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 | 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 ...

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].