以下文章来源于雷达Finance ，作者X编辑 当下，或许正是腾讯人才踏入网易的最好时机。 作者 ：彭程 编辑 ：孟帅 来源 ：雷达财经 和丁磊共事23年的网易元老级人物、集团执行副总裁丁迎峰，将于2025年最后一天正式"退 休"。 卸任之后，丁迎峰将以公司顾问的身份，继续为网易业务的发展提供指导。 回顾丁迎峰的职业生涯，堪称中国游戏行业的一个缩影。从1998年进入游戏行业，到2002年 加入网易，再到升任集团副总裁、执行副总裁，他见证并参与了网易从行业新锐成长为游戏巨 头的峥嵘历程。 雷达Finance . 遨游广袤的财富世界。 在网易内部，丁迎峰的地位仅次于CEO丁磊，是名副其实的核心管理者之一。在丁迎峰的主导 下，网易互动娱乐事业群陆续孵化出《梦幻西游》《阴阳师》《第五人格》等多款现象级产 品，奠定了网易在游戏行业的头部地位。 就在丁迎峰官宣退休一个多月前，网易披露了2025年 前三季度财 报。财报显示，今年前三季 度 ， 网 易 实 现 营 收 850.79 亿 元 ， 同 比 增 长 8.32% ， 归 母 净 利 润 275.18 亿 元 ， 同 比 增 长 31.47%。 然而，在这份看似繁荣的 ...

凤凰网科技讯12月27日，网易公司(NASDAQ:NTES/HKEX:9999)今日正式发布公告，披露了一项核心管 理层的人事变动。在为公司服务长达23年之后，丁迎峰决定退休，并将卸任网易执行副总裁及互娱事业 群负责人职务，该项决议将于2025年12月31日正式生效。作为网易游戏业务的关键人物，丁迎峰的卸任 标志着网易互娱事业群将迎来新的管理阶段。 根据公告披露的后续安排，丁迎峰在卸任实职后并不会立即切断与公司的业务联系，他将在2026年转任 网易公司顾问一职，继续利用其经验为公司提供支持。针对此次变动，网易CEO丁磊肯定了丁迎峰的职 业生涯贡献，特别强调了其在打造网易旗舰游戏产品以及构建公司研发与运营能力方面所发挥的核心作 用。 丁迎峰(别名丁丁)是网易游戏业务的核心奠基者之一，拥有超过25年游戏开发与设计经验。他于1998年 进入游戏行业，早年任职于金智塔并担任经典游戏《古龙群侠传》制作人，2002年受邀加入网易后开启 了长达23年的任职生涯。 入职初期，他参与《大话西游Online II》的早期数值架构工作，随后全程主导《梦幻西游》的研发与运 营，从数值策划逐步晋升为产品经理、第二产品部总监、梦幻西游工 ...

Core Viewpoint - The gaming industry is expected to experience robust growth driven by strong supply and demand dynamics, with profitability likely to continue rising in 2025 due to an increase in game approvals and innovative new titles from major companies like Tencent and NetEase [1][3]. Supply Side - The number of game approvals has significantly increased, with a 24% year-on-year growth in the total number of licenses issued from January to October this year, reaching 1,441, including 1,354 domestic licenses, which is a 26% increase [3][6]. - The approval process for game licenses has become more efficient, with the fastest approvals now taking less than three months, allowing companies to better plan their game launches [3][6]. - Policy support for the gaming industry has been strengthening, with national and local governments implementing measures to promote cultural exports and simplify approval processes [7][8]. Demand Side - The gaming sector is adept at capturing user time across various formats, from quick mobile games to immersive PC and console experiences, catering to diverse entertainment needs [9][10]. - The share of time allocated to gaming is expected to increase, with a projected rise in gaming hours in the first half of the year, driven by both established and new titles performing well [11][14]. Industry Trends - The gaming industry is witnessing a trend of increasing profitability, with revenue growth rates for major gaming companies reaching new highs, and net profit growth significantly outpacing revenue growth [18][20]. - Companies are focusing on high-quality projects and have established clearer competitive advantages, leading to higher project success rates [20]. - The integration of AI in game development and operations is enhancing efficiency, with AI being used for generating art assets and optimizing various processes [32]. Marketing and Distribution - Traditional user acquisition methods are declining, with a shift towards content-driven marketing strategies through social media and community platforms, which are proving to be more effective [23][25]. - The legal landscape is evolving, allowing developers to bypass traditional distribution channels, which could significantly enhance profit margins by reducing revenue sharing with platforms [30][31].

Core Insights - The Chinese esports industry is projected to generate revenue of 29.331 billion yuan in 2025, reflecting a year-on-year growth of 6.40% [1] - The user base for esports in China is expected to exceed 495 million by 2025, marking a significant increase with a growth rate of 1.06% [1] Industry Growth and Trends - The esports industry is experiencing continuous growth, with a focus on global expansion, accelerated mobile development, and the emergence of regional ecosystems [3] - The KPL annual finals in November set a Guinness World Record for the highest attendance at a single esports event, with over 60,000 spectators [3][6] - The integration of esports with various sectors is creating new opportunities, as seen in the economic boost to local businesses during major events [3][10] Game Categories and Popularity - Shooter games dominate the esports landscape, accounting for 28.3% of the market, followed by MOBA and sports games at 14.1% each [4] - Popular titles like "Valorant" and "Delta Force" have significantly contributed to the growth of the shooter genre, with "Delta Force" achieving over 30 million daily active users [6] Mobile Esports Dominance - Mobile esports events are the mainstream, with mobile games comprising 58.6% of the market, while client games account for 25.3% [6] - The KPL finals marked a significant milestone as the first mobile esports event held at the Bird's Nest, attracting over 60,000 attendees [6][7] Event Activity and Format - In 2025, there will be 142 provincial and above-level professional esports events, an increase of 18 from the previous year, with 54% being fully offline events [8] - The rise of offline events is revitalizing the esports atmosphere and boosting local tourism and consumption [8][10] Technological Innovations - Technological advancements are enhancing the esports experience, with innovations in broadcasting, data systems, and cross-platform streaming [12][13] - Companies are leveraging AI and 5G technologies to improve live streaming quality and viewer engagement [13] Globalization of Esports - The Chinese esports industry is deepening its presence in overseas markets, particularly in Southeast Asia, the Middle East, and Latin America [14] - Major Chinese esports titles are gaining international recognition, with over 10 million overseas viewers and peak attendance of over 4.13 million for top events [14][16] Cultural Integration - The integration of esports with cultural tourism is becoming a trend, with events driving local economic activity and attracting visitors from outside cities [10][11] - The "1+1+PLUS" model aims to combine esports events with cultural and tourism activities, enhancing the overall experience [10][11]

Core Insights - The Chinese esports industry is experiencing significant growth, with revenue reaching 29.331 billion yuan in 2025, a year-on-year increase of 6.40% and a user base exceeding 495 million [1][3][6] - Despite the growth, the industry faces challenges related to its revenue structure, heavily reliant on sponsorships, which weakens the risk resilience of clubs and event operators [1][6][7] Industry Growth and Events - The KPL finals set a Guinness World Record with over 62,000 live attendees, showcasing the potential for mainstream acceptance and consumer engagement in esports [1][3] - The number of provincial and above-level professional esports events increased to 142 in 2025, with over half adopting a fully offline format, indicating a shift towards driving physical scene consumption [4] Revenue Structure and Challenges - Live streaming revenue constitutes 80.81% of the esports industry's income, while event and club revenues combined account for only 15.03%, highlighting a lack of diversification in revenue sources [6] - More than half of the clubs are tied to the performance of a specific game, indicating a vulnerability in the business model [6] Future Outlook and Recommendations - The industry must transition from a reliance on capital and traffic growth to a more sustainable model that converts online viewership into continuous consumer behavior [7] - Key areas for growth include integrating AI technology, enhancing the esports ecosystem, and exploring the "esports+" model to convert online traffic into offline consumption [7]

Group 1 - The article discusses various humorous and relatable anecdotes about daily life and social interactions, highlighting the emotional value of shared experiences [1][3][12] - It emphasizes the importance of family support and the warmth of familial relationships, showcasing a light-hearted conversation between family members [13][14] - The content includes playful commentary on popular culture, such as references to movies and games, indicating a connection to current trends [21][36][100] Group 2 - The article features a variety of humorous observations about food and dining experiences, particularly focusing on the strong scents associated with certain cuisines [54][55][56] - It presents a comedic take on social dynamics and interactions in different settings, such as bars and restaurants, providing insights into social behavior [107][106] - The piece also touches on practical advice related to safety and health, offering tips for emergency situations and everyday hazards [104][105][106]

Core Insights - MiHoYo's market head for Genshin Impact, Xie Qiliang (also known as Maikou), has announced his departure for personal reasons and career development [1] - MiHoYo expressed gratitude for Xie Qiliang's contributions over the past six years and wished him success in future endeavors [1] Company Overview - Xie Qiliang previously worked at NetEase, where he was responsible for marketing the game Identity V before joining MiHoYo in early 2020 [1] - Since its launch in 2020, Genshin Impact has executed several successful marketing campaigns, including collaborations with KFC and the "Shen Nü Pi Guan" event, promoting Chinese culture through content [1][1] Industry Impact - Xie Qiliang also played a role as a producer, overseeing the development of Genshin Impact's animation-related projects [1]

Core Insights - The market head of miHoYo's "Genshin Impact," Xie Qiliang (also known as Maikou), has officially announced his departure due to personal reasons and career development plans [1] - miHoYo expressed gratitude for Xie Qiliang's contributions over the past six years and wished him success in his future endeavors [1] Company Summary - Xie Qiliang previously worked at NetEase, where he was responsible for marketing "Identity V," before joining miHoYo in early 2020 to oversee domestic market operations as "Genshin Impact" was approaching its public beta [1] - Since its launch in 2020, "Genshin Impact" has executed several successful marketing campaigns, including collaborations with KFC and cultural initiatives linked to the Sanxingdui archaeological site, showcasing Chinese culture [1] - Xie Qiliang was also a core member of the "Genshin Impact" project team and played a significant role in advancing the animation-related business for the game [1] Industry Summary - The departure of Xie Qiliang may indicate that "Genshin Impact" is entering a new long-term operational phase, as the game has seen a decline in attention over the past two years [2] - The overall marketing strategy for "Genshin Impact" has shifted to a more low-key approach, and the exit of key employees like Chen Zhiyi and Xie Qiliang may impact the product to some extent [2]

Core Insights - A significant leadership shakeup is occurring at NetEase Games, with multiple high-ranking executives departing, indicating unprecedented organizational changes within the company [1][2][4][6] Group 1: Executive Departures - Li Kaiming, head of NetEase Interactive Entertainment's 10th division, announced his departure for personal career development, marking him as the third senior executive to leave this year [1][2] - Other notable departures include Lin Yunfeng, president of the Dreamland division, and Xuanzi, producer of "World Beyond," suggesting a trend of restructuring similar to last year's disbandment of the Tianxia division [2][4] - The departures reflect a broader trend of leadership changes, particularly among executives overseeing key business areas such as competitive gaming, anime, and strategy games [2][6] Group 2: Organizational Changes - The leadership changes are centered in the Guangzhou headquarters, which has historically been the cradle of NetEase's gaming empire, indicating a potential shift in focus towards the Hangzhou region [4][7][16] - The company is reportedly consolidating its operations in Hangzhou, where the LeiHuo division has seen significant success, contributing approximately 50% to NetEase's total gaming revenue [13][15] - The restructuring aims to inject new energy into the organization by replacing long-standing executives with younger leaders who can better connect with the new generation of players [17][22] Group 3: Performance and Challenges - The Guangzhou divisions have faced significant setbacks, including the failure of the martial arts open-world game "The Legend of the Condor Heroes," which suffered a nearly 80% user attrition rate post-launch [9][10] - The 10th division also faced challenges, with the cancellation of the single-player project "Ten Thousand People Long Song: Three Kingdoms" after four years of development due to poor market feedback [11] - In contrast, the Hangzhou operations have thrived, with successful titles like "Nirvana in Fire Mobile" and "Eternal Return" establishing a strong market presence and contributing to the company's growth [12][13] Group 4: Strategic Shifts - The leadership changes reflect a strategic pivot from product-driven approaches to data-driven methodologies, emphasizing user profiling, monetization models, and predictive analytics in game development [21][22] - The company is focusing on a dual strategy of "data + rhythm" to enhance resource efficiency and mitigate the impact of individual project failures on overall business performance [22] - This shift is expected to lead to a more structured approach to game development, ensuring that new projects are backed by comprehensive market analysis and clear commercialization paths [21][22]

Summary of Conference Call Notes Industry Overview - The gaming industry has shown strong revenue performance in the first half of the year, with companies like Kaiying and ST Huatong demonstrating rapid growth and strong overseas market performance, indicating stability and long-term growth potential in the gaming sector [1][2] - The Chinese internet sector, particularly in AR applications, has significant growth prospects, with Tencent leveraging its gaming business to support new ventures, and AI applications emerging as a new growth point [1][3] Key Companies and Performance - Chinese gaming companies such as G-bits and Giant Network are outperforming international peers like Take-Two and Roblox, with expectations for continued profit growth in 2026, particularly for ST Huatong, which may exceed 9 billion in profit [2][5] - Tencent's innovations in AI applications, including features in Tencent Meeting and content generation through Sora two, are expected to enhance user experience and increase commercial value, potentially leading to a revaluation of IP assets [1][6] Emerging Trends - The integration of AR technology in various sectors, including tourism and entertainment, is creating new market opportunities, with companies like Meitu performing well in the European market [4][7] - The new consumption trend, particularly in experiential consumption, is gaining traction, with products related to emotional value and IP, such as sports merchandise, becoming increasingly popular [9] Investment Outlook - Optimism is expressed for companies like Huimeng, Meitu, and Yuedu in the upcoming quarters due to their significant advancements in AR applications, with expectations for strong performance in the media sector unaffected by trade tensions [1][7] - The gaming and Chinese internet sectors are viewed as having lower risk and higher potential returns, with recommendations for investors to focus on gaming ETFs and Chinese internet ETFs [9][10] Conclusion - The overall sentiment is positive regarding the gaming and Chinese internet sectors, with a strong emphasis on the potential of AI and AR applications to drive future growth and investment opportunities [1][3][10]