不止数字风口，更是文化标杆—— 文化"新三样"加速破圈("融"观中国) 11月的浙江桐乡乌镇，水汽氤氲，桂香浮动。 世界互联网大会期间，这座千年古镇敞开怀抱。以"数联全球·文聚浙里"为主题，一场关于网文、网 剧、网游等文化"新三样"高质量发展的交流展示活动在此举行。 位于乌镇云舟宾客中心的会场外，主题互动展区人流如织：微短剧拍摄实景让参观者亲身体验导演创 作；《黑神话：悟空》主角半身像前合影者排起长队。会场内，各界代表共聚一堂，探讨中国故事走向 世界的现实路径与未来图景。 "这是中国创作者的独特优势" 近年来，文化"新三样"在海外刮起强劲"中国风"。 《黑神话：悟空》首发即登顶多国游戏销量榜；《司藤》《长月烬明》等剧集在东南亚广受欢迎。数据 显示，2024年中国网络文学海外营收达48.15亿元；微短剧应用海外累计下载量近5500万次；自主研发 游戏海外销售收入超185亿美元。据预测，到2027年，这三项出口规模将继续大幅增长。 数字时代，为何网文、网剧、网游能成为中国故事的"新载体"？中国文化产品如何立足自身优势，提升 辨识度？ 《仙剑奇侠传》《九州牧云录》等爆款小说的作者管平潮认为："数字时代，能从浩如烟海 ...

11月的浙江桐乡乌镇，水汽氤氲，桂香浮动。 世界互联网大会期间，这座千年古镇敞开怀抱。以"数联全球·文聚浙里"为主题，一场关于网文、网 剧、网游等文化"新三样"高质量发展的交流展示活动在此举行。 位于乌镇云舟宾客中心的会场外，主题互动展区人流如织：微短剧拍摄实景让参观者亲身体验导演创 作；《黑神话：悟空》主角半身像前合影者排起长队。会场内，各界代表共聚一堂，探讨中国故事走向 世界的现实路径与未来图景。 "这是中国创作者的独特优势" 近年来，文化"新三样"在海外刮起强劲"中国风"。 《黑神话：悟空》首发即登顶多国游戏销量榜；《司藤》《长月烬明》等剧集在东南亚广受欢迎。数据 显示，2024年中国网络文学海外营收达48.15亿元；微短剧应用海外累计下载量近5500万次；自主研发 游戏海外销售收入超185亿美元。据预测，到2027年，这三项出口规模将继续大幅增长。 数字时代，为何网文、网剧、网游能成为中国故事的"新载体"？中国文化产品如何立足自身优势，提升 辨识度？ 《仙剑奇侠传》《九州牧云录》等爆款小说的作者管平潮认为："数字时代，能从浩如烟海的中华传统 文化中汲取营养，这是中国创作者的独特优势。"他表示，为写好仙 ...

网易发布2025年Q3财报：营收净利增长但均不及预期，游戏业务仍在硬扛起网易业绩 11月20日，网易（Nasdaq: NTES；HKEX: 9999）发布截至2025年第三季度未经审计财报。数据显示，公司实现净营收284亿 元人民币，同比增长8.2%；归属于公司股东的净利润为86亿元，与上一季度持平，较上年同期的65亿元显著增长；Non- GAAP净利润达95亿元，同比提升26.7%。 据新浪科技报道，在随后的财报电话会议上，管理层就产品运营与全球战略作出详细阐释。针对《梦幻西游》"畅玩服"成功 原因，CEO丁磊表示，其通过取消时间收费、简化系统、降低门槛，有效吸引回流用户与新玩家，同时反哺收费服生态。 关于出海战略，丁磊指出，网易是"国内唯一将纯中国武侠题材成功推向海外的大型游戏公司"，《燕云十六声》《永劫无 间》《逆水寒》手游等均获海外市场积极反响。备受期待的新作《无限大》（ANANTA）在东京电玩展斩获"未来期待奖"， 目前研发进度符合预期，将于2026年上线。 面对分析师关于新品节奏放缓的提问，丁磊明确回应：公司将更聚焦已有成功产品，"避免精力分散在把握不大的项目上"， 坚持"少而精"的精品化路线。对 ...

Core Viewpoint - The gaming sector has experienced a significant surge in stock prices this year, with various companies achieving remarkable growth, indicating a potential new phase of high-speed growth in the Chinese gaming industry [3][10]. Group 1: Stock Performance - ST Huatuo (002602) has seen a year-to-date increase of nearly 303%, becoming a leader in the A-share gaming sector with a total market capitalization of 153.8 billion yuan [1]. - Tencent (0700.HK) and NetEase (9999.HK) recorded stock price increases of over 60% and 70% respectively, while Giant Network (002558) surged over 260% [3]. - Other notable performers include G-bits (603444) with a rise of over 166%, Perfect World (002624) with an increase of over 88%, and 37 Interactive Entertainment with a growth of over 46% [6]. Group 2: Reasons for Stock Surge - The stock price increases are attributed to multiple factors, including high certainty in performance growth, improved internal control capabilities, and expectations for future delisting [3][6]. - The gaming industry is shifting from imitation to innovation, focusing on high-quality game development and international expansion, which enhances the industry's outlook [3][10]. - The release of new products exceeding expectations and stable performance from existing products have contributed to significant revenue and profit growth [7][11]. Group 3: Financial Performance - Century Huatuo reported a revenue of 17.2 billion yuan for the first half of the year, a year-on-year increase of 85.5%, with a net profit of 2.656 billion yuan, up 129.33% [7]. - G-bits achieved a revenue of 2.518 billion yuan, a growth of 28.49%, with a net profit of 645 million yuan, up 24.5% [7]. - Giant Network's revenue was approximately 1.662 billion yuan, reflecting a growth of 16.47%, while net profit was about 777 million yuan, up 8.27% [7]. Group 4: Policy and Market Dynamics - The issuance of game licenses has been a key driver for the gaming sector, with a significant number of licenses granted this year, indicating a favorable regulatory environment [8][10]. - The total number of game licenses issued in 2025 has reached 1,275, with 1,195 for domestic games and 80 for imported games [8]. - The Chinese gaming market's actual sales revenue grew by 14.08% year-on-year in the first half of the year, marking a historical high [10]. Group 5: Future Outlook - The gaming industry is expected to continue its upward trajectory, supported by policy incentives and technological advancements, particularly in AI and international market expansion [11][14]. - The focus on maintaining IP relevance and leveraging technology for game development is seen as crucial for sustaining growth [11][15].

Core Viewpoint - NetEase (NTES.US) stock is experiencing strong performance driven by the success of evergreen games like "Naraka: Bladepoint" and anticipated acceleration in sales growth for Q3 [1] Group 1: Stock Performance - NetEase shares rose nearly 1% pre-market, reaching $156.25, and hit a new high after opening [1] - Goldman Sachs raised NetEase's target price from $145 to $161, maintaining a "Buy" rating [1] Group 2: Game Performance and Future Outlook - The strong stock performance is attributed to the exceeding expectations of evergreen games and the robust performance of traditional games [1] - Looking ahead to 2026, two upcoming major titles, "Sea of Remnants" and "Ananta," along with new successes in overseas markets, are expected to create a favorable product cycle [1]

Core Insights - The article highlights the impressive vitality of the game "Naraka: Bladepoint" during the summer, showcasing its strong long-term operational capabilities and brand vitality, successfully penetrating the broader entertainment user base [1] - The game has redefined the boundaries of "martial arts" through deep reflection on its core, opting for sincere innovation rather than resting on past successes [2] Gameplay Innovation - The introduction of the new "Naraka Bounty Hunter" gameplay represents a conceptual leap, expanding the "close combat survival competition" framework into a highly competitive category for 2025, enhancing gameplay complexity and meeting diverse player needs [3] - The new gameplay incorporates elements of exploration, stealth, and strategy, creating a dynamic microcosm of the martial arts world, and effectively combines popular "search and loot" mechanics with innovative gameplay to enhance playability [3] Content Matrix and Community Engagement - A series of IP collaborations, such as with "Mo Dao Zu Shi," enriches the game world, resonating with fans and drawing in audiences from various backgrounds [5] - The collaboration with "Tomb Raider" not only features character storylines but also includes contributions from well-known creators, further expanding the game's reach [7] - The game integrates cultural elements by collaborating with the Shanghai Museum, allowing players to interact with historical artifacts, thus embedding cultural history into the gaming experience [9] Character and Mechanic Development - The introduction of the new hero, Wan Jun, enriches the character system and maintains gameplay diversity and balance, while also inspiring community-driven content creation [11] Platform Strategy and User Engagement - The game leverages Douyin (TikTok) to reach a broader audience, utilizing engaging short video content to effectively communicate new features and collaborations, achieving over 250 million views on the Naraka4thAnniversary topic [12] Conclusion - The four-year journey of "Naraka: Bladepoint" reflects a mature brand's continuous self-reflection and evolution, demonstrating that a quality game can combat the passage of time through sustained and deep content innovation [13]

Summary of the Gaming Industry Conference Call Industry Overview - The gaming industry has shown significant growth in the first half of 2025, with 17 core gaming companies experiencing an average revenue growth rate of 12%-18%, with a notable acceleration in Q2 [1][3][9]. - The domestic self-developed online game market reached a revenue of 140.5 billion yuan, marking a 19% year-on-year increase, the highest since 2021 [1][12]. Key Insights - **Revenue and Profit Growth**: Companies like ST Huatuo and Jiubite reported revenue growth rates of 80% and 100%, respectively, with profit growth exceeding 80% and 20% [1][10]. Overall, the gaming sector's profit performance has improved, driven by revenue increases, higher gross margins, and reduced expense ratios [1][10]. - **Gross Margin Improvement**: The gaming sector's gross margin increased from 65% in Q1 2023 to 69% in Q2 2025, attributed to improved operational efficiency, contributions from new games, and user migration to official channels [1][11]. - **User Spending**: The average spending per game user was 248 yuan, a 13% increase year-on-year, driven by increased playtime and willingness to spend [3][16]. Market Dynamics - **Supply and Demand**: The revival of the gaming industry is attributed to a significant increase in the number of domestic game approvals, with 166 new approvals in August 2025, doubling from 2023 [2][5][13]. The approval cycle has also shortened to about three months [2][5]. - **AI Integration**: AI technology has significantly impacted the gaming industry, reducing R&D costs from 48% in Q1 2023 to 29% in Q2 2025, enhancing productivity and profitability [1][7][26]. - **Marketing Strategies**: Companies are shifting towards content marketing and reducing reliance on traditional Android channels, which has alleviated sales costs and channel sharing pressures [6][22]. Competitive Landscape - **Head and Mid-Tier Companies**: The competitive pressure from leading companies on mid-tier firms has eased, allowing mid-tier companies to find opportunities for growth by focusing on their strengths [19][20]. - **Innovation and Performance**: Mid-tier companies are narrowing the innovation gap with leading firms, with notable performances in specific genres [21]. Future Outlook - **Sustained Growth**: The gaming sector is expected to maintain its growth momentum, with several new games set to launch during key holiday periods, which will likely reflect positively in Q3 financial reports [8][31]. - **Valuation Projections**: Current valuations are around 20 times earnings, with expectations to rise to 25 times in the next year, driven by improved fundamentals and potential breakthroughs in AI applications [32][33]. Notable Companies and Products - **Tencent**: Achieved over 20% revenue growth in Q2, with strong contributions from both domestic and overseas markets. Upcoming titles include "Honor of Kings World" and "One Person Under" [34]. - **Jiubite**: The core product "Zhang Jian Chuan Shuo" is expected to generate significant revenue, with a stable performance in the market [38]. - **ST Huatuo**: Currently in a profit release cycle with promising projects, expected to reach a market cap of 180-200 billion yuan [37]. - **Perfect World**: Set to launch "Yihuan," an innovative open-world game, by the end of 2025 [40]. Conclusion The gaming industry is experiencing a robust recovery with strong revenue and profit growth, driven by favorable market conditions, technological advancements, and strategic shifts in marketing and operations. The outlook remains positive, with significant opportunities for both established and emerging companies.

Core Insights - The "search, fight, and retreat" (搜打撤) genre has gained significant traction, with major companies like Sony, Supercell, and Tencent actively participating in this space [1][3] - Tencent is currently the leader in the domestic "search, fight, and retreat" market, with games like "Dark Zone Breakout" and "Delta Action" solidifying its position [3][6] - The gameplay mechanics of "search, fight, and retreat" present inherent contradictions, making it challenging to balance tactical execution with fast-paced action [5][6] Tencent's Dominance - Tencent's "Delta Action" achieved an average daily active user (DAU) of 20 million in July, ranking among the top five in the industry [3] - "Dark Zone Breakout" was launched in 2022, focusing on a realistic approach that creates a "high-risk, high-reward" psychological experience [7] - The company has expanded its offerings, including the recent launch of "Dark Zone Breakout: Infinite" for PC, which has maintained a top 10 position in internet café rankings [9] Market Dynamics - Despite Tencent's stronghold, other companies like NetEase are also entering the "search, fight, and retreat" arena with unique approaches, such as the "Desert Gold" mode in "Naraka: Bladepoint" [15][19] - New entrants like "No Master Star Abyss," developed by former Blizzard CEO Mike Morhaime, are exploring innovative gameplay mechanics that combine cooperative and competitive elements [17][20] - The genre is evolving, with various companies experimenting with different gameplay styles and mechanics, indicating a competitive landscape that is not solely dominated by Tencent [26][27] Future Outlook - The "search, fight, and retreat" genre is characterized by its appeal to players' sense of risk and reward, creating a gambling-like experience that is distinct from traditional competitive shooting games [27] - The ongoing development of diverse gameplay experiences suggests that the future of this genre will not be monopolized by a single product but will instead cater to a variety of player preferences [26][27]

Core Insights - Xiaohongshu's recent foray into the ACG (Anime, Comic, and Game) community has not significantly altered the existing landscape, with core players still favoring platforms like Bilibili for in-depth content and Douyin for short videos [1][10] - The RED LAND event in Shanghai, strategically located near Bilibili's headquarters, symbolizes a new round of competition among internet platforms for the youth demographic [1][3] User and Strategic Drivers - Xiaohongshu's RED LAND marks its first large-scale offline event in the gaming and ACG sector, with a 175% increase in ACG content and a 168% rise in gaming content published on the platform over the past year [3][5] - The user demographic has shifted, with 50% of users being post-95s and 35% post-00s, predominantly female, aligning closely with the ACG audience [3][5] - The platform's rebranding from "Your Life Guide" to "Your Life Interest Community" reflects a strategic pivot towards interest-based social engagement, aiming to harness the spending potential of younger users [5][10] 2.5D User Engagement - The concept of 2.5D users, who integrate ACG interests into their daily lives, is crucial for Xiaohongshu's strategy in the ACG space [7][9] - The rise of "Guzi Economy" has facilitated the conversion of ACG enthusiasm into real-world consumption, contrasting with traditional core ACG communities [7][9] - Despite advantages in the otome game sector, Xiaohongshu struggles to attract hardcore gamers focused on in-depth content, indicating a limitation in its appeal to competitive gaming audiences [7][9] Competitive Landscape - The Chinese ACG industry is projected to reach a market size of 221.9 billion yuan in 2023, with the number of ACG users expected to grow from 210 million in 2017 to 526 million by 2025 [10][12] - Bilibili's established community culture and content ecosystem provide a more immersive ACG experience, while Xiaohongshu is still in the early stages of community expansion [12][13] - Other platforms like Douyin and Weibo are also targeting the youth demographic, leveraging their unique strengths to engage with ACG audiences [12][13] Future Challenges - Xiaohongshu's ability to convert the enthusiasm of 100,000 event participants into a sustainable community ecosystem will be critical for its success in the ACG sector [10][13] - The platform's current focus on brand exposure rather than deep partnerships with game developers may limit its long-term growth potential in the ACG market [12][13]

Group 1 - The core event, RED LAND, is the first offline venture of Xiaohongshu into the ACG (Animation, Comics, Games) sector, aiming to compete directly with Bilibili in the Chinese two-dimensional market [4][15] - The event attracted approximately 100,000 attendees, showcasing popular IPs from Tencent, NetEase, and Mihayou, among others, in a transformed venue on Shanghai's Fuxing Island [6][15] - Xiaohongshu's content strategy has shifted, with a new slogan emphasizing community interests, and significant growth in two-dimensional and gaming content, which saw year-on-year increases of 175% and 168% respectively [7][16] Group 2 - The event's location was strategically chosen to be in close proximity to Bilibili's headquarters, symbolizing a direct challenge to Bilibili's dominance in the sector [4][15] - The preparation for RED LAND involved extensive renovations and setup within a short timeframe of about 20 days, indicating a strong commitment to creating an immersive experience [8][15] - Despite the high attendance, the event faced challenges due to extreme heat and logistical issues, leading to some negative feedback from attendees [8][10] Group 3 - Xiaohongshu aims to transition from an online community to a platform that shapes offline lifestyle experiences, leveraging the growing two-dimensional market, which is projected to reach a scale of 221.9 billion yuan in 2023 [16] - The event's theme, "Welcome Home, Forever the Protagonist," resonates with the community's desire for connection, similar to Bilibili's approach but with a focus on commercial opportunities for brands [15][16] - The emergence of a "2.5-dimensional" community indicates a trend where younger generations integrate gaming and anime experiences into their real-life activities, presenting a significant market opportunity for Xiaohongshu [16]