国庆中秋双节假期临近尾声，2025广州动漫游戏盛典（AGF×CICF）也已圆满收官，从10月2日至5日， 汇聚全球千余个顶尖品牌、7000余款IP周边产品，举办超百场特色活动，共吸引超45万人次到场。 今年5月，广东重磅发布推动文化产业高质量发展六大"政策包"，涵盖影视、演艺市场、动漫影视、网 络游戏、电子竞技、网络视听等6大领域，共87条具体举措，真金白银地提供支持，为我省相关产业高 质量发展解锁全新增长密码。据南都娱乐观察，一方面，"政策包"得到了多位行业大咖的点赞与高度肯 定，另一方面，在政策扶持、区域联动和产业协同等多方助力下，以游戏和动漫为主要载体的二次元经 济更有望成为粤港澳大湾区的发展新引擎。 多个动漫游戏展在国庆假期举行 《关于推动广东动漫影视产业高质量发展的若干政策措施》明确，支持办好中国国际漫画节（广州）、 萤火虫漫展、深圳漫画节、深圳动漫节等各类动漫活动，并资助粤港澳大湾区动画电影周等影视活动。 漫展、游戏展不仅是相关企业、协会展示最新产品、服务的重要舞台，也能成为Z世代感受动漫游戏文 化的沉浸式平台，更可有效刺激假日经济、文旅资源活力，并释放消费潜能。据南都N视频记者观察， 近年来，游 ...

10月2日至5日，AGF亚洲游戏博览会在广州保利世贸博览馆盛大启幕，同期举办CICF中国国际漫画节动漫游戏展。 腾讯游戏xSupercell、网易游戏、盛趣游戏、三七互娱、西山居等游戏企业集体参展，带来众多现象级游戏IP。西山居游戏市场营销负责人詹早早 在接受采访时表示，希望通过国产科幻机甲游戏《解限机》破圈出海，打破"国产游戏只有武侠题材"的刻板印象。"我们想向全世界说明，中国有 能力自主研发科幻游戏，并且能走的出去。" （原标题：西山居：自主研发科幻游戏《解限机》，助力中国文化出海） ...

（文章来源：21世纪经济报道） 腾讯游戏xSupercell、网易游戏、盛趣游戏、三七互娱、西山居等游戏企业集体参展，带来众多现象级 游戏IP。西山居游戏市场营销负责人詹早早在接受采访时表示，希望通过国产科幻机甲游戏《解限机》 破圈出海，打破"国产游戏只有武侠题材"的刻板印象。"我们想向全世界说明，中国有能力自主研发科 幻游戏，并且能走的出去。" 10月2日至5日，AGF亚洲游戏博览会在广州保利世贸博览馆盛大启幕，同期举办CICF中国国际漫画节 动漫游戏展。 ...

在西山居《解限机》展台，首先映入眼帘的即是数米高的"龙渊"半身像巍然矗立，凭借着极具压迫感的 机甲造型成为全场焦点，吸引玩家纷纷打卡合影。 10月2日-5日，在AGF亚洲游戏博览会上，作为首款中国自研的科幻机甲游戏IP，西山居携旗下IP《解 限机》亮相。 据介绍，《解限机》的S1赛季"蓝芯之弧光"已于近日正式上线，推出全新机体以及一系列新玩法。 作为首款中国自研的科幻机甲游戏IP，《解限机》面向全球发行。这样热火朝天的场面不止在 CICFXAGF出现，今年的ChinaJoy、BW甚至海外久负盛名的TGS、科隆展等国际知名展会上，西山居 都凭借"科幻+机甲"的组合技让全世界玩家感受到了国产科幻的魅力，助力中国游戏、中国文化出海。 此次展会上，围绕IP开展的谷子经济成为热点，西山居也针对《解限机》在内的自研IP展开潜能挖掘和 运营，在本次漫展，西山居带来了展出了多款机甲模型，吸引了大量硬核"胶佬"驻足围观，徽章（吧 唧）、立牌、透卡等谷子也成为广受好评。 （文章来源：南方都市报） 为增强试玩体验的交互感与沉浸感，西山居还特别设置了模拟驾驶舱，让玩家在拟真的操控环境中感受 机甲作战的临场震撼。同时，现场还配备了多台 ...

Core Insights - The AGF Asia Game Fair in Guangzhou is a significant cultural event, featuring over 80,000 square meters of exhibition space, hundreds of activities, and nearly a thousand top brands, with an expected participation of over 800,000 players [1] - The event showcases the vitality and attractiveness of the Guangdong gaming industry, supported by local government policies aimed at promoting the development of quality games [1][8] - Major gaming companies, including Tencent, NetEase, and 37 Interactive Entertainment, participated, presenting numerous popular IPs and engaging players with innovative experiences [1][3] Industry Trends - The event reflects a growing trend of integrating traditional culture with digital gaming, as seen in the interactive experiences that educate players about cultural heritage [4][5] - The "谷子经济" (Guziko Economy) is emerging as a strong segment within the secondary economy, with projections indicating a market size of 168.9 billion yuan in 2024, representing a 41% year-on-year growth [7] - Cross-industry collaborations are on the rise, with brands like Luckin Coffee and Merinda launching themed pop-up stores and co-branded products, enhancing the fusion of gaming, anime, and consumer experiences [7] Company Strategies - Companies are leveraging government policies to enhance game development, focusing on AI and digital innovation to improve content quality and operational efficiency [8] - 37 Interactive Entertainment is emphasizing the creation of immersive experiences that blend entertainment with cultural education, as demonstrated by their interactive exhibits [4][8] - Kuro Game is committed to developing high-quality games and expanding its IP through online and offline channels, aiming to create a positive cycle of consumption that drives both gaming and cultural tourism [9]

Core Insights - The Tokyo Game Show (TGS) 2025 has set a record with over 1,100 exhibitors and more than 4,100 booths, marking the largest scale in its history [3] - Chinese game developers showcased significant advancements, with many titles gaining attention even before reaching the main venue [5][6] - The event highlighted the growing competitiveness of Chinese games in the global market, particularly in the anime-style game sector [9][10] Group 1: Event Scale and Attendance - TGS 2025 is the largest ever, with over 1,100 exhibitors and 4,100 booths, indicating a substantial increase in participation [3] - The number of attendees has also surged, with long queues observed before the event's opening [3] Group 2: Chinese Game Developers' Performance - Chinese games have made a strong impression at TGS 2025, with titles like "Endless Winter" and "Infinite" prominently displayed [5][6] - The success at both TGS and Gamescom 2025 suggests that Chinese developers are now capable of competing on a global scale [8][9] Group 3: Upcoming Titles and Market Trends - Many new titles are set to launch in 2026, indicating a potentially explosive year for the anime game market [10][11] - Notable games like NetEase's "Infinite" generated significant interest, with long wait times for hands-on experiences [13][15] Group 4: Diverse Game Offerings - The event featured a variety of genres beyond anime games, with Tencent showcasing titles like "Fate Trigger" and "Chasing Kaleido" [25][27] - Other popular titles included "Tomorrow's Ark: End of the World" and "Dual Spiral," which also attracted considerable attention [19][23] Group 5: Cultural Impact and Market Penetration - The presence of Chinese games at TGS reflects a broader trend of increasing cultural exchange and market penetration in Japan [45][47] - The success of titles like "Nirvana in Fire" and "Fifth Personality" demonstrates the appeal of Chinese games to Japanese audiences [41][43]

Core Viewpoint - The article highlights the challenges faced by Kingsoft's gaming division, particularly in the context of declining revenues and increased marketing expenses, while emphasizing the company's focus on long-term game development and IP ecosystem building [2][3][4]. Financial Performance - Kingsoft's gaming and other business revenue for the first half of the year was 1.988 billion yuan, accounting for approximately 43% of total revenue, but this represents a 10% decline compared to the same period last year [2]. - In the second quarter, the revenue from this segment was 0.952 billion yuan, showing a significant year-on-year decrease of 26% [2]. Marketing Expenses - The company incurred marketing expenses of 0.765 billion yuan in the first half of the year, a 19% increase year-on-year, aimed at supporting new game launches and enhancing promotional efforts [6]. - Despite the increase in marketing spending, the gaming revenue did not grow, raising concerns among investors about the effectiveness of these expenditures [6]. Game Portfolio and Challenges - Kingsoft's main gaming products include the "Jianxia Qinyuan" series, "Chunbai Jinzhu," and "Jiexianji," with the "Jianxia Qinyuan" series being a long-standing title in the market [6][13]. - The "Jianxia Qinyuan" series faces challenges as its core player base ages, leading to decreased engagement and spending [6]. - New titles like "Jianxia Qinyuan: Zero" have not met expectations, with initial rankings dropping significantly after launch [7]. Competitive Landscape - Compared to competitors like Tencent and NetEase, Kingsoft's gaming performance has been notably weaker, with Tencent's gaming revenue reaching 118.7 billion yuan in the first half of the year, a 32.6% share of total revenue [10]. - Tencent's gaming revenue grew by 22% year-on-year in the second quarter, while NetEase also reported a 13.7% increase, highlighting Kingsoft's struggles in a competitive market [10][9]. Industry Issues - The gaming industry is facing challenges from "black and gray market" activities, which disrupt the gaming ecosystem and affect player retention and spending [11]. - Kingsoft has acknowledged the need for improved measures to combat these issues, which have been detrimental to its gaming business [11]. Player Feedback and Game Quality - Player feedback on new titles like "Jiexianji" has been largely negative, with complaints about gameplay balance, depth, and overall experience [15]. - The game "Chunbai Jinzhu" also received criticism for its shooting mechanics and weapon design, indicating broader quality issues within Kingsoft's game offerings [15][16].

Group 1: Pharmaceutical Industry - The Chinese innovative drug industry is transitioning from "generic" to "innovation," driven by policy reforms such as the 2015 drug regulatory reform and the 2018 centralized procurement policy, leading to increased R&D investment and a significant rise in innovative drug pipelines [3][4] - The proportion of Chinese FIC (First-in-Class) drugs has increased from 9% to 31% over the past decade, with leading products like Zebutine showing internationally competitive efficacy [3][4] - The overseas expansion of Chinese innovative drugs occurs in three phases: primarily through licensing out, followed by self-initiated international clinical trials or "NewCo" models, and finally achieving global sales, with companies like BeiGene leading the way [3][4] Group 2: E-commerce and Retail - In the first half of 2024, China's cross-border e-commerce imports and exports reached approximately 1.32 trillion yuan, with a year-on-year growth of 5.7%, showcasing significant industry resilience despite a slowdown in growth [15] - Emerging markets such as the Middle East, Latin America, and Africa have shown strong performance, with traffic growth exceeding 40%, indicating a shift in trade partnerships [15] - The "four small dragons" of Chinese cross-border e-commerce (TEMU, TikTok Shop, SHEIN, AliExpress) are rapidly expanding through innovative models like low pricing and content-driven strategies, contributing to a projected global e-commerce sales of $6.8 trillion by 2025 [16] Group 3: Cultural and Creative Industries - Chinese cultural products, characterized by a blend of traditional and modern elements, have gained global popularity, with successful examples like "Black Myth: Wukong" breaking cultural barriers and inspiring global trends [6] - The success of cultural exports relies on balancing deep cultural representation with accessible popular culture, supported by technological advancements and new platforms [6] Group 4: Hydrogen Energy - Chinese hydrogen energy companies are accelerating internationalization, with 44 overseas projects this year, covering the entire industry chain from electrolyzers to hydrogen refueling stations [7][8] - The industry is transitioning from a cost-driven model to a value-driven approach, aiming for the global standardization of "Chinese standards" [8] Group 5: Gaming Industry - The 2025 ChinaJoy exhibition highlighted the rise of the Chinese gaming industry, with PC and console games showing significant export trends, supported by a global player base of 1.43 billion [9] - Chinese game developers are focusing on brand advertising to enhance long-term value, utilizing platforms like Twitch for targeted marketing [9] Group 6: ESG and Sustainability - Chinese companies are entering a "new era of going global" centered around ESG (Environmental, Social, and Governance) compliance, which is becoming a market entry requirement rather than a bonus [11] - The emphasis on ESG is crucial for enhancing long-term competitiveness and attracting talent, with small and medium enterprises encouraged to improve data management and reporting credibility [11] Group 7: Food and Beverage - The Chinese new tea beverage brands are rapidly expanding globally, particularly in Southeast Asia, driven by favorable demographics and cultural similarities [18] - Challenges include supply chain vulnerabilities and high compliance costs, necessitating localized supply chains and product adaptations [18] Group 8: Automotive Industry - Changan Automobile's elevation to a state-owned enterprise signifies a new model for China's automotive globalization, focusing on "ecological going global" and leveraging national support [29] - The company aims for 30% of its sales to come from overseas by 2030, with a focus on high-end brands and advanced technologies [29]

Core Viewpoint - Kingsoft Software's Q2 2025 performance showed a revenue of 2.307 billion yuan, a year-on-year decline of 7%, which was in line with expectations, while operating profit was 383 million yuan, slightly below expectations due to higher-than-expected expenses [1] Group 1: Business Performance - Office business revenue grew by 14% year-on-year and 4% quarter-on-quarter, driven by the expansion of WPS Personal and WPS 365 [1] - The number of global monthly active devices for WPS Office reached 650 million in June 2025, representing a 9% year-on-year and 1% quarter-on-quarter increase [1] - The gaming business saw a revenue decline of 26% year-on-year and 8% quarter-on-quarter, primarily due to high comparison bases from last year for titles like "Dust White Zone" and "Jian Wang 3" [1] Group 2: Strategic Developments - The company launched WPS AI 3.0 and introduced the native Office intelligent assistant "WPS Lingxi," marking a shift from tool-based applications to collaborative intelligent agents [1] - Management indicated a commitment to increasing R&D investment in AI and collaboration, aiming to enhance product and service deployment across various office scenarios [1] - The gaming business will continue to focus on a premium strategy, deepen IP ecosystem development, and steadily advance global expansion for long-term operations [1] Group 3: Financial Metrics - The operating profit margin for Q2 was 16.6%, down 15.5 percentage points year-on-year and 9.1 percentage points quarter-on-quarter, mainly due to increased R&D and marketing expenses related to AI and new games [2] - The net profit margin reached 23.1%, up 7.2 percentage points year-on-year and 10.9 percentage points quarter-on-quarter, benefiting from one-time gains from Kingsoft Cloud's placement and share subscription [2] Group 4: Earnings Forecast and Valuation - Revenue forecasts for 2025 and 2026 were lowered by 6.7% and 6.5% to 10.33 billion yuan and 11.56 billion yuan, respectively, due to cautious assumptions regarding the gaming business [2] - Net profit forecasts for 2025 and 2026 were reduced by 21.0% and 10.0% to 1.41 billion yuan and 1.71 billion yuan, respectively, considering revenue adjustments and increased investments in new games and AI strategy [2] - The target price was adjusted down by 10% to 45 HKD, reflecting a 29% upside potential based on a 32 times 2025 price-to-earnings ratio [2]

Core Insights - The core issue identified by the company is the failure of the new game "解限机" to meet expectations, particularly in its monetization and player engagement strategies [1][4][11] Financial Performance - In the first half of 2025, the company's gaming revenue was 1.988 billion yuan, a year-on-year decline of 10% [2] - Q2 revenue was 0.952 billion yuan, showing a year-on-year decline of 26% and a quarter-on-quarter decline of 8% [2] Game Launch and Reception - "解限机" generated approximately 0.1 billion yuan in its first month, but its peak player count on Steam dropped from 130,000 to 7,000 shortly after launch, indicating a significant decline in interest [4] - The game faced criticism for being both "pay-to-win" and requiring excessive time investment, leading to a perception of lost engagement among players [5][7] Key Mistakes Identified - The first major mistake was reducing the depth of monetization, which led to players feeling a lack of goals and engagement [5][7] - The second mistake involved uncontrolled gray market activities, which were exacerbated by the game's free-to-play model and multi-platform release, damaging the game's ecosystem [5][6] - The third mistake was the fragmentation of the player base across multiple platforms, which negatively impacted the matchmaking experience [6] Game Design Flaws - The game design failed to provide a satisfying feedback loop for player investment, leading to a sense of disinterest [8][10] - The initial player guidance was inadequate, failing to explain key gameplay mechanics, which contributed to player confusion [8] - The reward mechanisms were poorly structured, particularly in the early stages, discouraging casual players from engaging with the game [10] Industry Context - The company faces significant challenges in the mech and competitive gaming market, which has a naturally limited user base [11] - There is skepticism about whether the company can pivot "解限机" into a successful product without addressing its current issues, particularly in monetization and gameplay content [11]