几年前，你总能见到这样的游戏广告：一个个熟悉又陌生的古早港台明星面孔，手中握着金光闪闪的宝剑，他们会用略显生硬的普通话喊着"渣渣辉""装 备全靠打""是兄弟就来砍我"等经典老梗。游戏画面中充斥着爆裂的数字特效，还有怪物死后爆出的遍地金光闪闪的宝物。 这些广告都源自"传奇"类游戏。国内最早的"传奇"由上海盛大网络于2001年引进国内，定名为《热血传奇》，很快在网吧内风靡一时。"传奇"定义了中国 网游的一种早期形态：战士、法师、道士3种职业划分，简洁的红蓝药水球UI，以及"练级、PK、刷宝"的核心玩法循环。如今，《热血传奇》的官方版本 早已出于种种原因而迭代得面目全非，但由此衍生出的无数"传奇"私服，却依然滋养着一个庞大的玩家群体。 满屏的彩色数字是"传奇"广告的特色之一 它们就像是数字时代的江湖传说，无处不在，却又让许多年轻玩家感到费解：这样的游戏，真的还有人在玩吗？即使有，在这个有大量新游戏可以去体验 的时代，他们为什么还要二十几年如一日地守在这款"古老"的游戏里？他们究竟在玩什么？ 《热血传奇》登录界面 老文从2001年《热血传奇》官服公测时就开始玩了。他的网游生涯始于"传奇"，如今他也依然游走在各个私服之 ...

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]

Core Viewpoint - The recent adjustments to TikTok's operations in the U.S. involve the establishment of two key entities: ByteDance TikTok US (BD TikTok US) and TikTok US Data Security (TikTok USDS), which will manage different aspects of the business [1][2]. Group 1: Operational Structure - The U.S. operations of TikTok will be divided between BD TikTok US and TikTok USDS, with the latter handling user data storage, content security, software checks, and approvals [2]. - TikTok USDS will introduce new shareholders while ByteDance retains the largest single shareholder position [2]. - Revenue from local operations, such as live streaming and small business advertising, may be allocated to TikTok USDS to cover its costs [2]. Group 2: Intellectual Property and Algorithm Ownership - ByteDance will maintain ownership of TikTok's algorithm and will license it to TikTok USDS, which will incur licensing fees [3]. - Misinterpretations suggesting that ByteDance sold TikTok's U.S. operations or that the algorithm is controlled by the U.S. are incorrect [3]. Group 3: Regulatory Context - Following discussions between China and the U.S., there is a consensus on respecting corporate intentions and market rules, with a focus on data security and intellectual property rights [4]. - The relationship between BD TikTok US and TikTok USDS is characterized as "entrusted operation," indicating a collaborative operational model [4]. Group 4: Entrusted Operation Model - The "entrusted operation" model is common in global tech and entertainment industries, where multinational companies delegate certain operations to local partners [5]. - Examples include Apple and Microsoft utilizing local partners for their cloud services in China, demonstrating a similar operational strategy [6][7]. Group 5: Industry Implications - The TikTok U.S. operational adjustment reflects a broader trend where Chinese companies are increasingly adopting "entrusted operation" models to expand their international presence [8].

Core Viewpoint - Tencent's MMORPG "Taris World" will cease operations for its international server on November 4, 2023, at 08:00 Beijing time, while there are no current plans to shut down the domestic server [1] Group 1 - "Taris World" is positioned as a competitor to "World of Warcraft" and is set to launch its domestic server ahead of "World of Warcraft" returning to China on June 12, 2024 [1] - The game features cross-platform account data synchronization, allowing players to access it on mobile, tablet, and PC [1] - The game will adopt a seasonal update model with expansion packs, introducing five new dungeons and two raids per season, along with new gameplay mechanics, gear, and storylines [1]