2026年开年的资本市场，被一家游戏公司的投资成绩单打破平静。 1月9日，成立仅4年的MiniMax（HK00100）在港交所上市，收盘涨幅近110%，总市值超1000亿港元。此前，1月1日，卡牌潮玩公司Suplay向港交所递交上 市申请；两家业务毫无关联的企业，股东名单中却共享一个熟悉的名字——米哈游。 招股书披露的信息显示，米哈游以11.86%的持股比例成为Suplay最大外部股东，其同时持有MiniMax 7.34%的股份，且是后者天使轮投资方之一。2026年开 年连续收获两个IPO（首次公开募股），米哈游这家靠《原神》奠定行业地位的游戏公司，投资战绩足以让不少专业投资机构侧目。 作为国内游戏行业打破大厂垄断的"现象级破局者"，米哈游自2012年成立以来，凭借《原神》等爆款作品彻底改写全球手游市场格局，近年来数次跻身中国 手游发行商全球收入前列，成为唯一能与腾讯、网易分庭抗礼的未上市游戏企业。 图片来源：MiniMax官网 旗下产品带来的充沛现金流，让米哈游开始快速扩张投资版图——从二次元周边到AI（人工智能）大模型，从脑机接口到民营火箭，再到核聚变技术，米 哈游的本土投资领域跨度之大，常常让市场直呼" ...

以下文章来源于投资界 ，作者杨继云 投资界 . 清科控股旗下创业与投资资讯平台 本文转载自投资界 值班编辑｜ 宝珠 视觉 | 顾芗 1月9日，MiniMax将正式在港交所IPO。外界可能不知道，米哈游正是MiniMax的天使轮投资方，直至上 市前持股比例为7.34%，多年来给钱给订单，见证这家大模型独角兽的崛起历程。 另一边，Suplay超级玩咖在新年第一天向港交所递交上市申请，米哈游则是最大外部投资方，持股比例 高达11.86%。 连拿两个IPO，让人羡慕。 想起VC圈多年前一则传闻，"你听说过么？上海一家游戏公司手握50亿现金，满世界找理财。"后来我们 看到，米哈游身影密集出现在VC圈。如今，似乎收获的季节到了。 米哈游投了他们 要IPO了 事实上，米哈游创始人、董事长刘伟与MiniMax创始人兼CEO闫俊杰相识已久。2021年底，闫俊杰离开 商汤创办MiniMax。业内传言，同在上海漕河泾开发区产业带，刘伟曾将闫俊杰引荐给一些早期投资 人。 米哈游创始人、总裁、董事长刘伟 投资界了解到，2022年初米哈游和高瓴、IDG资本、云启资本一起成为了MiniMax的天使投资方。米哈 游也由此成为MiniMax最 ...

刚刚，Sensor Tower商店情报平台发布2025年12月中国手游产品在海外市场收入及下载量排行榜，报告 仅统计应⽤商店IAP预估值，不包括⼴告变现收⼊和中国地区第三方安卓渠道收入。 12月出海手游收入榜 点点互动王牌力作 《Whiteout Survival》12月下旬推出圣诞主题活动，多重联动玩法和海量福利层层解 锁，强势点燃全球玩家消费热情，助力游戏稳坐出海手游收入榜冠军宝座。Sensor Tower 最新数据显 示，截至2025年12月《Whiteout Survival》全球累计收入突破40亿美元，再创出海手游商业价值新高 度。 柠檬微趣《Gossip Harbor》本月收入再度上涨7%，创历史新高，摘得出海手游收入榜亚军。12月双档 活动轮番上阵：圣诞主题"Once Upon a Snowglobe"碰撞新年狂欢"End-of-Year Errands"，以创新玩法与 丰厚奖励持续激活玩家热情，稳坐全球合成手游赛道头把交椅。 12月《使命召唤手游》以密集更新引爆海外市场：11日游戏开启六周年庆典，同步上线第11赛季"全球 行动"，引入备受期待的新模式"DMZ: 禁区"；12日重磅推出与《街头霸 ...

以下文章来源于投资界 ，作者杨继云 投资界 . 清科控股旗下创业与投资资讯平台 收获季。 1月9日，MiniMax将正式在港交所IPO。外界可能不知道，米哈游正是MiniMax的天使轮投资方，直至上市前持股比例为7.34%，多年来给钱给订单，见 证这家大模型独角兽的崛起历程。 另一边，Suplay超级玩咖在新年第一天向港交所递交上市申请，米哈游则是最大外部投资方，持股比例高达11.86%。 连拿两个IPO，让人羡慕。 想起VC圈多年前一则传闻，"你听说过么？上海一家游戏公司手握50亿现金，满世界找理财。"后来我们看到，米哈游身影密集出现在VC圈。如今，似乎 收获的季节到了。 米哈游 投了他 们 要IPO了 事实上， 米哈游创始人、董事长 刘伟与MiniMax创始人 兼CEO 闫俊杰相识已久。2021年底，闫俊杰离开商汤创办MiniMax。业内传言，同在上海漕河泾 开发区产业带，刘伟曾将闫俊杰引荐给一些早期投资人。 投资界了解到，2022年初米哈游和高瓴、IDG资本、云启资本一起成为了MiniMax的天使投资方。米哈游也由此成为MiniMax最早的产业投资人，精准卡 位大模型爆发前夜。 文 ｜ 杨继云 来源｜ ...

米哈游法务部发文称向造谣博主追责 中新网1月5日电(吴家驹)1月5日，米哈游法务部发文称，近期，针对多名网络博主造谣、诋毁米哈游及旗下游戏，并侮辱、诽谤、谩骂游戏玩家的行为，米 哈游积极开展维权行动，相关侵权人已被警方采取刑事强制措施或处以行政处罚。 米哈游法务部发布的截图显示，该网络博主在B站发布的视频包括诸如"任何游戏，也只能做成开盒战场""你们这些小登嘎嘎充值"等内容。 图自米哈游法务部官方微博 米哈游法务部称，此前，米哈游接到玩家举报称，一网络博主持续在多个网络平台发布不实信息，以视频、图文等方式对米哈游及旗下多款游戏实施造谣、 诋毁行为，并侮辱、谩骂游戏玩家，严重破坏玩家社区环境，影响玩家游戏体验，同时严重损害公司声誉。米哈游报案后，徐汇警方调查发现，该账号实际 持有人为黎某，警方认定黎某存在歪曲事实、散布谣言、扰乱社会秩序的违法行为，依法对其处以行政处罚。针对黎某的侵权行为，米哈游已提起民事诉 讼，进一步追究其法律责任。 同时，米哈游法务部称，此前米哈游还发现10余篇诋毁公司的虚假文章，严重损害公司声誉，随即向警方报案。徐汇警方调查后，迅速抓获谣言发布者范某 及其幕后指使人齐某某。经审讯，齐某某承 ...

Core Viewpoint - The article highlights the recent IPO activities of MiHoYo, showcasing its significant investments in companies like MiniMax and Suplay, positioning itself as a key player in the venture capital space within the gaming and technology sectors [2][3][19]. Investment Activities - MiHoYo is a major investor in MiniMax, holding a 7.34% stake prior to its IPO, and has been involved since its angel round of funding [2][18]. - MiHoYo also holds an 11.86% stake in Suplay, which recently submitted its IPO application, making it the largest external investor [2][19]. - The company has been actively investing in various sectors, including AI and gaming, to enhance its technological capabilities and reduce development costs [6][18]. Strategic Partnerships - MiHoYo has established itself as a client of MiniMax, utilizing its AI models for game development, including character behavior control and NPC dialogue in titles like "Honkai: Star Rail" [7][18]. - The partnership with Suplay allows MiHoYo to expand its IP derivative product offerings and reach a broader Gen Z consumer base [19]. Historical Context - MiHoYo was founded in 2011 with initial funding from a government loan and has since evolved into a significant player in the gaming industry, leveraging its cash flow to explore venture capital opportunities [20][21]. - The company began its venture capital activities around 2018, initially focusing on familiar gaming sectors before branching into cutting-edge technologies [20][22]. Future Directions - MiHoYo's recent leadership changes indicate a strategic shift towards enhancing its focus on frontier technologies and new project development [23]. - The company is also investing in AI-driven projects, with plans to release an AI-native game in 2025, reflecting its commitment to innovation in the gaming industry [23][24].

Core Viewpoint - MiHoYo is actively investing in and partnering with emerging companies in the AI and gaming sectors, positioning itself as a significant player in the venture capital landscape while preparing for multiple IPOs [2][3][4]. Investment in MiniMax - MiHoYo holds a 7.34% stake in MiniMax, which is set to IPO on January 9, and has been a key investor since early 2022, aligning with its strategy to integrate advanced AI technologies into gaming [2][4]. - The relationship between MiHoYo's founder Liu Wei and MiniMax's CEO Yan Junjie dates back to 2021, indicating a long-standing connection that facilitated this investment [3]. Investment in Supply - MiHoYo is the largest external investor in Supply, holding an 11.86% stake, and has been involved since leading its A+ round financing in November 2021 [5][7]. - This investment supports MiHoYo's strategy to expand its IP merchandise ecosystem and reach the Z-generation consumer market [7]. Strategic Partnerships - MiHoYo has transitioned from being merely an investor to becoming a customer of MiniMax, utilizing its AI models in various gaming applications, thereby creating a symbiotic relationship [5][6]. - The company has also opened its IPs for collaboration, enhancing its product offerings and market reach [7]. Venture Capital Approach - Since 2018, MiHoYo has been actively engaging in venture capital, making numerous investments across various sectors, including cutting-edge technologies [8][11]. - The company’s investment strategy is characterized by a focus on young, innovative founders who share a vision of technological advancement [11][12]. Future Directions - MiHoYo's recent leadership changes indicate a shift towards prioritizing research and development in frontier technologies, with a focus on attracting top talent in the AI field [12][13]. - The company is also developing its proprietary AI model, which is expected to enhance game production efficiency by over 30% [12].

Core Insights - The Game Awards (TGA) recognized the Chinese game "Mingchao" with the "Player's Voice" award, marking a significant achievement for Chinese gaming in the global market [1] - The success of "Mingchao" and "Black Myth: Wukong" illustrates the evolution of Chinese games from one-off hits to a more sustainable and competitive presence in the global gaming industry [3] Group 1: Awards and Recognition - "Mingchao" won the "Player's Voice" award at TGA, following "Black Myth: Wukong," which won two awards in the previous year [1] - "Black Myth: Wukong" achieved sales of 22.4 million copies and over $1.1 billion in revenue on Steam alone, showcasing the commercial viability of Chinese AAA games [2] Group 2: Market Dynamics - The transition from "Black Myth: Wukong" to "Mingchao" reflects a shift in Chinese gaming towards cross-platform development and long-term operational strategies [3] - "Mingchao" topped the App Store free charts in 107 countries and regions shortly after its global launch, indicating strong market penetration [2] Group 3: Industry Ecosystem - The success of "Mingchao" is attributed to a supportive local industry ecosystem in Guangdong, which fosters game development through favorable policies and a robust industry chain [4] - The local government's initiatives have provided critical support for game companies, enhancing their confidence and capabilities in global markets [4] Group 4: Corporate Strategies - Major Chinese gaming companies like NetEase and Tencent are expanding their global presence through innovative products and strategic investments, creating a dual approach of self-developed and acquired content [5] - Smaller companies, like Kuro Games, are also accelerating their international expansion, emphasizing the importance of collaboration and leveraging resources from larger firms [6]

Core Viewpoint - A legal dispute between Shanghai Mihayou Yingtie Technology Co., Ltd. and Envision Energy Co., Ltd. has attracted market attention, with the trial set for December 9, 2025, regarding allegations of commercial defamation related to the game "Honkai: Star Rail" [1] Group 1: Legal Dispute - The lawsuit arises from the portrayal of a fictional entity named "Envision Industries" in Mihayou's game, depicted as engaging in violent demolitions, which Envision Energy claims damages its reputation [1] - Envision Energy previously sent a communication letter to Mihayou requesting changes to the character names and settings, which Mihayou refused, citing creative freedom [1] - Mihayou has filed a counterclaim accusing Envision Energy of commercial defamation, with the counter lawsuit also scheduled for December 9, 2025 [1] Group 2: Company Overview - Envision Energy, established in 2008, is a core enterprise under Envision Group, focusing on wind power equipment R&D and energy storage station construction [2] - Envision Group's business includes Envision Energy, Envision Power, Envision Intelligent, Envision Capital, and the Envision Formula E team, with Envision Energy, Envision Power, and Envision Intelligent recognized as industry unicorns [2] - As of 2025, Envision Energy's valuation has increased to 110 billion yuan, while Envision Power's valuation reached 73 billion yuan, both ranking among the top 100 globally [2]

Industry Dynamics - The China Audio-Video and Digital Publishing Association released the "2025 China Esports Industry Report," indicating that the actual sales revenue of China's esports industry will reach 29.331 billion yuan in 2025, representing a year-on-year growth of 6.40%, the highest increase in nearly three years, suggesting a recovery in the industry's monetization capabilities [3] - Apple announced the winners of the 2025 App Store Awards, with Tencent's "Valorant: Source Action" winning the Best Game award in mainland China [4] - Sony Interactive Entertainment awarded the 2025 PlayStation Partner Awards, recognizing miHoYo's "Honkai: Star Rail" and NetEase's "Marvel Duel" with outstanding partner awards [5] Domestic Company News - Guo Weiwei resigned as CEO of Xishanju due to personal career planning but will continue as Chief Producer, while Zou Tao, CEO of Kingsoft, will serve as acting CEO [7] - Kingsoft's subsidiary, Kingsoft Game, announced that the mobile game "Duck Duck Goose" will officially launch on January 7, 2026, with over 10 million real reservations [10] - Tencent's new game "Lock Kingdom: World" is set to launch on March 26, 2026, marking the 15th anniversary of Tencent's Magic Cube Studio [11] Overseas News - Netflix confirmed a final agreement to acquire Warner Bros. for $82.7 billion (approximately 584.714 billion yuan), with the deal expected to close in the third quarter of 2026 [13] Compliance and Regulation - The Korea Fair Trade Commission fined the developer of "MU Archangel," NetEase, 158 million won (approximately 759,800 yuan) for concealing core probability information in sales of probability-based items, constituting fraudulent behavior [15] Esports News - TT Esports, a subsidiary of Quwan Technology, is engaging in industry exchanges in North America, establishing preliminary cooperation frameworks with various organizations to enhance esports talent development and address weaknesses in mobile esports education in North American universities [17]