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The Elec EnglishCodex · 实盘不做把握 5/10
北京时间·🕒 发布 08-20 17:42:37(首尔 18:42)时区推断·⟳ 抓取 08-20 17:43:56·⚡ 决策 08-21 03:43:43 +9h59m·67.6 天前

Kakao Games公开《World of Dokkaebi》媒体展示并开启预约,10月上线计划此前已披露

该事件对Kakao Games(293490.KQ)方向上偏正面,因为公司连续亏损背景下确实需要新游恢复收入。

📄 原文The Elec English↗ 原文
Kakao Games to Launch 'World of Dokkaebi' in October
"We promise an MMORPG that will move forward together with users through long-term communication." Kakao Games co-Chief…
不做 Kakao Games(293490.KQ)
不做Kakao Games(293490.KQ):8月20日展示会方向偏正面但主要是已披露新游档期的宣发延续,缺少预约量、流水预期或指引上修,无法形成正期望交易。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)

研究档案

🔎 新鲜度:最早出现 2026-07-31 · 扩散 medium · price-in 风险 medium ↗ ↗ ↗

消息传播链

  1. 2026-07-31 12:54 KST行业媒体转载Gamemeca非一手原文 ↗
    已报道《World of Dokkaebi》10月上线、8月开启预约,说明核心档期信息在本次The Elec报道前已公开。
  2. 2026-08-05 09:00 KST官方确认/否认Kakao Games业绩会转述/Inven非一手原文 ↗
    业绩会报道提到公司新作管线和《World of Dokkaebi》10月发行计划,强化该上线节奏并非8月20日首次披露。
  3. 2026-08-20 18:42 KST财经媒体扩散The Elec English非一手原文 ↗
    本次媒体展示会披露玩法、AI助手、合作内容和预约开始,但未给出预约量、流水目标或业绩指引。

关键理由

  • 该事件对Kakao Games(293490.KQ)方向上偏正面,因为公司连续亏损背景下确实需要新游恢复收入。
  • 但10月上线和8月预约安排在7月31日游戏媒体报道及8月初业绩会中已提前披露,本条新增信息主要是玩法展示而非新的商业量级。
  • 2025年公司收入约4650亿韩元、2026年一季度TTM收入约4251亿韩元;本事件未披露预约规模或流水区间,无法估算新增收入占比。

主要风险

  • 新游预约开启属于游戏公司常规宣发节点,缺少流水、榜单或预注册超预期数据,短线重定价证据不足。
  • 公司近期亏损与老游戏收入下滑仍是基本面压力,新游是否足以扭转业绩要等上线后下载、流水和留存数据验证。

反向证据

  • 做多前查反向 · 来源 web · 日期 2026-07-31 · 影响 weakens
    核心上线和预约节奏已提前公开,削弱8月20日展示会作为新鲜催化的预期差。
    检索:Kakao Games World of Dokkaebi October launch pre-registration July 2026 原文 ↗
  • 做多前查反向 · 来源 web · 日期 2026-08-04 · 影响 weakens
    公司仍处亏损和老游戏下滑阶段,当前事件未提供足以量化扭亏的预约或流水数据。
    检索:Kakao Games Q2 2026 earnings new titles losses 原文 ↗

先例如何影响了这次决策

对本次决策的影响:先例证据不足叠加核心档期已提前公开,使最终决策降为不做。

方向:未能形成可用于交易的高相似先例读数;新游预约和展示会通常需要预约量、流水榜或上线首日表现才有可量化边际。

涨幅量级:缺少同市场、同机制、同相位且可锚定到具体首发时点的先例,不能据此设定止盈止损幅度。

形态:本次更接近已知发行计划的宣发节点,存在见光不动或等待上线数据的风险。

原文全文

展开原文 · 3,837 字
"We promise an MMORPG that will move forward together with users through long-term communication."
Kakao Games co-Chief Executive Officer Lee Si-woo made the remarks at a media showcase for "World of Dokkaebi" held at Korea House in Jung-gu, Seoul, on Aug. 20. The event was attended by Lee, business division head Cha Myung-soo, and Park Sung-joon, producer of the game, and director Jang Soo-min from developer Supercat.
Supercat is the developer of mobile MMORPG "The Kingdom of the Winds: Yeon," which has recorded 5 million cumulative downloads.
The game is a project based on the intellectual property (IP) of "Myeolgwi Sudojeon: World of Dokkaebi," which is serialized as a web novel and webtoon on Naver Series. It features an original world based on Korean folklore that combines Eastern fantasy elements including dokkaebi, supernatural creatures and spiritual cultivation. Supercat said the game uses hybrid visuals combining 2D pixel-art characters with 3D backgrounds, drawing on the developer's strengths to express traditional Korean aesthetics through pixel art and three-dimensional environments.
The game is set 300 years before the events of the original IP. Players take on the roles of historical figures who are remembered as legends in the original story and follow their journeys through the World of Dokkaebi.
A key differentiator is deck building through skill development. With 12 skill types, dozens of individual skills and a progression system spanning enhancement, engraving and breakthrough, players can freely create their own combat styles.
The in-game artificial intelligence (AI) assistant "Myoryong" is another key feature. Myoryong uses AI to process players' in-game activity data and publicly available information to provide personalized guidance. It analyzes a character's equipment and stats to recommend progression paths and investment priorities while also assisting with guild management.
The game also emphasizes cooperation over competition. It provides guild content focused on story and progression alongside systems designed for players to grow together. Players can receive various benefits through cooperative guild training, guild buffs and gifts.
Cooperative content primarily consists of large-scale gameplay involving members of the same guild. Content includes defending against waves of invading monsters, "Barrier Defense," in which players protect a central barrier, as well as raids, the seasonal "Tower of Ascension" and field bosses.
The field-boss content uses an unusual reward structure in which rewards increase as more players participate. In typical MMORPGs, fewer participants in a boss battle can mean larger individual rewards. World of Dokkaebi takes the opposite approach to prevent a small number of powerful players from monopolizing field bosses. Player killing (PK) is also completely disabled in field hunting areas to prevent indiscriminate attacks on other players.
Player-versus-player (PvP) content is also available. Modes include "Battlefield of Falling Flowers," "Garden of Delusion," "Divine Artifact Contest" and "Dimensional Occupation War," ranging from one-on-one battles to large-scale confrontations involving as many as 9,000 players simultaneously.
The game industry expects the title to serve as a potential turnaround project for Kakao Games, which has continued to post losses amid declining revenue from existing games. MMORPGs are considered suited to generating medium- to long-term performance, while Supercat's previous success in the genre is also seen as a positive factor.
Kakao Games plans to sequentially release additional new titles, including "Dungeon Arise" and "Odin Q: Valkyrie's Call," following World of Dokkaebi this year.
World of Dokkaebi is scheduled for release in October, with pre-registration beginning Aug. 20.

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