RMB (up 10.5%), advertising at 2.52 billion RMB (up 20%), and e-commerce at 490 million RMB (down 14%) [4]. Gaming Business Update - The self-developed game "Escape from Duckov" launched globally on October 16, achieving over 500,000 sales within three days and surpassing 1 million sales by October 22, with a projected revenue of over 150 million RMB [5][6]. - The international version of "Dudu Face Prank" was released on October 9, generating an estimated revenue of 4.02 million RMB in its first three days, with Japan, Taiwan, and the USA being the largest markets [5][6]. - A new game titled "Three Kingdoms Hundred Generals Card" is in development, targeting strategy game enthusiasts and expected to enter testing on October 30, with a launch anticipated in early 2026 [6]. AI Product Development - The company has launched AI translation features for content creators, enhancing user engagement and experience. Additionally, an AI video tool named "Peanut AI" is in internal testing, allowing creators to generate videos quickly [7]. - In advertising, the company has introduced AI capabilities across the ad placement process to improve creative efficiency and effectiveness, including AI-generated titles and automatic modifications of rejected materials [7].

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing up 0.65% at 26,027.55 points and a total turnover of HKD 2,646.57 million [1] - Short-term volatility is expected, but long-term growth is anticipated due to developments in the AI industry, improved US-China relations, and policy implementations [1] Blue-Chip Stocks Performance - China Life (02628) led blue-chip stocks, rising 6.04% to HKD 24.94, contributing 16.55 points to the Hang Seng Index [2] - The company projected a net profit of RMB 156.79 billion to RMB 177.69 billion for the first three quarters of 2025, representing a year-on-year increase of 50% to 70% [2] - Other notable blue-chip performances included BYD Electronics (00285) up 3.77%, Techtronic Industries (00669) up 3.7%, while China Telecom (00728) and China Resources Mixc Lifestyle (01209) saw declines [2] Sector Highlights - Major technology stocks saw gains, with Alibaba and Kuaishou both rising nearly 2%, and Tencent up 0.48% [3] - The Apple concept stocks performed well, driven by strong demand for the iPhone 17 series, with several companies in the supply chain seeing significant increases in stock prices [4] - Insurance stocks generally rose, with China Life and New China Life both reporting substantial profit increases for the first three quarters of 2025 [5] Automotive Sector - The automotive sector continued its upward trend, with Xpeng Motors (09868) up 3.75% and Geely Automobile (00175) up 3.23% [5] - The China Association of Automobile Manufacturers reported record production and sales for new energy vehicles in September, with year-on-year growth of 23.7% and 24.6% respectively [6] Oil and Gas Sector - Some oil and gas stocks strengthened, notably Sinopec Oilfield Service (01033) which surged 12% [7] - The "Deep Earth Economy" is gaining attention as a strategic emerging industry, focusing on resource exploration and underground space utilization [7] Notable Stock Movements - Jushuitan (06687) debuted with a 23.86% increase, closing at HKD 37.9, focusing on e-commerce SaaS solutions [8] - Tsugami Machine Tool (01651) reached a new high with a 9.63% rise, forecasting a 48% increase in net profit for the first half of the 2026 fiscal year [9] - Bosideng (03998) rose 9.11% as colder weather is expected to boost winter clothing sales [10] - Bilibili-W (09626) gained 8.88% following successful game releases [11] - Aux Electric (02580) increased by 7.59% after announcing a dividend payout plan [12]

Core Viewpoint - Bilibili's stock price has increased by over 9%, reaching 229 HKD, with a trading volume of 926 million HKD, driven by strong game sales and positive financial forecasts [1] Game Performance - The newly released game "Escape from Duckkov" has sold over 500,000 copies since its launch on October 16 [1] - The international version of the card RPG game "Dudu Face Prank" topped the free iOS game charts in Hong Kong, Macau, and Japan shortly after its release on October 9 [1] - A new game titled "Three Kingdoms: Hundred Generals Card" is set to begin testing in October [1] Financial Outlook - According to招商证券, Bilibili's advertising and gaming businesses continue to perform well, with a rich pipeline of new games and gradual release of commercial value [1] - The company is expected to achieve revenue of 7.6 billion CNY in Q3, representing a year-on-year growth of 4% [1] - Adjusted net profit for the same period is projected to be 650 million CNY, reflecting a year-on-year increase of 175% and a quarter-on-quarter increase of 16% [1] - The firm is optimistic about the acceleration of commercialization and the release of operational leverage, which will enhance profitability [1]

Core Viewpoint - Bilibili-W is expected to report Q3 2025 revenue between 76.00 and 77.78 billion yuan, representing a year-on-year growth of 4.0% to 6.5%, with net profit projected between 2.36 and 3.61 billion yuan, showing a significant increase of 396.8% to 554.0% [1][3] Revenue and Profit Forecast - Q3 revenue forecast: 76.00 to 77.78 billion yuan, with a year-on-year growth of 4.0% to 6.5% [1][3] - Q3 net profit forecast: 2.36 to 3.61 billion yuan, with a year-on-year growth of 396.8% to 554.0% [1][3] - Adjusted net profit forecast: 5.91 to 6.93 billion yuan, with a year-on-year growth of 150.2% to 193.4% [1][3] Recent Performance Insights - In Q2 2025, Bilibili-W reported revenue of 73 billion yuan, a year-on-year increase of 19.8%, with a gross profit margin of 36.5% [4] - Non-GAAP net profit for Q2 2025 was approximately 5.6 billion yuan, with a net profit margin of about 7.7% [4] - Daily active users reached 109 million, and monthly active users reached 363 million, with over 31 million monthly paying users, a 9% year-on-year increase [4] Business Segment Performance - Advertising revenue grew by 30% year-on-year, with the number of advertisers increasing by over 20% [4] - Mobile gaming revenue increased by 60% year-on-year, with several games leading sales charts [5] - Live streaming and value-added services revenue grew by 11% year-on-year, with monthly paying users exceeding 31 million [5]

Core Insights - The mobile game "Dudu Face Prank," developed by the Korean team Epid GAMES and published by Bilibili outside of Korea, launched internationally on October 9 and has achieved significant early success in various markets [1][2]. Market Overview - As of October 13, "Dudu Face Prank" ranks first on the iOS free charts in Hong Kong, Macau, and Taiwan, and second in Japan [3]. - The game accumulated over 320,000 downloads across both platforms within two days of its launch [5]. - Revenue generated in the first two days exceeded 2.16 million, excluding platform fees [6]. Game Features and Design - The game offers a "super-saturated welfare" system, providing players with 130 free draws upon login and a total of 300 draws in the first week, significantly more than typical offerings in the genre [8]. - Unique gameplay features include real-time interactive character customization using Live2D technology, enhancing user engagement through playful interactions [10]. - The game is designed for "casual play," with daily tasks taking only 15-20 minutes to complete, catering to players' fragmented time availability [10]. Marketing Strategy - The marketing campaign began in early September, with increased efforts on the launch day [12]. - Promotional materials focus on the game's core selling points: character interaction, high welfare offerings, and a cute aesthetic [14][20]. - The marketing approach emphasizes low-cost strategies, utilizing smaller influencers and social media platforms to maintain a balanced ROI [26]. Bilibili's Strategic Shift - Bilibili's decision to publish "Dudu Face Prank" reflects a strategic pivot from heavy-duty games to lighter, more casual offerings, addressing the growing demand for low-pressure gaming experiences [28]. - The game fills a gap in Bilibili's portfolio for lightweight games, complementing its existing heavy-duty titles [28]. - The potential for success in the Chinese market is promising, given the game's appeal to Bilibili's large user base and its compatibility with the platform's community-driven content [29].

Core Viewpoint - Bilibili (BILI.US) shares rose over 5% to $30.05 following the announcement of new game releases, indicating positive market sentiment towards the company's upcoming gaming portfolio [1] Group 1: Game Releases and Expectations - Bilibili announced the upcoming release of the asymmetric strategy card game "Three Kingdoms: Hundred Generals Card" on October 10, with expectations for a formal launch in early 2024 [1] - The company is set to launch the exclusive SLG game "Three Kingdoms: Strategize the World," which is anticipated to perform well, contributing to revenue growth [1] - Management expects "Three Kingdoms: Hundred Generals Card" to achieve daily active users (DAU) in the million range, with a formal release planned for the 2026 Spring Festival [1] Group 2: Additional Game Releases - "Dudu Face Prank" is a mobile anime RPG featuring cute characters, expected to launch in Q4 of this year [1] - "Escape from Duckkov" is a single-player top-down shooter PC game, also anticipated to be released in Q4 of this year [1]

Core Viewpoint - Bilibili (BILI.US) has seen a stock increase of over 5%, reaching $30.05, following the announcement of its new game "Three Kingdoms: Hundred Generals Card" set to begin testing in October, with expectations for significant contributions to revenue in 2024 [1] Group 1: Game Releases and Expectations - The game "Three Kingdoms: Hundred Generals Card" is a non-symmetric strategy casual card game, with management anticipating it will achieve daily active users (DAU) in the millions, officially launching during the 2026 Spring Festival [1] - Bilibili is set to launch an exclusive SLG game titled "Three Kingdoms: Strategize the World" in 2024, which is expected to perform well and contribute to revenue growth [1] - Additional game releases include "Dudu Face Prank," a mobile anime RPG expected to launch in Q4 of this year, and "Escape from Duckkov," a single-player top-down shooter PC game also anticipated for Q4 release [1]

Group 1 - Bilibili (BILI.US) pre-market shares increased by 3.48%, reaching $25.3 [1] - Goldman Sachs reported that Bilibili participated in its Asia-Pacific Leaders Forum, discussing game product lines and release schedules [1] - Management highlighted that "Three Kingdoms: Hundred Generals Card" is expected to become a major title with daily active users (DAU) reaching one million, set to launch during the 2026 Spring Festival [1] Group 2 - "Dudu Face Prank" is a mobile anime RPG featuring cute characters, expected to launch in Q4 of this year [1] - "Escape from Duckkov" is a single-player top-down shooting looter PC game, also anticipated to be released in Q4 of this year [1]

Group 1 - Goldman Sachs reported that Bilibili-W (09626) participated in the Goldman Sachs Asia Pacific Leaders Forum, discussing its game product line and release schedule [1] - The management highlighted that "Three Kingdoms: Hundred Generals Card" is expected to become a major title with daily active users (DAU) reaching millions, set to launch during the 2026 Spring Festival [1] - "Dudu Face Prank" is a mobile anime RPG featuring cute characters, expected to launch in Q4 of this year [1] - "Escape from Duckkov" is a single-player top-down shooting looter PC game, also expected to launch in Q4 of this year [1] Group 2 - Bilibili indicated that the gaming industry advertising performance was robust in the first half of the year, with major game publishers increasing their ad spending on the platform year-on-year [1] - The 3C digital business experienced unexpected growth in Q2, driven by the 618 shopping festival and national subsidies [1] - The home and household goods sector also benefited from subsidies and performed well during the 618 period, with trends expected to continue until the end of the year [1] Group 3 - The company reported a double-digit year-on-year growth in eCPM (average revenue per 1,000 ad impressions) in Q1, attributed to an expanded client base and improved conversion through algorithm optimization [1] - By Q2 of 2025, the proportion of deep conversions is expected to double, with plans to test AI-generated personalized titles and covers in the second half of 2025 to enhance ad click-through rates [1]