Opinion | Game industry: Draft management measures do not fundamentally change the business model, focus on the high-quality development of “technology+culture”

中金點睛 · Dec 25, 2023 11:55

来源：中金点睛
作者：张雪晴、余歆瑶等

中金研究

国家新闻出版署于12月22日发布[1]《网络游戏管理办法（草案征求意见稿）》（后称“意见稿”），就网络游戏出版经营中的版号、内容管理、游戏消费等进行细化表述，引发资本市场、产业及大众舆论等较广范围的讨论。我们认为，意见稿意在弥补管理办法缺失问题（此前《暂行办法》于2019年宣布废除），旨在促进行业繁荣健康发展；我们判断《意见稿》在吸纳各方意见完善后对游戏行业商业模式无本质改变，建议关注游戏行业“科技+文化”高质量发展的产业价值。

摘要

版署发布游戏管理办法意见稿，强调旨在保障行业健康发展，将听取各方意见进行修改完善。版署于12月22日午间发布《意见稿》，其中第17/18条关于“禁止强制对战”“限制游戏过度使用和高额消费”等引发市场讨论。次日版署相关负责人公开回复强调《意见稿》旨在促进游戏行业繁荣健康发展；《意见稿》公开征求时间截至2024年1月22日，在此期间将对各方关切和意见进行认真研究，对《意见稿》进行修改完善。

腾讯、网易等企业表态将积极研究、反馈、落实，指出新规不影响当前商业模式，将持续践行产业高质量发展路径。《意见稿》发布后，腾讯、网易等游戏企业均纷纷表态，我们梳理以下要点：1）《意见稿》并不本质改变当前游戏商业模式。其中，腾讯指出 “对游戏的商业模式、运营节奏等关键要素并无本质改变”，网易亦表示“不会对业务造成本质影响”。2）各家企业均将积极参与意见反馈，积极配合新规落地。3）各家企业始终坚持未成年人保护、优质文化引领、技术创新，推动企业进步、行业健康发展。

游戏产业引领科技与文化双向融合，推动科技创新、优质文化传播。我们认为，游戏是科技与文化的交融体，有利于聚合科技、文化资源，放大产业核心价值，推动社会共同进步。1）科技：游戏已经成为探索科技创新应用、反哺跨产业发展的重要领域，在推进底层通信设施发展、促进芯片产业升级迭代、拓展AI应用、推动MR技术进步等方面均有明显贡献及推动作用，释放出较为强大的数字生产力。2）文化：对中国而言，以腾讯、网易、米哈游等为代表的企业持续探索出海路径，使游戏成为传承弘扬中华优秀文化、对外讲述中国故事的有效载体。此外，游戏企业亦充分发挥游戏产品的文化传播力和影响力，以“游戏+”促进与文旅消费等产业间合作。

风险

宏观经济影响消费者需求，行业政策变化，技术发展进度不及预期。

正文

《意见稿》发布背景、时间线及目前进展，版署强调聚焦产业高质量发展

《意见稿》意在弥补行业管理办法缺失问题，部分条例细化表述引发社会广泛讨论。梳理我国游戏行业重点法规、主管部门发展更替历程可知，此前旧版《暂行办法》于2019年废止，国家新闻出版署于12月22日午间发布的新《意见稿》意在弥补管理办法缺失问题。《意见稿》内就网络游戏出版经营中的版号、内容管理、游戏消费等的细化表述（尤其第17/18条关于“禁止强制对战”“限制游戏过度使用和高额消费”等表述），引发资本市场、产业及大众舆论等较广范围讨论。

版署次日及时回应，强调旨在保障行业健康发展，将听取各方意见进行修改完善，释放友好信号。国家新闻出版署有关负责人于次日（12月23日，周六）通过中国新闻出版广电报表示[2]，征求意见稿立足于保障和促进网络游戏行业繁荣健康发展。该负责人表示，部门规章向社会公开征求意见是更广泛听取意见、完善规章条款的过程。对于各方就征求意见稿第十七条、第十八条及其他一些内容提出的关切和意见，国家新闻出版署将认真研究，并将在继续听取相关部门、企业、用户等各方意见的基础上进一步修改完善。根据版署官网公告，《意见稿》公开征求时间截至2024年1月22日。

我们认为，《意见稿》发布后，版署相关负责人及时回复解释，表明了旨在保障和促进网络游戏行业繁荣健康发展的宗旨。重点关注：

► 《意见稿》向社会公开征求意见是更广泛听取意见、完善规章条款的过程。将在认真研究，并继续听取相关部门、游戏企业、用户等意见的基础上修改完善。

► 结合游戏行业健康稳定发展现状及监管状态，我们认为其本意为体现扶优限劣，保证游戏行业高质量发展，打击不良内容，同时设置对应奖励，支持优质游戏、支持优质游戏企业走出去，有助于行业长期健康发展。

► 版署相关负责人特别提到对于各方关切较多的第十七条、第十八条及其他一些内容。

► 版署对于资本市场、产业及大众舆论等关于《意见稿》的关注回应及时、监管态度和缓，有助于缓解缓释资本市场、企业和用户关注和焦虑，逐步强化信心和稳定预期。

图表：国内游戏行业重点法规、主管部门更替历程：旧版《暂行办法》于2019年废止，新《意见稿》意在弥补管理办法缺失问题

资料来源：国家新闻出版署，文旅部，国务院办公厅，国家新闻出版广电总局办公厅，中金公司研究部

游戏企业表态将积极研究、反馈、落实，指出新规不影响当前商业模式

针对此征求意见稿，多家游戏公司在近几天内进行回复，表示将认真学习研究、积极跟进反馈。我们梳理以下要点：

►《意见稿》并不本质改变当前游戏商业模式。其中，腾讯指出[3]“新的《征求意见稿》对于游戏的商业模式、运营节奏等关键要素并无本质改变”，网易亦表示[4]“不会对业务造成本质影响”。恺英网络亦指出[5]，“目前对公司经营没有实质性影响”。

► 各家企业均将认真研究，积极参与意见反馈，积极配合新规落地。腾讯、网易、完美世界、恺英网络、心动公司[6]、中手游等公司均纷纷表示将积极参与征求意见的过程，根据当前行业的发展需要以及自身的实际情况，提出具体可行的建议。完美世界亦指出通过业界和主管部门的密切沟通，有希望共促各界“共识”，推动行业高质量发展。

► 各家企业始终坚持未成年人保护、优质文化引领、技术创新路径，推动企业进步、行业健康有序发展。腾讯在回复中强调，自从2021年“未成年人保护”新规发布以来，一直严格贯彻落实管理要求，目前未成年人的游戏时长和消费数据都处于历史最低水平；将继续坚持技术创新、文化引领的精品战略。网易亦表示，网易游戏始终严格贯彻落实未成年人防沉迷等各项规章制度和要求。心动公司则指出“旗下自研产品始终坚持差异化精品研发导向”。

图表：各游戏企业针对国家新闻出版署12月22日发布《网络游戏管理办法（草案征求意见稿）》的官方回复

资料来源：新京报贝壳财经[7]，科创板日报[8]，财联社[9]，第一财经[10]，互动易[11]，证券时报[12]，中国

游戏企业持续落实高质量、健康有序发展路径，贯彻社会责任

游戏企业社会责任履行水平持续提升。根据伽马数据，2022年中国游戏产业社会责任指数达13.9，实现连续4年增长，各项维度的均衡与深入发展是指数增长的主要因素。伽马数据《2022中国游戏企业社会责任报告》指出，部分细分领域较为突出，具体包括：1）未成年人保护成果显著、负面事件报道创新低；2）持久布局不同社会责任领域，且成果产出较多。在产品层面亦观察到游戏企业持续推出具备社会影响力、责任感的游戏，包括三七互娱的《星星生活乐园》（助力孤独症儿童辅助训练）、恺英网络的“百工灵”“岁时令”IP（传播中华传统文化）等。

图表：中国游戏企业社会责任指数持续提升，自2018年起至2022年实现连续4年增长

注：伽马数据《2022中国游戏企业社会责任报告》更新于2023年1月资料来源：伽马数据，中金公司研究部

图表：2022年构成产业指数的四项维度均取得正向贡献，其中，社会服务、影响、监管三维度的贡献更为明显

注：各维度增长贡献度=该维度得分增量÷中国游戏产业社会责任指数总增量。社会价值及社会服务维度重点考量游戏产业对社会的正向增益，其中社会服务更侧重于社会对游戏产业的基础要求，而社会价值则偏向于额外贡献。社会影响及社会监管重点考量各主体对游戏产业的直观印象，并依据涉及主体、事件性质等因素划分至不同维度

图表：近年部分游戏企业社会责任履行案例：在技术革新与赋能、教育公益、乡村产业振兴等方向上拓展落实

图表：国内游戏产业目前已建构起较为完善、全面的未成年人保护体系

图表：国内部分游戏企业未成年防沉迷举措及成效

游戏产业引领科技与文化双向融合，推动科技创新、优质文化传播，具有积极发展意义

我们认为，游戏是科技与文化的交融体，有利于聚合科技、文化资源，放大产业核心价值，推动社会共同进步。

与科技共振共舞，推动技术创新应用。游戏已经成为探索科技创新应用、反哺跨产业发展的重要领域，在推进底层通信设施发展、促进芯片产业升级迭代、拓展AI应用、推动MR技术进步等方面均有明显贡献及推动作用，释放出较为强大的数字生产力。

图表：游戏促进硬件、通信、软件与计算、虚拟现实、人工智能等多方面的技术进步与应用

资料来源：公司公告，《计算机驱动世界——新编现代计算机发展史》（Thomas Haigh，Paul Ceruzzi；2022年12

游戏助力文化扬帆出海、跨产业联合互动。对中国而言，以腾讯、网易、米哈游等为代表的企业持续探索出海路径，使游戏成为传承弘扬中华优秀文化、对外讲述中国故事的有效载体。此外，游戏企业亦充分发挥游戏产品的文化传播力和影响力，以“游戏+”促进与文旅消费等产业间合作。

图表：中国自研游戏出海收入规模在2013~2021年期间快速增长，2023年达164亿美元

图表：2023年中国自研游戏出海收入分布（按国家）：以美国、日本、韩国为前三大出海国家，并在全球多个国家均实现收入

图表：游戏技术助力弘扬中华传统文化、传承非遗文化，并以出海为载体带动中国文化“走出去”

资料来源：游戏工委，网易游戏社会责任促进中心，腾讯互动娱乐，三七互娱《2023年半年度社会责任报告》

[1]https://www.nppa.gov.cn/xxfb/tzgs/202312/t20231221_823187.html

[2]https://www.chinaxwcb.com/2023/12/23/99835425.html

[3]https://www.bkeconomy.com/detail-1703235883129735.html

[4]https://m.gelonghui.com/live/1346589

[5]https://m.yicai.com/news/101935503.html

[6]https://m.yicai.com/news/101935503.html

[7]https://www.bkeconomy.com/detail-1703235883129735.html

[8]https://www.chinastarmarket.cn/detail/1552406

[9]https://www.cls.cn/detail/1551590

[10]https://www.yicai.com/news/101935760.html

[11]https://irm.cninfo.com.cn/ircs/question/questionDetail?questionId=1619125200200671232

[12]https://www.stcn.com/article/detail/1073131.html

[13]https://www.chinaxwcb.com/2023/12/23/99835425.html

编辑/jayden

Source: Zhongjin Dim Sum
Authors: Zhang Xueqing, Yu Xinyao, etc.

Zhongjin Research

On December 22, the State Administration of Press and Publication issued [1] the “Measures for the Administration of Online Games (Draft for Comments)” (later called the “Draft for Comments”), which elaborated on version numbers, content management, game consumption, etc. in online game publishing and operation, sparking a wide range of discussions in the capital market, industry, and public opinion. We believe that the draft opinion is intended to make up for the lack of management measures (previously the “Interim Measures” were abolished in 2019) and aims to promote the prosperity and healthy development of the industry; we judge that the “Opinion Draft” has not fundamentally changed the business model of the game industry after incorporating opinions from all parties, and suggests focusing on the industrial value of the high-quality development of “technology+culture” in the game industry.

summary

The Department of Public Administration issued a draft opinion on game management measures, emphasizing that the purpose is to ensure the healthy development of the industry, and that it will listen to the opinions of all parties to make revisions and improvements. The Press Office issued an “Opinion Draft” at noon on December 22. Among them, section 17/18 on “prohibiting forced matches” and “restricting excessive use of games and high spending” sparked market discussions. The next day, the relevant person in charge of the publication department made a public reply stressing that the “Opinion Draft” aims to promote the prosperity and healthy development of the game industry; the “Opinion Draft” is open for public consultation until January 22, 2024. During this period, the concerns and opinions of all parties will be carefully studied, and the “Opinion Draft” will be revised and improved.

Companies such as Tencent and NetEase have stated that they will actively research, give feedback, and implement, pointing out that the new regulations will not affect the current business model and will continue to implement the high-quality development path of the industry. After the “Opinion Draft” was published, game companies such as Tencent and NetEase all expressed their opinions one after another. We have sorted out the following main points: 1) The “Opinion Draft” does not fundamentally change the current game business model. Among them, Tencent pointed out that “there have been no essential changes to the game's business model, operating pace, etc.,” and NetEase also stated that “it will not have an essential impact on the business.” 2) All enterprises will actively participate in feedback and actively cooperate with the implementation of the new regulations. 3) All enterprises have always adhered to the protection of minors, high-quality cultural leadership, and technological innovation to promote enterprise progress and the healthy development of the industry.

The game industry leads the two-way integration of technology and culture, and promotes technological innovation and the dissemination of high-quality culture. We believe that games are a fusion of technology and culture, which is conducive to gathering technological and cultural resources, amplifying the core values of the industry, and promoting the common progress of society. 1) Technology: Gaming has become an important field for exploring innovative applications of science and technology and feeding back cross-industry development. It has contributed significantly and played a driving role in promoting the development of low-level communication facilities, promoting the upgrading and iteration of the chip industry, expanding AI applications, and promoting the progress of MR technology, unleashing strong digital productivity. 2) Culture: For China, companies such as Tencent, NetEase, and Mihayou continue to explore overseas routes, making games an effective vehicle for inheriting and promoting outstanding Chinese culture and telling Chinese stories to the outside world. In addition, game companies are also making full use of the cultural communication power and influence of game products to promote cooperation with industries such as cultural tourism consumption through “game +”.

risks

Macroeconomics affects consumer demand, industry policy changes, and technological development progress falls short of expectations.

body

The background, timeline and current progress of the publication of the “Opinion Draft”. The Board emphasized focusing on the high-quality development of the industry

The “Opinion Draft” is intended to make up for the lack of industry management measures, and the detailed formulation of some regulations has sparked widespread discussion in the community. Sorting through the development and replacement process of key regulations and competent authorities in China's game industry, it can be seen that the previous version of the “Interim Measures” was abolished in 2019, and the new “Opinion Draft” issued by the State Press and Publication Administration at noon on December 22 is intended to make up for the lack of management measures. The “Opinion Draft” contains detailed statements on version numbers, content management, game consumption, etc. in the publishing and operation of online games (in particular, section 17/18 on “prohibiting forced battles” and “restricting excessive use of games and high consumption”), which sparked extensive discussions in the capital market, industry, and public opinion.

The Department of Public Administration promptly responded the next day, stressing that the aim is to ensure the healthy development of the industry, that it will listen to the opinions of all parties, make revisions and improvements, and send a friendly signal. The relevant person in charge of the State Press and Publication Administration stated the next day (December 23, Saturday) through the China Press, Publication, Radio and Television [2] that the draft solicitation of comments is based on safeguarding and promoting the prosperity and healthy development of the online game industry. The person in charge said that soliciting public comments on departmental regulations is a process of listening to opinions more widely and improving the rules and regulations. The State Press and Publication Administration will carefully study the concerns and opinions raised by various parties on Article 17, Article 18, and other elements of the draft for solicitation of comments, and will further revise and improve on the basis of continuing to listen to the opinions of relevant departments, enterprises, users, etc. According to the Department's official website announcement, the public consultation period for the “Draft Comments” ends on January 22, 2024.

We believe that after the “Opinion Draft” was published, the relevant person in charge of the publication department promptly replied and explained, indicating the purpose aimed at safeguarding and promoting the prosperity and healthy development of the online game industry. Focus on:

► The “Draft for Comments” is a process of publicly soliciting comments from the public to listen to opinions more widely and improve rules and regulations. Revisions and improvements will be made on the basis of careful research and continued listening to the opinions of relevant departments, game companies, users, etc.

► Combining the current state of healthy and stable development and regulation of the game industry, we believe that its original intention is to reflect the benefits of the good and the bad, ensure the high-quality development of the game industry, crack down on bad content, and at the same time set up corresponding rewards to support high-quality games and support high-quality game companies to go global, which is conducive to the long-term healthy development of the industry.

► The relevant person in charge of the Department of Publication specifically mentioned Article 17, Article 18, and other contents that are of concern to all parties.

► The Board's timely response to concerns about capital markets, industry and public opinion on the “Opinion Draft” was timely, and the regulatory attitude was slow, which helped ease the concerns and concerns of the capital market, enterprises and users, and gradually strengthened confidence and stabilized expectations.

Chart: Key regulations and changes in competent authorities in the domestic game industry: The old “Interim Measures” were abolished in 2019, and the new “Opinion Draft” is intended to make up for the lack of management measures

Game companies have stated that they will actively research, give feedback, and implement, pointing out that the new regulations will not affect the current business model

In response to this draft solicitation of comments, several game companies have responded in recent days, stating that they will carefully study, research, and actively follow up on feedback. Let's sort out the following key points:

► The “Opinion Draft” does not fundamentally change the current game business model. Among them, Tencent pointed out [3] that “the new “Draft for Solicitation of Comments” has not fundamentally changed the game's business model, operating pace, etc., and NetEase also stated [4] that “it will not have a substantial impact on the business.” Kaiying Network also stated [5] that “there is currently no substantial impact on the company's operations.”

► All enterprises will carefully study, actively participate in feedback, and actively cooperate with the implementation of the new regulations. Companies such as Tencent, NetEase, Perfect World, Kaiying Network, Xindong [6], and China Mobile Games have all indicated that they will actively participate in the process of soliciting comments and put forward specific and practical suggestions based on the current development needs of the industry and their own actual situation. Perfect World also pointed out that through close communication between the industry and authorities, it is hoped that all sectors will promote “consensus” and promote the high-quality development of the industry.

► All enterprises have always adhered to the protection of minors, high-quality cultural leadership, and technological innovation paths to promote enterprise progress and the healthy and orderly development of the industry. In its response, Tencent stressed that since the new “Protection of Minors” regulations were released in 2021, it has strictly implemented management requirements. Currently, minors' gaming hours and consumption data are at historic lows; they will continue to adhere to a quality strategy led by technological innovation and culture. NetEase also said that NetEase Gaming has always strictly implemented various rules, regulations and requirements such as preventing addiction among minors. Xindong, on the other hand, pointed out that “its self-developed products have always adhered to the direction of differentiated quality research and development.”

Chart: Game companies' official responses to the “Online Game Management Measures (Draft for Comments)” issued by the State Administration of Press and Publication on December 22

Game companies continue to implement a high-quality, healthy and orderly development path and implement social responsibility

The level of implementation of game corporate social responsibility continues to improve. According to Gamma data, the social responsibility index of China's game industry reached 13.9 in 2022, achieving 4 consecutive years of growth. Balance and in-depth development in various dimensions are the main factors in the index's growth. Gamma Data's “2022 China Gaming Corporate Social Responsibility Report” points out that some segments are prominent, including: 1) remarkable results in the protection of minors and a record low level of reporting on negative incidents; 2) a persistent layout of different social responsibility fields, and high results. At the product level, it has also been observed that game companies continue to launch games with social influence and a sense of responsibility, including “Star Life Park” (to help children with autism) for 37 mutual entertainment, and Kaiying Network's “Baigong Ling” and “Age Season” IP (spreading traditional Chinese culture).

Chart: China's game corporate social responsibility index continues to rise, achieving 4 consecutive years of growth from 2018 to 2022

Chart: The four dimensions that make up the Industrial Index in 2022 all made positive contributions. Among them, the three-dimensional contributions of social services, influence, and regulation are even more obvious

Note: The contribution of each dimension to growth = the increase in the score of this dimension ÷ the total increase in the social responsibility index of the Chinese game industry. The social value and social service dimensions focus on the positive benefits of the game industry to society. Among them, social services focus more on society's basic requirements for the game industry, while social value favors additional contributions. Social impact and social supervision focus on considering each entity's intuitive impression of the game industry, and dividing it into different dimensions based on factors such as the subjects involved and the nature of the incident

Chart: Some examples of game enterprise social responsibility implementation in recent years: expansion and implementation in the direction of technological innovation and empowerment, education and public welfare, and rural industry revitalization

Chart: The domestic game industry has now established a relatively complete and comprehensive system for the protection of minors

Chart: Measures and results of some domestic game companies to prevent underage addiction

The game industry leads the two-way integration of technology and culture, promotes technological innovation and high-quality cultural dissemination, and has positive development significance

We believe that games are a fusion of technology and culture, which is conducive to gathering technological and cultural resources, amplifying the core values of the industry, and promoting the common progress of society.

Resonate and dance with science and technology to promote technological innovation and application. Gaming has become an important field for exploring innovative applications of science and technology and feeding back cross-industry development. It has contributed significantly and played a driving role in promoting the development of low-level communication facilities, promoting the upgrading and iteration of the chip industry, expanding AI applications, and promoting the progress of MR technology, unleashing strong digital productivity.

Chart: Games promote technological progress and applications in various fields such as hardware, communications, software and computing, virtual reality, and artificial intelligence

Games help culture sail overseas and interact together across industries. As far as China is concerned, companies such as Tencent, NetEase, and Mihayou continue to explore overseas routes, making games an effective vehicle for inheriting and promoting outstanding Chinese culture and telling Chinese stories to the outside world. In addition, game companies are also making full use of the cultural communication power and influence of game products to promote cooperation with industries such as cultural tourism consumption through “game +”.

Chart: The scale of overseas revenue from games developed by China grew rapidly from 2013 to 2021, reaching US$16.4 billion in 2023

Chart: Distribution of China's self-developed game overseas revenue in 2023 (by country): The US, Japan, and South Korea are the top three overseas countries, and have achieved revenue in many countries around the world

Chart: Game technology helps promote traditional Chinese culture, inherit intangible heritage culture, and use overseas as a carrier to drive Chinese culture to “go global”

[1] https://www.nppa.gov.cn/xxfb/tzgs/202312/t20231221_823187.html

[2] https://www.chinaxwcb.com/2023/12/23/99835425.html

[3] https://www.bkeconomy.com/detail-1703235883129735.html

[4] https://m.gelonghui.com/live/1346589

[5] https://m.yicai.com/news/101935503.html

[6] https://m.yicai.com/news/101935503.html

[7] https://www.bkeconomy.com/detail-1703235883129735.html

[8] https://www.chinastarmarket.cn/detail/1552406

[9] https://www.cls.cn/detail/1551590

[10] https://www.yicai.com/news/101935760.html

[11] https://irm.cninfo.com.cn/ircs/question/questionDetail?questionId=1619125200200671232

[12] https://www.stcn.com/article/detail/1073131.html

[13] https://www.chinaxwcb.com/2023/12/23/99835425.html

Editor/jayden

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观点 | 游戏行业：管理办法草案不本质改变商业模式，关注“科技+文化”高质量发展