文丨樱花隧道 编辑丨刘士武 如果说2025年国内有哪些热门游戏赛道，SOC（开放世界生存建造）和搜打撤一定在讨论范围当中。 8月28日，英雄游戏使用UE5引擎打造的真自由非线性生存撤离游戏《机械启元》发布首曝PV，现已开启全平台预约，并宣布即将开启测试招募。这是一 款融合了自由建造和竞技对抗的生存撤离游戏，游戏中的玩法包括但不限于遭遇对抗、打造庇护所、骑乘机械兽...... 据了解，《机械启元》此前已在海外进行过多轮测试，一经曝光便在海外引起众多SOC生存对抗游戏玩家的关注。 《机械启元》设定在一个充满末世危机与机械造物的世界：人工智能的失控进化引发了人类与机械兽的全面战争，机械纳米病毒肆虐全球导致人口锐减、 资源匮乏、人工智能叛变。在人类的反攻"先驱者"计划失败后，玩家将扮演幸存的"先驱者"，被迫深入危险的病毒感染区。在游戏中，玩家需要建立临时 庇护所、搜寻生存物资，与其他玩家协作或对抗，最终完成安全撤离。 不过，《机械启元》并非简单的"又一款SOC游戏"。它在SOC玩法的基础上，深度融合了近年来火热的"搜打撤"玩法。 《机械启元》全球首曝 与传统SOC作品相比，《机械启元》成功嵌入了"搜打撤"循环与局内局 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported stable performance with a focus on global game expansion, achieving revenue of 27.99 billion yuan in Q2 2025, representing a year-over-year increase of 9.4% and a quarter-over-quarter decrease of 3.2% [3][4] - The gross profit for Q2 was 18.05 billion yuan, with a gross margin of 64.7%, an increase of 1.8 percentage points year-over-year [3][4] - The adjusted net profit reached 9.53 billion yuan, reflecting a year-over-year growth of 32.0% and a net margin of 34.2%, up 3.5 percentage points year-over-year [3][4] Game Business Performance - The revenue from games and related services in Q2 was 22.8 billion yuan, a year-over-year increase of 13.7% [4] - Several games celebrated anniversary updates, achieving high rankings on various sales charts, including "Marvel Contest" reaching the top of the global Steam sales chart [4] - The company continues to deepen its overseas expansion with multiple new game launches and ongoing development of international versions of existing titles [4] Youdao Business Strategy - Youdao's revenue for Q2 was 1.42 billion yuan, exceeding consensus estimates, with a year-over-year growth of 7.2% and a gross margin of 43.0% [5] - The "production-model integration" strategy is driving the application of AI innovations in education, including new AI learning assistants and virtual speaking coaches [5] Cloud Music Operations - Cloud Music generated 1.97 billion yuan in revenue for Q2, with a gross margin of 36.1%, an increase of 4 percentage points year-over-year [6] - The company is focused on building a music ecosystem, enhancing user experience through innovative features [6] Financial Projections - The company expects revenues of 114.73 billion yuan, 119.65 billion yuan, and 124.39 billion yuan for the years 2025, 2026, and 2027 respectively [7] - The projected adjusted net profits for the same years are 39.41 billion yuan, 40.85 billion yuan, and 42.59 billion yuan [7] - The report maintains a "Buy" rating based on these projections [7]

Core Viewpoint - The ongoing conflict between two games under NetEase, "逆水寒手游" (Nirvana in Fire Mobile) and "燕云十六声" (Yanyun Sixteen Sounds), highlights internal competition within the company, with accusations of plagiarism and marketing strategies that may be seen as a new form of promotion [1][9][21]. Group 1: Game Development and Technology - "逆水寒手游" claims its AI-driven gameplay is developed using its proprietary Fuxi intelligent engine and has not been licensed to any non-NetEase games [1]. - "燕云十六声" acknowledges that its "戏乐模式" (Xile Mode) utilizes algorithms from NetEase's AI Lab, which has been in development since 2018 [3][7]. - The competition between the two games is characterized as a "世子之争" (prince competition), with each game belonging to different business units within NetEase, leading to a lack of shared technology and resources [9][12]. Group 2: Market Performance - "逆水寒手游" achieved over 2 billion yuan in revenue within its first month and has registered over 50 million players [14]. - "燕云十六声" generated an estimated revenue of 700-1 billion yuan in its first month and saw over 3 million downloads within four days of its PC launch [15][16]. - Both games are currently performing closely in the market, with rankings in mobile game revenue fluctuating between the two [16]. Group 3: Marketing and Competition - The public dispute over alleged plagiarism has led to significant player engagement, with "燕云十六声" receiving 110,000 comments on social media platforms [1]. - The competitive nature of the two games is expected to drive improvements in technology, service, and player experience, benefiting the gaming industry as a whole [21].

Group 1 - The internal office system POPO of NetEase experienced issues, allowing message sending and receiving but hindering some business operations due to a network fault in the server room [2] - The downtime for NetEase games exceeded 2 hours, with significant challenges in troubleshooting due to the extensive area affected [2] - On August 5, multiple games under NetEase faced login issues, with players reporting freezing at the login stage despite attempts to restart devices or reinstall the games [2] Group 2 - NetEase's game "Identity V" acknowledged the login issues and stated that the development team was urgently working on troubleshooting and would communicate updates once resolved [2] - The game "Onmyoji" also reported login issues due to a temporary technical fault, with the team actively working on repairs and promising compensation for affected players [2] - This incident is not the first major server crash for NetEase, with a previous significant outage occurring in March 2025, affecting multiple games due to a network fault from the operator China Mobile [5]

Group 1 - Several games under NetEase experienced outages, including "Onmyoji," "Identity V," "Seven Days World," and "Dream of Jianghu" [1] Group 2 - Alibaba is launching a new membership system for Taobao that integrates services from Ele.me, Fliggy, and Hema, enhancing user engagement and loyalty [4] - The new membership will upgrade the benefits for 88VIP users, marking a significant move towards a comprehensive consumer platform strategy [4] Group 3 - The Supreme People's Court of China announced new regulations regarding social insurance, effective September 1, 2025, mandating that both employers and employees must participate in social insurance [6] - Employers who fail to pay social insurance will face legal consequences, including the obligation to compensate employees [6] Group 4 - Tesla CEO Elon Musk announced that drivers will soon be able to play video games while driving, pending regulatory approval, with a potential rollout in 3 to 6 months [9][10] - Despite the excitement around this feature, Tesla emphasizes that the responsibility for driving remains with the driver [10] Group 5 - Geely is undergoing a major restructuring of its internal smart driving teams, merging various brands and teams into a single entity focused on autonomous driving solutions [13] - The integration aims to enhance collaboration with strategic partner Qianli Technology to innovate and apply advanced driving assistance systems [13]

Core Viewpoint - The recent login issues experienced by multiple games under NetEase, including "Onmyoji," "Identity V," "Seven Days World," and "Dream of Jianghu," were attributed to network failures and hardware malfunctions, which have since been resolved with compensations offered to affected players [2][3]. Group 1: Game Login Issues - On August 5, players reported login failures for several NetEase games, which trended on Weibo [2]. - By 4 PM the same day, NetEase confirmed that the login issues had been fixed and compensations would be provided [2]. - "Onmyoji" announced that the login issue was due to network faults and that players would receive in-game compensation via email [2]. - "Identity V" stated that the login problem was resolved and players would receive 15 ranking treasures and 10 ranking protection cards as compensation [2]. - "Seven Days World" confirmed the resolution of the login issue and mentioned that players would receive various in-game items as compensation [2]. Group 2: Hardware Malfunction - The "Sky: Children of the Light" game reported that a hardware failure in the server room caused login issues, which have now been resolved [3]. - The official team expressed apologies for the inconvenience caused to players and confirmed that compensations would be provided [3].

Core Points - On August 5, multiple games under NetEase, including Onmyoji, experienced login issues due to a temporary technical fault, leading to player complaints and trending topics on social media [1][2] - NetEase's Onmyoji acknowledged the login problems and stated that they are conducting urgent troubleshooting and repairs, with compensation to be provided after the issue is resolved [1][2] Group 1 - NetEase's games faced login failures, affecting several titles including Onmyoji, Identity V, and others [1] - The company is actively addressing the technical issues and has communicated with players regarding the situation [1][2] - Compensation for affected players will be issued once the login issues are resolved [1][2]

Core Viewpoint - On August 5, multiple games under NetEase experienced login issues, leading to widespread player complaints and trending topics on social media platforms [1]. Group 1 - Affected games included popular titles such as "Onmyoji," "Identity V," "Seven Days World," and "A Dream of Jianghu," with players reporting login failures [1]. - The hashtag topics related to the login issues, such as "NetEase Games Crashed" and "Identity V Crashed," gained significant traction on Weibo, indicating a high level of player concern [1][2]. - "Onmyoji" acknowledged the issue as a temporary technical fault and stated that they were conducting urgent investigations to resolve the login problems [2][3]. Group 2 - "Identity V" later confirmed that the login issues had been resolved and players could log in normally again [3]. - As a form of compensation for the inconvenience, "Identity V" announced that players would receive 15 ranking treasures and 10 ranking protection cards via in-game mail [3].

Summary of Conference Call Notes Industry or Company Involved - Focus on the Chinese AI ecosystem, technology hardware, and semiconductor industry, particularly related to H20 shipments and their implications for companies like NVIDIA, TSMC, and Samsung Electronics Core Points and Arguments 1. **H20 Shipment Recovery**: The recovery of H20 shipments is seen as a positive development for China's AI ecosystem and technology hardware sector, alleviating recent supply constraints [1][4][5] 2. **Geopolitical Risks**: Despite the positive impact of H20, geopolitical uncertainties are expected to continue affecting China's semiconductor self-sufficiency efforts [2][5] 3. **Huawei's Advancements**: Huawei has developed a super cluster using Ascend 910 chips capable of training models with over 1 trillion parameters, enhancing China's competitive edge in AI [2] 4. **Samsung Electronics Outlook**: Samsung is favored due to its inventory adjustments and potential improvements in supply chain conditions following the reversal of H20 shipment bans [3][4] 5. **Capital Expenditure Trends**: The capital expenditure plans of major internet companies are expected to remain stable despite short-term GPU shortages, with potential upward adjustments if AI applications progress [4][5] 6. **Investor Sentiment**: There is a noticeable shift in investor interest towards China's data center industry, with long-term investors looking to position themselves as risks are alleviated [6] 7. **Impact on Alibaba Cloud**: The resumption of H20 shipments is anticipated to accelerate revenue growth for Alibaba Cloud in upcoming quarters [6] 8. **Technology Hardware Supply Chain**: Various suppliers, including ODMs and component manufacturers, are preparing to restart projects related to H20, indicating a positive outlook for the technology hardware sector [7][8] 9. **FII's Revenue Contribution**: FII is expected to see significant revenue contributions from AI-related sales, with projections indicating over 50% of total revenue from AI by 2026 [10] 10. **NVIDIA's Revenue from China**: NVIDIA's revenue from China is projected to be between $25 billion to $35 billion, with H20 shipments contributing significantly to this figure [11] 11. **TSMC's Position**: TSMC views the H20 recovery as a positive development, although there is uncertainty regarding wafer production levels [12][21] 12. **Market Dynamics**: The overall semiconductor market is expected to experience a positive trend, particularly in AI, while non-AI segments are recovering slowly [19][20] Other Important but Possibly Overlooked Content 1. **Competitive Landscape**: Concerns regarding competition from JD.com in the OTA sector are minimal, with existing players maintaining strong positions [14] 2. **Travel Industry Performance**: Recent data indicates a decline in hotel occupancy and airline ticket sales, raising concerns about the sustainability of recovery in the OTA sector [15][16] 3. **Gaming Sector Insights**: Expectations for revenue growth in the gaming sector remain high, with significant contributions anticipated from new game releases [17][18] 4. **IDC Orders Resumption**: Major players like ByteDance are expected to quickly resume large-scale IDC procurement following the lifting of supply constraints [22]

Core Viewpoint - The game "Unbound Abyss," developed by Dreamhaven, faces significant challenges in its long-term operation due to its buyout model and the competitive landscape of the shooting game market [1][2][6]. Pricing and Market Position - "Unbound Abyss" is priced at $30 (approximately 215 RMB), which is lower than mainstream AAA games priced at $60-$70, making it more acceptable in the Western market [2][3]. - The game aims to leverage the "premium trust effect" from its development team, which includes former Blizzard executives, to justify its pricing [3]. Content and Gameplay - The game is a rule-driven multiplayer online competitive game that combines elements like spaceship battles and zero-gravity exploration, differentiating it from traditional military-style games [5][14]. - While initial player experiences may be positive, there is a risk of aesthetic fatigue over time, necessitating ongoing content updates to maintain player engagement [5][6]. Long-term Viability - The buyout model relies heavily on initial sales, and without a stable revenue stream from DLCs or expansions, sustaining long-term content updates may be challenging [6][7]. - The game may need to transition from a buyout model to a free-to-play model with in-game purchases to attract a broader player base [7]. Market Trends and Competition - The competitive landscape for the shooting game genre has evolved rapidly, with many titles exploring various gameplay mechanics and user engagement strategies [8][10]. - Games like "Dark Zone Breakthrough" have adapted by lowering barriers to entry and enhancing cross-platform experiences, indicating a shift in market dynamics [10][12]. Industry Innovations - The emergence of "actionized" gameplay within the shooting genre represents a potential new direction, with various companies exploring this trend [16][19]. - The focus on gameplay innovation rather than just thematic elements is crucial for standing out in a crowded market [15][19].