一开始，可能还是一些不太热门的，比如《永远的7日之都》什么的，很多人都没注意到。可后来，连《逆水寒》、《光·遇》、《率土之滨》这些国民级的 游戏，也开始陆续发布公告，宣布要和这些渠道说再见了。 （图源：网易） 最近逛游戏社区，总能看到一些有意思的帖子。 起初是在TapTap，有网友发了张截图，说自己OPPO手机的应用商店里，好像搜不到网易的游戏了。底下评论还挺热闹，有人说是Bug，有人说自己还能搜 到，也有人说是不是网易服务器抽风了。 这种事儿嘛，搁平时大家可能吐槽两句就过去了，毕竟应用商店偶尔出点小问题也正常。 但怪就怪在，这阵风好像越刮越大。 没过几天，越来越多的人下场反映，说自己手机里的应用商店也出现了类似情况。而且不只是OPPO，连小米、vivo这些品牌的应用商店，网易的游戏也在 一个接一个地消失。 诶，这就不是小事了。很显然，游戏圈的巨头网易，正在和国内最大的几家安卓手机厂商，进行一场声势浩大的切割。 这感觉就像你家楼下开了十几年的连锁超市，突然之间把可口可乐和百事可乐都下架了，透着一股不寻常的味道。 一场漫长的分手 何为渠道服？ 这可能是很多人，第一次看到这条消息的反应。 所谓的渠道服，其实就是一 ...

渲染了多日，11月21日，一支时长31分钟的实机演示Demo，正式揭开了米哈游旗下新游《Varsapura》的神秘面纱。 该作最大的亮点，是米哈游创始人蔡浩宇亲自操刀。 追溯至更早的时间，今年7月就已经有细致的玩家发现了一些"小动作"——米哈游在欧洲、美国、韩国等多个国家地区秘密申请了商标"Varsapura"，与此 同时，"Varsapura"官方账号已经在微信公众平台、微博、B站、小红书、米游社等平台完成注册及企业认证，所有IP显示皆指向了新加坡，众人猜测这与 蔡浩宇在新加坡成立的AI创业公司Anuttacon存在深度绑定。 目前，在Instagram上，《Varsapura》关注了Anuttacon，在X平台上，该账号还关注了Anuttacon旗下游戏《星之低语》。 截至发稿，《Varsapura》实机演示Demo在B站播放量突破了470万。蔡浩宇重新出山，这次会在米哈游复刻下一个《原神》吗？ 蔡浩宇"回归" 多方消息显示，蔡浩宇将担当《Varsapura》的制作人，团队还集结了上海、新加坡、洛杉矶、蒙特利尔等多地研发力量。 新游曝光前夕，米哈游招聘官网就已经更新了相关岗位信息：过往标记为UE5城市开放 ...

"高抽成"模式走向终结 撰文/ 孟会缘 编辑/ 陈邓新 排版/ Annalee 近日，苹果和腾讯自2024年开始的"抽成之争"迎来终局——苹果将对腾讯APP内小游戏的内购项目抽成15%，低于苹果App Store通常实行的30%比例。 要知道在达成这项协议之前，腾讯正通过微信生态的特性设计支付跳转路径，以此绕开苹果iOS平台的内购抽成政策。即说，如"游戏公司给手机厂商打 工"之类的论调，有望得到较大程度地缓解。 当然，这一消息对于不少游戏开发者而言，更大意义在于它释放了一个相当积极的信号。 长期以来，高额的抽成比例一直是压在游戏公司心头的一块大石，不论是iOS端30%的抽成，还是华为、OPPO等安卓渠道50%的抽成，都让游戏开发者在 盈利之路上步履维艰。 如今这15%的新抽成比例方案横空出世，终于为游戏行业带来一丝转机与希望。因为这不仅意味着游戏公司在收益分配上将获得更大的自主权，更预示着 整个行业生态都将迎来全面的优化与重塑。 其实在苹果和腾讯的"抽成之战"止戈之前，或许有人也关注到了游戏圈的另一件大事：部分网易游戏在OPPO渠道停服，原因是与网易的合作终止。 网易和OPPO之间的拉锯进程也不短，据相关报道 ...

Core Insights - The gaming sector showed strength on November 21, with the gaming ETF (159869) experiencing a near 1% increase, and notable gains from stocks like Fuchun Co. and Giant Network [1] - NetEase reported Q3 2025 earnings, revealing a net income of 28.4 billion yuan and a net profit of 9.5 billion yuan, with gaming revenue reaching 23.3 billion yuan [1] - The collaboration between "Delta Action" and "Counter-Strike: Future" is set to enhance player engagement and collectible value [1] Group 1 - The gaming ETF (159869) reached a product scale of 11.077 billion yuan as of November 20, allowing investors to easily invest in leading A-share gaming companies [1] - NetEase's classic product "Fantasy Westward Journey" achieved a record high in concurrent users, while new games like "Fate: Stars" topped the iOS download charts in 19 regions on launch day [1] - The gaming sector is expected to benefit from AI, content, and commercialization model transformations, with a focus on top gaming companies exploring AI and gaming integration [2] Group 2 - Major products such as "Honor of Kings" and "Delta Action" are anticipated to strengthen their market position through frequent content updates [2] - The gaming ETF (159869) tracks the Zhongzheng Animation and Gaming Index, reflecting the overall performance of A-share listed companies in the animation and gaming industry [2]

Investment Rating - The report maintains a "Buy" rating for the company [7][5][31] Core Insights - The company's total revenue for Q3 2025 increased by 8% year-on-year to 28.4 billion RMB, slightly below consensus expectations by 3% [1][7] - Deferred revenue exceeded expectations by 3%, with a quarter-on-quarter increase of 2.5 billion RMB, primarily driven by "Fantasy Westward Journey" [1][2] - Adjusted net profit attributable to shareholders grew by 27% year-on-year to 9.5 billion RMB, surpassing consensus expectations by 1% [1][5] - The report anticipates significant improvement in revenue for Q4, driven by the launch of "Fantasy Westward Journey" and other new game releases [1][2] Revenue and Profitability - Q3 gaming and value-added services revenue rose by 12% year-on-year to 23.3 billion RMB, with gaming revenue increasing by 13% [2][12] - The gross margin for gaming and value-added services improved by 0.5 percentage points to 69.3% [2][12] - The report projects game revenue growth of 13% and 8% for 2025 and 2026, respectively [1][5] Game Performance and Updates - "Fantasy Westward Journey" launched a new play mode that significantly increased player engagement, with peak concurrent players reaching 3.58 million [1][13] - The international version of "Yanyun" performed well, reaching 2 million players on its first day on Steam, and is expected to generate 1-1.5 billion RMB in its first year [3][5] - "Egg Party" saw a notable increase in revenue, with iOS revenue growing by 122% year-on-year in October [2][22] Future Outlook - The company has adjusted its revenue forecasts downward for 2025-2027, primarily due to slowing growth in mobile game revenue [5][31] - The adjusted net profit forecasts for 2025, 2026, and 2027 are set at 39.3 billion RMB, 41.8 billion RMB, and 46.1 billion RMB, respectively [5][31] - The target price for the company is set at 170.12 USD, corresponding to an 18.3x PE ratio for 2026 [5][36]

Group 1 - The game "Jiumu Zhi Ye" has surpassed 500,000 pre-registrations, indicating strong player interest and effective promotional efforts [1] - The game is set to officially launch on December 18, generating significant attention within the gaming community [1] Group 2 - The official announcement of a collaboration between "Delta Action" and "Counter-Strike: Future" is expected to enhance player engagement and add collectible value [2] - "Counter-Strike: Future" is anticipated to reveal a major event soon, which could positively impact the parent company's stock performance if the game launches successfully in 2026 [2] Group 3 - NetEase reported a Q3 net income of 284 billion yuan, with 233 billion yuan coming from gaming and related services [3] - The classic game "Dream of the Westward Journey" has reached a new peak in concurrent users, while new titles have shown strong initial performance in various markets [3] - Continuous investment in content updates and innovation is necessary for long-term success, especially in a competitive international market [3]

Core Insights - NetEase reported Q3 2025 net revenue of 28.4 billion yuan, with a non-GAAP net profit attributable to shareholders of 9.5 billion yuan, and R&D investment of 4.5 billion yuan, reflecting a R&D intensity of 16% [1][9] - The company emphasizes user experience and innovation, focusing on long-term growth and global expansion, particularly in gaming and AI technology [1][9] Financial Performance - Q3 net revenue from games and related services reached 23.3 billion yuan, with classic IP "Fantasy Westward Journey" achieving record online player numbers [1][3] - NetEase Youdao's Q3 revenue was 1.6 billion yuan, with a nearly 150% year-on-year increase in operating profit for the first three quarters of 2025 [1][11] - NetEase Cloud Music reported Q3 revenue of 2 billion yuan, introducing AI features to enhance user experience [1][11] Gaming Sector Highlights - The classic IP "Fantasy Westward Journey" saw its online player count peak at 3.58 million, marking a record high [3][4] - New games like "Destiny: Stars" topped the iOS download charts in 19 regions on launch day, showcasing strong market performance [1][6] - Popular original IPs such as "Reverse Water Cold" and "Egg Party" demonstrated significant growth, with "Reverse Water Cold" returning to the top of the iOS sales charts in China [4][6] AI Integration - AI technology is a key driver for business growth and user experience enhancement, with R&D investment reaching 4.5 billion yuan [1][9] - AI applications in gaming have improved production efficiency and player engagement, with significant advancements in NPC capabilities and user-generated content [10][11] - NetEase Youdao's AI subscription service sales approached 100 million yuan, marking a historical high, with AI-driven features enhancing user learning and work efficiency [11][12] Global Expansion - NetEase is accelerating its global strategy, with multiple products receiving positive responses in overseas markets [6][7] - The company achieved significant milestones with games like "Destiny: Stars" and "Reverse Water Cold," which topped download charts in various countries [6][7] - Upcoming titles such as "Infinite" and "Forgotten Sea" are generating anticipation, with "Infinite" winning the Future Expectation Award at the Tokyo Game Show 2025 [8]

据贝壳财经报道，"想过会关，但没想到会关这么早。"一位玩家在社交平台上感慨，自己常玩的网易手 游《逆水寒》OPPO渠道服即将停服。11月18日，《逆水寒》官方客服告诉新京报贝壳财经记者，为保 证玩家游戏体验的完整性，已同步开启资产完整找回服务。在角色资产找回后，即可使用网易账号体验 游戏，所有角色信息不变。#游戏厂商开始拒交安卓税了# 【#手游陆续撤离安卓渠道服#，游戏厂商开始拒交安卓税了】 自10月以来，多款网易热门手游陆续从OPPO渠道撤离。而这场与手机渠道服的"割席"由来已久。今年 以来，《梦幻西游》《光遇》《大话西游》等经典作品已相继终止与OPPO渠道服的合作，玩家要在限 定时间内迁移账号、转移资产，使用网易官方服务器继续游戏。 密集"解绑"背后，是行业内早已公开的渠道博弈。2021年，网易创始人丁磊曾在财报电话会上公开质疑 安卓渠道的高分成模式："海外只有30%，安卓厂商没理由分50%，这对产业生态非常不利。"他直 言，"中国的安卓分成是最贵的，高达50%，没道理。" 曾经依靠五五分成轻松"躺赚"的手机渠道服，如今同样受到新平台的冲击。多位游戏发行从业者向新京 报贝壳财经记者透露，随着手机应用商店自 ...

这一年，AI站在风口浪尖上。 不但科技圈冒出质疑的声音，华尔街也彻底分裂了，甚至以电影《大空头》原型Michael Burry为代表的资金，旗帜鲜明地做 空。 AI泡沫论，为何闹了一年？ 悲观者与乐观者不断交锋 2025年，AI迈入狂欢的高潮，大洋彼岸的英伟达市值首次突破5万亿美元、微软市值首次突破4万亿美元、谷歌市值首次突 破3万亿，而国内的寒武纪股价屡创新高，与贵州茅台争夺A股的"股王"…… 生成式AI诞生以来，虽然不乏对"投入多，获益少"的担忧，但外界整体还是乐观情绪占据主导地位。 与之相伴的是，AI是否有泡沫之争，一直不休。 直到DeepSeek横空出世，才有了微妙的变化。 DeepSeek通过算法优化等手段降低了成本，用最少的资源达到最大的成效，在科技圈与华尔街引起轩然大波。 "高效率+低成本"之下，微软、谷歌等海外巨头也有了更多思考，一度悄悄压缩资本支出，从而令AI泡沫之声沉渣泛起。 图源：华尔街见闻 一时间，AI循环经济备受质疑。 摩根大通分析师Michael Cembalest表示："AI公司承诺未来支付巨额资金给云服务→云服务商借此故事举债建设基础设施→ 基础设施再租给AI公司，这是一个无限 ...

苹果15%抽成新规带来的是喜还是忧？ 从表面看，15%的抽成比例较此前降低一半，对长期承受高比例分成压力的游戏开发者而言，似乎是实 打实的福利。但深入拆解政策便会发现，苹果的这一动作，本质上是在用让利换取控制权。 对于这一新规，国内游戏企业又如何看待？ 游戏厂商和渠道之间的博弈再次迎来重大节点。 11月14日，苹果官网一则公告激起千层浪。苹果正式推出"小程序合作伙伴计划"（Mini Apps Partner Program），对符合条件的小程序内交易仅抽取15%佣金。经过长时间的博弈拉锯，苹果与腾讯终于就 微信小程序的"苹果税"达成一致。 表面看来，这无疑是给开发者送上一份"甜蜜大礼"。但细究规则便会发现，这份"礼物"暗藏玄机。苹果 方面表示，开发者若想享受优惠，前提是必须在应用开发过程中深度集成苹果官方提供的软件技术。例 如，使用苹果系统记录用户购买历史、验证用户年龄，以及通过苹果官方渠道处理应用内支付。 无疑，苹果此举暗藏生态整合的野心，影响深远且复杂。小程序生态或将迎来新的发展机遇，但游戏厂 商与渠道平台的博弈也将进入新阶段。尤其在用户数据、支付等核心环节，游戏公司将如何平衡苹果生 态的"甜蜜与枷锁"？ ...