01 怎么说呢，这次停更的收尾工作做得还算体面。开发团队表示，虽然项目很遗憾最终未能达到理想成绩，但他们除了推出《镀金赝造·下》这最后一个大 版本外，还会全力争取在有限的资源下对剧情进行补完。这也算是为游戏画下一个相对圆满的句号。 12月15日，《新月同行》在上线417天后，宣布游戏将于今日版更后停止更新。同时，游戏也已在App Store、好游快爆、B站等渠道下架。停更过后，玩 家仍可正常登录游戏。 至于【退款处理方案】则会在12月30日12:00公布，届时会根据玩家账号中超相金（付费货币）的情况在游戏内进行退款操作。 其实玩家们对此早有预感，因为游戏周年庆时已经把版本从28天延长到了42天，这次最新版本宣布延期后，也没做前瞻节目画饼。但当最终结局到来时， 玩家们的不舍之情溢于言表。 | 玩家的这种情绪很容易理解，因为游戏虽然规模不算大，但团队是真的用心在做，在有限的资源下尽可能把内容打磨到了力所能力的最好。 | | --- | 游戏运营一年多，玩家分数稳定在了7.5~8.2分 《新月同行》在研发阶段就花了4年。2020年立项后，开发商烛薪网络拿到了深圳尚游的投资，隶属于乙亥互娱旗下。游戏于2022年首曝， ...

Core Insights - The game "Limitless Mecha" by Xishanju has failed to meet player expectations, leading to a significant drop in active users from a peak of 132,800 at launch to under 5,000 by November [1] - Other high-investment games like "Sword World" by Zhongyou and "The Legend of the Condor Heroes" by NetEase have also underperformed, resulting in substantial financial losses [1][2] - The gaming industry is facing challenges due to increased competition, high sunk costs, and the need for better long-term project management [2][3] Industry Challenges - The overall market growth has plateaued, making it common for even high-investment games to underperform [3] - A significant portion of new games released on platforms like Steam fail to generate sufficient revenue, with 40% earning less than $100 [3] - The high costs associated with mid-to-heavyweight products reduce their flexibility and increase the impact of individual game performance on overall company health [3] Product-Specific Issues - "Sword World" struggled due to its reliance on an older IP and traditional aesthetics, failing to attract a broader audience [4] - "The Legend of the Condor Heroes" and "Limitless Mecha" faced issues with innovation and mismatched monetization strategies, leading to poor market reception [5][6] - Many developers rely on past successful experiences, which can stifle innovation and lead to repetitive game designs [8] Market Predictions and Adjustments - Companies often have opportunities to adjust their products before launch, but many fail to do so due to cognitive biases and reliance on existing product models [7][9] - The disconnect between marketing promises and actual gameplay experiences can lead to low user retention rates [7] - Companies face difficult decisions regarding whether to continue investing in underperforming products due to high sunk costs [8] Future Strategies - Some companies are attempting to pivot by restructuring teams and adjusting monetization strategies to recover initial investments [12] - Understanding consumer needs and differentiating products in a saturated market is crucial for future success [12][13] - The gaming industry must reconcile the tension between commercial viability and creative expression to find sustainable success [13]

Core Insights - The Chinese gaming industry has experienced significant growth since 2015, with annual revenue increasing from 140.7 billion to 325.7 billion yuan, driven by mobile gaming expansion and overseas market exploration [1] - The industry is now facing challenges with high-investment games underperforming in the market, leading to potential financial burdens for developers [2][3] Industry Trends - The normalization of game approvals has led to a saturated market, where many new products struggle to meet player expectations, resulting in underperformance [4] - A significant portion of new games released on platforms like Steam fail to generate sufficient revenue, with 40% earning less than $100 [5] Company Challenges - High-investment games are particularly vulnerable to market fluctuations, as their development and operational costs are substantial, impacting overall company performance [3][5] - Companies like Zhongyou and NetEase have faced significant losses due to underperforming titles, leading to asset impairments and project cancellations [2][6] Product-Specific Issues - "Xianjian World" struggled due to its reliance on an older IP and traditional aesthetics, failing to attract a broader audience [6] - "射雕" and "解限机" faced challenges with innovation and mismatched audience expectations, leading to poor market reception [7] Market Dynamics - The gaming market is increasingly competitive, with players demanding higher quality and innovation, while many products fail to differentiate themselves sufficiently [4][9] - Companies often rely on past successful models, which can hinder innovation and adaptability in a rapidly evolving market [10][11] Strategic Adjustments - Companies are attempting to pivot their strategies post-launch, with some opting for restructuring and new leadership to improve project outcomes [12][13] - Understanding consumer needs and differentiating products are critical for success, as many games currently suffer from a lack of unique value propositions [13][14]

Core Insights - The Chinese gaming industry has experienced significant growth since 2015, with annual revenue increasing from 140.7 billion to 325.7 billion yuan, highlighting a doubling in revenue over the past decade [1] - The industry is now facing challenges with high-investment games underperforming in the market, leading to potential financial burdens for developers [2][3] - The market is becoming saturated, with many new games failing to meet expectations, resulting in a higher risk for companies investing in heavy development [4][5] Industry Trends - The normalization of game approvals has led to a bottleneck in market growth, with increased competition causing rapid product iteration [4] - A significant percentage of new games on platforms like Steam are not generating sufficient revenue, indicating a challenging environment for game developers [4] - The high costs associated with mid-to-heavyweight games reduce their flexibility and increase the impact of individual product performance on overall company health [5] Company Challenges - Companies like Xishanju and Zhongyou have faced difficulties with high-investment titles such as "Jiexianji" and "Xianjian World," which have not met market expectations, leading to substantial financial write-downs [2][12] - The mismatch between product innovation and target audience expectations has been a common issue, with many games failing to resonate with players [6][12] - Companies are now focusing on restructuring and optimizing resources in response to underperforming titles, aiming to recover investments and improve future offerings [12][14] Consumer Insights - The success of a game is increasingly dependent on understanding consumer needs and differentiating products in a crowded market [12][14] - Many games are criticized for lacking true innovation, often relying on established formulas that do not engage players effectively [8][9] - The disconnect between marketing promises and actual gameplay experiences is leading to lower retention rates among new players [8][9]

Core Insights - The MMORPG "The Legend of the Condor Heroes" developed by NetEase officially ceased operations on November 24, 2025, after only 545 days since its launch, highlighting the conflict between long-term aspirations and short-term realities in the gaming industry [1][2]. Investment and Financial Overview - The project was initiated with significant expectations, involving an investment of approximately 1 billion yuan and a development team of 600 people over six years, with the game receiving official licensing from the Jin Yong's "Condor Trilogy" [2]. - During its initial launch phase, the game achieved a monthly active user (MAU) count of over 8 million and a payment rate of 18.7% [2]. Operational Challenges - The game faced rapid user attrition, losing over 80% of its mobile users within a month due to issues such as immature art style, inadequate mobile optimization, and a fragmented combat system [2]. - Despite attempts to revitalize the game through a "rework plan" and a 2.0 version, which included a shift to a more realistic style and simplified combat, it only reached a peak ranking of 63 on the sales charts [2]. Strategic Conflicts - The reliance on the Jin Yong IP became a creative constraint, as the licensing entity imposed strict controls on narrative updates, hindering the game's ability to adapt to player feedback [3]. - The economic system design failed to align with player expectations, leading to rapid devaluation of high-tier equipment and diminishing long-term payment willingness among players [3]. - Internal resource allocation issues arose as NetEase closed multiple studios and shifted focus to other projects, resulting in diminished support for "The Legend of the Condor Heroes" [3]. Industry Trends - The gaming environment has shifted dramatically, with average mobile gaming time dropping to 42 hours per year and new MMO titles experiencing a DAU retention rate below 5% by day 90 [3]. - The failure of "The Legend of the Condor Heroes" reflects a broader industry trend of moving from "traffic competition" to "content cultivation," emphasizing the need for sustainable operational models [6]. Player Reactions - The shutdown announcement led to player backlash, with users expressing dissatisfaction over the lack of compensation for in-game purchases and perceived discrepancies between the game's planned updates and its abrupt termination [4]. - Legal actions were initiated by players, citing unfair practices regarding refund policies and the handling of unspent in-game currency [4]. Future Directions - The industry may shift towards "micro-licensing" collaborations and AI-driven content regeneration mechanisms to overcome traditional content production bottlenecks [6]. - NetEase's experience with "The Legend of the Condor Heroes" serves as a reminder that long-term operations require more than just ambitious timelines; they necessitate ongoing value creation for users [6].

Group 1: NetEase's "The Legend of the Condor Heroes" Shutdown - NetEase's MMO game "The Legend of the Condor Heroes" officially ceased operations on November 24, 2023, due to the expiration of its IP cooperation with Minghe Publishing and adjustments in the company's game operation strategy [1] - The game was initially launched for public testing on March 28, 2024, and underwent several revisions, including a "reboot plan" announced in October 2024 and a 2.0 version released in March 2025 [1] - The shutdown highlights the challenges of product positioning and market alignment, indicating that even strong IPs and development capabilities cannot guarantee commercial success if there is a misalignment with market demands [1] Group 2: Ubisoft's AI Game Project "Teammates" - Ubisoft announced the launch of its first playable generative AI research project, "Teammates," which aims to enhance player experience through real-time voice commands and improved gameplay [2] - The project features an AI voice assistant named Jaspar, which guides players through gameplay and narrative in a dystopian future setting [2] - This initiative signifies a shift in AI technology application within the gaming industry, moving from backend development to core interactive experiences, potentially leading to a new wave of technological competition and innovation in gameplay [2] Group 3: Krafton's Development of Multiplayer Mode for "inZOI" - Krafton confirmed that it is developing a multiplayer mode for its life simulation game "inZOI," as stated by producer Kim Hyung-jun [3] - The game is set to enter early access on Steam on March 28, 2025, with a price of 188 yuan in the Chinese market, and previously topped the Steam wishlist [3] - The addition of multiplayer features aims to enhance social engagement and extend the game's lifecycle, reflecting a significant trend in the industry towards incorporating multiplayer interactions in simulation games [3]

【#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]