Core Viewpoint - Kuaishou's recent operational challenges, particularly in its gaming segment, highlight systemic weaknesses in its risk control mechanisms, leading to significant market repercussions and a decline in user confidence [1][3]. Group 1: Company Overview - Kuaishou's user base has grown significantly, reaching an average daily active user count of 416 million by Q3 2025, showcasing its strong market presence [4]. - The company initially entered the gaming sector in 2017 with the launch of "Kuaishou Electric Ball," which struggled to gain traction and was eventually shut down in 2022 [5][7]. - Kuaishou's gaming strategy has evolved, with the establishment of a dedicated gaming division in 2021, aiming to consolidate its gaming operations under a more professional governance structure [8]. Group 2: Gaming Business Challenges - The launch of "Danzhi Universe" aimed to streamline Kuaishou's gaming efforts, but it has faced significant challenges, including project cancellations and layoffs, particularly after the underperformance of key titles [9][10]. - Kuaishou's gaming products, such as "Endless Dream Return" and "Super Time Run," have not met market expectations, with both titles failing to achieve sustainable long-term success [12][13]. - The company's approach to gaming has been characterized by a focus on smaller, less risky projects, but this strategy has not translated into substantial revenue growth [10][12]. Group 3: Industry Context - The gaming industry presents unique challenges for platforms like Kuaishou, which traditionally focus on short video content, as the operational and organizational demands differ significantly [20]. - Comparatively, Tencent's gaming success is attributed to its integrated platform evolution, which contrasts with Kuaishou's fragmented approach, leading to governance and operational difficulties [20]. - The recent "black and gray industry" incident underscores the vulnerabilities within Kuaishou's operational framework, revealing the potential for systemic issues to impact overall business performance [1][20].

文｜王毓婵 编辑｜乔芊 12月18日，阅文集团发布了一组与出海有关的有趣数据，其中两条最令人意外：海外站全球月活用户增速前十的国家中，有九个是拉美国家；海外站的签约 作者中，有一半是00后。 新人和新市场正在给老行业带来新动能。 中国音像与数字出版协会发布的，以行业调查和阅文集团材料为主要分析蓝本的《2025中国网络文学出海趋势报告》显示，网文这一相对"古早"的行业仍在 增长——2024年中国网文市场营收规模达495.5亿元，同比增长29.37%，连续三年增速加快；同期，海外市场营收规模为48.15亿元，同比增长10.68%。 外国人爱看中国网文不是新鲜事，新鲜的是阅文正在让更多外国人加入作家的行列。截至2025年10月31日，阅文海外业务——WebNovel（起点国际）已经 培育了全球近53万名作家、超82万部原创作品，作品总量同比增长20%，其中阅读量突破千万级的爆款有538部。 外国的网文创作者也在"年轻化"——在WebNovel的签约作者中，00后占比达50%，05后作者规模同比增长55.9%。 中国的网文市场早已进入了极大饱和时期。截至2024年底，中国网文作品累计规模已达约4210万部——就算让全 ...

报告显示，截至2024年年底，中国网络文学作品累计规模已达约4210万部。截至2025年10月， WebNovel（起点国际）全球累计访问用户已近4亿人次，培育孵化了来自全球的近53万名作家、超82万 部原创作品，作品总量同比增长20%，其中阅读量突破千万级的爆款已达538部。 "2025年，网络文学正在迎来全球高速普及阶段，拉美的强势崛起，让网络文学市场形成了北美、欧 亚、拉美三翼齐飞的格局。"中国音像与数字出版协会副秘书长李弘在报告发布现场表示，"模式方面， IP引领文旅价值升维，成为了全球范围内的产业现象。" 拉美市场崛起全球多极增长 在全球文化交融与技术革新的浪潮中，中国网络文学正以前所未有的深度与广度扬帆出海，成为世界文 化版图中一股不容忽视的"东方潮"。 12月18日，在上海国际网络文学周上发布的《2025中国网络文学出海趋势报告》（以下简称"报告"）显 示，2024年中国网络文学市场营收规模达495.5亿元，同比增长29.37%，连续三年增速加快；同期海外 市场营收规模为48.15亿元，同比增长10.68%。 "IP+文旅"深度融合 长久以来，北美与欧亚市场是中国网络文学出海的主要阵地。2025 ...

文 | 游戏观察 12月3日，《无尽梦回》 台港澳新马版本官网发布公告，官宣游戏将于2025年12月31日正式关闭服务器结束营运。该版本由大宇资讯发行，距离开服（5月8 日）才刚满半年。 作为弹指宇宙（快手旗下自研游戏厂牌）首款上线的重点自研游戏，《无尽梦回》在一开始就收获了很多关注。国服版本上线于2024年11月21日，上线第二 天iOS畅销榜最高登上游戏畅销榜33名。 但是上线后，却因玩法和抽卡争议在玩家中评价褒贬不一。在后续的版本更新中，弹指宇宙似乎还没有找到什么有效方法逆转局势，游戏的iOS国服更新也 停在了4月，于5月9日消失在iOS所有分类的畅销榜，这一天正是《无尽梦回》台港澳新马版本开服的后一天。 从雄心勃勃到潦草退场，留给快手游戏的牌真不多了。 悬在《无尽梦回》头上的"达摩克利斯之剑" 作为一款诞生在二游大爆发时代的新生代二游以及快手首款自研产品，快手无疑对这款游戏相当重视。 游戏玩法上，创造性地将动作肉鸽和二游融合，将肉鸽Build部分拆分到角色上，想要打造一款极致爽游。 游戏音乐上，邀请了游戏界配乐大拿陈致逸合作，推出了首张游戏原声专辑《赴梦之约》，内含包括同名主题曲《无尽梦回》在内的多首 ...

Group 1 - The core viewpoint of the articles highlights the significant growth and commercialization potential of IP (Intellectual Property) in the cultural industry, particularly through the efforts of companies like Yuewen Group [2][3] - Yuewen Group showcased major IPs such as "Qing Yu Nian," "Quan Zhi Gao Shou," and "Gui Mi Zhi Zhu" at the recent Yangtze River Delta International Cultural Industry Expo, emphasizing its comprehensive development system across various fields including film, animation, games, and merchandise [2] - In 2025, Yuewen's IP continued to perform strongly with multiple successful series, including "Da Feng Da Geng Ren," "Guo Se Fang Hua," and "Fan Ren Xiu Xian Zhuan," achieving both high popularity and critical acclaim [2] Group 2 - The company has launched the "Global Trendy Toy Co-Creation Plan" to accelerate the commercialization of its IP, inviting top artists to enhance IP visualization [2] - In the first half of 2025, the gross merchandise value (GMV) of Yuewen's derivatives surged to 480 million yuan, nearing the total for the entire year of 2024 [2] - Yuewen's WebNovel platform has become a significant source of Chinese cultural products for international markets, with over 10,000 translated works and 500,000 overseas original authors contributing to a dual-directional creative ecosystem [3] Group 3 - Yuewen has successfully exported 1,800 comics, around 80 animations, and over 100 films to international markets, with several works consistently ranking on overseas video platforms [3] - The adaptation of the popular web novel "Gui Mi Zhi Zhu" into an animated series is set to premiere in over 190 countries and regions in the second half of 2025, achieving an IMDb score of 9.3, marking a new benchmark for Chinese IP exports [3]

Core Insights - The article discusses the rise of "段评" (paragraph reviews) in online literature, highlighting their role in enhancing reader engagement and interaction, akin to video bullet comments [1][10] - It emphasizes the dual nature of段评 as both a tool for community building and a potential source of negative experiences due to poor-quality comments [9][10] Group 1: Impact of段评 on Reading Experience -段评 significantly increases reading time, sometimes surpassing the enjoyment derived from the original text, as seen with popular works like "探花" [1][2] - The interactive nature of段评 allows readers to engage deeply with the narrative, creating a social atmosphere that enhances the reading experience [10][13] -段评 can also serve educational purposes, providing insights and explanations that enrich the understanding of the text [6][10] Group 2: Popularity of Specific Works - "探花" is highlighted as a leading example of a novel that benefits from段评, achieving over 330,000 collections and topping the charts on 晋江文学城 [2][3] - The unique character dynamics and humor in "探花" resonate well with readers, leading to a vibrant段评 community that contributes to the novel's popularity [3][13] Group 3: Challenges and Limitations - Not all段评 are beneficial; some can spoil key plot points or contribute to a negative reading atmosphere through aggressive or repetitive comments [9][10] - The quality of段评 varies, and platforms must balance creativity with maintaining a positive user experience [9][10] Group 4: Strategies for User Retention -段评 has become a crucial tool for legitimate platforms to retain users in the face of rampant piracy, offering a unique social experience that cannot be replicated by pirated content [10][13] - Novel platforms are exploring additional features like audio storytelling and gamification to enhance user engagement and retention [14][20] Group 5: Future Trends in Online Literature - The industry is shifting towards integrating video and gaming elements into the reading experience, aiming to create a more immersive environment for users [20] - The evolution of段评 and other interactive features reflects a broader trend of adapting to the fragmented attention spans of modern readers [20]

Core Insights - The next step for online literature going global involves transforming popular web novels into multi-faceted IP works, including audiobooks, dramas, comics, animations, films, mobile games, and merchandise [1][2] - Successful examples like "Full-Time Master" demonstrate the potential for significant international engagement, with over 1.3 billion overseas reads and extensive media adaptations [1][2] Group 1: Industry Trends - The integration of various media forms is essential for the development of online literature IP, allowing for coordinated growth across publishing, animation, and gaming sectors [2] - The concept of "Web Literature+" signifies a shift from traditional online literature to a more diverse and expansive format that includes various cultural narratives and values [2] Group 2: Market Impact - The global reception of works like "Mystery Lord" showcases the increasing interest in Chinese stories, achieving a 9.3 rating on IMDB and being released in over 190 countries [2] - The evolution of online literature export from simple text translation to a multi-terminal IP collaboration reflects a new landscape in global cultural consumption [2]

Core Insights - Chinese online literature has become a global cultural phenomenon, with approximately 200 million active overseas users across over 200 countries and regions, showcasing a significant international presence [1][5] - The 2025 China International Online Literature Week highlighted the theme of "New Dynamics, New Patterns, New Forms—The Global Landscape of Online Literature Empowered by AI," indicating a focus on innovation and collaboration in the industry [1] Group 1: International Reach and User Engagement - The number of overseas active users of Chinese online literature is around 200 million, with Asian readers accounting for 80% of this total [5] - The market share in North America is approximately 30%, while Europe and Latin America are emerging as new growth areas [5] - The translation and dissemination of online literature have expanded significantly, with about 5,000 physical books and nearly 130,000 e-books distributed globally [7] Group 2: Content Quality and Recognition - The trend towards mainstream and high-quality online literature is evident, with recognition from both domestic and international institutions, including awards for outstanding works [2] - By the end of 2024, the total number of online literature works exceeded 33 million, with an annual increase of 2 million works, reflecting a 7% year-on-year growth [2] Group 3: Cultural Integration and Localization - Chinese online literature has successfully integrated universal themes with Chinese cultural elements, leading to a strong emotional resonance with global audiences [5] - The establishment of localized creative ecosystems, such as Qidian International, has attracted a significant number of overseas authors, resulting in the production of 770,000 original works [9] Group 4: Innovative Distribution Channels - The primary mode of dissemination for Chinese online literature is through text translation, with platforms like WebNovel and TapRead facilitating large-scale online translation [7] - AI technology has significantly enhanced translation efficiency, with AI translations accounting for over 50% of the total, improving efficiency by nearly 100 times [7] Group 5: IP Expansion and Adaptation - The adaptation of online literature into various media forms, including dramas and animations, has broadened the reach of Chinese literature internationally [8] - Successful adaptations, such as "Chang Yue Jin Ming," have not only gained popularity but also contributed to cultural tourism in China [8] Group 6: Narrative Innovation and Global Influence - Chinese online literature is entering a new phase of "narrative going abroad," influencing global popular culture through cross-cultural storytelling [9][10] - The blending of Chinese narrative frameworks with Western themes has resulted in a unique cross-cultural literary landscape, showcasing the global impact of Chinese online literature [10]

Core Viewpoint - The collaboration between China's web novel "Dao Gui Yi Xian" and Universal Studios Singapore marks the first deep partnership between a Chinese web novel IP and a global theme park, showcasing a cross-border integration of "IP + cultural tourism" [1][3]. Group 1: Project Overview - The Halloween-themed attraction "Dao Gui Yi Xian" opened on September 26, featuring immersive experiences that recreate the novel's fantasy world through realistic scenes and interactive NPCs [1][3]. - The project aims to provide visitors with an engaging exploration of iconic locations from the novel, such as "Qing Feng Guan" and "Bai Yu Jing," allowing them to interact with characters from the story [3][5]. Group 2: Cultural Significance - "Dao Gui Yi Xian," created by author "Hu Wei De Bi," integrates traditional Chinese philosophical concepts and folklore with modern fantasy elements, establishing a grand worldview filled with Eastern mystique [3][5]. - The novel has gained significant popularity, accumulating over 11.38 million readers, making it a phenomenon in 2023 [3]. Group 3: Future Prospects - This collaboration represents the first overseas implementation of the "IP Paradise" model by the company, with plans to introduce derivative products from other popular IPs like "Quan Zhi Gao Shou" and "Gui Mi Zhi Zhu" at Universal Studios Singapore [5].

Core Viewpoint - Kuaishou Games has been undergoing significant restructuring, including layoffs and resource reallocation, primarily focusing on the adaptation of the game "The Master of the Mysterious" after the underperformance of two self-developed games, "Endless Dream Return" and "Time-Space Run" [1][11]. Group 1: Restructuring and Layoffs - Kuaishou Games' Shanghai Xinghe Studio has started layoffs since the beginning of the year, with projects and personnel moving to Hangzhou, tightening resources for other projects [1][3]. - The layoffs were triggered by the disappointing performance of two self-developed games, leading to a need for Kuaishou Games to operate on a self-sustaining basis [1][4]. - The Shanghai studio, which previously had over 100 employees, lacks a general manager, with all business lines reporting to a base in Hangzhou, indicating a significant contraction in operations [3][10]. Group 2: Game Performance - "Endless Dream Return" has effectively entered a semi-shutdown state, with no updates since April, and its official account on Bilibili has not been updated since June [4][5]. - "Time-Space Run" had a brief presence on the sales charts but quickly fell off, indicating poor market reception [6][11]. - Both games received company-level awards during the previous year but have since faced layoffs and project halts [7]. Group 3: Focus on "The Master of the Mysterious" - Following the shift in focus, Kuaishou Games is now primarily betting on "The Master of the Mysterious," which is the largest investment and scale project since the establishment of the brand [11][15]. - The game is set to be developed using the UE5 engine and aims to enter the MMORPG market, a familiar territory for the core team from NetEase [13][15]. - The anticipated launch for "The Master of the Mysterious" is planned for 2026, marking a significant development timeline of approximately five years [13][15]. Group 4: Industry Context and Future Outlook - The gaming industry is currently experiencing a downturn, prompting many companies, including Kuaishou Games, to adopt more cautious and low-profile strategies [16][18]. - The number of new software copyrights registered by Kuaishou Games has significantly decreased, reflecting a contraction in new project development [16][17]. - The success of "The Master of the Mysterious" is critical for Kuaishou Games to validate its gaming business and determine its future viability in a competitive market [15][18].