B站好评如潮的《逃离鸭科夫》突然陷入运营争议。 近日，由B站发行的俯视角射击游戏——《逃离鸭科夫》（Escape from Duckov）发布了一则致歉与说 明公告，回应了此前社区内MOD（游戏修改模组）相关的争议事件。 凭借上述差异化玩法与独特的萌系画风，《逃离鸭科夫》在单机及"搜打撤"市场脱颖而出。据B站官方 此前披露，该游戏全球的总销量已经超过了300万份，同时在线人数达到了30万，Steam好评率达到了 96%。 受该事件影响，《逃离鸭科夫》近几日新增超千条差评。 信息来源：Steam商店 "MOD作为一种游戏修改，本质上是为了增强游戏体验。出现异常代码，既属于MOD作者的技术性问 题，也是厂商自身技术把关不严的问题。"互联网产业分析师张书乐对记者表示，在这类事件中，游戏 公司应该第一时间解决玩家问题，修复游戏BUG或下线相关模组；至于如何处理与创作者的关系，体 现的是厂商对模组生态的整体态度，属于另一维度。 在张书乐看来，此次争议的核心在于处理不及时，导致部分玩家无法登陆，严重影响了游戏体验，"网 游最大的特点就是能够快速迭代，第一时间修复游戏漏洞，而《逃离鸭科夫》在此次事件中处理方 式'呆萌'且速 ...

1. 哔哩哔哩-W第四季度业绩预期怎么样？ 截至2025年12月15日，根据朝阳永续季度业绩前瞻数据： 预测公司Q4一致预期营业收入78.74~89.58亿元，同比增长1.8%~15.8%； 预测公司Q4一致预期净利润1.18~7.24亿元，同比增长31.7%~704.7%； 预测公司Q4一致预期经调整净利润3.52~8.97亿元，同比变动-22.3%~97.9%。 关注后续财报数据披露后能否超预期，朝阳永续港股季度业绩前瞻数据将为投资者提供业绩鉴定。 | 机构简称 | | 天营业收入 上大 同比 | | 净利润 | 同比 | 经调整净利润 | 同比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 卖方预测区间 | | 78.74~89.58 | 1.8%~15.8% | 1.18~7.24 | 31.7%~704.7% | 3.52~8.97 | -22.3%~97.9% | | 平均数 | - | 81.78 | 5.7% | 3.99 | 343.6% | 7.43 | 64.1% | | 中位数 | | 81.49 | 5.4% | 4.22 ...

6 证券研究报告 点评报告 2025 年 12 月 8 日 晨会纪要 核[心Ta观bl点e_：Summary] 第一创业证券研究所 一、产业综合组： 国家金融监督管理总局于上周末下调保险公司相关业务风险因子，包括持仓时间 超过三年的沪深 300 指数成分股、中证红利低波动 100 指数成分股的风险因子从 0.3 下调至 0.27，保险公司持仓时间超过两年的科创板上市普通股的风险因子从 0.4 下调至 0.36。该持仓时间根据过去四年加权平均持仓时间确定。结合周末发 布的《基金管理公司绩效考核管理指引》征求意见稿，我们看好沪深 300、红利 和今年一直滞涨的券商等行业的投资机会。 马斯克周末在社交平台 X 上披露了每年向太空发射 100 万吨 AI 卫星的讨论，由于 涉及的发射次数和卫星规模庞大，而且预示了商业卫星应用的新领域，我们认为 这可能大幅提升国内投资者对未来几年商业航天发展空间的预期。马斯克表示， 在地球上已经很难找到简单的电力来源。100 万吨/年的卫星，每颗卫星 100 千瓦， 每年增加 100 吉瓦的人工智能，没有运营或维护成本，通过高带宽激光连接到 Starlink 星座，相当于要每天发射 2 ...

截至2025年9月底，B站已经连续5个季度实现调整后净利润为正，营收稳定增长且盈利表现大幅改善。以下结合财报数据，从整体业绩表现、业务收入结 构现状及未来趋势三方面展开详细分析。 一、整体来看，B站2025年运营效率及盈利能力的提升尤为突出 2025年Q3，哔哩哔哩总营收同比增长5.2%，达到76.9亿元。2024年三季度实现单季盈利以来，B站单季营收表现较为稳定，2025年同比增速逐季放缓。 然而，B站在息税前利润（EBIT / 运营利润）这一指标上，表现出较为强劲的增长趋势，2025年Q3同比增速达到630.9%。在单季营收绝对值表现稳定的情 况下，B站核心业务的运营效率仍在持续提升，降本增效效果显著。 调整后净利润同比涨幅233%，达到7.9亿元。毛利率连续13个季度环比增长至36.7%，单季度毛利收入28.2亿元，成历史新高。净利润增长及表现稳定的毛 利率，是B站盈利能力提升有力证明。 二、收入结构优化，广告愈发成为新的增长驱动 2025年前三季度累计收入，共计220.23亿元，同比增长15.3%，其中： 增值服务业务收入占比下滑3个百分点，占总营收的39%，仍是企业支柱业务 广告业务收入占比提升2个 ...

智通财经APP获悉，招商证券发布研报称，11月26日，国家新闻出版署公布了178款国产版号、6款进口 版号，今年国产、进口版号已经实现每月稳定同步发放，截止11月，今年共计发放1532款国产版号、92 款进口版号，数量相较于2024年同期显著增加，有望提振游戏行业市场信心。该行维持游戏行业"推 荐"评级，继续看好腾讯控股(00700)、哔哩哔哩-W(09626)等标的。 招商证券主要观点如下： 11月26日，国家新闻出版署公布了178款国产版号、6款进口版号 2025年11月发放国产版号178款、进口版号6款，频率及数量稳定 2025年以来，国产、进口版号已经实现每月稳定同步发放，截止11月，今年共计发放1532款国产版号、 92款进口版号，数量相较于2024年同期显著增加，有望提振游戏行业市场信心。 维持"推荐"评级 该行继续看好腾讯控股14款长青游戏在手，长线运营持续释放利润;巨人网络《超自然行动组》表现超 预期，且公司积极拥抱AI;【恺英网络】传奇盒子增量收入逐步落地，在手版号数量多;游戏出海方面， 龙头ST华通手握流水持续新高的头部出海手游《Whiteout Survival》，新游戏《kingsho ...

Core Insights - The Chinese domestic gaming market revenue reached 31.359 billion yuan in October 2025, with a month-on-month growth of 5.66% and a year-on-year growth of 7.83% [1] - The mobile gaming sector was the main contributor to the growth, with several products benefiting from anniversary celebrations, version updates, and related activities [1] - The client game market emerged as the primary growth driver year-on-year, with mature products and several cross-platform products contributing several billion yuan in incremental revenue [1] AI Integration and Industry Upgrades - AI is significantly enhancing research and operations in the gaming industry, leading to cost reduction and efficiency improvements [1] - Companies like G-bits are utilizing AI platforms to achieve substantial cost savings in art asset generation [1] - Companies such as Kaiying Network are shortening development cycles to hourly levels through "AI+IP" integration, showcasing diverse applications of AI in gaming [1] - Giant Network is merging AI with gameplay, introducing a "mixed confrontation" competitive mechanism in its game "Space Kill" [1] - Shenzhou Taiyue has launched an intelligent voice robot, avavox, based on its self-developed voice semantic PaaS, improving interaction reliability [1] - The large-scale implementation of AI technology is driving upgrades across the entire industry chain, enhancing both manufacturer competitiveness and player experience [1] Market Trends and Investment Opportunities - The gaming sector is experiencing multiple catalysts, including AI, content, and commercialization model transformations [2] - The gaming ETF tracks the CSI Animation and Gaming Index, reflecting the overall performance of A-share listed companies in the animation and gaming industry, presenting investment opportunities in gaming ETFs [2]

Core Insights - The article emphasizes the importance of product innovation in the consumer goods sector, highlighting how products have evolved from mere tools to integral parts of daily life that enhance user experience and address pain points [1][2][3]. Group 1: Consumer Product Innovation - The focus is on the 2025 Annual Highlight Product Plan, which aims to showcase innovations across various categories including daily life, health, beauty, and food [1]. - The selected products are not just functional tools but redefine basic needs into quality pursuits, resonating deeply with user pain points and industry innovations [2]. - The initiative seeks to connect consumer demands with industry upgrades, marking a direction for innovation and enhancing the quality of life [2]. Group 2: AI and Technology Integration - The article discusses various AI-driven platforms and tools that enhance productivity and efficiency in business operations, such as the integration of AI in DevOps and enterprise services [7][9][13]. - The platforms mentioned, like the RVI and Agent platforms, provide comprehensive solutions for enterprise needs, including risk assessment, business opportunities, and operational efficiency [4][5][18]. - The advancements in AI technology are positioned as essential for modern enterprises, enabling them to adapt to complex demands and improve overall productivity [12][16]. Group 3: Gaming Industry Highlights - The gaming section showcases several successful titles, such as "The Game of the Queen" and "Escape from Duckov," which have achieved significant sales and positive reception in the market [44][55]. - These games are noted for their unique storytelling, gameplay mechanics, and ability to engage players, contributing to their commercial success [47][56]. - The article highlights the importance of innovation in game design, with titles that break traditional molds and offer new experiences to players [68].

Core Insights - The article emphasizes the importance of innovative consumer products that go beyond mere functionality, focusing on user experience and addressing pain points in various sectors such as daily life, health, beauty, and food [2][3]. Group 1: Consumer Product Innovation - The 2025 focus product plan aims to reshape user experiences through scene-based innovation across all consumer categories, showcasing how products empower lives and set industry standards [2]. - Selected products reflect a deep resonance between user pain points and industry innovation, redefining basic needs into quality pursuits [2][3]. Group 2: Technology and User-Centric Design - The value of these products transcends their basic functions, driven by design insights, technological advancements, and a commitment to user-centric innovation [3]. - The initiative seeks to connect consumer demands with industrial upgrades, marking innovation directions for the industry and enhancing user experiences [3]. Group 3: Diverse Product Categories - The article lists various innovative products across categories such as enterprise services, lifestyle, and gaming, highlighting their unique features and market impact [4][5][6][10][12][14][19][20][25][29][39][43][45][49][56][60][63][84].

Core Insights - The company reported Q3 2025 revenue of 7.685 billion yuan, a year-over-year increase of 5.2% and a quarter-over-quarter increase of 4.7% [1] - Adjusted net profit attributable to shareholders for Q3 2025 was 786 million yuan, reflecting a significant year-over-year increase of 233% [1] - The gross margin for Q3 2025 was 36.7%, an increase of 1.8 percentage points year-over-year [1] Business Segment Performance - Mobile game revenue was 1.51 billion yuan, down 17.1% year-over-year, primarily due to a high base effect from the previous year [1] - Value-added services revenue reached 3.02 billion yuan, up 7.1% year-over-year, driven by growth in paid membership income [1] - Advertising revenue exceeded expectations at 2.57 billion yuan compared to the consensus of 2.51 billion yuan, marking a year-over-year increase of 22.7% [1] - Revenue from IP derivatives and other sources was 580 million yuan, up 2.7% year-over-year [1] Game Development and Launches - The long-term operation of games such as "Three Kingdoms: Hundred Generals Card" and the stable operation of "Three Kingdoms: Strategize the World" contributed incremental revenue to the company's gaming business [1] - The new game "Escape from Duckkov" launched in October sold over 3 million copies in its first month, with peak online users exceeding 300,000, and is expected to be adapted for mobile and console platforms [1] - Upcoming game "Three Kingdoms: Hundred Generals Card" is expected to launch in Q1 2026, targeting young users with its fast-paced and low-cost gameplay [1] User Metrics and Community Growth - The company achieved record highs in core user metrics, with daily active users (DAU) reaching 117 million, up 9% year-over-year, and monthly active users (MAU) at 376 million, up 8% year-over-year [2] - Average daily usage time increased by 6 minutes year-over-year to 112 minutes, with the number of paying users reaching 35 million, a year-over-year increase of 17% [2] - The growth in high-quality content and community experience continues to drive stable user growth, enhancing the commercial value of advertising [2] Financial Projections - The company is projected to achieve revenues of 30.18 billion yuan, 33.72 billion yuan, and 36.44 billion yuan for the years 2025, 2026, and 2027, respectively [2] - Adjusted net profit attributable to shareholders is expected to be 2.23 billion yuan, 3.60 billion yuan, and 4.42 billion yuan for the same years [2]

Group 1: Alibaba's Q2 Performance - Alibaba-W (09988) reported total revenue of RMB 2,477.95 billion for the second quarter, a year-on-year increase of 5% [1] - The net profit attributable to ordinary shareholders was RMB 209.9 billion, a decrease of 52% year-on-year [1] - The adjusted earnings per ADS for the quarter were RMB 4.36, below the estimated RMB 6.34 [1] - Strong growth was observed in core businesses, particularly AI and cloud computing, with Alibaba Cloud's revenue accelerating by 34% year-on-year [1] - The CFO indicated that investments in AI and cloud infrastructure totaled approximately RMB 1,200 billion over the past four quarters [1] Group 2: Market Trends - The Nasdaq China Golden Dragon Index rose by 0.35%, reflecting mixed performance among popular Chinese stocks [2] - Major U.S. indices saw gains, with the Dow Jones Industrial Average up 1.43% and the S&P 500 up 0.91% [2] - Notable movements included Google reaching a historic high, while AMD and Nvidia experienced declines [2] Group 3: Commercial Space Development - The National Space Administration issued a plan for promoting high-quality and safe development in the commercial space sector, aiming for significant growth and enhanced governance by 2027 [3] Group 4: M&A Activity - The European Commission has paused the review timeline for Minmetals Resources' $500 million acquisition of Anglo American's nickel business in Brazil, extending the investigation into the second phase [4] Group 5: Ant Group Acquisition - Yao Cai Securities announced an extension of the acquisition offer period with Ant Group by four months, now set to end on March 25, 2026 [5] Group 6: Haichang Ocean Park Performance - Haichang Ocean Park reported a 35.2% year-on-year increase in revenue for the week of November 10-16, 2025, benefiting from the autumn holiday in Zhejiang Province [6][7] Group 7: Loan Agreement - Guotai Junan International signed loan agreements totaling up to HKD 1.95 billion, with a repayment period of 12 months from the signing date [8] Group 8: Innovative Drug Development - Innovent Biologics announced that its high-dose 9mg injection of Ma Shidu has been accepted for review by the National Medical Products Administration, targeting obesity treatment [9] Group 9: SUTENG's Q3 Performance - SUTENG reported a total revenue of approximately RMB 4.07 billion for Q3 2025, with laser radar sales increasing by 34% year-on-year and robot sales surging by 393% [10] Group 10: NIO's Q3 Results - NIO reported total revenue of RMB 217.939 billion for Q3 2025, a year-on-year increase of 16.7%, with gross profit rising by 50.7% [11] Group 11: Pony.ai's Q3 Performance - Pony.ai reported total revenue of approximately $2.54 million for Q3 2025, a 72% increase year-on-year, driven by strong growth in autonomous driving services [12] Group 12: Chow Tai Fook's Mid-Year Results - Chow Tai Fook reported a revenue of HKD 38.986 billion for the six months ending September 30, 2025, a decrease of 1.07%, with a slight increase in profit attributable to shareholders [13] Group 13: Colorful New Energy's Q3 Results - Colorful New Energy's subsidiary reported a revenue of RMB 404 million for the first nine months of 2025, a year-on-year increase of 16.6%, with net profit rising by 36.94% [14] Group 14: Bilibili's Game Success - Bilibili's new game "Escape from Duckkov" has sold over 3 million copies, with significant online engagement, leading to target price upgrades from several major banks [15][16]