▲ 戳蓝 色字关注我们！ 商业的本质是洞察需求，而非固守技术。——彼得·德鲁克 今天minimax赚到的兄弟们记得打个赏啊! 说真的,晚饭前我看到MiniMax收盘破千亿的时候,后台私信都要把我手机炸了——"说我之前那篇minimax和智谱对比分析的文章预测太准 了!"、"听了我的分析是真的吃肉了"。 但我今天要说的是,如果你只看到了MiniMax首日翻倍、破千亿这些表面数据,那你可能错过了这次上市背后真正值得学习的东西。 作为一个VC出身的科技Up,我今天就给大家拆解一下: 为什么比智谱晚一天上市的MiniMax,反而成了名副其实的"大模型第一股"? 这背后藏着 什么样的商业逻辑和时代密码? 一、先看炸裂数据：MiniMaxIPO有多疯狂？ 先说几个炸裂的数字,让大家感受下这次IPO有多疯狂。 MiniMax这次上市当天的市场表现相当亮眼——全天表现远超预期。 更值得关注的是市场热度:连腾讯、 阿里、红杉、GIC、南非养老基金 这些全球顶级资本都参与了。 对比一下前一天上市的智谱:市场反应相对平稳。两家公司首日表现形成了鲜明对比。 有人可能会问:这俩公司不都是大模型吗,为什么市场反应差这么多? 这就是我今天 ...

Core Viewpoint - Migu Video is facing significant backlash after losing its broadcasting rights for the CBA league, leading to customer dissatisfaction and legal issues related to unauthorized content creation [2][4][21]. Group 1: Legal Issues and Customer Complaints - Migu Video acknowledged that its fan-made video using "Love and Producer" constituted unfair competition, resulting in a lawsuit with the game developer that ended in Migu's apology [2][4]. - Customers who purchased CBA annual subscriptions expressed frustration over the lack of refunds after Migu lost broadcasting rights, claiming their consumer rights were violated [2][6][10]. - The company has not provided satisfactory responses to refund requests, with some users reporting long wait times for resolution [10][11]. Group 2: Impact of Losing CBA Rights - The loss of CBA broadcasting rights has led to a decline in user engagement, as many subscribers feel there is no reason to continue using Migu Video without access to CBA games [5][11]. - Migu Video attempted to compensate for the loss by promoting alternative sports content, but user feedback indicates these offerings do not adequately replace the absence of CBA broadcasts [11][12]. Group 3: Membership and Service Issues - Migu Video's membership structure has been criticized for being overly complex, with users feeling trapped in a "membership maze" that requires additional payments for accessing content on different devices [12][14]. - The company’s approach to membership services has led to dissatisfaction among users, who desire clearer and more respectful service offerings [17][21]. Group 4: Competitive Landscape and Strategic Challenges - Migu Video's user base is reportedly declining, with active users at approximately 17.93 million, significantly lower than competitors like Tencent Video and iQIYI [19][20]. - Analysts suggest that Migu's reliance on purchasing content rights rather than developing original content has left it vulnerable in a competitive market where exclusive content is crucial for survival [20][21].

Core Viewpoint - Migu Video is facing significant backlash due to losing its CBA broadcasting rights and a recent legal dispute over unauthorized content creation, leading to consumer dissatisfaction and potential loss of subscribers [2][3][19]. Group 1: Legal Issues and Consumer Rights - Migu Video publicly apologized for unauthorized use of content from "Love and Producer," acknowledging it constituted unfair competition and lacked official permission [2][17]. - The company has been embroiled in a two-year legal dispute with Paper Games, culminating in Migu's admission of fault and an apology [2][18]. - Users have expressed frustration over the inability to obtain refunds for CBA annual subscriptions after the loss of broadcasting rights, claiming their consumer rights have been violated [5][20]. Group 2: Loss of CBA Broadcasting Rights - Migu Video has been the exclusive new media broadcaster for the CBA since 2018, with a contract worth over 2 billion yuan, but failed to renew the agreement for the 2025-2026 season [3][19]. - The announcement of losing CBA broadcasting rights has disappointed many fans, leading to a decline in the perceived value of Migu Video subscriptions [4][19]. - Users have reported that without CBA content, they see little reason to continue using Migu Video, indicating a potential drop in subscriber numbers [5][20]. Group 3: Membership and Service Issues - Migu Video's membership structure has been criticized for being overly complex, with separate charges for different types of content, leading to user dissatisfaction [9][23]. - The company has introduced alternative sports content to compensate for the loss of CBA, but users feel these offerings do not adequately replace the lost value [5][22]. - The "nested membership" model has drawn complaints from users who feel misled about the services they are entitled to, particularly regarding the lack of clarity in service agreements [9][25]. Group 4: Competitive Position and Market Challenges - Migu Video's monthly active users (MAU) are approximately 17.93 million, significantly lower than competitors like Tencent Video and iQIYI, indicating a decline in market position [13][27]. - Analysts suggest that Migu's reliance on purchasing content rights rather than producing original content has left it vulnerable in a competitive landscape increasingly favoring unique and proprietary offerings [14][28]. - The company's strategic focus on marketing over operational integrity and user experience has led to a disconnect with consumer expectations, contributing to its challenges in retaining subscribers [14][28].

12月21日，咪咕视讯科技有限公司通过"咪咕电影"官方微博发布致歉声明，承认其2023年5月发布的"用《恋与制作人》打开电视剧《温暖的，甜蜜的》"二 创视频构成不正当竞争，向《恋与制作人》官方及全体玩家致歉。 事件发生后，《恋与制作人》官方启动维权程序，法务团队第一时间完成证据固定并推动案件立案。该案历经完整司法流程，2023年立案后，一审法院支持 《恋与制作人》的诉求，咪咕提起上诉后，二审法院维持原判，最终认定咪咕的涉案行为利用游戏IP影响力引流，构成不正当竞争。 在致歉声明中，咪咕视讯澄清，《恋与制作人》与电视剧《温暖的，甜蜜的》不存在任何形式的合作关系，游戏角色与电视剧人物也无任何对应扮演关联。 对于涉案行为可能给公众造成的认知误解，咪咕视讯向《恋与制作人》官方及全体玩家致以诚挚歉意，并承诺后续将全面完善内容发布审核机制，严格遵守 知识产权相关法律法规，坚守合规经营底线，维护行业知识产权秩序。 同日，《恋与制作人》官微转发上述声明并表态，历时两年终胜诉，将持续以法律为盾捍卫作品知识产权与原创价值。 公开资料显示，咪咕视讯是中国移动旗下咪咕文化科技有限公司的全资子公司，为咪咕文化在视频领域的唯一版权运营实 ...

但纵观2025年的女性向游戏市场，其实算不上一帆风顺，内容争议、公关危机、尺度矛盾以及行业变动频频发生，都影响着这一热门赛道的发展与增长， 乙游市场格局也在悄然发生着变化。 1 2025年即将落幕，乙游市场也到了复盘战果与展望未来的时间了。 刚刚结束的2025年度中国游戏产业年会上发布的《女性向游戏调研报告》中明确了，女性向游戏已经成为近年来游戏产业增长最快的细分赛道之一，展现 出了显著的商业潜力与文化影响力。 女性向市场强劲的发展势头不难窥见，报告显示，2024年中国女性向游戏市场规模已经达到了80亿元，同比增长了124.1%，增速远超行业平均水平，有 望成为下一个百亿市场，深受行业看好。 叠纸腾讯稳健，网易触底反弹 2024年乙游市场的二度爆发犹在眼前，同期开服的《恋与深空》《世界之外》并驾齐驱，上新国服的《如鸢》尚有一争之力，《光与夜之恋》仍然坚挺， 整个赛道可谓是欣欣向荣。 但进入2025年后，多款头部女性向游戏几经波折，可以说是各有各的苦。 《恋与深空》年初更新3.0版本，同时上新第五位男主角夏以昼，新男主限定日卡活动再次登顶游戏畅销榜，发展势头仍然相当强劲，但接连而来的诸多 争议将《恋与深空》拖进 ...

部分网友直接指出，视觉上，黑与红撞色调、碎裂网格背景、拼贴式预告函、角色佩戴半面具等均与《P5》标志性元素"撞车"；几位男主怪盗服装造型亦 与《P5》中主角团队"心之怪盗团"存在相似之处；而在交互层面，PV中UI界面的动态切换效果、背景音乐风格，甚至"偷心"的核心叙事主题，也与 《P5》叙事体系和世界观高度重合。 今日，就《恋与制作人》新活动"世纪预告函"被质疑"抄袭""过度借鉴"等相关问题，《国际金融报》记者向叠纸网络方面发送采访函，但截至发稿，尚未 得到相关回复。 同时，截至发稿，《恋与制作人》官方账号也未在社交网络上回应此次新活动争议。 《恋与制作人》开服玩家小其（化名）起初觉得这次风格鲜明的怪盗主题卡池颇为惊艳，"甚至一度以为是与《P5》的正式联动"。针对新活动争议，她对 记者坦言"心情复杂"，"对叠纸的美术能力和原创性，我本来是有信任和期待的。" 在小其看来，当即视感过于明显，甚至令人感到是在"明目张胆"地借用知名IP的整体风格时，无论游戏卡面本身多精致、剧情多用心，玩家的欣赏与沉浸 体验都难免大打折扣。"'抄袭'或'过度借鉴'是任何创作者和公司应当慎重对待的敏感话题。这直接关系着信任问题。"她补充 ...

Group 1 - OpenAI has improved its "Compute Margin" to 70% as of October 2023, indicating a significant increase in profitability after deducting costs for running models for paid users [5] - This margin is expected to decrease to 52% by the end of 2024, suggesting a potential decline in profitability in the coming year [6] - OpenAI's Compute Margin is higher than that of its competitor Anthropic, although Anthropic is noted to have better efficiency in overall server spending [7] Group 2 - MiniMax, a general artificial intelligence company, is set to become the fastest AI company to go public, with over 2.12 million users across more than 200 countries and regions, and a revenue growth of over 170% year-on-year for the first nine months of 2025 [9] - The company has received investments from top institutions including MiHoYo, Alibaba, Tencent, and Sequoia, positioning it as one of the fastest-growing and highest-valued AI tech companies [9] Group 3 - Xiaomi's president, Lu Weibing, announced that the price of the Xiaomi 17 Ultra will increase due to rising costs of core components, including processors, cameras, and memory [28] - The cost of the Leica APO certified telephoto lens for the new model is reported to be twice that of the previous generation, making the price hike unavoidable under current cost pressures [30] Group 4 - He Xiaopeng, chairman of XPeng Motors, stated that AI technology is transitioning from the digital world to the physical world, predicting that robots, autonomous vehicles, and low-flying drones will become standard in the lives of young people over the next decade [31]

【多家优衣库门店，被曝偷拍！】 近日，优衣库部分门店被指"偷拍"消费者来防盗。在社交媒体 上，部分消费者反映，在优衣库因"被当小偷"引发不适。相关话题引发网友热议。此外，还有自称在 优衣库门店工作的网友表示，"我在优衣库当警察，几乎一眼就能看到谁可疑，一抓一个准……"记者 通过采访优衣库多位不同区域的已离职和在职员工，证实此前在部分优衣库门店，确实存在"偷拍"可 疑顾客的行为。并且这不是基层员工的个别行为，而是某些区域经理层面发出的指令。一位受访者告 诉记者，他曾拨打员工热线反映过"偷拍"问题，但并没有下文。不过多位优衣库前员工称，是否会采 取"偷拍"取决于门店因失窃造成的损失程度，"如果不是很严重一般不太会采取这种行为。"记者就此 事向优衣库方面发去采访函，未获回应。（第一财经） 【乐乐茶致歉：核査全国门店苹果糖系列出品，不符合标准的产品立即下架】 12月21日消息，乐乐 茶发布致歉声明称，12月19日上午，品牌陆续收到来自多家门店顾客和线上平台的反馈，主要集中 【奥尔特曼预测未来将告别屏幕键盘】 OpenAI 的 AI 硬件计划备受关注，就在近日的一场播客中， 被问及在筹备的 AI 硬件时， OpenAI ...

其中，创新力量成为增长的核心引擎。2025年自主研发游戏国内市场实际销售收入2910.95亿元，同比 增长11.64%，既得益于头部长青产品的稳定支撑，更离不开多款自研新品的增量贡献。 昨天落幕的2025年度中国游戏产业年会上，《2025年中国游戏产业报告》发布，上海更推出了支持游戏 电竞产业发展的十条举措（简称"游戏沪十条"），护航国产游戏高质量发展，为产业注入强劲动力。 "自研+出海"双轮驱动 报告显示，我国游戏产业实现稳步增长，核心数据均创历史新高。2025年，国内游戏市场实际销售收入 达3507.89亿元，同比增长7.68%；用户规模增至6.83亿，同比增长1.35%。 "游戏沪十条"着重鼓励开发原创精品游戏，支持在产品中融入中华优秀传统文化、体现上海城市特色。 比如，叠纸游戏坚持文化融合创作。旗下《奇迹暖暖》和《闪耀暖暖》分别与故宫博物院、国家京剧院 等多家国家级文博机构合作。在上海特色融合与IP新消费场景构建上，《恋与制作人》与豫园联合推出 中秋赏灯活动，开启六大豫园商城餐饮老字号的联动套餐。 世纪华通将目光放向技术创新，总裁谢斐认为，游戏行业已经成为前沿科技的"练兵场"、文化创新 的"孵化器"， ...

Group 1 - The core event is the 8th anniversary celebration of the game "Love and Producer," which will start on December 4, featuring limited-time content and system updates under the theme "Long Live Love" [1] - "Love and Producer" continues to maintain its leading position in the otome game sector, demonstrating the commercial logic of "emotional connection driving long-term payments," which boosts confidence in the growth potential of the otome game market [1] - The dual strategy of "classic IP stabilization + new product breakthrough" has been established by the company through the long-term operation of "Love and Producer" and the technological advancements of "Love and Deep Space" [1] Group 2 - The voting for the "Player's Voice" award at TGA 2025 has begun, with three Chinese games nominated: miHoYo's "Genshin Impact," Kuro Game's "Ming Chao," and Tencent's "Delta Action" [2] - The nomination reflects the global influence of Chinese games, continuing the trend set by last year's winner, "Black Myth: Wukong," which has led to increased government support for the AAA game industry [2] - The inclusion of these three titles is expected to accelerate capital investment in high-quality development and global operations, shifting the industry focus from "traffic-driven" to "value-driven" models, enhancing profitability stability for leading game companies [2] Group 3 - Tencent's mobile game "Victory Goddess: New Hope" will launch a new version on December 4, introducing two limited characters and a fully voiced storyline event, generating significant buzz in player communities [3] - The investment in character design and narrative development indicates Tencent's maturity in creating content for the two-dimensional genre, narrowing the gap with leading companies like miHoYo and Kuro Game [3] - This enhancement in capability is expected to optimize Tencent's gaming business valuation structure, reducing reliance on traditional hits like "Honor of Kings" and "Peacekeeper Elite," and establishing a dual strategy of "mature category stabilization + emerging sector growth" [3]