更令人称道的是游戏对公平性的坚持。当市集上的手艺人比拼创意而非摊位费时，《三国：谋定天下》 也抹平了付费差距——20抽保底橙将机制让平民玩家也能凑齐顶配阵容，自动练兵系统确保离线也能稳 步成长。这种"地摊式"的公平竞争，让策略热爱者真正凭实力说话。 当华尔道夫酒店门口的琉璃灯映照在手作耳环上，当柏悦大堂飘起糖画特有的焦香，五星级酒店集 体"下沉"摆地摊的魔幻场景，让整个文旅圈为之沸腾。这种打破常规的跨界操作，与《三国：谋定天 下》中"职业混搭"的战略美学不谋而合。 看似违和的场景往往隐藏着精妙算计，就像游戏中青囊职业的治疗帐篷总出现在意想不到的位置。奢华 酒店经理透露，他们的夜市摊位单日营业额抵得上整层客房收入，这种资源利用效率堪比游戏里的司仓 职业——能在战火纷飞中保持资源正增长，把每个铜板都用在刀刃上。 在地摊经济席卷高端场所的背后，是人们对体验式消费的极致追求。这恰似《三国：谋定天下》打破 SLG传统桎梏的创新：拒绝让玩家困在重复铺路中，转而用自动行军、智能托管等设计，让每位玩家都 能专注于真正的策略乐趣。就像游客不会深究酒店地毯的织数，玩家也不必纠结于繁琐操作，要的只是 那份掌控全局的快感。 看着酒店 ...

证券研究报告 点评报告 2025 年 7 月 7 日 晨会纪要 当前，比亚迪"迪链"为代表的供应链金融模式，已不仅是单纯的结算工具，而是 逐步演化为一种深刻重塑企业核心竞争力与风险轮廓的复杂金融战略。供应商将"迪 链"层层流转，最终将"迪链"用于银行贷款，这在效果上，相当于比亚迪将自身 的信用和现金流压力部分转移给了供应链，利用供应商的融资能力来支持自身的高 速扩张。 2024 年末，名义上，比亚迪的债务仅有 286 亿元，但算上"迪链"后的广义债务规 模达到了 5000 多亿元；比亚迪流动资产约 3710 亿元，代表现金流上出现了 1000 多亿缺口，显示出较高的财务杠杆和潜在的流动性风险。销售量的下跌会导致现金 流的进一步减少，负债比例会迅速攀升，影响到"迪链"的稳定性，导致系统性崩 盘。因此，在当前模式下，比亚迪对销量的要求是非常高的，比亚迪开展的一系列 大降价可能反映了其为了维持规模和市场份额所面临的巨大压力。 这种极具争议的高杠杆运营模式正在成为行业的核心竞争力，各车企纷纷跟进推动 自家的"迪链"，这可能导致行业集体暴雷，使监管层面临两难局面。强力监管， 可能导致行业出现大规模的流动性危机；放任不管 ...

Core Insights - The mobile gaming market in China is experiencing significant growth, with mobile game revenue expected to increase by 5.01% year-on-year in 2024, while mini-program games are projected to grow by an impressive 99.18% [1][3][10] - Major platforms like WeChat and Douyin are leading in mini-game user engagement, with WeChat's mini-games reaching over 500 million monthly active users [8][11] - The competition among game developers is intensifying, with traditional game companies increasingly entering the mini-game space to leverage their existing IPs and resources [14][16] Market Growth - The mini-game market is predicted to reach a scale of 61 billion by 2025, driven by the increasing popularity of lightweight, easily accessible games [1][3] - Mini-games are attracting a diverse range of developers, including those previously focused on app or PC games, creating a vibrant market ecosystem [3][6] Platform Strategies - WeChat and Douyin are focusing on retaining users and increasing traffic through mini-games, with both platforms hosting industry events to showcase their ecosystems [4][6] - WeChat's mini-game platform was launched in 2017, and it has since become a fertile ground for developers, benefiting from its social networking capabilities [8][20] User Engagement - Users on WeChat engage with an average of six mini-games monthly, with daily online time increasing by 10% year-on-year [8] - Douyin's mini-games have seen a 130% growth rate, with strong retention and monetization metrics [10][11] Developer Competition - Approximately 70% of listed gaming companies have entered the mini-game sector, leveraging their technological and resource advantages [14][16] - Major gaming companies are increasingly investing in marketing for mini-games, with daily advertising expenditures surpassing those for traditional mobile games [16][18] Monetization Strategies - Mini-games utilize various monetization models, including advertising, in-app purchases, and hybrid models, which are proving effective for traditional game companies [14][23] - The success of mini-games like "Jump Jump" and "Sheep Got Sheep" demonstrates the potential for high returns on low initial investments [20][23] Ecosystem Development - The competitive landscape is evolving, with platforms like Alipay and Meituan also entering the mini-game space, although their focus remains more supplementary compared to WeChat and Douyin [10][11] - The interconnectivity between platforms is being explored, with Douyin allowing links to WeChat mini-games, promoting a collaborative growth environment [26][27]

Group 1 - The gaming industry has seen a consensus on anti-corruption efforts, with major companies like Tencent and NetEase issuing anti-corruption announcements [1] - Bilibili (B站) reported the arrest of its former game cooperation department general manager, Zhang X, for serious job-related crimes [1] - Bilibili emphasized compliance with national laws and encouraged employees and partners to report misconduct, ensuring confidentiality for whistleblowers [1] Group 2 - In Q1, Bilibili's performance improved, achieving revenue of 7.003 billion RMB, a 24% year-on-year increase, and a net loss of 10.7 million RMB, narrowing by 99% [2] - The CFO highlighted the contribution of the gaming business, with revenue from games growing by 76% and overall gross profit margin increasing from 28.3% to 36.3% [2] - The success of the exclusive game "Three Kingdoms: Strategize" significantly boosted Bilibili's gaming performance, achieving over 1 billion RMB in revenue within the first month of its release [2]

在这场虚实难辨的消费狂欢中，明智的玩家早已转战《三国：谋定天下》的真福利战场。当数码圈还在 算计满减公式时，三谋开场即送双橙将的豪气，堪比直接给用户账户打入2233元现金券。游戏内每天赠 送的免费抽卡机会，更将"白嫖进行到底"的理念贯彻到极致。 六月骄阳似火，比天气更热的当属电商平台的618大战。某东平台放出"买贵双倍赔"的豪言，某多祭 出"百亿补贴升级版"杀手锏，连短视频平台都加入混战推出"跨店满减券"。在这片没有硝烟的战场上， 数码产品以价换量的戏码年复一年上演，但今年商家们精心设计的"史低价"背后，似乎藏着更多令人玩 味的消费陷阱。 细究平台套路，所谓"保价双保险"实则布满荆棘。某品牌旗舰机标注的直降2000元，不过是将原价从虚 高的8999元调回正常价位；宣称"30天保价"的商家，遇到消费者申请价保时，常常以"赠品不同"、"套 装变更"等理由推诿。更有甚者，在618结束后立即推出"新品预售"，让刚到手的热乎机型秒变过时款。 在时间成本把控上，三谋同样展现出过人智慧。自动铺路系统省去手动操作的繁琐，练兵所的挂机功能 解放玩家双手，预约攻城机制让战略部署从容不迫。这些设计节省的宝贵时间，足够玩家在电商平台 ...

Core Insights - The gaming companies in Shanghai appear to be recovering, signaling a potential new phase for the industry [1][26] Group 1: Company Performance - Eagle's new game "Pom Pom" has achieved significant success, ranking Top 3 in China and Top 10 globally on Steam with an 88% approval rating [1][2][3] - Paper Games has seen a remarkable turnaround, with its flagship store topping the sales chart on Tmall during the "618" shopping festival [5][6] - The game "Love and Deep Space" has shown strong performance, with projected revenue exceeding 6 billion yuan across all platforms in 2024 [6][7] - Heartbeat Games has reported a nearly 70% year-on-year revenue increase, reaching 3.3 billion yuan in 2024, driven by successful titles [10][12] Group 2: Industry Trends - The gaming industry in Shanghai is experiencing a collective improvement, which may indicate the beginning of a recovery cycle [26] - Despite the positive trends, many companies remain cautious regarding project launches and hiring, with a significant oversupply of talent in the job market [24][25] - The past two years saw a wave of layoffs and project cancellations across the industry, but the current signs of recovery suggest a potential shift in the market dynamics [23][26]

Group 1 - The most popular travel option during the Dragon Boat Festival this year is the "48-hour refresh" micro-vacation, reflecting a shift in consumer preferences towards short, efficient getaways [2] - The tourism market saw a 23.8% year-on-year increase in cultural and tourism revenue, indicating a growing consumer desire to escape the pressures of work while avoiding exhausting travel experiences [3] - A viral incident involving a price hike of dumplings in a popular ancient town highlights consumer resistance to inflated prices, paralleling changes in the SLG gaming sector where players seek transparent and fair experiences [6] Group 2 - Families are increasingly favoring a "time-sharing vacation" model, balancing group activities with personal exploration, which mirrors the collaborative gameplay in "Three Kingdoms: Strategy of the World" [8] - The gaming industry is providing solutions for the holiday economy by eliminating the stress of ticket purchasing and hotel pricing, allowing players to control their own experiences [10] - The "Dragon Boat Racing" feature in the game exemplifies a low-effort, high-strategy approach, reflecting the essence of the holiday economy by offering stimulation while preserving relaxation [11]

Core Viewpoint - Bilibili has successfully transitioned to profitability after 15 years of losses, demonstrating stable earnings with significant growth in revenue and profit margins in the first quarter of 2025 [1][6]. Financial Performance - Bilibili reported a net revenue of 70.03 billion yuan in Q1 2025, a year-on-year increase of 24% [1] - Gross profit reached 25.39 billion yuan, up 58% year-on-year, with a gross margin of 36.3%, an increase of 8 percentage points [1] - Adjusted net profit for the quarter was 3.62 billion yuan, marking the third consecutive quarter of positive adjusted net profit [1] Revenue Sources - Bilibili's revenue is derived from four main areas: value-added services, advertising, mobile games, and IP derivatives [1] - Advertising revenue was 19.98 billion yuan, a 20% year-on-year increase, driven by strong growth in performance-based advertising, particularly in AI-related ads [2] - Mobile gaming revenue reached 17.31 billion yuan, a 76% increase year-on-year, largely due to the success of the exclusive game "Three Kingdoms: Strategy of the World" [2] - Value-added services generated 28.07 billion yuan, an 11% increase year-on-year, primarily from live streaming and other services [2] - IP derivatives and other revenue decreased by 4% to 4.67 billion yuan [2] User Growth and Engagement - Daily active users reached 106.7 million, an increase of approximately 4.3 million year-on-year, while monthly active users totaled 368 million, with a net increase of 28 million [3] - The average age of Bilibili users is now 26, indicating a shift towards a more engaged and financially capable user base [3] - Users spend an average of 108 minutes daily on the platform, with the number of paying users reaching a historical high of 32 million [3] Strategic Initiatives - Bilibili has been focusing on cost reduction and efficiency improvements, leveraging AI technology to enhance commercial conversion rates [3] - The company upgraded its fan charging plan, resulting in a 200% year-on-year increase in related revenue [4] - Bilibili aims to gradually increase its gross margin to 40%-45% and maintain a long-term operating profit margin target of 15%-20% [4] Future Outlook - Bilibili's CEO expressed confidence in the company's ability to sustain profitability and adapt to the evolving AI landscape, emphasizing the potential for diversified monetization of high-quality content [5][6] - The company recognizes the importance of long-term operations for its gaming projects, particularly "Three Kingdoms: Strategy of the World," which is expected to have a stable commercial cycle of at least five years [4]

Core Viewpoint - The release of "Three Kingdoms Fantasy Continent 2: Song of the Heroes" has faced a rapid decline in reputation within a week, despite a strong initial performance on the iOS free game chart [1][3]. Performance Summary - "Song of the Heroes" debuted at the top of the iOS free game chart but fell to 36th place by May 23, and briefly entered the Top 10 of the revenue chart before dropping out of the top 20 [3][5]. - The game's rating on TapTap plummeted to 5.3, with a significant number of one-star reviews, indicating a poor reception among players [3]. Comparison with Predecessor - The predecessor, "Three Kingdoms Fantasy Continent," launched in 2020 and consistently ranked in the top 10, ultimately generating over 10 billion in revenue, establishing itself as a phenomenon in the card game genre [5]. - In contrast, "Song of the Heroes" has struggled to maintain a competitive position, being compared unfavorably to lesser-known games [5]. Artistic and Gameplay Changes - The project team acknowledged the importance of art style in attracting players, noting that the original game's aesthetic successfully drew in a diverse user base [6]. - The sequel has undergone significant changes in art style, moving away from the previous aesthetic that appealed to many players, which may alienate existing fans while attempting to attract new ones [10][12]. Narrative and User Experience - The narrative approach in "Song of the Heroes" has been criticized for lacking depth and failing to engage players, with a focus on a "camera-like" character perspective that diminishes player involvement [10][12]. - The storyline has been described as superficial, with the game failing to effectively utilize the Three Kingdoms backdrop, leading to dissatisfaction among players [12]. Company Background and Future Outlook - Lingxi Interactive Entertainment, a subsidiary of Alibaba, has seen mixed results in its gaming ventures, with internal criticisms regarding its cultural alignment with Alibaba's broader goals [16][18]. - The company aims to become the third-largest game company in China within eight years, but the poor reception of "Song of the Heroes" poses significant challenges to achieving this goal [18].

以下文章来源于黄青春频道 ，作者黄青春Youth 黄青春频道 . 看清流量迁徙的切面 题图｜视觉中国 5 月 20 日，花式秀恩爱文案与打工人自嘲的段子一波接一波冲刷着互联网，直到下午偶尔两条哔哩 哔哩（以下简称"B站"）财报分享夹在朋友圈时间线，才发现风光不再的 B 站，即便递上最新财报也 鲜少引发市场讨论了。 某种程度上，当用户规模、市场份额、盈利能力交替成为优先级最高的指标时，互联网公司的业务节 奏经常需要围绕市场叙事调整转换，亦会影响到公司发展路径。 以 B 站为例，2025Q1 有两个转折 点可以拎出来理解这份财报： 一是盈利能力又开始"摇摆"。 2025Q1 营收达 70.03 亿元，环比减少 7.3 亿；净亏损 1070万元，调 整后净利润 3.62 亿元，环比下降近 1 亿——作为对照，B 站 2024Q4 首次实现单季度全面盈利，净 利润 8890 万元，调整后净利润 4.52 亿元。 出品｜虎嗅黄青春频道 作者｜商业消费主笔 黄青春 二是管理层似乎又滑入"烧钱"换增长的老路数， 最明显的变化是用户盘出现一个爬升小高峰，单季 度 MAU（月活跃用户数）环比净增 2800万。 这背后，一方面是 ...