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].

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].

将投中网设为"星标⭐"，第一时间收获最新推送 腾讯还在等一个爆款。 作者丨 蒲凡 来源丨 投中网 如果说在很长一段时间里，搞定了 " 日本动漫 " 就意味着搞定了二次元。那么在曾经的游戏行业里，搞定 " 韩国游戏 " 就 意味着拿下了 " 半壁江山 " 。 一笔不完美的交易 从表面上看，腾讯收购 Nexon 并不算太让人感到意外。腾讯是全球首屈一指的游戏大厂，一直有买买买的传统，拳头游戏（ Riot Games ）、 Supercell 、育碧，都拿到过鹅厂的真金白银。而 Nexon 作为拥有《泡泡堂》《泡泡卡丁车》《 DNF 》 《冒险岛》等经典 IP 的世界知名游戏开发商，成为 " 并购标的 " 再正常不过了。 在我国并不算漫长的游戏发展史上， " 韩国产 " 游戏一度扮演着 " 启蒙者 " 的角色。千禧年代成长起来的玩家们不是在玩 韩国游戏的路上，就是在玩国产开发商们套壳魔改的韩国游戏，数得上名字的就包括《传奇》《奇迹 MU 》《冒险岛》《泡 泡堂》《泡泡卡丁车》《劲舞团》《龙之谷》《街头篮球》《地下城与勇士（ DNF ）》。 这些游戏教会了一代玩家什么叫 " 付费制网游 " 、什么叫 " 点卡 " 、 ...

每经记者｜李宇彤 每经实习编辑｜余婷婷 ｜2025年6月17日 星期二｜ NO.1 柠檬微趣《Gossip Harbor》夺得5月出海手游榜第二 6月16日，韩国Nexon公司旗下休闲类赛车竞速游戏《跑跑卡丁车》的续作《跑跑卡丁车：漂移》发布 停运公告。该游戏于2023年1月上线，运营不到两年半。游戏总监赵在允表示："Nexon和Nitro Studio长 期以来一直在为跑跑卡丁车IP（知识产权）的永续性和未来寻找新方向，长远来看我们认为很难提供能 让赛车手们满意的服务，因此决定结束《跑跑卡丁车：漂移》的游戏服务。" 点评：《跑跑卡丁车：漂移》运营不足两年半便停运，反映出游戏产品生命周期管理的重要性。此事件 或引发市场对同类竞速游戏项目运营策略的关注，投资者可能更谨慎评估休闲游戏公司新产品的长期运 营能力，对休闲游戏板块的估值逻辑带来一定影响。 NO.3 网易《逆水寒》上线休闲竞技玩法"逆水侠棋" 6月15日，网易《逆水寒》宣布将带来休闲竞技新玩法"逆水侠棋"。"逆水侠棋"是将经典自走棋规则与 逆水寒世界观深度融合的新玩法，从玩法上来看和腾讯自走棋游戏《金铲铲之战》相似。据官方介 绍，"逆水侠棋"将在6月27 ...

Core Viewpoint - Ubisoft is splitting its successful IP series and development teams into a subsidiary valued at approximately €4 billion ($4.3 billion), with Tencent investing €1.16 billion for a 25% stake, leading to a 14.7% increase in Ubisoft's stock price post-announcement [2]. Group 1 - The subsidiary will include major IPs such as Assassin's Creed, Rainbow Six, and Far Cry, with Tencent's investment likely resulting in the integration of Ubisoft's Shanghai and Chengdu studios into Tencent's ecosystem [2][4]. - Tencent's initial investment in Ubisoft occurred in March 2018, acquiring 5% of shares for €369 million, and has since increased its stake to 9.99% through a €300 million investment in September 2022 [3]. - The current restructuring is seen as a response to Ubisoft's declining valuation and the lack of blockbuster releases, with the company facing significant challenges in the gaming market [3][4]. Group 2 - Despite Ubisoft's reputation in the gaming industry, its core IPs, including Assassin's Creed, are considered less commercially viable compared to top-tier IPs like Pokémon and Harry Potter, which may limit their value in Tencent's portfolio [4]. - The integration of Ubisoft's development teams into Tencent poses challenges due to cultural differences in game development between Western and Chinese companies, raising questions about talent transition and operational compatibility [5]. - The restructuring is viewed as a practical solution to address the potential mismatch between Ubisoft's AAA game development and Tencent's business model focused on service-oriented games [5].