NO.1 网易《射雕》正式停运 点评：这标志着Krafton正积极回应市场核心诉求，旨在将单人体验的成功拓展至更具社交黏性与长线 运营潜力的领域。此举有望通过构建玩家社区生态，显著提升游戏的生命周期与商业价值。对模拟经营 品类而言，加入多人互动已成为行业演进的重要方向，或将激发新一轮产品创新浪潮。 11月24日15时，网易旗下MMO（大型多人同时在线游戏）游戏《射雕》正式停止运营。今年9月24日， 《射雕》官方正式公布停服公告，并表示鉴于网易公司与明河社就《射雕三部曲》IP的合作期即将结 束、公司游戏运营策略的调整，《射雕》游戏将于2025年11月24日终止运营。该游戏于2024年3月28日 开启公测，同年10月公布"射雕回炉计划"，今年3月又上线了其经过"回炉重制"的2.0版本，反复调整产 品方向。 点评：网易《射雕》最终停运，其背后是IP授权到期与产品反复"回炉"未能扭转局面的双重困境。从这 一案例可以看出，即便背靠强大IP与雄厚研发实力，若产品定位与市场出现偏差，也难以避免商业上的 失败。对游戏行业而言，此事件或将促使厂商更加审慎地评估长线运营项目的投入产出比，并强化对IP 合作周期的风险管控。 NO. ...

【#网易射雕正式停止运营#】今日，网易旗下MMO游戏《射雕》正式停止运营。 根据网易发布的公告，停运的主要原因是《射雕三部曲》IP的合作期即将结束，以及游戏运营策略的调 整。 官方表示，截止至2025年9月24日14时，玩家网易邮箱/手机账号中未使用的收费金锭将按照等额点数形 式补偿，并可在网易旗下的其他游戏中使用。 据了解，网易《射雕》于2024年3月28日开启公测，2024年5月迎来制作人更换，同年10月官方公布 "射 雕回炉计划"，试图调整产品方向。 斯 4 p ASS ff @新浪科技。 G 2025年3月，游戏推出2.0版本，对美术风格、养成系统等核心内容进行大幅迭代优化，截至今日，共计 运营606天。 值得注意的是，当初为了标榜"不赚快钱"，官方还喊出了"150年的长线运营，《射雕》只想赚慢钱"的 口号。 项目组曾承诺《射雕》必然会构建一个付费理念足够绿色、不逼肝、不逼氪、控制数值膨胀的江湖。 据悉，本作以金庸创作的"射雕三部曲"（《射雕英雄传》《神雕侠侣》《倚天屠龙记》）为背景，基于 小说内容进行改编。（快科技） ...

Core Insights - The departure of key figures from NetEase's game divisions reflects internal competition and a shift in power dynamics from the Guangzhou faction to the Hangzhou faction [1][11][12] - The company's recent struggles with game launches, particularly the failure of "射雕," highlight issues with internal processes and a lack of successful new titles [4][7][10] - NetEase is undergoing a strategic transformation, moving from a reliance on top producers to a more standardized and data-driven approach in game development [10][17] Group 1: Leadership Changes - Li Kaiming, head of NetEase's tenth division, is the third senior executive to leave within a year, following Jin Tao and Shao Yun [1][8] - The departures indicate a significant shift in leadership, with potential impacts on the strategic direction of the company [12][19] Group 2: Game Performance and Strategy - The MMORPG "射雕," which had a budget of 1 billion and a team of 600, will cease operations in November 2025 due to underperformance, despite high initial expectations [4][7] - The game peaked at 15th on the iOS sales chart but quickly fell to 44th the next day, with monthly revenue dropping to 533,000 yuan two months post-launch [4][5] - NetEase's game studios have seen at least seven adjustments or closures in the past two years, indicating a broader trend of strategic contraction [2][9][12] Group 3: Internal Challenges - Internal bureaucracy and "formalism" are cited as significant barriers to success, with employees spending excessive time on reporting rather than focusing on game development [1][5][10] - The competitive relationship between Guangzhou and Hangzhou studios has led to operational inefficiencies, particularly in the Guangzhou studios, which are described as "autonomous" [5][11] Group 4: Market Position and Competition - NetEase's gaming revenue for Q2 was 22.8 billion yuan, a 13.7% year-on-year increase but a 5% decline from the previous quarter, indicating a slowdown in growth [17] - The company faces increasing pressure from competitors like Tencent and miHoYo, which have successfully launched popular titles and maintained strong market positions [15][16][17]

Core Insights - NetEase is closing multiple overseas studios, indicating a shift from ambitious global gaming aspirations to a more pragmatic approach [1][4] - The closure of Fantastic Pixel Castle, a studio led by a former key designer from World of Warcraft, highlights the challenges faced in the MMO market [2][5] - The MMO sector is experiencing a significant downturn, with major titles failing to meet expectations and the market size reverting to 2015 levels [3][5] Group 1: Studio Closures and Strategic Shift - NetEase has shut down at least four overseas studios in the past year and a half, including Fantastic Pixel Castle, which was established only 18 months ago and has not released any games [1][2] - The decision to terminate investments in projects like Fantastic Pixel Castle stems from a significant gap between project progress and expected returns, prompting a strategic shift towards more viable projects [2][4] Group 2: MMO Market Challenges - The MMO genre is facing structural challenges, with player retention being a persistent issue, as evidenced by the decline in player numbers for even successful titles [5][6] - The traditional MMO model is increasingly misaligned with current player preferences, which favor lighter, more casual gaming experiences [3][5] Group 3: New Strategic Direction - NetEase is transitioning from a broad expansion strategy to a more focused approach, prioritizing projects with higher success probabilities and cutting those with uncertain commercial prospects [4][7] - The company is increasing investments in PC and cross-platform products while also emphasizing competitive gaming genres, moving away from traditional MMOs [7][8]

Industry Dynamics - In August 2025, China's gaming market revenue reached 29.263 billion yuan, showing a month-on-month increase of 0.61% but a year-on-year decline of 13.01% [3] - The actual sales revenue of domestically developed games in overseas markets was 1.68 billion USD, reflecting a month-on-month decrease of 0.79% and a year-on-year decrease of 10.66% [3] - The year-on-year decline in revenue is attributed to the high revenue base from the previous year due to the success of the game "Black Myth: Wukong," and the lack of similarly impactful new releases during the current period [3] Game Licensing - On September 24, the National Press and Publication Administration issued licenses for 156 games, including 145 domestic and 11 imported titles [4] - Notable titles include Tencent's "Return Ring," NetEase's "Star Drawing Friends," and miHoYo's "Honkai: Inheritance Spirit" [4] Domestic Company News - NetEase announced the shutdown of "The Legend of the Condor Heroes," effective November 24, due to the expiration of its IP cooperation with Minghe Publishing and adjustments in operational strategy [5] - Tencent's UK studio Splash Damage has been sold to overseas private equity investors; the studio was previously acquired by Tencent in 2022 [6] - Tom Cat's former chairman Wang Jian reduced his holdings by 31.58 million shares, exiting the major shareholder position, with his remaining stake now below 5% [7] - Wang Jian's history of share reductions includes 71 transactions from 2019 to 2020, totaling over 700 million yuan, raising concerns about the company's fundamentals [8] - Kingsoft's subsidiary, Kingsoft Game, has formed a strategic partnership with Sega and Rovio to reintroduce the popular IP "Angry Birds" to the Chinese market [9] Regulatory Compliance - The Mexican Ministry of Finance proposed an 8% special tax on games containing "violent" content as part of its 2026 budget plan, applicable to both domestic and foreign companies [10] Major Transactions - Electronic Arts (EA) is reportedly negotiating a privatization deal valued at approximately 50 billion USD (about 356.74 billion yuan), which could become the largest leveraged buyout in history [11] eSports Events - The qualification matches for the 2025 League of Legends World Championship concluded, with teams BLG, AL, TES, and iG representing the LPL region [12]

Core Insights - NetEase's martial arts MMO game "The Legend of the Condor Heroes" will officially cease operations on November 24, 2025, after less than two years of operation [1] - The game, which cost 1 billion to develop, aimed for a "150-year long-term operation" vision but failed to achieve market success [1] - Reasons for the shutdown include the expiration of the IP licensing agreement with Minghe Company and adjustments in NetEase's operational strategy [1] Financial and Operational Summary - The game was launched on March 28, 2024, and despite a major overhaul with the release of version 2.0, it could not reverse its poor market performance [1] - The closure of the game has led to the shutdown of download and recharge channels, with the company offering compensation in the form of equivalent points for unused in-game currency and exclusive benefits in seven other NetEase games [1]

Group 1 - NetEase has integrated AI into its game production process, achieving a 70% increase in scene design efficiency and a 30% improvement in animation production efficiency through over 1000 new production pipelines [1] - AI code generation tools have enhanced development efficiency by 50%, with AI logic quality reaching expert-level standards [1] - AI-driven user profiling and intelligent customer service have led to a 250% increase in marketing efficiency, indicating a significant boost in operational capabilities [1] Group 2 - Sega announced the latest installment of the "Yakuza" IP, titled "Yakuza 3: Dark Ties," which will be released alongside "Yakuza: Kiwami 3" on February 12, 2026, across multiple platforms [2] - The pricing for the standard and deluxe editions of "Yakuza 3: Dark Ties" has been set at 268 yuan and 338 yuan, respectively, which may enhance investor confidence in Sega's IP management capabilities [2] - The continuous development of mature IPs is becoming a crucial path for stable revenue generation in the gaming industry, highlighting the importance of long-term content value and brand extension potential [2] Group 3 - NetEase's MMORPG "The Legend of the Condor Heroes" will cease operations on November 24, 2025, less than two years after its launch, which was initially promoted as a "150-year long-term operation" [3] - The termination of "The Legend of the Condor Heroes" underscores the risks associated with IP collaborations and the challenges of lifecycle management in the gaming industry [3] - The reliance on IP and effective lifecycle management remain critical challenges for game developers, prompting the exploration of more sustainable content and business models [3]

Group 1 - NetEase has integrated AI into its game production process, achieving a 70% increase in scene design efficiency and a 30% improvement in animation production efficiency through over 1000 new production pipelines [1] - AI code generation tools have enhanced development efficiency by 50%, with AI logic quality reaching expert-level standards [1] - AI-driven user profiling and intelligent customer service have led to a 250% increase in marketing efficiency, indicating a significant boost in operational capabilities [1] Group 2 - Sega announced the latest installment of the "Yakuza" IP, titled "Yakuza 3: Dark Ties," which will be released on February 12, 2026, alongside "Yakuza: Kiwami 3" [2] - The new game focuses on a rival character from the previous "Yakuza" series, reinforcing Sega's ability to manage and develop its IPs [2] - Continuous development of mature IPs is seen as a crucial path for stable revenue generation in the gaming industry, highlighting the importance of long-term content value and brand extension potential [2] Group 3 - NetEase's MMORPG "The Legend of the Condor Heroes" will cease operations on November 24, 2025, less than two years after its launch, which was initially promoted as a "150-year long-term operation" [3] - The decision to terminate the game reflects the risks associated with IP collaborations and the challenges of lifecycle management in the gaming industry [3] - The reliance on IP and the need for sustainable content and business models remain critical challenges for game developers [3]

Core Viewpoint - The article discusses the impending shutdown of NetEase's game "The Legend of the Condor Heroes," highlighting the challenges faced by the game and the broader implications for the MMORPG market in China [2][4]. Group 1: Game Shutdown Reasons - The official reason for the shutdown is the expiration of the IP cooperation period for "The Legend of the Condor Heroes" trilogy and adjustments in game operation strategy [4]. - The game's initial positioning aimed to focus on the "Jin Yong self-narrative universe," but issues with art style and character modeling led to significant problems [5][6]. Group 2: Game Performance and Feedback - Player feedback was overwhelmingly negative shortly after the game's launch, prompting a major overhaul that resulted in the release of version 2.0 [7]. - Despite the changes, the 2.0 version only served to prolong the game's life rather than revitalize it, as players were unlikely to invest more than two opportunities into the game [7][8]. Group 3: Market Context and Future Outlook - The shutdown of "The Legend of the Condor Heroes" does not significantly impact NetEase's position in the MMORPG market, as other titles like "Yanyun Sixteen Sounds" are gaining traction with millions of users and substantial revenue growth [8]. - "Yanyun Sixteen Sounds" is positioned to inherit the legacy of NetEase's next-generation MMORPGs, demonstrating strong retention and conversion capabilities that pave the way for future growth [8].

Core Viewpoint - NetEase's MMORPG game "The Legend of the Condor Heroes" will officially cease operations on November 24, 2024, after 545 days of operation, primarily due to the expiration of the "Condor Trilogy" IP copyright and adjustments in operational strategy [1][3]. Group 1: Game Development and Launch - "The Legend of the Condor Heroes" was in development for six years and was launched on March 28, 2024, with high expectations for its long-term narrative spanning 150 years [4]. - The game faced significant player criticism post-launch, including issues with character modeling, core combat experience, and severe mobile optimization problems, leading to an 80% loss of mobile users at launch [6]. Group 2: Performance and Adjustments - Initially, the game reached a peak ranking of 15 on the iOS sales chart but quickly fell out of rankings within a month, dropping to over 100 within two months [6]. - A new producer was appointed on May 24, 2024, leading to a major overhaul of the game, which included a comprehensive "reconstruction plan" addressing various aspects such as graphics, combat systems, and gameplay mechanics [8][12]. Group 3: Changes in Game Design - The game underwent a complete reset of its art style and martial arts system, shifting from a "combo chain" design to a more traditional attack and skill-based combat model, aimed at lowering the entry barrier for players [12]. - The focus of the game shifted significantly, with less emphasis on narrative and more on core gameplay elements like PVE, PVP, and character progression [14]. Group 4: Commercial Performance - The 2.0 version of the game, launched after extensive revisions, only managed to reach a peak of 64 on the iOS sales chart, indicating ongoing struggles despite improvements [16]. - Following the release of a major update, "Hua Shan Lun Jian," the game achieved a new high in commercial performance, reaching 52 on the iOS free chart and 63 on the sales chart [16]. Group 5: Industry Context - The journey of "The Legend of the Condor Heroes" reflects the intense competition and changing landscape of the gaming industry, highlighting the challenges faced by products in a saturated market [18].