文 | 游戏观察 8月底创梦天地发布2025中期财报，实现营收6.86亿元，净利润3295万元同比扭亏为盈，经营性现金净 流入5786万元，同比增长71.2%。 身处收入淡季，但利润却出现了增长，是这次财报发布季一个普遍的有趣现象。创梦天地和游族等企业 一样，AI带来的成本控制成了这次的关键先生。 财报显示，AI客服系统已覆盖多平台场景，支持多语种自动响应，与阿里通义共建的知识库已实现75% 高频问题的自助解决，人工介入率下降40%，准确率高达93%，大幅提升运营效率。 研发方面，应用于美术资产生成、多语言本地化、代码辅助及用户洞察等环节，整体研发效能提升超 30%，代码质量与游戏品质显著提高。自研的全球化用户声音分析平台"风声"和AI客服系统，在《卡拉 彼丘》全球上线中助力Steam好评率提升24%，人工介入率下降40%。 业绩变化的另一个核心，《卡拉彼丘》PC端月活跃用户数提升9.9%，流水大幅增长74.8%，付费率和月 活跃用户平均付费分别提升23.2%与59%。 面临手游下半年上线的关键节点，创梦天地熬了六年的"心头肉"居然还敢大幅调整战略方向，是这份中 期成绩单真正的看点。 核心调头 一年前我们聊过 ...

Core Insights - The Chinese gaming industry is increasingly successful in overseas markets, with actual sales revenue from self-developed games reaching $18.557 billion in 2024, a year-on-year increase of 13.39% [1][6] - Various provinces, particularly Guangdong and Zhejiang, are implementing new policies to support the gaming industry's expansion into international markets [10][12] Group 1: Market Performance - The actual sales revenue of the national gaming market in China was approximately 325.78 billion yuan in 2024, showing a recovery from previous years [4] - Guangdong's gaming industry revenue reached 260.43 billion yuan in 2024, with overseas revenue hitting 42.36 billion yuan, a 9.9% increase [7][6] Group 2: Policy Support - Multiple government departments have released policies since 2025 to promote the development of gaming exports and international cooperation [10] - Guangdong and Zhejiang provinces are focusing on collaborative strategies for gaming companies to share resources and reduce costs when entering overseas markets [12][13] Group 3: Company Strategies - Companies like Chuangmeng Tiandi have successfully launched games internationally, achieving significant user engagement and revenue growth [5] - Tencent is committed to an internationalization strategy, aiming to integrate resources from large and small companies to enhance overseas market penetration [14] Group 4: Industry Collaboration - The establishment of "Guangdong Gaming Export Matrix" and "Gaming Enterprise Export Alliance" allows small and medium-sized enterprises to share resources and better manage risks in international markets [13] - The gaming industry is encouraged to consider cultural differences and local market needs when developing strategies for overseas expansion [8][9]

Core Viewpoint - The company has faced significant challenges in recent years, including strategic missteps and financial losses, but is now focusing on core gaming operations and self-developed projects to regain profitability, particularly through the launch of its key game, "Strinova" [1][3][31] Group 1: Company Background and Challenges - The company initially thrived by introducing popular mobile games to the domestic market but has struggled since 2020, experiencing continuous revenue decline and losses amounting to 2.5 billion yuan [1][5] - A strategic shift has occurred, with the company divesting from non-core businesses and refocusing on self-developed games, particularly "Strinova," which is seen as crucial for future profitability [3][10] Group 2: Game Development and Strategy - The company has divided its self-development efforts into two phases, with the first phase focusing on commercial projects like "Honor All-Stars," which generated over 1 billion yuan in revenue shortly after launch [6] - The second phase centers on "Strinova," a multi-platform game that has garnered significant attention due to its unique gameplay mechanics and design [8][10] Group 3: Financial Performance and Future Outlook - Recent financial reports indicate that losses have narrowed, with the company's leadership stating that achieving balance with "Strinova" is critical for future success [5][12] - The game is set to launch on multiple platforms in 2025, with expectations that it will drive significant revenue growth [12][21] Group 4: International Expansion and Market Strategy - The company is actively expanding into the Middle East, recognizing it as a key growth market due to its young population and increasing acceptance of gaming [14][15] - The company has adjusted its operational strategy for "Strinova," taking back control from Tencent to better align with user needs and preferences [16][18] Group 5: Existing Game Portfolio and Revenue Model - The company continues to leverage its existing portfolio, including long-standing titles like "Subway Surfers," which remains popular after over 11 years in the market [23][25] - Recent adjustments to the revenue-sharing model for new game releases aim to enhance financial stability and profitability [30]

Group 1 - The stock price of Chuangmeng Tiandi (01119.HK) closed at HKD 0.730 on April 7, down 21.5% from the previous trading day, reaching a new low of HKD 0.720 during the day [1] - The net capital outflow on that day was HKD 255.11 million, with inflows of HKD 4.90928 million and outflows of HKD 7.46040 million [1] - Chuangmeng Tiandi Technology Co., Ltd. was established in 2009 and listed on the Hong Kong Stock Exchange in 2018, aiming to become the most creative technology company [1] Group 2 - The company focuses on the development and operation of premium IPs, with popular games such as "Dream Garden," "Dream Home," "Subway Surfers," and "Temple Run," which have long lifecycles and high user engagement [1] - Chuangmeng Tiandi is committed to self-developed games, having launched titles like "Honor All-Stars" and "Karabichu" for PC, with plans to release mobile and console versions in 2024 [1] - The company has deployed a community user management tool called Fanbook, which aims to enhance brand-user management and community growth [2] Group 3 - Chuangmeng Tiandi is recognized as a national high-tech enterprise, with over 1,000 intellectual property rights, including nearly 30 invention patents [2] - The company has participated in the formulation of five national technical cultural standards and has undertaken nearly 20 government-funded R&D projects at various levels [2]