凤凰网财经《公司研究院》 《鹅鸭杀》国服的强势回归，以一场席卷社交媒体的现象级预热拉开序幕：全网预约破2000万、热搜阅读量数亿、玩家与主播集体狂欢，甚至衍生出穿搭 教程与情感故事，使其俨然成为Z世代新一代"社交货币"。 然而，在这份高涨的期待与热度背后，其发行方金山世游背后的母公司金山软件却正陷入一场深层的业绩焦虑。 2025年前三季度，公司营收与净利润双双下滑，其中游戏业务收入大幅收缩，第三季度更是同比锐减近半。 在游戏业务承压、AI投入持续吞噬利润的多重挑战下，实际控制人雷军面临着如何平衡短期修复与长期战略的关键命题。 《鹅鸭杀》的热度，能否真正转化为驱动金山未来的增长动能？ 01 《 鹅鸭杀 》 霸榜热搜 《鹅鸭杀》国服手游的预热，在社交媒体上引发了现象级关注。游戏的全网预约量已突破2000万，其影响力在微博上尤为凸显。 多个"鹅鸭杀"相关话题盘踞热搜榜，阅读量超过数亿。许多玩家和游戏主播纷纷发博，表达回归的兴奋。 与此同时，大量"鹅鸭杀穿搭"教程涌现，玩家们精心搭配"优雅鹅"、"酷炫鸭"等虚拟形象，展现个性。 游戏攻略也以更生活化的方式传播，"单独做任务时留个心眼，有人靠近先停手观察，可能是来刀你的 ...

2025.12.30 本文字数：3958，阅读时长大约6分钟 作者 |第一财经刘晓洁 2025年的中国游戏行业，是"回暖"与"内卷"并存的复杂图景。 市场收入突破3500亿元、用户规模超过6.8亿、版号数量创七年新高、游戏股估值持续修复……种种数据显示，这是游戏行业持续回暖的一年。然而，具 体到企业，在行业大盘触顶的存量竞争格局下，内卷仍是常态，耗资过亿的项目也很难成功了，游戏行业"挣钱越来越难"。 市场分化还在加剧，游戏产业分析师张书乐认为，强者越强是包括游戏产业在内的互联网科技领域的大势所趋，游戏行业的"二八定律"甚至在变成"一九 定律"。不过，单机和AI原生游戏正在成为中小团队突围的新机会。 谈及游戏行业这一年的关键词，渶策资本创始合伙人胡斌提到"转型"，产业正在从中国制作向中国创造，从数值驱动到创意驱动，从好卖到好玩。张书乐 判断，在游戏质量提升、游戏出海路径拓宽，以及各地密集出台激励政策的大背景下，中国游戏产业正在开启新一轮"黄金十年"的增长周期。 成功越来越难了 在高基数背景下，2025年国内游戏市场收入与用户规模再度刷新历史。 根据《2025年中国游戏产业报告》，今年国内游戏市场收入约3508亿 ...

谈及游戏行业这一年的关键词，渶策资本创始合伙人胡斌提到"转型"，产业正在从中国制作向中国创造，从数值驱动到创意驱动，从好卖到好玩。张书乐判 断，在游戏质量提升、游戏出海路径拓宽，以及各地密集出台激励政策的大背景下，中国游戏产业正在开启新一轮"黄金十年"的增长周期。 成功越来越难了 在高基数背景下，2025年国内游戏市场收入与用户规模再度刷新历史。 一年收入3500亿，游戏也要拼耐力。 2025年的中国游戏行业，是"回暖"与"内卷"并存的复杂图景。 市场收入突破3500亿元、用户规模超过6.8亿、版号数量创七年新高、游戏股估值持续修复……种种数据显示，这是游戏行业持续回暖的一年。然而，具体 到企业，在行业大盘触顶的存量竞争格局下，内卷仍是常态，耗资过亿的项目也很难成功了，游戏行业"挣钱越来越难"。 市场分化还在加剧，游戏产业分析师张书乐认为，强者越强是包括游戏产业在内的互联网科技领域的大势所趋，游戏行业的"二八定律"甚至在变成"一九定 律"。不过，单机和AI原生游戏正在成为中小团队突围的新机会。 即便是头部大厂，花费数年时间、投资数亿的产品，也不一定能成功。行业决策者们对此早有预判，B站董事长兼CEO陈睿曾提到 ...

如果时间能倒流，不知道UP主逍遥散人是否还会选择发布那段观看游戏《Varsapura》实机演示的视频。正是这则视频，让这位多次躲过互联网"清算"、 在B站风评相当不错的UP主，迎来了从业后最大危机。 5天掉粉20万，最终掉了45万活粉。其中包括大批高等级舰长、逍遥散人与《逆水寒》《星绘有晴天》的合作被叫停、曾与他有过合作的品牌也被牵扯其 中，客服团队大量被质问是否停止与他的合作，其中有些不明就里的客服回复，又形成一轮新的抵制传播路径。 如果对圈子生态并不了解，看到逍遥散人又是掉粉又是掉商单，或许你会好奇他究竟做了什么。但实际上，导火索是那条与《Varsapura》有关的视频，以 及粉丝劝说逍遥散人删掉视频时，他那句"现在什么国产游戏都有争议，玩家如果想玩的话玩就可以，如果因为争议强行不玩的话，吃亏的是自己。" 事实上，播了《Varsapura》视频的UP不到近千也有上百，为何独独"逍遥散人"崩坏了呢？因为他恰恰是一名女性粉丝占80%以上，且一直有"尊重女性"标 签的UP主，之前一直没播《黑神话·悟空》的他就被部分粉丝视为"UP典范"，但这一次他的回应和行为，在他的核心粉丝看来无异于是种"背叛"。之后逍 遥散人 ...

据多家媒体报道，12月1日，金山软件旗下西山居发布内部信称，西山居董事会收到首席执行官（CEO）郭炜炜提交的辞职报告，其因个人职业规划原因， 向董事会提出辞去西山居CEO职务的请求。 该内部信称，经西山居董事会讨论决定，报金山软件董事会批准，尊重郭炜炜的个人意愿并同意其辞任CEO职务，继续担任西山居首席制作人职务，并任命 金山软件CEO兼西山居董事长邹涛担任西山居代理CEO。 公开信息显示，郭炜炜2004年加入西山居，历任《剑网3》执行主策划、主策划、执行制作人、制作人/策划总监；2011年，郭炜炜升任《剑网3》项目负责 人/西山居副总裁；2016年任金山集团副总裁/西山居CEO；2018年任金山集团高级副总裁/西山居CEO/《剑网3》系列制作人。 此外，西山居所在的金山软件今年第三季度财报显示，网络游戏及其他业务收入为8.98亿元，同比下降47%，环比下降6%。金山软件CEO邹涛解释，"本季 度游戏业务下滑，主要由于《剑网3》《尘白禁区》收入下降，新游戏《解限机》处于发展初期，仍在持续建立市场影响力"。 ...

Core Viewpoint - The resignation of CEO Guo Weiwei from Xishanju is attributed to personal career planning, amidst declining performance in Kingsoft's Q3 financial results, particularly in the gaming sector [1][3]. Group 1: Leadership Changes - Guo Weiwei has resigned as CEO of Xishanju but will continue as Chief Producer, while Zou Tao, CEO of Kingsoft, will serve as acting CEO of Xishanju [1]. - Guo Weiwei has been a key figure in the development of the game "Jian Xia Qing Yuan Online" since joining Xishanju in 2004, holding various positions before becoming CEO in 2016 [1]. Group 2: Financial Performance - Kingsoft's Q3 total revenue was 2.419 billion yuan, a year-on-year decrease of 17%, with net profit dropping by 48% to 213 million yuan [3]. - The gaming segment saw a significant revenue decline of 47% to 898 million yuan, accounting for 37% of total revenue [3]. Group 3: Game Performance - The performance of "Jian Xia Qing Yuan Online" has been declining as it enters its 16th year, with both revenue and popularity decreasing [5]. - The newly developed sci-fi mech game "Jie Xian Ji" has underperformed since its launch, with peak online players dropping from 132,800 to below 4,000 within months [5][6]. - Player feedback indicates dissatisfaction with "Jie Xian Ji," citing issues such as poor design, weak narrative, and balance problems in gameplay [6].

Core Insights - Kingsoft Software (03888.HK) reported a significant decline in total revenue for Q3 2025, amounting to 2.42 billion RMB, a year-on-year decrease of 17%, with net profit dropping 48% to 213 million RMB [1][2] Financial Summary - Total revenue for Q3 2025: 2.42 billion RMB, down from 2.91 billion RMB in Q3 2024 [2] - Operating profit: 277 million RMB, a decrease from 1.14 billion RMB in the previous year [2] - Net profit attributable to shareholders: 213 million RMB, down from 413 million RMB in Q3 2024 [2] - Basic earnings per share: 0.15 RMB, compared to 0.31 RMB in the same quarter last year [2] Business Performance - Office software and services revenue reached 1.52 billion RMB, showing a growth of 26% year-on-year, driven by WPS software and WPS 365 [1][2] - Network gaming and other business revenue fell to 900 million RMB, a decline of 47% year-on-year, attributed to reduced contributions from existing games and the early-stage development of new titles [1][3] User Metrics - WPS Office monthly active devices reached 669 million, a 9% increase year-on-year [3] - Paid personal users for Kingsoft Office totaled 41.79 million, up 10% from the previous year [3] Gaming Segment Insights - The flagship game "Jian Wang 3" has been operational for over 16 years but faces challenges from new gaming genres [5] - New game "Jie Xian Ji" has gained attention in the mech game segment, while other international IP games are set to launch in upcoming quarters [5] - Marketing and distribution expenses increased by 55% year-on-year to 564 million RMB, reflecting higher promotional spending related to gaming [5]

Core Insights - The 22nd China International Digital Interactive Entertainment Exhibition (ChinaJoy) opened on August 1, 2025, in Shanghai, attracting 743 companies from over 30 countries, including major players like Tencent, NetEase, and Sony [1] Group 1: Industry Trends - The exhibition focuses on the empowerment of AI technology in gaming, domestic game development, and cross-terminal digital entertainment ecosystems [1] - The event showcases popular domestic titles such as "Shadow Blade Zero" and "Limitless Machine," reflecting the development trends of the Chinese gaming industry in 2025 [1] Group 2: Company Participation - Major companies like Tencent, Sony, and Perfect World have set up exhibition booths, indicating their active involvement in the evolving gaming landscape [1] - The presence of leading firms highlights the competitive nature of the gaming industry and the emphasis on innovation and technology integration [1]

Core Insights - The summer game release schedule for 2025 is less competitive compared to previous years, with fewer standout titles expected to dominate the market [1] - A significant trend in the gaming industry for 2024 is a reduction in R&D spending, with approximately 67.6% of listed game companies cutting their development budgets by an average of 20.79% year-on-year [1] - Despite the reduced competition, there are still several promising titles in the 2025 summer lineup that have the potential to become hits [1] Industry Trends - The gaming industry is experiencing a "development contraction" trend, leading to reduced R&D expenditures among companies [1] - The impact of this contraction on the market is expected to have a delayed effect, suggesting that the current lineup may still yield successful titles despite the overall trend [1] Upcoming Titles - Notable titles for the 2025 summer release include: - "解限机" by 西山居, which has already shown strong performance with over 130,000 concurrent players on its launch day [5] - "远光84" by 莉莉丝, which aims to innovate within the shooting genre with new gameplay mechanics [10] - "碳碳岛" by 腾讯游戏, a low-carbon environmental management game that emphasizes educational elements [12] - "明末:渊虚之羽" by 灵泽科技, anticipated to be a leading title in the single-player market [19] Market Dynamics - The competitive landscape is shifting, with major companies like 腾讯 and 网易 adopting more conservative strategies in their game releases for 2025 [16][24] - The industry is witnessing a potential stagnation in gameplay innovation, as companies focus on refining existing concepts rather than introducing groundbreaking new ideas [47] - There is a growing interest in exploring new game genres and mechanics, particularly in response to the evolving demands of players and the influence of AI technology [47]

Investment Rating - The report maintains a "Positive" outlook on the gaming sector, highlighting a monthly high in game approvals and encouraging summer promotions [4]. Core Insights - The gaming sector is expected to benefit from a significant increase in new game approvals, with 158 new games (147 domestic and 11 imported) approved in June, marking a new monthly high for the year. This trend indicates a clear easing of regulatory constraints [4]. - The mid-term growth drivers include the expansion of overseas markets and the consumption demands of the post-90s and post-00s generations, improved competitive dynamics leading to better-than-expected profit margins, and AI developments enhancing valuation options [4]. - Key companies such as Giant Network, Huya, and others are expected to show strong performance, with new game launches and innovative strategies aimed at attracting younger users [4]. Summary by Sections Gaming Sector - The report emphasizes the ongoing recommendation for the gaming sector, driven by new game approvals and summer promotional activities. The mid-term logic includes overseas expansion and evolving consumer preferences [4]. - Notable companies like Tencent, NetEase, and Giant Network are highlighted for their expected revenue and profit growth, with specific projections for 2025 and 2026 [6]. AI and Internet Media - AI applications in platforms like Kuaishou and Meitu are showing better-than-expected commercialization, with significant user engagement and innovative content offerings [4]. - The report discusses the potential of AI in education and advertising, with companies like New Oriental launching AI educational products and Tencent enhancing ad efficiency through AI [4]. Consumer Trends - The report identifies high-demand consumer segments in collectibles, music, and live events, with companies like Pop Mart and NetEase Music showing strong growth trajectories [4]. - The report also notes the resilience of advertising platforms like Focus Media, which is expected to benefit from partnerships that enhance media value [4].