▲ 戳蓝 色字关注我们！ 商业的本质是洞察需求，而非固守技术。——彼得·德鲁克 今天minimax赚到的兄弟们记得打个赏啊! 说真的,晚饭前我看到MiniMax收盘破千亿的时候,后台私信都要把我手机炸了——"说我之前那篇minimax和智谱对比分析的文章预测太准 了!"、"听了我的分析是真的吃肉了"。 但我今天要说的是,如果你只看到了MiniMax首日翻倍、破千亿这些表面数据,那你可能错过了这次上市背后真正值得学习的东西。 作为一个VC出身的科技Up,我今天就给大家拆解一下: 为什么比智谱晚一天上市的MiniMax,反而成了名副其实的"大模型第一股"? 这背后藏着 什么样的商业逻辑和时代密码? 一、先看炸裂数据：MiniMaxIPO有多疯狂？ 先说几个炸裂的数字,让大家感受下这次IPO有多疯狂。 MiniMax这次上市当天的市场表现相当亮眼——全天表现远超预期。 更值得关注的是市场热度:连腾讯、 阿里、红杉、GIC、南非养老基金 这些全球顶级资本都参与了。 对比一下前一天上市的智谱:市场反应相对平稳。两家公司首日表现形成了鲜明对比。 有人可能会问:这俩公司不都是大模型吗,为什么市场反应差这么多? 这就是我今天 ...

但纵观2025年的女性向游戏市场，其实算不上一帆风顺，内容争议、公关危机、尺度矛盾以及行业变动频频发生，都影响着这一热门赛道的发展与增长， 乙游市场格局也在悄然发生着变化。 1 2025年即将落幕，乙游市场也到了复盘战果与展望未来的时间了。 刚刚结束的2025年度中国游戏产业年会上发布的《女性向游戏调研报告》中明确了，女性向游戏已经成为近年来游戏产业增长最快的细分赛道之一，展现 出了显著的商业潜力与文化影响力。 女性向市场强劲的发展势头不难窥见，报告显示，2024年中国女性向游戏市场规模已经达到了80亿元，同比增长了124.1%，增速远超行业平均水平，有 望成为下一个百亿市场，深受行业看好。 叠纸腾讯稳健，网易触底反弹 2024年乙游市场的二度爆发犹在眼前，同期开服的《恋与深空》《世界之外》并驾齐驱，上新国服的《如鸢》尚有一争之力，《光与夜之恋》仍然坚挺， 整个赛道可谓是欣欣向荣。 但进入2025年后，多款头部女性向游戏几经波折，可以说是各有各的苦。 《恋与深空》年初更新3.0版本，同时上新第五位男主角夏以昼，新男主限定日卡活动再次登顶游戏畅销榜，发展势头仍然相当强劲，但接连而来的诸多 争议将《恋与深空》拖进 ...

其中，创新力量成为增长的核心引擎。2025年自主研发游戏国内市场实际销售收入2910.95亿元，同比 增长11.64%，既得益于头部长青产品的稳定支撑，更离不开多款自研新品的增量贡献。 昨天落幕的2025年度中国游戏产业年会上，《2025年中国游戏产业报告》发布，上海更推出了支持游戏 电竞产业发展的十条举措（简称"游戏沪十条"），护航国产游戏高质量发展，为产业注入强劲动力。 "自研+出海"双轮驱动 报告显示，我国游戏产业实现稳步增长，核心数据均创历史新高。2025年，国内游戏市场实际销售收入 达3507.89亿元，同比增长7.68%；用户规模增至6.83亿，同比增长1.35%。 "游戏沪十条"着重鼓励开发原创精品游戏，支持在产品中融入中华优秀传统文化、体现上海城市特色。 比如，叠纸游戏坚持文化融合创作。旗下《奇迹暖暖》和《闪耀暖暖》分别与故宫博物院、国家京剧院 等多家国家级文博机构合作。在上海特色融合与IP新消费场景构建上，《恋与制作人》与豫园联合推出 中秋赏灯活动，开启六大豫园商城餐饮老字号的联动套餐。 世纪华通将目光放向技术创新，总裁谢斐认为，游戏行业已经成为前沿科技的"练兵场"、文化创新 的"孵化器"， ...

Core Insights - The integration of traditional Chinese opera and gaming is emerging as a new cultural phenomenon, enhancing both artistic expression and audience engagement [1][3][32] - The academic seminar "Art New Quality Productivity: Innovation Drive and Paradigm Change" highlighted the importance of technology in art creation and the growing trend of "opera-game fusion" [1][3] Group 1: Industry Trends - The gaming industry is becoming a significant platform for the dissemination of traditional culture, with a projected user base of 674 million and a market size exceeding 350 billion yuan in 2024 [3] - 68% of overseas gamers express a preference for games featuring Chinese cultural elements, indicating a global interest in this fusion [3] - "Embedded fusion" is identified as a key collaboration model, integrating opera elements into game design, narrative, and aesthetics [3][24] Group 2: Successful Case Studies - The collaboration between Zhejiang Xiaobaihua Yue Opera Troupe and Tencent's "Honor of Kings" successfully integrated elements from the Yue opera "Butterfly Lovers," achieving 64 million skin acquisitions and 1.5 billion total exposures [5] - The partnership between Tencent's "Tianya Mingyue Dao" and Shanghai Peking Opera House showcased Peking opera through motion capture technology, enhancing player experience [8] - Perfect World's "Dream New Zhu Xian" and Jiangsu Peking Opera House's collaboration received positive feedback from young players, demonstrating the effectiveness of opera integration [9] Group 3: Audience Engagement - The "Digital Pear Garden" initiative by NetEase's "Nirvana in Fire" game has attracted significant player engagement, with 89.6% of players experiencing opera for the first time through the game [17] - Players actively participate in sharing their experiences and engaging with opera culture, indicating a successful outreach strategy [17][19] - The collaboration with various opera forms, including Huangmei opera, has resonated well with younger audiences, leading to high engagement rates [19][26] Group 4: Future Directions - The concept of "opera-game fusion" is seen as a pathway for traditional opera to reach new audiences and explore digital cultural products [32] - The integration of advanced technologies like motion capture and 3D scanning is enhancing the authenticity of opera representation in games [32][33] - Industry experts emphasize the need for innovation while respecting the artistic integrity of traditional opera, ensuring that the essence of the art form is preserved in its digital adaptations [33]

Core Insights - The female-oriented gaming market in China, particularly the "national乙" (Guo Yi) segment, has seen a decline in performance after a strong start with new titles like "Love and Deep Space," "World Beyond," and "Like a Kite" pushing market share to over 10 billion yuan [1][4] - The current market dynamics have shifted from "one strong and many strong" to "one strong and many weak," indicating a significant change in competition and user engagement [4] - "Love and Deep Space" remains the leading title but struggles to maintain its previous high rankings against competitors like "King of Glory" and "Douyin" [6][12] Market Performance - "Love and Deep Space" has consistently generated over 100 million yuan monthly, but its ability to top charts has diminished due to the increasing strength of platforms like Douyin [6][12] - "Like a Kite" initially performed well but faced backlash due to narrative issues, leading to a more subdued marketing approach while maintaining stable revenue [8][10] - "World Beyond" has suffered from a significant drop in revenue, with October earnings at only 23.1 million yuan, attributed to internal company turmoil and pricing issues [10][11] User Engagement and Community Dynamics - The user base for "Love and Deep Space" is notably diverse, including many older female players who are less influenced by online community discussions, contributing to its stable revenue [12][22] - The concept of "乙游原教旨" (originalist乙 game) is debated, with some players feeling that current titles deviate from traditional aesthetics and gameplay, which may limit their appeal to broader audiences [16][18] - The potential for growth lies in attracting a larger, less engaged user base, particularly those outside the traditional二次元 (2D) gaming community [23][31] Future Trends and Industry Movements - Companies are increasingly recognizing the purchasing power of the "现充" (active social players) demographic, which could lead to new marketing strategies and game designs aimed at this group [25][31] - Upcoming projects like Tencent's "Heart of the King" and new titles in development may signal a shift in focus towards appealing to a broader audience within the female-oriented gaming market [27][29] - The balance between catering to core users and attracting new players will be crucial for the sustainability and growth of titles in the national乙 market [33]

Core Insights - The article discusses the challenges and strategies for Chinese companies expanding internationally in the current geopolitical climate, emphasizing the need for a nuanced approach that considers historical context and modern realities [1][2][11]. Historical Context - The historical relationship between economic trade and military expansion is highlighted, with examples from ancient Greece, India, and the Islamic Caliphate demonstrating how trade has often been intertwined with political and cultural shifts [3]. - The article notes that the violent expansion models of the past are no longer viable for Chinese companies, which must seek alternative strategies for international engagement [3]. Comparison with Other Nations - Chinese companies' international expansion is compared to the post-World War II expansion of American companies and Japan's strategies post-1973 oil crisis, noting that the geopolitical environment has changed significantly, making direct imitation of these models problematic [5][6][9]. - The article emphasizes that while American companies benefited from a lack of competition and a favorable global environment, Chinese companies face political and ideological challenges that complicate their international strategies [6][11]. Current Challenges - Chinese companies are currently navigating a complex international landscape characterized by rising protectionism and geopolitical tensions, which can hinder their market access and operational strategies [11][12]. - The article cites specific policies from the Biden administration and the European Union that target Chinese companies, illustrating the non-economic factors that can impact their international operations [11][12]. Strategic Opportunities - The article proposes six potential models for Chinese companies to explore in their international expansion: 1. **Multi-Center Trade Clusters**: Establishing flexible trade networks across various regions to mitigate risks [14][15]. 2. **Sustainable Resource Development Communities**: Collaborating on international standards in emerging industries to bypass geopolitical barriers [16]. 3. **International Metropolitan Economic Cooperation Alliances**: Forming city-to-city partnerships to enhance trade and cooperation [17]. 4. **Cultural Economic Entities**: Leveraging cultural resonance to build cross-border user communities [18]. 5. **Sovereign Economic Distributed Global Supply Chains**: Creating diversified supply chains to reduce reliance on single countries [19]. 6. **Equitable Growth Partnerships**: Promoting sustainable development narratives in collaboration with developing nations [20]. Conclusion - The article concludes that Chinese companies must adopt a multi-modal approach to global cooperation, moving beyond a singular export-oriented strategy to create a strategic moat in the face of geopolitical challenges [21]. - It emphasizes the importance of understanding the cultural and civilizational dimensions of international business, suggesting that successful engagement requires more than just economic transactions [22][23].

Core Viewpoint - Recent management changes at Shanghai Die Paper Technology Co., Ltd. reflect routine corporate operations, with COO Yao Fei replacing founder and CEO Yao Runhao as the legal representative [1][4]. Group 1: Company Overview - Shanghai Die Paper Technology Co., Ltd. was established in March 2019 with a registered capital of 100 million RMB, focusing on advertising, clothing retail, and online cultural operations, fully owned by Die Paper Technology [1]. - Yao Runhao retains a 54.74% stake in Die Paper Technology, maintaining control over the company despite the management changes [1]. Group 2: Management Changes - The transition of legal representatives is part of a broader trend, as Yao Runhao has also stepped down from other positions, including as legal representative of Wuhu Die Paper and Shanghai Die Paper Interactive Entertainment [4]. - This year has seen significant personnel changes within the company, marking the most substantial management restructuring in its 12-year history [4]. Group 3: Industry Position - Die Paper Games, founded in 2013, is a leading player in the female-oriented gaming sector in China, known for its core IPs "Warm Warm" and "Love and Production" [9]. - The game "Shining Warm Warm" features 3D clothing dynamic display technology, while "Love and Production" pioneered a fully dynamic Live2D and multi-thread narrative model, enhancing the industrialization of domestic dating simulation games [9]. - The company achieved a 75% month-on-month revenue growth in December 2024, ranking fifth in the "Top 30 Chinese Mobile Game Publishers" [9]. - However, the highly anticipated AAA project "Contract of All Things" faced significant setbacks, with the team size reduced from 120 to about 20 members earlier in 2025 [9].

Core Insights - Shanghai Die Paper Technology Co., Ltd. has undergone a change in its legal representative and executive director, with Yao Fei taking over from Yao Runhao [1] - The company has faced a significant trust crisis due to discrepancies between promotional content and actual game features in its popular mobile game "Love and Deep Space" [1][2] - The game has received over 2000 complaints related to consumer fraud, with individual spending records reaching up to 80,000 yuan [2] Company Overview - Shanghai Die Paper Technology Co., Ltd. was established on March 22, 2019, with a registered capital of 100 million yuan [3] - The company specializes in software development, animation design, and online cultural operations, owning popular game series such as "Warm Warm" and "Love" [3] - The company has nearly 400 million registered users globally and is projected to generate nearly 1 billion USD in revenue for 2024 [3] Recent Developments - The new game activity "The Fallen Crown" launched on July 25, 2025, has led to player dissatisfaction due to missing features that were advertised [1] - A lawyer's letter has been issued, categorizing the situation as "consumer fraud" and citing violations of consumer protection laws [2] - The company has received recognition as a key cultural export enterprise for multiple years and has won various awards for its games [3]

Core Insights - The article discusses the changing dynamics between voice actors (CVs), players, and game developers in the gaming industry, particularly in the context of character voice changes and player expectations [1][2][3] Group 1: Voice Actor Changes - The recent departure of CV Wu Lei from the game "Love and Producer" has been met with mixed reactions, with some players celebrating the change while others express dissatisfaction with current CV performances [1][2] - The industry has seen a trend of CV replacements due to various issues, including personal controversies and declining performance, leading to a more cautious approach from developers when selecting voice actors [2][7][11] - Players are increasingly vocal about their expectations for CV performances, leading to significant backlash against CVs who do not meet these standards, as seen in the cases of Zhao Yang and Wu Lei [11][15][17] Group 2: Industry Dynamics - The relationship between CVs, players, and developers has shifted from a mutually beneficial arrangement to a more adversarial one, where each party holds the other accountable for quality and performance [18][20] - Developers are now more inclined to keep CV identities hidden to mitigate backlash and player dissatisfaction, reflecting a broader trend in the industry [26][28] - The introduction of AI technology in voice acting is becoming a consideration for developers, as it offers a potential solution to the challenges posed by human voice actors, although concerns about authenticity and emotional connection remain [30][32][34] Group 3: Market Trends - The gaming market is witnessing a decline in the willingness to invest in high-profile CVs, as seen in the case of "Shining Nikki," where a CV was replaced without prior notice, leading to player protests [22][24] - The pricing structure for CVs remains relatively stable, with rates ranging from 100 to 500 per line, but the overall market dynamics are shifting as developers seek cost-effective solutions [24] - The industry's future may hinge on how well it adapts to these changes, particularly in balancing player expectations with the realities of voice acting performance and the potential integration of AI [34]

Core Viewpoint - The article explores the emotional connections individuals form with fictional characters, particularly in the context of anime and gaming, highlighting how these relationships provide emotional support and fulfillment in the absence of real-life connections [1][4][17]. Group 1: Emotional Support from Fictional Characters - Many individuals find companionship in fictional characters, often customizing interactions and narratives around them to enhance their emotional experiences [3][4]. - The phenomenon of "dream girls" or "dream boys" reflects a growing trend where people invest emotionally in characters from anime or games, seeking solace and understanding that they may not find in real relationships [9][10]. - Characters like 越前龙雅 from "The Prince of Tennis" serve as significant emotional anchors for individuals, helping them navigate personal challenges and providing a sense of stability [12][15]. Group 2: Personal Stories of Connection - Individuals like 孟风虹, an ICU nurse, illustrate how fictional characters can offer emotional resilience during stressful times, allowing them to cope with the pressures of their professions [6][16]. - The narrative of 沈玉 reveals how her emotional investment in the character 五条悟 from "Jujutsu Kaisen" led her to reassess her real-life relationships, prioritizing her feelings for the fictional character over her boyfriend [18][20]. - Similarly, 苏苏's reliance on the character 傅闲 from a game highlights how fictional relationships can provide a sense of security and fulfillment that real-life relationships may lack [25][27]. Group 3: The Role of Virtual Interactions - Characters in games, such as 暖暖 from "Shining Nikki," offer a consistent source of interaction and emotional support, filling the void left by real-life friendships [28][35]. - The article emphasizes that virtual characters can provide a stable emotional anchor, contrasting with the unpredictability of real-life relationships [36][37]. - The experiences shared by individuals underscore the idea that virtual relationships can be perceived as safer and more reliable than their real-world counterparts, allowing for a deeper emotional connection without the fear of abandonment [34][37].