广州琶洲，一个新的产业高地崛起于珠江南岸。不同领域的人在此倾注精力，历时数十年共同打造了一座融合会展、电商和数字经济的新功能区。南都·琶 洲π特别策划"琶洲之星"系列人物专访，聚焦琶洲典型领域的典型人物，与你一同看见"人才的力量"。 随着广州科韵路游戏产业的外溢，与其一江之隔的琶洲迎来了一批游戏企业。三七互娱，这家在国内游戏企业中名列前茅的广州本土企业也来到琶洲，在此 建设总部大厦，成为琶洲游戏产业的代表，开启业务发展的新阶段。 三七互娱为何选择琶洲，又将在此开启一个什么样的新阶段？日前，三七互娱副总裁朱怀敏接受南都·琶洲π专访。作为该集团的副总裁，朱怀敏分管集团技 术中心和战略中心。计算机专业毕业的他，在游戏行业长期从业，2010年加入三七互娱至今。采访中，朱怀敏围绕爆款、AI、琶洲等关键词做了分享。 SE and and the start of the station the state are and 2017 22273333 2017 23 1977 2335 22 222222 133333 24 22 2 4 4 2 3 2 3 2 3 2 3 2 3 PP POSTED RECREE ARK ...

恺英网络 20250805 摘要 恺英网络凭借《斗罗大陆》、《诛仙传说》等大 IP 改编游戏进入新产品 周期，有望驱动业绩增长。2025 年 2 月上线的《龙珠世界》首月流水 达 2 亿，预计六七月份月流水仍可达 8,000 万左右，表现优异，为业绩 带来显著边际贡献。 传奇类游戏业务通过解决版权问题和拓展小程序游戏巩固基本盘， "传 奇盒子"作为社区平台贡献增量。正版化推进有望扩大在 300 亿规模传 奇 IP 市场份额，并拓展变现渠道。 恺英网络与比高集团合作设立吉亿公司，分拆 AI 模型及引擎独立运营。 行一大模型作为国内首个 AI 工业化管线模型，提升游戏开发效率，并可 商业化服务中小团队。 恺英网络投资开发 Eve AI 智能排班应用，预计 2025 年四季度推出，该 应用具有高度拟人性和高情商特性，可与用户进行互动，有望成为业内 代表性产品。 恺英网络布局潮玩业务，推出晚安羊和布优鸟两款 IP AI 玩具，通过线上 APP 社区打通线上线下，提高用户复购率和粘性，预计 2025 年第四季 度正式推出。 Q&A 恺英网络的核心投资逻辑是什么？ 布局。例如，与比高集团合作设立吉亿公司，分拆协议大模型及 ...

Core Viewpoint - The company, Xuanji Technology, has received approval for its listing application on the National Equities Exchange and Quotations, marking a significant step in its capital market strategy after years of preparation [1] Group 1: Business Overview - Xuanji Technology has been deeply involved in the animation industry for nearly 20 years, focusing on both animation outsourcing and original animation creation [1][2] - The company’s revenue is projected to be between 260 million to 320 million yuan from 2022 to 2024, with net profit ranging from 37 million to 80 million yuan [2] - The main business segments include digital content creation and licensing, digital content production services, and merchandise sales [2] Group 2: Original IP and Licensing - The company has invested significantly in acquiring original IPs, including a permanent license for the novel "Qin Shi Ming Yue" at a cost of 30.5 million yuan [4] - Xuanji Technology has a diverse portfolio of IPs, including "Qin Shi Ming Yue," "Wu Geng Ji," and others, which are crucial for generating animation and game adaptation licensing revenue [4][5] - The company’s IP licensing revenue has been stable, contributing around 10% to total revenue during the reporting period [7] Group 3: Revenue Breakdown - In 2024, the digital content production service accounted for 88.05% of total revenue, while digital content creation and licensing contributed 9.15% [6] - The company generated over 200 million yuan from major projects like "Douluo Dalu" and "Tian Bao Fu Yao Lu," highlighting the success of its production services [9][11] - Merchandise sales from its original IPs generated between 4 million to 9 million yuan, representing a smaller portion of total revenue [11] Group 4: Client Relationships - The company has established long-term relationships with major clients, including Tencent, Youku, and Bilibili, which account for approximately 90% of total revenue [17] - Tencent is the largest client, contributing between 170 million to 210 million yuan annually, representing 56% to 77% of total revenue [17] - The company has also collaborated with various game developers for IP licensing, with notable clients including NetEase and Shanghai Junmeng [20][21] Group 5: Talent and Operational Structure - The company employs around 768 staff, with a significant portion being production personnel, reflecting the labor-intensive nature of the animation industry [13] - Direct labor costs account for over 70% of operational expenses, with average salaries for production staff exceeding industry averages [14][15] - The company has invested in office and accommodation facilities to attract and retain talent, which is critical for maintaining its competitive edge [13] Group 6: Financial Performance and Future Outlook - The company reported a revenue of 63.37 million yuan in early 2025, a 134% increase year-on-year, with a net profit of approximately 18.69 million yuan [25] - Xuanji Technology holds contracts worth 580 million yuan for ongoing projects, indicating a strong pipeline for future revenue [25] - The company remains optimistic about its future performance, supported by a solid order backlog and ongoing client relationships [25]

Core Viewpoint - The gaming industry is experiencing a new cycle of prosperity, with both supply and demand sides showing strong growth, benefiting community platforms significantly [1][2][4]. Demand Side - From January to May, the domestic mobile game market in China grew by 20% year-on-year, reaching a market size of 1,411 billion yuan, with mobile games accounting for 1,052 billion yuan of this total [2][4]. - In May alone, the gaming market size was 281 billion yuan, reflecting a 10% year-on-year increase, while the mobile game market size was 212 billion yuan, up 12% year-on-year [2]. Supply Side - The number of domestic game licenses issued from January to June reached 757, marking a 21% year-on-year increase, with June alone seeing 147 licenses issued, a 41% year-on-year increase and the highest monthly figure in 22 years [4][5]. - The frequency of issuing import licenses has been reduced to once a month, with 55 licenses issued from January to June, remaining stable year-on-year [5]. Community Platforms - Major gaming community platforms such as TapTap, Haoyou Kuaibao, and others are expected to benefit from the high user activity in the gaming sector [7]. - TapTap has a monthly active user base of 44.05 million, while Haoyou Kuaibao has around 50 million users, indicating strong engagement in gaming communities [8]. Game Performance - Long-standing games like NetEase's "Identity V" have seen over 50% year-on-year revenue growth, while new games from mid-sized developers have also performed well, exceeding expectations [4][5]. - The top games in revenue rankings are predominantly those launched before 2024, indicating the sustained popularity of established titles [4].

Core Viewpoint - The gaming sector has shown significant growth since early June, driven by high-frequency data that boosts earnings per share (EPS) and price-to-earnings (PE) ratios for individual companies, as well as the overall gaming sector's PE valuation [1] Group 1: Market Dynamics - The upcoming summer season is expected to be the strongest for high-frequency data in the gaming industry, with historical trends indicating increased gaming activity during this period [2] - The risk of market optimism regarding the gaming sector being invalidated before the end of summer is relatively low, and the AI industry is anticipated to bring surprises in Q3, attracting funds interested in AI applications [3][4] Group 2: Company Performances - Giant Network has performed exceptionally well, with its core product "Supernatural Action" likely surpassing 100 million in revenue in June, and its daily active users (DAU) showing continuous growth [6] - Kaiying Network has a solid fundamental outlook, with its legendary business performing well and a rich product pipeline expected to drive revenue growth [7] - Jiubite has shown signs of recovery after a downturn, with its core product "Wandao Mobile" stabilizing and new products exceeding expectations [8] - Shenzhou Taiyue is positioned for future growth with a rich product reserve and plans for significant promotion in Q3 [10] - Sanqi Interactive Entertainment is undervalued with a PE ratio below 15, and the upcoming release of its anticipated MMO product "Douluo Dalu" could yield substantial returns [11] - Perfect World is experiencing improved testing results and is set to enter overseas testing, which may catalyze its valuation [12]

Core Insights - The global anime consumer base has surpassed 1.2 billion, with domestic users reaching 300 million, indicating a broadening age range and aesthetic demand within the audience [1] - The Shanghai TV Festival and Tencent Video Animation co-hosted a forum discussing the lifecycle extension of animation IPs, featuring creators from around the world sharing insights on content themes, artistic forms, and international collaboration [1] Group 1: Industry Trends - The forum highlighted the importance of maintaining the vitality of an animation IP after it has gained visibility, emphasizing the need for high-quality production standards [3][6] - The animation industry is witnessing rapid changes in supply and demand, which drives continuous innovation and requires creators to engage more sincerely with their audience [10][13] - The rise of domestic animation is becoming a reality, with Tencent Video aiming to become a leading platform for cross-media works in the next decade [16] Group 2: Content Creation and Audience Engagement - Successful animation requires a deep understanding of audience preferences, with creators encouraged to collect data and engage with viewers to ensure their work resonates [13][15] - The importance of balancing innovation with audience expectations was emphasized, as creators must avoid merely catering to trends while still delivering meaningful content [17] - Various companies are exploring new technologies and narrative techniques to enhance their animation offerings, such as 3D printing and AI integration [8][20] Group 3: IP Development and Global Strategy - Companies like Wanda Animation are focusing on global operations for their IPs, aiming to represent Chinese culture on the international stage [18] - Tencent Video has developed multiple formats for its IPs, including special episodes and theatrical releases, and is planning long-term strategies for content expansion [20] - The industry is moving towards creating high-quality, large-scale domestic animation that meets diverse market demands, with a focus on technological advancements [20]

Core Perspective - The article highlights the global embrace of Chinese cultural IPs, showcasing how they are becoming trendy and influential worldwide, reflecting a youthful and dynamic image of China [1][4][12] Group 1: Cultural IP Globalization - The popularity of the LABUBU toy from Pop Mart has led to a 475% year-on-year increase in overseas revenue in Q1 [1] - LABUBU has gained international recognition, being named "Magical Thailand Experience Officer" and featured in various global events [2] - The rise of Chinese pop culture products, such as C-Dramas and national style fashion, has captivated international audiences [4] Group 2: Digital and Technological Integration - The game "Black Myth: Wukong" has achieved global sales of over 9 billion yuan within four months, showcasing the blend of traditional culture and digital technology [6] - Digital technologies are enhancing the global understanding of Chinese culture, with significant progress in digitizing cultural artifacts [7][8] - The Chinese gaming industry is projected to generate $18.557 billion in overseas sales in 2024, reflecting a 13.39% growth [6] Group 3: Global Participation and Co-Creation - The international success of Chinese web literature, with approximately 6000 translated works and nearly 450,000 overseas authors, indicates a global cultural phenomenon [10] - The engagement of global audiences in co-creation, as seen with characters from popular Chinese media being involved in international events, enhances cultural exchange [11] - The cultural export model has evolved into a complex system combining digital content, IP operation, and technological services [10]

Core Insights - Tencent has established an executive committee for its online video business unit (OVBUEC), consisting of Sun Zhonghuai, Wang Juan, and Ma Yankun, to oversee major business and management decisions [2] - The management upgrade reflects Tencent Video's strong performance, with a focus on enhancing content quality and operational efficiency, as evidenced by the launch of several successful shows and a paid membership count of 117 million by Q1 2025 [2] - The company aims to leverage new technologies, including AI, to explore potential opportunities and further enhance content influence [2] Management Changes - Sun Zhonghuai has been promoted to Chairman of the online video BU, while Wang Juan and Ma Yankun have been appointed as Co-Presidents, also taking on roles as Chief Content Officer (CCO) and Chief Operating Officer (COO) respectively [2] - The establishment of the AI Film Expression Studio indicates Tencent's commitment to integrating AI into its content strategy [3] - The former overseas business center has been upgraded to the overseas business department, signaling a focus on international market development [3] Strategic Focus - Tencent is set to increase investments in content quality, overseas market expansion, and AI technology applications to support sustained growth in its online video business [3]

Core Viewpoint - Chinese online literature has become a significant cultural bridge, allowing overseas audiences to engage with Chinese culture through various adaptations like novels, TV series, and games [1][5]. Group 1: Cultural Exchange and Impact - Chinese online literature is facilitating cultural exchange between the East and West, with stories resonating with readers from diverse backgrounds [3][5]. - The platform "元气阅读" has attracted nearly one million active users monthly, with an average reading time exceeding 50 minutes per day, indicating a strong interest in Chinese online literature in French-speaking regions [3][4]. - Readers in regions like France and Canada are finding personal connections and enjoyment in Chinese online literature, which influences their real-life perspectives and experiences [3][4]. Group 2: Publishing and Translation Efforts - French publishers are increasingly interested in Chinese online literature, with collaborations leading to the publication of translated works such as "武极天下" and adaptations into comics [4][5]. - The translation and adaptation of Chinese online literature into various languages, including French and Korean, are expanding its reach and popularity [12][13]. - The presence of dedicated online communities and platforms for sharing and discussing Chinese online literature is enhancing its visibility and accessibility [3][12]. Group 3: Reader Engagement and Future Plans - Young readers, particularly those born in the 1990s and 2000s, are driving the interest in Chinese online literature, seeking deeper understanding of Chinese culture through these narratives [4][9]. - Future plans include promoting Chinese online literature through various media, including short dramas and social media, to reach a broader audience [4][12]. - The growing influence of Chinese online literature in regions like South Asia is evident, with more young people engaging with these works and expressing interest in learning Chinese to access original texts [8][9].

Core Insights - The 2025 Yirelang International Animation and Game Expo will be held from May 1 to 3, 2025, at the Changsha International Convention Center, focusing on the theme "Cultural Breaking Walls, Cross-Border Coexistence" [1][16] - The expo aims to integrate local animation and gaming industries with high-quality resources from major brands like Tencent Video and NetEase Games, creating a comprehensive platform for cultural exchange and industry collaboration [1][3] Group 1: Event Overview - The expo will feature over 30 top IPs, including popular titles such as "Douluo Continent" and "Honor of Kings," across four themed exhibition halls [7][12] - The event will serve as a significant platform for the local animation and gaming industry, enhancing Changsha's cultural tourism and exhibition economy [1][16] Group 2: Industry Collaboration - The expo has partnered with leading companies in the industry, including Tencent Video, Youku Animation, and Didi Chuxing, to create a robust ecosystem that spans multiple sectors [3][5] - A local IP industry exchange forum will be introduced to facilitate discussions on IP commercialization and share industry trends, contributing to the development of Hunan's animation and gaming IP ecosystem [5] Group 3: Exhibition Features - Hall W1 will focus on events and photography, featuring top-tier competitions and a dedicated area for photography enthusiasts [7][12] - Hall W2 will combine culture and technology, showcasing over 20 large IP booths and immersive experiences through collaborations with major brands [9] - Hall W3 will offer diverse entertainment options with nearly 20 large anime and game zones, creating a one-stop destination for fans [12] - Hall W4 will feature a "pain car" area and interactive signings with popular guests, enhancing fan engagement [14]