Core Viewpoint - The article discusses the evolution and success of the gaming company 点点互动 (DianDian Interactive) under the leadership of CEO 陈琦 (Chen Qi), highlighting its significant achievements, particularly with the game 《无尽冬日》 (Endless Winter), and its impact on the gaming industry and the parent company 世纪华通 (Century Huatong) [3][6][32]. Group 1: Company Background and Leadership - 点点互动 faced significant challenges in 2020, including a cash flow crisis and lack of hit games, yet maintained the trust of its chairman, 王佶 (Wang Ji) [3][6]. - 陈琦, with nearly a decade of experience in the gaming industry, has been pivotal in shaping the company's strategy and product development, focusing on overseas markets and self-developed games [5][20]. - The acquisition of 点点互动 by 世纪华通 in 2014 is noted as a significant event in Chinese gaming history, positioning the company for future growth despite initial skepticism [10][12][13]. Group 2: Financial Performance and Market Impact - By 2025, 世纪华通's stock price had increased nearly fivefold from its lowest point, driven by the success of 点点互动's products, particularly 《无尽冬日》 [7][32]. - The market valuation of 点点互动 approached 100 billion yuan, reflecting its substantial contribution to 世纪华通's overall financial health [7][32]. - The projected net profit for 世纪华通 is around 50 billion yuan, with 35-40 billion yuan expected from 点点互动, indicating its critical role in the parent company's financial performance [31]. Group 3: Product Development and Market Strategy - 点点互动's strategy involved a dual approach of overseas game publishing and self-development, with a focus on creating innovative gameplay that appeals to a broader audience [23][27]. - The game 《无尽冬日》 successfully combined casual gameplay with SLG mechanics, attracting a diverse player base and achieving significant revenue [34][37]. - The company adopted a flexible and data-driven approach to product development, allowing for rapid iteration and adaptation to market demands [26][42]. Group 4: Industry Trends and Competitive Landscape - The success of 《无尽冬日》 has led to increased competition in the ice and snow survival genre, with many companies attempting to replicate its model [34][36]. - The article emphasizes the importance of innovation in gameplay and marketing strategies to maintain a competitive edge in a rapidly evolving market [38][47]. - The shift towards lighter, more accessible gaming experiences is highlighted as a potential growth area for the industry, allowing smaller developers to compete with larger firms [47][48].

家里的老年人总是把两句话挂在嘴边"吃亏是福""免费的才是最贵的"，这两句话说的不假，确实有很多电商愿意玩套路，看似不花钱的商品，最后往往让你 的钱包大出血。 可这两句话在游戏里就不一定灵了，比如SLG界的元老《率土之滨》，它花费1亿搞得开荒节活动，那是实打实的真送钱啊！ 别的先不说，就说说开荒节送真钱这件事。 在别的游戏给玩家发个定制奖杯都肉疼的时候，《率土之滨》用价值百万的黄金做了一堆黄金工艺品，每个工艺品的重量确实不算多，就0.5G，单论重量一 个也就大几百块，要是只给氪金大佬发这么个几百块做的工艺品，那确实对不起氪金大佬花的钱。 可问题在于，开荒节做的这个工艺品不是专门给大佬定制的，而是给所有玩家定制的，价值几百万的黄金做成的不是一张0.5G的金钞，而是一箩筐！ 所有参与金钞争夺服的玩家都有可能夺得属于他们自己的一张金钞。 如果是在老服或是其他SLG游戏，参与这种夺金钞的活动确实有一定门槛，无论是通过氪金还是玩数个赛季的原始积累，没点东西，想去金钞服夺金钞还真 不太现实。 唯一可以确定的是，在青春服，不氪金的玩家在赛季结束时一样可以凑出满红队伍，那些真的在青春服体验过的玩家基本都是这么说的，即使铜钱不用 ...

最近南方天气阴晴不定，前一秒晴空万里，下一秒暴雨倾盆。但比天气更疯狂的是《率土之滨》直播间——6月20日有一场 席卷全服的"虎符暴雨"！ 作为"一亿补贴开荒节"的重磅环节，官方直播间将狂撒2000万虎符，随机抽选8位"超级锦鲤"，被抽中的幸运儿将获得 18888虎符！在直播过程中，会持续抽取88、388、588、888虎符，助力攻城还有机会获得精美周边和张辽限定手办。手快 有手慢无，这场福利风暴可比天气预警刺激多了！ [2] 6月20日18点 球 最强直播播利 魔法 張 K 85 K 抖音搜索 率土之滨手游 Q1 INFINITE BORDERS INFINITE BORDERS 开荒节的"钞能力"远不止于此。从6月5日至6月30日，玩家登录青春服或正式服开启的S1赛季，达成对应条件即能瓜分7000 万虎符、价值百万的金钞、联名礼盒等奖励。更绝的是，攻占五级地时还可能触发"9999虎符"彩蛋。而且邀请好友组队开 荒，可获得抽奖机会，必得50虎符，配合100%中奖的保底抽奖，网易这波操作让618电商的"满减套路"黯然失色，真正的 福利，就该简单粗暴砸进玩家口袋！ 本次活动在经典服与青春服同步开启，而后者正掀起一 ...

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 ...

2020年《三幻1》上线时，曾迅速登上游戏畅销榜Top3，且常年稳居前十，最终成为一个流水破百亿的"现象级"数值卡牌游戏，其架构玩法至今被很多游戏 模仿借鉴。而作为一款"五年磨一剑"的续作来说，《枭之歌》仅开服一周就处在腰部位置，与一些不出名的小厂游戏同台竞争，表现远不及前作，很难让人 看好它的未来。 男性向三国&女性向三国 今年4月，灵犀互娱项目组曾总结《三幻1》成功之处时，将其归为全员"无废将"的玩法设定和整体的美术画质。尤其在美术方面，项目组更是认为除了吸引 数值卡牌用户外，还成功吸引到了大量的内容卡牌和策略卡牌用户。且项目组发现，这些内容型用户在后续的运营过程中，还会转化为策略型用户。此番言 论深刻认识到了美术层面的重要性。 《三幻1》在日服宣发时主打男性向，上线当天拿下了苹果谷歌免费榜双榜第一。 上线一周口碑崩坏，既匪夷所思，又毫不意外。 5月16日，阿里集团旗下研运一体游戏业务品牌灵犀互娱，正式对外发布游戏《三国志幻想大陆》（下称三幻1）的续作《三国志幻想大陆2：枭之歌》（下 称枭之歌）。作为三幻题材的精神续作，在"永久半价"、"签到送全图鉴"等等福利攻势下，其上线首日即登顶iOS游戏免费榜。但如 ...

Core Insights - The company reported a revenue of 28.83 billion yuan in Q1 2025, representing a year-over-year increase of 7.4% and a quarter-over-quarter increase of 7.8% [1] - The adjusted net profit for the same period was 11.24 billion yuan, showing a significant year-over-year growth of 32.0% [1] Group 1: Game Performance - The gaming and related services revenue reached 24 billion yuan in Q1, with a year-over-year increase of 12.1% [1] - Notable game performances included "Marvel: Contest of Champions" topping the Steam global sales chart after its April update, and "Yanyun Sixteen Sounds" surpassing 30 million total players [1] - Long-term operational games like "Identity V" and "Naraka: Bladepoint" showed stable revenue contributions, with "Identity V" being a major income source for the quarter [1] Group 2: New Game Pipeline and AI Strategy - The company has a diverse new game pipeline including titles like "Destiny: Rising" and "Marvel: Secret Wars," enhancing its game product matrix [2] - The Youdao business is advancing its "AI-native" strategy, achieving a gross margin of 47.3% in Q1, focusing on AI-enabled products and services for educational transformation [2] Group 3: Music and Community Engagement - NetEase Cloud Music achieved a gross margin of 36.7% in Q1, with a focus on community ecosystem development to enhance user retention [2] - The platform is leveraging AI capabilities for song recommendations and content creation, enriching its creator ecosystem [2] Group 4: Financial Projections - The company forecasts revenues of 113.86 billion yuan, 118.78 billion yuan, and 124.09 billion yuan for the years 2025, 2026, and 2027 respectively [2] - Projected net profits (Non-GAAP) for the same years are 38.81 billion yuan, 39.92 billion yuan, and 41.31 billion yuan [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9] Core Views - The company's game business is showing steady growth, with a diversified content strategy [1] - In Q1 2025, the company achieved revenue of 28.83 billion yuan, a year-over-year increase of 7.4% and a quarter-over-quarter increase of 7.8% [4] - The gross profit for Q1 2025 was 18.48 billion yuan, with a gross margin of 64.1%, reflecting a year-over-year increase of 0.7 percentage points [4] - The adjusted net profit for Q1 2025 was 11.24 billion yuan, a year-over-year increase of 32.0%, with a net margin of 39.0%, up 7.3 percentage points year-over-year [4] Summary by Sections Game Business Performance - The revenue from games and related services in Q1 was 24 billion yuan, a year-over-year increase of 12.1% [5] - Key titles contributing to revenue include "Identity V," which was the main revenue driver, and several new games like "Marvel Showdown" and "Yanyun Sixteen Sounds" performing well in the market [5] - Long-term operational games are showing stable performance, with titles like "Identity V" and "Naraka: Bladepoint" maintaining steady revenue streams [5] Youdao Business Strategy - Youdao's business is advancing its "AI-native" strategy, achieving a gross margin of 47.3% in Q1 [6] - The strategy focuses on AI-enabled products and services to drive intelligent transformation across various industries [6] Cloud Music Operations - Cloud Music achieved a gross margin of 36.7% in Q1, with a focus on community ecosystem building to enhance user engagement [7] - The platform is leveraging AI capabilities for song recommendations and content creation, enriching its creator ecosystem [7] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 113.86 billion yuan, 118.78 billion yuan, and 124.09 billion yuan respectively, with corresponding net profits of 38.81 billion yuan, 39.92 billion yuan, and 41.31 billion yuan [8] - The company expects a year-over-year revenue growth of 8.1% in 2025, followed by 4.3% and 4.5% in the subsequent years [11]

5月20日，2025网易游戏520线上发布会圆满举办。本次发布会以"热爱"为内核，发布超40款产品的重磅 内容，既有《燕云十六声》《射雕》等传统武侠题材作品的深度创新，也有《蛋仔派对》《永劫无间》 等热门 IP的社会价值探索，更有9款涵盖多元题材的新游亮相展现，不仅有经久不衰的三国题材、冒险 刺激的太空题材、多人派对生活模拟题材、海洋冒险题材，甚至还有耳熟能详的漫威IP题材新作，覆盖 RPG、FPS、SLG等多种玩法，展现了国产游戏产业在技术、文化与社会责任层面的综合实力。 传统文化"破圈"：在数字产品中触摸历史脉络 《第五人格》长期致力于持续推动自身践行社会公益。2024年，《第五人格》开展了"百分之一的星 球"儿童孤独症公益活动，游戏内公益游戏道具的国服销售所得利润全部捐赠与中国儿童少年基金会， 用于支持孤独症儿童相关的公益项目。今年植树节期间，《第五人格》与蚂蚁森林开展了"萌芽行动"公 益活动，助力内蒙古防风固沙和荒漠化治理。在发布会上《第五人格》也宣布全新的公益活动即将上 线。 产业生态布局：技术驱动与人才战略双轨并行 最后发布会公布了"网易 GPT极客热爱青年人才计划"，据了解该计划是网易面向职场新 ...

机构：国海证券 研究员：陈梦竹/尹芮 事件: 2025 年5 月15 日公司公告2025Q1 财报，2025Q1 实现营收288.29 亿元（YoY+7.4%、QoQ+7.8%）；归 母净利润为103.01 亿元（YoY+34.9%、QoQ+17.5%），non-GAAP 归母净利润为112.37 亿元 （YoY+32%、QoQ+16.1%）。 我们的观点： 1、主要财务指标分析：网易2025Q1 实现营业收入288.29 亿元（ YoY+7.4% 、QoQ+7.8% ） ； 归母净 利润为103.01 亿元（YoY+34.9%、QoQ+17.5%），经调整归母净利润为112.37 亿元（ YoY+32% 、 QoQ+16.1% ） 。毛利率同比提升至64.1%（YoY+0.7pct、QoQ+3.3pct），销售费用率9.4%（YoY- 5.6pct、QoQ-1.2pct）、研发费用率15.2%（YoY-0.3pct、QoQ-1.5pct）、管理费用率3.3%（YoY-1.1pct、 QoQ-1.0pct）。 2 、游戏业务： 2025Q1 游戏及增值服务实现收入288.3 亿元（YoY+7.4%、QoQ+7 ...

长江商报消息 ●长江商报记者 沈右荣 单季盈利超百亿元，网易（09999.HK，NTES.US）取得了历史最好经营业绩。 5月15日晚间，网易发布了2025年第一季度业绩公告。公司实现营业收入约288亿元，同比增长逾7%， 增速与上年持平；归母净利润约103亿元，同比增长超30%。 今年一季度，公司营业收入创了历史同期新高；归母净利润超过百亿元，不仅创了历史同期新高，也创 了单季度历史新高。 受超预期业绩刺激，5月16日，网易港股大涨13.03%。 一季度，网易游戏及相关增值服务的净收入为240亿元?，同比增长12.1%，表现出色。 网易董事、首席执行官丁磊在财报中表示，2025开年，网易发展势头强劲，得益于持续创新，以及多款 新游戏的加持，同时，公司经典游戏也持续焕发活力。未来公司将立足创新和长线运营，和全球顶尖人 才、战略伙伴，一同打造沉浸娱乐体验。 今年一季度，网易的研发投入为43.86亿元，同比增长逾5%。 网易的财务状况较好。今年一季度，公司经营现金流净额约为121亿元。期末，资产负债率为26.38%， 为2016年同期以来最低水平。 游戏业务发力净利创新高 网易交出了一份有史以来最亮丽的一季度报告 ...