「不氪金」是游戏宣传口径中常常会用到的包装话术，但近年来好像有更多游戏都想要来真的了。 尤其在今年，不少游戏对待抽卡系统的态度出现了更明显的转变：二次元游戏《二重螺旋》高调宣布删除角色和武器抽卡内容、MMO《幻塔》计划推出0 氪金的跃迁服、SLG《率土之滨》也推出了不花钱抽卡的青春服...... 这种转变并非没有缘由。Sensor Tower的数据显示，国内RPG类抽卡手游的市场规模已经出现3年的持续下滑，在去年更是从品类第一的位置掉了下来。尽 管「抽卡」作为长年来的商业化定式依然奏效，但在某些品类上的表现似乎却逐渐乏力。 眼看传统抽卡系统的效果不如从前，越来越多游戏自然也开始尝试新的方案。 说起「抽卡」机制，日本GungHo的《智龙迷城》称得上是代表性产品之一。《智龙迷城》上线13年之后仍不时登顶日本iOS畅销榜榜首。就连这样的常青 树，在制作IP新作的时候删去了抽卡内容。 今年5月底，GungHo在海外市场推出了IP新作《智龙迷城0》。游戏延续了三消+RPG的玩法，除了支持横屏操作、设计了团队技能等内容调整之外没有太 多的变动。游戏最大的改革在于取消了抽卡系统，玩家取而代之需要在攻略地下城的过程中收集素材 ...

Group 1: Game Launch and Features - Bilibili's new strategy card game "Three Kingdoms: Hundred Generals Card" is set to enter the competitive market of strategy and casual card games, with a public test scheduled for October [2] - The game features asymmetric casual competitive gameplay, with each match lasting under three minutes, allowing players to collect famous generals from the Three Kingdoms era and experience iconic battles [2] - Unique gameplay mechanics include "hero skills" and a 2v3 mode with hidden roles, aiming to provide diverse strategies and enhance player engagement [2] Group 2: Financial Performance - Bilibili reported a total revenue of 7.34 billion yuan for Q2, marking a 20% year-on-year increase, with net profit reaching 218 million yuan [3] - The mobile gaming segment significantly contributed to this growth, with revenue from mobile games soaring by 60% to 1.61 billion yuan [3][4] - The success of the game "Three Kingdoms: Strategize the World" has been pivotal, achieving rapid user acquisition and high revenue, solidifying its long-term operational potential [4] Group 3: Market Competition and Challenges - The gaming market, particularly in the Three Kingdoms genre, is highly competitive, with numerous established titles and new entrants vying for market share [5] - Bilibili's new game faces challenges in differentiating itself from popular titles like "Three Kingdoms Kill" and "Hearthstone," which dominate the card game segment [5][6] - The company aims to adapt its offerings to meet the preferences of younger users, focusing on innovative gameplay experiences to stand out in a saturated market [4][5]

Core Viewpoint - Xinghui Entertainment has transitioned from a peak in its sports business to a challenging phase, with significant losses in its football operations, while relying on its gaming segment for recovery [2][3]. Financial Performance - In the first half of 2025, Xinghui Entertainment reported a revenue of 11.35 billion yuan, a year-on-year increase of 84.58%, primarily driven by player transfer income and increased broadcasting rights, ticketing, and membership revenues following the return of Espanyol to La Liga [3][4]. - The net profit attributable to shareholders reached 1.6 billion yuan, a year-on-year growth of 186.78%, with the second quarter showing even stronger performance [3][4]. - The company achieved a significant cash flow from operations of 374 million yuan, up 737.97% from the previous year [4]. Sports Business Transition - The sale of Espanyol for 1.3 billion euros (approximately 10.88 billion yuan) marked the end of Xinghui's involvement in overseas football, with the company incurring a cumulative net loss of 442 million yuan from its sports business over the past seven years [2][5]. - The transfer fee from player Joan Garcia contributed significantly to the company's profits, with a payment of 26.34 million euros (about 2.19 billion yuan) received in June [5]. Gaming Business Challenges - Despite a rise in gaming revenue, the company faces challenges as the income from its top three games does not cover high promotional costs, indicating a strategy of "losing money for exposure" [9][12]. - The gaming revenue growth rates in domestic and international markets were 28.01% and 74.05%, respectively, attributed to the launch of several new games [7]. - The company is struggling with declining active and paying user numbers, raising concerns about the sustainability of its gaming lifecycle [11][12]. Future Prospects - Xinghui Entertainment is focusing on developing a tiered SLG product reserve system to maintain competitiveness, while also planning to launch new titles that have shown promising test data [12][17]. - The company is exploring the small program gaming sector, which requires purchasing traffic to enhance product visibility and user acquisition [17][18]. - However, the company's cash reserves are limited, with only 1.2 billion yuan available, making it challenging to compete in the high-cost environment of user acquisition [18].

Core Viewpoint - The Guangzhou Intellectual Property Court overturned the first-instance ruling that recognized copyright infringement by Lingxi Interactive Entertainment's "Three Kingdoms Strategy Edition" against NetEase's "Rate of the Land," emphasizing that game rules are considered "ideas" and not protected by copyright law [1][2]. Group 1: Legal Proceedings - The first-instance ruling in 2023 recognized 79 instances of structural plagiarism in "Three Kingdoms Strategy Edition," leading to a compensation order of 50 million yuan, marking a historic acknowledgment of gameplay mechanics under copyright [2]. - The second-instance ruling highlighted two critical issues: the use of a later version of "Rate of the Land" for comparison, which led to factual discrepancies, and the distinction between ideas and expressions, asserting that gameplay rules are operational methods that should not be monopolized [2]. Group 2: Market Dynamics - Following the second-instance ruling, NetEase signaled its intent to continue legal action, aiming to reinforce its brand image as a "true original" [3][5]. - "Rate of the Land" saw a 100% year-on-year increase in downloads in 2025, with a 28% rise in revenue, attributed to its youth-oriented gameplay model [5]. - Lingxi Interactive's "Three Kingdoms Strategy Edition" maintained a position in the top 20 bestsellers, with over 100 million global users in 2024, leveraging innovative designs and patented technologies [6]. Group 3: Industry Implications - The second-instance ruling clarified that copyright law protects only specific expressions, prompting companies to adjust their protection strategies by separating copyrightable elements and patenting technologies [7][8]. - The competitive landscape in the Three Kingdoms SLG sector has intensified, with both companies engaging in aggressive marketing strategies to attract younger users and deepen cultural connections [9]. Group 4: Future Outlook - The focus of the retrial will be on whether Lingxi's "Three Kingdoms Strategy Edition" intentionally mimicked the overall experience of "Rate of the Land," which could have broader implications for industry practices regarding gameplay innovation [10].

Industry Dynamics - Sensor Tower reported that in July, the top two mobile games in overseas revenue from China were "Whiteout Survival" and "Kingshot," both from Century Huatong [1][2] - Shenzhen has introduced new measures to support the development of the digital creative industry, focusing on gaming, esports, and other key sectors [1][3] - The Japanese Fair Trade Commission (JFTC) has released the Mobile Software Competition Act (MSCA), requiring major platforms like Apple and Google to allow external payment systems and provide more options for developers [1][10][11] Company Performance - Tencent's Q2 2025 revenue reached 184.5 billion yuan, a 15% year-on-year increase, with its gaming business growing by 18% [1][4] - NetEase reported a Q2 2025 revenue of 27.9 billion yuan, a 9.4% increase, with its gaming business revenue growing by 14.6% [1][5] Legal and Regulatory Developments - The trial for the lawsuit against Tencent regarding the matching mechanism of "Honor of Kings" has concluded, focusing on players' right to know and whether the matching mechanism is a trade secret [1][6][7] - The Guangzhou Intellectual Property Court ruled that "Three Kingdoms: Strategy Edition" did not infringe on the copyright of "Rate the Land" in a recent retrial [1][9] Esports Events - The national finals of the "Street Basketball" Super League (SFSA), organized by Century Huatong's Tianyou Software, concluded in Shanghai, with the Nanjing champion team winning [1][14] Corporate Changes - Duolingo has acquired the NextBeat team from Supercell, focusing on enhancing its "gamified learning" capabilities [1][12][13]

Core Viewpoint - The second-instance ruling in the copyright dispute between NetEase's "Rate of the Earth" and Lingxi Interactive's "Romance of the Three Kingdoms: Strategy Edition" reversed the first-instance decision, stating that "Romance of the Three Kingdoms: Strategy Edition" did not infringe on the copyright of "Rate of the Earth" [1][2][7] Summary by Sections Legal Ruling - The Guangzhou Intellectual Property Court ruled that the first-instance judgment was flawed, citing unclear basic facts and incorrect comparison methods, thus sending the case back for retrial [1][2] - The court emphasized that copyright law protects original expressions rather than ideas, indicating that the gameplay rules and design of "Rate of the Earth" fall under the category of ideas and systems, not copyrightable expressions [2][4][5] Game Industry Impact - The ruling signifies a maturation of legal standards regarding copyright disputes in the gaming industry, potentially influencing future cases [1][6] - The decision clarifies the "safe zone" for gameplay innovation, steering industry competition back to the realm of expression and preventing copyright abuse by dominant firms [7][8] - The case highlights a shift towards more nuanced copyright protections in the gaming sector, advocating for the separation of protections for different elements of a game, such as music, art, and text [8] Market Performance - "Romance of the Three Kingdoms: Strategy Edition" has performed strongly in the market since its launch in 2019, consistently ranking in the top 20 of sales charts, while "Rate of the Earth" remains in the top 40 [6] - Lingxi Interactive's position in the SLG market has been bolstered by the success of "Romance of the Three Kingdoms: Strategy Edition," which has attracted a large player base [6]

Core Viewpoint - The recent court ruling in favor of "Three Kingdoms: Strategy Edition" (referred to as "Three Wars") indicates that game rules are not protected under copyright law, which could impact the gaming industry and its approach to innovation [3][4][20]. Legal Context - The Guangzhou Intellectual Property Court overturned the initial ruling that found "Three Wars" infringed on the copyright of "Rate the Land," stating that the first instance lacked a systematic consideration of the facts [1][3]. - The court emphasized that copyright law protects the expression of ideas rather than the ideas or methods themselves, aligning with international standards [4][20]. Industry Implications - The ruling may set a precedent for how game rules and mechanics are treated legally, potentially encouraging more innovation within the gaming sector [3][4]. - The gaming industry has historically struggled with innovation due to the fear of legal repercussions, but this ruling could alleviate some of those concerns [20][22]. Product Performance - "Three Wars" has consistently ranked in the top 20 of the iOS sales charts, demonstrating strong market performance and player engagement [9][10]. - The game has introduced several innovative features, such as the "Red Cliffs" scenario and the "Long An Chaos" version, which have received positive feedback from players [11][13][15]. Innovation Strategy - The game has adopted a bold approach to innovation, introducing new gameplay mechanics like "Y-axis" movement and urban warfare, which distinguishes it from traditional SLG games [15][19]. - The development team aims to enhance player experience by focusing on core gameplay elements, such as team-based combat (GvG), to maintain player interest and engagement [20][24]. Future Outlook - The company plans to continue prioritizing product quality and innovation to sustain player interest and expand its user base in the competitive gaming market [28][29]. - The ongoing development of competitive events like the "Dragon Tiger Tournament" reflects the company's commitment to creating engaging and dynamic gameplay experiences [26][28].

Core Points - The lawsuit involves two major products and companies in the domestic gaming market, with a significant first-instance ruling of 50 million yuan in damages, attracting considerable attention [2] - The second-instance ruling overturned the first-instance decision, sending the case back for retrial, which adds a new layer of significance regarding the definition of "originality" in the gaming industry [3][5] Group 1: Legal Implications - The second-instance ruling emphasizes the need to define and judge "originality" within the context of copyright law, determining whether a work is protected under copyright law [6] - The second-instance court found that the first-instance court made errors in recognizing basic facts and in the comparison methods used, leading to the decision to revoke the first-instance ruling [8][10] - The second-instance ruling clarified that gameplay rules are considered ideas and do not constitute copyrightable expression unless presented through specific visual elements [10][11] Group 2: Industry Impact - The ruling has significant implications for all domestic game developers, affecting not only existing products but also those in development, as it sets a precedent for how "borrowing" and "plagiarism" are judged in the legal context [5][15] - The court's stance on the boundaries of "gameplay protection" is expected to help regulate the industry ecosystem, encouraging innovation within reasonable limits [12][15] - The ongoing competition in the gaming market necessitates that companies rely on product quality and innovation to maintain their market positions, as seen with the successful updates to "Three Kingdoms: Strategy Edition" [16][18]

Group 1 - The KPL annual finals will take place at the Bird's Nest in Beijing on November 8, 2025, highlighting the growing influence of esports events [1] - The event's commercialization is expected to benefit companies across the esports industry chain, including content, hardware, and advertising sectors [1] - Increased attention from the capital market towards emerging sports entertainment industries may lead to a revaluation of related stocks and optimized capital flows [1] Group 2 - The Guangzhou Intellectual Property Court ruled that "Three Kingdoms: Strategy Edition" did not infringe on the copyright of "Rate Land," overturning the previous judgment and sending the case back for retrial [2] - The strengthening of intellectual property protection in the gaming industry may encourage companies to increase R&D investment and compliance management [2] - Heightened market focus on legal risks for leading companies could impact valuation differentiation and capital allocation within the sector [2] Group 3 - Anuttacon, founded by Mihayou's creator, is recruiting an AI trainer for its first game, indicating a push towards integrating AI with gaming [3] - The deepening application of AI in the gaming industry may enhance content generation efficiency and interactive experiences, accelerating industry transformation [3]

Core Insights - The gaming industry is witnessing a significant shift towards WeChat mini-programs, with major titles like "Genshin Impact" and "Honkai: Star Rail" launching mini-program versions, indicating a migration from standalone apps to this new platform [3][17] - The user experience is evolving from individual enjoyment to social interaction, with games designed to facilitate sharing and engagement among friends, as evidenced by high share rates in games like "Sheep a Sheep" [9][11] - The profitability of the gaming industry is declining, with average profit margins dropping below 5%, highlighting the challenges posed by rising user acquisition costs and a saturated market [12][15] Industry Trends - WeChat mini-programs have reached 550 million monthly active users, with the gaming market size projected to be 39.8 billion yuan in 2024, showcasing the platform's rapid growth [2] - The transition to mini-programs is driven by the need for quick and easy access to games, reducing barriers to entry and enhancing user retention rates [6][8] - The cost of acquiring users through traditional methods is increasing, with average user acquisition costs reaching 120 yuan for iOS and 80 yuan for Android, leading to a cycle of spending without sustainable returns [15][16] User Behavior - Players are increasingly drawn to games that offer low entry barriers and social engagement, with the design of games now focusing on attracting a broader audience rather than just hardcore gamers [11][12] - The shift in user expectations is evident, as players prefer instant access to games without the need for downloads, which has become a critical factor in user retention [6][17] - The gaming community is evolving, with social dynamics playing a crucial role in user engagement, as seen in the popularity of games that facilitate social interactions [9][11]