Game Releases - Tencent's new game "Virtual Ring" released a 21-minute gameplay demonstration on August 4, with the first test scheduled for January 2026, and the video has garnered over 14.25 million views [1] - NetEase launched the 3D turn-based pet-catching game "Spirit Beast Adventure" on August 7, featuring five major factions and a home-building system [3] - Perfect World released the ancient fantasy MMORPG "Zhu Xian 2" on August 7, which quickly reached the number one spot on the iOS free chart [6] - Tencent's survival mobile game "Out of Control Evolution," authorized by "Rust," began testing recruitment on August 8, with large-scale testing set for September 19 [8] - Anuttacon's AI interactive game "Whispers from the Star" will launch on Steam on August 15, priced at $9.99, focusing on real-time dialogue with AI characters [11] - Tencent's new FPS game "Crossfire: Rainbow" was officially announced on August 9, featuring a PVPVE mode and a unique "San value" mechanic [12] - Tencent's 3D cultivation RPG project "Code: Carefree Journey" was unveiled on August 8, emphasizing exploration and action-based combat [13] Industry News - Xindong Company announced a strategic investment of $14 million in AI game company MiAO, acquiring a 5.3% stake, with MiAO's valuation at $264 million [19] - Nintendo warned the organizers of Japan's largest speedrunning charity event "RTA Summer 2025" to remove all Nintendo games due to unauthorized use, affecting the event scheduled for August 9 [20] - OpenAI launched the new AI model GPT-5 on August 8, capable of generating 3D games from text instructions and enhancing game development efficiency [21]

Core Viewpoint - The 2025 ChinaJoy will be held from August 1 to August 4 in Shanghai, showcasing a significant number of exhibitors and events focused on digital interactive entertainment and gaming industry advancements [1][10]. Exhibition Aspects: Major Works and Technological Innovations - The theme for this year's ChinaJoy is "Gathering What You Love," with 743 companies registered to participate, including 237 foreign enterprises from 37 countries, representing 31.8% of total exhibitors [10][11]. - The BTOC Interactive Entertainment Hall will feature over 283 companies, while the BTOB Business Negotiation Hall will host more than 460 companies, with foreign enterprises making up 45.2% of the latter [11]. - Notable exhibitors include Tencent, NetEase, and Perfect World, showcasing popular games and new releases, with many offering on-site play experiences [13][15][16]. Conference Aspects: Industry Leaders and Global Collaboration - The event will host several key conferences, including the China International Digital Entertainment Industry Conference (CDEC) and the China Game Developers Conference (CGDC), featuring hundreds of industry leaders and experts [19][20]. - CDEC will focus on new directions for industry development, with over 100 industry leaders expected to participate [19]. Event Activities: Engaging Competitions and Performances - The Cosplay Super League will cover 12 regions with nearly 30,000 participants, while the National Dance Group Ceremony will feature over 300 competitors [21]. Highlights of the Exhibition - The event will emphasize AI technology innovation and new consumer experiences, including a "Creator Zone" aimed at engaging younger audiences [22][23]. - The international presence is expected to increase, with foreign exhibitors making up 46.5% of the BTOB Business Negotiation Hall, marking a historical high [25]. Safety Measures: Ensuring a Secure Environment - A comprehensive safety management system will be implemented, including content review processes and on-site management protocols to ensure a safe and orderly event [31][33]. Ticketing Information: Early Bird Pricing - Early bird tickets for ChinaJoy will be available through various platforms starting July 2, with different phases for ticket sales [35].

Group 1 - The gaming industry is recognized as a significant part of the digital cultural industry and is positioned as an important engine for economic growth, contributing to service consumption and cultural potential release [1][3] - The 2025 ChinaJoy will take place from August 1 to August 4 in Shanghai, with over 743 companies registered to participate, including 237 foreign enterprises from 37 countries and regions, accounting for 31.8% of total participants [1][3] - Major companies like Tencent Games, NetEase Games, and Perfect World are actively preparing to showcase their products, including over 40 existing games and several new titles [3] Group 2 - This year's ChinaJoy will focus on AI technology innovation and new consumption scenarios, featuring a variety of technological products in the smart hardware pavilion and introducing a "smart entertainment robot" exhibit [3] - The event will also host the ChinaJoy AIGC Conference and the inaugural "Dragon Cup" global AI gaming and application innovation competition in collaboration with Century Huatong [3]

Group 1: Game Releases and Updates - The game "捞女游戏" has been renamed to "情感反诈模拟器" after facing controversy for stigmatizing women, despite achieving 96% positive reviews and topping the Steam sales chart [1] - Tencent's "最终幻想14：水晶世界" launched on June 19, featuring five races and nine job classes, along with various in-game benefits for players [3] - NetEase's "灵兽大冒险" began its paid test on June 19, focusing on pet-catching and home-building mechanics [5] - NetEase's first AAA single-player game "归唐" was announced, developed over four years and based on historical events from the late Tang dynasty [6] - "龙骑士学园," an MMORPG, was officially launched on June 19, allowing players to engage in dragon-riding adventures [8] - "解限机," a mech-themed action shooting game by 西山居, will enter global open beta on July 2, with over 520,000 pre-registrations [9] Group 2: Industry News and Events - Tencent's WeGame 3.0 version was released during the 2025 WeGame Game Night, enhancing user experience and optimizing performance [13] - Youzu Network celebrated its 16th anniversary with various game promotions and announced new titles, including "少年三国志3" [15] - Beijing's government introduced 11 measures to support the gaming and esports industry, offering rewards up to 30 million yuan for qualifying projects [18] - RNG and its owner, 姚金成, are facing enforcement actions exceeding 160 million yuan, indicating financial challenges within the company [19]

Group 1 - Lilith Games' self-developed shooting game "Far Light 84" is scheduled for a July test, which will be available on both PC and mobile platforms, potentially attracting market attention towards the "gaming + AI + esports" concept [1] - NetEase's turn-based pet-catching mobile game "Spirit Beast Adventure" will begin testing on June 19, featuring a unique blend of "vertical screen + pet-catching + home management" gameplay, targeting casual players and aiming for rapid annual revenue growth if a stable user base is formed [2] - Sunborn Network's "Girls' Frontline" issued an apology for server issues experienced after its June 12 launch, attributing the problems to an underestimation of server capacity, which may weaken market confidence in its future products [3]

Core Viewpoint - NetEase held its annual 520 game launch event, unveiling over 40 new products, including key titles like "Yanyun Sixteen Sounds" and "Identity V" [1][30]. Product Announcements - "Wanmin Changge: Three Kingdoms" is a single-player strategy game developed by the team behind "Rate the Land." It received positive feedback during its initial testing [1][4]. - "Marvel Secret War" is a card RPG based on the Marvel IP, which has already opened pre-registration [7]. - "unVEIL the world," a collaboration between NetEase and Shueisha, is a playable manga with details revealed during the event [10]. - "Top Chase" is a fast-paced battle royale game that has received over 90% positive reviews during its overseas early access [13]. - "Uncharted Star Abyss," a space-themed FPS, will undergo its final open testing on Steam [16]. - "Spirit Beast Adventure" is a turn-based strategy mobile game with a focus on Chinese mythology [19]. - "Planet Party Time," a social game similar to Animal Crossing, will begin testing later this year [22]. - "Forgotten Sea," an ocean adventure RPG from the Joker studio, is expected to be significant given its development team's background [25]. Market Trends and Company Strategy - The trend of single-player games is on the rise, and NetEase's focus on this area is seen as a strategic move [4]. - The company has a diverse product matrix, including popular IPs like "Onmyoji" and "Dream Journey to the West," indicating its ability to cater to various gaming genres [33]. - The success of "Yanyun Sixteen Sounds," which surpassed 30 million players, highlights NetEase's potential for long-term growth in the gaming sector [30][31]. - The 520 event reflects NetEase's ongoing strategy of exploring and developing new gaming possibilities rather than rushing to market [28].

Core Insights - The core themes of the recent NetEase conference are "stability" and "transformation," focusing on long-term game development and the introduction of new titles [1]. Group 1: Long-term Strategy - NetEase emphasizes the development of evergreen games, with CEO Ding Lei stating that titles like "Egg Party" and "Marvel Showdown" are expected to operate for at least 10 years [1]. - The company showcased its commitment to long-term projects, highlighting "Yanyun Sixteen Sounds" as a sustainable project for the next 5-10 years [1]. Group 2: New Game Releases - The conference introduced 9 new games, indicating a desire to break out of comfort zones and explore new genres [2]. - The new titles include various genres such as strategy, shooting, card games, and adventure RPGs, with a focus on unique gameplay experiences [2][3]. Group 3: Platform and Quality Breakthroughs - A significant portion of the new games are PC-based, marking a strategic push into the PC gaming market [3]. - The new titles are backed by notable collaborations, including partnerships with Bungie and Marvel, indicating a focus on high-quality game development [3]. Group 4: Game Details - "Ten Thousand People Long Song: Three Kingdoms" is highlighted as NetEase's first standalone PC strategy game, featuring a seamless open world and strategic depth [6][8]. - "Destiny: Rising" is a shooting mobile game developed in collaboration with Bungie, featuring both FPS and TPS perspectives [10][12]. - "Marvel Mystic Mayhem" is a tactical RPG that incorporates dynamic storytelling and card-based gameplay [14][15]. - "unVEIL the world" is a card game developed with Shueisha, featuring character designs by renowned manga artists [17][19]. - "Supervive" is a tactical competition game developed by a studio founded by a former executive of "League of Legends," showcasing a unique gameplay style [20][22]. - "Uncharted Stars" is a team shooting game set in space, developed by a studio founded by Blizzard's co-founder [24][25]. - "Spirit Beast Adventure" is a flagship MMO with a focus on pet mechanics and lightweight gameplay [28]. - "Planet Party Time" is a life simulation game with party elements, expected to launch in the domestic market [29][31]. - "Forgotten Sea" is an ocean adventure RPG that recently revealed its concept trailer and is set for testing [32][34].

Core Viewpoint - Morgan Stanley reports that NetEase (09999.HK) is set to hold its 11th annual product exhibition on May 20, which could serve as a positive catalyst for the company [1] Group 1: Upcoming Product Exhibition - The exhibition aims to enhance visibility for NetEase's new game product line [1] - NetEase will showcase the development status of seven new games, including "Wanmin Changge: Three Kingdoms," "Wuzhu Xingyuan," and "Ling Shou Daj adventure," along with updates for over 30 existing games [1] - The event is anticipated to be a positive catalyst as most of the key new product releases for 2025 have already been disclosed [1] Group 2: Market Performance - The stock market is currently awaiting positive news for defensive stocks, which may benefit NetEase [1] - According to SenseTower data, NetEase's mobile game revenue during the "May Day holiday" increased by 8% year-on-year, outperforming Tencent Holdings (00700.HK) due to strong performances from "Yanyun Shiliu Sheng" and "Fifth Personality," along with a lower base effect [1] - Morgan Stanley maintains a target price of $117 for NetEase's U.S. stock and an "Overweight" rating [1]