2025.09.25 本 文字数：2916，阅读时长大约5分钟 作者 | 第一财经 吕倩 近期，"蓝战非自爆收入""蓝战非回应收入争议"等词条登上热搜。"赚的钱一辈子都花不完""你们是真 的不知道抖音顶流有多赚钱""如果我全身心商业化，一年能赚天文数字，九位数都小看我"等过往语录 也被翻出，从个人所属的游戏直播圈层突然跃入大众视野，已过去近十年的"千播大战"历史画面因此被 揭开。 蓝战非是谁？ 公开资料显示，蓝战非于1992年出生于广东云浮罗定，曾为熊猫直播、斗鱼直播平台游戏主播，现为旅 游博主。近期热度高涨是因有网友翻出他之前的直播语录。随后蓝战非在微博账号回应称："好久没玩 微博了，这句话我是很久之前讲的，现在空降热搜第一，我这都要被网暴吗？ "目前该回应已被删除。 另据第一财经记者搜索发现，今日蓝战非多平台账号被禁止关注。抖音账号显示"该用户被禁止关注"， 快手账号显示"该用户因违反社区规定被禁止关注"，B站账号显示"该账号异常，关注失败"，微博账号 仍可正常关注。 从大专院校打工到踩中游戏直播风口，完成财富积累，再到脱离游戏圈层转型旅游博主，蓝战非在直播 中总结"我的成功是运气使然"。2016年至20 ...

2025.09. 25 本文字数：2916，阅读时长大约5分钟 作者 | 第一财经 吕倩 近期，"蓝战非自爆收入""蓝战非回应收入争议"等词条登上热搜。"赚的钱一辈子都花不完""你们是真 的不知道抖音顶流有多赚钱""如果我全身心商业化，一年能赚天文数字，九位数都小看我"等过往语 录也被翻出，从个人所属的游戏直播圈层突然跃入大众视野，已过去近十年的"千播大战"历史画面因 此被揭开。 蓝战非是谁？ 公开资料显示，蓝战非于1992年出生于广东云浮罗定，曾为熊猫直播、斗鱼直播平台游戏主播，现 为旅游博主。近期热度高涨是因有网友翻出他之前的直播语录。随后蓝战非在微博账号回应称："好 久没玩微博了，这句话我是很久之前讲的，现在空降热搜第一，我这都要被网暴吗？ "目前该回应已 被删除。 另据第一财经记者搜索发现，今日蓝战非多平台账号被禁止关注。抖音账号显示"该用户被禁止关 注"，快手账号显示"该用户因违反社区规定被禁止关注"，B站账号显示"该账号异常，关注失败"，微 博账号仍可正常关注。 从大专院校打工到踩中游戏直播风口，完成财富积累，再到脱离游戏圈层转型旅游博主，蓝战非在直 播中总结"我的成功是运气使然"。2016年至2 ...

Core Insights - Valve's Steam Deck has achieved significant success, selling over 4 million units globally by August 2025, despite initial skepticism from the market [1] - Valve is reportedly developing a new gaming device, codenamed Fremont, which features a custom AMD Hawk Point 2 processor and advanced GPU capabilities [3][5] - The Fremont device aims to target the PC and console gaming market, contrasting with the previous Steam Machine's failure due to lack of game support [6][9] Group 1: Product Performance - The Fremont device is equipped with a 6-core, 12-thread CPU based on the ZEN 4 architecture, with a base frequency of 3.2GHz and a maximum boost frequency of 4.8GHz [3] - It features a GPU based on the RDNA 3 architecture, potentially a variant of the Radeon RX 7600, with 28-32 compute units and at least 8GB of dedicated video memory [5] - The performance of the Fremont device is positioned to be superior to that of the Steam Deck, which has a less powerful 4-core, 8-thread CPU and integrated graphics [3][5] Group 2: Market Context - Valve's initial foray into hardware with Steam Machines was unsuccessful, primarily due to competition from Microsoft's Windows ecosystem and a lack of game support on Steam OS [7][9] - The gaming landscape has evolved, with 2K resolution becoming increasingly important for PC and console gaming, posing a challenge for the Fremont device to meet performance expectations [11][12] - The success of the Fremont device is uncertain, as it may face similar pitfalls as the Steam Machine, particularly regarding its ability to deliver high-quality gaming experiences [11][12]

Core Insights - The article highlights the significance of esports as a powerful symbol of globalization, attracting young tourists and enhancing a city's international influence [1] Group 1: Event Announcement - A major esports event, the BLAST DOTA2 Grand Slam, will be co-hosted in Chengdu in December 2023 by BLAST, Chengdu Radio and Television Station, and Chengdu Broadcasting and Television Group [1][2] - The BLAST Grand Slam is an international esports tournament created in collaboration with DOTA2 developer Valve, with the first three events held in Europe before moving to Chengdu in 2025 [1][2] Group 2: Strategic Importance - Chengdu was chosen for the event due to its rich cultural heritage, superior infrastructure, and mature esports environment, marking it as a significant esports destination [1][2] - BLAST aims to tap into the rapidly growing Chinese esports market, which is one of its fastest-growing audience markets [2][4] Group 3: Event Details - The total prize pool for the tournament is set at $1 million, featuring 12 top-ranked teams from various global regions, including China, Southeast Asia, and Europe [2][3] - The event will consist of online qualifiers from November 25 to 30, followed by the main event from December 5 to 7, with live audience attendance and global streaming in over 50 countries [3] Group 4: Local Impact and Collaboration - The event provides a platform for local DOTA2 teams to compete against international teams, enhancing the local esports scene [3] - A three-year strategic cooperation agreement was signed between Chengdu Broadcasting Group and BLAST to bring more international esports events to Chengdu [5] Group 5: Industry Development - Chengdu has a history of hosting major international sports events and has been recognized as China's "Esports Cultural Capital" [3][6] - The city has introduced policies to support the esports industry, including financial incentives for esports clubs and event hosting, fostering a robust esports ecosystem [6]

Core Insights - Krafton, the developer of the popular game "PUBG," faced a disappointing market debut, with its stock price dropping significantly on its first two days of trading [1][2][3] - The company's heavy reliance on "PUBG," which accounted for 96.7% of its revenue in Q1, raises concerns about its long-term stability [3][4] - Despite the stock decline, "PUBG" has proven to be a lucrative title, selling over 150 million copies and setting multiple sales records [4][5] Company Performance - Krafton raised $3.8 billion in its IPO, marking it as the second-largest IPO in South Korean history and the largest in nearly a decade [2] - On its first trading day, Krafton's stock fell by as much as 20%, closing down 10%, making it the first new stock to decline on its debut in 2021 [2][3] - The stock continued to decline on the second day, with a drop of 7.16% reported by noon [2] Market Dynamics - The gaming market for battle royale games, including "PUBG," is becoming saturated, with established titles dominating the market share [5][6] - Competitors like Tencent have capitalized on the popularity of "PUBG," with Tencent's mobile versions generating nearly $1.5 billion in revenue in the first half of 2021 [4][5] - New entrants in the battle royale genre face significant challenges in gaining market share without innovative features and superior gameplay experiences [5][6] Future Prospects - Krafton plans to launch a new mobile game, "PUBG: New State," with an alpha test scheduled for late August, aiming to leverage the existing fanbase [6][7] - The company is also exploring extensions of the "PUBG" IP into other media, including films and animated content, to diversify revenue streams [6][7] - Tencent is actively developing content around "Peacekeeper Elite," including esports events and animated series, indicating ongoing investment in the battle royale genre [6][7]

Summary of Conference Call Records Industry Overview - The conference call discusses the impact of new advertising laws on the gaming industry and e-commerce platforms, particularly focusing on tax implications and advertising costs [1][2][3]. Key Points and Arguments Advertising Law Changes - The new advertising law consolidates information service fees, technical service fees, and advertising publication fees into a single category of advertising fees, resulting in increased costs for companies, particularly in the gaming sector [1][3]. - The maximum tax rate for these fees has increased from 6% to 19%, with any amount exceeding the annual revenue deduction limit of 15% subject to a 25% corporate income tax [1][5]. Impact on Gaming Industry - Marketing expenses in the gaming industry typically account for 30%-50% of revenue, significantly exceeding the 15% deduction limit, leading to additional tax liabilities [1][5]. - The new regulations are expected to reduce advertising spending in the gaming sector by approximately 30%, with an overall contraction of about 15% anticipated for the year [2][20]. Company Responses - Companies are implementing measures such as expense splitting, establishing compliance departments, and adjusting contract processes to manage the new tax implications [4][6]. - For large clients, companies may absorb part of the tax burden to maintain relationships and discuss cost-sharing strategies [6][4]. Challenges Faced by Advertisers - Game advertisers face difficulties with Pixel integration, particularly large companies that struggle with security and internal risk controls, impacting their advertising costs [6]. - Domestic companies must comply with local tax regulations despite having overseas entities, leading to increased operational costs [8]. Financial Reporting Implications - Advertising expenses must now be classified as sales expenses, limiting the deductible amount and increasing tax liabilities for companies that previously classified these as cost items [7][10]. - The shift in classification is expected to raise effective tax rates and reduce net profit margins for gaming companies, especially those listed on A-shares [11][12]. Market Dynamics - The new tax regulations are likely to push advertisers to discontinue investments in unprofitable products and focus on developing new offerings [13]. - The competitive landscape may shift, favoring larger companies with established products that rely less on advertising, while smaller companies, particularly in the casual gaming sector, may face significant pressure [14][15]. E-commerce Sector Adaptations - E-commerce platforms are less affected due to their ability to categorize advertising costs differently, often treating them as production costs rather than advertising fees [21][17]. - Platforms like Bilibili and Douyin are more impacted due to their reliance on gaming-related content and advertising revenue [22]. Conclusion - The new advertising law and tax regulations are reshaping the financial landscape for the gaming industry and e-commerce platforms, leading to increased costs, strategic shifts in advertising spending, and potential market consolidation [20][24].

Core Insights - The 2025 BiliBili World Digital Entertainment Anime Culture Expo (BW2025) took place from July 11 to July 13 at the National Exhibition and Convention Center in Shanghai, attracting 400,000 attendees, a 60% increase from the previous year [1][3] - The event featured 167 global exhibitors and showcased a variety of popular games and anime culture, drawing significant international participation from 20 countries and regions, with 13% of ticket buyers being passport holders [1][3] Group 1: Event Overview - BW2025 is the largest ACGN comprehensive exhibition in Asia, covering all 8 exhibition halls of the venue [1] - The event saw a notable increase in attendance, with 150,000 more visitors compared to 2024 [1] Group 2: International Participation - The expo attracted international fans, including attendees from countries such as Japan, South Korea, Russia, Brazil, Saudi Arabia, and Egypt [3] - Attendees expressed excitement about the event, highlighting the rarity of such large-scale anime activities in Europe [5] Group 3: Game Exhibitions - The gaming area occupied three halls, featuring popular titles like miHoYo's "Honkai: Star Rail" and Tencent's "Delta Action" [5][7] - The PlayStation experience area was particularly popular, with notable appearances from renowned game designers [7] Group 4: Cross-Industry Engagement - Non-ACGN exhibitors, such as the Macau Tourism Board and various food brands, participated in the event, engaging with the anime community through cross-industry collaborations [8] - Chow Tai Fook Jewelry Group highlighted the emerging opportunities in traditional industries due to the rise of the ACGN economy, showcasing their IP collaboration products [8][11] Group 5: Sales Performance - Chow Tai Fook's collaboration with the Palace Museum is projected to generate retail sales of approximately HKD 4 billion for the fiscal year 2025 [11] - The collaboration with the game "Black Myth: Wukong" has already surpassed RMB 150 million in retail sales within six months of launch [11]

Group 1 - The public beta of "Douluo Dalu: Hunting Soul World" by 37 Interactive Entertainment started on July 11, featuring open-world MMO gameplay that appeals to fans of the original IP [1] - The dark fantasy action game "Mingmo: Yuanshu Zhi Yu" showcased a complete chapter for the first time at the BW2025 exhibition, highlighting its gameplay and Cthulhu-style narrative [3] - The retro flying shooting mobile game "Winding Up" by Mutong Technology began its return test on July 10 [4] Group 2 - Multiple games announced shutdowns, including the Huawei channel version of "Minecraft," which will cease operations on October 8, 2025, and "Second Galaxy," which will stop operations on October 9, 2025, due to business strategy adjustments [6][8] - The 2025 Esports World Cup (EWC2025) commenced on July 7 in Riyadh, Saudi Arabia, featuring a record-breaking participation of 22 clubs and 23 competition projects from China [9] - The BW2025 exhibition, Asia's largest ACGN event, opened from July 11-13 in Shanghai, attracting 700 exhibitors and over 1,000 content creators, with ticket sales selling out in 35 seconds [11] - Tencent Games announced the establishment of the K9 Cooperation Department on July 8, focusing on the long-term transformation and strategic cooperation of Ubisoft's core IPs [13]

Core Viewpoint - The article discusses Tencent's potential acquisition of Nexon, a significant player in the gaming industry, for approximately $15 billion, which could mark a historic deal in China's internet sector [2][3][4]. Group 1: Tencent's Acquisition Interest - Tencent is reportedly considering acquiring Nexon, the parent company of Neople, for $15 billion (approximately 107.7 billion RMB) [2][3]. - This acquisition could surpass Tencent's previous record of acquiring 84.3% of Finnish game company Supercell for $8.6 billion, making it the largest acquisition in the history of Chinese internet companies [3][4]. Group 2: Historical Context - Tencent's relationship with Nexon dates back to 2008 when it secured the rights to operate DNF (Dungeon & Fighter) in China after a lengthy negotiation process [5][6]. - DNF became a massive success in China, generating over $500 million in revenue for Neople in 2015, which accounted for 87.6% of its total revenue [5][6]. Group 3: Nexon's Market Position - Nexon, known for classic IPs like DNF and Bubble Fighter, has a significant market presence and was valued at approximately $15.8 billion (about 114 billion RMB) as of recent reports [9][10]. - The company has a history of successful acquisitions and growth, having gone public in 2011 and becoming a major player in the gaming industry [7][9]. Group 4: Challenges and Considerations - The potential acquisition faces challenges due to the recent passing of Nexon's founder, Kim Jung-ju, and the subsequent management transition to his family, which complicates negotiations [9][10]. - The current valuation of Nexon appears reasonable given its historical performance and market position, making the acquisition an attractive opportunity for Tencent [12].

Core Viewpoint - Tencent is considering acquiring Nexon for $15 billion, which would mark a significant move in the gaming industry, potentially making it the largest acquisition by a Chinese internet company to date [3][4][19]. Group 1: Historical Context - Korean games played a pivotal role in the development of the Chinese gaming market, with titles like "Legend," "Dungeon & Fighter (DNF)," and "MapleStory" shaping the gaming landscape [2][3]. - Tencent's long-standing relationship with Neople, the developer of DNF, began in 2008 when it secured the rights to operate the game in China after a protracted negotiation process [9][10]. Group 2: Acquisition Details - The potential acquisition of Nexon is seen as a strategic move for Tencent to consolidate its position in the gaming industry, especially given Nexon's portfolio of popular IPs [6][19]. - The acquisition price of $15 billion is viewed as reasonable considering Nexon's market position and historical performance, especially after its IPO in 2011 [16][19]. Group 3: Market Dynamics - The gaming industry has evolved significantly since Tencent's initial dealings with Neople, and the current landscape presents new challenges and opportunities for acquisitions [15][19]. - Tencent's strategy has shifted towards a more aggressive investment approach, aiming to secure future hits in the gaming market by expanding its portfolio through acquisitions [18][19].