Core Viewpoint - The gaming industry is experiencing a surge in new game releases during the summer of 2025, driven by the availability of university students and major events like ChinaJoy, which encourages companies to showcase their new titles [3][5]. Game Releases - In June, 20 new games were launched in China, with July seeing over 20 additional titles set to release, including Tencent's "Star Resonance" and NetEase's "Unowned Star Abyss" [4][6]. - Notable games include "Limitless Machine" by Xishanju and "Carbon Island" by Tencent, both released on July 2, marking the start of the summer gaming season [4]. Market Dynamics - The gaming stock market has shown volatility, with significant gains on July 8, as companies like Iceberg Network and Giant Network saw increases of over 10% and 5% respectively [3][8]. - The approval of 757 game licenses in the first half of the year, including a record 158 in June, indicates a stable trend in the gaming industry [8]. Nostalgia and Updates - Established games are also seeing updates and new versions, such as the nostalgic version of "Fantasy Westward Journey," which has attracted significant player interest, leading to server congestion [6][7]. - The strategy of updating older games helps maintain player engagement and ensures stable revenue for gaming companies [7]. Policy Support - Various local governments have introduced supportive policies for the gaming industry, focusing on promoting game exports and integrating AI technology [8]. - The trend of regular game license approvals is expected to continue, fostering a more robust gaming environment [8]. Industry Trends - The gaming industry is witnessing a diversification of genres, with companies exploring new gameplay mechanics and AI integration [9]. - The emergence of party games like "Goose Duck" is expected to intensify competition among major players like NetEase and Tencent [9].

以下文章来源于36氪未来消费 ，作者王毓婵 36氪未来消费 . 在这里看到消费的未来。36氪旗下官方账号。 存量时代运营为王。 文 ｜ 王毓婵 编辑 ｜ 乔芊 杨轩 来源｜ 36氪未来消费（ID： lslb168） 封面来源 ｜ 网络 "我们保卫了上海！这是属于全世界玩家的胜利！" 一位玩家在《绝地潜兵2》的Steam评论区 激情留言 。 但这次胜利，也戏剧性地酿出了一场"史诗级运营事故"。 根据游戏设定，5月20日，光能族入侵了超级地球。超级地球一共有七座 赛博大 都市， 对应着 纽约、上海、 瑞典 等7座现实中的城市。 开战两天，几座城市相继沦陷，只有上海在中国玩家们的 努力下苦 撑，并等来了美国玩家们"放弃纽约、转战上海"的 驰援 ，迎来了"中美大团结"。 但是打赢"上海保卫战"后，《绝地潜兵2》却新增大量差评，因为玩家们发现上海的解放 进度条卡在99.9783%不动了。他们怀疑"游戏运营设计玩家们应该在游戏公司所在地瑞典完成最 终胜利"，而上海的胜利并不在运营的策划内，所以刻意锁了进度条，愚弄了大家。 这场"事故"最终以游戏运营后知后觉发来上海捷报而告终。 《绝地潜兵2》在不久前，刚刚获得TGA 20 ...

存量时代运营为王。 作者 | 王毓婵 编辑 | 乔芊 杨轩 "我们保卫了上海！这是属于全世界玩家的胜利！" 一位玩家在《绝地潜兵2》的Steam评论区 激情留言 。 但这次胜利，也戏剧性地酿出了一场"史诗级运营事故"。 根据游戏设定，5月20日，光能族入侵了超级地球。超级地球一共有七座 赛博大 都市， 对应着 纽约、上海、 瑞典 等7座现实中的城市。 开战两天，几座城市相继沦陷，只有上海在中国玩家们的 努力下苦 撑，并等来了美国玩家们"放弃纽约、转战上海"的 驰援 ，迎来了"中美大团结"。 但是打赢"上海保卫战"后，《绝地潜兵2》却新增大量差评，因为玩家们发现上海的解放 进度条卡在99.9783%不动了。他们怀疑"游戏运营设计玩家们应该在游戏公司所在地瑞典完成 最终胜利"，而上海的胜利并不在运营的策划内，所以刻意锁了进度条，愚弄了大家。 这场"事故"最终以游戏运营后知后觉发来上海捷报而告终。 《绝地潜兵2》在不久前，刚刚获得TGA 2024最佳持续运营奖项，因为它通过运营的力量，让玩家人数在跌至谷底后重新回 春。 今年5月，这场享誉太平洋两岸的战争以激昂的开头和不足的结局再次证明：一款游戏为什么"成也运营，败 ...

存量时代运营为王。 作者 | 王毓婵 编辑 | 乔芊 杨轩 "我们保卫了上海！这是属于全世界玩家的胜利！" 一位玩家在《绝地潜兵2》的Steam评论区 激情留言 。 但这次胜利，也戏剧性地酿出了一场"史诗级运营事故"。 根据游戏设定，5月20日，光能族入侵了超级地球。超级地球一共有七座 赛博大 都市， 对应着 纽 约、上海、 瑞典 等7座现实中的城市。 开战两天，几座城市相继沦陷，只有上海在中国玩家们的 努力下苦 撑，并等来了美国玩家们"放弃纽 约、转战上海"的 驰援 ，迎来了"中美大团结"。 今年5月，这场享誉太平洋两岸的战争以激昂的开头和不足的结局再次证明：一款游戏为什么"成也运 营，败也运营"。 运营之于一款游戏，正变得空前重要 。 腾讯公司2024Q1业绩会上，首席战略官詹姆斯·米歇尔说："如果一款应该是常青树的游戏停滞不 前，问题通常不在于游戏本身，而在于运营游戏的团队。我们需要改变团队，有时改变的是心态，有 时改变的是人。" "有正确的人运营游戏，就能获得正确的结果。"米歇尔说。 游戏公司中的运营分很多种， 跟玩家们（特别是手游玩家们）离的最近的，是" 玩家运营"。 但是打赢"上海保卫战"后，《绝 ...

Core Viewpoint - The gaming industry is facing significant challenges from private servers and cheating tools, which negatively impact the healthy development of the industry and the normal operations of gaming companies [1] Group 1: Industry Actions Against IP Infringement - Major gaming companies in China have intensified efforts to combat intellectual property infringement, achieving notable results [2][4] - Giant Network (002558) collaborated with law enforcement to dismantle a private server operation related to the game "Original Journey," resulting in the arrest of 11 suspects and an involved amount of nearly 1 million yuan [2] - The "Sword Net 2025" initiative, launched by multiple government departments, aims to strengthen copyright protection in the anime and gaming sectors, focusing on illegal copying and distribution [3] Group 2: Company-Specific Achievements - Century Huatong reported two significant achievements in IP protection, including administrative penalties against private server operators of "Fengyun" and the dismantling of the "Firebird Engine" technology chain related to "Legend 3" [5] - Other leading gaming companies, such as NetEase and miHoYo, have also reported cases of combating private servers and cheating tools, with a notable court ruling in April ordering compensation of 1.52 million yuan for unauthorized private server operations of "Dream Journey" [5] Group 3: Ongoing Commitment to IP Protection - G-bits (603444) expressed strong support for the "Sword Net 2025" initiative and committed to continuous high-pressure measures against private servers and cheating tools [6] - Giant Network plans to enhance its efforts against private servers related to the "Journey" IP through technological and legal means to protect player rights [6]

近期，包括腾讯、网易等游戏大厂一季度财报出炉，其游戏业务均获得双位数增长。 5月14日，腾讯公布2025年第一季度业绩。财报数据显示，腾讯游戏业务第一季度实现收入共计595亿 元，其中本土市场游戏收入为人民币429亿元，较去年同期的低基数同比增长24%；国际市场游戏收入 为人民币166亿元，同比增长23%。 营销解决方案机构Moloco近期发布的《2025年移动游戏发展报告：头部App的应用内购买趋势》分析 称，移动游戏行业已经迈入了新的增长阶段，在经历快速扩张以及近几年的调整后，开发者和App营销 人员开始持续优化变现、用户留存和获取策略，以实现可持续增长。 这份研究报告指出，在安装量稳定的前提下，增长主要依靠提升付费用户转化率和更高的用户终身价值 (LTV)。过去一年，整体应用安装量下降0.2%，但头部App的付费用户转化率增长了6%。与此同时，高 价值用户为移动游戏贡献了主要收入，美国iOS平台的前5%的高价值用户(仅占全球安装量的0.02%)贡 献了全球iOS和Android游戏总收入的20%。 移动游戏行业正逐渐从追求短期体量转向关注长期价值，这就需要更具战略性的用户获取和互动方式， 上述研究报告称 ...

Core Insights - The National Press and Publication Administration announced the approval of 619 domestic online games from January to May 2025, with 130 games approved in May alone, setting a new monthly record for domestic game approvals [1] - Perfect World’s game "Yihuan" is highlighted, having reached 2.8 million global platform reservations in its first week, with a planned launch by the end of 2025 or early 2026 [1] - Perfect World reported significant losses in its 2024 financial results, with a revenue of 5.57 billion yuan, a year-on-year decline of 28.5%, and a net profit loss of 1.288 billion yuan, marking a 361.98% decrease [1][2] Company Performance - The losses for Perfect World stem from underperforming domestic games and film projects, leading to the cancellation of several initiatives and workforce optimization [2] - Investment losses also contributed to the profit decline, as the company invested in multiple small to medium-sized enterprises in the gaming and film sectors, which faced poor performance due to industry changes [2] - Perfect World has struggled to capitalize on mobile and mini-game trends, missing key market opportunities compared to competitors like Tencent and NetEase [3] Management Changes - The company has undergone significant leadership changes, with the resignation of CEO Xiaohong and co-CEO Lu Xiaoyin, alongside a major workforce reduction of 32% [3] - The transition in leadership began over a decade ago when the founder shifted focus to film, leading to a lack of game development experience in the new management [2][3]

Group 1 - Daiwa forecasts that NetEase's gaming business growth momentum will strengthen, driven by a robust product line of new games and the resilience of traditional games [1] - Based on higher gaming revenue projections, Daiwa has raised NetEase's earnings per share forecast for 2025 to 2027 by 2% to 5%, reiterating a "Buy" rating and increasing the 12-month target price from HKD 210 to HKD 235 [1] - NetEase showcased upcoming games at its annual gaming day, including titles like "Marvel Secret Wars" (expected in H2 2025, not yet licensed) and "Fate: Stars" (approved in May 2025) [1] Group 2 - The rising proportion of PC and console games is easing NetEase's profit margin performance, with domestic PC games offering higher gross margins due to lower platform fees [2] - The growth of cross-platform and international games is expected to cause fluctuations in profit margins, but overall profitability should remain stable through strict cost and resource management [2] - Marketing expenditures are projected to rise from Q1 2025 levels, with a renewed focus on brand building in the coming quarters [2]

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].

在第二十一届中国（深圳）国际文化产业博览交易会上，广东正式发布文化产业六个领域高质量发展政 策文件，推动新一轮文化产业高质量发展。 其中，《关于推动广东网络游戏产业高质量发展的若干政策措施》围绕支持原创精品和科技创新、优化 营商环境、打造产业集群、完善支撑体系、强化服务保障机制等方面形成政策举措，创新力度大，填补 了广东在该领域的政策空白。 广东省游戏产业协会执行会长鲁晓昆表示，政策精准定位产业痛点，强化原创精品支持与技术创新，重 点扶持中小创新企业破解资源瓶颈，助力出海企业突破国际壁垒，精准匹配广东游戏产业优势，同时兼 顾"广深双核"强化区域协同，推动产业从"量"到"质"升级，将显著提升产业竞争力。 多家游戏企业也表达了发展信心。网易相关负责人表示，政策通过"制度创新+资源整合+生态重构"的 组合拳，可助力游戏企业实现研发投入转化效率、产品矩阵扩容、跨界融合等方面的跃升。三七互娱集 团副总裁郭平表示，未来将持续加大在虚拟引擎研发、游戏大模型训练、算力效率提升等方面的投入。 那么，此次新政发布的5大项13条政策措施，究竟有哪些亮点，释放哪些信号？ 亮点一： 重磅奖励，支持原创精品和科技创新 政策提出，支持原创 ...