Core Viewpoint - The gaming market in China is witnessing the return of two major titles, Tencent's "Victory Goddess: New Hope" and Bilibili's "Shining! Yujun Girl," both of which have shown unexpected market performance after their respective launches [1][22]. Group 1: Game Performance - "Shining! Yujun Girl" had a long development cycle of five years and was initially launched in Japan in February 2021, generating over 5.1 billion yuan in its first month and approximately 50 billion yuan in total revenue for the year [3][17]. - The game returned to the Chinese market on May 22, 2023, after nearly two years of absence, but its performance has been underwhelming, with only 203 million yuan in revenue over 12 days on iOS [6][12]. - "Victory Goddess: New Hope" generated 24 million yuan in revenue within its first 12 days, which is significantly lower than other major titles like "Dungeon and Fighter: Origin" [32][37]. Group 2: Market Dynamics - Both games faced challenges in their marketing strategies, with "Shining! Yujun Girl" opting for a low-profile re-launch that coincided with the release of "Victory Goddess," impacting its visibility and player engagement [16][37]. - The download trends for "Shining! Yujun Girl" showed a decline, with approximately 66,000 downloads over 12 days, indicating a lack of sustained interest [12][25]. - The competitive landscape in the Chinese mobile gaming market is intensifying, with players becoming more selective and demanding higher quality content, making it increasingly difficult for overseas titles to succeed upon their return [37][38]. Group 3: Future Outlook - The future success of "Shining! Yujun Girl" will depend on the developers' willingness to invest in marketing and content optimization to attract new and returning players [16][37]. - The performance of "Victory Goddess" is being closely monitored, as its initial results are considered average compared to expectations set by its overseas success [32][37]. - The overall trend suggests that the chances of overseas games succeeding in the Chinese market are diminishing, with local developers having a better chance of success with self-developed titles [37][38].

Core Viewpoint - Goldman Sachs maintains a buy rating on Bilibili and updates its forecasts following the company's Q1 2025 earnings release and non-deal roadshow [1] Group 1: Gaming Business - Goldman Sachs expresses optimism about Bilibili's gaming business, particularly with the unexpected relaunch of the game "Shining! Yujun Girl" on May 22, 2023, after a long suspension, estimating annual revenue of 500 million RMB for the game [2] - The upcoming anniversary celebration for "Romance of the Three Kingdoms: Fantasy Continent" is expected to act as a catalyst for improved performance, with significant gameplay changes planned for the new S8 season [2][5] - Management indicates that the revenue from the seventh season of "Romance of the Three Kingdoms: Fantasy Continent" remained stable compared to the sixth season, with expectations for improvement in the eighth season due to enhanced monetization and new gameplay [5] Group 2: Advertising Business - Bilibili continues to be one of the faster-growing platforms in China's advertising market, with significant potential for monetization through increased ad load and effective cost per thousand impressions (eCPM) [2] - The top five advertising sectors in Q1 2025 were games, internet services (including AI), e-commerce, digital appliances, and automotive [12] - Effective advertising saw the fastest growth in Q1 2025, increasing by 30-40% year-over-year, now accounting for over 50% of total ad revenue [13] Group 3: Financial Flexibility and Profitability - Following the earnings release, Bilibili completed a $690 million convertible bond issuance and a $100 million stock buyback, which may enhance financial flexibility and support future investments in game studios [3] - Management aims for a long-term gross margin of 40-45% and an adjusted operating margin of 15-20%, focusing on a favorable revenue structure and operational leverage [15] - The gaming business is expected to achieve a comprehensive gross margin of 60-70%, while the advertising business is projected to maintain a gross margin above 60% [15][16]

南方财经全媒体记者 吴立洋 上海报道 夏意渐浓，游戏产业也动态频频。 行业动态方面，5月21日，5月批次版号正式公布，共计130款国产游戏、14款进口游戏获得版号； Sensor Tower公布了4月全球手游收入及下载情况，腾讯旗下《王者荣耀》登顶收入榜；广东出台《关 于推动广东网络游戏产业高质量发展的若干政策措施》，提出支持原创精品游戏与游戏科技创新。 公司方面，腾讯发布了名为"混元游戏"（Hunyuan-Game）的创新项目，旨在通过人工智能技术革新游 戏资产生成与制作流程；B站发布一季度财报，游戏业务增长76%；网易游戏举办520线上发布会，发布 9款新游；米哈游成立原初海科技公司，注册资本8000万元人民币；下架622天后，B站《闪耀！优俊少 女》国服重新上线。 合规监管方面，美国联邦贸易委员会对微软收购苹果一案正式撤诉；海外方面，任天堂发布Switch2卡 带样式，产品颜色调整为红色；电竞方面，首届英雄亚冠ACL比赛在上海成功举办。 5月版号发布 5月21日，5月批次版号正式公布，本月共计有130款国产游戏、14款进口游戏获得版号，另外有7款游戏 进行了版号信息变更。从单月版号过审量来看，共计有14 ...

5月20日，流媒体播放平台Netflix（奈飞）宣布，将把芬兰游戏公司"Supercell"（超级细胞）旗下现象级 手游《部落冲突》改编为动画剧集。《部落冲突》是一款塔防类策略游戏。此前，Netflix已经推出过多 部游戏改编作品。 点评：Netflix宣布将手游《部落冲突》改编为动画剧集，此举措或为流媒体平台探索新内容形式、吸引 订阅用户的积极尝试。此举可能对相关游戏与影视板块产生正面影响，提升市场对跨界融合内容的期 待。 每经记者｜李宇彤 每经编辑｜文多 ｜2025年5月22日 星期四｜ NO.1 130款国产网络游戏和14款进口网络游戏获批 5月21日，国家新闻出版署公布5月份国产网络游戏审批信息，共130款国产游戏获批。此外，进口网络 游戏审批信息也同时更新，14款进口网络游戏获批。在国产网络游戏中，完美世界的二次元游戏《异 环》，同时拿到了移动端、客户端和游戏机端（PS5平台）这三端的版号。 点评：130款国产游戏和14款进口游戏获批，显示监管层对游戏行业持续支持。完美世界的《异环》获 多端侧版号、网易的《命运：群星》获批⋯⋯新游戏有望提振市场对头部游戏公司的信心，并对游戏板 块产生积极影响。 NO ...

华夏时报（www.chinatimes.net.cn）记者 于玉金 北京报道 在强劲收入增长与利润率提升的支持下，B站2025年Q1录得经调整净利润3.62亿元。5月20日晚间，B站发布最新 财报显示，其在2025年Q1营收达70.0亿元，同比增长24%，其中，广告业务收入为19.98亿元，同比增加20%，而 移动游戏业务收入更是同比增加76%达到了17.31亿元。 在B站董事长兼首席执行官陈睿主抓游戏后，B站游戏业务近几个季度持续快速增长。除了保障已经上线的游戏长 线运营、不断做大做强之外，B站还有储备的新游戏。"B站有四到五款游戏已经做好了准备，目前在等版号，B站 会积极地去探索一些新品类的新机会。"陈睿表示。 值得关注的是，《闪耀！优俊少女》在5月21日突然宣布即将恢复下载，这款游戏被外界视为B站最具有潜力的二 次元游戏的王牌，其恢复下载为B站接下来的Q2业绩起到了一定的支撑作用。 陈睿详解B站战略 "优质内容是能够穿越周期的"，在这样的理念之下，B站上的优质内容百花齐放。多元内容不仅拉新和留存了用 户，为UP主创造了收入，也为B站自身其他业务的成长打下了基础。 2025年Q1，B站日均活跃用户达1.0 ...