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 Viewpoint - The rapid development of domestic video games in China has garnered significant attention, showcasing the country's strong capabilities in game creation and positioning video games as a new form of cultural export [1][2]. Group 1: Evolution of Video Games as Art - Video games are increasingly recognized as the "ninth art," following traditional forms such as painting, sculpture, and film, with the potential to redefine artistic expression [1][4]. - The concept of video games as a new medium reflects a shift in how art is perceived, moving from static observation to interactive experiences [6][7]. - The integration of various artistic elements into video games allows for a unique form of engagement, transforming traditional art into dynamic, interactive systems [6][7]. Group 2: Cultural and Historical Context - The global cultural market has evolved rapidly since the late 20th century, with video games emerging as a significant player in this landscape, often referred to as the "tenth art" in some contexts [2]. - The historical context of video games draws parallels with the evolution of film, where new media often build upon the foundations of previous art forms [5][8]. - The transition from traditional art forms to digital mediums signifies a broader cultural shift, with video games representing a new paradigm in artistic expression [9]. Group 3: The Role of Interactivity - Video games possess a unique ability to absorb and transform elements from traditional art, acting as a "digital ark" that revitalizes cultural heritage [6]. - The interactive nature of video games allows players to engage with art in ways that were previously unimaginable, creating a new dimension of artistic experience [6][7]. - The concept of "gameplay" has emerged as a critical aspect of video games, representing a shift from narrative-driven experiences to interactive, rule-based systems [9].

Core Viewpoint - The article explores the enduring popularity of the "Legend" game series, particularly "Legend of Blood," and how it has maintained a dedicated player base despite the emergence of numerous new games over the years [1][3]. Group 1: Historical Context - "Legend of Blood" was introduced to China in 2001 by Shanghai Shanda Network and quickly became popular in internet cafes, defining an early form of online gaming in China with its simple UI and core gameplay loop of leveling, player killing (PK), and treasure hunting [1]. - The game originally featured three character classes: warrior, mage, and priest, which contributed to its appeal among players [1]. Group 2: Player Experience - Players like "Old Wen" reminisce about their experiences in the game, highlighting the thrill of leveling up and engaging in PK battles, which fostered a sense of community and camaraderie among players [6][9]. - The nostalgia associated with the game is a significant factor in its continued play, as players seek to relive their formative gaming experiences [21]. Group 3: Decline of Official Servers - The decline of official servers for "Legend of Blood" is attributed to the introduction of in-game currency (Yuanbao) and rampant cheating through hacks, which diminished the game's original appeal and fairness [9][10]. - Players felt that the introduction of pay-to-win mechanics eroded the sense of achievement that came from grinding for gear and leveling up through skill and time investment [10]. Group 4: Emergence of Private Servers - The rise of private servers has allowed players to recreate the original gaming experience without the issues present in official servers, with players modifying game parameters to enhance their enjoyment [11][12]. - Players like "Old Bai" have found success in creating their own private servers, focusing on quick leveling and gear acquisition, which contrasts with the slower, more challenging experience of the original game [11]. Group 5: Economic Aspects - Some players have turned their gaming into a source of income, with "Old Wen" managing to cover his gaming expenses and even earn a profit through trading in-game items [16][14]. - The economic model of private servers allows players to engage in gameplay without significant financial burden, making it an attractive option for many [16]. Group 6: Future Prospects - There is a desire among players for a nostalgic return to official versions of the game, with hopes that the original developers will release a classic version that remains true to the game's roots [20]. - The article concludes with reflections on the lasting impact of "Legend of Blood" on its players, emphasizing that the emotional connection to the game continues to drive its popularity [21].

Core Insights - The company reported a revenue of 28.4 billion yuan for Q3 2025, representing an 8.2% year-on-year increase [1] - The net profit attributable to shareholders reached 8.6 billion yuan, a significant growth of 31.8% year-on-year [1] - The gaming segment showed strong performance, with revenue from games and related services amounting to 23.3 billion yuan, up 11.8% year-on-year [1][2] Financial Performance - Q3 2025 revenue: 28.4 billion yuan, up 8.2% YoY [1] - Gross profit: 18.2 billion yuan, up 10.3% YoY [1] - Net profit attributable to shareholders: 8.6 billion yuan, up 31.8% YoY [1] - Non-GAAP net profit: 9.5 billion yuan, up 26.7% YoY [1] - Operating cash flow: 12.9 billion yuan, up 21.7% YoY [1] - Cash reserves at the end of Q3: 153.2 billion yuan [1] Gaming Segment Performance - Classic games performed well, with "Dream of the Red Chamber" achieving a peak of 3.58 million concurrent players [2] - New game launches enriched the product matrix, including "Fate: Stars" topping iOS download charts in multiple regions [2] - Upcoming titles like "Reverse Water Cold" and "Forgotten Sea" are expected to contribute to future revenue [2] Cost and Expenses - Operating costs for Q3 2025 were 10.2 billion yuan, an increase from 9.8 billion yuan in Q2 2025 [3] - Operating expenses also rose to 10.2 billion yuan, driven by increased marketing costs for games [3] Future Outlook - The company maintains a strong investment rating, projecting net profits of 35.1 billion yuan, 38.5 billion yuan, and 42.5 billion yuan for 2025-2027 [3]

Core Insights - NetEase is further reducing the size of its internal development teams, including the closure of the Fantastic Pixel Castle studio [1][3] - Fantastic Pixel Castle, established in 2023 and led by Greg Street, was developing an original fantasy MMO titled "Ghost" [3] - The studio is seeking new funding but faces challenges in securing investment for large MMO projects [3] Company Developments - Greg Street announced that Fantastic Pixel Castle plans to close on November 17, while expressing hope for potential funding opportunities [3] - The studio's closure follows a trend of NetEase withdrawing investments from several overseas studios, including Worlds Untold, Jar of Sparks, and Ouka Studio [4] - Earlier in February, Street had expressed optimism about the studio's ability to avoid layoffs, indicating that their game was considered a priority by NetEase [4]

Core Viewpoint - Nomura analysts predict that NetEase's third-quarter revenue may fall short of high market expectations, with game and related value-added service revenue expected to grow by 12% year-on-year, below market forecasts [1] Group 1: Game Revenue Insights - Mobile game revenue is expected to recover, with a projected growth of 4% in the third quarter, driven by evergreen games such as "Party Animals" and "Yanyun Sixteen Sounds" [1] - PC game revenue growth may slow to 32% due to a high base effect from the return of "World of Warcraft" to the Chinese market last year [1] Group 2: Analyst Ratings and Price Target - Nomura maintains a "Buy" rating on NetEase's H-shares, with the target price unchanged at HKD 249.00 [1]

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 - The article discusses the emerging trend of Chinese gaming service providers establishing operations in Africa, capitalizing on the low labor costs and high demand for gaming services, which is likened to a "cyber triangle trade" [5][25]. Group 1: Labor Cost and Market Dynamics - The average monthly salary for workers in countries like Kenya, Congo, and Angola ranges from 500 to 1,000 RMB, making it an attractive market for gaming service studios [8][9]. - Workers in Africa can earn over 1,000 RMB per month, which is considered a high income in the local context, leading to a rapid filling of job vacancies in gaming studios [11]. - The working conditions are characterized by a lack of high-quality office environments, with studios often set up in makeshift facilities, focusing on cost efficiency [12][13]. Group 2: Business Operations and Employee Training - The management style in these studios reflects a rigorous approach, with employees undergoing strict training and performance evaluations, similar to East Asian corporate cultures [15][18]. - Initial tasks for employees often involve basic gaming activities, but as they gain experience, they can progress to more complex roles, enhancing their skills and income potential [20][22]. Group 3: Historical Context and Industry Evolution - The article draws parallels between the current situation in Africa and the historical development of the gaming industry in China, highlighting how labor-intensive industries have shifted locations over time [29][34]. - The rise of gaming service studios in Africa is seen as a continuation of a broader trend of industry migration, where countries with lower labor costs attract businesses from higher-cost regions [25][45]. Group 4: Future Prospects and Globalization - As the gaming service industry in Africa matures, there is potential for improved working conditions and equipment, leading to better service quality and higher earnings for employees [26][27]. - The establishment of a globalized gaming service network is underway, with African studios not only serving domestic clients but also expanding to international markets [45][46].

Core Points - The new operational plan for TikTok in the U.S. has been approved by President Trump, ensuring its continued operation in compliance with U.S. laws [1] - A joint venture named "TikTok USDS Joint Venture" will handle data and content security, valued at $14 billion, while TikTok's overall U.S. business is valued at approximately $40 billion [1][4] Group 1: Operational Structure - The operational plan involves two main entities: "BD TikTok US," a wholly-owned subsidiary of ByteDance responsible for commercial activities, and the "TikTok USDS Joint Venture," which focuses on data and content security [3][4] - ByteDance will hold 19.9% of the joint venture, while new investors will collectively own 50%, making ByteDance the largest single shareholder [4] Group 2: Revenue Sharing and Cost Structure - The revenue-sharing mechanism between ByteDance's U.S. subsidiary and the joint venture will be crucial, as data security and content safety are high-cost operations [5] - The joint venture will incur significant expenses related to data security infrastructure and content moderation, which are essential for compliance with U.S. regulations [5] Group 3: Comparison with Other Models - The operational model resembles Apple's "Cloud on Guizhou" approach, where local compliance is achieved through a partnership with a local entity, in this case, Oracle for TikTok's data security [6][7] - This "delegated operation" model reflects a shift where foreign companies must adapt to local regulations, similar to past practices in China [7][8]