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Last year, I learned some surprising news. We would be pivoting from an always-online free-to-play live-service model to a buy-once premium model with no backend components and full offline support. Moreover, we would only have about 6 months to complete this. As the backend lead, this was a lot to take in. I knew this wasn't just a matter of turning the services off. Those services contained core gameplay logic that was never intended to run on the client. I took the rest of the day off and spent some time thinking through the difficult challenges ahead.
政策与地缘风险进一步加剧了经营不确定性。国内市场方面,2025 年底旧标车禁售导致渠道去库存压力,新国标强化防篡改设计也切断了其核心利润来源之一的改装服务;海外市场中,北美营收占比高达 45%,但美国 301 关税豁免期仅延长至 2026 年 11 月,欧盟反倾销调查与环保标准升级也持续压缩盈利空间。此外,公司资产负债率高达 64.95%,流动比率仅 1.25,偿债压力凸显,而 2025 年实控人减持 2% 存托凭证套现 7.88 亿元,红杉、小米系累计套现超 62 亿元,反映出资本对其增长可持续性的担忧。
H.P. Lovecraft – The Call of Cthulhu