2025年的游戏市场，出海仍是关键词。 根据中国音像与数字出版协会发布的《2025年1-6月中国游戏产业报告》，中国自主研发游戏在海外市场的实际销售收入达到95.01亿美元，同比增长 11.07%，证明海外市场对国产游戏有着持续需求。 从腾讯游戏、网易游戏的Q3财报能发现，大厂在海外市场斩获颇丰。鹅厂国际市场收入同比增速高达43%，是该市场板块单独披露业绩以来的最高增 速；猪厂海外市场递延收入同比增长25.3%至194.7亿元，机构指出海外市场将成为其游戏业务的第二增长曲线。 根据上半年数据以及季度增长趋势，2025年中国自研游戏海外收入将突破200亿美元大关。面对出海收入再创新高，欣喜之余未免也充满了探究与好奇： 与过去几年相比，国游出海的品类构成是否出现变化？是哪些海外玩家在为中国游戏氪金买单？出海收入的提升过去存量玩家的基础上加大了氪金力度与 次数，还是触及到了新玩家？ 通过数据以及对真实海外玩家的采访，我们想看看国游出海这一年发生了什么新变化。 #本文已采访五位相关人士，他们也是「娱乐资本论」2025年采访的第609—613位采访对象 谁是出海"第一厂" 虽说文无第一武无第二，但诸多厂商出海，势必还是 ...

12月16日，在"国是论坛：2025年会"上，北京大学国家发展研究院副院长黄卓结合经济产业视角，回顾 过去20年中国实体经济的三大机遇，并预判未来20年企业出海、新消费、人工智能将成为驱动经济发展 的新机遇。 黄卓指出，个人与企业的成功离不开对经济趋势的把握。回溯过去20年，中国实体经济的三大机遇深刻 影响了发展进程。其一为全球化机遇，自改革开放尤其是2001年加入世贸组织后，中国深度融入全球分 工，企业借力学习先进技术与管理经验，生产效率提升，"世界工厂"地位确立，这一趋势也使得"国 际"类专业在早年成为热门选择。 其二是城市化趋势，人口向城镇、大城市聚集推动城市化率攀升，房地产行业崛起，地方政府通过土地 出让金完善基建、招商引资，形成良性循环，买房决策也成为影响一线城市居民发展的关键变量。 第二，人口结构变化催生的新消费机遇。黄卓认为，消费对中国经济的贡献仍有巨大提升空间，中央经 济工作会议将提振消费置于重要位置。扩大消费需政府与企业协同发力：政府需提高居民收入、完善公 共服务与社保，破除消费堵点；企业则需精准对接新消费趋势。 当前中国消费市场呈现"K形"结构，既存在对性价比消费的偏好，如商场地下一层餐饮 ...

Core Insights - The 2025 China Entrepreneur Influence Conference is themed "Emergence·Infinity - Co-creating New Forms of Intelligent Business" and is held in Beijing from December 5 to 7 [1][6] - Renowned brand strategy expert Li Guangdou delivered a speech discussing the business lessons derived from "Journey to the West" [3][8] Business Lessons from "Journey to the West" - The narrative of "Journey to the West" can be divided into three parts: the Great Havoc in Heaven, the King of Tang's journey to the underworld, and the journey to the West, which correspond to top-level design, project management, and execution in business [3][8] - Li emphasizes that everyone resonates with the character Sun Wukong due to an inherent sense of restlessness, highlighting the importance of reflection and growth for entrepreneurs [3][8] - The character of Tang Seng represents a brand, and Sun Wukong's journey illustrates the necessity of following effective leadership to achieve success [3][8] Common Leadership Mistakes - Li identifies common pitfalls for middle managers, including the ability trap, efficiency trap, and identity misalignment, which can hinder organizational growth [3][8] - He stresses that being skilled at tasks does not equate to effective management, and that a leader's capabilities can set the ceiling for the company's potential [3][8] Importance of Team Dynamics - The discussion includes the significance of choosing the right team, as illustrated by Sun Wukong's choice to follow Tang Seng instead of the powerful Bull Demon King, which could have led to a very different outcome [4][10] - Li notes that successful business involves both creating and distributing value, encapsulated in the saying "wealth gathers and people disperse, wealth disperses and people gather" [4][9]

Core Insights - The article highlights the significant growth potential of the Latin American e-commerce market, particularly through the performance of major players like Mercado Libre, which reported a 70.8% year-on-year increase in sales in Mexico during the Buen Fin promotion [5][6]. - Despite a global slowdown in e-commerce growth, Latin America is projected to maintain a robust compound annual growth rate (CAGR) of 9.43% from 2025 to 2029, making it the second-highest growth region globally [6][7]. - The article emphasizes the importance of localization and understanding consumer preferences in Latin America, as successful brands adapt their products and marketing strategies to meet local demands [15][24]. E-commerce Growth in Latin America - Latin America's e-commerce market has shown consistent growth, with a projected total transaction value of $633 billion by 2024, reflecting a sustained annual growth rate of over 20% since 2019 [5][6]. - The region's e-commerce sales currently account for only 12-15% of total retail sales, indicating significant room for growth compared to more mature markets like China and North America [13][14]. - The demographic structure, with a large proportion of young consumers, coupled with improved digital infrastructure, is driving the rapid expansion of e-commerce in the region [14][15]. Consumer Behavior and Preferences - Latin American consumers exhibit a strong inclination towards online shopping, with 16% of the middle to high-income population shopping online daily and 53% weekly [14]. - The local culture emphasizes immediate consumption, influenced by the prevalence of weekly pay cycles, which encourages spending rather than saving [14]. - Consumer preferences in Latin America differ significantly from other regions, with a greater emphasis on product reviews and detailed information rather than promotional advertising [16][23]. Localization Strategies - Successful brands in Latin America, such as GameSir and Amazing Bloks, have tailored their products to meet local needs, demonstrating the importance of deep localization [15][24]. - For instance, GameSir adapted its gaming controllers to address specific consumer preferences in the region, leading to substantial sales increases during promotional periods [10][23]. - Understanding local aesthetics and cultural preferences is crucial, as evidenced by Amazing Bloks' shift to darker color themes that resonate more with Latin American consumers [21][24]. Competitive Landscape - The Latin American e-commerce market is becoming increasingly competitive, with major platforms like Mercado Libre capturing a significant market share of 26% in 2024 [28]. - The article stresses the necessity for brands to choose the right platforms for entry into the market, as local knowledge and infrastructure are vital for success [26][29]. - Long-term commitment and investment in product and service refinement are essential for brands aiming to thrive in the Latin American e-commerce landscape [29].

Core Insights - Latin America's e-commerce market is showing significant growth potential, with Mercado Libre reporting a 70.8% year-on-year increase in sales during the Buen Fin promotion in Mexico, reaching $780 million [1] - Despite a global slowdown in e-commerce growth, Latin America is projected to maintain a compound annual growth rate (CAGR) of 9.43% from 2025 to 2029, making it the second-highest growth region globally [2] - The e-commerce penetration in Latin America is still low, accounting for only 12-15% of total retail sales, indicating a vast opportunity for growth [9] E-commerce Growth in Latin America - The overall e-commerce scale in Latin America has consistently grown over 20% year-on-year from 2019 to 2024, with total transaction volume expected to reach $633 billion in 2024 [1] - The region's e-commerce market is projected to reach $769 billion by 2025 and potentially exceed $1 trillion by 2027 [6] - The demographic structure, with 65% of the population being young adults, supports a high labor participation rate and consumer spending potential [9] Local Market Dynamics - Localized product offerings are crucial for success in Latin America, as demonstrated by brands like Amazing Bloks and GameSir, which tailored their products to meet local consumer preferences [4][12] - The logistics infrastructure has improved significantly, with 75% of Mercado Libre's products now eligible for next-day delivery, enhancing the overall shopping experience [10][19] - Consumer behavior in Latin America shows a preference for immediate consumption, with many consumers shopping online frequently, driven by a culture of enjoying the present [9] Competitive Landscape - Mercado Libre holds a dominant market share of 26% in the Latin American e-commerce space, far surpassing its nearest competitor [19] - The competitive environment is characterized by a mix of established players and new entrants, with a focus on long-term investment and understanding local market nuances [17][22] - Brands are shifting from a "sell goods" mentality to a "brand building" approach, emphasizing the importance of local insights and consumer engagement [17] Strategic Recommendations - Companies looking to enter the Latin American market should prioritize partnerships with local platforms like Mercado Libre to leverage their established logistics and market knowledge [19][22] - A deep understanding of local consumer preferences and cultural nuances is essential for product development and marketing strategies [12][15] - Long-term commitment and continuous adaptation to local market conditions are necessary for sustained success in the region [22]

Core Viewpoint - ByteDance has developed a new gaming agent named Lumine, capable of autonomously playing games like Genshin Impact, showcasing advanced skills in exploration, combat, and puzzle-solving [1][4][9]. Group 1: Agent Capabilities - Lumine can perform complex tasks in Genshin Impact, including dynamic enemy tracking, precise long-range shooting, and smooth character switching [4][5]. - The agent demonstrates strong understanding in boss battles and can solve various puzzles, such as collecting items based on environmental cues [6][12]. - Lumine is capable of executing GUI operations and can follow complex instructions by understanding prior task information [7][8]. Group 2: Technical Framework - Lumine is built on the Qwen2-VL-7B-Base model, leveraging multimodal understanding and generation capabilities from extensive web data training [9][10]. - The agent employs three core mechanisms: Observation Space for visual input processing, Hybrid Thinking for decision-making efficiency, and Keyboard and Mouse Modelling for action representation [12][14][15]. - A three-phase training process was implemented, including pre-training for basic actions, instruction-following training, and decision reasoning training, leading to high task completion rates [17][20][23]. Group 3: Performance Metrics - Lumine-Base shows a stepwise emergence of capabilities, achieving over 90% success in basic interactions but lacking goal-directed behavior [38]. - Lumine-Instruct outperforms mainstream VLMs in short-cycle tasks, achieving a success rate of 92.5% in simple tasks and 76.8% in difficult tasks [33][35]. - Lumine-Thinking demonstrates exceptional performance in long-term tasks, completing the main storyline of Genshin Impact in 56 minutes with a 100% task completion rate, significantly faster than competitors [41][42]. Group 4: Cross-Game Adaptability - Lumine-Thinking exhibits strong adaptability across different games, successfully completing tasks in titles like Honkai: Star Rail and Black Myth: Wukong, showcasing its general agent characteristics [45][46]. - The agent's ability to navigate unfamiliar environments and execute complex tasks highlights its potential for broader applications beyond gaming [45][46]. Group 5: Industry Implications - The development of Lumine reflects a trend in the industry where companies like Google are also creating agents capable of operating in 3D game environments, indicating a clear path towards embodied AGI [48][51]. - The belief in the eventual transition of gaming agents into real-world applications underscores the significance of advancements in AI and gaming technology [51].

Core Insights - The focus of the Wuzhen Summit in 2025 has shifted from internet giants to emerging AI and robotics companies, particularly the "Six Little Dragons" from Hangzhou [1][3][10] - The rise of these companies signifies a transition in China's tech narrative from "Internet+" to "AI+" and highlights the country's path toward independent innovation [3][9][17] Group 1: The "Six Little Dragons" - The "Six Little Dragons" include DeepSeek, Yushu Technology, Game Science, Qunke Technology, Qiangnao Technology, and Yundong Technology, all founded around 2015, and are now challenging technological boundaries in their respective fields [4][10] - DeepSeek's open-source large model is reshaping the global AI industry, while Yushu Technology is pushing the limits of robotics [4][11] - Game Science's project "Black Myth: Wukong" has sparked global interest in Chinese culture, and Qunke Technology focuses on spatial intelligence for robots and AI agents [4][11] Group 2: Innovation Ecosystem - The emergence of the "Six Little Dragons" is supported by a robust innovation ecosystem in Zhejiang, which has established over 2,600 doctoral innovation stations, with more than 200 closely related to AI [5][12] - Zhejiang has nurtured over 1,800 specialized "little giant" enterprises and 36,300 innovative SMEs, indicating a strong foundation for technological advancement [7][8] Group 3: Industry Growth Metrics - In the first nine months of this year, Zhejiang's core AI industry generated revenues of 494.4 billion yuan, a 22% year-on-year increase, with R&D expenditures reaching 39 billion yuan, up 14% [8] - The shift from product creation to ecosystem development is evident as Chinese technology moves into deeper innovation areas such as large models, robotic operating systems, and brain-computer interfaces [9][11] Group 4: Future Outlook - The upcoming "14th Five-Year Plan" emphasizes the cultivation of emerging and future industries, potentially adding a scale equivalent to "recreating China's high-tech industry" over the next decade [15][17] - China's entry into the top ten of the World Intellectual Property Organization's global innovation index marks a significant milestone, indicating the country's innovation system is now among the global leaders [16][17]

Group 1 - The "Six Little Dragons" of Hangzhou, representing six emerging tech companies, were formally introduced at the World Internet Conference in Wuzhen on November 7 [1] - The event featured discussions on AI, with DeepSeek's representative emphasizing the company's long-term focus on achieving Artificial General Intelligence (AGI) and prioritizing core technological breakthroughs over short-term tasks [3][4] - The representative from DeepSeek expressed optimism about the next 3 to 5 years, predicting a "honeymoon period" where AI will help solve complex problems and create greater value [3] Group 2 - Concerns were raised about the potential job displacement due to AI advancements in the next 5 to 10 years, with tech companies needing to act as "whistleblowers" to inform society about the risks of job replacement [4] - The discussion highlighted the difference between the current AI revolution and past industrial revolutions, noting that AI could surpass human intelligence, leading to significant societal impacts [5] - Companies like Yushu Technology and Cloud Deep Technology acknowledged the challenges in developing embodied intelligent robots, particularly in data collection and model training [5][6] Group 3 - Group Core Technology, which is seeking a listing on the Hong Kong stock market, has shifted its strategy to focus on providing services to robotics hardware companies, leveraging its expertise in spatial intelligence [6] - Strong Brain Technology is pursuing non-invasive brain-computer interface technology, facing challenges in data collection and analysis due to the complexity of the human brain [7] - Game Science, known for developing "Black Myth: Wukong," highlighted the growing appreciation for domestic products among Chinese consumers when they meet high-quality standards [8]

Core Insights - The 2025 World Internet Conference in Wuzhen highlighted the rapid advancements in technology over the past decade, particularly in AI and related fields, showcasing six leading tech companies that are leveraging the internet's data accumulation to explore cutting-edge directions [2][3]. Group 1: Industry Trends - The "Six Little Dragons" represent companies in fields such as embodied intelligence, brain-computer interfaces, spatial intelligence, large models, and gaming, all benefiting from the technological and data foundation built over the last ten years [2]. - The gaming industry in China has become the largest market globally, with a significant number of top-grossing games developed by Chinese teams, indicating a strong domestic user base and potential for future growth [4][6]. Group 2: Technological Advancements - Companies like Yushut Technology and Qiangnao Technology are optimistic about the future of embodied intelligence and robotics, noting that many previously sci-fi concepts are becoming reality, with expectations for significant advancements in the coming years [5]. - The brain-computer interface field is seen as a potential solution for various brain-related diseases, with ongoing challenges in data collection and analysis, but promising developments are underway, such as a weight management product expected by 2027 [7]. Group 3: Future Outlook - Experts predict that AI will create more opportunities in the short term but may pose risks in the long run, with expectations that AI will begin to replace certain jobs within 5 to 10 years, fundamentally altering the workforce landscape [6]. - The healthcare sector is heavily impacted by brain-related conditions, with a significant portion of medical expenses related to brain health, highlighting the urgent need for advancements in brain-computer interface technologies [7].

Core Viewpoint - The article discusses the significant advancements in technology over the past decade, particularly in the fields of AI, robotics, and gaming, highlighting the emergence of innovative companies that are leveraging the internet's data and technological foundation to explore new frontiers [3][4][6]. Group 1: Technological Advancements - The "Six Little Dragons" of cutting-edge technology, including companies like Yushut Technology and Game Science, are benefiting from the data accumulation of the past decade, transitioning from the internet era to the AI era [3][4]. - The robotics industry has seen substantial progress, with the first untethered robotic dog developed in 2018, overcoming previous challenges related to stability and application [4][5]. - The gaming industry has grown significantly, with China becoming the largest market for gaming, as evidenced by the fact that four of the top ten highest-grossing games globally were developed by Chinese teams [5][6]. Group 2: Future Outlook - Experts predict that the field of embodied intelligence and humanoid robots is closer to realizing its potential than other advanced fields, with expectations for significant advancements in the next few years [6]. - AI is anticipated to create more opportunities in the short term, but may pose greater risks in the long term, with predictions that AI could replace a significant portion of jobs within the next 10 to 20 years [7]. - The brain-computer interface technology is seen as a potential solution for treating brain-related diseases, with ongoing challenges in data collection and analysis [8].