现如今许多网友闲暇时间休闲娱乐的首选，除了玩游戏应该就是刷短视频了！经常一玩就是一整天，对 于有钱人来说也是这样，他们也热衷于在游戏的虚拟世界以及短视频平台来获取快乐，不过和普通网友 不一样的是，他们更热衷于用自己的"钞能力"来获取更高的爽感。 最近在抖音平台就有一位大佬消费了1050万，只为给自己喜欢的网红版"刘亦菲"助威！别看这千万级的 消费，在普通网友看来是"天文数字"级别，但对于上述这位大佬来说，也只不过是"毛毛雨"零花钱，而 之所以大佬要"冲动"消费，究其原因还是跟他玩的一款网游有关！ 事实上这位抖音"钞能力"大佬和他助威的网红版"刘亦菲"，都来自当下知名的mmo网游《逆水寒》，这 款游戏向来以玩法有趣，神豪众多而闻名，特别是今年年初开启"黄金服"后，更是再度吸引到百万玩家 入坑。 而这位在抖音消费千万的神豪"馒头"，便活跃于《逆水寒》七周年开放的"超级互通服"龙虎区，是服务 器内实力最强的大佬之一，不仅之前的"合伙人"活动中排名龙虎区第一，还带领麾下帮众登上了六合青 龙帮会巅峰。 动辄花费数万购置极品装备，又或者给全服玩家发万元红包，早已证明了神豪"馒头"的实力，据爆料龙 虎区开服不过一个多月，他 ...

Core Viewpoint - The recent controversy surrounding the AI features of NetEase's martial arts games "Yanyun Shiliusheng" and "Nishuihan" has escalated into a public dispute, with both games' communities actively engaging in discussions about potential plagiarism and originality of their respective AI functionalities [1][6]. Group 1: Company Responses - "Yanyun Shiliusheng" stated that its new feature "Xile Mode" utilizes AIxPose and AIxFace technologies developed by NetEase's AI Lab, emphasizing that the underlying training data was sourced internally and the technology was customized based on the game's needs [2][4]. - NetEase's AI Lab also issued a statement defending the originality of its technology, asserting that the algorithms provided for "Yanyun" were tailored to meet specific product requirements and that the lab has been a deep partner since the game's launch [2][4]. Group 2: Community Reactions - Following the announcement from "Nishuihan" on August 10, which claimed its AI "Film Crew Mode" was unique and not subject to copying, tensions between the two game communities intensified, with players accusing "Yanyun" of plagiarism [5][6]. - Players from both communities have engaged in heated debates regarding the originality of the features, questioning whether "Yanyun" is affiliated with "Nishuihan" and discussing the implications of potential copying in game functionalities [6]. Group 3: Background Information - Both "Yanyun Shiliusheng" and "Nishuihan" are backed by different divisions within NetEase, with "Yanyun" associated with NetEase Interactive Entertainment and "Nishuihan" linked to NetEase Leihuo, highlighting the competitive landscape within the company [7][8]. - The AI Labs of both divisions were established in 2017, focusing on different aspects of AI application in gaming, with NetEase's AI Lab concentrating on game-specific AI technologies [9][11].

Core Viewpoint - The report from Credit Lyonnais indicates that NetEase's Q2 performance is expected to improve, with total revenue and adjusted EBIT projected to increase by 12% and 29% year-on-year, reaching RMB 28.5 billion and RMB 10.4 billion respectively [1] Revenue and Earnings - Total revenue is forecasted to rise by 12% year-on-year to RMB 28.5 billion [1] - Adjusted EBIT is expected to increase by 29% year-on-year to RMB 10.4 billion [1] Gaming Performance - The gaming revenue for the period is estimated to grow by 17.9% year-on-year [1] - Key games such as "Naraka: Bladepoint" and "Party Animals" have shown stable performance, while "Peak Speed" has resumed growth [1] - "Identity V" and new game titles are performing steadily [1] Future Product Line - The product lineup for the second half of the year includes RPG game "Marvel: Secret Wars," ARPG game "Diablo II: Resurrected," and FPS game "Voidstar" [1] - Approximately 21 new games have recently passed regulatory approval, which is expected to further drive company growth [1]

Industry Trends - Amazon's report indicates that the number of global PC and console gamers reached 1.43 billion in Q1 2025, a 19% increase from Q1 2023 [2] - In five European countries and Japan, the growth rate of PC and console gamers is outpacing that of mobile gamers, with Japan's growth rate being four times that of mobile gaming [2] Company Updates - Xindong Network forecasts a revenue of 3.05 billion RMB for the first half of 2025, representing a 37% year-on-year increase, with net profit expected to exceed 790 million RMB, a 215% surge [3] - The strong performance is attributed to self-developed products like "Ragnarok M: Original Server" and "Torchlight: Infinite," which have driven revenue and gross profit to new highs [3] - Xiaohongshu's "RED LAND" event in Shanghai showcased popular IPs and marked the platform's first large-scale offline event in the gaming sector [4] - Bilibili has launched a feature allowing users to link their Steam accounts, enhancing user engagement within its community [6] - The Kuro Carnival held in Guangzhou featured interactive gaming zones and exhibitions, covering over 24,000 square meters [7] - Zhongyou Mobile announced the detention of its former studio head for serious job-related crimes, impacting the development of the game "Xianjian World" [8] - Nexon has unveiled a new single-player game titled "Woochi the Wayfarer," based on a classic Korean novel [9]

Group 1 - The core event, RED LAND, is the first offline venture of Xiaohongshu into the ACG (Animation, Comics, Games) sector, aiming to compete directly with Bilibili in the Chinese two-dimensional market [4][15] - The event attracted approximately 100,000 attendees, showcasing popular IPs from Tencent, NetEase, and Mihayou, among others, in a transformed venue on Shanghai's Fuxing Island [6][15] - Xiaohongshu's content strategy has shifted, with a new slogan emphasizing community interests, and significant growth in two-dimensional and gaming content, which saw year-on-year increases of 175% and 168% respectively [7][16] Group 2 - The event's location was strategically chosen to be in close proximity to Bilibili's headquarters, symbolizing a direct challenge to Bilibili's dominance in the sector [4][15] - The preparation for RED LAND involved extensive renovations and setup within a short timeframe of about 20 days, indicating a strong commitment to creating an immersive experience [8][15] - Despite the high attendance, the event faced challenges due to extreme heat and logistical issues, leading to some negative feedback from attendees [8][10] Group 3 - Xiaohongshu aims to transition from an online community to a platform that shapes offline lifestyle experiences, leveraging the growing two-dimensional market, which is projected to reach a scale of 221.9 billion yuan in 2023 [16] - The event's theme, "Welcome Home, Forever the Protagonist," resonates with the community's desire for connection, similar to Bilibili's approach but with a focus on commercial opportunities for brands [15][16] - The emergence of a "2.5-dimensional" community indicates a trend where younger generations integrate gaming and anime experiences into their real-life activities, presenting a significant market opportunity for Xiaohongshu [16]

Group 1 - Xindong Company (02400) reported a positive earnings forecast, expecting revenue of at least RMB 3.05 billion for the first half of 2025, a year-on-year increase of approximately 37%, and a net profit of at least RMB 790 million, a year-on-year increase of about 215% [1] - Yimai Sunshine (02522) also announced a positive earnings forecast, expecting revenue between RMB 450 million to 480 million for the first half of the year, a year-on-year increase of approximately 8.77% to 16.03%, and a net profit of RMB 14.5 million to 16.5 million, a year-on-year increase of about 1350% to 1550% [1] - Tianli International Holdings (01773) plans to repurchase shares up to a total of HKD 200 million based on market conditions, believing that the share buyback plan is in the best interest of the company and its shareholders [2] Group 2 - Liaogang Co., Ltd. (02880) reported a total operating revenue of RMB 5.693 billion for the first half of 2025, a year-on-year increase of 5.93%, and a net profit attributable to shareholders of RMB 956 million, a year-on-year increase of 110.78% [2] - Yuan Zheng Technology (02488) reported a revenue of RMB 982 million for the first half of 2025, a year-on-year increase of 9.75%, and a net profit of RMB 195 million, a year-on-year increase of 27.74% [2] - Geekplus Technology (02590) expects revenue between RMB 995 million to 1.03 billion for the first half of the year, a year-on-year increase of 27% to 32%, while the net loss is expected to narrow significantly [3] Group 3 - Lee & Man Paper Manufacturing (02314) and other leading companies in the paper industry have initiated a price increase for various products starting August 1, indicating a significant acceleration in price adjustment frequency within the industry [3] - Xinda Biopharmaceutical (01801) announced that its innovative oral small molecule GLP-1R agonist IBI3032 has received IND approval from the FDA [4] - Heyu-B (02256) reported a revenue of RMB 612 million for the first half of the year, a year-on-year increase of 23.1%, and a net profit of RMB 328 million, a year-on-year increase of 58.84% [4] Group 4 - Bilibili (BILI.US) is expected to achieve a revenue growth of 20% year-on-year to RMB 7.3 billion in the second quarter, driven by stable performance in mobile games [5][6] - Li Auto (LI.US) launched the Li Xiang i8, with deliveries starting on August 20, and received positive outlooks from multiple institutions [6] - Xpeng Motors (XPEV.US) achieved a new monthly delivery record in July, delivering 36,717 smart electric vehicles, a year-on-year increase of 229% [7]

Core Viewpoint - Citigroup's research report indicates that NetEase is expected to announce its Q2 2025 earnings in mid-August, with performance anticipated to meet expectations driven by stable performances from games such as "Fantasy Westward Journey," "Nirvana in Fire," and "Yanyun Sixteen Sounds" [1] Financial Performance Summary - Citigroup estimates that NetEase's total revenue for Q2 will grow by 11% year-on-year to 28.3 billion yuan, with Non-GAAP net profit projected at 9.46 billion yuan, compared to market forecasts of 28.4 billion yuan and 9.66 billion yuan respectively [1] - Online gaming revenue is expected to increase by 15.2% year-on-year to 23.1 billion yuan [1] Future Outlook - Looking ahead to the second half of the year, with key new titles like "Diablo IV" and "Destiny Rising" entering testing or launch phases, Citigroup anticipates stable revenue momentum for gaming, predicting Q3 revenue to grow by 10.6% year-on-year to 28.98 billion yuan, with Non-GAAP net profit reaching 9.5 billion yuan [1] - Citigroup has slightly raised NetEase's US stock target price from $156 to $157, maintaining a "Buy" rating, citing the company's earnings resilience, strong cash flow, and stable dividends [1] Revenue and Profit Forecast Adjustments - Revenue forecasts for 2025 to 2027 have been adjusted down by 2.1%, up by 0.4%, and down by 3.2% respectively, while Non-GAAP net profit forecasts have been adjusted down by 1.7%, up by 1%, and down by 2.8% [1]

游戏反腐接连不断。 7月30日，中手游一则内部反腐通报震动游戏圈，旗下满天星工作室原总经理姜海涛因涉嫌严重职务犯 罪，已被公安机关刑事拘留。 投入3亿研发资金的大作，首周收入仅125万元。中手游也承认，《仙剑世界》存在几个较大缺陷，用户 在游戏前期流失严重，严重影响了其市场表现，且首月营收未达预期。 曾经承载国民情怀的"仙剑"IP，正被加速消耗其情感价值与商业潜力。 随着游戏口碑崩塌，《仙剑世界》官方表示，基于项目长期发展的考量，团队对部分研发工作职能和模 块进行了优化调整进而优化资源配置。 随后网络平台上流传出一份匿名举报，指责姜某某在任期间，滥用其项目审批与管理权力，通过操纵外 包、虚构服务合同等方式转移资金至其关联公司，并存在收受回扣、虚开发票等行为，涉嫌职务侵占与 商业贿赂。 此次中手游反腐通报发布后，资本市场反应迅速。 姜海涛2008年加入巨人网络，先后担任《仙侠世界》系列端游主策划和《龙珠最强之战》手游制作人。 担任满天星工作室负责人后，率队研发《仙剑世界》项目，累计投入研发资金超过3亿元。 今年2月，《仙剑世界》带着"384平方公里无缝大地图"登陆PC及移动平台，上线初期登上IOS免费榜榜 首位 ...

游戏反腐接连不断。 7月30日，中手游一则内部反腐通报震动游戏圈，旗下满天星工作室原总经理姜海涛因涉嫌严重职务犯 罪，已被公安机关刑事拘留。 姜海涛2008年加入巨人网络，先后担任《仙侠世界》系列端游主策划和《龙珠最强之战》手游制作人。 担任满天星工作室负责人后，率队研发《仙剑世界》项目，累计投入研发资金超过3亿元。 此次中手游反腐通报发布后，资本市场反应迅速。 截至7月31日收盘，中手游股价大跌5.56%，报0.510港元/股，总市值仅剩15.28亿港元，年初至今跌幅已 超三成。 今年2月，《仙剑世界》带着"384平方公里无缝大地图"登陆PC及移动平台，上线初期登上IOS免费榜榜 首位置，看似有望成为中手游的自研翻身之作。 但短短一个周末后，游戏就从免费榜榜首滑落至36名。 在TapTap平台，《仙剑世界》评分也由上线首日的5.90分降至5.20分，低于《逆水寒》的7.30分以及 《燕云十六声》的7.20分。 不少玩家对此评价：全程严重掉帧、画面表现粗糙、内容设计敷衍。 "从玩法来看，《仙剑世界》本身的开放大世界和御灵系统存在简单拼凑、缺乏深度等相关短板问题， 导致该游戏的实际产品表现并不能满足玩家对仙剑I ...

Group 1 - Nvidia's CEO Jensen Huang emphasized the importance of the gaming industry in the context of AI applications, highlighting 11 Chinese companies involved in game development during his visit to China [1][2] - The gaming industry is transitioning from mere entertainment to a leading force in AI applications, as exemplified by the game "Black Myth: Wukong," which utilizes significant AI technology [2][4] - The Chinese gaming industry is experiencing a spiral growth, with market revenue projected to reach 325.8 billion yuan in 2024, while user growth is slowing down amid increasing global competition [4][7] Group 2 - The integration of AI in gaming is supported by recent policies from major cities like Beijing and Shanghai, which aim to enhance the gaming sector's embrace of AI as a new productive force [7][10] - Major gaming companies are investing heavily in AI technology, with Tencent integrating AI into its popular game "Peacekeeper Elite" and NetEase introducing AI-driven NPCs in "Nirvana in Fire" [7][10] - The gaming industry recognizes AI as a foundational infrastructure for future competitiveness, with companies that effectively integrate AI likely to gain a competitive edge [8][10] Group 3 - The Chinese gaming industry has undergone several transformations, from importing games to developing them independently and expanding globally, with significant milestones like the release of "Black Myth: Wukong" [9][10] - Companies like Tencent are focusing on enhancing production efficiency through AI, with initiatives like the "VISVISE" solution aimed at improving game development processes [10][12] - AI is being utilized to automate repetitive tasks in game development, allowing creative teams to focus on core design and business model refinement [12][13] Group 4 - The emergence of AI-native games, such as "Whispers from the Star," showcases how AI can fundamentally reshape game creation and player experience through dynamic storytelling [13][15] - The gaming industry is on a dual path of enhancing production efficiency and innovating player experiences, both of which are crucial for the industry's evolution [16][17] - The gaming sector is positioned as a testing ground for AI technologies, with companies like Anuttacon aiming to leverage gaming as a medium for technological exploration [17][20] Group 5 - The ongoing AI revolution in gaming reflects a broader shift in the tech industry, with major companies increasing their AI investments to reshape market dynamics [20][21] - The journey of Nvidia from a low-value tech company to a leader in the AI space serves as a model for Chinese tech firms aiming to redefine their competitive edge in the AI era [21]