" AI原生游戏的第一批探路者。 " 作者丨 胡家铭 编辑丨 董子博 前者并不局限于游戏公司，诸多大厂也参与其中。他们通过 AI 提升从游戏代码开发到美术设计的效率， 已从单一模型发展为成熟平台；后者则受限于 AI 技术边界与玩法设计的平衡，以独立游戏团队为主线， 目前仍在持续探索和迭代中。 换言之，在大厂的资本优势和技术优势面前，留给独立团队的竞争空间，或许只剩基于 AI 的独立玩法探 索，而这在游戏大厂层面没有 " 成功先例 " ，难以轻易立项。这是属于独立团队的优势。 对于《遥远行星 : 建造师》的制作方 —— 广州阁道科技而言，负责人刘寒或许就是兼具大厂视角和独游 产品经验的 "The One" 。 2019 年，刘寒加入腾讯极光计划，在他手上，诞生了诸如《隐形守护者》、《我的侠客》等知名作品 。 2024 年起，刘寒创办阁道科技，开始专注于 AI 原生游戏的开发。据悉，阁道科技由超参数科技全资控 股。 母公司超参数科技则成立于 2019 年，雷峰网获悉，目前超参数科技的主要业务，一方面是前述的游戏 AI 相关业务，另一部分即是 推动游戏 AI 相关技术产品化，赋能更多游戏开发者。 截至目前，项目团队 ...

Core Viewpoint - The gaming industry is experiencing a surge in game approvals and a faster review process, leading to a positive market response, particularly for companies like Icefire Network and Deyun Network, which have seen significant stock price increases following the approval of new game licenses [3][4]. Group 1: Company Performance - Deyun Network's peak performance was in 2020, with total revenue of 1.02 billion yuan, a year-on-year increase of 47%, and a net profit of 330 million yuan, up 79% [10]. - Since 2021, Deyun Network has faced a continuous decline in revenue and profit for over four years, contrasting with the overall growth of the Chinese gaming market [12][10]. - In 2024, Deyun Network's revenue dropped to 359.26 million yuan, a decrease of 18.46% from 2023, with total revenue of 308.06 million yuan, down 38.47% [16]. Group 2: Product Lifecycle and Market Dynamics - The reliance on a single IP, "Dream of Three Kingdoms," has led to a decline in player engagement and revenue, with the game entering a phase of decline after over 15 years of operation [13][15]. - The company's other products, such as "Barbarian Battle" and "My Hero," have not achieved significant success, contributing to a shrinking revenue base [18]. - The gaming market is increasingly competitive, with major players like Tencent and NetEase dominating, leading to rising customer acquisition costs and pressure on profit margins [68][69]. Group 3: Financial Health and Investment Issues - Deyun Network has seen a significant drop in net profit, with a compound annual growth rate (CAGR) of -64.4% from 2020 to 2024, and a projected loss of 12 to 18 million yuan for the first half of 2025 [20][22]. - The company has faced increasing asset impairment losses, reaching 67 million yuan in 2024, accounting for 12.1% of total revenue [27]. - The company's investment strategy has led to a high number of underperforming investments, with six out of ten major investments facing operational crises [58][61]. Group 4: Management and Shareholder Actions - The company's founders have collectively cashed out 850 million yuan, raising concerns about their commitment to the company's future [73]. - The controlling shareholder plans to reduce their stake by 2%, indicating a lack of confidence in the company's long-term prospects [81][83]. - The company has faced regulatory scrutiny due to questionable financial practices related to its acquisition of Youdong Network, raising doubts about the integrity of its financial reporting [41][45][75].