扬子晚报网12月29日讯（记者 姜天圣）12月29日，网易游戏《第五人格》发布公告，称将在2026年3月 停止在小米平台运营，届时玩家将无法通过小米端口登录游戏；在2025年12月29日，游戏已关闭小米平 台的下载入口，同时停止游戏充值、新用户注册，并同步角色资产找回。 亲爱的访客: 感谢您一直以来给予《第五人格》小米渠道版本手机游戏的支持与厚爱!《第五人格》小米 值版本手机游戏将于2025年12月29日10 时停止游戏充值及新用户注册,并同时开启小米角色资 在找回服务,现将相关事项通知如下: 1、2025年12月29日10时:关闭游戏在小米平台的下载入口,玩家将无法下载游戏,同时停 止游戏充值、新用户注册,并同步开启角色资产找回服务,请跟随官方指引进行资产找回,继续您 的游戏体验; 2、2026年3月2日15时:正式停止游戏在小米平台的运营,玩家将无法通过小米端口登录游 戏及相关服务。 感谢一直以来支持《第五人格》小米渠道版本手机游戏的广大玩家,自本公告发布之日起至 2026年3月2日15时,现有玩家在小米渠道游戏账号中尚未消耗的游戏资源仍可继续使用。以上所 述,还请您周知并相互转告,如有任何疑义,请随时与 ...

Core Insights - NetEase Group announced the retirement of Ding Yingfeng, Executive Vice President and head of the Interactive Entertainment Division, effective December 31, 2025, after which he will continue as a company advisor [1][7] - CEO Ding Lei expressed gratitude for Ding Yingfeng's contributions, particularly in the success of flagship games and the development of the company's R&D and operational capabilities [1] Group 1: Career and Contributions - Ding Yingfeng entered the gaming industry in 1998 and joined NetEase in 2002, contributing to the design and development of several iconic products, including the first self-developed large-scale online game, "Dahua Xiyou Online" [2] - Under his leadership, "Dream of the West Journey," launched in 2003, has operated for over 22 years by the end of 2025, making it one of the longest-running and highest-grossing product series in NetEase's gaming history [2] Group 2: Business Performance - In the third quarter of 2025, NetEase reported a net revenue of RMB 28.4 billion, with net income from games and related value-added services reaching RMB 23.3 billion, an 11.8% increase compared to the same period in 2024, accounting for 82% of total revenue [5] - The growth was primarily driven by the launch of new games such as "Yanyun Sixteen Sounds" and "Broken Land," as well as the stable income from existing products like the "Dream of the West Journey" series and "Egg Party" [5] Group 3: Organizational Changes - Following Ding Yingfeng's retirement, his responsibilities will be taken over by the current management team of the Interactive Entertainment Division, although specific successors have not been disclosed [7] - The impact of this leadership change on NetEase's long-term strategy and product line planning for the gaming business will gradually become evident in 2026 and beyond [7]

本届大会旨在构建"行业引领—资源对接—产业赋能"全链条体系，打造兼具"技术深度、产业实效、设 计温度、社会影响力"的行业盛会，致力于推动数字文娱产业发展及产业链资源整合，推动数字文娱产 业从规模增长向高质量跃迁。 12月18日—20日，由中国文化娱乐行业协会、广州市天河区人民政府、羊城晚报报业集团共同主办的 2025年中国数字文娱大会将在广州市天河区举行。作为主办地，天河区从扎根广州到全球绽放，以数字 文化产业融合之力书写文化强区新答卷。 创新采用"一会一展一嘉年华"模式 据了解，本届大会以"新技术 新模式 新业态"为主题，创新采用"一会一展一嘉年华"模式，搭建共建共 享平台，共谋产业高质量发展。 "一会"即核心论坛，大会将举办高峰论坛，包含主论坛及四大分论坛。届时，政府部门、头部企业高 层、知名专家及高校学者将齐聚一堂，围绕数字文娱产业趋势、技术创新与发展机遇开展研讨，推 动"政产学研用"协同。 "一展"即主题展览，大会现场设立数字文娱科技资源展览区，企业、投资机构及初创团队将集中参展亮 相，重点展示产业生态服务与创新项目，促进供需精准对接，提升产业合作效能。 "一嘉年华"为本届大会新增的数字文娱潮玩嘉年华 ...

Core Insights - Shanghai is positioning itself as a global hub for esports, with the 2025 Shanghai Esports Master Tournament scheduled from December 3 to 7, showcasing a blend of top-tier competition and industry integration [1][6] Group 1: Event Highlights - The upcoming tournament features popular games such as "Decision Peak," "Valorant," "Overwatch," and "Identity V," with tickets selling out rapidly [2] - The event will include affordable ticket options starting at 68 yuan, aiming to increase public participation [2] - Live streaming will be available on major platforms like Douyu, Bilibili, WeChat Video, Douyin, and Leisu Sports, enhancing audience reach and brand exposure [2] Group 2: Economic Impact - The Shanghai Master Tournament has been held since 2019, attracting top esports teams and generating significant consumer activity [3] - The event will feature "second venues" in commercial areas to connect live broadcasts with entertainment, promoting a cross-regional consumption network [3] - The integration of esports with urban public spaces aims to create cultural landmarks, enhancing the visibility of the esports industry [3] Group 3: Industry Development - The Jing'an District has attracted over 30 gaming and esports companies, forming a complete industry chain from development to operations and events [4][5] - The "Audio-Visual Jing'an" initiative focuses on AI and high-definition content creation, establishing a core area for the development of the audiovisual industry [4] - The establishment of an OPC community will support entrepreneurs with services like incubation, intellectual property protection, and financing [5] Group 4: Future Prospects - The esports industry is seen as a key driver for Shanghai's digital economy and cultural technology integration, with ongoing developments in the sector [6] - The upcoming tournament is expected to enhance the visibility and engagement of the esports ecosystem, making it accessible to a broader audience [6]

Core Insights - The Chinese esports industry is experiencing a recovery and adjustment phase, with a projected revenue of 293.31 billion yuan in 2025, marking a 6.40% year-on-year increase, the highest growth rate in three years [2][33] - The industry faces structural issues, particularly a heavy reliance on live streaming for revenue, which constitutes 80.81% of total income, while direct revenue from events and clubs only accounts for 15.03% [5][33] - User growth is plateauing, with a projected user base of 495 million in 2025, reflecting a 1.06% increase, indicating future growth will depend more on enhancing existing user engagement rather than acquiring new users [8][33] Industry Overview - The esports industry in China is recovering from a decline in sales revenue experienced in the previous two years, indicating improved monetization capabilities [2] - The dominance of shooting games is evident, comprising 28.3% of esports gameplay types, with mobile platforms leading at 58.6% [9][33] - The number of professional esports events is increasing, with 142 events planned for 2025, a rise of 18 from the previous year, and over half of these events being held offline [14][33] Regional Dynamics - Shanghai maintains its status as the "global esports capital," hosting 19.2% of offline events and having 38 esports clubs, both leading figures nationally [17][33] - Other major cities like Chengdu, Chongqing, Hangzhou, and Beijing form a strong second tier for event hosting, contributing to a significant concentration of esports clubs [22][33] International Expansion and Challenges - The international presence of Chinese esports is growing, with successful events held globally, showcasing the competitive edge of Chinese esports in terms of business models and content operation [25][33] - However, the club ecosystem shows signs of vulnerability, with 54.3% of clubs participating in only one type of event, which raises concerns about their resilience to market changes [29][33] Conclusion - The Chinese esports industry is characterized by stable revenue growth, increased offline events, and significant regional clustering, alongside challenges such as revenue dependency on live streaming and a need for diversified club participation [33]

Core Viewpoint - The 2025 Shanghai Esports Master Tournament will take place from December 4 to 7 at the Jing'an Sports Center, offering an immersive experience for esports enthusiasts both online and offline [1]. Group 1: Event Details - The tournament will feature four competitive games: "Decisive Peak," "Valorant," "Overwatch," and "Identity V," which will be integrated into iconic Shanghai landmarks, showcasing the deep connection with the city [1]. - International representation is highlighted with players from Mongolia participating in "Decisive Peak," and a player from BLG in "Valorant" received enthusiastic applause from the audience [1]. - The event's promotional activities began in late November, with flags featuring the tournament's branding appearing in areas like Nanjing West Road and around the venue [1]. Group 2: Ticket Sales and Broadcasting - Tickets for the most popular events sold out within seconds on the opening day of sales, November 21 [1]. - In addition to live attendance, the tournament will be broadcasted in real-time across multiple platforms, including Douyu, Bilibili, Douyin, WeChat Video, Tencent, and Leisu Sports [1]. Group 3: Organizational Support - The tournament is organized by the Shanghai Sports Bureau and the Jing'an District People's Government, with support from the Shanghai Municipal Culture and Tourism Bureau [2]. - Various organizations, including the Shanghai Sports Technology Management Center and the Shanghai Esports Association, are involved in the event's execution, with NEOTV providing full presentation support [2]. - Sponsors such as Pepsi and TGIF are ensuring comprehensive support for the event [2].

Group 1 - The Shanghai Esports Master Tournament will take place from December 3 to 7 at the Jing'an Sports Center, featuring four official competition titles and nearly 100 top players from countries including China, South Korea, and Mongolia [1] - Jing'an District aims to enhance the event's influence and stimulate regional consumption through a series of cultural and commercial activities, leveraging its developed commercial landscape [1] - Multiple "second venues" will be created in collaboration with shopping malls to improve the viewing experience, including a dedicated viewing area at Danning Music Plaza with live broadcasts and interactive entertainment [1] Group 2 - During the tournament, the "Jing'an Digital Coexistence Cultural Market" will be held outside the sports center, showcasing non-heritage culture, gaming industry, and ultra-high-definition audiovisual sectors [2] - Since 2019, Jing'an has been focused on developing the gaming and esports industry, attracting over 30 new gaming and esports companies during the 14th Five-Year Plan period, with more than 100 companies now established [2] - Key gaming and esports companies in Jing'an include Riot Games, Electronic Arts, and EDG, with an expected revenue of nearly 4 billion yuan and tax contributions of around 400 million yuan from key gaming enterprises in 2024 [2]

Core Viewpoint - The recent incident involving online gaming live streaming has highlighted deep-rooted issues in the current governance of the online ecosystem in China, particularly regarding the emergence of organized online violence that transcends commercial contracts and legal boundaries [1][2]. Group 1: Incident Overview - The controversy began when a well-known creator, "Xiaoyao Sanren," faced backlash for playing a new game with a legal license, leading to a wave of online violence against unrelated brands like vivo [1][5]. - The online violence escalated from individual disputes to a systematic attack on companies such as miHoYo and NetEase, indicating a standardized chain of malicious activities that exploit social issues for commercial gain [2][10]. Group 2: Nature of Online Violence - The attacks have evolved into a form of "collective punishment," where individuals and brands are targeted indiscriminately, undermining normal consumer expression and posing a substantial threat to public order [2][9]. - The online violence is characterized by organized efforts, including detailed "violence strategies" that instruct participants on how to disrupt live streams and spread false rumors [8][9]. Group 3: Impact on Companies - Companies like vivo, which had no commercial ties to the incident, faced extreme and irrational attacks, including large-scale disruptions of their live streaming activities and personal attacks on their executives [5][6]. - The situation has created an environment where businesses are not only pressured by market competition but also face unpredictable "public opinion disasters," significantly increasing compliance costs and harming the innovation landscape [11]. Group 4: Regulatory Response - The Chinese government has initiated a series of measures to address these online issues, including a special campaign targeting the provocation of extreme group emotions and the legal consequences for malicious marketing practices [14][15]. - There is a call for platforms to take responsibility for their algorithms and to implement measures against organized harassment and misinformation [17][18]. Group 5: Future Considerations - The ongoing situation emphasizes the need for a collaborative approach to governance in the online space, where legal frameworks, platform responsibilities, and societal consensus must align to restore a healthy online environment [16][19].

Core Viewpoint - The article emphasizes the necessity of adhering to the rule of law in online governance to eliminate malicious provocations and restore a healthy discourse environment for economic and social development [1][26]. Group 1: Incident Overview - A recent controversy arose from a well-known creator's live stream, which led to a wave of online violence against brands like vivo, despite no commercial ties to the creator [1][6]. - The incident reflects a broader issue where individual disputes escalate into systematic attacks on companies, driven by malicious narratives and organized online violence [2][3]. Group 2: Nature of Online Violence - The online violence has evolved into a form of collective punishment, where brands are targeted based on individual controversies, leading to significant disruptions in their operations [6][11]. - There is a notable shift from mere opinion disputes to malicious framing, where companies are unjustly associated with unrelated negative events [4][5]. Group 3: Organized Tactics - The article highlights the emergence of organized tactics among online attackers, including detailed "guides" on how to conduct online harassment against companies and individuals [10][9]. - This organized behavior is characterized by a lack of concern for factual accuracy, focusing instead on creating psychological pressure on businesses through extreme measures [11][12]. Group 4: Implications for Businesses - Companies are increasingly facing not just market competition but also the threat of sudden and unprovoked public backlash, which raises compliance costs and complicates the business environment [14][15]. - The normalization of such online violence poses a risk to the foundational trust within society, potentially harming the overall economic landscape [15][26]. Group 5: Regulatory Response - The article discusses recent regulatory measures aimed at curbing online violence, including actions by the Central Internet Information Office to address the provocation of extreme group sentiments [18][20]. - Legal frameworks are being strengthened to punish organized online harassment and malicious marketing practices, signaling a zero-tolerance approach to such behaviors [21][22]. Group 6: Recommendations for Improvement - Platforms are urged to take responsibility for their algorithms and implement measures to identify and mitigate organized harassment [23][24]. - A call for a return to rational discourse among internet users is made, encouraging independent thought and resistance to emotional manipulation [24][25].

Core Viewpoint - The company reported strong financial performance in Q3 2025, with revenue and net profit showing significant year-over-year growth, indicating resilience and growth potential across its business segments [1][2][3][4]. Financial Performance - In Q3 2025, the company achieved revenue of 28.359 billion yuan, representing a year-over-year increase of 8.2% and a quarter-over-quarter increase of 1.7% [1]. - The net profit attributable to shareholders was 8.616 billion yuan, reflecting a year-over-year growth of 31.8% and a quarter-over-quarter increase of 0.2% [1]. - Non-GAAP net profit was 9.502 billion yuan, with a year-over-year increase of 26.7% but a slight quarter-over-quarter decrease of 0.3% [1]. - Gross margin improved to 64.1%, up 2.0 percentage points year-over-year, while the sales expense ratio increased to 15.7%, up 8.3 percentage points year-over-year [1]. Gaming Business - The gaming and value-added services segment generated revenue of 22.3 billion yuan in Q3 2025, marking an 11.8% year-over-year increase and a 2.3% quarter-over-quarter increase [2]. - The company demonstrated strong operational capabilities with classic IPs performing well, including record-high concurrent players for "Dream of Dreams" [2]. - New game launches, such as "Fate: Stars" and upcoming titles like "The Sea of Forgotten," are expected to enhance global reach and player engagement [2]. NetEase Youdao - NetEase Youdao reported revenue of 1.6 billion yuan in Q3 2025, showing a year-over-year growth of 3.6% and a quarter-over-quarter growth of 14.9% [3]. - The AI-native strategy is yielding positive results, with collaborations enhancing resource integration and market demand targeting [3]. NetEase Cloud Music - NetEase Cloud Music achieved revenue of 2 billion yuan in Q3 2025, a slight year-over-year decline of 1.8% but stable quarter-over-quarter [4]. - The introduction of AI tuning features and award-winning recommendation models has improved user experience significantly [4]. Innovation and Other Businesses - Revenue from innovation and other businesses was 1.4 billion yuan, down 18.9% year-over-year and 15.3% quarter-over-quarter [4]. - The company is focusing on brand rejuvenation and leveraging AI technology to enhance content quality and community engagement [4]. Profit Forecast and Investment Rating - The company forecasts revenues of 114.8 billion yuan, 126.5 billion yuan, and 136.2 billion yuan for 2025-2027, with adjusted net profits of 39.1 billion yuan, 44.1 billion yuan, and 49.1 billion yuan respectively [4]. - The target price for 2026 is set at 265 HKD, maintaining a "Buy" rating based on the profitability and competitive landscape of different business segments [4].