“游戏风云”阿里“游戏独子”出售悬念升级：买家阵营谁最迫切

华夏时报网06-24

游戏圈再传大消息：灵犀互娱要被卖了。6月23日，有消息传出，阿里巴巴（下称“阿里”）计划出售灵犀互娱，目前至少已经接触过五位买家，出售价格则为70—90亿元人民币（约10—13亿美金）。《华夏时报》记者6月24日向阿里方面求证，对方“暂未回应”。　　曾凭《三国志·战略版》一炮而红、一度跻身阿里“创新业务”的灵犀互娱，终因后续乏力，成为了战略收缩的弃子。继银泰、大润发之后，“游戏独子”也摆上货架。而...

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camp","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/642d0f447bf564532bb26a2cf6547e18","symbols_score_info":{"89988":0.6,"09988":1.95,"HBBD.SI":0.6,"BABA":1.95,"001914":1.88,"ALBmain":0.6,"002558":1.82,"002555":1.85,"002602":1.87},"content_text":"游戏圈再传大消息：灵犀互娱要被卖了。6月23日，有消息传出，阿里巴巴（下称“阿里”）计划出售灵犀互娱，目前至少已经接触过五位买家，出售价格则为70—90亿元人民币（约10—13亿美金）。《华夏时报》记者6月24日向阿里方面求证，对方“暂未回应”。　　曾凭《三国志·战略版》一炮而红、一度跻身阿里“创新业务”的灵犀互娱，终因后续乏力，成为了战略收缩的弃子。继银泰、大润发之后，“游戏独子”也摆上货架。而这场交易的背后，是互联网巨头集体回归主业的缩影。　　再卖资产　　在出售银泰、大润发之后，阿里养了多年的“游戏独子”灵犀互娱，如今也要摆上货架了。　　公开信息显示，目前灵犀互娱团队规模约1200人，旗下拥有平平无奇工作室、南瓜工作室、星辰工作室、鸢工作室、创新工作室等多个研发团队，以及九游和交易猫两个运营部门。核心产品包括全球用户突破1亿的三国策略游戏《三国志·战略版》，以及《三国志幻想大陆》《如鸢》等。　　据了解，灵犀互娱的前身为阿里游戏，其核心技术班底源自2017年阿里收购的广州简悦科技，同时整合了UC九游的运营资源。　　早期，阿里游戏在行业内的存在感并不强，真正的转折点出现在2019年。当年9月《三国志·战略版》上线，这款平平无奇工作室研发的SLG产品，迅速成为现象级爆款，不仅为阿里在游戏领域撕开了一道口子，也让灵犀互娱从边缘走向台前，由此确立了稳定的收入基本盘和行业地位。　　2020年，灵犀互娱被划入阿里“创新业务”板块，与钉钉、高德地图等核心产品并列。这一调整在当时被外界普遍解读为阿里对游戏业务的战略重视升温，随后市场上也一度传出灵犀互娱拟独立上市的消息。　　不过，灵犀互娱此后的新游戏热度均不及《三国志·战略版》。随着阿里推行“1+6+N”分拆及战略聚焦，灵犀互娱的组织归属多次调整。2023年后降级为N公司。2024年1月起由大文娱集团分管。　　2024年，阿里大文娱CEO樊路远在灵犀互娱的内部讲话被传出，他指责“对于灵犀，我认为从一开始就没有流淌着阿里的血脉。”“因为这家公司在以前的管理层带领下走火入魔过，我不认为你们具备阿里的这种价值观、使命愿景这套体系。所以就是说你们要重新学习，重新认识阿里。”此后，因被批“爹味”发言，樊路远致歉。　　在2025年8月22日，阿里官网更新业务介绍页面。同月，灵犀互娱的汇报对象由阿里大文娱CEO樊路远交接至阿里CFO徐宏。　　对于阿里出售灵犀互娱，互联网分析师丁道师在接受《华夏时报》记者采访时表示，核心逻辑在于剥离边缘业务，进一步聚焦主营业务。他指出，近年来阿里已相继出售银泰、大润发，不只是阿里，腾讯等互联网巨头也在同步剥离或减持非核心资产，这一方向也与当前政策引导相契合。　　丁道师认为，灵犀互娱高度依赖三国IP发展，但这一IP的天花板已经清晰可见，难以承载更大的想象空间。“阿里将灵犀互娱变现，既能为集团回笼资金，又能顺应国家倡导的战略方向，可谓‘一石二鸟’，从这个角度看，出售是正确的战略选择。”丁道师表示。　　文娱产业分析师张书乐认为，阿里确实应当放下游戏这块与自身基因格格不入的“鸡肋”。　　张书乐在接受《华夏时报》记者采访时表示，阿里跨界大文娱本就步履维艰，而通过游戏、动漫周边拓展边界的打法，因大文娱本身效果不彰，始终未能与电商主业形成有效联动。“超级平台即便再强大，也难以在缺乏战略协同的领域实现远距离跨越，字节此前出售已颇具战斗力的沐瞳，正是源于无法与自身生态形成合力。相比之下，阿里在游戏领域既长期烧钱输血，又缺乏存在感，放手便成了一种必然的战略选择。”　　谁会“下单”　　在网传的买家名单中，出现了三七互娱、中国儒意、世纪华通、巨人网络，以及某两家私募股权巨头集团（抱团收购）。　　本报记者向上述四家游戏公司求证，世纪华通及巨人网络表示，“以上市公司公告为准。”而三七互娱与中国儒意均未回应。　　世纪华通为A股业绩最强的游戏公司。2025年，其收入同比增长67.55%至378.98亿元，净利润同比增长362.02%至56.05亿元，业绩体量大幅甩开第二名的三七互娱。　　《华夏时报》记者此前从世纪华通方面获得的消息显示，在SLG领域，其统治力持续加强。旗下公司Century Games的拳头产品《Whiteout Survival》上线三年后再攀高峰，全球下载量突破3亿次，稳居中国手游出海收入榜冠军。　　爆款新品《Kingshot》创造了SLG产品快速增长的奇迹，在中国手游出海榜位居（收入）第三。凭借上述两款产品，世纪华通成为2025年全球手游排行榜TOP10中唯一有两款游戏上榜的公司。　　三七互娱在2025年出现“增利不增收”的情况。其营收为159.66亿元，同比下降8.46%；归属于上市公司股东的净利润为29.00亿元，同比上升8.50%。其通过投资，特别是投资了智谱，2026年Q1投资收益发生额较上年同期上升981.35%。　　巨人网络凭借《超自然行动组》自研新品，实现了业绩高增长。其2025年营收首次突破50亿元，归母净利润、扣非归母净利润均保持较快增长。　　而中国儒意则是影视与游戏双主业。2022年，中国儒意成立景秀游戏，正式布局游戏赛道。背靠大股东腾讯，景秀游戏业务快速增长。中国儒意2023年游戏业务收入4.46亿元，同比增长7倍，2024年该数据同比增长346.6%达到19.92亿元；其2025年游戏业务收入达21.49亿元，同比增长7.9%。　　而在过去几年，中国儒意也接连收购。2024年，其从字节手里收购了有爱互娱；2025年，其还从腾讯手里收购了永航科技30%的股份。　　在张书乐看来，潜在买方的需求与灵犀互娱的匹配度各有差异。三七互娱、世纪华通及巨人网络均已构建成熟的产品矩阵与爆款体系，灵犀互娱现有游戏对其难以形成有效的战略补充；而中国儒意虽横跨游戏与影视双主业，但两线业务均未形成强势地位，反而对《三国志·战略版》这类具备市场验证的小爆款存在较强补强需求。“对这类迫切渴望爆款突围的公司而言，这笔交易或许有其价值。”　　丁道师则认为，网传几家潜在买家均有收购实力。“标的金额不算大，七八十亿元的体量，腰部以上游戏公司都负担得起。现金流充裕的可直接现金收购，资金紧张的，通过发行股票或银行贷款也能完成。”　　他指出，《三国志·战略版》虽依赖三国IP，但该IP并未与阿里深度绑定，不像《梦幻西游》之于网易、《王者荣耀》之于腾讯那样融为一体，脱离阿里后只要有正常运营能力的公司接手，依然能平稳运转。“所以这几家企业的出价大概率会落在合理区间内，最终就是价高者得。”（文章来源：华夏时报网）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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