2026年开年的资本市场，被一家游戏公司的投资成绩单打破平静。 1月9日，成立仅4年的MiniMax（HK00100）在港交所上市，收盘涨幅近110%，总市值超1000亿港元。此前，1月1日，卡牌潮玩公司Suplay向港交所递交上 市申请；两家业务毫无关联的企业，股东名单中却共享一个熟悉的名字——米哈游。 招股书披露的信息显示，米哈游以11.86%的持股比例成为Suplay最大外部股东，其同时持有MiniMax 7.34%的股份，且是后者天使轮投资方之一。2026年开 年连续收获两个IPO（首次公开募股），米哈游这家靠《原神》奠定行业地位的游戏公司，投资战绩足以让不少专业投资机构侧目。 作为国内游戏行业打破大厂垄断的"现象级破局者"，米哈游自2012年成立以来，凭借《原神》等爆款作品彻底改写全球手游市场格局，近年来数次跻身中国 手游发行商全球收入前列，成为唯一能与腾讯、网易分庭抗礼的未上市游戏企业。 图片来源：MiniMax官网 旗下产品带来的充沛现金流，让米哈游开始快速扩张投资版图——从二次元周边到AI（人工智能）大模型，从脑机接口到民营火箭，再到核聚变技术，米 哈游的本土投资领域跨度之大，常常让市场直呼" ...

大概3周前，2025年11月21日，B站UP主逍遥散人在直播中播放了米哈游《Varsapura》预告片。在这件事发生大约2周前，2025年11月7日，米哈游刚刚公 布了《崩坏：星穹铁道》的新角色"大丽花"的立绘及资料。在大概78年前，1947年1月15日，受害人伊丽莎白·肖特的遗体在洛杉矶被发现，该案件因受害 者被肢解，死状惨烈，受到媒体关注，此案被称为"黑色大丽花谋杀案"，凶手一直成谜。 《崩坏：星穹铁道》公布的大丽花角色被指参考及借用了"大丽花谋杀案"的元素。一些玩家对此表示反感。有一种观点认为，把曾经发生的谋杀案用作角 色设定，是对受害者和公众感情的不尊重。这种观点得到了部分玩家的认同。玩家们开始对此设定进行批评，部分玩家在社交媒体宣称"退坑"以表达对游 戏的不满。 几天之内，批评延伸到《崩坏：星穹铁道》、米哈游，以及米哈游的其他产品。接下来，有玩家把矛头指向那些玩米哈游游戏的人，部分激烈的声音把仍 在玩米哈游游戏的玩家称为"加害者的共犯"。批评延续到二创圈层，一些创作者公开表示终止合作，这种表态获得了玩家的称赞，也对其他未切割的创作 者造成了一定压力。 当大家都选择做一件事的时候，不做的人就会感到压力 ...

Core Viewpoint - The article discusses the launch of AnuNeko, an AI chat application developed by Cai Haoyu, the founder of miHoYo, highlighting its unique features and user experiences. Group 1: Product Overview - AnuNeko is an AI chat software that combines elements of gaming and conversation, allowing users to choose different characters for interaction [1][24]. - The application offers a high degree of personalization, with responses varying based on user input and character selection [10][12]. Group 2: User Experience - Initial user feedback indicates that while AnuNeko provides quick responses, its logic can be weak and is more focused on humanistic interactions [4][23]. - Users have noted that the AI mimics emotional tones, responding more aggressively to more intense user inputs [12]. Group 3: Company Background - AnuNeko is a product of Anuttacon, a new company founded by Cai Haoyu, which also launched an experimental AI game called "Whispers from the Star" [24][25]. - The company has filed for the trademark "ANUNEKO" in the US, covering various categories including software and entertainment [25]. Group 4: Industry Context - The integration of AI in gaming is becoming a trend, with other companies like Google and miHoYo also developing AI-driven characters and interactions in their games [30][33]. - The article mentions the rise of AI agents in gaming, exemplified by the new capabilities in miHoYo's upcoming game "Varsapura" [33][36].

Core Viewpoint - The competition in the two-dimensional open city game sector is intensifying, with several companies launching new titles, indicating a potential for new leading hits in the market [1] Group 1: Industry Competition - Perfect World’s game "Yihuan" and NetEase’s "Infinity" are among the key competitors in this sector, alongside Shiyue Network’s "Wangyue" and MiHoYo’s new entry "Varsapura" [1] - Only "Yihuan" has completed its second testing phase and is confirmed to be in the final development sprint [1] Group 2: Upcoming Events - On November 27, "Yihuan" officially launched a player recruitment for a co-research experience event, scheduled for December 27-28 in Suzhou [1] - The event will be a small, closed beta test requiring participants to sign a confidentiality agreement, focusing on a new version of the game [1] - The development team will engage directly with players to enhance the product through feedback [1]

Core Insights - The 二次元 (2D) gaming industry is experiencing a significant downturn, with a noticeable gap emerging in 2025 as the market matures and competition intensifies [1][4][36] - Despite the overall growth of the gaming industry, the 二次元 mobile market saw a decline in actual sales revenue by 8% year-on-year in the first half of 2025 [4] - The success of past titles like 《阴阳师》 and 《原神》 has led to an influx of developers, but many new projects struggle to sustain operations, with a third of 二次元 games ceasing operations last year [3][4] Market Trends - The 二次元 gaming market is characterized by a lack of new standout products, with players primarily discussing established titles that have maintained long-term operations [6][36] - The emotional connection between players and characters is crucial, as seen in marketing strategies that emphasize character-driven experiences [9][12] - The rise of related cultural events, such as conventions, indicates a growing interest in the 二次元 culture, which supports the gaming market [12][14] Challenges and Opportunities - The market is becoming increasingly difficult for new entrants, as players are less willing to pay for games that do not meet high creative and quality standards [36][38] - Successful products often require a strong creative vision and a commitment to quality, as exemplified by titles like 《明日方舟：终末地》 and 《Varsapura》 [25][30] - Developers must innovate in gameplay and aesthetics to stand out in a saturated market, as traditional models of success are no longer effective [36][39] Future Outlook - The 二次元 gaming sector is expected to remain a focal point in 2026, with anticipation surrounding new products that could potentially revitalize the market [45][47] - The industry's idealistic nature continues to drive developers to pursue high-quality, emotionally resonant games, despite the challenges [20][45]

Core Insights - The competitive landscape in the two-dimensional open-world gaming sector is intensifying, with Perfect World’s "Yihuan," NetEase’s "Infinity," and Shiyue Network’s "Wangyue" vying for dominance, while miHoYo enters the fray with "Varsapura" [1] - Perfect World has successfully turned around its financial performance, reporting a significant increase in revenue and profit, indicating a return to growth [2] Group 1: Industry Competition - Perfect World’s "Yihuan" has completed its second closed beta test and is in the final stages of development, with a player recruitment event scheduled for late December [1] - The game has leveraged advanced technologies such as Unreal Engine 5.5 and NVIDIA DLSS4, resulting in notable improvements in graphics and gameplay [1] - "Yihuan" has generated significant online buzz, with over 1 billion discussions across social media platforms during its testing phases [1] Group 2: Company Financial Performance - For the first three quarters of 2025, Perfect World reported revenue of 5.417 billion yuan, a year-on-year increase of 33% [2] - The company achieved a net profit of 666 million yuan, marking a successful turnaround from previous losses [2] - The gross profit margin improved to 64.83%, reflecting a 13.06 percentage point increase year-on-year, alongside reductions in sales, management, and R&D expenses [2] Group 3: Future Projections - Analysts predict that "Yihuan" could generate approximately 1.4 billion yuan in profit for Perfect World in 2026, driven by its high quality and innovative themes [2] - The anticipated launch of "Yihuan" is expected to provide a dual benefit of performance release and valuation recovery for the company [2]

Core Insights - Anuttacon, an AI company founded by Mihayou co-founder Cai Haoyu, has launched an AI chat model named AnuNeko, which features a playful and quirky personality [1][12] - The product aims to create a platform for developers to generate interactive NPCs using AI technology, moving beyond just game development [1][2] Product Features - AnuNeko offers two cat avatars, Orange Cat and Exotic Shorthair, each with distinct response styles; Exotic Shorthair provides sharper critiques while Orange Cat is more diplomatic [3][4] - The AI demonstrates quick response times and attempts to engage users in conversation, showcasing its ability to handle various types of inquiries [5] Industry Context - Major companies like Google, Ubisoft, and ByteDance are also exploring AI in gaming, with products like Google's SIMA 2 and ByteDance's Lumine showcasing advanced AI capabilities [6][8] - Anuttacon's recent release of the AI dialogue-based game "Whispers from the Star" indicates a focus on testing AI's conversational limits and user interaction [10][12] Future Implications - The development of AnuNeko reflects a broader trend in the gaming industry towards creating AI that feels more human-like and capable of engaging dialogue, rather than merely functioning as tools [13][14] - The competition in AI gaming may hinge on which company can effectively integrate "human-like" qualities into their AI systems, potentially transforming user experiences [14]

Core Viewpoint - The recent incident involving online gaming live streaming has highlighted deep-rooted issues in the current governance of the online ecosystem in China, particularly regarding the emergence of organized online violence that transcends commercial contracts and legal boundaries [1][2]. Group 1: Incident Overview - The controversy began when a well-known creator, "Xiaoyao Sanren," faced backlash for playing a new game with a legal license, leading to a wave of online violence against unrelated brands like vivo [1][5]. - The online violence escalated from individual disputes to a systematic attack on companies such as miHoYo and NetEase, indicating a standardized chain of malicious activities that exploit social issues for commercial gain [2][10]. Group 2: Nature of Online Violence - The attacks have evolved into a form of "collective punishment," where individuals and brands are targeted indiscriminately, undermining normal consumer expression and posing a substantial threat to public order [2][9]. - The online violence is characterized by organized efforts, including detailed "violence strategies" that instruct participants on how to disrupt live streams and spread false rumors [8][9]. Group 3: Impact on Companies - Companies like vivo, which had no commercial ties to the incident, faced extreme and irrational attacks, including large-scale disruptions of their live streaming activities and personal attacks on their executives [5][6]. - The situation has created an environment where businesses are not only pressured by market competition but also face unpredictable "public opinion disasters," significantly increasing compliance costs and harming the innovation landscape [11]. Group 4: Regulatory Response - The Chinese government has initiated a series of measures to address these online issues, including a special campaign targeting the provocation of extreme group emotions and the legal consequences for malicious marketing practices [14][15]. - There is a call for platforms to take responsibility for their algorithms and to implement measures against organized harassment and misinformation [17][18]. Group 5: Future Considerations - The ongoing situation emphasizes the need for a collaborative approach to governance in the online space, where legal frameworks, platform responsibilities, and societal consensus must align to restore a healthy online environment [16][19].

Core Viewpoint - The article emphasizes the necessity of adhering to the rule of law in online governance to eliminate malicious provocations and restore a healthy discourse environment for economic and social development [1][26]. Group 1: Incident Overview - A recent controversy arose from a well-known creator's live stream, which led to a wave of online violence against brands like vivo, despite no commercial ties to the creator [1][6]. - The incident reflects a broader issue where individual disputes escalate into systematic attacks on companies, driven by malicious narratives and organized online violence [2][3]. Group 2: Nature of Online Violence - The online violence has evolved into a form of collective punishment, where brands are targeted based on individual controversies, leading to significant disruptions in their operations [6][11]. - There is a notable shift from mere opinion disputes to malicious framing, where companies are unjustly associated with unrelated negative events [4][5]. Group 3: Organized Tactics - The article highlights the emergence of organized tactics among online attackers, including detailed "guides" on how to conduct online harassment against companies and individuals [10][9]. - This organized behavior is characterized by a lack of concern for factual accuracy, focusing instead on creating psychological pressure on businesses through extreme measures [11][12]. Group 4: Implications for Businesses - Companies are increasingly facing not just market competition but also the threat of sudden and unprovoked public backlash, which raises compliance costs and complicates the business environment [14][15]. - The normalization of such online violence poses a risk to the foundational trust within society, potentially harming the overall economic landscape [15][26]. Group 5: Regulatory Response - The article discusses recent regulatory measures aimed at curbing online violence, including actions by the Central Internet Information Office to address the provocation of extreme group sentiments [18][20]. - Legal frameworks are being strengthened to punish organized online harassment and malicious marketing practices, signaling a zero-tolerance approach to such behaviors [21][22]. Group 6: Recommendations for Improvement - Platforms are urged to take responsibility for their algorithms and implement measures to identify and mitigate organized harassment [23][24]. - A call for a return to rational discourse among internet users is made, encouraging independent thought and resistance to emotional manipulation [24][25].

Core Viewpoint - The company Perfect World is accelerating the launch of its highly anticipated game "Yihuan," which is positioned to lead the competitive landscape of the two-dimensional open-world gaming sector [1][5]. Group 1: Game Development and Launch - "Yihuan" has officially started player recruitment for a closed beta test scheduled for December 27-28 in Suzhou, indicating a significant step towards its launch [1]. - The game has completed its second round of testing and is confirmed to be in the final sprint phase, while other competing titles are still in earlier stages of development [3][5]. - The second test of "Yihuan" utilized Unreal Engine 5.5 and incorporated advanced technologies like NVIDIA DLSS4, resulting in notable improvements in scene construction, character performance, and combat systems [3][8]. Group 2: Financial Performance - In the third quarter of 2025, Perfect World reported a revenue of 5.417 billion yuan, a year-on-year increase of 33%, and a net profit of 666 million yuan, marking a turnaround from losses [6]. - The successful launch of multiple new games, including the self-developed MMO "Zhu Xian World," has been a key driver of revenue growth [6]. - The company's esports and film sectors also contributed significantly, with the film business achieving a revenue of 920 million yuan in the first three quarters, a staggering year-on-year growth of 433% [6]. Group 3: Market Position and Future Outlook - "Yihuan" is expected to be the first product to launch in the competitive two-dimensional open-world market, establishing a first-mover advantage for Perfect World [5]. - Analysts predict that "Yihuan" could generate approximately 1.4 billion yuan in profit for the company in 2026, indicating strong potential for revenue growth and valuation recovery [8]. - The company is focusing on product iteration, technological upgrades, and cost control to build new growth momentum and regain its competitive position in the industry [9].