来源：环球网 近年来，随着文化数字化战略的浪潮奔涌，数字技术与文化产业的"破壁融合"迈向纵深，其中，游戏产 业凭借其独特的交互魅力与广泛的用户基础，正在成为传统文化实现创新性传承与传播的前沿阵地。网 龙旗下经典网游IP《征服》在近日与敦煌古城展开深度联动，上线全新职业"侠客"，推出年度资料片 《侠骨豪情》，以数字化手段构建丝路江湖，将敦煌艺术元素熔铸于新职业、新场景与任务剧情中，引 起玩家热议，同时，也为传统文化传承及数字文旅创新发展提供了可借鉴的"破圈"样本。 虚实相生，创新文旅融合新路 游戏不仅在数字技术层面赋能了传统文化传播，随着"游戏+文旅"的融合模式逐步兴起，线上体验带动 线下实体参与的新风尚也在悄然成型。据《征服》项目组介绍，此次联动还创新推出"预约资料片解锁 实体门票"活动。这正是这一趋势的生动体现——它精准捕捉玩家在虚拟世界中萌发的文化兴趣，并将 其有效转化为走向现实场景、亲身体验的文化行为。 不久前，网龙旗下另一经典IP《魔域》与武夷山联动，将"碧水丹山"与千年茶韵融入数字世界，实现了 对当地文旅的有效赋能；《王者荣耀》的"敦煌飞天音乐会"则通过线下演艺与线上直播的结合，成功吸 引了310万 ...

文| 镜像娱乐，作者丨顾贞观 "再不出现，你就完了。" 10月15日，周杰伦在社交媒体上公开喊话昔日合作伙伴蔡威泽。据三湘都市和报和21世纪经济报道援引 媒体报道，疑因几年前蔡威泽拿走周杰伦320万美元，为周杰伦代操投资比特币，但如今已经失踪长达 数月。 美图净赚5.7亿离场，博雅互动高位持续买入 周杰伦320万美元下落不明，昔日好友关系破裂 热衷魔术的周杰伦，与台湾地区的魔术师蔡威泽合作渊源颇深。2018年两人在春晚上合作表演《告白气 球》；2020年周杰伦在快手开启直播首秀，直播嘉宾为陈冠霖和蔡威泽；在周杰伦作为发起人的户外综 艺《周游记》前两季中，蔡威泽的身份都是固定嘉宾。周杰伦曾公开称蔡威泽为"魔术界最懂我的人"， 但一场比特币投资，似乎让两人的关系彻底破裂。 周杰伦喊话前几天，正值币圈迎来史上"最大爆仓日"，一夜之间爆仓192亿美元。 据三湘都市报援引媒体报道，几年前蔡威泽为周杰伦代操投资比特币，最初的投资金额为320万美元 （约2300万人民币），今年10月5日，比特币突破12.5万美元/枚，创下历史新高，理论上这笔投资是赚 的，当然只是理论上。周杰伦发文约一个小时后，蔡威泽在社交媒体上回应："真 ...

Core Insights - The Chinese gaming industry is experiencing a high prosperity cycle, with 159 domestic games approved in October, indicating strong demand and supply dynamics [1][2] - The A-share gaming sector has shown significant growth, with the Shenwan secondary gaming index up approximately 66% year-to-date, ranking eighth among all Shenwan secondary industries [2] - The approval of new game titles, including major releases from Tencent and other listed companies, suggests ongoing innovation and market expansion [1][4][5] Domestic Game Approvals - In October, 159 domestic games received approval, with 73 categorized as mobile-casual and 70 as mobile games [1] - Notable titles include Tencent's "八荒奇旅," 37 Interactive's "生存33天," and others from companies like ST中青宝 and 祖龙娱乐 [1][4] Import Game Approvals - Seven new imported games received approval in October, including "蜡笔小新" from 游族网络 [2] - The total number of game approvals for the year has reached 1,441, maintaining a steady monthly issuance rate [2] Market Performance - The gaming sector has seen substantial stock price increases, with companies like 巨人网络 and 吉比特 experiencing over 210% and 110% growth, respectively [2] - The current valuation of the gaming sector remains attractive, prompting recommendations for increased investment [2] Future Growth Projections - Omdia forecasts that the total revenue from gaming subscriptions in the Asia-Pacific region will grow from $6.5 billion in 2025 to $9.4 billion by 2029, outpacing global averages [3] - The domestic self-developed online gaming market saw a 19% year-on-year growth in the first half of the year, indicating a robust recovery and innovation cycle [3] Company Performance Highlights - Tencent reported a revenue of 364.53 billion yuan in the first half of the year, with a 13.7% year-on-year increase, driven by its gaming and social services segment [4] - 祖龙娱乐 achieved a revenue of 634 million yuan in the first half of 2025, a 44.4% increase compared to the previous year, attributed to new game launches [4] - 友谊时光's revenue reached 623 million yuan, marking an 18.5% increase, with a significant turnaround in profitability [5] - 网易 reported a net income of 56.72 billion yuan, with gaming-related services showing a 13.7% year-on-year growth [6]

Group 1: Company Overview - The report maintains a "Buy" rating for Chow Tai Fook (1929), predicting a net profit of HKD 8.064 billion, HKD 10.089 billion, and HKD 11.006 billion for the fiscal years 2026-2028, with a target price of HKD 19.68 based on a 24x PE for FY26 [2][4] - Chow Tai Fook's retail value for FY26Q2 increased by 4.1% year-on-year, with mainland China showing a 3.0% increase and Hong Kong, Macau, and others showing an 11.4% increase [3][4] - The same-store sales turned positive across the board, with mainland China same-store sales up by 7.6%, and gold jewelry sales up by 10.6% with an average price of HKD 7,900, reflecting a 23% year-on-year increase [4][5] Group 2: Industry Insights - The report highlights the strong online growth for Chow Tai Fook, with e-commerce retail in mainland China increasing by 28.1% year-on-year, accounting for 6.7% of retail value and 15.5% of sales volume [5] - The report notes that the jewelry retail market is experiencing a structural shift, with the proportion of high-margin priced gold products in mainland China reaching 29.9%, up by 5.1 percentage points year-on-year, which is expected to enhance gross margins [4][5] - The gaming industry, represented by NetDragon (0777), is also highlighted for its stable growth, with projected revenues of CNY 48.6 billion, CNY 53.1 billion, and CNY 58.4 billion for 2025-2027, driven by strong IP operations and AI integration [6][7]

Core Insights - The collaboration between NetDragon's classic online game IP "Magic Domain" and Wuyi Mountain marks a significant step in integrating gaming with cultural tourism, showcasing a successful model for digital engagement in the tourism sector [1][6] Group 1: Visitor Engagement and Technology Integration - During the National Day Golden Week, Wuyi Mountain received over one million visitors, reflecting a 16.4% year-on-year increase, driven by innovative experiences such as smart guides and robotic patrols [1] - The "Magic Domain" game features a unique character, "御山司茗·忘忧," which embodies the cultural essence of Wuyi Mountain, merging natural and human heritage [1][3] - High-precision material collection and digital reconstruction were employed to create immersive game environments that accurately represent Wuyi Mountain's landscapes [3][5] Group 2: Digital Tourism Strategy - The "Digital Mountain and Sea: New Life in Fujian Tourism" initiative, launched in May, aims to leverage gaming as a medium to activate cultural tourism resources in Fujian [3][5] - The VR project "幻骑武夷·漫游九曲" allows visitors to experience Wuyi Mountain's scenery through virtual reality, enhancing the digital transformation of tourism experiences [5] - The model of "online promotion and offline visitation" is being established, creating a complete loop from virtual engagement to real-world exploration [5] Group 3: Cultural Dissemination through Gaming - The partnership between "Magic Domain" and Wuyi Mountain exemplifies the evolution of gaming from mere entertainment to a vital tool for cultural dissemination and regional promotion [6] - The "Magic Domain" IP has developed a systematic "cultural tourism cooperation matrix," demonstrating the adaptability of gaming IPs to local cultures [6] - As the "Digital China" strategy progresses, the role of gaming as a new digital scene for cultural exchange and tourism is being continuously redefined [6]

Summary of Key Points from the Conference Call Company Overview - **Company**: NetDragon - **Industry**: Gaming and Education Technology - **Founded**: 1999, listed on Hong Kong Stock Exchange in 2007 - **Key Milestones**: - 2013: Sold 91 Wireless for $1.9 billion - 2015: Acquired Promethean, entering the education technology sector - 2023: Spun off Promethean into a separate publicly listed company, Mand AI [2][3] Core Business Segments Gaming - **Flagship IP**: "Magic Domain" characterized by: - 100% original design, enhancing legal and financial stability - Fully self-published, improving profit margins - Long-term operation with high user engagement [4] - **Revenue Growth**: - "Conquer" has over 60% of revenue from overseas, with plans for deeper localization [7] - "Soul of Heroes" saw a 10% year-over-year increase in APA due to collaboration with domestic IP [9] - **AI Integration**: - AI production centers established to enhance content adaptation and efficiency - Introduction of smart NPCs and AI-generated content to improve user experience [6][14] Education Technology - **Market Position**: - Promethean holds a 70% market share in the U.S. K12 interactive display market and 30% in Europe [11] - **User Base**: Nearly 200 million users on the AI+ education platform [2][8] - **Future Plans**: - Interconnect provincial platforms with national platforms for increased service opportunities - Collaborations with international markets, including a recent project in Thailand [8] Financial Performance - **R&D Expenses**: Decreased by 27% year-over-year in the first half of 2025 [1][17] - **Shareholder Returns**: Announced over HKD 600 million in returns through dividends and buybacks in the next 12 months [2][13] - **Profitability Outlook**: - EBITDA expected to break even by Q4 2025, with growth anticipated from 2026 to 2028 [23] Strategic Initiatives - **AI Transformation**: - Focus on developing impactful AI-native games and educational content [5][16] - **Investment Strategy**: - Recent investments in companies like Slow Point AI and Chuangqi Si to enhance AI capabilities and SaaS offerings [12] - **OpenQuest Academy Collaboration**: - Aims to leverage AI infrastructure for global educational content creation [10] Market Trends and Challenges - **Gaming Market**: - Adjustments in "Magic Domain" game mechanics led to a double-digit increase in monthly active users [26] - Anticipated revenue growth from new projects and regional expansions [27] - **Education Market**: - Post-pandemic demand fluctuations have led to a slowdown, but a recovery is expected as hardware needs renewal [21][22] Additional Insights - **Team Integration**: - AI production centers are enhancing team collaboration and efficiency across different projects [6][7] - **SaaS Growth**: - New product launches are expected to increase SaaS subscription rates, contributing to overall profit margins [24] This summary encapsulates the key points discussed in the conference call, highlighting the company's strategic direction, financial performance, and market positioning within the gaming and education technology sectors.

Core Viewpoint - NetDragon (00777) experienced a significant stock increase, rising over 15% at one point and closing at 14.3 HKD, with a trading volume of 208 million HKD, following the announcement of its mid-2025 performance and strategic developments in its gaming business [1] Group 1: Financial Performance - The company's gaming business has seen a 26.7% year-on-year reduction in R&D expenses due to the comprehensive deployment of an "AI Production Center" [1] - Overall efficiency has improved by approximately 15% due to AI enhancements [1] Group 2: Product Development - NetDragon is focusing resources on its major product "Codename MY," which has entered user testing with positive feedback [1] - The game "Moyou" is expanding its multilingual versions, with two new language versions set to launch overseas in the second half of this year [1] - "Codename Alpha," a localized version of the "Conquest" series, is expected to be released in Southeast Asia in collaboration with partners, with additional regions under discussion for launches later this year [1] Group 3: Market Outlook - CITIC Securities anticipates growth in NetDragon's gaming business following the optimization of core IPs, and expects recovery in the Mynd.ai business after tariff policies are implemented [1] - The company's advancements in AI, including a strategic partnership between its subsidiary Chuangqisi and Zhongke Wenge, as well as breakthroughs in investments in AI edge devices, suggest a promising future for NetDragon [1] - These positive developments are expected to provide strong support for the company's stock price, with optimistic expectations for business growth in the second half of the year [1]

Group 1 - The core viewpoint of the article highlights that NetDragon's stock surged over 15% following the announcement of its mid-2025 performance, driven by advancements in AI and new product developments [1] - NetDragon's gaming business has seen a 26.7% year-on-year reduction in R&D expenses due to the implementation of an "AI production center," which has improved overall efficiency by approximately 15% [1] - The company is focusing resources on its major product "Code MY," which has received positive feedback during user testing, and is also expanding its popular game "Magic Domain" with two new language versions set to launch overseas in the second half of the year [1] Group 2 - Citic Securities expresses optimism regarding NetDragon's gaming business growth following core IP optimization, and anticipates recovery for the Mynd.ai business after tariff policies are implemented [1] - The company has made significant progress in the AI sector, including a strategic partnership between its subsidiary Chuangqisi and Zhongke Wenge, as well as breakthroughs in investments in AI edge devices [1] - Overall, these positive developments are expected to provide strong support for NetDragon's stock price, with Citic Securities expressing a positive outlook for the company's business development in the second half of the year [1]

Core Viewpoint - NetDragon (00777) experienced a significant stock price increase, rising over 15% at one point and closing at 14.3 HKD, with a trading volume of 208 million HKD [1] Group 1: Financial Performance - The company reported a 26.7% year-on-year decrease in R&D expenses due to the comprehensive deployment of the "AI Production Center" [1] - AI enhancements have improved overall efficiency by approximately 15% [1] Group 2: Product Development - NetDragon is focusing resources on its major product "Codename MY," which has entered user testing with positive feedback [1] - The game "Moyou" is actively expanding into multiple language versions, with two new versions set to launch overseas in the second half of this year [1] - "Codename Alpha," a localized version of the "Conquest" series, is expected to be launched in Southeast Asia in collaboration with partners, with additional regions under discussion for potential launches [1] Group 3: Market Outlook - CITIC Securities anticipates growth in NetDragon's gaming business following core IP optimization, and expects recovery in the Mynd.ai business after tariff policies are implemented [1] - The company's advancements in the AI sector, including a strategic partnership between its subsidiary Chuangqisi and Zhongke Wenge, as well as breakthroughs in investments in AI edge devices, suggest a promising future for NetDragon [1] - These positive factors are expected to provide strong support for the company's stock price [1]

Core Viewpoint - The company is experiencing a decline in revenue for 2025, but its overall profitability is improving due to cost optimization measures and a focus on enhancing operational efficiency [1][2]. Group 1: Financial Performance - In 2025, the company achieved a revenue of 2.38 billion RMB, a year-on-year decrease of 28%, with a gross profit of 1.7 billion RMB, down 24.7% [1]. - The gross margin improved by 2.9 percentage points to 69.5%, indicating enhanced overall profitability [1]. - Operating expenses were reduced to 1.35 billion RMB, a year-on-year decrease of 15.6%, reflecting the effectiveness of cost optimization initiatives [1]. - The company has a solid financial position with net cash of approximately 2.3 billion RMB and holds 12,000 Ethereum as digital asset reserves [1]. Group 2: Business Segments - The gaming and other businesses generated revenue of 1.74 billion RMB in the first half of 2025, down 18% year-on-year, but only a slight decline of 4% compared to the second half of 2024, indicating signs of stabilization [2]. - The monthly active users (MAU) of "Magic Domain" increased by 11% year-on-year, and mobile revenue showed a quarter-on-quarter increase, reflecting improved user engagement and retention [2]. - The gaming business's operating profit margin rebounded to 28.8%, nearing historical normal levels [2]. - The education business, Mynd.ai, reported revenue of 640 million RMB in the first half of 2025, primarily impacted by tightened customer budgets [2]. - The company is actively exploring emerging markets to seek new growth opportunities amid challenges in traditional markets [2]. Group 3: Future Outlook - The company has adjusted its target price to 20.24 HKD, maintaining a buy rating, based on the robust development of gaming IPs and the potential of the education market [3]. - The expected growth from the gaming business and successful expansion into overseas markets, along with the promotion of tablet products, is anticipated to drive future performance [3].