复盘2025年的科技圈时，我们发现了一个讽刺的现象： 当SaaS厂商绞尽脑汁向客户解释"为什么你需要一个AI副驾驶"，手机厂商还在发布会上演示"一键消除 路人"等不痛不痒的微创新，某些所谓的大厂频繁鼓吹AI战略刺激股价时，游戏行业悄无声息地完成了 AI的商业闭环。 比如外界还在讨论AI何时能落地时，腾讯的广告系统已经用AI把流量变现效率拉升到了新高度；人们 还在调戏对话机器人时，网易的NPC已经开始用情感羁绊让玩家心甘情愿地掏钱。 不客气地说，其他行业还在把AI当作"秀花活"的营销噱头，或者仅仅停留在"内化"工具来辅助写代码 时，国内的游戏公司已经率先把AI变成了利润表上实打实的增长引擎。 本文将剥离技术滤镜，用财务视角还原这场发生在中国游戏产业的静默革命。 01 腾讯的"大象起舞"：AI学会了赚钱 在外界的刻板印象里，腾讯的AI故事往往不如OpenAI那样性感。然而财报数据却讲述了一个完全不同 的故事：腾讯可能是这波AI浪潮中，变现最快、赚钱最狠的中国互联网巨头。 有趣的悖论在于，AI对腾讯游戏业务最大的贡献，并没有直接发生在"游戏开发"，而是发"卖游戏"环 节。 广告，成了AI变现的头号功臣。 根据财报数 ...

作者|远禾 数据支持 | 勾股大数据（www.gogudata.com） 去年一年的A股市场，几乎聚焦于贵金属、AI、算力相关概念。 然而在此之中，却有一个相对少被关注的消费板块悄然崛起，2025年板块整体上涨超60%。 那就是，游戏板块。 加上这次发布的版号，2025年，全年获批游戏数量已经累计达到1771款，相比2024年的1416款增长25.07%，还创下2018年游戏版号新规实施以来的历史新 高。 去年版号的历史新高，并非单一的放量，而是由多种因素共同造成。 一方面，在经历了过去几年的行业低迷之后，2025年以来相关政策逐渐放宽，社会态度也逐渐改善。 2025年4月，国家连续提出三项举措支持游戏发展。 先是国家新闻出版署等印发的《网络出版科技创新引领计划》对网络出版公司，落实税费支持政策，支持网络出版公司（包含游戏公司）IPO、并购、再融 资等。 在A股游戏上市公司中，整个2025年，冰川网络、迅游科技、吉比特股价均在年内翻倍，世纪华通、巨人网络更是暴涨近300%。 在整体热度攀升之下，迎来政策和市场双重利好的游戏板块，或将迎来彻底的反转。 01 近一年来，游戏行业最大的利好莫过于版号的复苏。 25年 ...

Group 1 - The core point of the news is the retirement of Ding Yingfeng, the Executive Vice President and head of the gaming department at NetEase, effective December 31, with plans to continue as a consultant until 2026 [2] - Ding Yingfeng has been with NetEase for 23 years, joining in 2002 and playing a key role in the success of flagship games like "Fantasy Westward Journey" and "Dream of Red Mansions" [2] - Following Ding's retirement, Hu Zhipeng, who was promoted to Executive Vice President in March, is expected to take over as the sole Executive Vice President of NetEase [3] Group 2 - NetEase reported a stable development with Q3 net revenue of 28.4 billion yuan, an 8.2% year-on-year increase, and a net profit of 8.6 billion yuan, up 32% [3] - The gaming business remains a significant revenue contributor, with Q3 revenue from games and related services reaching 23.3 billion yuan, a year-on-year increase of 11.8%, accounting for 82% of total net revenue [4] - The online gaming segment contributed 97.6% of the gaming revenue, driven by self-developed games and several agency games, with "Fantasy Westward Journey" achieving a peak online user count of 3.58 million [4]

Core Insights - The article discusses various significant events and trends in the technology and investment sectors, highlighting issues such as cybersecurity attacks, executive movements, and market performance in different industries. Group 1: Cybersecurity and Company Responses - Kuaishou experienced a severe cybersecurity incident on December 22, where explicit content flooded multiple live streams, causing user panic. The company reported that it was a result of a gray-black industry attack and has since taken measures to address the issue and reported it to the authorities [3][5]. Group 2: Executive Movements - Feng Jiashi, a key figure in ByteDance's AI model development, has joined Tencent as the head of the multimodal team at the AGI Research Center. His previous experience includes significant roles in academia and industry, indicating a strategic move for Tencent in AI development [5][6]. Group 3: Market Performance - Sanya's duty-free sales have seen remarkable growth, with daily sales exceeding 100 million yuan for three consecutive days, reaching 1.18 billion yuan on December 18, and showing a year-on-year increase of 45.8% and 47% on subsequent days [6][7]. - The number of billionaires in mainland China is projected to increase by 70 by 2025, with a total of 470 billionaires, second only to the United States. The total wealth of these billionaires is expected to reach 15.8 trillion USD, marking a 13% increase [6][7]. Group 4: Technology and Product Developments - Xiaomi's upcoming flagship model, the Xiaomi 17 Ultra, is set to increase in price due to rising memory costs, which have been exacerbated by the growing demand for high-performance computing [7]. - OpenAI has reportedly improved its profit margin for paid products, achieving a 70% computing profit margin by October, up from 52% at the end of 2024, indicating a strong financial performance in the AI sector [14]. Group 5: Investment and Financing Activities - Several companies have recently completed significant funding rounds, including Zhi Yuan Pharmaceutical with nearly 300 million yuan in Pre-IPO financing, and Shanghai Blueprint Aviation with 500 million yuan in A-round financing, reflecting a robust investment climate in the tech and healthcare sectors [20][20][20].

当一款游戏能孕育上亿张原创地图、聚集 5000 万创作者，它早已超越了娱乐产品的边界。 具体来说，官方精选100张优秀地图，邀请对应创作者在地图中埋藏专属"大宝贝"，玩家在闯关过程中同步寻宝，获得后可 收藏、展示甚至通过任务给宝贝升级，解锁不同外观等等。 这一玩法创新击中了UGC生态的核心需求：对创作者而言，"大宝贝" 成为作品的特色标识，是作者对于玩家游玩地图的心 意礼，也能显著提升地图的二次传播度；对玩家来说，寻宝机制增加了地图的探索欲与重复游玩率，打破了传统 UGC 地 图"通关即弃"的痛点。 为扩大玩法影响力，从12月19日至元旦期间，官方联动抖音、快手、小红书等平台的50多位人气头部主播，开启摸金直播 夜。活动期间，玩家在《蛋仔派对》游戏中"匹配夺宝搭子"，就有机会与主播组队寻宝，主播还可以通过翻牌直播间玩家 ID，为他们送上一份红包礼。 12月19日，《蛋仔派对》年度乐园嘉年华正式开启。今年这场面向玩家的盛会，以"我的大宝贝"为主题，与往年不同的 是，在展示优秀玩家地图的基础上，增加了地图可玩性，推出了乐园摸金玩法，并限量上新全新AI陪伴系统"蛋宝"。 这是属于6亿玩家的年末派对，也是一次观察游戏 ...

Group 1 - The core viewpoint of the report is that the "post-00s" generation in China, numbering 179 million, is characterized by strong social interaction, a preference for entertainment experiences, and rapid adoption of new technologies, particularly AI [1][6][19] - The "post-00s" users spend an average of 217.6 hours online monthly, with a usage frequency of 3296.7 times, which is significantly higher than the average for all internet users [1][4] - This generation shows a notable preference for mobile video content, accounting for 37.1% of their online activity, followed by social media and gaming at 25.2% and 9.7% respectively [7][11] Group 2 - The report highlights that "post-00s" users are not just gamers but have evolved into deep participants in the esports ecosystem, with significant engagement in events like the League of Legends S15 and KPL finals [13] - Popular games among this demographic include "Honor of Kings" with 42.5 million monthly active users and "Happy Elimination" with 25.2 million, indicating a strong preference for MOBA, strategy, and shooting games [11] - The report emphasizes the importance of emotional value in consumption behavior, where experiences and content serve to enhance their social identity and community engagement [19][21] Group 3 - The "post-00s" generation is increasingly engaging with AI-generated content (AIGC), with active user participation rising by 20.1% over the past year, indicating a strong trend towards innovative content and interactive experiences [6][9] - Platforms like Douyin and Kuaishou dominate their video entertainment preferences, while Bilibili, Tencent Video, Mango TV, and iQIYI each have over 50 million monthly active users among this demographic [15][17] - The report notes that the "post-00s" are driving trends in the "Guzi economy," particularly in collectible toys like blind boxes from Pop Mart, where they represent 43.7% of the user base, showcasing their interest in IP culture [21][24]

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 Insights - Shanghai is positioning itself as a global hub for esports, with the 2025 Shanghai Esports Master Tournament scheduled from December 3 to 7, showcasing a blend of top-tier competition and industry integration [1][6] Group 1: Event Highlights - The upcoming tournament features popular games such as "Decision Peak," "Valorant," "Overwatch," and "Identity V," with tickets selling out rapidly [2] - The event will include affordable ticket options starting at 68 yuan, aiming to increase public participation [2] - Live streaming will be available on major platforms like Douyu, Bilibili, WeChat Video, Douyin, and Leisu Sports, enhancing audience reach and brand exposure [2] Group 2: Economic Impact - The Shanghai Master Tournament has been held since 2019, attracting top esports teams and generating significant consumer activity [3] - The event will feature "second venues" in commercial areas to connect live broadcasts with entertainment, promoting a cross-regional consumption network [3] - The integration of esports with urban public spaces aims to create cultural landmarks, enhancing the visibility of the esports industry [3] Group 3: Industry Development - The Jing'an District has attracted over 30 gaming and esports companies, forming a complete industry chain from development to operations and events [4][5] - The "Audio-Visual Jing'an" initiative focuses on AI and high-definition content creation, establishing a core area for the development of the audiovisual industry [4] - The establishment of an OPC community will support entrepreneurs with services like incubation, intellectual property protection, and financing [5] Group 4: Future Prospects - The esports industry is seen as a key driver for Shanghai's digital economy and cultural technology integration, with ongoing developments in the sector [6] - The upcoming tournament is expected to enhance the visibility and engagement of the esports ecosystem, making it accessible to a broader audience [6]

Group 1: Financial Performance - Net revenue for Q3 2025 was 28.4 billion, representing a year-over-year increase of 8%, but 3% lower than Bloomberg's expectations, primarily due to deferred game revenue [1] - GAAP net profit attributable to shareholders was 8.6 billion, up 32% year-over-year, in line with Bloomberg's expectations [1] - Non-GAAP net profit attributable to shareholders was 9.5 billion, a 27% increase year-over-year, slightly below Bloomberg's expectations by 1% [1] Group 2: Gaming Segment Insights - Total revenue from games and related value-added services reached 23.3 billion, a 12% year-over-year increase, but 2% lower than Bloomberg's expectations, mainly due to unrecognized revenue from contract liabilities [1] - The active user base for the game "Dream of the Red Chamber" continues to reach new highs, while "Yanyun Sixteen Sounds" is expected to perform well in Q4 overseas [1] - Anticipated stable performance for mobile games in Q4, driven by recovery growth in "Egg Party" and significant contributions from "Yanyun Sixteen Sounds" [1] Group 3: Online Music Business - Cloud music revenue for Q3 2025 was 2 billion, a decrease of 2% year-over-year, and 3% lower than Bloomberg's expectations, attributed to fluctuations in digital album content [2] - The company expects stable growth in traffic and paid memberships due to the return of copyrights and continuous content additions in the second half of the year [2] - Online music revenue is projected to maintain a 10% growth rate in Q4, driven by an improved music library and increasing paid user rates [2] Group 4: Future Growth Prospects - The company anticipates the launch of the new game "Forgotten Sea" in 2026, which is expected to drive growth [2] - Profit forecasts for the company from 2025 to 2027 are adjusted to 36.2 billion, 39.8 billion, and 45 billion respectively, based on game performance and Q3 financial adjustments [2] - The company maintains a target price of 248.49 HKD / 226.29 CNY, with a "Buy" rating [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 248.49 HKD / 226.29 CNY [3][5]. Core Insights - The company's Blizzard games are gradually resuming operations, and the evergreen game "Yan Yun Shi Liu Sheng" is performing excellently both domestically and internationally. The anticipated launch of "Forgotten Sea" in 2026 is expected to drive growth [3]. - The adjusted profit forecasts for the company from 2025 to 2027 are 362 billion, 398 billion, and 450 billion CNY respectively, reflecting slight adjustments based on game performance and Q3 financial results [3]. Financial Performance Summary - **Revenue Forecasts**: The company expects revenues of 103,468 million CNY in 2023, growing to 138,188 million CNY by 2027, with a CAGR of approximately 12.37% from 2025 to 2027 [4]. - **Net Profit**: The net profit attributable to the parent company is projected to increase from 29,417 million CNY in 2023 to 44,999 million CNY in 2027, with a notable growth rate of 21.98% in 2025 [4]. - **Earnings Per Share (EPS)**: EPS is expected to rise from 9.29 CNY in 2023 to 14.20 CNY in 2027 [4]. - **Profit Margins**: The gross margin is projected to improve from 60.95% in 2023 to 66.19% in 2027, while the net margin is expected to stabilize around 32% [4]. Market Performance - The company's stock price as of November 20, 2025, was 212.6 HKD, with a 52-week high of 248 HKD and a low of 125.99 HKD [5]. - The company's market capitalization is approximately 673,508 million HKD [5]. Game Performance Insights - The total revenue from games and related value-added services in Q3 2025 was 233 billion CNY, reflecting a year-on-year growth of 12% [10]. - The game "Dream Journey" continues to see high activity levels, and "Yan Yun Shi Liu Sheng" is expected to perform well in overseas markets in Q4 [10].