正在外界对其传言纷纷时，8月25日，《黑色信标》官方发布了最新公告，公告表示，延迟1.2版本结束 时间至10月14日，迟到了整整五十天。 近期有消息显示，《黑色信标》明昼科技大楼搬迁。 之后很长一段时间，除了复刻活动之外没有任何新内容更新。 公告一出，社区更是引发跑路猜测。从国服上线4月28日至今短短四个月左右时间，如果真的如猜测所 言实在令人唏嘘。 | 评论 161 相关 只看作者 三 热门 | | --- | | 无名 | | 实在不行咱们出个陪伴服吧 | | 你要跑路的话吱个声,我有个心理准备 | | 98楼 · 昨天 19:36 回复 | | 白猫 | | 这不就是死了 就把性价比青和最强男角色拉出来复 | | 刻再圈最后一波吗 | | 110楼 · 昨天 21:07 回复 | | 家居哥 OPC MW | | 准备跑路的征兆。 | | 1,公司搬迁,人员缩减 | | 2,新版本不能稳定更新,延后。 | | 3,复刻跳过相对弱势的,先上强势人气高的角色。 | | 你就氪吧,欢迎补充。 | | 86 楼 · 昨天 18:21 回复 | | 灯列 22024年度报告 | | 永久月卡69 | | 昨天 2 ...

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]