在《三国：谋定天下》的世界中友情很重要，当你在游戏里创建角色，首先感受到的不是"一个人打天 下"的孤独，而是"同盟共进退"的温暖——新手期会有老玩家主动分享铺路技巧，攻城时会有盟友帮你 预留位置，甚至连武将培养遇到瓶颈，都能在聊天频道得到热心解答。这种社交属性，让SLG不再 是"一个人的策略秀"，而是"一群人的智慧碰撞"。 更关键的是，《三国：谋定天下》对新人极其友好。创建角色就能领全服预约奖励，橙色武将徐盛直接 入队，黄金和求贤令足够支撑前期发展；"七日狂欢"活动里，第二天就能解锁孙策，第七天还有更多惊 喜；每日登录完成任务，能攒青玉印去商城换求贤令，抽卡保底20次必出橙将。 如果你也和我一样，既看重游戏的美术质感，又希望设计不只是"花瓶"，不妨试试这款《三国：谋定天 下》。它没有花里胡哨的角色争议，却有从武将造型到战场地图都经得起推敲的细节；更重要的是，作 为新玩家，上线就能领七天橙将和百连抽，不用为了抽卡颜值反复纠结。与其在角色美丑的争议里打 转，不如来这里体验真正"颜值与实力并存"的三国世界。 最近二游的玩家群里炸开了锅，往常讨论最多的"战斗手感"和"地图设计"突然被"新角色颜值"抢了风 头。要知道， ...

| | 截至6月30日止六個月 | | | | --- | --- | --- | --- | | | 2024年 | 2025年 | 變動(%) | | | 人民幣 | 人民幣 | | | | (除百分比外,以千元計) | | | | 淨營業額 | 11.791.744 | 14.340.938 | 21.6% | | 毛利潤 | 3.438.561 | 5,214,944 | 51.7% | | 除所得税前(虧損)/利潤 | (1.377.372) | 245.551 | (117.8%) | | 淨(虧損)/利潤 | (1,372,780) | 207,606 | (115.1%) | | 歸屬於嗶哩嗶哩股份有限公司 | | | | | 股東淨(虧損)/利潤 | (1.357.245) | 209,900 | (115.5%) | | F公認會計準則財務指標: | | | | | 經調整淨(虧損)/利潤 | (726,872) | 922,842 | (227.0%) | | 經調整醫屬於哺喃喃酵眼般分有限公司 | | | | | 股東淨(虧損)/利潤 | (711,337) | 925.136 | ( ...

同时，B站也在持续为创作者提供更多元的变现渠道，提升创作者收入。财报显示，上半年，约200万 UP主通过广告、直播、充电、课堂、工房等渠道获得收入。通过花火商单和带货业务获得收入的UP主 人数同比分别增长19%和49%。UP主通过充电获得的总收入则同比增长超100%。 细看最新业务构成情况，第二季度，B站总营收同比增长20%，达73.4亿元。增值服务、广告、游戏和 IP衍生品及其他业务分别贡献了收入的39%、33%、22%和6%。 广告方面，B站二季度收入同比增长20%，达24.5亿元。其中，品牌广告收入保持良性增长，效果广告 收入实现了约30%的同比增长。游戏、数码家电、电商、网服、汽车成为贡献前五的行业。年轻人在B 站高度聚集、持续活跃、不断消费，吸引了大量品牌主，带动广告主数量同比增长超20%。并且，二季 度，家用电器品类的播放时长同比增长14%，在国补和618促销活动的推动下，小家电数码广告收入同 比增长超70%。 8月21日晚间，哔哩哔哩（简称"B站"）公布了截至2025年6月30日第二季度未经审计的财务报告。财报 显示，2025年第二季度B站总营收达73.4亿元人民币，同比增长20%。 数据还显示 ...

Investment Rating - The report maintains a "Buy" rating for Bilibili, with a target price adjusted to HKD 237 [6][13]. Core Insights - Bilibili is positioned as a leading online video and content community platform in China, focusing on enriching the daily lives of the younger generation. The company has shown significant user growth and accelerated commercialization, with a notable operating leverage [3][10]. Financial Summary - Total revenue is projected to grow from RMB 22,528 million in 2023 to RMB 36,484 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 9.2% [5]. - Adjusted net profit is expected to turn from a loss of RMB 3,425 million in 2023 to a profit of RMB 4,210 million by 2027, indicating a substantial recovery and growth trajectory [5]. - The adjusted net profit margin is anticipated to improve from -15.2% in 2023 to 11.5% in 2027 [5]. User Growth and Engagement - As of Q1 2025, Bilibili has 368 million monthly active users (MAU) and 107 million daily active users (DAU), with an average daily usage time of 108 minutes [10][17]. - The platform has a strong user base among the Z+ generation, with 70% of this demographic being Bilibili users [10][27]. Community and Content Ecosystem - Bilibili's user engagement is driven by a high level of interaction, with a monthly average of 16.7 billion interactions and a stable growth in paid memberships, reaching 26.4 million by Q1 2025 [40][41]. - The platform's content is primarily user-generated (PUGV), which constitutes 95% of the viewing volume, showcasing a vibrant creator ecosystem [30][38]. Commercialization and Revenue Streams - The report highlights the acceleration of Bilibili's commercialization efforts, with significant growth in gaming, value-added services, advertising, and IP derivatives [10][19]. - The advertising revenue has shown a 30% year-on-year increase, with over 35% more advertisers on the platform compared to the previous year [10][19]. Management and Corporate Structure - Bilibili's management team holds over 70% voting rights, ensuring strong control over corporate decisions. Key figures include Chairman and CEO Chen Rui, who has over 20 years of experience in the internet and technology sectors [22][24]. - The company has established strategic partnerships with major players like Tencent and Alibaba, enhancing its content and operational capabilities [22][24].

Core Viewpoint - The Chinese gaming industry is experiencing a "two extremes" situation, with top companies achieving record growth while mid-sized firms face declines and losses, leading to intensified competition and market concentration [2][4]. Group 1: Industry Overview - The top ten gaming companies in China are seeing significant shifts in their rankings, with the revenue threshold for entering the top ten increasing from 40 billion yuan in 2022 to 47 billion yuan in 2024 [2][9]. - Tencent and NetEase dominate the market, accounting for over 80% of the top ten's revenue, with Tencent's gaming revenue reaching 1,977 billion yuan in 2024, a 9.9% increase year-on-year [3][4]. - The overall gaming industry revenue, including domestic and overseas markets, is estimated at around 4,500 billion yuan, with the top ten companies contributing nearly 80% of this total [4][9]. Group 2: Company Performance - Tencent's gaming business has rebounded strongly, with a notable increase in revenue driven by both long-standing games and new releases, achieving a quarterly revenue peak of 595 billion yuan in Q1 2025 [5][6]. - NetEase's gaming revenue for 2024 was 836 billion yuan, with a modest growth of 2.5%, facing challenges in maintaining its dual-hit strategy due to a lack of new blockbuster games [7][8]. - Century Huatong's revenue surged by 70.3% to 226.2 billion yuan, largely due to the success of its hit game "Whiteout Survival" [3][10]. Group 3: Market Dynamics - The gaming industry is becoming increasingly concentrated, making it harder for smaller companies to compete, while opportunities still exist for mid-sized firms to create hit games [9][11]. - Companies like Bilibili and Kingsoft have made significant gains by launching successful titles, with Bilibili's gaming revenue growing by 40% to 56.1 billion yuan in 2024 [10][11]. - The decline of previously strong companies like Perfect World, which reported a net loss of 12.88 billion yuan in 2024, highlights the challenges of strategic misalignment and market competition [12][13]. Group 4: Future Outlook - The gaming industry is shifting from broad expansion to a focus on quality and innovation, with companies needing to either leverage resources to build ecosystems or specialize in niche markets to survive [13][14].

Core Insights - The Chinese gaming industry is experiencing a bifurcation, with top-tier companies achieving record growth while mid-tier and smaller firms face declines and challenges in transformation [1] - The revenue threshold for the top ten gaming companies has increased significantly, indicating a trend towards greater market concentration [1][11] - Tencent and NetEase dominate the market, with their combined revenue exceeding 80% of the top ten companies' total revenue [4][5] Industry Overview - The gaming industry is witnessing a slowdown in growth, with the top ten companies generating approximately 3.5 trillion yuan in gaming revenue for 2024, accounting for nearly 80% of the total industry revenue [4][11] - The revenue threshold for entering the top ten has risen to 4.7 billion yuan, reflecting a 17.5% increase from 2022 [11] - The competitive landscape is intensifying, with companies like Century Huatong and Bilibili leveraging hit games to improve their standings [1][12] Company Performance - Tencent's gaming revenue for 2024 reached 197.7 billion yuan, marking a 9.9% year-on-year increase, driven by both legacy and new titles [5][6] - NetEase's gaming revenue was 83.6 billion yuan, with a modest growth of 2.5%, indicating challenges in maintaining momentum [8][10] - Century Huatong's revenue surged by 70.3% to 22.62 billion yuan, largely due to the success of its hit game [3][12] Market Dynamics - The industry is increasingly favoring larger companies, making it difficult for smaller firms to compete effectively [1][11] - Companies that can innovate and create blockbuster games are more likely to survive, while those lacking in IP and product cycles may struggle [12][17] - The trend of focusing on long-standing games is becoming a more viable strategy for growth amid rising development costs [7][10] Future Outlook - The gaming market is shifting towards quality competition, with a clear divide between companies that can leverage resources to build ecosystems and those that focus on niche markets [17] - The potential for smaller companies to carve out niches remains, but they must innovate and adapt to changing market conditions [12][17] - The success of companies like Bilibili and Century Huatong suggests that opportunities still exist for those willing to invest in quality and creativity [12][13]

以下文章来源于定焦One ，作者定焦One团队 定焦One . 深度影响创新。 将投中网设为"星标⭐"，第一时间收获最新推送 各家的财报，也印证着这一趋势。 作者丨 刘毓航 编辑丨 魏佳 来源丨 定焦One 游戏厂商的"新品焦虑症"得到缓解。 就 在 厂商 们 苦于 二次元类游戏（以下简称"二游"） 吸引不动年轻人，就连品类头部《原神》和《崩铁》等都不可避免地迎来数据下滑之际 ，"叔系 手游"正在成为游戏行业的隐形金主。 这里的"叔系"，包含两重含义： 其一，指产品层面运营时间相对较长。像腾讯的《王者荣耀》《和平精英》，网易的《梦幻西游》都上线超过8年，且一直贡献着稳定的流水。 Sensor Tower发布的《2025移动游戏市场报告》显示，2024年，在大多数游戏类型中，老牌游戏的消费者支出占比超过80%。 其二，指玩家群体相对更成熟。这种成熟并不是完全指年龄更长，而是去圈层化且社交方式上相对更成熟。 当行业哀叹"年轻人玩不动了"，这些"叔系手游"的闷声发财，或许正是游戏行业逐渐醒悟的信号：不再一窝蜂模仿爆款，而是以长线运营为王。 "叔系手游" ，高歌猛进 这一轮在用户数量及流水方面创下好成绩的手游，可以被 ...