对于暴雪娱乐来说，2026年是一个「大年」。 《暗黑破坏神 4》新资料片和《魔兽世界》"至暗之夜"会在今年上线，还有《守望先锋》的十周年庆典活动，以及阔别已久的暴雪嘉年华也将重磅回归。 看上去一切都在向好的方向发展，如今的暴雪娱乐，跟两年前的动荡形成了鲜明的对比。 2024及之前的几年，这家老牌游戏巨头并不好过，高层动荡，短短数年几度换帅，中国市场停摆，公司整体经历多轮裁员、多个在研项目被砍。加上微软 收购后，公司还面临文化重建的压力。 Johanna Faries Johanna上任后，暴雪恢复了与网易的合作，并且力求让公司的战略布局和产品节奏保持稳定，比如，去年底在彭博社的采访中，Johanna提出，暴雪要确 保每个自然年至少推出1到2个"重磅发布"。 前不久，葡萄君对Johanna进行了独家专访。 谈及中国市场，她非常认可与网易的合作，并表示合作已进入新阶段，还详细跟葡萄君介绍了常规月度沟通机制，表示双方管理层之间也保持着高频交 流，尽力促进合作的顺畅。 Johanna本人也非常重视中国市场，在她的年度工作规划中，给中国市场专门划出了一个独立板块。 在公司治理上，Johanna也展现出了不同于前几任掌舵 ...

Core Points - Giant Network announced the resignation of General Manager Zhang Dong due to personal reasons, effective immediately upon delivery of the resignation report to the board [1][3] - Liu Wei has been appointed as the new General Manager, with his term starting from the board's approval until the end of the sixth board's term [3][4] Management Changes - Zhang Dong, aged 44, has nearly 20 years of experience in the gaming industry, having previously worked at Tencent and NetEase before returning to Giant Network as CEO in 2024 [3][4] - Liu Wei, who has a long tenure at Giant Network, previously served as General Manager from 2016 to 2023 and is now returning to the role [4] Compensation Details - Zhang Dong was the highest-paid executive at Giant Network, with a salary of 3.37 million yuan, significantly higher than the 1.19 million yuan received by Shi Yuzhu [4]

Core Viewpoint - Giant Network announced the resignation of General Manager Zhang Dong due to personal reasons, effective immediately upon delivery to the board, with no impact on the company's operations [2][4]. Group 1: Leadership Changes - Zhang Dong's resignation comes less than two years after he assumed the CEO position, which he took over in 2024 [4]. - Liu Wei, a long-time associate of the company's founder Shi Yuzhu, has been appointed as the new CEO, with her term lasting until the end of the current board's tenure [2][5]. - Liu Wei has a strong background in the company, having worked closely with Shi Yuzhu for over 20 years and previously serving as CEO of Giant Network [5]. Group 2: Background of Zhang Dong - Zhang Dong, 44 years old, graduated from Peking University in 2002 and has extensive experience in the gaming industry, including roles at Tencent and NetEase [2]. - He was responsible for significant projects at NetEase, including the Chinese versions of popular games like "Hearthstone" and "World of Warcraft" [2][3]. Group 3: Background of Liu Wei - Liu Wei, born in 1968, holds dual degrees in Chinese Language and Literature and Sociology, along with an MBA from CEIBS [5]. - She has held various leadership roles in the biotechnology sector before transitioning to the gaming industry, where she became a key figure at Giant Network [5].

Core Viewpoint - NetEase reported strong performance in Q1 2025, with net revenue of 28.829 billion RMB, reflecting a year-on-year growth of 7.4% and a quarter-on-quarter growth of 7.8% [1][2] Group 1: Financial Performance - NetEase's Q1 2025 gross profit reached 18.479 billion RMB, marking an 8.6% increase year-on-year, with a gross margin of 64.1% [2] - The company's operating expenses for Q1 2025 were 8.038 billion RMB, a decrease of 14.4% year-on-year, attributed to reduced marketing spending in the gaming sector [2] - Net profit attributable to shareholders for Q1 2025 was 10.301 billion RMB, showing a significant year-on-year increase of 34.9% [2] Group 2: Business Segments - Revenue from games and related value-added services in Q1 2025 was 24.048 billion RMB, accounting for approximately 83.4% of total revenue, with a year-on-year growth of 12.1% [1] - New game releases, such as "Yan Yun Shi Liu Sheng" and "Jie Wai Kuang Chao," contributed to the revenue growth, with the former surpassing 30 million registered players and the latter achieving a peak of over 110,000 concurrent players shortly after launch [1] - Non-gaming segments, including Youdao, NetEase Cloud Music, and other businesses, experienced revenue declines of 6.7%, 8.4%, and 17.6% respectively [1] Group 3: Market Reaction - Following the earnings announcement, NetEase's stock price rose by 1.2% to 168.1 HKD per share, with a market capitalization of 532.5 billion HKD [2] - In pre-market trading in the US, NetEase's stock price increased by 4.85%, reaching 112.3 USD per share [2]