经济观察网二次元开放都市赛道或将产生新的头部爆款。今年，完美世界（002624）的《异环》、网易 的《无限大》、诗悦网络的《望月》将该赛道的竞争推向白热化，米哈游又携《Varsapura》强势入局。 不过，其中只有《异环》已完成二测，确认进入最后的研发冲刺阶段。 11月27日，《异环》官方正式启动共研体验会的玩家招募，计划于12月27日至28日在苏州举办一场小而 精的线下封闭试玩。这场活动不仅入场需签署保密协议，内容也指向全新试玩版本，研发团队也会直面 玩家交流，共同促进产品深度打磨。 ...

二次元开放都市赛道或将产生新的头部爆款。今年，完美世界（002624）的《异环》、网易的《无限 大》、诗悦网络的《望月》将该赛道的竞争推向白热化，米哈游又携《Varsapura》强势入局。不过，其 中只有《异环》已完成二测，确认进入最后的研发冲刺阶段。 除了营收端的表现，公司在成本与费用控制方面也有成效。第三季度毛利率提升至64.83%，同比增长 13.06个百分点。销售、管理及研发三大费用率均实现同比下降，反映出公司在精细化运营与资源统筹 方面的持续优化。 11月27日，《异环》官方正式启动共研体验会的玩家招募，计划于12月27日至28日在苏州举办一场小而 精的线下封闭试玩。这场活动不仅入场需签署保密协议，内容也指向全新试玩版本，研发团队也会直面 玩家交流，共同促进产品深度打磨。 有券商分析指出，对比完美世界此前推出的《幻塔》首月及首年流水表现，《异环》有望凭借更高品质 与题材创新实现突破。据机构预测，该产品若如期上线，有望在2026年为完美世界带来约14亿元的利润 增量，显示出业绩释放与估值修复的双重逻辑。 据公开消息，今年6月底，《异环》完成了国内二测，该版本基于虚幻引擎5.5开发，整合了英伟达 DLS ...

Core Viewpoint - The article discusses the challenges faced by the game "Black Beacon" and the broader implications for the mobile gaming industry, particularly in the context of a declining market and the difficulties of new game development. Group 1: Company Challenges - "Black Beacon" has faced significant delays in version updates, with the latest announcement pushing the end of version 1.2 to October 14, a delay of 50 days [3] - The company has experienced a relocation of its headquarters, which has led to speculation about potential downsizing and operational difficulties [4] - Technical challenges have hindered the development of "Black Beacon," with reports indicating that the dual perspective design and complex gameplay mechanics have extended the development cycle by 30% [8][9] Group 2: Market Conditions - The mobile gaming market has seen a decline, with a reported 8% drop in actual sales revenue in the first half of 2025 compared to the previous year [12] - The number of new games in the mobile gaming sector has decreased by nearly 40% from peak levels, indicating a stagnation in innovation and new product launches [14] - The market is characterized by a "frozen" state, where older games maintain player engagement through continuous updates, while new games struggle to gain traction due to high technical demands and market pressures [15][17] Group 3: Industry Trends - The article highlights a growing divide between large developers and smaller teams, with larger companies taking on the responsibility for innovation, which may lead to a concentration of resources and potential stagnation in creativity [21] - There is a notable trend of nostalgia among players, with older games like "FGO" and "Arknights" continuing to perform well, while new titles face challenges in capturing player interest [15][17] - The industry is witnessing a restructuring, with opportunities for smaller teams to find niches in the market, despite the overall competitive landscape becoming more intense [21]

Summary of Key Points from Conference Call Records Industry Overview - The media and internet sector is benefiting from new consumption trends, content recovery, and growth in AI applications, with significant products in the gaming sector such as Gigabit's "Nine Woods in the Wild" and Kaiying Network's "Nobunaga" being noteworthy [1][5] - The film and television sector shows signs of recovery, with opportunities arising from Guomai Culture's animated film "Three Kingdoms Starry Sky" and derivative licensing, as well as the short drama market expected to reach a scale of 50.5 billion yuan in 2024, surpassing box office revenues [1][6][12] Key Insights and Arguments - The gaming sector is expected to perform well in the first half of 2025, with new products from companies like Giant Network, Perfect World, and Gigabit [3] - The short drama market is rapidly growing, with a projected scale of 63 billion yuan in 2025 and a compound growth rate of approximately 19% [12] - AI applications are increasingly important in the media and internet industry, with major companies like Alibaba and ByteDance actively investing in AI technologies to enhance user experience and drive overall industry valuation [8] Notable Developments - The IP toy sector remains active, with companies like Pop Mart expected to perform well in the second half of the year, driven by emotional consumption trends [1][7] - The open-world gaming market has significant potential, with titles like Perfect World's "Yihuan," NetEase's "Infinite," and Shiyue Network's "Wangyue" anticipated to launch in 2025 or 2026 [9] - The film industry is projected to achieve a box office revenue of approximately 50 billion yuan in 2025, with notable films such as "Mission: Impossible 8" and "Jurassic World Rebirth" expected to perform well [10][11] Additional Insights - The education sector is focusing on AI integration, with companies like New Oriental and Thinking乐 showing strong profit growth potential [4][17] - The new energy vehicle sector continues to grow, with a year-on-year increase in production and sales of 48.3% and 46.2% respectively, and a penetration rate of 42.7% [4][15] - The e-commerce sector is experiencing rapid growth in instant retail, with major players like Meituan, Alibaba, and JD.com heavily investing in this area [13][14] Investment Opportunities - Companies like Dou Shen Education and Sheng Tong are recommended for investment due to their AI-focused educational products, which are expected to lead the market [18][19] - The automotive sector, particularly Li Auto's I8 and I6 models, is expected to outperform due to their design advantages and strong market positioning [16]

Summary of Conference Call Notes Company and Industry Overview - The conference call primarily discusses **Perfect World** and the **gaming industry** in general, with a focus on upcoming game releases and market trends [2][6][10]. Key Points and Arguments - **IP Derivative Sales**: The sales of the **Nezha IP** derivatives have reached several hundred billion GMV, with a target approaching 1,000 billion, indicating significant market potential for IP derivatives that could impact stock valuations of related companies [2][4]. - **New Consumption in Hong Kong**: In the new consumption sector in Hong Kong, **Pop Mart** and **Brook** have shown outstanding performance, with Pop Mart's expected PE exceeding 40 times, reflecting high growth expectations from the market [2][5]. - **Game Product Performance**: **Giant Network's** supernatural action group has seen a notable increase in revenue, while **ST Huatong's King's Raid** continues to show growth, indicating strong operational performance of gaming products that may lead to significant profits [2][5]. - **2025 Gaming Landscape**: The year 2025 is anticipated to be a major year for game products, with significant releases from Perfect World, including **"Yihuan"**, and other major titles expected to drive industry growth [2][6]. - **"Yihuan" Highlights**: The new game **"Yihuan"** utilizes the Unreal Engine 5, featuring a differentiated combat system and a light-hearted, suspenseful storyline, with expectations to surpass the previous title **"Huan Tower"** [2][7]. - **Open World Mobile Games**: The future of open-world mobile games looks promising, with players increasingly willing to pay for high-quality games, suggesting a growing market segment [2][8][9]. - **Player Payment Habits**: Players have developed a willingness to pay for quality games, creating a favorable ecosystem for the growth of open-world games, with three significant titles expected to launch in the next two years [2][9]. Additional Important Information - **Organizational Changes**: Perfect World has undergone structural adjustments to become more market-oriented, reducing its workforce from over 5,700 to approximately 3,900 and selling non-core assets [3][10]. - **Revenue Projections for "Yihuan"**: The first-year revenue for "Yihuan" is projected to be between 5 billion to 9.1 billion RMB, with a corresponding profit elasticity of 900 million to 2.25 billion RMB [3][11]. - **Future Revenue and Profit Expectations**: Revenue forecasts for Perfect World from 2025 to 2027 are 6.7 billion, 10.8 billion, and 9.9 billion RMB, with net profits of 630 million, 1.71 billion, and 1.82 billion RMB respectively [3][12]. - **Risk Factors**: Investors should be aware of risks such as potential delays or quality issues with new game releases, changes in international trade policies affecting overseas business, and the possibility of data discrepancies due to reliance on assumptions and third-party data [3][13].

Core Viewpoint - The article discusses the revival of the second-dimensional gaming sector, highlighting the innovative features and improvements in the game "Dual Spiral" as it progresses through its testing phases, particularly focusing on gameplay mechanics, narrative structure, and player engagement [1][19][39]. Group 1: Game Features and Innovations - "Dual Spiral" introduces a dual protagonist narrative and a multi-dimensional combat system, distinguishing it from conventional second-dimensional games [3][19]. - The game allows for extensive customization of characters and weapons, enabling players to personalize their experience significantly [11][15]. - The combat system emphasizes a combination of horizontal expansion and vertical depth, allowing players to switch between melee and ranged attacks fluidly [20][22]. Group 2: Visual and Technical Enhancements - Significant improvements in graphics and character modeling have been made, with the game now supporting 4K and 120 FPS options, enhancing the visual experience [4][7]. - The development team has focused on refining lighting, rendering, and material adjustments, resulting in a more immersive environment [4][19]. Group 3: Player Experience and Feedback - The development team has actively responded to player feedback from previous tests, addressing issues such as frame rate and gameplay mechanics [3][19]. - The introduction of a "Commission Letter" system allows players to obtain high-tier weapons and resources without excessive grinding, catering to both casual and hardcore players [27][29]. - The game features a variety of side activities, such as fishing and mini-games, which enhance player engagement and provide a break from the main gameplay loop [31][34]. Group 4: Narrative and World-Building - "Dual Spiral" offers a rich narrative experience, allowing players to explore themes of discrimination and power struggles within its world [11][17]. - The game’s structure promotes player freedom, enabling them to choose character genders and storylines, enhancing the overall narrative immersion [17][19]. Group 5: Market Position and Future Potential - "Dual Spiral" stands out in a saturated market by challenging traditional monetization strategies, offering a more player-friendly experience with less emphasis on heavy paywalls [15][20]. - The game's development pace and quality have instilled confidence in players, as evidenced by over 4 million pre-registrations, indicating strong market interest [37][39].

Core Insights - Guangdong has launched six major cultural industry policy packages, including measures to promote the high-quality development of the online gaming industry, focusing on supporting original creations, optimizing the business environment, and enhancing service mechanisms [1] Group 1: Industry Growth and Revenue - In 2024, the revenue of Guangzhou's gaming industry is projected to reach 140.67 billion yuan, accounting for 43.2% of the national total, marking a historic high [2][8] - The gaming industry in Guangzhou is expected to accelerate further in 2025 due to favorable policies, technological advancements, and talent aggregation [2] Group 2: Industry Ecosystem and Development - Guangzhou has established a complete industry ecosystem from content creation to global operations, with the "Game First Street" in Tianhe District housing major companies like NetEase and over 200 smaller firms [2] - Recent policies aim to promote the construction of gaming and esports industry parks, encouraging companies to participate in creating spaces for research, incubation, and events [2] Group 3: Emerging Trends in Gaming - The small program gaming sector is experiencing rapid growth, with a compound annual growth rate of 182.3% from 2022 to 2024, positioning it as a lucrative market [3] - Guangzhou is home to 28 companies listed in the "2024 China Mini Game Top 100 Enterprises," the highest in the country, with successful titles like "Puzzles & Survival" and "Little Heroes" [3][8] Group 4: Focus on Quality and Cultural Integration - Several companies in Guangzhou are producing high-quality games that incorporate traditional Chinese culture, such as "Call Me the Boss" which integrates elements from the Song Dynasty [6] - The gaming industry is encouraged to embed cultural elements deeply into game design, with plans to explore modern cultural integration with traditional themes [6] Group 5: International Expansion and Collaboration - The new policy measures emphasize building an overseas industry cluster and alliances to promote Guangdong's original games in international markets [5] - Companies like Ganwan Games are looking to collaborate within the Greater Bay Area to enhance the gaming industry's ecosystem [5] Group 6: Technological Innovation - The policy measures support technological innovation in gaming, focusing on areas like virtual engine development and data security [7] - Companies are actively integrating AI and big data into their operations, with examples like NetEase's AI model arena in "Nirvana in Fire" [7]