本文来自微信公众号：娱乐硬糖 （ID：yuleyingtang），作者：谢明宏，编辑：李春晖，题图来自：AI生成 这一次，我要拿回失去的一切。 随着《吴邪私家笔记》空降播出，南派三叔徐磊也吹响了反攻的号角。"这一部作品，是我对十年前我经历事情的复仇，为了这一次复仇，我 努力了十年。"怎么三叔说话也开始于里于气，于正就每次上新剧都似卧薪尝胆，等群众点开才发现自己还是太年轻。 从2015年的《盗墓笔记》第一季到2025年的《吴邪私家笔记》，十年间竟然已有十个吴邪。而如此频繁影视化、次次新尝试，却没有一版能 让原著作者徐磊满意，甚至还生出一腔义愤、十年磨剑，怎不令人对新作更感好奇。 然而定睛一看，徐磊并没有变成钮祜禄·徐磊，复仇之作只能说四平八稳，未见得就改换新天。饰演吴邪的徐振轩，是《赴山海》里纠缠成毅 的迷人反派。演张起灵的程相，是《赴山海》里成毅的结拜兄弟。更不用说，成毅自己也演过一版张起灵！你们这个《吴邪私家笔记》，简 直幻视"成毅的演艺日记"。 关键是又从"七星鲁王宫"拍起，硬糖君已经把悬疑探险看出京剧程式了，感觉这个故事小时候抱过我。特效相比十年前确有进步，但"青面狐 尸"做成哥布林是怎么回事？所有玄妙 ...

Group 1: IP Development and Core Competitiveness - The company has established a rich and complete IP resource reserve, securing over 400 brand authorizations from more than 35 well-known automotive brands, including BMW, Mercedes-Benz, Audi, Ferrari, and Lamborghini [1] - In the gaming sector, the company holds multiple IP authorizations, including titles such as "Three Kingdoms Heroes," "Ragnarok," "Fights Break Sphere," "MapleStory," "Tomb Raider Notes," and "Celebration Year" [2] - The company plans to actively pursue new IP authorization negotiations based on market demand [2] Group 2: Q3 Business Highlights - In Q3 2025, the toy business continued to optimize product structure and channels, launching new products such as the Range Rover Sport SV remote control car, Ferrari Purosangue remote control car, and a 26-inch BMW MINI mountain bike [2] - The gaming business has a rich reserve of new products, including self-developed mobile games and mini-program games. "Ragnarok: Dawn" launched in July 2025, achieving top rankings on both iOS and Google Play in Taiwan, with the highest position being 2nd on iOS and 1st on Google Play for best-selling games [2] - "Tomb Raider Notes" completed the commercialization of the Huawei Harmony version and began full-platform public testing in July 2025, achieving 2nd place on the iOS free chart on the first day [2] Group 3: Information Disclosure Compliance - The company strictly adheres to the "Information Disclosure Management System" regulations, ensuring that information is disclosed truthfully, accurately, completely, timely, and fairly, with no significant undisclosed information leaks [2]

Core Insights - The recent trend in the mini-game market shows a significant rise in the use of AI-generated materials, particularly in the categories of micro-horror and beauty themes, leading to several games climbing the sales charts [1][2][19] Group 1: Mini-Games Entering Micro-Horror and Beauty Themes - Numerous popular mini-games have recently adopted AI to create micro-horror and beauty materials, achieving notable success [2][4] - For instance, "Jianghun Master," launched in early August, utilized AI-generated micro-horror content, resulting in a rapid rise from outside the top 100 to the 4th position on the sales chart within 20 days [2][4] - "Yokai Gold Finger," which focuses on monster cultivation and strategy, effectively captured user curiosity with its AI-generated horror elements [4][11] Group 2: Material Creativity and User Engagement - The materials used in these games generally fall into two categories: micro-horror and beauty themes, with the former focusing on creating an engaging atmosphere rather than traditional horror elements [11][12] - Games like "Wangzhe Jianghun" and "Cunxin Zhizhan" target male users with AI-generated beauty materials, employing visual attraction and suggestive content to draw in players [11][12] - The commonality among these games is their focus on curiosity and suggestive elements, which resonate well with the target audience [12][18] Group 3: Market Trends and Future Directions - The trend of using AI-generated materials in mini-games is expected to continue, as other creative materials have become saturated in the app market [20][21] - However, challenges such as rising marketing costs and the need for differentiation in content creation are present, making it crucial for games to focus on unique themes [21][22] - Potential areas for AI material extension include Chinese mythology and niche themes, which can attract users interested in traditional culture while reducing marketing costs [22][23]

Group 1 - The core viewpoint of the article is that the recent measures announced by the National Radio and Television Administration (NRTA) to promote television content supply are expected to revitalize the domestic film and television industry, similar to the recovery seen in the gaming sector after the lifting of game license restrictions [1][3] - The measures include promoting the introduction and broadcasting of high-quality foreign programs, which will increase content supply and encourage domestic creators to produce high-quality works [3][4] - The film and television sector experienced a significant market reaction, with stocks of companies like Huace Film & TV and Ciwon Media reaching their daily limit [1][3] Group 2 - The introduction of foreign dramas has been limited for the past decade, and the current global content landscape has changed significantly, with concerns that the quality of foreign content may not impact domestic productions as severely as before [4][6] - The audience for high-quality foreign dramas is primarily young, educated individuals, raising questions about the ongoing appeal of such content to the Z generation [6][7] - The article highlights the historical context of foreign drama imports in China, noting that they were once a significant source of content but have seen a decline due to regulatory restrictions [8][10][11] Group 3 - The article discusses the evolution of the competition among video platforms, emphasizing that the focus has shifted from acquiring foreign content to creating differentiated offerings to attract viewers [5][32] - The rise of domestic web dramas and adaptations of online literature has become the mainstream, as platforms pivot away from foreign dramas due to regulatory challenges and changing audience preferences [31][32] - The article suggests that the return of foreign dramas could serve as a necessary supplement to the declining production of domestic dramas, which has raised concerns within the industry [33][36]

Game Launch Overview - In July 2025, a total of 11 new key mobile games were launched, including titles from Tencent Games, KuLo Games, and others [1] Game Performance Analysis - "Douluo Continent: Soul Hunting World" has established strong competitiveness in the MMORPG sector through its open world, IP fidelity, and multi-soul combat system. It is the first 3D realistic MMO RPG mobile game based on the Douluo IP developed by 37 Interactive Entertainment [2] - The game features unique innovations such as an open world, multi-soul combat design, and deep character development, along with multiple branching storylines and a sect social system. It achieved significant success, topping the iOS free charts in multiple regions and maintaining the number one position in China for four consecutive days [2] - On July 12, the game reached a peak daily download of 113,776 times. As of August 15, the corrected total revenue for the iOS mobile version was $4,643,377, with a peak daily revenue of $323,467 on July 20. Initial revenue growth has stabilized after a decline [2] Investment Outlook - The number of game licenses issued in July 2025 remains high, with a continuous release of industry product reserves and a stabilizing market environment, indicating promising performance for new games. There is a recommendation to focus on quality game developers with innovative capabilities and effective IP adaptation and fidelity [2]

Core Viewpoint - iQIYI is reportedly planning a secondary listing in Hong Kong, aiming to raise approximately $300 million (around 2.156 billion RMB) to attract new investors and enhance its content offerings [3][4][9]. Company Background - iQIYI was established in 2010 as a video platform by Baidu, which later became its largest shareholder after acquiring shares from Providence [5]. - The company went public on NASDAQ in 2018, but its stock price has significantly declined since then, with a market value dropping to below $2 by August 2025, losing over 80% of its value since the IPO [3][7]. Financial Performance - iQIYI has faced substantial losses prior to 2022, with cumulative losses exceeding 9 billion RMB from 2015 to 2017 [7]. - In 2022, iQIYI achieved its first Non-GAAP profit, with total revenue of 29 billion RMB (down 5% year-on-year) and a net profit of 1.3 billion RMB, a significant turnaround from a loss of 4.5 billion RMB in 2021 [11]. - The company continued its profitable trend in 2023, reporting total revenue of 31.9 billion RMB (up 10% year-on-year) and a net profit of 2.8 billion RMB (up 121% year-on-year) [11]. Cost Management - iQIYI has focused on cost reduction since 2021, with content costs decreasing from 20.7 billion RMB in 2021 to 15.71 billion RMB in 2024 [11][12]. - The first quarter of 2025 showed continued cost optimization, with content costs controlled below 4 billion RMB [12]. Leadership Changes - The appointment of He Haijian as chairman of iQIYI is seen as a strategic move to facilitate the secondary listing, given his extensive experience in capital markets [4][16]. - He Haijian previously led successful IPOs and has a strong background in investment banking, which may benefit iQIYI's financial strategies [16]. Market Context - The potential secondary listing aligns with a broader trend among Chinese companies, including Bilibili and Tencent Music, seeking to diversify their funding sources amid volatility in U.S. markets [16]. - iQIYI's performance in 2024 was under pressure, with revenue dropping to 29.23 billion RMB (down 8% year-on-year) and a significant decline in net profit [16]. Financial Challenges - As of the first quarter of 2025, iQIYI reported a 9.35% year-on-year revenue decline to 7.19 billion RMB, with a 72.2% drop in net profit to 182 million RMB [17]. - The company's total liabilities reached 33.48 billion RMB, with a current ratio of only 0.46, indicating insufficient short-term liquidity [17].

Core Viewpoint - The gaming industry is witnessing a significant shift towards "light entertainment," with mini-games rapidly gaining popularity due to their convenience, low entry barriers, instant gratification, and social attributes [3][4][18]. Market Growth - The mini-game market size was 27.5 billion yuan in 2021, projected to reach 200 billion yuan in 2023 and 398.36 billion yuan in 2024, with expectations to exceed 600 billion yuan by 2025 [3][15]. - Industry insiders predict that the mini-game market will surpass 1 trillion yuan within the next three years [3]. Game Development Trends - Game developers are increasingly focusing on lightweight gameplay to cater to "light players," who prefer quick and easy gaming experiences over traditional heavy games [4][5][12]. - The summer gaming season is crucial for developers, with many new titles emphasizing strong narratives and moderate social interaction to retain players [3][4]. Popular Titles and Innovations - Recent popular mini-games include titles like "Silver Crow Dream" and "Delta Action," which have gained traction in the App Store rankings [5][9]. - Innovative mini-games such as "Endless Winter" have successfully combined light gameplay with engaging mechanics, maintaining a strong presence in the market [15][17]. User Engagement and Behavior - Mini-games have over 500 million monthly active users on WeChat, with users playing an average of six games simultaneously and spending 10% more time online compared to the previous year [13][15]. - The appeal of mini-games lies in their ability to provide instant feedback, a sense of control, and social interaction, fulfilling various psychological needs [17][18]. Future Outlook - The rise of the "light player" demographic indicates a shift in the gaming industry towards more diverse and fragmented user groups, emphasizing the need for developers to adapt to changing player behaviors and preferences [18].

Core Viewpoint - The gaming industry is experiencing a surge in new game releases during the summer of 2025, driven by the availability of university students and major events like ChinaJoy, which encourages companies to showcase their new titles [3][5]. Game Releases - In June, 20 new games were launched in China, with July seeing over 20 additional titles set to release, including Tencent's "Star Resonance" and NetEase's "Unowned Star Abyss" [4][6]. - Notable games include "Limitless Machine" by Xishanju and "Carbon Island" by Tencent, both released on July 2, marking the start of the summer gaming season [4]. Market Dynamics - The gaming stock market has shown volatility, with significant gains on July 8, as companies like Iceberg Network and Giant Network saw increases of over 10% and 5% respectively [3][8]. - The approval of 757 game licenses in the first half of the year, including a record 158 in June, indicates a stable trend in the gaming industry [8]. Nostalgia and Updates - Established games are also seeing updates and new versions, such as the nostalgic version of "Fantasy Westward Journey," which has attracted significant player interest, leading to server congestion [6][7]. - The strategy of updating older games helps maintain player engagement and ensures stable revenue for gaming companies [7]. Policy Support - Various local governments have introduced supportive policies for the gaming industry, focusing on promoting game exports and integrating AI technology [8]. - The trend of regular game license approvals is expected to continue, fostering a more robust gaming environment [8]. Industry Trends - The gaming industry is witnessing a diversification of genres, with companies exploring new gameplay mechanics and AI integration [9]. - The emergence of party games like "Goose Duck" is expected to intensify competition among major players like NetEase and Tencent [9].

在短视频盛行的今天，各大平台上依然频繁有所谓的"爆款"书诞生，但出版行业畅销书的生产逻辑已经 发生了根本性的变化。当过去的百万级畅销书慢慢化为记忆，我们不得不思考：为什么这个时代出不了 百万畅销书了？究竟是阅读需求在萎缩，还是内容传播的逻辑早已改天换地？ 在行距文化出品的播客"书探来了"中，主播花开玛对话庆余，就出版行业的渠道变革、价格困局以及创 作生态等议题进行了深入对话，共同探讨在电商折扣击穿成本线的今天，从业者如何在流量浪潮中守住 内容价值？读者又该何处寻觅纸质书的温度？且看两位资深出版人讲述时代洪流下的出版突围之路。 以下是本期播客精彩内容整理（有删减）： 图书销售渠道发生了非常大的变化 花开玛：图书销售渠道这些年发生了非常大的变化。我有一个做图书营销的朋友，他这些年在不断调整 自己的工作方式和工作方法。因为在新媒体时代，营销人员面对的更多是大V或者博主，工作方式跟以 前纸媒时代确实不太一样。 庆余：对现在的营销编辑或者发行人员来说，给博主推书、打动博主是他们很重要的工作技能。一本书 能否被这些博主或达人选上，市场表现差别很大，比如前两年很火的东方甄选，一本被选上的书可能会 有几万册的销量，这对出版社 ...