彼时网易内部对梦幻事业部进行了拆分，其中比较重要的《梦幻西游》端游项目由《漫威争锋》制作人吴伟聪（新丁）接手。《梦幻西游》手游团队则在同 一时期并入了海神事业部，而海神事业部负责人陈俊雄也是《梦幻西游》手游制作人。 林云枫在这一轮调整中被调往网易互娱在线游戏事业部，负责阴阳师IP的自走棋游戏《风华决战》。 虽然林云枫在这一轮调整中，离开了自己奋斗二十二年的《梦幻西游》，但《风华决战》同样是网易游戏内部的重点项目，尤其在如今国内大厂纷纷布局或 已经基于成熟IP推出自走棋游戏的当下。 1月8日，36氪游戏获悉，原网易互娱梦幻事业部负责人林云枫（小白）已正式离职。 林云枫于2003年加入《梦幻西游》，先是担任核心策划，后成为游戏第二任主策。之后他在2015年升任《梦幻西游》制作人、梦幻事业部负责人。 林云枫 林云枫离职的消息其实不算意外。 在早几个月前，网易对互娱事业群展开整顿，波及旗下多款产品，也传出了不少负责人进行人事调整的消息，其中就包括了林云枫。 只不过仅仅几个月后，林云枫还是离开了，留下了《梦幻西游》叱咤中国游戏行业二十余载的长青游戏神话。 2025下半年，网易已经出现了不少人事方面变动，如《率土之滨》制 ...

Core Viewpoint - NetEase's executive vice president Ding Yingfeng will retire on December 31, 2025, after 23 years with the company, and will continue as an advisor in 2026 [2][3] Group 1: Leadership Changes - Ding Yingfeng has been instrumental in the success of flagship games and has significantly contributed to the company's R&D and operational capabilities [3] - Following Ding's retirement announcement, several key executives have left the company, including the producer of "World Beyond" and the head of the tenth division, indicating a period of internal turmoil within NetEase Games [4][5] - The head of the "Onmyoji" division, Jin Tao, also left, having led the development of popular games [5] Group 2: Organizational Restructuring - In March 2025, NetEase announced significant personnel changes, promoting Hu Zhipeng to executive vice president and Cheng Long to senior vice president [5] - The restructuring aims to address organizational vitality and break the "big company disease" by replacing long-serving core executives with younger talent to bring fresh perspectives [7][8] - The company's strategy is shifting from a broad approach to a more focused one, concentrating resources on core products and halting the development of several projects [9]

来源：证券日报 作者：李豪悦 2025年是中国游戏市场和中国游戏"出海"规模爆发的一年，被业内视为"游戏大年"。越来越多优秀游戏 涌现，得益于近两年版号数量的增长。据《证券日报》记者梳理，2025年，我国累计发放国产网络游戏 版号1676款，相比2024年的1306款同比增长28.33%。 值得一提的是，越来越多游戏厂商在申请游戏版号时，不再局限于移动端，而是增加客户端或主机端的 申请，实现多端并进。其中，2025年多端游版号数量达到了103款，相比2024年的94款同比增长 9.57%。 大厂纷纷布局多端游戏 2025年，多家上市公司及头部企业的核心游戏在申请版号时都增加了客户端或主机端。 例如，腾讯旗下的《王者荣耀世界》，在今年5月份的版号审批中变更信息，在原移动端版本基础上， 新增了客户端版本；完美世界旗下的《异环》，在5月份版号审批中，更是同时申报了移动端、客户端 和主机（PS5）三个类别；创梦天地的《幻幻灵之战》，在12月份的审批中，也同时申请了移动端、客 户端和主机（PS5）。 "当前来看，客户端和主机游戏在中国开始进入高速发展期，之后的市场规模大概率会越来越大。最重 要的原因是，2025年游戏厂 ...

长青游戏成为本季度驱动网易营收增长的主要力量。 20日，网易发布2025年第三季度财报。 在丁磊重回一线后，其工作室的调整持续进行，同时也不断有人员流动。 对此，丁磊在11月20日晚间的财报电话会议上表示，人员流动属正常组织调整，是在不影响公司日常游戏运营的前提下进行的 网易近一两年离职的事业部级高管不止一个，此前引发了外界讨论。 财报显示，网易Q3净收入284亿元，同比增加8.2%；归股净利润为86亿元，同比增长32%；非公认会计准则下归股净利润为95亿元，同比增长26.7%。 具体到本季度业务来看，Q3网易的营收支柱游戏及相关增值服务收入为233亿元，同比增加11.8%。 来自于在线游戏的净收入约占该分部净收入的97.6%。 长青游戏持续受到玩家欢迎，体现了网易游戏强劲的长线运营能力。 财报提到，在线游戏净收入同比增加来自经典IP《梦幻西游》电脑版、《蛋仔派对》，新上线的《燕云十六声》和《漫威争锋》等自研游戏，以及若干代理 游戏净收入增加。 网易提到，11月2日《梦幻西游》电脑版同时在线人数突破358万，这是自7月份畅玩服上线后，第四次在线人数创新高。 在电话会上，网易管理层回应了近一年高管离职的事件。 ...

| | 三個月截至 | | | | 九個月截至 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 2024年 | 2025年 | 2025年 | 2025年 | 2024年 | 2025年 | 2025年 | | | 9月30日 | 6月30日 | 9月30日 | 9月30日 | 9月30日 | 9月30日 | 9月30日 | | | 人民幣 | 人民幣 | 人民幣 | 美元(注1) | 人民幣 | 人民幣 | 美元(注1) | | 浮收入 | 26,209,879 | 27,891,664 | 28,358,625 | 3,983,512 | 78,547,425 | 85,078,834 | 11,950,953 | | 营業成本 | (9,733,274) | (9,839,182) | (10,181,020) | (1,430,119) | (29,012,682) | (30,369,341) | (4,265,956) | | 毛利潤 | 16,476,605 | 18,052,482 | 18,177,605 | 2,553 ...

Core Viewpoint - The recent trend of multiple NetEase games ceasing operations on OPPO's platform reflects a broader shift in the gaming industry, driven by high channel fees and changing market dynamics [2][3][5]. Group 1: Game Operations and Partnerships - Several NetEase games, including "逆水寒" (Naraka: Bladepoint), have stopped operations on OPPO's platform due to "operational strategy adjustments" by NetEase [2]. - OPPO's customer service confirmed the cessation of services but could not provide information on future collaborations with NetEase [2]. - The trend of NetEase withdrawing games from OPPO began last year and has continued into 2025, with multiple titles announcing their exit from the platform [2]. Group 2: Industry Trends and Analysis - Industry analysts suggest that the withdrawal of games from Android channels is a response to high fees imposed by these platforms, indicating a shift away from reliance on channel distribution [3][5]. - The gaming industry is witnessing a decline in profit margins, which exacerbates tensions between game developers and distribution channels [5]. - The emergence of high-quality games allows developers to attract users through direct downloads, reducing dependency on traditional app stores [5]. Group 3: Historical Context and Changes - The gaming industry previously relied heavily on app stores for user acquisition, but this model is becoming less effective as the market evolves [4]. - The "hardcore alliance" formed in 2014, which established a 50-50 revenue split between game companies and mobile manufacturers, is being challenged as developers seek more favorable terms [3].

Core Viewpoint - The recent trend of multiple NetEase games ceasing operations on OPPO's platform reflects a broader shift in the gaming industry, driven by high channel fees and changing market dynamics [2][3][4]. Group 1: Game Cessation on OPPO - Several NetEase games, including "逆水寒" (Nirvana in Fire), have stopped operations on OPPO's platform due to "operational strategy adjustments" by NetEase [2][3]. - This trend is not new; multiple titles have previously announced their exit from OPPO, including "阴阳师：妖怪屋" (Onmyoji: Yokai House) and "梦幻西游" (Fantasy Westward Journey) [3][4]. - Analysts suggest that more prominent titles from NetEase may also follow suit, indicating a significant shift in the gaming landscape [3][4]. Group 2: Industry Dynamics - The gaming industry is witnessing a decline in the relevance of Android channels, with companies increasingly opting to withdraw from these platforms due to high revenue-sharing demands [4][5]. - The "hardcore alliance" formed by major players like Tencent has also contributed to this shift, as it established a 50/50 revenue-sharing model that is now being challenged [4][5]. - The contribution of channels to user acquisition is diminishing, while the revenue-sharing ratios remain high, leading to increased tension between game developers and platform providers [5][6]. Group 3: Strategic Shifts - Companies like NetEase and Tencent are confident in their games' appeal, believing that withdrawing from channel servers will not significantly impact user retention and may even enhance user migration to official servers [6]. - The industry is moving towards a model where high-quality games attract users directly, reducing reliance on traditional channel distribution methods [5][6].

Core Viewpoint - The era of channel-based revenue collection is coming to an end, as major game developers like NetEase are increasingly withdrawing their games from OPPO's channel services due to operational strategy adjustments and high revenue-sharing costs [1][4][5]. Group 1: Game Industry Trends - Multiple NetEase games have announced the cessation of their OPPO channel services, including popular titles like "Onmyoji: Yokai House" and "Reverse Water Cold," indicating a broader trend in the gaming industry [1][3]. - Analysts suggest that the withdrawal from channel services is driven by the rising costs associated with Android channels, which have become unsustainable for game developers [3][4]. - The gaming industry is witnessing a shift where developers are moving away from reliance on app store channels for user acquisition, as the contribution of these channels to new user growth diminishes while revenue-sharing ratios remain high [4][5]. Group 2: Developer Strategies - Game developers, including NetEase and Tencent, are confident in their games' appeal and are willing to withdraw from channel services, believing it will not significantly impact user retention [5]. - The trend of high-quality games attracting users through direct downloads rather than through channels is becoming more prevalent, allowing developers to bypass traditional revenue-sharing models [5]. - The "hardcore alliance" formed by major companies like Tencent has led to significant changes in how games are distributed on Android platforms, with developers seeking more favorable terms [4].

Core Insights - The departure of key figures from NetEase's game divisions reflects internal competition and a shift in power dynamics from the Guangzhou faction to the Hangzhou faction [1][11][12] - The company's recent struggles with game launches, particularly the failure of "射雕," highlight issues with internal processes and a lack of successful new titles [4][7][10] - NetEase is undergoing a strategic transformation, moving from a reliance on top producers to a more standardized and data-driven approach in game development [10][17] Group 1: Leadership Changes - Li Kaiming, head of NetEase's tenth division, is the third senior executive to leave within a year, following Jin Tao and Shao Yun [1][8] - The departures indicate a significant shift in leadership, with potential impacts on the strategic direction of the company [12][19] Group 2: Game Performance and Strategy - The MMORPG "射雕," which had a budget of 1 billion and a team of 600, will cease operations in November 2025 due to underperformance, despite high initial expectations [4][7] - The game peaked at 15th on the iOS sales chart but quickly fell to 44th the next day, with monthly revenue dropping to 533,000 yuan two months post-launch [4][5] - NetEase's game studios have seen at least seven adjustments or closures in the past two years, indicating a broader trend of strategic contraction [2][9][12] Group 3: Internal Challenges - Internal bureaucracy and "formalism" are cited as significant barriers to success, with employees spending excessive time on reporting rather than focusing on game development [1][5][10] - The competitive relationship between Guangzhou and Hangzhou studios has led to operational inefficiencies, particularly in the Guangzhou studios, which are described as "autonomous" [5][11] Group 4: Market Position and Competition - NetEase's gaming revenue for Q2 was 22.8 billion yuan, a 13.7% year-on-year increase but a 5% decline from the previous quarter, indicating a slowdown in growth [17] - The company faces increasing pressure from competitors like Tencent and miHoYo, which have successfully launched popular titles and maintained strong market positions [15][16][17]

Core Viewpoint - The article discusses the current challenges faced by NetEase in the gaming industry, highlighting executive departures, underwhelming game launches, and internal management issues, while contrasting its performance with Tencent's growth [6][11][13]. Group 1: Executive Departures and Internal Challenges - Recent departures of key executives, including the producer of "World Beyond" and the head of NetEase's tenth business unit, have raised concerns about the company's stability and future direction [7][10]. - The internal management structure is under strain, with a notable shift in talent from the Guangzhou team to the rapidly rising Hangzhou headquarters, indicating a potential imbalance in resource allocation [15][20][21]. - The company has faced issues with internal corruption, which, while not directly impacting revenue, could lead to broader organizational dysfunction [24]. Group 2: Game Launch Performance - Despite launching three new games in October, the market response has been disappointing, with "Marvel Secret War" achieving only 292,000 downloads and 2.88 million in revenue in its first week, which is considered underwhelming for a title with a well-known IP [10][11]. - The overall gaming revenue for NetEase in Q2 was 228 billion yuan, reflecting a 13.7% year-on-year growth, but this was below market expectations, indicating potential issues in sustaining growth [11][12]. - Compared to Tencent's gaming revenue of 592 billion yuan, which saw a 17% increase in the domestic market, NetEase's performance appears lackluster [13]. Group 3: Strategic Direction and Market Position - The article suggests that NetEase's current strategy of frequent new game launches may not be a coherent plan but rather a reaction to market pressures, as none of the new titles have emerged as hits [31][32]. - The gaming industry is shifting towards deeper value creation, where success is increasingly tied to emotional resonance and user engagement rather than just monetization strategies [33]. - The need for NetEase to reconnect with its original passion for game development is emphasized, as the company faces competition from both Tencent and emerging players like miHoYo [29][33].