文丨刘士武 9月28日，金山世游代理的《鹅鸭杀》手游国服正式开启了新一轮的测试。 这款曾在Steam平台创下70万同时在线纪录的派对游戏，终于以全新面貌进入了中国市场，并在全网实 现了600万的预约量。 而值得注意的是，此次国服并非PC移植版本，而是金山世游基于代码级合作进行的深度本地化改造版 本。 01 在北京西北部的后厂村一带，曾经聚集过一批早期中国游戏行业的开拓者。前不久，36氪游戏在坐落于 小米科技园中的金山世游总部，见到了金山世游副总裁刘异。 作为从金山体系独立出来的游戏公司，刘异在谈及公司定位时坦言，这家带有"老团队新品牌"特质的公 司，正努力在游戏产业的新一轮洗牌中找到自己的位置。 选择《鹅鸭杀》能够节省一部分市场教育成本，不过原作毕竟是一款上线四年的海外端游，想在国内红 海市场重新培养移动端用户群体并不容易。 02 当2022年国内各大头部主播开始玩《鹅鸭杀》的时候，金山世游便与加拿大Gaggle工作室开展了关于IP 代理的沟通。 在IP合作模式上，金山世游提出了"代码级合作"方案。与普通代理不同，金山世游希望获得原始代码和 美术资源，以便进行深度本地化开发。这种合作模式虽然增加了前期投入，但 ...

凤凰网科技讯 9月28日，从金山体系内的发行团队，到独立运营的IP运营商，金山世游的转型之路 正悄然启程。近日，金山世游副总裁刘异接受凤凰网科技等媒体采访，首次系统阐述了这家从金山体系 独立出来不到三年的游戏公司的定位与未来规划。 "虽然我们位于小米科技园，也隶属于金山集团，但从我们的视角看，它更像是一个体系内的创业 公司。"刘异这样定义金山世游的现状。 然而，一个随之而来的问题是：为何在已有西山居的情况下，金山集团还要拆分出另一个游戏公 司？这是业内许多人好奇的问题。 刘异解释道，雷军回到金山后做的第一件事，就是将金山旗下的几块业务分别做了管理层持股计 划，单独拆分成几家子公司。游戏板块方面，将全国各地的工作室，包括大连、北京、武汉、成都、珠 海的工作室进行整合，对外统一品牌叫西山居。 "西山居的游戏发行团队一直在北京。我们是基于雷总的信任及集团领导的支持，让团队有新的一 轮机会。"刘异说，"所以我们从西山居体系之内再做一轮拆分，相当于是把原有的大连、武汉、北京的 工作室和北京的发行团队整合成立金山世游。" 至此，金山整个集团下有了两个游戏板块的公司：一个是西山居，一个是金山世游。刘异特别强 调，之前西山居 ...

Core Insights - The classic game IP "Angry Birds" has made a return to the Chinese market after nearly four years, being pre-installed on Xiaomi's new smartphone models 17 Pro and 17 Pro Max [1][3] - The return is facilitated by a collaboration between Kingsoft, SEGA, and Rovio, marking a significant step in promoting "Angry Birds" in mainland China [3] Group 1 - "Angry Birds" was developed and published by Rovio, gaining global popularity since its launch in 2009, with over 5 billion downloads by 2022, establishing it as a highly influential game IP [3] - The IP has expanded its content offerings beyond games, including animated series and feature films, creating a diversified content matrix [3] Group 2 - Kingsoft, as the authorized distributor for "Angry Birds" in mainland China, has extensive experience in game publishing and operations, having successfully launched popular titles such as "Bubble Pop" and "Goose Goose Duck" [3]

Core Viewpoint - The classic game IP "Angry Birds" is making a comeback in the Chinese market through a collaboration between Kingsoft Game, Sega, and Rovio, marking its return after nearly four years [1][3]. Group 1: Market Impact - "Angry Birds" has surpassed 5 billion downloads globally as of 2022, indicating its immense popularity and brand recognition [3]. - The reintroduction of "Angry Birds" in China is expected to further enhance its market influence, leveraging its existing loyal fan base [3]. Group 2: Strategic Collaboration - The partnership signifies a deepening of long-term strategic collaboration between Kingsoft Game and top international IP holders, focusing on localized operations and global IP management [3][4]. - Kingsoft Game aims to utilize its insights into Chinese player demands and its operational capabilities to drive the development of "Angry Birds" in the Chinese market [3]. Group 3: IP Strategy - Kingsoft Game views this collaboration as a significant step in its "IP strategy," aiming to create sustainable cultural assets through the introduction and operation of quality IPs [4]. - The company has prior experience in IP operations, having launched successful titles like "全民泡泡超人" and "猫咪和汤," aligning with its strategic direction [3].

Group 1 - The gaming sector experienced a rebound with the gaming ETF (159869) rising nearly 1.5% after a low opening on September 5, indicating a significant upward trend [1] - Key stocks in the gaming ETF that saw notable gains include Baotong Technology, Yaoji Technology, 37 Interactive Entertainment, Perfect World, Kying Network, and Giant Network [1] - Huawei's recent product launch event highlighted the progress of the HarmonyOS 5 ecosystem, with over 14 million terminal devices and more than 9,200 games available, showcasing the growing strength of the Harmony gaming ecosystem [1] Group 2 - The gaming sector is undergoing transformations driven by AI, content, and commercialization model changes, presenting potential investment opportunities in the gaming ETF (159869) which tracks the performance of A-share listed companies in the animation and gaming industry [2]

Group 1: National Standards and Manufacturing - The National Standards Committee plans to revise and formulate over 4,000 national standards focusing on key areas such as artificial intelligence, the Internet of Things, and new materials to support the transformation of the manufacturing industry [1] - In 2023, the National Standards Committee has already released over 600 national standards related to the transformation and upgrading of the manufacturing industry, promoting high-end, green, and intelligent development [1] Group 2: AI Developments - DeepSeek aims to release its AI agent by the end of this year [2] - OpenAI is collaborating with Broadcom to mass-produce its self-developed AI chips, with shipments expected next year [2] - Apple plans to develop an AI-based web search tool for Siri to compete with OpenAI, with a launch expected next year [3] Group 3: Robotics and Automation - Zhiyuan Robotics has adopted a "performance" model, earning approximately 15,000 yuan per day per robot since June, with over a hundred contracts from various sectors [4] - UBTECH has secured a record contract worth 250 million yuan for humanoid robots, marking the largest contract in the global humanoid robot sector to date [5] Group 4: Consumer Electronics - Huawei launched the Mate XTs foldable smartphone, starting at 17,999 yuan, featuring the Kirin 9020 chip and HarmonyOS 5.0, with a 36% performance improvement [6] - Huawei's smartwatch shipments have surpassed Apple's for the first time, driven by a recovery in consumer demand, particularly in the Chinese market [7][8] Group 5: Supply Chain and Labor Market - Foxconn and other Apple supply chain companies are aggressively hiring due to the upcoming iPhone 17 release, with hourly wages significantly higher than non-Apple factories [9]

Core Viewpoint - Kingsoft Software's Q2 2025 performance showed a revenue of 2.307 billion yuan, a year-on-year decline of 7%, which was in line with expectations, while operating profit was 383 million yuan, slightly below expectations due to higher-than-expected expenses [1] Group 1: Business Performance - Office business revenue grew by 14% year-on-year and 4% quarter-on-quarter, driven by the expansion of WPS Personal and WPS 365 [1] - The number of global monthly active devices for WPS Office reached 650 million in June 2025, representing a 9% year-on-year and 1% quarter-on-quarter increase [1] - The gaming business saw a revenue decline of 26% year-on-year and 8% quarter-on-quarter, primarily due to high comparison bases from last year for titles like "Dust White Zone" and "Jian Wang 3" [1] Group 2: Strategic Developments - The company launched WPS AI 3.0 and introduced the native Office intelligent assistant "WPS Lingxi," marking a shift from tool-based applications to collaborative intelligent agents [1] - Management indicated a commitment to increasing R&D investment in AI and collaboration, aiming to enhance product and service deployment across various office scenarios [1] - The gaming business will continue to focus on a premium strategy, deepen IP ecosystem development, and steadily advance global expansion for long-term operations [1] Group 3: Financial Metrics - The operating profit margin for Q2 was 16.6%, down 15.5 percentage points year-on-year and 9.1 percentage points quarter-on-quarter, mainly due to increased R&D and marketing expenses related to AI and new games [2] - The net profit margin reached 23.1%, up 7.2 percentage points year-on-year and 10.9 percentage points quarter-on-quarter, benefiting from one-time gains from Kingsoft Cloud's placement and share subscription [2] Group 4: Earnings Forecast and Valuation - Revenue forecasts for 2025 and 2026 were lowered by 6.7% and 6.5% to 10.33 billion yuan and 11.56 billion yuan, respectively, due to cautious assumptions regarding the gaming business [2] - Net profit forecasts for 2025 and 2026 were reduced by 21.0% and 10.0% to 1.41 billion yuan and 1.71 billion yuan, respectively, considering revenue adjustments and increased investments in new games and AI strategy [2] - The target price was adjusted down by 10% to 45 HKD, reflecting a 29% upside potential based on a 32 times 2025 price-to-earnings ratio [2]

Core Viewpoint - In the first half of 2025, despite a general recovery in the gaming sector, Kingsoft's gaming business faced unexpected pressures and challenges, with significant revenue declines in its online gaming segment [1][2][3] Financial Performance - In Q2 2025, Kingsoft's total revenue from online games and other businesses was 952 million yuan, a year-on-year decrease of 26% and a quarter-on-quarter decrease of 8% [1] - For the first half of 2025, this segment's total revenue was 1.988 billion yuan, down 10% compared to the same period in 2024 [1] Product Performance - The new game "Mecha BREAK" did not meet expectations after its launch, contributing to the revenue decline due to high comparative figures from 2024 [1][3] - The classic IP "Jian Wang 3" continued to perform strongly, supported by content updates and technical enhancements, while new titles like "Jian Xia Qing Yuan: Zero" faced challenges [3][4][5] Strategic Focus - Kingsoft's management emphasized a strategy of focusing on high-quality games and deepening IP ecosystem development, while also pursuing global expansion [2][8] - The company is looking to optimize existing products and explore new IP collaborations to find growth opportunities [11] Market Outlook - Kingsoft's gaming business is currently in a phase of short-term pressure but long-term potential, with the second half of 2025 seen as a critical period for validating its long-term operational capabilities [12]

Group 1 - The company's game business performance was below expectations, particularly the game "解限机," leading to a downward revision of revenue and net profit forecasts for 2025-2027 [1][2] - Revenue projections for 2025, 2026, and 2027 are estimated at 10.62 billion, 11.96 billion, and 13.38 billion yuan, reflecting year-on-year growth of 2.9%, 12.7%, and 11.8% respectively [1] - The company reported a Q2 2025 revenue of 2.307 billion yuan, which was below the Bloomberg consensus estimate of 2.456 billion yuan, representing a year-on-year decline of 6.7% [1][2] Group 2 - The company's net profit for Q2 2025 was 532 million yuan, showing a year-on-year increase of 35.4%, but operational profit was lower than expected at 383 million yuan [1][2] - The gross margin for Q2 2025 was 80.3%, down 2.2 percentage points year-on-year, attributed to reduced scale effects in the gaming sector and increased costs in WPS computing power leasing and bandwidth [1][2] - The WPS B-end business showed strong performance, with a year-on-year growth of 14%, and the AI monthly active users increased by 50% to 29.51 million [2]

Core Viewpoints - The A-share market experienced a collective decline on Wednesday, with the Shanghai Composite Index down by 0.09%, the Shenzhen Component down by 0.61%, and the ChiNext Index down by 1.13%. The total trading volume in the Shanghai and Shenzhen markets reached 1.376727 trillion yuan [2][6] - In the Shenwan industry sector, steel, coal, and building materials led the gains, while electronics, communications, and defense industries lagged behind. Concept sectors such as low-radiation glass, silicon energy, and special steel saw significant increases, while military restructuring, brain-computer interface, and EDR concepts faced declines [2][6] Market Performance - Domestic market performance showed the Shanghai Composite Index closing at 3,454.79 with a decrease of 0.09%, the Shenzhen Component at 10,412.63 down by 0.61%, and the ChiNext Index at 2,123.72 down by 1.13% [4] - Internationally, the Dow Jones closed at 44,484.42 down by 0.02%, the S&P 500 at 6,227.42 up by 0.47%, and the Nasdaq at 20,393.13 up by 0.94% [4] Important News - The National Development and Reform Commission has allocated over 300 billion yuan to support the third batch of "two heavy" construction projects for 2025, completing the annual allocation of 800 billion yuan for such projects [3][7] - In the U.S., the ADP employment numbers for June unexpectedly decreased by 33,000, marking the first negative growth since March 2023, with service sector jobs declining by 66,000, the largest drop since the pandemic [3][7] Industry Insights - The electronic industry has outperformed the Shanghai and Shenzhen 300 Index since the beginning of 2025, with Q1 performance showing record highs in revenue and net profit [8] - Investment opportunities are identified in semiconductor self-sufficiency, AI computing power construction, and terminal innovation, driven by intensified U.S.-China tech tensions and the ongoing AI wave [8][9] - The semiconductor industry is expected to see accelerated domestic substitution due to increased demand for advanced process semiconductor equipment and materials, with significant room for growth in domestic production capabilities [8][9] Investment Recommendations - Focus on semiconductor equipment and materials, particularly in advanced process semiconductor supply chains, and leading companies in semiconductor equipment and materials [10][11] - Monitor developments in AI chips, especially those from domestic leaders like Huawei, as their market share continues to grow [10][11] - Pay attention to the storage chip sector, where domestic manufacturers are likely to benefit from rising prices due to supply adjustments by overseas manufacturers [10][11] - The PCB market is expected to grow rapidly due to global AI computing power demands, with domestic companies well-positioned to capitalize on this trend [10][11] - In the mobile phone sector, observe leading manufacturers as they release new AI-enabled products, which could drive demand across the supply chain [10][11]