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 ...

Domestic Company News - Kaiying Network plans to launch its female-oriented AI companionship application "EVE" by the end of this year, which features a unique "real-world perception module" to enhance user experience [3] - NetEase's "Dahua Xiyou" mobile game has launched a "free trading server" to revolutionize traditional turn-based mobile games, aiming to maximize asset preservation [4] - Point Touch Technology reported a significant recovery in its performance for the first half of 2025, with revenue of 421 million and a net profit of 102 million, marking year-on-year increases of 57.32% and 115.27% respectively [5] - Chuangmeng Tiandi's mobile game "Kalabichiu" has surpassed 8 million pre-registrations and is set to officially launch on the domestic mobile platform in October [6] Compliance and Regulation - Zulong Technology was ordered to pay 150,000 yuan for trademark infringement and unfair competition, as the court found that its actions led to user confusion [9] Overseas Developments - Microsoft is seeking a "China Business Development Manager" for Xbox, indicating its intent to strengthen its presence in the Chinese gaming market and enhance partnerships with local developers [11] Esports News - BLG won the 2025 LPL annual championship by defeating TES with a score of 3-2, securing their position as the number one seed for the 2025 global finals [12]

Game Releases - NetEase's "Marvel Secret War" began its Android paid test on September 15, focusing on team-building strategy and character development in a card RPG format, featuring Marvel superheroes like Doctor Strange and Iron Man [1] - ByteDance's "Shadow Hunter" launched its first domestic test on September 16, achieving over 180,000 concurrent players within 90 minutes and climbing to 7th place on Steam's global sales chart [3] - miHoYo's "Honkai: Origin Spirits" started its first closed test on September 17, combining sprite collection with auto-chess combat mechanics [6] - "Dungeon Castle 4: Knights and the Broken Chronicle" was officially released on September 17, continuing the dark dungeon adventure RPG series with 3D graphics and strategic gameplay [8] - Tencent's "The Finals" (translated as "Ultimate Contest") began its second limited test on September 19, developed by members of Embark Studios, featuring a PVP shooting game set in famous global cities [10] Industry News - Tencent's "Delta Force" celebrated its first anniversary on September 21, reporting a daily active user (DAU) count of 30 million, up from 12 million in April and 20 million in July [11] - McDonald's announced a collaboration with "Black Myth: Wukong" on September 19, launching limited-time meal sets and promotional items for the Mid-Autumn Festival [14] - "Love and Producer" revealed a new voice actor for the character Li Zeyan on September 20, following the departure of the previous actor [16] - Zulong Technology was ordered to pay 150,000 yuan for trademark infringement and unfair competition against Suzhou Die Paper Network Technology, due to improper use of registered trademarks in advertising [20] - miHoYo established two new companies in Shanghai, focusing on software development and AI applications, with a registered capital of 10 million yuan each [21]

Summary of Evergreen Games Conference Call Industry Overview - The conference focuses on the evergreen games sector, highlighting the potential for significant revenue growth through effective operations, as demonstrated by Tencent's Supercell game "Clash Royale," which achieved $140 million in revenue in Q2 2025, a 90% quarter-over-quarter increase and over 40% year-over-year growth [2][3] - Companies with evergreen game potential typically possess high Daily Active Users (DAU) and social gameplay attributes, or own classic native IPs that can be continuously iterated and updated, particularly in SLG (Simulation and Strategy Games) and MMO (Massively Multiplayer Online) genres, which have high player sunk costs and stronger user retention [2][5] Key Insights and Arguments - Evergreen game companies generally have valuations above the industry average, with companies like Nintendo, Take-Two, and Nexon showing strong forward Price-to-Earnings (PE) ratios, indicating high market expectations for future earnings [2][6] - As of early 2025, Nintendo's forward PE was 36, TikTok's was 27, and Nexon's was 26, averaging 26, which is higher than the average valuation of the A-share and Hong Kong game sectors, which is below 20 [7] - The operational methodology for evergreen games includes simple content updates, seasonal updates, and continuous iteration of core gameplay and monetization strategies, creating a platform that encourages ongoing player engagement and spending [9][10] Company-Specific Strategies - Tencent's strategy for 2025 emphasizes the operation of headlining games while adjusting its organizational structure to enhance producer incentives, focusing on long-term development and middle-tier games like "Crossfire" and "League of Legends" [4][11] - Nintendo aims to maintain user engagement by expanding gameplay on its platforms, creating "infinite" products that encourage continuous player interaction and consumption [12][13] - Tencent's overseas game revenue accounts for approximately 30%, with Supercell, Riot Games, and Miniclip being significant contributors [14] Potential Companies for Evergreen Games - Companies with successful evergreen game potential typically have large DAU advantages and social gameplay attributes, such as Tencent and Giant Network's new title "Supernatural Action Team" [5] - Companies with classic native IPs that can be continuously updated, like Nintendo with its Mario and Pokémon franchises, and Nexon with its Dungeon Fighter Online (DNF) IP, also show strong potential [5][29] - SLG and MMO games are identified as having longer lifecycle potential due to their inherent player engagement characteristics [30] Valuation Insights - Evergreen game companies are generally valued significantly higher than the industry average, with stable and continuous revenue growth being a key factor supporting these high valuations [6] - The report highlights the importance of maintaining a balance between hardware and software revenue, with Nintendo's software revenue becoming a more significant contributor as hardware sales plateaued [18][19] Conclusion - The evergreen games sector is characterized by companies that can maintain player engagement through continuous updates and strong IPs, leading to sustained revenue growth and higher valuations compared to the broader gaming industry. The strategies employed by leading companies like Tencent and Nintendo serve as benchmarks for success in this evolving market.

Core Viewpoint - Tencent Games has successfully tapped into industry trends, particularly with the upcoming release of "Path of Exile: Ascendancy," which has shown strong performance metrics and community engagement [5][9]. Group 1: Game Performance and Reception - "Path of Exile: Ascendancy" topped the Steam sales chart for eight consecutive weeks, achieving nearly 600,000 concurrent players across all platforms [5]. - The game reached a peak viewership of 1.23 million on Twitch, surpassing previous records for similar products [5]. - The official website for "Path of Exile: Ascendancy" has garnered over 2.25 million pre-registrations [5]. Group 2: Development and Community Engagement - Grinding Gear Games (GGG) has maintained a strong relationship with its community, continuously improving its products based on player feedback [6]. - Tencent's strategy involves providing substantial resources to top developers, ensuring that the best teams can innovate and enhance their IPs [6][9]. Group 3: Game Features and Innovations - "Path of Exile: Ascendancy" emphasizes hardcore gameplay with high freedom in character builds and complex skill interactions, distinguishing it from mainstream ARPGs [12][13]. - The game introduces a random drop mechanism that enhances player experience by breaking the predictability of rewards, similar to the popular "loot and shoot" gameplay [16][18]. - The game has removed the hard mode to cater to local player preferences for faster-paced gameplay, incorporating a sprint system and adjusting skill balances [18]. Group 4: AI Integration and Support - The game features a specialized AI assistant designed to enhance player experience by providing contextual help without restricting player freedom [23][24]. - The AI development will occur in three phases, starting with basic queries and evolving into more personalized assistance based on player behavior [24][26][28]. Group 5: Market Trends and Strategic Positioning - The resurgence of the PC gaming market, driven by successful titles like "Delta Action," has positioned Tencent to regain control over this segment [30][32]. - Tencent's dominance in the gaming industry is reflected in its significant presence in the top ten games on the internet café popularity list, indicating strong market control [33]. - The company is adapting to changing player preferences by diversifying its game offerings across multiple platforms, responding to the growing interest in PC gaming [38].

Market Development - The Chinese esports market is projected to reach approximately 179 billion yuan in 2024, reflecting a year-on-year growth of 5.5%, indicating a robust development trend [4] - The user base for esports in China is expected to be around 511 million in 2024, with a slight year-on-year increase of 0.6%, showing a stable user scale at a high level [7] Industry Dynamics - The current core dynamics of the Chinese esports industry include accelerated internationalization, establishment of standardized systems, diversification of ecosystems, and widespread public participation, all of which are expected to drive the continuous growth and prosperity of the esports market [1] - The esports industry is experiencing a transition towards sports professionalism, with the potential for the esports Olympics to propel the industry into a new stage of mature development [2] User Characteristics - Esports users are gradually expanding from a younger demographic to a broader age range, with 68.5% of users aged 30 or below and 31.5% aged above 30, indicating a shift in user demographics [27] - A significant majority of esports users, 79.4%, believe that esports are important to their lives, and 90.5% hold a positive and optimistic view of the future development of the esports industry [32] Development Trends - The future of the Chinese esports industry is expected to showcase trends such as globalization, emphasis on long-term value, diversification of business models, and adaptation for older demographics, which may lead to new breakthroughs in the industry [1][41] - The esports industry is moving towards sustainable development and long-termism, balancing commercial returns with social value, and transitioning from a "traffic economy" to a "value economy" [41] Standardization - The establishment of industry and talent standards is becoming increasingly important, with a shift from experience-driven to rule-driven development, enhancing stability and replicability in the esports sector [19][20] - The dual-track approach of vocational training and academic education is being implemented to cultivate more professional talent in the esports industry, addressing the talent gap effectively [20] Diversification - The diversification of esports content, industry ecology, and cooperation areas is unlocking further growth potential, transitioning the industry from a gaming focus to a broader entertainment ecosystem [21] - The esports industry is witnessing a rise in cross-industry collaborations, enriching content and forms, and injecting innovative momentum into sustained development [21] Popularization - The popularization of esports is breaking traditional user limitations, expanding the audience from professional stages to broader public life scenarios, thus promoting the dissemination of esports culture and social values [25] - The increasing recognition of esports among a wider demographic, including older users, is creating a "silver-haired esports" market, which is becoming an important growth segment [49]

Core Viewpoint - Tencent Games is poised to capitalize on industry trends with the upcoming release of "Path of Exile: Ascendancy," which has shown significant success overseas and is expected to perform well in the domestic market [1][2][3]. Market Performance - "Path of Exile: Ascendancy" topped the Steam sales chart for eight consecutive weeks, achieving nearly 600,000 concurrent players across all platforms and a peak viewership of 1.23 million on Twitch [4]. - The game has garnered over 2.25 million pre-registrations on its official website [4]. Industry Reputation - The game received multiple accolades in the Steam 2024 awards, including "Platinum Level New Product" and "Most Popular Game" [5]. - Tencent's senior vice president praised the game's development team for their community engagement and continuous improvement [5][6]. Development Strategy - Tencent has acquired a majority stake in Grinding Gear Games (GGG) but allows for independent operation, similar to its management of Riot Games [12]. - GGG's focus on community feedback and innovative gameplay design is expected to enhance the game's appeal [10][15]. Gameplay Features - "Path of Exile: Ascendancy" emphasizes high freedom in character builds and complex skill interactions, distinguishing it from mainstream ARPGs [16][18]. - The game introduces a more dynamic loot system, allowing for random drops from any monster, enhancing player engagement [22][23]. Localization and AI Integration - The game aims for extensive localization, with over one million words of text and 17,000 lines of voice acting in Chinese [31]. - An AI assistant will be integrated to provide guidance without restricting player freedom, enhancing the overall gaming experience [34][35]. Market Trends - The success of "Delta Action" has reignited interest in PC gaming, with a reported daily active user count exceeding 20 million [41]. - Tencent's dominance in the gaming market is reinforced by its strong portfolio, with seven out of the top ten games in the net cafe rankings being Tencent titles [45]. Future Outlook - The gaming industry is witnessing a revival in PC gaming, driven by successful titles like "Black Myth: Wukong," which has increased player interest in the platform [52]. - Despite challenges such as hardware limitations and strict regulatory approvals, the trend towards multi-platform gaming is expected to continue [54].

Core Insights - Xiaohongshu's recent foray into the ACG (Anime, Comic, and Game) community has not significantly altered the existing landscape, with core players still favoring platforms like Bilibili for in-depth content and Douyin for short videos [1][10] - The RED LAND event in Shanghai, strategically located near Bilibili's headquarters, symbolizes a new round of competition among internet platforms for the youth demographic [1][3] User and Strategic Drivers - Xiaohongshu's RED LAND marks its first large-scale offline event in the gaming and ACG sector, with a 175% increase in ACG content and a 168% rise in gaming content published on the platform over the past year [3][5] - The user demographic has shifted, with 50% of users being post-95s and 35% post-00s, predominantly female, aligning closely with the ACG audience [3][5] - The platform's rebranding from "Your Life Guide" to "Your Life Interest Community" reflects a strategic pivot towards interest-based social engagement, aiming to harness the spending potential of younger users [5][10] 2.5D User Engagement - The concept of 2.5D users, who integrate ACG interests into their daily lives, is crucial for Xiaohongshu's strategy in the ACG space [7][9] - The rise of "Guzi Economy" has facilitated the conversion of ACG enthusiasm into real-world consumption, contrasting with traditional core ACG communities [7][9] - Despite advantages in the otome game sector, Xiaohongshu struggles to attract hardcore gamers focused on in-depth content, indicating a limitation in its appeal to competitive gaming audiences [7][9] Competitive Landscape - The Chinese ACG industry is projected to reach a market size of 221.9 billion yuan in 2023, with the number of ACG users expected to grow from 210 million in 2017 to 526 million by 2025 [10][12] - Bilibili's established community culture and content ecosystem provide a more immersive ACG experience, while Xiaohongshu is still in the early stages of community expansion [12][13] - Other platforms like Douyin and Weibo are also targeting the youth demographic, leveraging their unique strengths to engage with ACG audiences [12][13] Future Challenges - Xiaohongshu's ability to convert the enthusiasm of 100,000 event participants into a sustainable community ecosystem will be critical for its success in the ACG sector [10][13] - The platform's current focus on brand exposure rather than deep partnerships with game developers may limit its long-term growth potential in the ACG market [12][13]

Market Development - The Chinese esports market is projected to reach approximately 179 billion yuan in 2024, reflecting a year-on-year growth of 5.5%, indicating a robust development trend [4] - The user base for esports in China is expected to be around 511 million in 2024, with a slight year-on-year increase of 0.6%, showing a stable user scale at a high level [7] Industry Dynamics - The current core dynamics of the Chinese esports industry include accelerated internationalization, establishment of standardized systems, diversification of ecosystems, and widespread public participation, all contributing to the market's growth and prosperity [1] - The esports industry is experiencing a transition towards sports professionalism, with increasing social recognition and integration with traditional industries [2][3] User Characteristics - Esports users are gradually expanding from a younger demographic to a broader age range, with 31.5% of users now over 30 years old, and female users have increased by 4.9% compared to 2023 [26] - A significant majority of esports users (79.4%) believe that esports are important to their lives, and 90.5% hold a positive outlook on the future development of the industry [31] Development Trends - Future trends in the Chinese esports industry include globalization, a focus on long-term value, diversification of business models, and adaptation for older demographics, which are expected to drive new breakthroughs in the industry [1][40] - The esports industry is moving towards sustainable development and long-termism, balancing commercial gains with social value [40] Standardization - The establishment of industry and talent standards is crucial for the esports industry's development, with a shift from experience-driven to rule-based governance, enhancing stability and replicability [19][20] - The dual-track approach of vocational training and academic education is addressing the talent gap in the esports sector, fostering a more professional workforce [19] Diversification - The diversification of esports content, ecosystem, and collaboration areas is unlocking growth potential, transitioning the industry from gaming to a broader entertainment ecosystem [21] - Cross-industry collaborations and content innovation are injecting new vitality into the esports market [21] Popularization - The popularization of esports is breaking traditional user limitations, expanding participation from professional stages to broader public life scenarios, and promoting cultural dissemination and social responsibility [24] - The emergence of "silver-haired esports" is noted, with an increasing number of older users engaging in esports, highlighting the need for an age-friendly esports ecosystem [49]